At LPPI, we recognise that transparent disclosure is essential to enabling our partner funds and broader stakeholders to hold us to account. Our 2025 TCFD Entity Report reinforces this commitment, offering a clear view into how we are identifying, assessing, and managing climate-related risks and opportunities across our business and investment activities. We view reporting not just as a regulatory requirement, but as an opportunity to be open about the progress we are making, the challenges we are navigating, and the evolving context in which we operate.

We believe that when data is accompanied by thoughtful reflection and honest insight, it fosters a deeper understanding of our stewardship approach. This year’s report covers our last year of climate change stewardship on behalf of three partner funds, GLIL Infrastructure and London CIV. Our next issue will reflect the coming together of nine partner funds as a new collaborative partnership and how supporting them has involved adapting to address their priorities and the framing regulatory standards place on our partner funds and LPPI.

The Financial Stability Board established the Taskforce on Climate-Related Financial Disclosures (TCFD) in 2015 to improve and increase reporting of climate-related financial information. In 2023, the Financial Stability Board confirmed that the TCFD had completed its remit, with its recommendations fully incorporated into the International Sustainability Standards Board’s (ISSB) IFRS S1 and IFRS S2 standards, which now form the global baseline for sustainability and climate related financial disclosures. The Financial Conduct Authority currently requires firms to prepare and publish TCFD-aligned disclosures for our company as well as for our authorised funds by end of June each year. While our reporting continues to be prepared on a TCFD aligned basis, we have regard to the direction of travel towards ISSB  and UK Sustainability Reporting Standards aligned disclosures, and we consider this report to be broadly interoperable with those emerging frameworks.