text,target
"− Scope 3: Optional scope that includes indirect emissions associated with the goods and services supply chain produced outside the organization. Included are emissions from the transport of products from our logistics centres to stores (downstream) performed by external logistics operators (air, land and sea transport) as well as the emissions associated with electricity consumption in franchise stores.",1
"The Group is not aware of any noise pollution that could negatively impact the environment, nor is it aware of any impact on biodiversity. With regards to land use, the Group is only a commercial user, and the Group is not aware of any local constraints with regards to water supply. The Group does not believe that it is at risk with regards to climate change in the near-or mid-term.",0
"Global climate change could exacerbate certain of the threats facing our business, including the frequency and severity of weather-related events referred to in Performance of critical infrastructure in this section 9. In addition, increases in energy prices are partly influenced by government policies to address climate change which, combined with a growing data demand that increases our energy requirements, could increase our energy costs beyond our current expectations.",0
"Setting an investment horizon is part and parcel of our policy of focusing on the long term and helping clients to build capital. Both financial and non-financial aspects play a role in measuring investment returns. Even if we make a successful investment in a mining company today, the same company may nonetheless cause damage to the environment tomorrow, and thus be compelled to make substantial provisions for improving its waste-processing activities and paying fines. As an asset manager that focuses on the long-term prospects, we can’t ignore the non-financial aspects.",0
"Climate change the physical impacts of climate change on our operations are uncertain and particular to geographic circumstances. in addition, a number of national governments have already introduced or are contemplating the introduction of regulatory responses to greenhouse gas emissions from the combustion of fossil fuels to address the impacts of climate change. these physical effects and regulatory responses may adversely impact the productivity and financial performance of our operations.",0
"Projects with potential limited adverse social or environmental impacts that are few in number, generally site specific, largely reversible and readily addressed through mitigation measures. Issues relating to these risks may lead to fines, penalties or legal non-compliance and reputational damage. Examples could include increased use of energy or increased atmospheric emissions.",0
"We emitted 13.4 million tonnes CO2 of Scope 2 (indirect emissions), being emissions arising from our consumption of purchased electricity, steam or heat. Our Scope 3 emissions include emissions from a broad range of sources, including shipping and land transportation. More details on our Scope 3 emissions will be available in our 2014",1
"We do not provide normalised figures for our CO2 emissions nor ratios of CO2 to production, financial results or employee headcount, as we do not believe that reporting a normalised figure meaningfully contributes to an understanding of our performance. The scope and diversity of our products make a single production figure impossible to calculate and our financial results are impacted by commodity prices and foreign exchange rates, which are outside of our control. In addition, due to the nature of the exploration, development and the production cycle, our CO2 emissions do not necessarily correlate to our employee headcount.",1
"We anticipate that the potential effects of climate change may impact the decisions and analysis the employees in our Real Estate businesses make with respect to the properties they evaluate or manage on behalf of clients since climate change considerations may impact the relative desirability of locations and the cost of operating and insuring the properties. Future legislation that requires specific performance levels for building operations could make non-compliant buildings more expensive, which could materially affect investments in properties we have made on behalf of clients.",0
"Enhancing our responsible screening criteria Negative screening is used by institutional investors to exclude or to limit certain types of investments usually based on a set of defined industry criteria. Responsible investment screening can also include evaluation and identification of companies which are managing their ESG issues poorly, which in turn may coincide with the loss of shareholder value.",0
"Offsetting our emissions Australian Ethical offsets emissions by purchasing carbon credits in worthwhile projects. Emissions of 149.5 tCO2-e will be offset during FY15. Total emissions calculated include greenhouse gases emissions from energy and from travel. Projects that our carbon offset credits will assist are ‘Cookstove’ projects in Mali and Cambodia. The projects replace high polluting traditional cookstoves with fuel efficient stoves. Large volumes of wood and charcoal are required for the traditional cookstoves, which contribute to CO2 emissions from burning these fuels, but also increased desertification. The traditional stoves also contribute to indoor air pollution, which is linked to respiratory and eye diseases.",1
"Fundamental shifts in the industry, like the transition from traditional lighting to LED lighting, may drastically change the business environment. If Philips is unable to recognize these changes in good time, is late in adjusting its business models, or if circumstances arise such as pricing actions by competitors, then this could have a material adverse effect on Philips’ growth ambitions, financial condition and operating result.",0
"Philips’ supply chain is exposed to fluctuations in energy and raw material prices. Commodities such as oil are subject to volatile markets and significant price increases from time to time. If Philips is not able to compensate for, or pass on, its increased costs to customers, such price increases could have an adverse impact on its financial condition and operating results.",0
"The Fund is working to identify governance issues in its underlying investment holding companies which could damage its long-term financial interests. The risk analysis is based upon the following potential adverse impacts on a company’s: i) Reputation. ii) Falling short of its peers on social, environmental or ethical trends. iii) Slow in responding to social changes and trends. iv) Falling short of its peers on meeting reporting standards. v) Comparatively weak board structure in terms of make-up, expertise, independence.",0
"– Omissions Emissions associated with joint ventures and investments are not included in the emissions disclosure as they fall outside the scope of our operational boundary. We do not have any emissions associated with heat, steam or cooling. We are not aware of any other material sources of omissions from our emissions reporting.",1
"Concerns regarding global climate change may result in more international, regional and/or federal requirements to reduce or mitigate global warming and these regulations could mandate even more restrictive standards than the voluntary commitments that we have made or require such changes on a more accelerated timeframe. There continues to be a lack of consistent climate legislation, which creates economic and regulatory uncertainty. Such regulatory uncertainty extends to future incentives for energy efficient buildings and vehicles and costs of compliance, which may impact the demand for our products, obsolescence of our products and our results of operations.",0
"We want to contribute to the transition to a circular economy. The linear economy is not sustainable. We discard a great deal (waste and therefore raw materials, experience, social capital and knowledge) and are squandering value as a result. This is not tenable from an economic and ecological perspective. As investor we can ‘direct’ companies and with our network, our scale and our influence we can help the movement towards a circular future (creating a sustainable society) further along.",2
"The Group and its customers are exposed to climate related events, including climate change. These events include severe storms, drought, fires, cyclones, hurricanes, floods and rising sea levels. The Group and its customers may also be exposed to other events such as geological events (including volcanic seismic activity or tsunamis), plant and animal diseases or a pandemic.",0
"Climate change is a challenge faced by the entire P&C insurance industry. In particular, our home insurance business has been affected due to changing climate patterns and an increase in the number and cost of claims associated with severe storms. Water damages now make up more than half of our home insurance claims.",0
"Sustainability: The Group is subject to stringent and evolving laws, regulations, standards and best practices in the area of sustainability (comprising corporate governance, environmental management and climate change (specifically capping of emissions), health and safety management and social performance) which may give rise to increased ongoing remediation and/or other compliance costs and may adversely affect the Group’s business, results of operations, financial condition and/or prospects.",0
"Environmental risk Environmental risk is the risk of loss to financial, operational or reputational value resulting from the impact of environmental issues. It arises from the business activities and operations of both us and our clients. For example, the environmental issues associated with our clients’ purchase and sale of contaminated property or development of large-scale projects may give rise to credit, regulatory and reputation risk. Operational and legal risks may arise from environmental issues at our branches, offices or data processing centres.",0
"We recognise that global warming is an existential threat to humanity and one that we collectively can take steps to address. However, this is not a simple issue and we wish to take action that both meets our legislative requirements and is effective. We note that carbon dioxide produced from coal is not the only, or even the most potent, source of greenhouse gas emissions. Any company that sources energy from coal fired (or gas fired for that matter) energy generation is to some extent complicit in and contributing to the problem. This also extends to governments that do not regulate or factor in the costs from the damage that greenhouse gas emissions cause. As such, the list of contributors to the problem extends to almost the full range of our potential investment universe. Further, shutting down all coal supplies to coal fired power plants overnight would cause blackouts in many countries around the world and severely affect energy infrastructure. Electric grid systems that can only manage with a high percentage of base load power are another contributing factor.",0
"Dominion East Ohio Pipeline Infrastructure Replacement Program In 2008, our local natural gas distribution company serving 1.2 million customer accounts in Ohio began replacing bare steel, cast iron, wrought iron and copper pipe. Over the next 20 years, we plan to spend at least $160 million annually—also recovered in customer rates—to both replace aging pipes and reduce methane emissions into the air.",2
"South West Water has maintained its investment in renewable energy, bringing the total expenditure for K5 to over £4 million. This has included the installation of the company’s largest solar panel array to date at its Exeter headquarters. Along with hydro generation, combined heat and power (CHP) and the wind turbine at Lowermoor Water Treatment Works, South West Water’s 34 solar panel schemes now bring the total capacity for renewable energy generation to over 10MW.",2
"The EBRD provided a total of €98 million to finance windfarm projects in Poland and invested 14 billion tenge (€63 million equivalent) in a wind farm in Kazakhstan, considered a highly promising country for renewable energy development. The Bank signed wind and solar energy projects in Romania and financed the construction of a new hydropower plant in Georgia that will be one of the country’s few privately owned, greenfield hydropower plants.",2
(€165 million equivalent) loan to finance the construction of a high-efficiency combined-cycle gas turbine (CCGT) power plant near the city of Kirikkale in Turkey. The loan is part of a US$ 1 billion (€823 million equivalent) package arranged by the EBRD that brings together international financial institutions and commercial banks.,2
"Romania’s OMV Petrom SA. The project will result in considerable water savings and carbon emission reductions. In Georgia, meanwhile, a US$ 40 million (€33 million equivalent) loan was provided to support the expansion of gas filling stations that offer compressed natural gas (CNG), an environmentally friendly alternative to conventional fuels.",2
"We also invested €4.3 million in energy efficiency projects which reduced energy consumption by 300 million MJ. Projects that contributed to this achievement include cooling improvements in eight countries, improvements in lighting efficiency in 12 countries, electrical power optimisation in three countries and heat recovery from ground water in Hungary. Air and steam leakage prevention programmes were also implemented at all 66 of our production sites during the year.",2
"BlackRock offers a range of investment strategies that incorporate environmental or social considerations, and currently manages more than $225 billion in strategies designed to align clients’ portfolios with their social and environmental objectives and values, including recent launches like CRBN, our Low Carbon iShares ETF. And, this year, BlackRock has unified its approach to elevate investing through the launch of BlackRock Impact, a dedicated platform that enables investors to target specific, measurable social or environmental objectives in addition to their financial goals.",2
"A key part of our progress to meet our target, was the allocation of £250 million to real assets covering real estate, infrastructure, forestry and agricultural land to Townsend Group. The mandate places a high priority on long term responsible investments that meet our financial targets, with a preference to invest positively in sustainable real assets such as energy efficient buildings, renewable energy projects, public transport, water treatment facilities, eco-friendly farming, and sustainable forestry. A case study on our investment in the Threadneedle Low Carbon Workplace Fund is illustrated below.",2
"There is also increased public focus, including by governmental and non-governmental organizations, on these and other environmental sustainability matters, including deforestation and land use. Our reputation could be damaged if we or others in our industry do not act, or are perceived not to act, responsibly with respect to our impact on the environment.",0
"What about the challenges and risks? The challenge of delivering what our customers want is always there – and we’re in a highly competitive market. We’ve got to be more efficient and competitive year on year, delivering what our customers want and how they want it – not least because disrupters will enter the market and beat us if we don’t. I’m the Chair of Climatewise – the insurance industry’s body on climate change. The risks of unmitigated global warming are pretty stark, for individuals, for business and for communities. We need to do all we can to address this challenge. For insurers, a temperature increase of four degrees effectively means insurers will have to bow out. Insurers will not be able to cover the risks. Climate change would be the greatest market failure of all time, the greatest inequality of all time, and it will represent a social catastrophe.",0
"Our success in business depends on our ability to meet a range of environmental and social challenges. We must show we can operate safely and manage the effect our activities can have on neighbouring communities and society as a whole. If we fail to do this, we may incur liabilities or sanctions, lose business opportunities, harm our reputation, or our licence to operate may be impacted (see “Risk factors” on page 10).",0
"As energy demand increases and easily accessible oil and gas resources decline, we are developing resources that require more energy and advanced technologies to produce. As our production becomes more energy intensive, this could result in an associated increase in direct GHG emissions from our Upstream facilities. See “Risk factors” on pages 09-10.",0
"Managing our emissions We emit greenhouse gases both directly and indirectly. Our direct (scope one) emissions primarily come from our industrial businesses, including the use of natural gas, refrigerants, diesel and fugitive emissions from coal mining. Our main source of indirect (scope two) emissions is electricity used by our operations.",1
"Failure to comply with environmental regulations may result in the imposition of fines, penalties and environmental protection orders. The costs of complying with environmental regulations in the future may have a material adverse effect on our financial condition, results of operations and cash flows. Non-compliance with environmental regulations could have an adverse impact on Cenovus’s reputation. There is also a risk that Cenovus could face litigation initiated by third parties relating to climate change or other environmental regulations.",0
"We want to contribute to the transition to the circular economy. The linear economy is not sustainable: we throw out a great deal (waste and therefore raw materials, experience, social capital and knowledge) and therefore discard value. This is not viable from an economic and ecological perspective. As investor we can ‘direct’ companies and with our network, our scale and our influence we can help the movement towards a circular future (creating a sustainable society) further along.",2
"This is due to the diversity of our business. The scope and range of our products make it impossible to calculate a single production figure and our financial results are affected by commodity prices and foreign exchange rates, which are outside our control. As a result of the nature of the exploration, development and production cycle, our CO2 emissions do not necessarily correlate to our employee headcount.",1
"During 2015, we emitted 23.4 million tonnes of Scope 1 (direct) CO2e emissions mainly from fuel usage. Our Scope 2 (indirect) CO2 emissions, totalled 13.7 million tonnes. Our Scope 3 emissions include emissions from a broad range of sources, including shipping, land transportation by third parties and the use of our energy products.",1
"Unfortunately, current energy market and policy settings are inhibiting investment in new large-scale renewable electricity generation projects as projects are unlikely to receive sufficient revenue over their lives to be economically sustainable. Electricity markets are substantially oversupplied due to both a decline in electricity demand and government policies incentivising new capacity to enter the market. Despite recent developments, uncertainty persists in relation to new investment to meet the Renewable Energy Target, which has been the subject of numerous reviews in recent years. Complementary policies will be required to address barriers to exit for ageing emission-intensive power stations to facilitate the transition to a clean, modern power system.",0
"Should oil and gas prices remain at current levels or continue to decline we expect, in addition to the direct impact on the value of our oil and gas assets, there may be negative impacts on our other investments (including our debt and real estate portfolio) which are difficult to estimate.",0
"■ In addition, failure to adequately prepare for the potential impacts of climate change may have a negative impact on our financial position or our ability to operate. Potential impacts may be direct or indirect and may include business losses or disruption resulting from extreme weather conditions; the impact of changes in legal or regulatory framework made to address climate change; or increased mortality or morbidity resulting from environmental damage or climate change.",0
"Sustainability risks HSEC incidents or accidents may adversely affect our people or neighbouring communities, operations and reputation or licence to operate. The potential physical impacts and related responses to climate change may impact the value of our Company, and operations and markets. Given we operate in a challenging global environment straddling multiple jurisdictions, a breach of our governance processes may lead to regulatory penalties and loss of reputation.",0
