The Task Force on Climate-related Financial Disclosures (TCFD).

Climate change is a vitally important concern for Legal & General and our customers, employees and shareholders. We know that we all have a narrow window of opportunity to halt the worrying rise in global temperatures that we have been experiencing. We have produced two reports on our activities to limit climate change.

The science behind climate change is well developed and the link between greenhouse gas emissions and increasing temperatures is clear and generally accepted. The global average temperature has already risen by 1°C since the pre- industrial era and is expected to continue to increase over this century.

We strongly support the aim of the Paris Agreement of limiting global temperatures to well below 2°C above pre-industrial levels. That means supporting the transition to a low-carbon economy, which has been one of our strategic priorities since 2017.

The following two reports are linked to our support for the Task Force on Climate-related Financial Disclosures:

1. One supporting our group strategy through the positioning of our own investments. We have set a strategy for decarbonising our balance sheet traded assets, moving away from high-carbon investments and into low carbon. We recognise the opportunity presented by the energy transition and are funding developers of clean energy solutions with potential to be disruptive on a global scale.

2. The second report focuses upon Legal & General Investment Management's (LGIM's) asset management strategy. LGIM is a major global institutional investor and has established a climate engagement programme aimed at some of the world’s largest companies: ‘the Climate Impact Pledge’, leading to voting and investment decisions.

LGIM has also been developing low-carbon investment products in their 'Future World' range of funds. We believe the funds can help accelerate the low-carbon transition.

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