Climate
ReportForeword,
Marco Morelli
Executive Chairman

Our industry has been active in making commitments to reachnet zero, and investors can play an active role in driving the green
transition and a more sustainable, fair, and inclusive future.
But how do we collectively define success when thinking aboutclimate change, biodiversity loss and social inequalities, as realworld challenges weigh on the theory behind the pledges?
Launching the latest Intergovernmental Panel on Climate
Change report in March this year, UN Secretary-General António
Guterres called on sectors in all countries to “massively fasttrack climate efforts”.1 His sense of urgency is well placed, andAXA IM is determined to make progress towards its 2050 net zero
goals, as an investor and business, as this year’s climate reportdemonstrates.
2022 was challenging for asset managers as our industry faced
turbulent markets and environments. Despite this, steadyprogress was made towards our interim net zero goals, asevidenced by the metrics in the AXA IM for Progress Monitor.
The Monitor metrics complement our already extensive dataand provide a focus on how our commitments and actions
are effecting change through decarbonisation actions in our
portfolios, and as a business; our engagement activities, and our
ESG offering to help channel capital. This being the first edition,
I am proud of what we have achieved and learnt.
Decarbonisation is central to an effective transition. As such, ourpolicies in this area are stringent. One of AXA IM’s commitments

is to exit coal investments in OECD countries by 2030 (and therest of the world by 2040). In 2023, this commitment was further
bolstered by a strengthening of our Climate Risks policy whichbans any investment in companies with new coal mining or power
generation projects.2
As one of the world’s largest real asset managers, our investment
decisions can make a significant difference to the environment.
Buildings are responsible for 39% of greenhouse gas emissions sobringing this figure down matters to us. Consequently, we have
set two ambitious targets for real estate where tangible progress
can be measured and demonstrated.
Our influential stewardship activities continue to increase, andengagement on climate change, bio-diversity loss and social factors
are high on the boardroom agendas and when voting at AGMs.
It is also crucial that as a business we play our part in the
decarbonisation journey. For the second year in a row, we havepublished our own carbon footprint, which goes further thanwhat is currently expected of companies, by including Scope
1, 2 and 3 emissions. Our employees are an integral part ofour sustainability journey and so we have rolled out an ESG
development goal for all staff as awareness is key to an engaged
workforce. Furthermore, to achieve our net zero goal, we now
include ESG targets in the deferred remuneration of our senior
executives.
Looking to the future, AXA IM’s purpose, to ‘act for humanprogress by investing for what matters’ is a strong guide in ourdecisions. Our convictions are steadfast, and we must continue toaccelerate growth and adapt to the market conditions, to innovateand deliver performance for our clients. Yet we - and our industrymust keep progress firmly on the agenda and AXA IM will continue
to be at the forefront of that change.

¹ https://press.un.org/en/2023/sgsm21730.doc.htm
2https://www.axa-im.com/sites/corporate/files/2022-02/20220225-AXA-IM-Climate-Risks-Policy.pdf

04
Progress update

05

09

A focus on
decarbonisation

Decarbonising
the built
environment

13

18

20

Consciously
channelling
capitalChampioning
transparency

Next-level
engagement

23

34

Treading lightly on the planet
as a business; our actions
as a responsible organisation

Going further
togetherAXA INVESTMENT MANAGERS - Climate

ReportProgress update
The AXA IM for Progress Monitor
For several years now, AXA IM has reported and published advanced metrics across its investment portfolio
and business in its annual TCFD (Taskforce on Climate-related Financial Disclosures) and Stewardship reports.

PROGRESSMONITORThe AXA IM for Progress Monitor focuses on some of these key metrics, to provide a simpler and transparent
view of progress against our goal of becoming a net zero business and investor by 2050. Comprised of eight
metrics with interim targets, they’ve been selected for their strategic importance and material contribution
towards achieving our goal. Where relevant they are highlighted in this report and show the material
contribution we have made towards fighting climate change and supporting biodiversity.
Our goal is to provide clear and simple extra-financial metrics on an annual basis. In our first year of reporting we can beproud of the steady progress that has been achieved. We acknowledge that we must continue to evolve our methodologies
and targets to continue reporting on relevant data and with the right tools.

Important information:
Climate or sustainability-related metrics and underlying emissions data are subject to measurement uncertainties resulting from limitations inherent in thenature and the methods used to determine them. There is a limited availability of relevant data: such data is not yet systematically disclosed by issuers, or,when disclosed by issuers or collected from third-party data providers, it may be incorrect, incomplete or follow various reporting methodologies. The data
sources and methodologies are expected to evolve and improve over time and may materially impact targets and the achievement of targets.
Targets noted above reflect management’s current expectations, and are subject to a number of assumptions, variables and uncertainties, including actionsof issuers in which we invest, suppliers and other third parties, as well as a variety of political, economic, regulatory, civil society and scientific developments
beyond AXA IM’s control. There can be no assurances that our targets and the timetable for any transition will be achieved in whole or in part .

4

Gilles Moëc.
AXA Group Chief Economist
and Head of AXA IM Research

Visit the interactive
to discover more on AXA IM’s progress.

AXA INVESTMENT MANAGERS - Climate

ReportA focus on
decarbonisation
Our net zero commitments
AXA IM has committed to achieve net zero by 2050. At the end of 2022,
65% (representing €541bn) of total AUM excl. JVs was to be managed in line with a
net zero pathway.3
Outlined in this chapter are the ways in which AXA IM is seeking to decarbonise
corporate (fixed income and equity) portfolios as well as real estate portfolios.

3
At the end of 2022, AXA IM had €541bn of AUM to be managed in line with a net zero pathway aligned with
the Paris Agreement. This target covers 100% of listed corporate (incl. listed real estate and sovereign exposure);
c.75% of real estate equity AUM, i.e., all RE equity assets on which AXA IM Alts has direct leverage to trigger climate
action at asset level. It does not cover at this stage infrastructure and equity, CRE debt and alternative credit,
natural capital & impact and other assets classes (e.g., derivatives).

5

AXA INVESTMENT MANAGERS - Climate

ReportA focus on decarbonisation
OntargetCarbon intensity reduction
Carbon intensity5 is a measure of the CO2 emissions per million dollars ofrevenue a company generates. AXA IM committed to a 25% reduction in the
carbon intensity of the corporate portfolio by 2025.
Visit the interactive

to discover more on AXA IM’s progress towards this goal.