"Fails to assess a portfolio’s total climate risks, such as the physical risks of extreme weather, flooding and drought or the consequences of more stringent legislation governing energy efficiency. Nor is a carbon footprint a reliable measure of a portfolio’s overall climate potential or how well it is positioned for transition to a carbon-efficient society.",0
"Business travel accounted for 88% of the operations’ total carbon emissions, with air travel accounting for 63% of this figure. One of the reasons for the increase in carbon emissions from travel was the outsourcing of IT services to companies abroad, compared with former Swedish companies, resulting in longer travel required in the business operations.",1
"Over the past several years, changing weather patterns and climatic conditions, including as a result of global warming, have added to the unpredictability, frequency and severity of natural disasters and created additional uncertainty as to future trends and exposures. In particular, the consequences of climate change are expected to significantly impact the insurance industry, including with respect to risk perception, pricing and modeling assumptions, and need for new insurance products, all of which may create unforeseen risks not currently known to us.",0
"■ liability risks: risks that could potentially arise from claims by parties who have allegedly suffered losses from climate change, and who seek to recover these losses from third parties who they believe may have been responsible (or are otherwise liable) for these losses. This is considered as an emerging risk at this stage given the paucity of relevant judicial precedent and the many open questions surrounding potential liability including the applicable duty of care, standards of proof and causality.",0
"The Advisory Scientific Committee (ASC) of the ESRB carried out an analysis of systemic risks that can arise from the transition to a low-carbon economy. Three channels that could affect the financial sector were identified: • sudden changes in energy use, characterized by price shocks that could have a significant macroeconomic impact; • the revaluation of carbon-intensive assets: companies in the oil and gas sectors, which are financed in large part by debt, could sustain considerable decreases in value; • an increase in the physical risks associated with climate change: a rise in the incidence of natural disasters could have a significant impact on the insurance sector.",0
"There are, however, many potential environmental and social impacts associated with the extraction of unconventional oil and gas. Agricultural landowners and communities have expressed concerns regarding the future impacts on farm production and the impacts on human health. The increased focus on climate change impacts and a transition to a low-carbon economy is also challenging the sector.",0
"Projects with potentially limited adverse social or environmental impacts that are few in number, generally site specific, largely reversible and readily addressed through mitigation measures. Issues relating to these risks may lead to fines, penalties or legal non-compliance and reputational damage. Examples could include increased use of energy or increased atmospheric emissions.",0
"As a manufacturer, Konica Minolta engages in various operations that impact the environment. For instance, it generates CO2 emissions, which contribute to climate change because of the use of materials derived from petroleum, which is a dwindling natural resource, and this affects ecosystems in various ways. • CSR reports, environmental reports, and websites • Community briefings and explanatory meetings • Collaboration with research institutions",0
"Citi is focused on enabling progress in the communities in which we work and live. Together with companies, governments and institutions of all shapes, sizes, scale and scope, we lend, facilitate and invest in products and services that power the global economy. We also recognize that we can play an important role in working with others to address key social and economic challenges facing clients and communities. goal to lend, facilitate and invest $100 billion toward activities that reduce the impacts of climate change and create environmental solutions that benefit people and communities.",2
"To test the resilience of new projects, we assess potential costs associated with GHG emissions when evaluating all new investments. Our approach applies a uniform project screening value (PSV) of $40 (real terms) per tonne of carbon dioxide (CO2) equivalent to the total GHG emissions of each investment. This PSV is generally applied when evaluating our new projects around the world to test their resilience across a range of future scenarios. The project development process features a number of checks that may require development of detailed GHG and energy management plans. High-emitting projects undergo additional sensitivity testing, including the potential for future CCS projects. Projects in the most GHG-exposed asset classes have GHG intensity targets that reflect standards sufficient to allow them to compete and prosper in a more CO2 regulated future. These processes can lead to projects being stopped, designs being changed, and potential GHG mitigation investments being identified, in preparation for when regulation would make these investments commercially compelling.",1
"Sustainable resources and climate change In 2015 the EBRD pledged its commitment to successful implementation of the historic agreement on fighting global warming adopted by more than 190 countries at the UN climate conference in Paris. With its Green Economy Transition (GET) approach, approved by the Board in September 2015 and due for rollout in 2016, the EBRD aims to raise the level of environmental investment to 40 per cent of its total financing by 2020. This would correspond to a GET investment of €18 billion over the period 2016-20 and bring a major contribution to efforts by the Bank’s countries of investment to move towards a low carbon economy, in line with the Paris accord.",2
"ING participated in a GBP 1.37 billion project finance for Galloper Wind Farm Ltd. for the construction of a 336 megawatt offshore wind farm in the UK. Once completed, the wind farm is expected to generate enough renewable energy per year to meet the electricity needs of around 330,000 homes. It will significantly contribute to meeting the UK’s 2020 target to source 15 percent of its energy for heat, transport and power from renewable sources. ING acted as coordinating bookrunner, MLA and lender.",2
"ING issued a dual tranche five-year EUR 500 million and three-year USD 800 million green bond. This is ING’s first-ever green bond transaction. The money raised will go to projects in six categories eligible under ING’s newly established green bond framework, including renewable energy, green buildings, public transport, waste, water and energy efficiency. We have chosen a broad selection of sectors, which reflects our ambition to support sustainability across all industries and sectors.",2
"In Pakistan, where millions remain cut off from the national grid, we invested $125 million in China Three Gorges South Asia to support a series of privately owned hydro, solar, and wind projects. Once operational, they are expected to provide electricity to more than 11 million people and boost the country’s generation capacity by 15 percent.",2
"In Jordan, we arranged $207.5 million for a solar-power project — the largest private sector–led solar initiative in the Middle East and North Africa. Of that amount, $116 million was mobilized from other lenders. Under the project, seven solar photovoltaic plants will be built, cutting carbon emissions and providing 102 megawatts of power.",2
"With our ""green"" line of credit, we provided COP 140 thousand million in financing for a total of 69 environmental projects focusing on cleaner production, energy efficiency and renewable energy. We have also extended our range of products with a new line of credit funded by the Corporacion Andina de Fomento (CAF) for a total of USD 60 million, which is due to be launched in 2016.",2
"The Group is also committed to promoting research and education to better understand and protect against climate risk: the AXA Research Fund will dedicate €35 million to climate risk research by 2018. In addition, AXA works on climate issues through its partnership with the humanitarian organization CARE; this partnership is focused in part on disaster risk reduction efforts among vulnerable populations in both Africa and Asia.",2
"We also offer on-lending through the ABC Program (Low Carbon Agriculture), the agribusiness line from BNDES to finance projects reducing greenhouse gas emissions from agriculture, livestock and deforestation by expanding cultivated forests and recovering degraded areas. In 2015, we signed the amount of, approximately, R$15 million through this program. For more information, please visit: www.bndes.gov.br/apoio/abc.html.",2
" The Local Government Coastal Hazard Climate Adaptation Fund ($4 million per annum over three years) was established to assist local councils with the development of coastal hazard adaptation strategies and coastal adaptation pilot projects. In addition, $3 million in funding was provided for the development and implementation of a Queensland Climate Adaptation Strategy, in collaboration with local councils and other key stakeholder groups ($1 million per annum over three years).",2
"Our environment We continually strive to reduce our direct environmental impacts, focusing specifically on reducing our impact in relation to climate change, waste management and water consumption. We have achieved a year-on-year reduction in our CO2 emissions, which also helps to reduce cost implications under the Carbon Reduction Commitment Taxation scheme. We also continue to identify opportunities to manage our buildings more effectively and in 2015 upgraded all office uplighter systems in our largest office in Wilmslow to LED panels. This is giving us a direct saving on electricity used of approximately £5,000 per month.",2
"Recent changes in the global climate are unprecedented and are expected to continue. Climate change is increasingly expected to threaten natural ecosystems and their biodiversity, erode global food security, threaten human health and increase inequality. The effects of climate change also present opportunities for our business, such as the impact of Government policy on de-carbonising the UK’s energy supply and the subsequent growth of the UK’s offshore energy industry.",2
"AXA and the IFC, a member of the World Bank Group focused on the private sector, announced the launch of a $500 million partnership supporting an infrastructure fund that will notably finance green infrastructures in emerging countries, including renewable energy, water, green transport and telecoms. There will be no investments in coal and oil-sands related projects. Our policies are applied consistently.",2
"During the next 15 years, we expect to add thousands of megawatts of solar energy and gas-fired generation capable of ramping up and down quickly to ensure a reliable grid. This includes 300 megawatts of renewable energy that would power a large Facebook data center under development on the outskirts of Richmond. These clean energy investments could total more than $500 million per year.",2
"Because our electric grid will continue to rely on high-voltage and lower-voltage power lines, we expect to invest about $800 million annually for the foreseeable future to build new transmission infrastructure, replace more than 2,000 miles of high-voltage transmission lines, and upgrade physical security at substations. The rebuilds will increase the capacity on our transmission lines, which in part enhances our ability to transport more renewable energy.",2
"Collaborating to help communities Our strategic partnerships are building a better future – whether it’s helping vulnerable households with their energy (see page 34), or tackling bad housing and homelessness. To support these issues in 2017, we invested £156 million in mandatory, voluntary and charitable contributions. A further £10 million has been committed to start-ups developing innovative energy ideas that benefit society, helping 38,000 people since 2013.",2
"Cornwall’s energy ambitions At the end of 2016, we announced a £19 million local energy market trial in Cornwall, UK. The three-year trial will test how flexible demand, generation and storage can reduce pressure on the electricity grid, enable the growth of renewables and avoid expensive network upgrades. Since then, over 300 homes and businesses registered to get involved and in 2017, we welcomed our first business to the trial – a working farm and holiday retreat. Pioneering battery storage technology was installed to help them better manage the energy generated by their solar panels. In 2018, we expect to roll-out storage and solar panels in 100 homes and commence larger installations of storage, renewables and distributed generation across 15 businesses.",2
"OPG’s total forecast capital expenditures for the 2018 year are approximately $2.1 billion. This includes amounts for the Darlington Refurbishment project, hydroelectric and other development projects including the Ranney Falls GS redevelopment and construction of the Nanticoke solar facility, and sustaining capital investments across the generating fleet. OPG’s major projects are discussed in the section, Project Excellence.",2
"– The Emu Downs Solar Farm is a 20MW solar farm, being built next to the Emu Downs Wind Farm site. Synergy, the Western Australian energy provider has entered into a 13-year offtake agreement for both the energy and the Large-scale Renewable Generation Certificates (LGCs), commencing January 2018. The estimated $50 million project will be partially funded with a $5.5 million grant from the Australian Renewable Energy Agency (ARENA).",2
"– The Badgingarra Wind Farm is a 130MW wind farm, to be built at an estimated cost of $315 million, on the site adjacent to the existing Emu Downs Wind Farm (final condition precedent expected to be met in August 2017). Alinta Energy has entered into a 12-year offtake agreement for both the energy and the LGCs, commencing January 2019.",2
"We have a climate change policy and implemented strategies aligned with the TCFD recommendations which describe our commitment with doing our part to limit global temperatures below two degrees, among these strategies are the following: • Financial products within our sustainable business strategy, where we offer products that seek to avoid GHG emissions with projects implemented by our clients. (Energy Efficiency, Cleaner Production, Sustainable Building and Electric Mobility) • Reducing our GHG emissions, where we have established a 2030 target in line with the Science Based Targets iniciative. Said target is aligned with all of our Eco-Efficiency reduction targets associated with energy, water, paper and business travel. • Issue of Green Bonds (Focused on sustainable building, and renewable energy projects for 350.000 million Colombian pesos) where we seek to engage with investors to incorporate climate change in their strategies.",1
"At the start of 2018, we announced a plan to increase our investment in electrification—expected to be over $11 billion by 2022—to substantially increase the number of battery electric vehicles we offer around the world. And we will have more to announce in 2018 as we remain focused on designing smart vehicles for a smart world that help people move more safely, confidently, and freely.",2
"Lidl raises environmental standards in retail sector Financing worth €110 million will help Schwarz Group, owner of the Lidl supermarket chain, improve the environmental performance of its stores in Bulgaria, Moldova and Romania. The project also supports the development of sustainable building-certification regimes in these countries and will cut the company’s CO2 emissions by 26,000 tonnes per year.",2
The EBRD is financing the delivery of energy supplies from Azerbaijan to Europe along the Southern Gas Corridor with a US$ 500 million (€417 million equivalent) loan that will help fund completion of the Trans-Anatolian Gas Pipeline. Bank engagement in the project will ensure that it meets the highest environmental standards.,2
"The Bank signed five transactions worth a total of €47 million under its Green Cities Framework in support of environmentally friendly municipal investments. Projects included financing for an electric bus fleet in Batumi, Georgia, and for a biomass-fuelled district heating plant in Banja Luka, Bosnia and Herzegovina. A wide range of donors provide funding in support of the Framework.",2
"In order to finance the entire investment volume of around €6 billion, divestitures amounting to €1.7 billion are planned in the years 2018 to 2020. This includes divestitures in the onshore sector, which will build on our already realised participation models. The remaining divestitures will involve the sale of property, the receipt of construction cost subsidies and the disposal of subsidiaries.",1
"Like many of our customers, shareholders, and team members, we are concerned about climate change and other environmental challenges affecting our planet. We’ve launched the “Greener Every Day” campaign to educate and inspire our team members to join our environmental efforts by making simple changes in their behavior each day at home, work, and in the community. Our goal is for team members to make a total of 250,000 commitments to improve sustainability by 2020.",1
"- green business development through: (i) a growing commitment to renewable energy (approximately 1,000 MW installed power in 2021); (ii) development of the second phase of the Venice biorefinery and the completion, by the end of 2018, of the Gela biorefinery; (iii) strengthening of green chemistry, with production of bio-intermediates from vegetable oil at Porto Torres, studies and partnerships with other operators. Eni's capex for the 2018-2021 four-year period amount to more than €1.8 billion, including R&D costs to support path to decarbonization.",2
"Strategy and objectives In relation to the risks and opportunities described above, Eni has defined a path to decarbonization and pursues a clear and well-defined climate strategy, integrated with its business model, which is based on the following drivers: - reduction in direct GHG emissions; from 2014 to 2017 the actions taken have enabled the GHG emission intensity index of the upstream sector to be reduced by 15%; the goal is to reduce this rate by 43% by 2025 compared to 2014 through projects to eliminate process flaring, reduce fugitive emissions of methane (for the upstream segment, by 80% in 2025 compared to 2014) and energy efficiency projects; in total the investments in support of these targets add up to an expenditure of about €0.6 billion in 2018-2021, at 100% and with reference only to upstream operated activities;",2
"- green business development through (i) a growing commitment to renewable energy (approx. 1,000 MW installed power in 2021); (ii) development of the second phase of the Venice biorefinery (with a maximum capacity of 560 ktonnes/ year from 2021) and the completion of the Gela biorefinery (with maximum capacity of 720 ktonnes/year) by 2018; (iii) strengthening of Green Chemistry, with production of bio-intermediates from vegetable oil at Porto Torres (capacity of 70 ktonnes/year), studies, pilot projects and partnerships with other operators. The total investments in the 2018-21 four-year period amount to more than €1.8 billion, included the scientific and technological development (R&D) activities related to the path to decarbonization;",2
"A challenge for today, not tomorrow Aviva has a long-term commitment to tackle climate change. In 2015, we announced an investment target of £500 million annually for the next five years in low-carbon infrastructure. We also set an associated carbon savings target for this investment of 100,000 tonnes of CO2e annually. In 2017, Aviva Investors signed £527.5 million of new investment in wind, solar, biomass and energy efficiency. Aviva continues to manage the impact of our business on the environment. Our Corporate Responsibility, Environment and Climate change business standard focuses on the most material operational environmental impacts, which we have identified as greenhouse gas emissions. We report these as carbon dioxide equivalent emissions (CO2e) on an operational basis in respect of Aviva’s Group-wide operations. See the table below.",1
"We have enhanced our Environmental, Social, and Governance heat map to include proxy climate risk metrics. This heat map is available to our analysts and fund managers and updated on a monthly basis. It includes a composite carbon exposure metric based on the carbon-intensity of business activities, the extent of operations in jurisdictions with stringent carbon emissions regulations and the quality of a company’s carbon management. We targeted a £500 million annual investment in low-carbon infrastructure from 2015-2020, and an associated carbon saving target of 100,000 CO2e tonnes annually. In 2017, we signed £527.5 million of new investment into wind, solar, biomass and energy efficiency. Aviva holds over £744 million in green bonds.",1
