Our Science Based Target performance update

Back in 2019, we declared a climate emergency and held ourselves accountable to, what was then, the upcoming SBT guidance for the finance sector. In 2023, we had our SBT validated by the SBTi team.

And now, in 2025, we’re thrilled to announce we’re tracking ahead of our portfolio temperature rating targets (for listed equity and corporate debt), two years’ ahead of schedule. This level of performance – both against our SBT and on our carbon intensity reduction – over a relatively short period of time, is incredibly reassuring.

There are a few factors that underpin the progress we’ve made, which are discussed in our upcoming 2025 Sustainability Report. We’re excited to see what comes next and how far we can progress.

amy clarke, chief impact officer

Our Science Based Target (SBT) guides us through to 2030, with a 2027 target temperature rating for our listed equity and corporate debt portfolios. We’re thrilled to share that we’re tracking ahead of that target — two years early. This progress is a testament to our stewardship, partners, and our commitment to investing in well-run businesses.

Our Science Based Target (SBT)

In 2023, the Science Based Targets initiative (SBTi) validated our SBT, covering both our own operations and the investments we make on behalf of our clients. Our SBT covers Scopes 1, 2 and 3 emissions and sets clear decarbonisation pathways across all areas of our portfolio. This includes:

• 100% allocation to renewable energy in our project finance commitments by 2030
• A 60% reduction in greenhouse gas (GHG) emissions per square metre across our real estate portfolio by 2030
• A temperature rating target across our listed equity and corporate bond portfolio to be met by 2027

The temperature rating targets are a core part of our strategy. They currently apply to the majority of our invested capital—covering 75% of the portfolio in 2020, and 70% as of 2025—and are defined as:

1. A reduction in Scope 1 + 2 temperature score from 2.71°C (2020) to 2.29°C (2027)
2. A reduction in Scope 1 + 2 + 3 temperature score from 2.89°C (2020) to 2.39°C (2027)

Performance update against our target

When we first set our SBT using a 2020 baseline, much of our portfolio lacked temperature data—88% by invested value wasn’t covered by our data provider (MSCI). Following SBTi’s methodology, these assets defaulted to a temperature score of 3.2°C, which significantly inflated our baseline.

For this reporting year, we’ve applied the same approved methodology using a new data provider, ClarityAI. We haven’t yet re-run the full data set through the SBTi tool – which is currently being updated – but we commit to doing so as soon as the refreshed tool is released.

This year, 9% of the portfolio by invested value is not covered by the new provider and has again defaulted to 3.2°C.

In addition to this, since 2021 and as of March 31^st, 2025, Tribe’s carbon intensity per million invested, when weighted against market capitalisation, has fallen by 68.9%. More detail on our carbon intensity metrics will be available in our 2025 sustainable report, which will be available in the coming weeks.

Here’s how we’re performing relative to our targets (as of 31 March 2025, covering 70.6% of AUM):

• 100% of our project finance is aligned with the provision of renewable energy
• 0% of our AUM is currently invested in real estate
• Scope 1 + 2 portfolio temperature rating: 2.0°C (against a 2.29°C target by 2027)
• Scope 1 + 2 + 3 portfolio temperature rating: 2.37°C (against a 2.39°C target by 2027)

Just the beginning

We remain committed to bringing our portfolios in line with the goals outlined in the Paris Climate Agreement. This level of performance relative to our SBT is reassuring and gives us confidence that change is possible.

We know there’s more to do. We’ll continue to:

• Invest in companies driving real-world decarbonisation
• Prioritise climate stewardship — both in our manager relationships and direct investments
• Back the most efficient, innovative businesses transforming their sectors
• Advocate for ambitious climate standards and transparent data

We’re looking ahead to the finalisation of the SBTi’s Net Zero Financial Institutions Standard (FINZ) 1 , which will build and expand on the existing criteria. This update will shape our next chapter — helping us understand how our long-term net zero commitment can be applied, measured, and pushed further.