CORPORATE PORTFOLIOCARBON INTENSITYGOAL -25% BY 2025 VS 2019

The carbon
intensity of AXA IM’s
corporate portfolio
was down

Benjamin Jacot.
Head of RI Solutions,
AXA IM Quant lab

28.7%

by the end of 2022,
meaning
we have exceededour 2025 target.4
4
Remaining on or close to target as aconsequence of portfolio churn will beachieved through active management
and policies and exclusions.

6This metric measures the performanceof a company’s production process interms of GHG emissions, allowing
us to compare carbon emissions
between companies regardlessof size and sector, and help
distinguish between high- andlow-emitting sectors.

5
AXA IM calculates a weighted average of carbon intensity on revenue for all corporates held
(AXA IM Core scope only). This measurement covers Scope 1 and 2 carbon emissions resulting fromthe companies we invest in. Scope 3 emissions will be integrated as data quality improves in this area.

AXA INVESTMENT MANAGERS - Climate

ReportA focus on decarbonisation
11%

PROGRESS

Exiting coal
AXA IM is phasing out all investments in the thermal coal industry by 2040, with an interim goal toachieve this by 2030 in Organisation for Economic Cooperation and Development (OECD) countries.
AXA IM has taken a stringent approach to defining the coal exposure threshold and considers even
$1 of revenue attributed to coal activities as an indicator of coal exposure.
Visit the interactive

EXIT FROM COAL

GOAL 0% IN OECD COUNTRIESBY 2030VS 20190.247%

exposure (6)was reported
at end of 2022, almost

to discover more on AXA IM’s progress towards this goal.

How will AXA IM accelerate on this progress?
In April 2023, new and more stringent policies
and thresholds were implemented, banning any
investment in companies with new coal mining
or power generation projects or expansion
plans. It also excluded companies that generate
more than 15% of their revenue from thermal

coal mining and power generation, down from
30%, a threshold that will be reduced to 10% inOECD countries in 2026.

RI Co-ordination Analyst,

READ OUR EXCLUSION POLICIES

11.5%

towards our goal toexit completely(OECD) by 2030

7

Watch

6
Total direct investments in corporate assets are all investments in listed companies from all applicable instruments managed by
AXA IM (i.e., excluding all alternative assets such as direct real estate and infrastructure assets, and other alternative credit suchas collaterised loan obligations (CLOs), insurance-linked securities (ILS), asset-backed securities (ABS) or mortgages) and with nolook-through (i.e., excluding investments in listed companies in funds managed by external asset managers that are part of funds
managed by AXA IM).
The results of this progress are mitigated by an increased coverage of issuers from our data providers regarding coal revenue data
between 2019 to 2022. The baseline set is likely underestimated. Furthermore, the current macroeconomic and geopolitical context
has led to outperformance in the energy sector in 2022 and is another significant counterweight of the current progress. This could
be even more significant in 2023 despite a recent strengthening of the Climate Risks policy.

Julie Cavaignac,

explain the role of exclusion
policies, engagement
activities and wider policy
frameworks in divestingfrom coal.

AXA INVESTMENT MANAGERS - Climate

ReportA focus on decarbonisation
Case Study

Decarbonising
beyond coal

Coal exposure
We still invest in some companies that generate
revenue from coal power generation that are
not caught by our exclusion policies. We aim toexit coal by 2030 in OECD countries, so you might
wonder why we still hold these companies in our
portfolios. Enel, for example, is a large, Italianbased integrated power utility. Its ambition isto reach net zero by 2040, fully exiting coal andnatural gas and becoming a 100% renewableenergy company. Our view is that it is on track
to reach its goal. It has committed to exit coal by2027, coal-fired generation currently accounts
for less than 8% of its electricity production andit has already more than doubled its wind andsolar capacity.
We also invest in Florida-based NextEra, which
is one of the largest electric utility companies in
the US. It has committed to become a net zero
power producer by 2045, and plans to have nofossil fuel power plants. It has committed to exit
coal by 2028 and has already done so in Florida.
Coal-fired generation currently accounts for lessthan 2% of the company’s electricity production.

8

There is value in investing in companies like
this, which may still use coal now but are on aclear and committed transition path towards
achieving net zero. It’s also not easy to just close
coal-powered factories because it can take a lotof wind and solar to replace the output of coal,so companies need a long-term plan to replacecoal whilst maintaining output and meeting
demand. There are also social issues to consider
given these companies provide large-scale
employment. So whilst the transition
from coal to renewables is a challenge,
it is doable, and by investing in thesecompanies we’re giving them the meansand opportunity to change.
Olivier Eugene.
Head of Climate Research

In February 2022,
AXA IM updated its Climate
Risk Policy7. Below are
the criteria detailing thethresholds AXA IM adhere to when
applying this exclusion policy:• Derive more than 10% of their oil
and gas production from the Arctic• Derive more than 30% of their oil
and gas production from fracking•P roduce more than 5% of
the global oil sands production
7

AXA IM Climate Risk Policy“The policy has been updated once
more in April 2023,7 with reinforced
exclusion criteria for companies
active in thermal coal or oil sands
production.”

AXA INVESTMENT MANAGERS - Climate

ReportDecarbonising
the built environment
Real estate accounts for 39% of all global greenhouse gas (GHG) emissions, andwith €89.9 billion AUM in real estate assets, AXA IM is one of the world’s largest
real estate managers. To accelerate decarbonisation in this area, two ambitious
targets have been set: 50% of real estate assets to maintain alignment with the
Carbon Risk Real Estate Monitor (CRREM) trajectory; and a target requiring a 20%
reduction in landlord operational carbon intensity, both by 2025.

9

AXA INVESTMENT MANAGERS - Climate

ReportDecarbonising the built environment
OntargetREAL ESTATE AUM
CRREM ALIGNEDGOAL 50% BY 2025

50%

of AUM
maintained toalign with CRREM
trajectories8

8
based on AXA IM reasonableassumptions made with available
data and on a model portfolio, as at
the end 2021. Target set against 2022
version of CRREM pathways. CRREM
methodology may evolve over time.

10

CRREM alignment
AXA IM’s target is to maintain 50% of its direct real estate AUM in line with the CRREM trajectory by 2025.
The Carbon Risk Real Estate Monitor (CRREM) helps investors assess and manage risk in the real estate
sector related to climate change by offering clear, science-based decarbonisation routes that are in linewith the Paris Climate Goal of reducing global temperature increase to 2°C, with an ultimate goal of 1.5°C.
Progress is defined as maintaining a defined proportion (50%) of AUM to be aligned to the CRREM pathway
by 2025, knowing that every year the CRREM trajectory becomes more ambitious and harder to align withand considering the portfolio turnover.
Visit the interactive

to discover more on AXA IM’s progress towards this goal.