"Energy efficient by design We focus on achieving high sustainability standards on our developments, optimising energy efficiency and generating renewable energy on site, rather than buying offsets for carbon neutrality. Our approach delivers cost savings for occupiers, well managed buildings for the people who work, shop and live in them and better assets for investors. We have delivered energy savings for occupiers of £13 million over six years, at the same time as optimising lighting, temperatures and air quality for wellbeing and efficiency. We are also improving energy modelling and piloting Soft Landings to close the gap between efficient design and performance.",2
"To ensure we meet our targets, we use an internal carbon price of €25 per metric tonne of CO2 to guide decision-making, hold regular reviews to confirm that we adhere to all our internal standards and external environmental laws and regulations, and have third parties annually audit our environmental management systems and all bottling plant data.",1
"The Alberta Climate Leadership Plan, sets forth several commitments relevant to the oil and gas sector: (1) the implementation of an economy-wide carbon levy; (2) limiting of oil sands emissions to a province-wide total of 100 megatonnes per year (compared to current industry emissions levels of approximately 70 megatonnes per year), with certain exceptions for cogeneration power sources and new upgrading capacity; and (3) a goal to reduce methane emissions from oil and gas activities by 45 percent by 2025. The economy-wide carbon levy is based on a rate of $30 per tonne for 2018 and exempts activities integral to oil and gas production processes until 2023.",1
"For example, CN’s investments of approximately $850 million in long sidings and double track since 2000 have enabled 42% higher car velocity and 59% more RTMs. With our sights firmly set on the long haul, we plan to invest a record $3.2 billion in 2018 to improve the safety, efficiency and capacity of our network.",2
We have developed a Climate Policy Position Statement which outlines our role in limiting climate change to well below two degrees and the way in which we will support the transition to a net zero emissions economy by 2050. This includes undertaking a climate scenario analysis and setting a $15 billion target for financing low carbon projects by 2025.,1
"Finally, as one of the largest financiers of energy in the world, we pledged to facilitate $200 billion in clean financing through 2025. Through this commitment, JPMorgan Chase will help scale the impact of sustainability efforts among more than 20,000 corporate and investor clients in the U.S. and across the world.",2
"This year, we invested $125 million in equity in Hero Future Energies, alongside the IFC Global Infrastructure Fund, which is managed by IFC Asset Management Company. Hero will set up 1 gigawatt of solar and wind plants across India in the next 12 months and aim for 2.7 GW of renewable-energy capacity by 2020.",2
"2015, the Bank had taken a commitment to target mobilizing USD 5 billion up to 2020 for climate action, and reports its Renewable energy funding portfolio annually. In addition, through the Environment & Social Policy, the Bank incorporates Environmental and social risk assessment into its overall credit risk assessment process.",1
"53 respectively, through ASE Cultural and Educational Foundation to fund various environmental projects, and our board of directors have resolved in a resolution in January 2018 to contribute NT$100.0 million (US$3.4 million) through ASE Cultural and Educational Foundation in environmental projects in 2018. Our estimated environmental capital expenditures for 2018 will be approximately US$13.3 million, of which 3.9% will be used in climate change adaptation.",2
"€4m invested annually to support innovation via the Seed’Innov and E-Face funds. instruments. Both are available to all business lines, without exception.The first of these funds, Seed’Innov, provides assistance from the earliest stages of R&D and proof-of-concept activities, continuing to support projects through to commercial launch. Its role is to cut the time-to-market. The second fund, E-Face, supports innovative low-carbon solutions by offering financial compensation to offset the difference in cost between a conventional carbon dioxide-emitting solution and an alternative low-carbon solution, which tends to be more costly. —",2
"The Fund updated the guidelines for its $1.5 billion Sustainable Investment Program (SIP), defining sustainable investing for the Fund and enumerating criteria, including best-in-class managers and strategies that identify macro trends or themes, such as Climate and Environment, Human Rights & Social Inclusion and Economic Development. All SIP investments will be held to the same investment criteria as all of the Fund’s other investments.",2
"To achieve these figures, we have increased the procurement of energy from renewable certified sources to a total of 733,8671 MWh in our buildings in Spain, Germany, Austria, Brazil, Poland, Switzerland, Portugal, Holland, Turkey, Belgium, Luxembourg, and its LEED Stores in the US, France, Italy, Switzerland and India, preventing 258,409 tonnes of greenhouse gas emissions. Thanks to this effort, the use of electricity from renewable sources in the company’s facilities multiplied by 17 since 2014.",2
"Emissions generated by the consumption of fuels derived from helicopter and ship transport services (from the plant to the platform of the Gaviota and Castor underground storage facilities). Emissions generated by the consumption of fuels derived from the contracting of surveillance services and air, maritime and land maintenance. Emissions generated by the consumption of fuel in rented vehicles, cranes and suppliers’ hoists.",1
"The future is not a faraway place. It’s as near as tomorrow and it will affect us all. As energy consumption soars, how will we meet the demand? Fossil fuels are a finite resource that will gradually disappear. The natural replacement is sweeping freely around the earth – the wind.",1
"On February 8, 2018, the Government of Canada introduced legislation to revise the process for assessing major resource projects. If the legislation is passed in its current form, we believe it would have adverse impacts on pipeline companies, particularly in relation to the regulatory review process for proposed new projects that are “designated projects”, by making overall timelines for the development and execution of these projects longer and significantly increasing uncertainty.",0
"As stockholders, we encourage transparency and accountability in the use of corporate funds to influence legislation and regulation. Nucor does not disclose its trade association memberships, or its payments used for lobbying. Nucor also does not disclose its membership in or payments to tax-exempt organizations that write and endorse model legislation, such as the Heartland Institute, a proponent of climate-change denial, and the American Legislative Exchange Council (ALEC), a proponent of numerous controversial pieces of model legislation. We are concerned that Nucor’s lack of trade association and ALEC disclosure presents reputational risks. Over 100 companies have publicly left ALEC, including 3M, Deere, Emerson Electric and International Paper.",0
"More recently, we have seen some shift in rhetoric on environmental and social issues by the mainstream financial community. However, the voting records of many fund managers tell a different story. Nearly across the board, the largest fund managers tend to vote in line with management recommendations and generally support very few shareholder proposals, which typically advocate for sustainable and responsible business practices. For example, a recent study by Ceres found that, particularly around the topics of climate change, some of the largest managers have among the worst voting records in the fund industry.",1
"Managing our value chain emissions In FY2018, Scope 3 emissions in our value chain were 596 million tonnes of CO2-e. The most significant contributors to this total were emissions from the downstream processing and use of our products, which accounted for around 97 per cent of total Scope 3 emissions. In particular, Scope 3 emissions emanating from the steelmaking process (the processing and use of our iron ore and metallurgical coal) accounted for over 65 per cent of the total. (2)",1
"Indirect emissions, known as scope 2 and 3 emissions, result from operational activities we do not own or control. These include emissions produced as a consequence of electricity we purchase to power our treatment plants (scope 2) and other indirect emissions such as travel on company business (scope 3). Emissions from electricity we use are calculated by converting each kilowatt hour purchased into its carbon dioxide equivalent.",1
"Safety and operational risks Process safety, personal safety, and environmental risks – exposure to a wide range of health, safety, security and environmental risks could cause harm to people, the environment and our assets and result in regulatory action, legal liability, business interruption, increased costs, damage to our reputation and potentially denial of our licence to operate.",0
"We also anticipate that the potential effects of climate change will increasingly impact our own operations and those of client properties we manage, especially when they are located in coastal cities. For example, in 2018, the impact of natural disasters was significant with a series of devastating wildfires in the U.S. as well as floods in several geographies around the globe.",0
"However, while any of these factors may lead to commencement of Engagement, we have decided to particularly focus on companies in relation to which we have particular ESG-related concerns, or which do not publish adequate environmental information, or which are ‘laggards’ with regard to a commitment to address climate change issues.",1
"Our Integris Global Equity portfolios exclude companies that have material connections to certain controversial industries, e.g. fossil fuels, tobacco and weapons. We also exclude companies that score the worst overall ESG score (‘CCC’) as calculated by an independent external ESG research company, MSCI ESG Research, and at the end of December 2018, there were 174 companies excluded from the portfolios as a result of this ESG screen.",1
"We emit greenhouse gases both directly and indirectly. Our direct (Scope 1) emissions come from our industrial businesses, including the use of natural gas and diesel, and fugitive emissions from coal mining. Our main source of indirect (Scope 2) emissions is electricity used by our operations. We also estimate our Scope 3 emissions, which are other indirect emissions that occur as a result of our operations (e.g. employee air travel), but are not controlled by us.",1
"We may be impacted by the long term effects of climate change, including: • increased severity or regularity of extreme weather events which may result in business disruptions, changing supply conditions, safety risks for our team members and customers, and damage to our physical assets and transport infrastructure; • changes to global policy and government regulations; and • changes to customer needs, preferences and behaviours.",0
"Climate change may also lead to temperature increases, droughts, floods, hurricanes, etc., which may shift access to and alter cycles of different kinds of crops, rendering certain crop fields unusable for agriculture. Merchandise transportation may be affected as well if extreme weather conditions interfere with accessibility. Deciding whether to open a new store or not may be hindered if flood risks increase.",0
"Scope 2 emissions are the main component of our emissions profile. Our Scope 2 emissions, in turn, result primarily from our purchase of grid electricity. We also report Scope 3 emissions derived from air travel undertaken by our colleagues for business purposes. At present, Scope 1 emissions resulting from the use of vehicular fuels and stationary combustion fuels, which comprise a comparatively insignificant proportion of our overall energy consumption and emissions, are excluded from our reporting.",1
"8 Climate change Climate change due to global warming could cause various damages, including flooding, landslide disasters caused by abnormal weather conditions such as concentrated torrential rains. Severe heat, heavy snowfall and drought due to unseasonable weather changes, water resources, and loss of biodiversity could also be expected to arise from climate change.",0
"EXAMPLES OF RISKS Resource scarcity, coupled with increasing demand, could affect production, availability, quality and cost of raw materials. Increased frequency of extreme weather events, from floods to droughts, could cause disruption in our supply chain and impact the sourcing of raw materials, as well as the production and distribution of finished goods. Increased regulation and more stringent environmental standards could impact our business by affecting production costs and flexibility of operations. Our industry is sustained by many agricultural and manufacturing communities around the world. Failure to support them in preserving key skills and building more sustainable livelihoods could cause social, economic and operational challenges, ranging from community tensions and disruption to production, to a reduced talent pool.",0
"Global energy demand has continued to be supported by conventional technologies and fossil resources, with energy intensity unable to be significantly reduced. Air pollution is one of the main issues facing large urban centres, but there are no structural changes allowing a substantial reduction in emissions. Many cities set restrictions on car traffic, not only because of environmental issues but also because of congestion, encouraging the emergence of a number of car-sharing and ride-hailing solutions, which partially replace public transport. Electric vehicles cannot be considered an alternative, because cities lack charging points and the batteries have an insufficient autonomy to handle urban traffic jams.",0
"Our risk assessment Rising average annual temperatures could lead to higher cooling costs for our business and our customers. More erratic temperature changes could lead to strain or failure of our mechanical heating and cooling systems. Storms could lead to higher maintenance costs. And flooding, both inland and coastal, could lead to direct damage to our properties. All of these hazards can affect our customers’ business continuity.",0
"Around US$16.5 billion of the insured losses caused by natural disasters related to the Camp Fire forest fire in California. This represents the highest loss to date for the insurance industry caused by a forest fire. In addition to further forest fires, 2018 was also notable for hurricanes, of which hurricane Michael and typhoon Jebi caused the greatest losses. Storms David (Friederike) and Eleanor (Burglind) were responsible for a high level of losses for the insurance industry in Europe as well (around US$3 billion). Germany accounted for around two-thirds of the losses.",0
"The Group faces many other risks which, although important and subject to regular review, have been assessed as less significant and are not listed here. These include, for example, natural catastrophe and business interruption risks and certain financial risks. A summary of financial risks and their management is provided on page 33.",0
"STRATEGY RISK Link to KPI/scorecard – business development and growth Risk of lack of balance between short and long-term investments, insufficient diversification of assets, the inability to manage the portfolio or grow the business during significant changes to market and industry conditions including evolving regulation and taxes related to climate change or caused by shift in oil demand resulting from substitution of hydrocarbons with renewable energy sources.",0
"Energy policy Throughout FY2018, national energy policy remained highly topical within Australia. As policy makers seek to tackle the energy ‘trilemma’ and solve a decade-long failure to effectively integrate energy and climate policy, ongoing uncertainty prevails in the market. This affects investment decisions, prices and energy reliability for Australian consumers and businesses.",0
"The potential impact of climate change as an environmental, social and governance challenge for the region is significant. The SADC region is particularly vulnerable to increased frequency of floods, cyclones and droughts which may damage infrastructure, destroy agricultural crops, disrupt livelihoods and cause loss of life. These impacts will increasingly influence investment and insurance decisions.",0
"Low Carbon Fuel Standards Existing and proposed environmental legislation and regulation developed by certain U.S. states, Canadian provinces, the Canadian federal government and members of the European Union, regulating carbon fuel standards could result in increased costs and reduced revenue. The potential regulation may negatively affect the marketing of Cenovus’s bitumen, crude oil or refined products, and may require us to purchase emissions credits in order to affect sales in such jurisdictions.",0
"Public Perception of Alberta Oil Sands Development of the Alberta oil sands has received considerable attention in recent public commentary on the subjects of environmental impact, climate change and GHG emissions. Despite that much of the focus is on bitumen mining operations and not in situ production, public concerns about oil sands generally and GHG emissions, water and land use practices and indigenous engagement in oil sands developments specifically may, directly or indirectly, impair the profitability of our current oil sands projects, and the viability of future oil sands projects, by creating significant regulatory uncertainty leading to uncertainty in economic modeling of current and future projects and delays relating to the sanctioning of future projects.",0
"Climate change also threatens our food system which must produce 50% more food to feed over 9 billion people by 2050. However, changing weather patterns and growing seasons threaten suitable cultivation areas around the world. Business can spur positive change and achieving food security could create 80 million jobs and business opportunities worth $2.3 trillion annually by 2030. Linked to climate change is water scarcity, a threat to 3.2 billion people. If current usage continues the world will have only 60% of its required water by 2030. See pages 30 and 33 to 35 for more on climate change risks.",0
"The main impacts of the 4°C scenario were as follows: • Chronic and acute water stress reduces agricultural productivity in some regions, raising prices of raw materials. • Increased frequency of extreme weather (storms and floods) causes increased incidence of disruption to our manufacturing and distribution networks. • Temperature increase and extreme weather events reduce economic activity, GDP growth and hence sales levels fall.",0
"Broadly, the 2 degrees scenario demonstrated that IAG would incur additional operating costs, mainly as a result of the increased cost of carbon or other policy interventions. The 4 degrees scenario also demonstrated that IAG would incur additional operating costs, but in this case, these would more likely arise from increased cost of operational disruption due to increased frequency of extreme weather events.",0
"Climate change potentially has multiple effects that could harm the Group’s operations. The increasing scarcity of water resources may negatively affect the Group’s operations in some regions of the world, high sea levels may harm certain coastal activities, and the multiplication of extreme weather events may damage offshore and onshore facilities. These climate risk factors are continually assessed in the risk management and prevention plans.",0
"This structured approach applies to all of the Group’s operated businesses exposed to these risks. In addition to its drilling and pipeline transport operations, the Group has at the end of 2018 195 sites and operating zones exposed to major technological risks, which could cause harm or damage to people, property and the environment, corresponding to:",0
