Portugal's Insurance and Pension Funds Supervisory Authority (ASF) published its Decarbonisation Programme, setting out a baseline assessment of the institution’s greenhouse gas footprint and defining near-term goals focused on emissions it can influence most directly. Using 2023 as the reference year, ASF estimates its total footprint at 315 to 355 tonnes of carbon dioxide equivalent (CO2e) per year, concluding that while supervisory and regulatory activities are not intrinsically emissions-generating, supporting operations create both direct and indirect emissions. The footprint is driven mainly by electricity consumption in ASF buildings and IT infrastructure (scope 2), estimated at 140 to 150 tonnes of CO2 annually and representing 42% of total CO2e, based on roughly 750,000 kWh of annual electricity use. Scope 3 business air travel is estimated at about 42 tonnes of CO2 in 2023, rising to 84.4 to 105.4 tonnes of CO2e once non-CO2 impacts are incorporated, and accounts for 30% of total CO2e. Scope 1 emissions from ASF’s 33-vehicle fleet are estimated at about 43 to 46 tonnes of CO2 annually under a central assumption of 15,000 km per vehicle, and commuting by staff using private cars is estimated at 13 to 16 tonnes of CO2. ASF also notes that its own, and related funds’, investment portfolios are predominantly domestic sovereign holdings, and reports a Bloomberg climate score for the Portuguese sovereign in line with the European Union average. ASF’s short-term targets focus on scope 1 and 2: completing a reduction of at least 50% in fleet CO2 emissions versus 2023 by 2029, and exploring electricity supply produced exclusively from renewable and clean sources by 2030, alongside assessing on-site solar generation at its headquarters. Implementation is overseen by the ASF Board, supported by a Sustainability Committee and a Decarbonisation Programme Manager responsible for data collection and semi-annual progress reporting.

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