Following changes to the CRREM methodology
in Q2 2023 that will require refining our models,
we report 2021 and 2022 numbers for a reference
model portfolio9, representing circa 19% of

in-scope assets, where performance remains alignedwith the expected threshold in 2025, for more than
50% of the portfolio.

Case Study“CRREM trajectories allow us to measure real estate
decarbonisation in a clear and globally consistent
way which is easily understood by clients andregulators. Maintaining this level of permanence
for buildings means we might have to invest in new
or more efficient systems or components, such as
lights, heating and solar PV, to continue to remain inline with the expected performance targets. Thesetargets become more challenging over time. As
society underperforms against global targets, thetrajectories get steeper.
9“Because we actively manage and trade our real estate
assets, our performance in this area can fluctuatequite dramatically. We may, for example, buy poorly
performing assets to renovate and sell high performing
assets, which will affect how far our portfolio aligns
with CRREM. The basic figures do not always tell thewhole story: there is value in buying assets that need
improvement, investing in them and then selling them.”
Juliette Lefébure.

Deputy Head of Responsible Investment,
AXA IM Alts

Reference model portfolio value c €9bn (c19%) of in-scope assets.

CRREM is a tool that sets out
the carbon related budget
for building types in different
countries. CRREM-aligned AUM
is the proportion of our Assets
Under Management alignedwith the 1.5 degree trajectory.

Laurent Lavergne
Global Headof Sustainability
at AXA IM AltsAXA INVESTMENT MANAGERS - Climate

ReportDecarbonising the built environment
95%

PROGRESS

Real estate carbon intensity reduction
AXA IM has committed to reduce landlord operational carbon intensity of directly managed realestate equity AUM of ca. €64bn by 2025 (vs 2019)10. This target gives us the opportunity, as one of theworld’s largest real managers, to make an important contribution to decarbonisation.
Visit the interactive

REAL ESTATECARBON INTENSITY

to discover more on AXA IM’s progress towards this goal.

PodcastListen to the AXA IM team talking with Nigel Topping about theimportance of transparency and disclosure in real estate in a Sound
Progress podcast.

GOAL -20% BY 2025 VS 2019

At the end of 2022,
AXA IM had
reduced its direct
real estate AUM
carbon intensity by

Deputy Head of Responsible Investment,
AXA IM Alts, addresses the threemain challenges our real estateteam faces in trying to achieve
this target.

19%

representing

95% progress

towards the 2025
target.
In real estate, carbon intensity involves both Scope 1 and Scope 2 GHG emissions generated by the energy used by the landlord
to operate buildings as a proportion of the associated surface area per metre squared. This is specific to ‘Landlord controlled’
emissions, i.e., where we are the owner of the energy contract within a building.

10

11

Juliette LefébureAXA INVESTMENT MANAGERS - Climate

ReportDecarbonising the built environment
Case Study

Telli is a distinctive residential apartment block on theoutskirts of Aarau in Switzerland. The apartments arehome to more than 1,000 people, so updating
581 apartments while tenants continued to live andwork there was a challenge.
To reduce carbon emissions, we concentrated on
two things: the façade, which was a protectedfeature of the building, and heating. We
replaced all the windows with up-to-date
triple glazing, improved the insulation of the roof and the façade, replaced the oldgas heating system with district heating from a nearby waste water treatment
plant, and installed a solar power system on the roof. We also improved the electricalconnections, which allowed us to save 46% in energy consumption.
During construction, we employed circular economy standards whenever we could.
The old balconies, for example, were demolished and recycled to make cement andsand, which were then used to make the new balconies.
It’s a win-win for the tenants. They can live in more comfort now and they also
benefit from lower costs. The new building is now net zero and offers annual
emissions savings of 1,000 tons of CO2 , having just been certified as Silver
under the Standard for Sustainable Building Switzerland (SNBS). At the Telli,
we are building tomorrow, together.
To learn more please
visit theAXA IM ALTS WEBSITE

12

Manuela Gnehm
Asset Manager, Real Assets, AXA IM Alts

Going
beyondHow the Global Real Estate
Sustainability Benchmark is
helping investors
The Global Real Estate Sustainability
Benchmark (GRESB) assesses the ESG
performance of real estate portfolios aroundthe world and helps investment decisions
by giving each entity a GRESB score andrating. The AXA IM Alts business, a global
leader in Alternatives investing, has been
participating in the assessment since 2011,
and in 2022 it submitted a larger-thanaverage scope of assets to GRESB: $33.6bnof AUM in comparison with a $3.3bn averagefor its peer group.
Furthermore, by the end of 2022, 67% ofreal estate AUM in scope was certified byschemes such as ENERGY STAR, LEED and
BREEAM, representing an additional €3.5bn
certified real estate assets compared with2021.

AXA INVESTMENT MANAGERS - Climate

ReportConsciously
channelling capital
Listed Equity€1.06bn

Sustainable Bonds€19.89bn
Green Bonds €18.26bn
Sustainability Bonds €1.63bn

Structured Finance€0.13 bn

€32.81billion ingreen investments

Real Assets€11.73bn
Real Estate Equity
CRE Debt
Infra Debt
Infra Equity€6.49bn€0.70bn€2.95bn€1.59bn

When it meets our clients’ investment objectives, the conscious channelling of capital towards green
investments is another way asset managers can support the transition. AXA IM’s green investments
totalled €32.82 billion in 2022, compared with €35 billion in 2021.

13

Source: AXA IM, as of 30/12/2022. N.B.: the Listed Equity figure comprises four “green” open-ended equity fund assets managed by AXA IM. The Structured
Finance (i.e., Alternative Credit, Natural capital & Impact) figure comprises a dedicated fund’s assets managed by AXA IM. The Green and Sustainability
Bonds and Real Assets figures comprise all the mentioned financial securities financed by assets managed by AXA IM regardless of the legal form of financial
product holding the investment. Refer to the section on green share for a more detailed assessment of the greenness of our investments.

AXA INVESTMENT MANAGERS - Climate

ReportConsciously channelling capital
Real assets
Real estate and green infrastructure
accounted for a significant part ofgreen investments, representing€11.73 billion in 2022.
AXA IM Alts’ development of a
62-storey skyscraper in the Cityof London, for example, has an
EPC rating of A+ and obtained
BREEAM Excellent and WiredScore
Platinum labels.
Our forestry assets are certified
and sustainably managed.
The 24,800 hectares of forest inAustralia’s Green Triangle that
AXA IM Alts acquired, for example,
have been certified by the PEFC
and have sequestered more than
400,000 tCO2e in 2022.