"Emission sources not reported This section of the report details the emission sources on which we have not reported and provides the reasons behind our decisions. Only a minority of the offices we operate directly make use of gas and we have included this in our emissions from combustion of fuel. We do not have distinct data on heat/steam for our other offices as this is most likely embedded in the office service charges that we pay. As a result, we have not currently reported on purchased heat or steam. In future we will devise a methodology to estimate the emissions associated with heating requirements for which we are responsible.",1
"EMISSIONS AND OTHER ENVIRONMENTAL ISSUES The Panel recognizes that CEMEX has exposure to the risk of increased costs linked to carbon regulations, based on its focus on cement production, which is clearly highly carbon-intensive. Adding to this risk, the Panel asserts that ca. 80% of the company’s assets are located in locations with existing or impending carbon regulations. This reality elevates CEMEX’s overall level of risk in this area relative to peers.",0
"Company may not be able to offset such impact, including, for example, through higher freight rates. Climate change legislation and regulation could also affect CN's customers; make it difficult for CN's customers to produce products in a cost-competitive manner due to increased energy costs; and increase legal costs related to defending and resolving legal claims and other litigation related to climate change.",0
"In addition, we recognize the scientific consensus that climate change is a reality of increasing concern, indicated by higher concentrations of greenhouse gases, a warming atmosphere and ocean, diminished snow and ice, and sea level rise. We understand that climate change potentially poses a serious financial threat to society as a whole, with implications for the insurance industry in areas such as catastrophe risk perception, pricing and modeling assumptions, particularly if the frequency and severity of natural catastrophic events continue to increase. Because there is significant variability associated with the impacts of climate change, we cannot predict how physical, legal, regulatory and social responses may impact our business.",0
"The second half of 2017 had unprecedented weather events, particularly in Florida and the Caribbean. Hurricanes Irma and Maria resulted in over 2,500 canceled flights or 3% of departures. Following large weather events, it is common to see lingering demand impact similar to what we experienced in New York, following superstorm Sandy in 2012.",0
"Climate change is a long-term risk associated with high uncertainty regarding timing, scope and severity of potential impacts. The risks for insurers can be grouped into physical risks and transition risks. Physical risks relate to losses from climate trends (i.e. changing weather patterns and sea level rise) and climate events (i.e. extreme weather and natural disasters). These physical risks impact property & casualty (P&C) insurance, but also life insurance, for instance through higher than expected mortality rates. Losses can also follow from credit risk and collateral linked to the mortgage portfolio. Aegon is exposed to mortality risk and mortgage underwriting risks and has limited exposure to P&C risk, including catastrophic risk. Beyond insured losses from physical climate damages, climate change can increase uninsured damages and losses and may have disrupting and cascading effects on the wider economy and across the financial system. The second category of risks is associated with the transition to a low-carbon economy. These transition risks can affect the value of assets and impact the investments portfolios of insurers. Furthermore, it cannot be ruled out that Aegon itself is unable to adjust to environmental and sustainability goals. The transition risks are determined by largely uncertain factors such as policy and regulatory changes, political, social and market dynamics and technological innovations. Linked to both the physical and the transition risks, there could be litigation and reputational risks following from not fully considering or responding to the impacts of climate change, or not providing appropriate disclosure of current and future risks. The risks can relate both to Aegon and the companies in which it invests.",0
"Limited transportation infrastructure risks The profitability of Equinor’s oil and gas production in a remote area may be affected by an infrastructure constraint Equinor's ability to commercially exploit discovered petroleum resources will depend, among other factors, on infrastructure to transport oil and gas to potential buyers at a commercial price. Oil is transported by vessels, rail or pipelines to refineries, and natural gas by pipeline or vessels (for liquefied natural gas) to processing plants and end users. Equinor may be unsuccessful in its efforts to secure transportation and markets for all its potential production.",0
"Project STOP was formally kicked-off in July 2017 and publicly announced at the Our Oceans Conference 2017 in Malta. Implementation of the first city partnership project started in April 2018 in Muncar, East Java, Indonesia. Muncar is a major fishing port suffering from plastic litter in its harbour, beaches and rivers.",1
"The scientific community has concluded that increasing global average temperatures produces significant physical effects, such as the increased frequency and severity of hurricanes, storms, droughts, floods or other extreme climatic events that could interfere with Eni’s operations and damage Eni’s facilities. Extreme and unpredictable weather phenomena can result in material disruption to Eni’s operations, and consequent loss of or damage to properties and facilities, as well as a loss of output, loss of revenues, increasing maintenance and repair expenses and cash flow shortfall.",0
"Advisory Services continue to be an important part of our business. We anticipate 528 new assignments in 2019, about the same level as 2018, to support €45 billion in investments. We are committed to dedicating at least 25% of own-lending capacity to climate projects annually, and to increasing from 25% to 35% the share of financing for developing countries dedicated to climate action. We have committed to financing a total of $100 billion in climate action investments globally from 2016 to 2020. The Bank will also continue to focus on infrastructure projects, particularly those that reduce waste and preserve resources.",2
"Cities account for 75 per cent of worldwide greenhouse gas (GHG) emissions. EBRD Green Cities, a programme that supports sustainable urban planning and investment, is central to Bank efforts to curb climate change. Under the initiative in 2018, the EBRD invested €265 million in 10 projects which together are expected to reduce GHG emissions by 319,000 tonnes annually. Donors help to fund the action plans that are the centrepiece of EBRD Green Cities and other aspects of the programme.",2
"The EBRD committed US$ 68.5 million (€60 million equivalent) to Amundi Planet – Emerging Green One, a green bond fund dedicated to emerging markets. The International Finance Corporation and the European Investment Bank also participated in the fund, which will invest in bonds issued by financial institutions and support climate and environmental projects.",2
"The international community pledged €17 million in additional funds to help finance work aimed at reducing the risk of radiation from disused uranium-mining sites in the Kyrgyz Republic, Tajikistan and Uzbekistan. The funding was pledged at an event hosted by the EBRD, which manages the Environmental Remediation Account for Central Asia. Work at four sites will start in 2019.",2
"At Karnataka, we produced and sold 2.2 million tonnes during FY2018, in line with the allocated environmental clearance (EC) limits. The Honourable Supreme Court has increased the cap on production of iron ore for the state from 30 to 35 million tonnes, and accordingly increase in our allocation for Karnataka from 2.3 to 4.5 million tonnes in May 2018.",1
"� We have committed to have an additional 3,000 megawatts of new solar and wind — enough to power 750,000 homes — under development or in operation by the beginning of 2022. This is incremental to the nearly 1,800 megawatts of company-owned or -partnered solar generating capacity that had entered service by the end of 2018.",2
"We plan on aiding economic development efforts in the Carolinas by keeping electric and gas bills affordable and by working with current and prospective employers to show them how we can provide them with on-demand energy. And through philanthropic giving, which will increase SCANA’s community giving by $1 million per year over the next five years, we expect to focus on education, environmental stewardship and community needs.",2
"$200 billion in financing to sustainable businesses and projects by 2030, with more than 50 percent focused on clean technology and renewable energy transactions to help accelerate the transition to a low-carbon economy. This commitment demonstrates how our products and services, operations and culture, and philanthropy can be harnessed toward a single goal. As an example,",2
"To speed up implementation of these solutions, even ahead of calls for tenders, we have established special financing mechanisms. Every year we allocate €2 million to E-Face, a fund that covers the cost differential between conventional solutions and more environmentally friendly alternatives. Similarly, the Seed’Innov fund aims to support all the Group’s low-carbon innovations, from the initial R&D stage and trials through to their introduction on the market.",2
"This new focus is laid out in Eiffage’s 2020 business plan, with the decision to entrust the coordination of transversal innovation to the Sustainable Development department and make internal financial resources available to support the roll-out of the Group’s low-carbon offering. Created in 2016 and allocated an annual budget of €2 million, the E-Face fund supports the operational development of low-carbon offerings by funding the cost differential between a traditional solution and an alternative, low-emission solution for all eligible commercial projects undertaken by the Group. Apart from providing important leverage by co-financing the reduced carbon footprint of a project, the fund also helps identify low-carbon materials, products and processes that can easily be substituted for their high-carbon equivalents while introducing traceability of the carbon content of purchases for accounting purposes.",2
"The two companies and the relevant local authorities had already created 1,088 car-pooling spaces between 2014 and 2018. They will step up their efforts in this area with a motorway investment plan that was approved by the French government in early November 2018. APRR has undertaken to create 1,700 car-pooling spaces at 27 sites by 2021, investing a total of €10.6 million, while AREA will invest €1.7 million to create 250 spaces at five sites in the same timeframe.",2
"IFC is helping reverse that decline. In 2018, we launched a Maximizing Finance for Development initiative — working with other members of the World Bank Group — to finance a $12 million solar project in Gaza to ease the energy shortage. The 7-megawatt rooftop solar-power plant will provide critical energy to 32 factories in the Gaza Industrial Estate — much more cheaply than before. The project will create around 800 jobs.",2
"Deployed our investment strategy to address climate change through concrete actions with conclusive results • A $10-billion increase in low-carbon assets, exceeding the initial target of $8 billion, with a new target set at $32 billion by 2020. • A 10% reduction in our portfolio’s carbon intensity, with a target of a 25% reduction by 2025. • High-quality transactions in renewable electricity in the United States, Europe, India and Latin America. • Consolidating expertise within a team dedicated to stewardship investing and initiatives.",2
"BlackRock’s Sustainable Investing platform consists of more than $50 billion in dedicated ESG strategies. We also manage more than $440 billion in solutions that eliminate exposure to certain sectors or activities. And we offer our strategies in index and alpha-seeking, with varying levels of customization, from iShares Sustainable Core ETFs to bespoke, institutional client solutions.",2
"During FY2019, APA expects to commission the 110 MW Darling Downs Solar Farm, the 130 MW Badgingarra Wind Farm and the 17.5 MW Badgingarra Solar Farm. APA continues to evaluate further renewable energy opportunities together with stand-alone and integrated low emission gas generation. This combination of intermittent renewable generation with reliable, low emissions gas-fuelled generation is well positioned to help deliver energy to people, businesses and communities that use it, affordably, efficiently and reliably.",2
"The British Columbia Carbon Tax Act sets a carbon price of $30 per tonne of CO2e on fuel combustion. Beginning April 1, 2018, the provincial carbon tax is expected to increase by $5 per tonne of CO2e per year, reaching the federal target carbon price of $50 on April 1, 2021. The tax may also be expanded to fugitive and vented emissions from the oil and gas sector. The Government of British Columbia has also introduced measures to reduce upstream",1
"Climate action lines: In 2018, CaixaBank signed an agreement with the European Investment Bank (EIB) consisting of a line of credit amounting to EUR 30 million to fund investments in SMEs, individuals, and the public sector to combat climate change (e.g., electric cars, modifications to facilities, and home improvements). In addition, CaixaBank acts as a broker for EIB funds related to renewable energy projects. Specifically, in 2018, EUR 35 million have been allocated to finance a wind farm project.",2
"At Vancity, we are committed to helping our business members improve their environmental performance. One of the ways we do this is through our relationship with Climate Smart. Climate Smart provides training, coaching, and software for businesses to measure their carbon footprint, identify opportunities for cost, energy, and carbon savings, and communicate their efforts. Vancity offers members a $1,000 scholarship for Climate Smart training and 160 members have taken part in the program.",2
"A growing percentage of customers want to reduce their carbon footprint not only in their homes or businesses, but in the vehicles they drive as well. Electric vehicles are a growing consumer choice, and we are taking a three-pronged approach to help our customers seamlessly make the transition. We have several pilots underway in Minnesota to provide home charging options and public charging infrastructure, and to partner with communities and business customers to convert their fleets from traditional to electric vehicles. We recently announced a $25 million investment in electric vehicle infrastructure and believe these pilots will help our customers reduce energy and meet their sustainability needs. We expect to expand our electric vehicle efforts to other states in 2019 and beyond (read more on pages 10-11).",2
"For many investors, climate change poses significant financial challenges and opportunities. The expected transition to a lower carbon economy is estimated to require around £2.7 trillion, on average, in energy sector investments a year for the foreseeable future, generating new investment opportunities. At the same time, the risk return profile of companies exposed to climate-related risks may change significantly because of physical impacts of climate change, climate policy or new technologies.",1
"Climate Action 100+ VicSuper is collaborating with more than 280 investors, with a combined total of nearly US$30 trillion in assets under management, to engage the world’s largest greenhouse gas-emitting companies to act on climate change. Through the Climate Action 100+ initiative, VicSuper is engaging with investee companies to reduce emissions in line with the goals of the Paris Agreement, and to strengthen governance practices and financial reporting on climate change.",1
"2 . As a further decarbonization driver, Eni intends to develop circular economy initiatives aimed at enhancing waste and biomass to extract new energy, new products or materials and to give new life to decommissioned or reclaimed assets. Overall spending in the four-year period 2019-22 for decarbonization, the circular economy and renewables is approximately €3.6 billion including scientific and technological research activities designed to support these issues.",2
"2017 (36.01 tonCO 2 eq/kboe). This reduction already makes it possible to achieve the 2021 target, but Eni is nonetheless set on pursuing an improvement of at least 2% per annum in coming years as well. In addition to the upstream results already mentioned, this reduction was also made possible by a reduction in the emission intensity of refineries even with an increase in the performance index of EniPower. In 2018, Eni invested about €10 million in energy efficiency projects, which, once in full operation, will yield energy savings of 313 ktoe/year, amounting to a reduction in emissions of around 0.8 million tonnes of CO",2
"We have been investing our £200 million corporate ‘green’ loan in ongoing energy security and carbon reduction initiatives such as installing solar panels on our roofs, switching to natural refrigerants and generating green gas using combined heat and power (CHP) plants. We have also partnered with General Electric to install LED lighting in our stores, reducing our lighting energy consumption by around 58 per cent for the stores included in the rollout – a three per cent annual reduction in carbon emissions once the programme is completed. Currently, 17 per cent of our electricity comes from on-site renewables generation and renewable power purchase agreements.",2
"Climate change may cause extreme weather events that disrupt operations at one or more of our primary locations, which may negatively affect our ability to service and interact with our clients, and also may adversely affect the value of our investments, including our real estate investments. Climate change may also have a negative impact on the financial condition of our clients, which may decrease revenues from those clients and increase the credit risk associated with loans and other credit exposures to those clients. Additionally, our reputation may be damaged as a result of our involvement, or our clients’ involvement, in certain industries or projects associated with climate change.",0
"This includes storms, flooding, wildfires and water and heat stress which can damage our buildings, jeopardise the safety of our people and significantly disrupt our operations. At present 9% of our headcount are located in countries at “extreme” risk from the physical impacts of climate change in the next 30 years.",0
"There is also increased focus, including by governmental and non-governmental organizations, investors, customers and consumers on these and other environmental sustainability matters, including deforestation, land use, climate impact and recyclability or recoverability of packaging, including plastic. Our reputation can be damaged if we or others in our industry do not act, or are perceived not to act, responsibly with respect to our impact on the environment.",0
"8.2.12. As part of its approach to Responsible Investment, the Trustee considers a range of ESG risks, including corporate governance, human rights, bribery and corruption as well as labour and environmental standards. Of the environmental and social issues that we consider, we believe that climate change presents a material financial risk to the assets held in our portfolios. signed the Global Investor Statements to Governments on Climate Change.",0
"Business as usual, with very limited regulation beyond that existing in 2018. Severe physical climate change impacts build from 2020. This means that consumption increases until 2025 and then starts a gradual but significant decline as systems collapse, supply routes are disrupted and health and safety issues take precedence over discretionary items.",0
"The Group faces many other risks which, although important and subject to regular review, have been assessed as less significant and are not listed here. These include, for example, natural catastrophe and business interruption risks and certain financial risks. A summary of financial risks and their management is provided on page 25.",0
"Megatrend As the world’s population becomes increasingly urbanized, infrastructure development and renewal will be unable to keep up, and major social issues such as housing shortages, traffic paralysis, and air pollution will only worsen. In newly emerging nations, environmental awareness will increase as the economy grows, and investments into environmental measures will proceed at the national and the global levels.",0
"Now, these older coal and gas plants are being shuttered in the UK and being replaced by intermittent renewable energy sources, principally wind. This reduces carbon emissions but makes the provision of these system support services more challenging. Wind, by its nature, is intermittent and, for the most part, unable to provide system support services.",0