14

Case StudyIn March 2022, investments in green infrastructure
continued with the acquisition of a 25% stake inHornsea Two, the world’s largest offshore wind
farm. Located off the Yorkshire coast in the United
Kingdom, its installed capacity reached 1,386 MW
once it became fully operational in August 2022.
In 2023, AXA IM entered into an agreement toacquire a 25% stake in Iberian renewables platform
Finerge, which, in combination with Hornsea Two,brings the total operating capacity of its investments
to about 3.3 GW2 and total infrastructure equity AUM
to €7.5 billion (as at end June 2023).

Climate change is the great issue of thiscentury and the central risk of tomorrow.
We believe that integrated, independent
renewable energy power producers like
Finerge, which have the capacity to scaleas 21st century utilities, will be essential todelivering the energy transition.

Julien Gailleton
Deputy Head of Infrastructure
at AXA IM Alts

ReportAXA INVESTMENT MANAGERS - Climate

Consciously channelling capital
30%

PROGRESSNATURAL CAPITALSOLUTIONS

Natural Capital solutions
In 2022, a Natural Capital strategy was launched to protect biodiversity and address climate change.
Natural Capital Solutions commits capital to support a range of activities, including tree planting,forest conservation, sustainable forest management, improved agriculture, and wetland restorationand conservation. In this way, it helps to address the 20% of GHG emissions which are caused bydeforestation and land degradation.11
A target of $500 committed to Natural Capital Solutions by 2028 has been set.
Visit the interactive

GOAL $500M
COMMITTED BY 2028

to discover more on AXA IM’s progress towards this goal.

PodcastListen to Adam Gibbon, Natural Capital lead, AXA IM Alts, andChris Iggo, CIO, AXA IM Core, discussing the role of Natural Capital
opportunities in coastal zones in the Sound Progress podcast.

As at end Dec 2022

$150m

was committed
to the Natural
Capital strategy
in 2022,representing

30%

progress

1115

https://climatefundsupdate.org/wp-content/uploads/2020/03/CFF5-2019-ENG-DIGITAL.pdf

AXA INVESTMENT MANAGERS - Climate

ReportConsciously channelling capital
Sustainable strategies
and the ACT fund range
By the end of 2022, €41bn of AXA IM’s AUM was invested in
Sustainable and ACT strategies. The ACT fund range is designed
to help clients target specific ESG goals around issues such as
climate change. Some of these strategies include:▶ Carbon transition (fixed income): Aims to keep its weighted
average carbon intensity lower than the fund manager’s carbon
emissions benchmark.
▶ Low carbon (fixed income): Excludes the most carbonintensive sectors such as metals, mining and steel producers
and most sub-sectors in the energy and utility sectors. Aims forat least 30% reduction in carbon intensity and water intensity.
▶ Green bonds (fixed income): Only invests in green bondprojects which provide material benefit to the environment insmart energy, green buildings, low carbon transportation andsustainable ecosystems.
▶ Biodiversity (equity): Provides diversified access to multidecade growth opportunities in companies that preserve life onland, water and air.
▶ Carbon offset (equity): Offers significant exposure tocompanies that support the transition to a low-carbon economy
through their products and services.

16

Green bonds
Green bonds formed the majority of green
investments. In 2022, AXA IM increased theamount of green bonds it held by 22.8%
compared with the previous year, bringing thetotal to €18.3 billion.
A proprietary green bond assessment frameworkhas been developed. It relies on qualitative
assessment made by the RI Research teamand on Bloomberg databases to produce anenhanced ESG score for Global Sustainability
Standards Board (GSSB) issuances. The
approach is stringent: since 2014, the framework
has led to one in five bonds initially presented as
green, social or sustainable being excluded. €1.6
billion in sustainability bonds was also invested,
and these bonds were subject to the same
framework to ensure only the most relevant andimpactful projects receive financing.

AXA INVESTMENT MANAGERS - Climate

ReportConsciously channelling capital
Investing our own capital tosupport the transition

Addressing climate challenges
through academic researchInnovation is one of the key answers tocombatting and adapting to climate change.
The AXA IM Research Award was launchedin 2021 to recognise transformative researchin the area of a just and green transition.
Professor Ana Queiros, of the Plymouth Marine
Laboratory, was announced as winner ofthe 2022 award. She was granted €100,000
towards her work on blue carbon, which is

Biodiversity data
AXA IM invested in Iceberg Data Lab (IDL) and I Care & Consult,taking part in the Series A funding round in 2021 which raised €5m.
Working with IDL, it aimed to identify the impact portfolios haveon biodiversity loss, calculating biodiversity footprint at company,
sectorial and aggregated portfolio levels. In 2022, the biodiversity
footprints of funds for reporting purposes were published, and in
2023 IDL will provide training to investment teams to allow them to
use this metric.
researching ocean management strategies
that enhance ecosystems’ abilities to adapt toclimate change and act as carbon sinks.
In March, AXA IM joined forces with the Paris
School of Economics (PSE) to launch a
new Research Chair “for a successful energy
transition”. The Chair focuses on better
understanding the scale of the cost of theenergy transition, particularly in terms of the
impact of climate policy on green investments.

PodcastListen to last year’s award winner, Prof. Ana Queirós,
talking about her work.

17

Look out for
Later this year a partnership with AXA Group and Luiss
Guido Carli University in Rome will be announced, to funda new Chair in Climate Change: Politics, Philosophy andEconomics. The Chair will study the societal impact ofclimate policies and how to adapt them to optimise thetransition to a low-carbon society.

AXA INVESTMENT MANAGERS - Climate

ReportChampioning
transparency
Measuring the effects of our investments on the environment is crucial to making
meaningful progress.
Improving the accuracy of data to provide clear measurements and ensuring
results are reported transparently is key. Whether that be ESG scoring, implied
temperature rise, or biodiversity footprint, it is a priority for everyone in thesustainability ecosystem, from asset managers to NGOs and industry participants.

18

AXA INVESTMENT MANAGERS - Climate

ReportMeasuring ESG

Championing transparency
Biodiversity measurement

Warming potential

A healthy climate and a robust web of life areboth prerequisites for human life. Tacklingbiodiversity loss, therefore, must sit alongside
ambitious targets to cut GHG emissions.

In 2022, some innovative, forward-looking metrics
to measure the global warming potential ofinvestments were explored. Using this methodology,
Sovereign investments saw a decrease of 0.4°C
compared with 2020 (1.94% as of 2022).

2022 saw the adoption of the Global
Biodiversity Framework with industry
initiatives such as the Science-Based Targets
Network (SBTN) launched to help investors
and businesses assess their impact on nature.
AXA IM used a new metric – the biodiversity
footprint designed by Iceberg Data Lab – tohelp select and prioritise companies thathave a large biodiversity footprint to focus
engagement efforts accordingly.

TCFD REPORT

12
13

19

Since then, the investment teams have adopted
the MSCI Implied Temperature Rise (ITR) model
to assess how investments in corporate bonds
and listed equities align with global temperaturetargets, meaning year-on-year asset classcomparisons are not available.
The ITR model estimates the global temperature
increase by 2100 if the entire economy were to
exceed or fall short of its carbon budget. In 2022,
the Implied Temperature Rise of listed equities
and corporate bonds was 2.36°C and 2.28°C
respectively.

Details of how AXA IM measures the effects of its investments on theenvironment can be found in section 6.5 of the TCFD report.

https://finance.ec.europa.eu/sustainable-finance/disclosures/sustainability-related-disclosure-financial-services-sector_en
https://www.axa-im.com/document/5860/view

Consolidating ESG measurement
remains a key focus.
AXA IM Alts has created an ESG scoring methodology
which summarises each asset class's contribution to
the global ESG score. Under this new methodology,
we achieved 100% coverage for all transactions inalternative asset classes by the end of 2022.
An industrialised ESG Report was rolled out for the
Sustainable and ACT fund range portfolios, based on
the best possible ESG third-party data. This report
gives an assessment on biodiversity, climate andcarbon impact, as well as voting engagements.

EU Sustainable Finance Disclosure
Regulation (SFDR)
In 2022, the European Commission adopted SFDR12
Level II, forcing industry-wide reclassifications ofstrategies to align with the new definitions. In theinterests of transparency, AXA IM disclosed themethodology13 it used to label an issuer as sustainable
under SFDR for Article 9 financial products – thosethat invest 100% of eligible assets in sustainable
investments. The ‘substantial contribution’ criterion
is based on two dimensions: positive contribution to
the UN SDGs, or commitment to a decarbonisationtransition pathway showing alignment with the Paris
Agreement goals.

AXA INVESTMENT MANAGERS - Climate

ReportNext-level
engagement
Influencing investee companies’ behaviours through voting and exclusion policies,
as well as through engagement and sustainability dialogue, is a key element in
the transition to net zero. Investor engagement is considered as a change process
where investors seek to improve investee companies’ practices with a specificobjective in mind. Engagement activities on climate issues are not limited to ourlargest holdings, but also apply to the companies in portfolios with the highest
emissions.

20

AXA INVESTMENT MANAGERS - Climate

ReportNext-level engagement
82%

PROGRESS

Active external engagement
AXA IM has set a 70% target of financed emissions subject to engagement by 2025.

What does progress look like?

ACTIVE EXTERNALENGAGEMENTGOAL 70% BY 2025

2022 was the first year of proactive engagementwith “climate laggards”, i.e., those investee
companies that do not have a clear and credible
decarbonisation strategy, as part of its “three
Visit the interactive

strikes and you’re out” policy. AXA IM has
also taken part in collaborative engagement
programmes, such as the Climate Action 100+
initiative.

to discover more on AXA IM’s progress towards this goal.

At the end of 2022,

In this video,

57.4% offinanced emissions
were underengagement,
representing

82%

progress towards
our goal.

21

Olivier Eugene,
Head of Climate Research,

explains our approach
to climate change
engagement.

What is ‘three strikes and you’re out’?
This approach to climate laggards in 2021
was adopted as part of a strengthened
engagement policy. After defining clear areasof improvement for companies it considers tobe “climate laggards”, these are communicatedto management, along with a timeframe forprogress. The RI team and relevant portfolio
managers continue to engage regularly withthe company, to support their transition, andwhere necessary, use escalation techniques,

such as co-filing and resolutions to effect change.
If the objectives have not been achieved within
three years, AXA IM will divest. The list of “climate
laggards” is reviewed annually and new issuers
added. The criteria to identify such companies will
likely become stricter over time.
READ OUR ENGAGEMENT POLICYAXA INVESTMENT MANAGERS - Climate

ReportNext-level engagement
In 2022, our CEO set out engagement requests
with relevant companies, resulting in firstmeetings with all but one of them.
Our engagement with companies covers abroad spectrum of key ESG themes
10%3%SocialRelations

Business
Ethics18%

Resources &Ecosystems

ESG
engagement

20%

Human
Capital22

Listen to Head of Climate Research, Olivier Eugene, explain
how AXA IM’s engagement with a Dublin-based construction
materials company helped drive significant progress on initiating
and implementing an emissions reductions plan.

m

3,5

Podcastee

ti n gs

Corporate
GovernanceIn H1 2023, the main opposition
Board reneuxecu
themes were around theme tiveissuesrat
ion
appropriateness of pay
d
6
e
,
t
6
5
o
deals, a divergence in
8 vo
ls v
ted
osa
ag
p
ESG resolutions and
o
r
ain
p
concerns around the
7
38%
27%
role of voting. In
oppos
i
t
the same period,of 15 ion r.1% a
there was anincrease in antiESG proposals
In H1 2023
(54 vs 25 in 2022),
illustrative of a
growing nuance in
how ESG issues are65
lladdressed.
m
fa
te

20%

Voting at Annual General Meetings (AGMs) is a
key component of stewardship with our investee
companies. As a right given to the shareholders it
is an important way for us to maximise our impact,
and bolster our engagement efforts with investee
companies.

44,14

PublicHealthVoting strategically

st

1%

28%

ClimateChangeClimate change remained the most discussed
topic, accounting for 28% of all engagement
conversations. Biodiversity loss topics also
increased, resulting in 397 meetings andrepresenting 18% of all engagements, up from
14% in 2021. The new biodiversity footprint
tool, designed in collaboration with Iceberg
Data Lab, helped to select companies with asignificant biodiversity footprint which allowed
for these focused engagement efforts. The
Deforestation and Ecosystems Protection
Policy was updated to provide more detailon the way AXA IM approaches biodiversity
stewardship.

e et

To learn more
please access the
STEWARDSHIP REPORTi n g s, 9 7 . 6 %o

AXA INVESTMENT MANAGERS - Climate

ReportTreading lightly
on the planet; our actions
as a responsible business
As an investor and business, AXA IM has a role to play in tackling the climate crisis. We must
hold ourselves to the same high standards that we ask of investee companies. This means
investing to accelerate the transition to a low-carbon economy as well as acting on ourcommitments to become net zero as a business by 2050.
AXAIM aims to measure and reduce its own carbon footprint (excluding investments) covering
key emissions streams with an overall target of 26% reduction by 2025. Global policies arein place to achieve this, with locally driven policies, developed in conjunction with AXA IM’s
COOs, to account for different levels of sustainability maturity across markets.