"Banks’ financing choices have a major role to play in promoting carbon reduction. Bank lending and investments make up a significant source of external capital for carbon intensive industries. Every rand invested by South African banks in fossil fuel-related assets increases climate risk, renders it harder to achieve a just transition to a low-carbon economy, and exposes those banks to financial, reputational and litigation risks.",0
"Thabametsi and Khanyisa. In its 2017 Environmental and social risk report, the Company said that it was “concerned about climate change and the risks it poses for Africa, clients and their businesses,” but argued that developing nations and financial institutions face a dilemma in terms of balancing climate change against the “need to support economic growth and the energy supply that underpins it”6 FirstRand does not describe how it manages this “dilemma” in its financing decision-making processes.",0
"CLIMATE CHANGE Climate change presents immediate and long-term risks to Citi and to its clients and customers, with the risks potentially increasing over time. Climate risk can arise from physical risks (risks related to the physical effects of climate change) and transition risks (risks related to regulatory, legal, technological and market changes from a transition to a low- carbon economy).",0
"Among the important risks identified in STEP 1, we recognize rising raw material prices due to a decline in the harvest of agricultural materials and increased costs owing to the introduction of a carbon tax, which have a particularly high impact on our businesses. We therefore evaluated this business impact as follows.",0
"Additional climate variables and related environmental stressors are known to affect production but were assessed more broadly due to data and evidence limitations. These parameters include fire, cyclones, sea level rise, pests and diseases. As a result, our modelling of physical climate risk may understate the potential impact of climate change.",0
"Limitations and uncertainties This analysis is based on best available information. However, it is unable to overcome some important limitations and uncertainties. For example, climate change simulations currently have minimal ability to model extreme weather events. Similarly, agricultural impact models need to be further developed to test the bounds at which statistical relationships change.",1
"The Electricity, Gas and Water Supply sectors show a general downward trend. The discontinuation of a number of high emissions intensive exposures contributed to this result in FY18. Our exposure to renewables increased 33% to $3.7 billion in FY18. A portion of the exposure included projects under construction which are typically initially more emissions intensive than operational renewable electricity assets.",1
Scope 3 Data Centres Scope 3 Data Centres Greenhouse Gas Emissions (Australia operations) relate to the electricity and diesel Greenhouse Gas Emissions consumption in our Australian data centres not under our operational control as defined under NGER. CBA has (Australia operations) not had operational control of any data centres since FY18. Source of emissions factors: NGA (2018).,1
"Importance Global warming is causing major changes to our environment. Climate change looks to be increasing the frequency and intensity of extreme weather events such as heat waves, droughts, floods and tropical cyclones, damaging critical infrastructure and interrupting the provision of basic services such as food, water, sanitation, education, energy and transport.",0
"Physical damage may arise with more frequency due to extreme weather events. This includes damage to equipment such as turbine blades and transmission infrastructure, as well as access roads, which impact operational performance. Risks also include long-term changes to weather patterns causing material change to an asset’s energy yield from that expected at the time of investment.",0
"High physical risk scenario (typically associated with a greater temperature increase) This is a climate change scenario that results in temperature change of greater than 4°C, resulting in extreme weather events which could threaten the successful operation of assets within the portfolio. We assume that under this scenario, renewables buildout lags expectations and energy is not decarbonised to an extent consistent with a lower impact from climate change and that insurance for damages may become unavailable or more expensive.",0
"Finally, prolonged and multiple periods of heatwaves or other consequences of rising temperatures may result in increased mortality and morbidity, thereby impacting our life and income insurance liabilities. Long-term threats are difficult to predict, but at this time, we expect this to have less impact on our life and income insurance liabilities than other risks, such as changes in demographics or pandemics. It should be noted though that whilst pandemic outbreaks can be attributed to a number of interrelated factors, climate change is likely to increase the risks by spreading of disease vectors into areas that formerly did not experience these.",0
"For NN’s residential mortgage portfolio, we analysed physical risks. Physical risks for mortgages in the Netherlands are mainly related to damage caused to properties by flooding events (including surface water flooding caused by heavy rainfall, river flooding, and coastal flooding). These events could either lead to a value decrease of collateral and/or impact on the ability of a houseowner to pay their mortgage.",0
"Since the Industrial Revolution, an increase in energy consumption has heightened the concentrations of greenhouse gases, such as carbon dioxide (CO2), in the atmosphere, and global warming is progressing. If warming continues without taking any effective countermeasures, there will be major changes in the earth's climate. This will cause phenomena such as rising sea levels and abnormal weather patterns, and have a great impact on the living environments of people and other organisms. Abnormal weather patterns will also increase the risk of damage to the business activities of the Mitsui Fudosan Group.",0
"Emission sources not reported This section of the report details the emission sources that we have not reported on and provides the reasons behind our decisions. Only some of the offices we operate directly make use of gas and we have included this in our emissions from combustion of fuel. We do not have distinct data on heat/steam for our other offices as this is most likely embedded in the office service charges that we pay. As a result, we have not currently reported on purchased heat or steam. In future we will devise a methodology to estimate the emissions associated with heating requirements that we are responsible for.",1
"F rom an investor’s perspective, climate change entails both physical and transition risks, which have an impact on the value of investments. Physical risks are divided into acute and chronic risks, which refer to the challenges that climate change poses to companies and society, such as unexpected damage caused by extreme weather events or the depletion of natural resources in the longer term. Transition risks refer to changes, for example, in regulation, technology and consumer behaviour that the transition to a lower-carbon economy entails.",0
"While we support well-designed carbon pricing, we’re prepared to oppose poorly designed proposals. For example, we opposed the ballot initiative to introduce a carbon fee in Washington State, US in November 2018. We believed that the policy was badly designed and would have harmed Washington’s economy without significantly reducing carbon emissions. The ballot was not passed.",1
"Laws, regulations, policies, obligations, social attitudes and customer preferences relating to climate change and the transition to a lower carbon economy could have an adverse impact on our business (including increased costs from compliance, litigation, and regulatory or litigation outcomes), and could lead to constraints on production and supply and access to new reserves and a decline in demand for certain products.",0
"Furthermore, similar to upstream PP&E assets discussed above, E&A assets are also potentially exposed to climate change and the global energy transition. A greater number of projects may be expected not to proceed as a consequence of lower forecast future demand, lower appetite by management and the board to allocate capital to certain projects, or increased objections from stakeholders to the development of certain projects. In response, management has updated its internal controls over its IFRS 6 assessment to reflect the potential impact that climate change and the energy transition may have on E&A assets.",0
"During 2018/19 we were informed of plans to carry out a wholesale review of the permitting for biowaste, which is a future challenge for the business. We also face areas of uncertainty about the storage of biosolids and the potential impacts of the Industrial Emissions Directive. These have the potential to impact us significantly.",0
"Physical risks from climate change arise from a number of factors and relate to specific weather events and longer-term shifts in the climate. The nature and timing of extreme weather events are uncertain but they are increasing in frequency and their impact on the economy is predicted to be more acute in the future. The potential impact on the economy includes, but is not limited to, lower GDP growth, higher unemployment and significant changes in asset prices and profitability of industries. Damage to the properties and operations of borrowers could impair asset values and the creditworthiness of customers leading to increased default rates, delinquencies, write-offs and impairment charges in the Barclays Bank Group’s portfolios. In addition, the Barclays Bank Group’s premises and resilience may also suffer physical damage due to weather events leading to increased costs for the Barclays Bank Group.",0
"In addition, the impacts of physical and transition climate risks can lead to second order connected risks, which have the potential to affect the Barclays Bank Group’s retail and wholesale portfolios. The impacts of climate change may increase losses for those sectors sensitive to the effects of physical and transition risks. Any subsequent increase in defaults and rising unemployment could create recessionary pressures, which may lead to wider deterioration in the creditworthiness of the Barclays Bank Group’s clients, higher ECLs, and increased charge-offs and defaults among retail customers.",0
"If the Barclays Bank Group does not adequately embed risks associated with climate change into its risk framework to appropriately measure, manage and disclose the various financial and operational risks it faces as a result of climate change, or fails to adapt its strategy and business model to the changing regulatory requirements and market expectations on a timely basis, it may have a material and adverse impact on the Barclays Bank Group’s level of business growth, competitiveness, profitability, capital requirements, cost of funding, and financial condition.",0
"Scope 1 emissions come mostly from refrigerant leaks and to a lesser extent from stationary combustion in furnaces. Our Scope 3 emissions result primarily from the production of goods for sale, transportation of products, and waste generated in our operations. We use the GHG Protocol’s Corporate Value Chain methodology (Scope 3) to determine our reporting category.",1
"Investors are seeking a better understanding of how climate change may impact the company’s business over the short, medium and long term. They also want to know about the company’s planned response, including how it may need to change its strategy. However, according to EY’s July 2020 report ‘How will ESG performance shape your future?’, based on a global institutional investor survey, companies are failing to meet investors’ expectations on environmental, social and governance factors when compared with 2018.",1
"Growing concerns over air quality, road safety, sustainability and urban congestion, among consumers and society at large, are driving the regulations and policies for motor vehicles and urban development. These will impact choice of fuel, ownership patterns and will have a signicant impact on the future of the automotive industry.",0
"Unfortunately, this progress has come at a cost. Carbon emissions have tripled since 1960. We are now consuming about 1.75 times as many natural resources in a year as the planet can possibly regenerate – which is driving land and biodiversity loss, resource shortages and climate change. This is not sustainable, especially with the global population forecast to increase by a further 50% this century. And although people are living longer, they’re not always healthier or happier: there’s been an increase in chronic disease, while mental health issues are also on the rise.",0
Physical risk Physical risks can be acute or chronic. Acute physical risk is caused by extreme weather events such as cyclones and wildfires. Chronic physical risk arises from longer-term shifts in climate patterns such as rising sea levels with time horizon typically spanning decades. Physical risk can result in financial losses due to direct damage to assets and indirect impact from supply chain disruption.,0
"Scope 2 greenhouse gas emissions Indirect emissions resulting from the generation of grid electricity, heat or steam by an outside organisation, such as an electricity provider, but which is utilised by the reporting organisation. Scope 3 greenhouse gas emissions All other indirect emissions which occur at sources the organisation neither owns nor controls. Scope 3 emissions can result from business travel in non-company vehicles, especially commercial planes; employees commuting in non-company vehicles, as well as the activities of suppliers, customers and contractors.",1
"The risk of credit loss or non-financial risks, such as reputational damage, arising from environmental, social and governance (ESG) issues, including climate change. While a key component of ESG risk arises indirectly from the financial services we provide to our customers, it can also result directly from our own operations.",0
"Initial insights The majority of the residential properties in our portfolio have a very low probability of experiencing damage from flooding or drought in the next 30 years. A relatively small number of properties, however, have a high probability of experiencing damage from flooding or drought in that period. Therefore, the impact on an individual household may be significant, even more so if the quality of the property is already low or the household’s response capacity is low (e.g. insufficient wealth or mortgage headroom). Nevertheless this initial analysis does not suggest a significant impact at either a portfolio or bank level.",0
"In July 2019, NGO Friends of the Earth Netherlands and its Indonesia and Liberia affiliates notified the Dutch NCP that ING may be in breach of the OECD Guidelines by financing palm oil-related activities. In its initial assessment published January 2020, the NCP did not express an opinion on either the accuracy of the allegations made by the NGOs or the response provided by ING.",1
"In addition, many of the project’s end-customers are large entities with wide ranging activities. A climate related event in a non-related part of the business could have a material adverse impact on the financial strength of such end-customer and their ability to honor their contractual obligations which could negatively impact on revenue and the cash flow of the project and our business.",0
"However, the implementation of a carbon tax may also have a negative impact on the financial health of utilities and corporate entities who also happen to purchase power from renewable energy projects in which we have invested. The credit ratings of these entities may be downgraded due to additional operating expenses resulting from a carbon tax. A credit rating downgrade may reduce the amount of financial leverage we are able to utilize. If this were to occur, our overall profitability could decline.",0
"In anticipation of climate change related physical risks, projects related to our investments in particularly vulnerable regions, such as low-lying coastal areas, may face increases in insurance costs. An increase in insurance costs may reduce the cash flows and financial returns from these investments and may cause us to reduce the amount of financial leverage we utilize and cause a decline in our overall profitability.",0
"A reduction in GHG emissions relies on the commercial viability and scalability of emission reduction strategies and related technology and products. In the event that we are unable to implement these strategies and technologies as planned without negatively impacting our expected operations or cost structure, or such strategies or technologies do not perform as expected, we may be unable to meet our GHG 2030 targets or 2050 ambition on the current timelines, or at all.",0
"Low Carbon Fuel Standards Existing and proposed environmental legislation and regulation developed by certain U.S. states, Canadian provinces, the Canadian federal government and members of the European Union, regulating carbon fuel standards could result in increased costs and reduced revenue. The potential regulation may negatively affect the marketing of Cenovus’s bitumen, crude oil or refined products, and may require us to purchase emissions credits in order to affect sales in such jurisdictions. As an oil sands producer, we are not directly regulated and are not expected to have a compliance obligation for carbon intensity reduction requirements for liquid fuels. Refiners, importers, and fuel distributors in these jurisdictions are required to comply with the legislation.",0
"DEFINITIONS Scope 1 emissions are direct emissions from owned or operated facilities. Cenovus accounts for emissions on a gross operatorship basis. This includes fuel combustion, venting, flaring and fugitive emissions. It does not include emissions from the 50% non-operated ownership in the company’s refineries or emissions from non-operated Deep Basin assets.",1
"Failure to comply and adapt to climate related matters is also a significant reputation risk which could result in e.g. lack of tenant interest, higher cost of capital in the financial market, and lack of ability to attract or retain talent. Also, not handling the company’s corporate social responsibilities in an informed and good matter is a reputation risk, whereas the opposite is an opportunity.",0
"Climate change means climate risk, not only physical risk but also transition risk – the risk associated with economic impacts of the transition to a low carbon economy. Future social developments, climate policy developments and technology developments are subject to high uncertainty, and these factors have a major impact on greenhouse gas emissions. There is also significant uncertainty with regard to how sensitive the climate system is to changes in greenhouse gas emissions, and uncertainty with regard to the effects of a given level of warming.",0
"The analysis of economic implications of climate change is fraught with difficulty, and it is impossible to survey all potential impacts of climate change as no existing scenario or model can fully describe the workings of the entire physical world and how all physical, chemical, geological and biological processes influence each other. Impacts of climate changes will thus depend on how rapidly they occur, how large the changes are, as well as the adaptability of societies and ecosystems. As such, many analyses are based on factors that lend themselves to some degree of quantification, but climate change will also have effects which are difficult to quantify, or which cannot meaning- fully be quantified.",1
"– Commonly used benchmarks are the current climate or the pre-industrial climate situation. Norway will probably experience increased precipitation, more flooding, more frequent landslips and rising sea level, and these physical changes and the uncertainty associated therewith constitute risk factors. Many of the physical processes happen very slowly, from a human perspective. Even if net global emissions were to be reduced to zero within a short space of time, it may therefore take a very long time for the climate system to arrive at a new equilibrium.",0
"The two biggest emissions categories are car use and air travel. Compared to 2016, there was a decrease in the category ‘car’ as a result of the switch to electric lease cars. There were more kilometres of air travel in 2019, which resulted in higher CO 2 emissions in this area.",1