23

AXA INVESTMENT MANAGERS - ClimateOntargetAXA IM CARBON
FOOTPRINTGOAL -26% BY 2025 VS 2019

As at end December
2022, AXA IM’scarbon footprint was

3,532 tCO2e,a 58.4%

ReportTreading lightly
on the planet; our actions
as a responsible businessthe Progress Monitor metricAs part of the Progress Monitor, AXA IM
tracks its progress towards reducing its own
operational carbon footprint. The objective
was set for a reduction of 26% by 202514,
across three key emissions streams: power,
business travel and car fleet15.

What does progress look like?
The key to success will be maintaining the
reduction by 2025 as business travel is
expected to increase following the easingof pandemic measures, as well as pushingfor further reductions elsewhere.

Fiona Swallow,
Global Head of Corporate Responsibility,

explains the operational carbon
footprint metric in more detail.

Visit the interactive
to discover more on AXA IM’s progress
towards this goal.

reduction, double
our 2025 target.
Compared with a 2019 baseline of 8,493 tCO2e.
Office locations are subject to change: these variations canbe attributed to a range of factors, including changes in ourorganisational structure, workforce dynamics, and office locations.
As a result, the emissions profile and progress against our 2025
targets are influenced not only by our emission reduction efforts
but also by changes in the composition of our office network.
14
15

24

Going
beyondAlongside travel and reductions
in energy consumption,
AXA IM targets reductions in
the consumption of water andpaper, focusing on better waste
management in buildings
and assessing ways to reduce
emissions associated with its
digital footprint. We’ve gone
beyond industry standards
by measuring full Scope 3
emissions, including those fromthe purchase of goods andservices. AXA IM is exploring
ways to support reductions inthis area through engagementwith our suppliers and service
providers regarding their net zeroroadmaps.

AXA INVESTMENT MANAGERS - Climate

ReportGoing Global
1

GoingbeyondMeasureAXA IM total emissions at end 2022

32,937 tCO2e

In 2022, AXA IM’s
global Scope 1
and 2 emissions
decreased by 12%
and 6% respectively,
compared with theprevious year. Scope 3
emissions rose by 3%.

Scope 3All other indirect emissions
from value chain

Water
Suppliers

Scope 1

Direct emissions from
owned/controlled sources

Scope 2

Indirect emissions
from purchased energy

Heating/Aircon
OfficeElectronics

730 tCO2e(2% of total
emissions measured)Business
TravelCar Charging

Home
Working

Recyclingand Waste

Events1040 tCO2e(3% of total
emissions measured)

AXA IM has been measuring and reporting Scope
3 emissions since 2021. Supply chain emissions
account for 75% of its global carbon footprint,
which means addressing these emissions is key
to reaching net zero by 2050. As such, AXA IM isplanning to engage with its suppliers and service
providers regarding their own net zero roadmaps.
The intention is to move emission reductions
up the agenda in companies which may nototherwise have considered the issue.
In 2022, AXA IM office emissions were 32,937 tCO2e
using a location-based approach and 32,406 tCO2e
using a market-based approach. The location-based
method calculates Scope 2 emissions based on theemissions intensity of the local grid area, while themarket-based method is based on electricity thatcompanies purchase through instruments such as
Renewable Energy Certificates16.
Renewable Energy Certificates represent the environmental
attributes of the generation of one megawatt hour of energy
produced by renewable sources.

16

Electricity

31,167 tCO2e(95% of total
emissions measured)

Investments not included, but covered under ourtargets for the Net Zero Asset Managers Initiative

25

The growth in Scope 3
emissions was partly due
to an increase in businesstravel in 2022, the first yearthat Covid travel restrictions
were lifted. While business travel
did not return to pre-pandemic levels,
we recognise that face-to-face client
meetings are essential. Teams will leverage
the evolution in digital tools and increased
home working, to prioritise criticaltravel only and reduce further our
initial target. AXA IM has evolved its
business travel policy to ensurethat travel is considered
only where necessary andundertaken in the mostsustainable way.

In January 2023, the European Commission’s
Corporate Sustainability Reporting Directive(CSRD) came into force, requiring all companies
over a certain size to report on their Scope 3
emissions from 2024 onwards.

TCFD REPORTFor more detail on how we measure our emissions
please see TCFD page 55

AXA INVESTMENT MANAGERS - Climate

ReportGoing Global
2

ALL
TARGETS TO
END 2025

ReduceOur targets

In 2021, AXA IM set ambitious targets to change the way the company
consumes resources.

Power - 36%

TARGET
807,04 tCO2e(-36%)

2019
1,261 tCO2e

Cut CO2e emissions by 36% across our offices and achieve
100% renewable electricity for all our European offices.
2022
Actual: 497 tCO2e
TARGET
5,225 tCO2e(-25%)

Business travel - 25%17

Cut CO2e emissions by 25% by applying stricter rules for
air travel and constantly monitoring emissions.

2019
6,967 tCO2e

2022
Actual: 2,796 tCO2e
TARGET
225,25 tCO2e(-15%)

On business travel, AXA IM
agreed to a 40% CO2 reduction
per FTE over the same time
period17

Car fleet - 15%

2019
265 tCO2e

Cut CO2e emissions by 15% by transitioning fleets to low
emission vehicles and reducing car fleet sizes.
2022
Actual: 238.5 tCO2e

26

AXA INVESTMENT MANAGERS - Climate

ReportGoing Global
2

ALL
TARGETS TO
END 2025

Reduce2019
6.71 m3

TARGET
6 m3(-10%)

Water -10%

Reduce the consumption of water in our offices by 10%.
2022
Actual: 3.58 m3
TARGET
0,08 t/FTE(-10%)

2019
0.09 t/FTE

Unsorted waste -10%2022
Actual: 0.01 t/FTE

Reduce unsorted waste by 10% by continuing to encourage recycling
efforts and eliminating the use of single-use products.

TARGET5,6 kg/FTE(-20%)

2019
7 kg/FTE

Office Paper

TARGET
1,1 kg/FTE(-20%)

2022
Actual: 1.8 kg/FTE

2019
1,37 kg/FTE

Marketing and distribution paper

27

2022
Actual: 0,25 kg/FTE

Paper consumption -20%
Reduce the consumption of paper by
20% by reducing the number of printersin our offices, applying stricter rules forprinting, and reusing venue branding.