"■ While our facilities and operations are distributed across the globe, we can experience extreme weather, natural disasters, civil unrest, human-made disasters, power outages, pandemic, and other events which can prevent access to, and operations within, the facilities for our employees, partners, and other parties that support our business operations.",0
"Financial losses stemming from climate-related factors adversely impacting the capital value of securities held within the Investment Vehicle portfolio and/or the ability of those companies whose securities are held to meet their financial obligations thereunder. Reputational damage stemming from the Company’s association with companies whose securities are held within the Investment Vehicle portfolio and whose ESG policies, activities or disclosures fail to meet the standards expected by stakeholders.",0
"Risk Impact Assessment of change in risk year-on-year Mitigation of risk absorber tubes, blades, PV panels or transformers are susceptible to being damaged by severe weather, including for example hail. In addition, replacement and spare parts for key components may be difficult or costly to acquire or may be unavailable",0
"In addition, to the physical risks mentioned previously, rising temperatures could cause an increase in our operation and maintenance costs. Rising temperatures are associated to the reduction of the cycle efficiency of our turbines, a reduction of efficiency in solar photovoltaic modules, lower efficiency in wind facilities and higher consumption of chemicals used for operational purposes in our desalination plants, among others.",0
"Climate-related physical risks are those risks resulting from climate change, which involve event-driven (acute) or longer-term (chronic) shifts in climate patterns. Acute physical risks refer to those that are event-driven, including increased severity of extreme weather events such as cyclones, hurricanes or floods. Chronic physical risks refer to longer-term shifts in climate patterns (e.g., sustained higher temperatures) that may cause sea level rise or chronic heat waves.",0
"Climate change is one of the greatest challenges we face today, with the potential to significantly impact our business, as well as our planet, in a number of ways. Construction delays, loss in productivity, rising material, water and energy costs and damage to property are just some of the climate-related risks we face as weather events caused by higher temperatures continue to become more extreme.",0
"42_ Scope 1 concerns direct emissions from the combustion of fossil fuels, such as gas, oil, coal, etc. Scope 2 covers indirect emissions related to the consumption of electricity, heat or steam required to manufacture a product. Scope 3 concerns other indirect emissions, such as the extraction of materials purchased by the company to manufacture a product or the transport-related emissions of employees and of customers who buy the product. This is the largest share of a company’s emissions.",1
"The impact of climate change presents a significant risk. Damage to assets caused by extreme weather events linked to climate change is becoming more evident, highlighting the fragility of global infrastructure. We also anticipate the potential effects of climate change will increasingly impact our own operations and those of client properties we manage, especially when they are in coastal cities.",0
"Emerging risks are monitored proactively, their potential long-term impact on the Company is evaluated, and Senior Management and Risk Management Committee are informed on the subject. In this context, climate change risks stand out in terms of both impact and probability. Moreover, loss of reputation/brand damage, business interruption, failure to innovate, cyber attack and information security risks stand out as globally emerging risks.",0
"Changes in the portfolio’s carbon footprint may occur for two reasons: a change in portfolio composition or a change in the emissions of investee companies. Not until companies reduce their real emissions will we see a reduction of atmospheric carbon and an improvement in the climate. In the past, it was not possible to show the reasons for changes in portfolio carbon footprint. However, the AP funds in 2019 were for the first time able to quantify changes over time in total carbon emissions and portfolio-weighted carbon intensity. Nevertheless, the metrics have limitations that restrict their applicability for measuring total portfolio climate risk and impact. This is because the figures do not, for example, include carbon emissions caused indirectly by investee business activities.",1
"LafargeHolcim is exposed to a variety of regulatory frameworks to reduce emissions. In addition, a perception of the sector as a high emitter could impact our reputation, thus reducing our attractiveness to investors, employees and potential employees. Based on TCFD framework and risk categorization, LafargeHolcim assesses all climate-related risks. See page 67 the most relevant risks associated with our business.",0
"The cement industry is associated with high CO2 intensity and LafargeHolcim is exposed to a variety of regulatory frameworks to reduce emissions, some of which may be under revision. These frameworks can affect the business activities of LafargeHolcim. In addition, a perception of the sector as a high emitter could impact our reputation, thus reducing our attractiveness to investors, employees and potential employees.",0
"MARKE T: As the carbon debate intensifies, cement and concrete could be challenged by our customers as the building material of first choice because of perceived high embodied CO2. In the long term, should regulatory frameworks fail to incentivize consumption of low-carbon products, customers may be unwilling to pay for additional costs and the cement sector’s low-carbon roadmap might be compromised.",0
"Net CO2 emissions (kg per ton of cementitious material) Net CO2 emissions are CO2 emissions from the calcination process of the raw materials and the combustion of traditional kiln and non-kiln fuels. Cementitious materials refer to clinker production volumes, mineral components consumed in cement production and mineral components processed and sold externally.",1
"Disengaging and divesting from thermal coal, oil sands and oil shale Fossil fuels emit carbon dioxide (CO2) when burned and extracting them can harm the environment. We are working with customers and companies in which we invest that have more than 30 percent exposure to thermal coal, oil sands and oil shales to help them to reduce their use and exposure to these fuels. Zurich will also generally no longer underwrite or invest in companies generating more than 30 percent of their revenue from mining or more than 30 percent of their electricity from thermal coal.",1
"Climate-related physical risks Changes are expected in the frequency, severity and geographical distribution of extreme weather events such as tropical cyclones and extreme rainfall and associated flooding or heat waves in the event that society fails to limit climate change to well below an increase of two degrees Celsius. Scientific consensus suggests society is likely to experience devastating impacts as a result of these changes. Current climate models, such as the International Panel on Climate Change (IPCC) model upon which Zurich bases its internal climate scenarios, indicate that physical climate-change risk will begin to rise more materially after the next two decades if left unmitigated.",0
"Zurich could be exposed to transition risks if it fails to manage changing market conditions and customer needs as part of the transition to a low-carbon economy, resulting in asset impairment, opportunity cost and lost market share. In a transition scenario, industries unable to de-carbonize could experience declining profitability and lack of re-financing, which could lead to a lack of maintenance with increasing rates of outages and equipment break-downs that translate into higher insurance losses. Failure to manage transition risk could also lead to reputational impacts, both internal and external, resulting from a failure to deliver on publicly stated commitments. Although not considered material in the near-term, the increasing frequency of climate-related legal action suggests climate-related litigation could represent a significant potential risk in the long term.",0
"Climate change can pose material risks to sovereign debt due to its impact on national expenditures associated with disaster recovery from extreme weather events or preparedness through climate change mitigation and adaptation projects. Emerging market countries are particularly vulnerable since they often lack capital or have higher funding costs, which exacerbates the myriad risks that they already face. For example, many of these countries are vulnerable to food insecurity from both the impact of climate change on their own agricultural production and higher prices for imports. Our investment team members are increasingly focused on deepening their understanding of environmental risk in sovereigns and its complex links to fiscal and monetary conditions, which in turn affect bond yields and credit ratings.",0
"Scope 3 greenhouse gas emissions Scope 3 emissions are indirect greenhouse gas emissions as a consequence of the operations of the Company, but are not owned or controlled by the Company, such as emissions from third-party logistics providers, waste management suppliers, travel suppliers, employee commuting, and combustion of sold gas by customers.",1
"The impact of climate change may over time affect the operations of the Group and the markets in which the Group operates. This could include physical risks such as acute and chronic changes in weather and/or transitional risks such as technological development, policy and regulatory change, and market and economic responses. Efforts to address climate change through laws and regulations, for example by requiring reductions in emissions of GHGs such as CO2, can create economic risks and uncertainties for the Group’s businesses. Such risks could include the cost of purchasing allowances or credits to meet GHG emissions caps, the cost of installing equipment to reduce emissions to comply with GHG limits or required technological standards, decreased profits or losses arising from decreased demand for the Group’s goods and higher production costs resulting directly or indirectly from the imposition of legislative or regulatory controls. Manifestation of these increased costs may increase the underlying cost of production of the Group’s products which may adversely impact the financial performance of the Group.",0
"It includes the risk that the Group fails to develop or to execute successful strategies to deliver acceptable returns in the context of the economic, competitive, regulatory / legal and interest rate environments that arise. It also includes non-financial risks such as people risks and risks relating to climate change.",0
"We have imposed restrictions on providing loans, advice and insurance to controversial and socially sensitive sectors and activities such as: the energy sector, project finance, arms-related activities, narcotic crops, gambling, fur, palm oil production, mining, deforestation, land acquisition and involuntary resettlement of indigenous populations, tobacco, mining, animal welfare and prostitution.",1
"Business risk is the risk arising from changes in external factors (the macroeconomic environment, regulations, client behaviour, competitive landscape, socio-demographic environment, climate, etc.) that impact the demand for and/or profitability of our products and services. Strategic risk is the risk caused by not taking a strategic decision, by taking a strategic decision that does not have the intended effect or by not adequately implementing strategic decisions. quantified under different stress test scenarios and long-term earnings assessments.",0
"The physical risks identified were all expected to only manifest in the longer term. Physical risks include: reduced ability to complete construction on time in the case of extreme weather events; construction times may similarly be marginally prolonged from chronic changes in weather patterns, such as heavier rainfall and increased humidity; and rising sea levels and heightened risk of flooding may impact the availability of development plots.",0
"Human rights are being severely affected by climate change. Human rights outcomes related to climate impacts include the loss of land, forced migration, and loss of life and resources due to conflict. People also have their rights to livelihood and work affected. Consequently, human rights impacts are of primary concern in a just transition.",0
"The downsides of disruptive technology have been apparent in other engagements. The Forum’s discussions with Tesla, a company that potentially will play a central role in decarbonising the car industry, have focused on health and safety concerns about their Freemont car plant. Despite introducing new technologies on the production line, reports have suggested that incident rates are higher than their competitors. There have been similar concerns that employment standards and health and safety records have been worse in new industries, including in the renewable energy sector.",0
"Climate change exposes us to physical risks which may challenge our ability to effectively underwrite, model and price catastrophe risk particularly if the frequency and severity of catastrophic events such as pandemics, hurricanes, tornadoes, floods, wildfires and windstorms and other natural disasters continue to increase. For example, losses resulting from actual policy experience may be adverse as compared to the assumptions made in product pricing and our ability to mitigate our exposure may be reduced.",0
"Climate change-related risks may also adversely impact the value of the securities that we hold or lead to increased credit risk of other counterparties we transact business with, including reinsurers. In addition, our reputation or corporate brand could be negatively impacted as a result of changing customer or societal perceptions of organizations that we either insure or invest in due to their actions (or lack thereof) with respect to climate change. We cannot predict the long-term impacts of climate change on our business and results of operations.",0
"Other regulatory risks entail litigation risk and potential direct regulations in line with increasing carbon neutrality ambitions in various jurisdictions, such as the EU’s European Green Deal. Climate-related policy changes may also reduce access to prospective geographical areas for future exploration and production. Disruptive developments may not be ruled out, possibly triggered by severe weather events affecting public perception and policy making.",0
"Reputational and financial impact: Increased concern over climate change could lead to increased expectations to fossil fuel producers, as well as a more negative perception of the oil and gas industry. This could lead to litigation and divestment risk and could also have an impact on talent attraction and retention and on our licenses to operate in certain jurisdictions.",0
"Examples of parameters that could impact Equinor’s operations include increasing frequency and severity of extreme weather events, rising sea level, changes in sea currents and restrained water availability. There is also uncertainty regarding the magnitude and time horizon for the occurrence of physical impacts of climate change, which increases uncertainty regarding their potential impact on Equinor.",0
"Fluctuations in weather and other environmental conditions, including temperature and precipitation levels, may affect consumer demand for electricity. In addition, the potential physical effects of climate change, such as increased frequency and severity of storms, floods and other climatic events, could disrupt NRG's operations and supply chain, and cause them to incur significant costs in preparing for or responding to these effects. These or other meteorological changes could lead to increased operating costs, capital expenses or power purchase costs. NRG's commercial and residential customers may also experience the potential physical impacts of climate change and may incur significant costs in preparing for or responding to these efforts, including increasing the mix and resiliency of their energy solutions and supply.",0
"We are committed to net zero. At the same time, we cannot see a viable path to a 100 percent reduction in our greenhouse gas emissions based on our current or potential asset mix and technologies. Committing to 100 percent carbon- and methane-free operations, without adequate technology and forceful policy and regulatory prescriptions, would jeopardize our mandate to provide safe, reliable, and affordable energy to our customers.",1
"Water stress Household water scarcity caused by climate change is another physical risk, which is exacerbated by population growth and urbanisation. During periods of drought consumers may reduce their use of certain products including laundry detergents, shampoos and conditioners, and toilet cleaners as they are unable to access water to use them or experience declining water quality which limits their enjoyment and/or efficacy. While the overall impact of water stress on our sales, from both policy and physical impacts, was not found to be significant in our scenario analysis at a global level within the 2030 time horizon evaluated, the impacts we see in the short term tend to be more local.",0
"Governments alone also cannot address the challenges laid out in the SDGs. The U.S. operating budget is the largest in the world at about $4.5 trillion. If all of it were dedicated to the SDGs only —meaning not funding national security, basic research, basic services for the U.S. taxpayers, and not paying the federal debt —we still would fall short of the annual need.",1
"The Finnish Meteorological Institute (FMI) has issued a report helping UPM to predict the future physical long-term impacts of climate change on its business in Finland, Uruguay, Southern Germany and Eastern China. The Institute incorporated three alternative emission scenarios in the report. The biggest risks in the company's business are related to more frequent and severe extreme weather conditions such as heavy rainfall, storms and drought.",0
"In Eastern China, the annual average temperature may rise by between 1.6°C and 2.7°C. The FMI predicts that the biggest related risk would be the flooding of the River Yangtze due to a potential increase in rainfall. In Southern Germany, the annual average temperature could rise between 1.6°C and 2.7°C by 2050, depending on the eventual emission scenario. The increase of droughts and forest fires due to higher temperatures constitute the biggest risks for forestry.",0
"Climate change Climate change exposes UPM to variety of risks, that can be considered strategic, operational, hazard or financial. Strategic risks are related to competition, markets, customers, products and regulation. For example, unpredictable regulation and subsidies may distort raw material and final product markets, and costs of greenhouse gas emissions may influence UPM’s financial performance. However, transition to low-carbon economy should bring business opportunities to UPM’s renewable and recyclable products. Operational risks can be related to supply chain, availability and price of major inputs. Climate change may also cause operational or hazard risk related to exceptional weather events such as more severe storms, floods and draughts resulting in e.g. unpredictable wood harvesting conditions and hydro power availability. Climate change may also contribute to financial risks such as electricity price.",0
"RISK TOLERANCE We have a low tolerance for risk, when it comes to protecting the human and environmental resources we all depend on. However, given the long-term nature of some sustainability risks and the level of uncertainty associated with their occurrence and impact, we accept that some risks are inevitable. We therefore focus on helping to minimise global risks while building resilience in our operations and supply chain. EXAMPLES OR RISKS • Resource scarcity, coupled with increasing demand, could affect the production, availability, quality and cost of raw materials. • Increased frequency of extreme weather events, from floods to droughts, could cause disruption in our supply chain and impact our business model by changing the sourcing of raw materials, as well as the production and distribution of finished goods. • Increased regulation and more stringent environmental standards could impact our business by affecting production costs and flexibility of operations. • Our industry is sustained by many agricultural and manufacturing communities around the world. Failure to support them in preserving key skills and building more sustainable livelihoods could cause social, economic and operational challenges, from community tensions and disruption to production to a reduced talent pool.",0