AXA INVESTMENT MANAGERS - Climate

ReportGoing Global
2

ReduceWorking with the best partners
AXA IM partners with specialists in the field to
precisely measure its impact on the environment
and act on it and to achieve the targets set out inits climate commitments.
▶ ClimateSeed, a data-driven company thatspecialises in GHG emissions, has developed an
automated tool to measure CO2e emissions. AXA
IM is onboarding this platform to simplify andenhance reporting processes, and ensure more
precise, regular, and consistent environmental
reporting. AXA IM has been working with
ClimateSeed to enhance the tool, ensuring italigns with requirements and industry standards,
and integrating innovative features, such as
forecasting capabilities, to project and anticipate
environmental trends.
▶ AXA IM has teamed up with an environmental
consultancy, ClimatePartner, to build oursustainability roadmap and develop thetools needed to deliver on climate priorities.
Consultants will work with AXA IM teams on topics
such as supply chain engagement, renewableenergy, carbon footprint verification, digitalsustainability, and employee engagement.

28

AXA INVESTMENT MANAGERS - Climate

ReportGoing Global
2

ReduceDeveloping new global standards
In 2022, AXA IM’s Corporate Responsibility
team issued two new standards to further
reduce operational emissions globally.

The AXA IM Sustainable Events Standard,laying out the following criteria for events:▶ Use third-party providers with robust
sustainability credentials▶ Re-use marketing materials such as banners,
staging and invitations▶ Source catering locally by default, exclude
red meat▶ Choose event locations with public transport
options in mind
The AXA IM Corporate Gifts Standard,rolling out the following guidelines aroundcorporate gifting:▶ Donate to charity instead of giving gifts▶ Charities selected from Global Philanthropy
Programme or picked locally

At AXA IM, events are some of our most visible
activities where we can make it clear that
we can embody our sustainability ambitions
and demonstrate not only that we “walk thetalk” but that we plan to continue working
on supporting our environment and doing
everything we can to help our journey
to net zero. Our new sustainability
standards have been met withgratitude, and reassurance that
we are doing the right thing. At an
industry event, at the end of 2022,
our sales reps were applauded
when they mentioned we nolonger give away branded
merchandise and instead donate
the money to a local charity. This
was the best reaction we could
have hoped for.

Chloe Jones,
Global Events Manager,
AXA IM Core

29

AXA INVESTMENT MANAGERS - Climate

ReportGoing Global
3

OffsetGiving back
AXA IM distributes 5% of its management fees fromthe impact fund range to carefully chosen charities,
including the World Land Trust and the Ligue pour laProtection des Oiseaux.
In 2022, the World Land Trust used the funding to:▶ Secure the D’ering-Dibru Saikhowa corridor whichconnects elephant populations.
▶ Help support the movement of over 500 elephants.
▶ Plant 6,200 saplings to restore degraded areasof the corridor.
▶ Mount camera traps to survey species.

Even with strong reduction targets in place, it is
not possible to run AXA IM without generating
carbon emissions. Carbon offsetting should
not be seen as the main solution, but it
can be used as a complementary tool
while working towards reaching net zeroby 2050. In line with its commitment toenvironmental sustainability, AXA IM supports

the Conservation project in the Guatemalan
Caribbean, as it has done since 2021. The
project protects forests which are a criticalmigratory corridor for biodiversity. In 2022,
carbon credits from this project offset
8,748 tCO2e of all our operational emissions,excluding the purchase of services.

The Ligue pour la Protection des Oiseaux
used the funding to:▶ Continue the protection and reintroduction of four
vulture species in the southern part of the Massif
Central in France.
▶ Regularly monitor the griffon vulture (905 breedingpairs), cinereous vulture (28 breeding pairs), Egyptian
vulture (2 breeding pairs) and bearded vulture(1 breeding pair).
▶ Gather information on the effects of the avian
influenza virus on vulture populations,which resulted in the death of 59 vultures in 2022.

30

AXA INVESTMENT MANAGERS - Climate

ReportGoing local
Case Studies

Setting global targets to reduce emissions
across our business is key, but it is also
important to recognise that local markets havedifferent levels of maturity.
We work with each of our largest offices, andtheir management teams, to build bespoke
CO2 reduction roadmaps per region. Theseset ambitious, but realistic goals across key
emissions of energy, car fleet, and businesstravel, as well as waste, paper, and water. We
carry out regular checks with our offices toensure initiatives are being undertaken.
Renewable energy share, for example, in the
US and Asia is still limited, making it harder tosecure supply, mostly due to carbon intensity ofelectricity grids being higher in these regions.

Our office is located in One Taikoo Place, which is already an extremely
efficient building, but we are still going the extra mile to improve ourenvironmental impact. With the help of building management, Swire
Properties, we are measuring water usage and checking the possibilityof installing flow-restrictors on some taps. We’re also weighing waste daily so we can keep trackof this and have ended all newspaper and magazine subscriptions. Air conditioning is essential
in Hong Kong, but it is energy intensive. We set the office temperature to no lower than 25°C
in summer and we have stopped using it between 7am and 8am every day. We’ve provided
battery recycling points, as well as plastic, paper and aluminium recycling bins, and we only
serve vegetarian food at staff events. Our work from home protocol and reducing unnecessary
business travel are becoming a normal part of people’s everyday lives.
Julian McKenzie,

Chief Operating Officer Asia Pacific

We have relocated our Greenwich office to Stamford and optimised
office space in New York, Atlanta and Orinda to reduce CO2 emissions
and improve sustainability. Our New York office is LEED Gold certified
and the landlord of our Stamford office has committed to making it
LEED 18 Gold certified. Our offices are very green, with lots of plants and a vegetation wall. We
use reusable cups instead of takeaway coffee cups and have installed a water machine to cut
down on single-use plastic.
I think awareness and concern about these issues is much lower in the US compared with,for example, Europe. Gas and electric here are cheap, which means there is less employee
engagement on these issues. It’s also harder to source green electricity, and we have limited
control of the office spaces we rent so it is difficult to influence energy sourcing. But overall,I think attitudes towards sustainability have shifted somewhat: it’s all about making small
steps, one at a time, and making sure employees are on board.
Florian Bezault,

Chief Operating Officer AXA IM USA
18

Leadership in Energy and Environmental Design

Engagingour employees
AXA IM is committed to providing ESG and sustainability learning opportunities
for people at all levels of the organisation. As such, we have integrated an ESG
Development Goal pertaining to learning and awareness into our employee
development goals.