"Electrical and electronic waste (WEEE) accounts for 7% of the total waste generated by Wavestone’s activities in weight. This type of waste represents a major challenge given its large carbon footprint throughout its entire lifespan (use of water, metal and energy resources at all stages from product design through to recycling). We recycle all this waste or channel it for reuse or energy recovery.",1
"The current model for financing renewables is an example of inefficient distribution of effort, since, even though the electricity sector accounts for only around 25% of energy consumption, it is the electricity consumers who bear most of these costs (more than 80% in Portugal and Spain). This effect distorts competition among the various energy vectors, limiting electrification and penalizing consumers who are most dependent on this energy vector.",0
"Uncertainty around the evolution of the wholesale market design, given the current challenges: • Marginal remuneration system not adjusted to the current context of growing penetration of fixed cost technologies (renewables, backup, storage). • Growing penetration of technologies with 0 marginal cost (reducing prices and increasing prices’ volatility). • Uncertainty around the returns of the conventional generation, in particular as backup capacity (relevant in a perspective of ensuring security of supply). • Volatile context, not suitable for long-term investments necessary to the modernization, decarbonization and security of supply.",0
"We have and could suffer losses due to operational risks Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. It also includes, among other things, reputational risk, technology risk, model risk and outsourcing risk, as well as the risk of business disruption due to external events such as natural disasters, environmental hazard, damage to critical utilities, and targeted activism and protest activity. While we have policies, processes and controls in place to manage these risks, these may not always have been, or continue to be effective.",0
"Climate change may have adverse effects on our business We, our customers and external suppliers, may be adversely affected by the physical risks of climate change, including increases in temperatures, sea levels, and the frequency and severity of adverse climatic events including fires, storms, floods and droughts. These effects, whether acute or chronic in nature, may directly impact us and our customers through reputational damage, environmental factors, insurance risk and business disruption and may have an adverse impact on financial performance (including through an increase in defaults in credit exposures).",0
"Initiatives to mitigate or respond to adverse impacts of climate change may impact market and asset prices, economic activity, and customer behaviour, particularly in geographic locations and industry sectors adversely affected by these changes. Failure to effectively manage these transition risks could adversely affect our business, prospects, reputation, financial performance or financial condition.",0
"There is an increased focus by foreign, federal, state and local regulatory and legislative bodies regarding environmental policies relating to climate change, regulating greenhouse gas emissions, energy policies and sustainability, including single use plastics. This new or increased focus may result in new or increased laws and regulations that could cause significant increases in our costs of operation and delivery. In particular, increasing regulation of fuel emissions could substantially increase the distribution and supply chain costs associated with our products. Lastly, consumers and customers may put an increased priority on purchasing products that are sustainably grown and made, requiring us to incur increased costs for additional transparency, due diligence and reporting. As a result, climate change could negatively affect our business and operations.",0
"Climate change exacerbates existing risks in some areas, while also posing new risks. We identified a number of transitional risks as the world adapts to a new climate, including effects on the New Zealand electricity market, which is largely dependent on weather to provide fuel, increased pressure on our business to reduce our emissions and transition to lower carbon options, and potential costs resulting from regulatory interventions.",0
"Climate change strategy Climate risks the Commissioners face include: • Transition risk – the risk that our asset allocation, asset managers or individual investment assets prove to be poorly positioned for the investment risks and opportunities associated with the transition to a net zero carbon economy. • Physical risk – the risk that our assets are impacted by the physical risks associated with climate change, such as flooding and fire, particularly our property, rural and forest assets.",0
"Forests, which are home to 80% of Earth's biodiversity, are shrinking by 13 million hectares per year. More than 75% of the planet's land surface has already been altered in a more or less reversible way, leading to desertification, deforestation, pollution and salinisation. At the current rate, experts at the IPBES (Intergovernmental Platform on Biodiversity and Ecosystem Services) estimate that 95% of the planet's land may deteriorate by 2050, which could provoke massive population displacements.",0
"In 2019, AP6 compiled its first high-level analysis of physical climate risks in the portfolio. Although it does not go into great depth, it does indicate that there are medi- um-high risks in nearly half of the portfolio. It is not currently possible for AP6 to, at the portfolio level, assess other climate-related risks like changes in consumer behavior or more regulation of products and emissions.",0
"In recent years the impact of climate change is being felt throughout Japan. Its e ects include higher surface temperature, more frequent heavy rainfall events, declining quality of agricultural products, shifting plant and animal species distributions, and a higher risk of heat illness. �ere is a high probability that these e ects will continue and become more severe over an extended period.",0
"Climate change Climate change is an external risk factor that is part of environmental risk. It is defined as an entity’s vulnerability to the negative effects of climate change, which could lead to financial losses. It includes:  physical risks, namely the risks resulting from damage caused by extreme weather events;  transition risks, namely the risks related to implementation of measures to ensure environmental transition.",0
"Changes in precipitation patterns and extreme weather conditions such as floods, storms, droughts and fires may impact our plantations and the forests we source wood from and could result in fibre supply chain interruptions and higher fibre costs. Higher temperatures may also increase the vulnerability of forests to pests and disease. Increased severity of extreme weather events may also interrupt our operations. In water-scarce countries, we may see an impact on our production process as a result of limited water availability.",0
"We are subject to a wide range of international, national and local environmental laws and regulations, as well as the requirements of our customers and expectations of our broader stakeholders. Costs of continuing compliance, potential restoration and clean-up activities, and increasing costs from the effects of emissions could have an adverse impact on our profitability.",0
"The physical risks of climate change are divided into acute and chronic risks. Acute risks include risks related to extreme weather events, such as floods and hurricanes. Chronic risks include, for example, permanently higher temperatures and the ensuing sea level rise. Sectors particularly exposed to physical risks include the forest sector, agriculture and real estate, to name a few.",0
"Group environmental impacts: With over 83,000 employees in more than 100 countries, the Group’s operations impact on the environment, particularly as a result of travel, energy consumption and waste. Impacts associated with climate change: Climate events (floods, storms, tsunamis, etc.) may disrupt or interrupt the services delivered by agencies and teams to their clients.",0
"However, given the unprecedented global supply chain issues that we are now seeing with many car manufactures and dealerships, we may be unable to purchase new EVs in sufficient numbers. In addition, our latest assessments of EV readiness in Europe show that, while the growth in public charging points continues apace, a significant number of countries are unlikely to have the infrastructure, fiscal incentives or model availability in place to support us reaching this goal by 2021.",0
"Within our overall risk management categories, we recognise a number of key non-financial risks pertaining to our supply chain, environmental impact, employees, and social issues such as labour rights, human rights and corruption. These risks, as well as others that could emerge in the future, could hinder the company in achieving its strategic and financial objectives. Below we outline some of the most material non-financial risks to our business and performance, along with the main steps we have taken to manage them, while on page 84, we further consider our main climate-related risks and opportunities.",0
"Our business model may also be adversely affected by risks related to the physical impacts of climate change and extreme weather conditions. As the risk of flooding, wildfires, storms or hail increases it could become more difficult for LeasePlan to offer affordable insurance protection and may impact our pricing of these products. These could also impact our RMT services if more vehicles in our fleet are damaged or require more frequent servicing as a result of changing weather patterns. Finally, there is the possibility that extreme weather events will impact our business continuity at certain locations, if our employees are unable to reach their places of work or if office locations and delivery stores are physically damaged.",0
"Developments in these and other external factors may affect customers’ use of EVs and, therefore, our EV transition goals. These may have a material adverse effect on the market prices of certain vehicle types in certain jurisdictions, which in turn could have a material adverse effect on our business, financial condition and results of operations. Sudden changes in the market can also make it harder for LeasePlan to have the right resources, people and stock in place to meet demand.",0
"As for climate-related risks, we have followed TCFD classification in considering (1) risks related to the transition to a low-carbon economy in the 2°C scenario and (2) risks related to the physical impacts of climate change in the 4°C scenario, which assumes that efforts to reduce global CO2 emissions have failed. Risks are categorized into short term (over the next three years from fiscal 2019 to 2021), medium term (through fiscal 2030), and long term (through fiscal",0
Exposure to Extractives Industries It is important to identify exposure to business activities in extractives industries in order to assess the potential risk of ‘stranded assets’. ‘Stranded assets’ are assets that may suffer from premature write-downs and may even become obsolete due to changes in policy or consumer behaviour. This is a real potential risk for assets in extractives industries as we transition to a lower carbon future.,0
"The Trustees believe that climate change will have significant and wide-ranging implications for the global economy and therefore presents a Significant risk to the long-term value and security of the pension fund's assets. The Trustees also believe that failure to consider ESG factors, including climate change, cou ld lead to underperformance or financial loss in the short as well as the longer term.",0
"Risks—Transition Risks and Physical Risks Clients to whom MUFG has provided credits may be exposed to risks arising in the course of the transition to a low-carbon society, such as stricter regulation and the introduction of low-carbon technologies (transition risks). They can also be exposed to risks arising from physical damage due to the growing occurrences of climate change-induced natural disasters and abnormal weather (physical risks). If these risks were to impact the clients’ businesses or financial conditions, MUFG’s credit portfolio would also be exposed to substantial risks.",0
"A global increase in greenhouse gas (GHG) concentration in our atmosphere has caused a record-breaking pace of temperature rise, and the rate of change is still increasing. Since the 1880s, the average global temperature has increased by 1.1 degrees Celsius. A destructive trend of impacts has emerged, from stronger hurricanes to intensified droughts and rising sea levels: climate change is already causing large-scale damage to communities around the world.",0
"PROHIBIT COAL GENERATION: There is no denying that coal is on the decline around the world. Even with artificial incentives being set up to extend the lives of coal plants in supply-strapped regions, it is clear that no amount of subsidies or lobbying will slow the global transition. The problem is with the laggards, certain regions that have been too slow in realizing the true cost of coal to their citizens and natural environment, and therefore have dangerously prolonged the decline.",0
"In the Intergovernmental Panel on Climate Change (IPCC) special report, climate change poses an increasing threat to mankind and the global economy. Transitioning to a low-carbon economy may entail extensive policy, legal, technology and market changes. Physical risks such as frequent or severe weather events may also give rise to credit, operational and reputational risks.",0
"Over the past several years, changing weather patterns and climatic conditions, including as a result of climate change, have added to the unpredictability of natural disasters and to the frequency and severity thereof and created additional uncertainty as to future trends and exposures. In particular, the consequences of climate change might significantly impact the insurance and reinsurance industry, including with respect to risk perception, pricing and modelling assumptions, and the need for new insurance products, all of which may create unforeseen risks and costs not currently known to us.",0
"Group has divested from. Therefore, AXA also restricts insurance coverage for coal and oil sands-related assets (as well as in the other industries mentioned in the previous section), and arctic drilling. Since 2017, the underwriting restrictions ban Property and Construction covers for coal mines, coal plants, oil sands extraction sites or associated pipeline.",0
"Business interruption An external hazardous event (floods, riots, fires etc.) or internal disruption (e.g. availability of critical spare parts, global supply chain complexity etc.) may result in a significant period of plant shutdown or disruption and hence in delayed/non-delivery of our products to internal and/or external customers, ultimately leading to adverse financial and reputational consequences.",0
"7. OUR R E SIL IE NCE T O CL IM AT E CH A NGE The Group fails to respond appropriately, and sufficiently, to climate change risks or adapt to benefit from the potential opportunities. This could lead to damage to our reputation, loss of income and/or property values, and loss of our licence to operate.",0
"Climate change is a long-term risk associated with high uncertainty regarding timing, scope and severity of potential impacts. Climate risks can be grouped into physical risks and transition risks. Physical risks relate to losses from overall climate changes (i.e. changing weather patterns and sea level rise) and acute climate events (i.e. extreme weather and natural disasters). These physical risks impact property & casualty (P&C) insurance, but also life insurance, for instance through higher than expected mortality rates. Losses can also follow from credit risk and collateral linked to the mortgage portfolio. Aegon is exposed to mortality risk and mortgage underwriting",0
"Our current global economy’s linear business model of “take, make, and waste” is depleting natural resources faster than they can be replenished and straining ecosystems. Imagine repurposing a piece of plastic at the end of its use, giving it another life as something else. Its use is, in fact, circular, and the end of use doesn’t mean the end of life.",1
"25 large Dutch banks, insurers and pension funds are particularly exposed to these risks, these financial institutions have not yet sufficiently integrated them into their business operations. For example, they invest EUR 97 billion in shares of companies operating in areas with significant water scarcity and EUR 56 billion in companies dependent on scarce resources.",0
"When these damages are uninsured – and therefore borne by households, businesses or public authorities – this affects financial institutions’ exposure to these parties. The second type of risk, transition risk, is the result of the transition to a carbon-neutral economy. Climate policy, technological developments and changing consumer preferences may cause the value of loans and investments in sectors and companies that emit large quantities of carbon dioxide or other greenhouse gases to decrease much faster than previously expected. Underestimating this risk could lead to sudden and significant losses in the financial sector. Such a collapse is what is known as a",0
"Beith: Stranded carbon assets was the underappreciated risk back then. Today it’s policy risk. There’s a palpable sense of grass-roots alarm as we see real-world, real-time effects of climate change, and that could create a policy tipping point where governments have historically been skeptical. That is the case next door to us in Australia, with its devastating bush fires, but also in the U.S., where state and municipal governments have taken the lead while the federal government moves in the opposite direction. Those potential tipping points create substantial investment risk.",0
"Environmental and social risk is often associated with credit, operational and reputation risk. Environmental and social risk involves a broad spectrum of topics and issues, such as: pollution and waste; energy, water and other resource usage; climate change; biodiversity; human rights; labour standards; community health, safety and security; land acquisition and involuntary resettlement; Indigenous peoples’ rights and consultation; and cultural heritage.",0
"Ecological factors and environmental regulations for access to raw material deposits also create a degree of uncertainty. In some regions of the world, for example in West Africa south of the Sahara, raw materials for cement production are so scarce that cement or clinker needs to be imported by sea. Rising transportation costs and capacity constraints in the port facilities can lead to an increase in product costs.",0
"Climate change presents both physical and transition risks to our investment portfolio. Physical risks include the risk of loss due to extreme weather events or longer-term shifts in climate patterns. Transition risks include changes in government policy, regulation, consumer preferences and technology, which may increase the costs of certain assets (e.g. carbon pricing) or their marketability (e.g. stranded assets). These changes may impact the value of our investments.",0
"Physical risks have a higher probability to impact coffee, with higher temperatures and water shortages compromising quality and reducing availability. This may lead to an increase in raw material costs for the industry, and have economic and social impacts on coffee-growing communities. For wheat and dairy, there is a potential increase in the volatility of regional sourcing due to greater local climate variability but overall we foresee limited impact on global macro yields.",0
"Accordingly, data for FY2019 is not consistent with data for FY2018 or preceding fiscal years. 3.Data for FY2016 regarding CO2 emissions from Showa Shell business sites is not publicly disclosed. 4.In line with a change in the end of fiscal year, Showa Shell’s FY2018 data is based on emissions during the 15-month period from January 1, 2018 to March 31, 2019.",1
"CFRA Phase I confirmed that Vancouver is most vulnerable to flooding caused by the combined effect of a coastal storm surge and a king tide (exceptionally high tides that typically occur in December and January) rather than river-related flooding caused by spring run-off. In addition to mapping the areas vulnerable to flooding, Phase I also identified the community assets, infrastructure and buildings at risk to flooding over time.",0