32

AXA INVESTMENT MANAGERS - Climate

ReportEngaging our employeesOntargetBy the end of 2022, 100% of AXA IM employees21 had completed the AXA Climate Academy training
programme, created by the AXA Climate School. This course covered a range of topics from themain risks associated with global climate change to how employees can contribute to reducing
their own carbon footprint.
Visit the interactive

to discover more on AXA IM’s progress towards this goal.

What next?
ACTIVE INTERNALENGAGEMENTGOAL 100% BY END OF 2022

At the end of
December 2022

100% ofemployees19 had
attended learningand awarenesssessions

Scope covers all active
permanent employees
excl. JVs as of 30.11.2022.
19

33

AXA IM will ramp up efforts in 2023 with anambitious target to achieve of at least 70% of
employees to attend additional awarenesssessions by the end of 2023. The goal is toencourage staff to further their knowledgeof climate change, learn about biodiversity,and how to address our collective sustainable
challenges.

We have set some ambitious targets, aiming to become net zero both as a businessand an investor by 2050. We will only reach those targets if all our employees
understand climate change risks and the broader sustainability environment.
Awareness and learning are the foundations that sustain individual engagement:
they help employees to better understand the role they can play as individuals,
but also the role we all need to play collectively as a responsible asset manager.
We hope that this belief has been reflected in our actions, firstly by rolling out
an ESG development goal to all employees and secondly by reflecting
our ESG objectives in our senior executives’ remuneration.
Frédéric Clément.
Global Head of HR

ESG linked
remuneration
AXA IM is now including ESG
targets in the remunerationof its senior executives.
From 2023, the deferredcompensation of c. 400 people
will include additional ESG
metrics, alongside existing
criteria depending on theemployee’s business area andremit.

AXA INVESTMENT MANAGERS - Climate

ReportGoing further
together
To stand any chance of tackling the issues of climate change and biodiversity
loss requires a collaborative approach. Collective action is imperative as no one
person, company or government can do this alone. AXA IM is active across manyindustry initiatives and in shaping public policy and regulation in sustainability toensure it remains compatible with the challenges of our industry.

34

AXA INVESTMENT MANAGERS - Climate

ReportGoing further together
AXA IM is working with other asset managers, policy makers
and industry leaders to pool resources towards meaningful
solutions in the following groups and initiatives:

01

04

Net Zero Working Group of the
Global Real Estate Sustainability
Benchmark:Member
Set up to explore the coreassumptions and beliefs that drive
divergence in what net zero means
for real estate

Finance for Biodiversity Foundation:
Co-chair
A working group to share knowledge andbest practice, and implement collaborative
action on biodiversity impact metrics thatwill ultimately protect and restore

02
Carbon Risk Real Estate Monitor’sscientific advisory committee:
MemberThe committee provides a valuable
contribution to the scientific andtechnical integrity of the project
outputs

03
Nature Action 100: Founding member
A new global investor engagement
initiative focused on driving greater
corporate ambition and action toreverse nature and biodiversity loss

35

05
Net Zero Asset Managers Initiative: Member
An international group of asset managers
committed to supporting the goal of net zero
GHG emissions by 2050

06
ChemScore: Member
A collaborative engagement initiative
focused on hazardous chemicals

07
FAIRR: Member
An investor network that raises
awareness of ESG risks and opportunities
in the global food supply chain

AXA INVESTMENT MANAGERS - Climate

ReportGoing further together
Our advocacy work
It is important to us that ourinvestee companies alignwith Global and European
sustainability standards, whichmeans playing an active rolein ensuring that there is clarity
in these standards, and thatthey are considerate of thechallenges of our industry.

“In 2022, we continued to advocate for a far clearer definition of what constitutes'green' or 'sustainable' investments. Definitions and regulations should be standardised,comparable, robust and science-based. They should be understandable for all investor
types and accessible to corporates and the financial sector alike.
We have been getting our message across through conversations with the SFDR
Advisory Group of the European Sustainable Finance Forum, the European Commission
and the French Treasury.
We’ve also been highlighting the technical difficulties we face in exercising our voting
rights as shareholders, which is a vital part of our engagement activities. And
we’ve continued to advocate for relevant and comparable sustainability-related
information for a broader scope of issuers. Without this information, investment
teams won’t be able to embed ESG in their decisions.
2023 will be another landmark year for public policy in this field. In March, wewere selected as an expert member of the second mandate of the European
Commission’s Platform on Sustainable Finance. We’re looking forward to
helping policy makers focus on making sure new regulations are usable
and accessible, especially in the European Union.”

Clémence Humeau.
Head of Responsible Investment Coordination
and Governance

36

AXA INVESTMENT MANAGERS - Climate

ReportAXA IM will seek to review the progress we have madeto ensure it is ambitious enough and aligned with
our strategic goals.

Looking ahead

We will continue to apply a stewardship mindset
to all our activities - taking engagement to thenext level. Stewardship is a vital mechanism
for asset managers to power a green andjust transition, as is playing an active role inindustry-wide initiatives that enable us toact collectively and hold ourselves and theindustry to account.
There is no doubt that we need to act fast,
and together, to achieve global net zero goals.
As UN Secretary-General Guterres said:“In short, our world needs
climate action on all fronts— everything, everywhere,
all at once.”

37

This document is for informational purposes only and does not constitute investment research or financial analysis relating to transactions in financial instruments as per MIF Directive (2014/65/EU), nor does it constitute on the part of AXA
Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or apersonalized recommendation to buy or sell securities.
Due to its simplification, this document is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis,
predictions and other information in this document is provided based on our state of knowledge at the time of creation of this document. Whilst every care is taken, no representation or warranty (including liability towards third parties), express
or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to
support an investment decision.
Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ
In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries.
Important information:
Climate or sustainability-related metrics and underlying emissions data are subject to measurement uncertainties resulting from limitations inherent in the nature and the methods used to determine them. There is a limited availability of
relevant data: such data is not yet systematically disclosed by issuers, or, when disclosed by issuers or collected from third-party data providers, it may be incorrect, incomplete or follow various reporting methodologies. The data sources andmethodologies are expected to evolve and improve over time and may materially impact targets and the achievement of targets.
Targets noted above reflect management’s current expectations, and are subject to a number of assumptions, variables and uncertainties, including actions of issuers in which we invest, suppliers and other third parties, as well as a variety ofpolitical, economic, regulatory, civil society and scientific developments beyond AXA IM’s control. There can be no assurances that our targets and the timetable for any transition will be achieved in whole or in part .
All data as at end December 2022 unless otherwise stated.
Design & Production: Internal Design Agency (IDA) | 2-011189 / 2023 Photo Credit: Gettyimages

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