"Water is an essential input for our industrial activities. Concerns regarding the long-term availability and quality of water, and security of access to water, have increased due to changes to demography and climate. Damage caused by storm surges and strong winds can affect the availability of ports and critical infrastructure required to transport our goods. Changes in temperature can lead to heat stress affecting our workforce and equipment.",0
"The majority of our Scope 1 emissions include fugitive emissions from the production of coal and consumption of fuel and reductants. Scope 2 emissions principally relate to purchased electricity for our operations, in particular our metals processing assets, which require secure and reliable energy 24 hours a day, 365 days a year.",1
"Responding to the threats of climate change Our exposure to climate change falls into two broad categories. Physical risks, particularly to our property assets from severe weather events; and transition risks from the move to a low carbon economy, which will impact the value of investments associated with higher levels of greenhouse gas emissions. The two risks are linked. Continued emissions will increase physical risks, and limiting the impacts will require substantial emission reductions increasing transition risks.",0
"We fail to respond to the emerging threats from climate change for our investment portfolios and wider businesses As a significant investor in financial markets, commercial real estate and housing, we are exposed to climate related transition risks, particularly should abrupt shifts in the political and technological landscape impact the value of those investment assets associated with higher levels of greenhouse gas emissions.",0
"At CEMEX, we are seeking to invest in upgrading our cement plants, trying to maximize the use of alternative fuels to power our kilns and transition away from fossil fuels. In 2019, we pledged more than US$50 million to invest in an innovative global program to replace fossil fuels with alternative fuels. Among our initiatives, we are starting to integrate an innovative new hydrogen-based technology to enable our cement kilns to increase their use of alternative fuels by optimizing their combustion process, while lowering their consumption of fossil fuels and reducing their CO2 emissions.",2
"The EIB also supports innovative investment funds that are tackling adaptation challenges. A new fund called CRAFT, the Climate Resilience and Adaptation Finance & Technology Transfer Facility, is developing new technologies and specialised services to help developing countries address droughts, bad weather, disease, wind and solar energy. The European Investment Bank invested $30 million in CRAFT and also deployed €5 million via the Luxembourg-EIB Climate Finance Platform as risk capital that catalyses more money by drawing in private investors.",2
The Bank also signed a €19 million deal in 2019 in Poland with BNP Paribas Bank Polska to improve energy efficiency in existing homes. The Polish bank will use the money to give loans to farmers and homeowners to install solar panels. The money also will help housing associations improve energy efficiency.,2
"We see a clear commercial rationale to this work, where we are able to leverage our leading businesses and global relationships to deliver results for shareholders and progress for society as a whole. To that end, we have announced a 10-year target of $750 billion in financing, investing and advisory activity to nine areas that focus on climate transition and inclusive economic growth. We have created a new team, the Sustainable Finance Group, to partner with our businesses in executing on this ambitious mandate, delivering sustainable solutions consistent with our clients’ long-term objectives.",2
"We were also proud to partner with UK Climate Investments committing a combined R1 billion to a dedicated renewable energy investment vehicle, Revego Africa Energy. Revego Fund Managers (RFM), a newly incorporated black‑owned and managed fund manager, will be responsible for managing Revego’s investments in operating renewable energy projects in South Africa and other sub‑Saharan African countries.",2
"In line with this action plan, in 2014 we set the target of “achieving a five-fold increase in value created in terms of climate change countermeasures through the provision of NEC products and services compared to the CO2 emissions from NEC’s supply chain,” and proceeded to carry out initiatives. During fiscal 2019, the value was six times, with a contribution of 33.58 megatons for an mitigation, targeting a reduction of 23 megatons by fiscal 2021, expanding to 50 megatons by fiscal 2031. Moreover, we will reduce CO2 emissions from our own business operations by improving efficiency and shifting to renewable energy. environmental load of 5.62 megatons, representing a significant improvement from 3.5 times in fiscal 2018. This reflects a stronger approach to our suppliers and an increase in provision of disaster measure-related solutions by domestic subsidiaries.",2
"Further notable figures can be seen from developments recorded this year. For instance, renewable electricity to be supplied to local communities in Senegal now totals 150MW, through four Meridiam solar projects. We have also increased our portfolio of Waste to Energy (WTE) projects to eight, totalling €224m of equity invested, including the Olstyn WTE project in Poland, which will provide renewable energy in place of fossil-fuelled power for the 270,000 inhabitants of Olstyn.",2
"Our actions resulted in one-off additional costs of around £80 million, which has further improved the high level of resilience we have already embedded into our service. For example, our investment in ASVs has been critical to improving our water service, an efficient way of helping to keep customers supplied during planned and unplanned interruptions.",2
"METRICS AND TARGETS DNB sets targets and uses metrics to help monitor and manage our climate risk. Among our corporate ambitions from 2019, is to contribute with NOK 450 billion to the financing of renewable energy and infrastructure, and NOK 130 billion to the financing of green property in the period leading up to 2025. As of 2020, all new and refinanced shipping loans will include a clause on responsible ship recycling.",2
"Another loan went to REC Solar, where DNB and three other banks financed a green loan of USD 150 million related to solar panels that are 20 per cent more efficient than traditional panels. The sustainable product framework will be updated in 2020 to include more products, and will also be adapted to the EU's coming classification system for sustainable economic activities (taxonomy) as this is further developed.",2
"On 24 July 2019, we entered into two new senior debt facilities agreements, a £375 million private placement with infrastructure lenders with maturities between 2024 and 2029, and a £125 million ESG facility agreement that matures in 2022. The ESG facility includes a mechanism that adjusts the margin based on carbon emissions against an annual benchmark.",2
"Climate change The EIB Group has committed to aligning to the principles and goals of the Paris Agreement by the end of 2020 and will gradually increase the share of its financing dedicated to climate action and environmental sustainability, expecting to support in total EUR 1 trillion of investments by 2030 (see the Looking Ahead Chapter).",2
"Climate change The EIB Group has ambitious targets to grow its support for climate action and environmental sustainability. This includes aligning to the principles and goals of the Paris Agreement by the end of 2020 and supporting a total of EUR 1 trillion of investments from 2021 to 2030. In fact, the EIB Group will gradually increase the share of its financing dedicated to climate action and environmental sustainability to reach 50% by 2025 and beyond.",2
"For NN Group’s own assets, too, we look for investments that have a positive impact on society while still meeting our investment criteria. For instance, we invest in green bonds, and finance infrastructure debt projects in the area of renewable energy and resource efficiency (specifically: solar and windfarms, district heating projects, and water and wastewater treatment facilities). In total, these investments amounted to EUR 821 million at year-end 2019.",2
"More than 20 years ago, we started incorporating climate change in our WRMPs, and in March 2018 we published, for consultation, a draft of our latest WRMP. The plan ensures we are resilient against the median climate change scenario and severe drought. Through the consultation we are also seeking support from our customers for £630 million of investment, which would further mitigate the impact of climate change, drought and future environmental challenges.",1
"Debut EBRD green covered bond investment The EBRD invested the Polish zloty equivalent of €11.7 million in the issuance by Poland’s PKO Bank Hipoteczny of green covered bonds. They will help the mortgage bank to finance residential buildings that reduce greenhouse gas emissions, fund green mortgages and diversify its investor base. The project also promotes capital market development in Poland. A second investment for the same amount was made later in 2019.",2
"In an effort to reduce the amount of CO2 emissions produced by our company, we are promoting investments in energy-efficiency, operational improvements, and energy-saving activities undertaken by all our employees. In FY 2018, we made energy-efficiency related investments of approximately 300 million yen (based on our company's Environmental Accounting Guideline). With this, we improved productivity by updating and automating production equipment and realized greater efficiency by updating major equipment such as lights, pumps, air conditioning and transformers.",2
"In 2019 ATP has invested DKK 0.7bn in a gas pipe- line to move waste gas from one of the world’s largest oilfields, Delaware Basin in western Texas, to Mexico. The natural gas is a by-product of oil drilling. In the past the gas was burned off, but it is now taken away for the production of electricity. The gas thereby replaces some of the need for coal and oil to produce electricity in Texas and Mexico. The natural gas pipeline therefore represents important infrastructure as a solution to support the green transition since gas almost halves the emission of CO2 when used to replace coal and oil for the production of electricity.",2
"In 2019, we: • provided a $43 million green loan to Sunseap Group to fund its installation of solar photovoltaic systems on the rooftops of 210 sites ranging from commercial and industrial to government premises. The 37 megawatt-peak solar power systems can generate enough energy to help reduce greenhouse gas emissions by 17,000 tonnes per year; and • rolled out U-Solar, Asia’s first solar industry ecosystem that connects businesses and consumers across the solar power value chain.",2
Å Our commitment for renewable energy to comprise at least 20% of our energy portfolio in 2022 with the help of our Energy Transition Fund. This fund focuses on investment opportunities in projects and companies that are helping to accelerate the energy transition and has scope to grow to over EUR 200 million;,2
"We made three key commitments to deal with key land, urban and industry shifts. These included launching a partnership with ClimateWorks Australia to develop sustainable agricultural metrics to improve natural asset management, investing $2 billion in affordable housing and investing $2 billion in the emerging technology sector to spur innovation by 2025.",2
"Agreement while supporting security of energy supply in Australia and New Zealand and working with customers, related suppliers and their employees in which they operate. This includes increasing our environmental finance commitment from $55 billion to $70 billion by 2025. In 2019, we reached a total $33.6 billion towards this goal.1 We also increased our Australian renewable energy objective from 50% to 100% by 2025. • Worked with the Energy Transitions Hub at the University of Melbourne to develop a process to geocode lending portfolio data to overlay it with transition and physical climate risk information for scenario analysis. We used this to examine the potential impact of climate scenarios related to cyclones on our Australian retail mortgage portfolio. • Performed further transition risk scenario analysis on the coal sector. • Increased disclosure of climate-related credit risk policy settings – refer to page 44 of our 2019 Sustainability Report for further detail. Our climate change disclosures align with the TCFD’s recommendations and are provided throughout our annual reporting suite. Refer to our 2019 Annual Financial Report pages 35-39 and our 2019 Sustainability Report pages 21-29.",1
"We also support and advise companies in the Latin American and Caribbean agricultural sector to make smart investments that can improve their resilience to climate change. A 7-year financing for up to US$30 million was granted by IDB Invest and Rabobank to support Desdelsur. This project financed the completion of the clients comprehensive livestock project, making its feedlot the largest in Argentina, strengthening its leading position in the export of legumes and oilseeds by telecommunications sector, as well as financing part of the company’s strategic investment plan for the deployment of a 4G network and providing better connectivity across its territory.",2
"IDB Invest and Canada launched the second phase of the Canadian Climate Fund for the Private Sector in the Americas (C2F) project, a mixed climate finance program with a gender focus for Latin America and the Caribbean. It is expected to leverage up to US$1 billion in private sector investments in areas such as renewable energy, sustainable agriculture and forestry to help the region’s most vulnerable population segments, especially women and young girls, to better prepare and adapt to climate change.",2
"The British Columbia Carbon Tax Act sets a carbon price of $40 per tonne of CO2e on fuel combustion and is expected to increase by $5 per tonne of CO2e per year, reaching the federal target carbon price of $50 on April 1, 2021. The federal government has stated this program meets the requirements of the federal Greenhouse Gas Pollution Pricing Act. The CleanBC Program for Industry directs an amount equal to the incremental carbon tax paid by industry above $30/tonne into incentives to reduce emissions. The Government of British Columbia has also introduced measures to reduce upstream methane emissions by 45 percent and establish separate sector-level benchmarks to reduce carbon tax costs for industrial facilities.",1
"2020 in solutions for four social issues, namely . climate change, water shortage, food security and healthcare. These targeted investments - which we call ‘investments in solutions’ - not only contribute financially to the returns for our clients, but also create social added value. At the end of 2019, a total of 18.3 billion euros had been invested in solutions for these themes.",2
That’s why making these assets as strong as they can be will always be the bedrock of growth – as reflected in the investment we have committed to upgrading the Bayswater and Loy Yang A power stations (without increasing carbon emissions) and the $420 million we have invested in the past three years in customer experience and other digital transformation programs.,2
"In 2019, with a focus on its financing portfolio(2), EDC set a target to reduce its exposure to the most carbon intensive sectors by 15 per cent over five years against a December 31, 2018 baseline. As a result of this reduction, the carbon intensive exposure of EDC’s financing portfolio at December 31, 2023 is targeted to reduce to $18.9 billion(3), a decrease of approximately $3.3 billion over the five-year period.",1
"Upton 2 — We have completed the construction of our first battery energy storage system (ESS). In October 2018, we were awarded a $1 million grant from the TCEQ for our battery ESS at our Upton 2 solar facility. The grant is part of the Texas Emissions Reduction Plan. The 10 MW lithium-ion ESS captures excess solar energy produced during the day and releases the energy in late afternoon and early evening, when demand is highest. The Upton 2 battery ESS became operational in December 2018.",2
Transition (ANET) fund at the beginning of 2019. This fund invests in companies in the Netherlands that commit to transitioning to sustainable energy. ANET aims at investments in relatively small and innovative projects and businesses. ABP has set aside €50 million for ANET; the pension fund has the possibility of increasing this amount in the future.,2
"To prepare for more electric vehicles on our roads, we’re testing new business models, working with New York City on curbside charging stations, building fast-charging depots—imagine a “gas” station for electric vehicles—plus supporting school bus and transit electrification. Earlier this year, our regulators approved another $52 million for electric vehicle programs. The efforts are part of a larger strategy to support the shift to electric vehicles and combat climate change.",2
"This USD 310 million green bond carries a coupon rate of 4.75% and a 5-year maturity due 2023. The proceeds from the green bond are used to finance the following two green projects in the Greater Bay Area, both due for completion by the end of 2021. The “New World China",2
"Completion of the modernization of the power section of EW Gałąźnia Mała with a capacity of 4.25 MW in September 2019. The investment value stood at PLN 4.5 m. The project was aimed at improvement of operation and production efficiency, and increase of the volume of ecologically clean energy produced by the Energa Group.",2
"New climate ambition for Danica Pension In 2019, Danica Pension announced that they will increase their climate ambitions by raising investments in the green transformation to DKK 100 billion in the period towards 2030. The investment ambition is dependent on attractive investment opportunities that support international climate goals and can generate attractive returns on customers’ pension savings.",2
"ABP commits to the objectives of the Climate Agreement In 2019 ABP committed to the objectives of the Dutch Climate Agreement and the Paris Agreement, together with the Dutch pension funds, insurers, banks and asset managers. In July an agreement was signed to this effect. All parties will render transparent account of how they give this commitment concrete expression. With a collective representation of some €3 trillion we as the finance sector can increase our impact in spurring and facilitating the climate transition in the Netherlands.",2
"At the same time, Equinor aims to continue to improve the efficiency, reliability, carbon emissions, and lifespan of fields already in production. During 2019, Equinor updated the climate ambitions for Norway. Driven by a large remaining resource potential on the NCS, Equinor aims to reduce the absolute greenhouse gas emissions from its operated offshore installations and onshore plants in Norway with 40% by 2030, 70% by 2040, and towards near zero by 2050, compared to 2005. The 2030 ambition alone is expected to require investments of around NOK 20 billion Equinor share, in projects within energy efficiency, electrification, infrastructure consolidation, digitalization, and new value chains, such as CCS and Hydrogen.",2
"For our operated offshore fields and onshore plants in Norway our new climate ambitions includes reducing the absolute greenhouse gas emissions by 40% by 2030, 70% by 2040 and to near zero by 2050. By 2030 this implies annual cuts of more than 5 million tonnes, corresponding to around 10% of Norway’s total CO2 emissions. A 40% reduction by 2030 will be achieved through large industrial measures, including energy efficiency, digitalization and launch of several electrification projects. The 2030 ambition is expected to require investments of around USD 5.7 billion for Equinor and its partners.",2
"We require all potential projects to be assessed for carbon intensity and emission reduction opportunities, at every decision phase – from exploration and business development to project development and operations. Furthermore, we require all projects to include a carbon price of at least USD 55 per tonne, to be resilient towards expected higher carbon taxes.",1
"We remain at the forefront of SAF development and of influencing domestic, regional and international policy to support these fuels. We have committed to invest $400 million in SAF over 20 years from 2017. In August 2019, the British Airways partnership with Velocys and Shell submitted a planning application for Europe’s first household-waste-to-jet-fuel plant in Immingham, England. Construction of the plant is due to start in 2021 and the plant will be operational in 2024. It is expected to produce over 32,000 tonnes of sustainable jet fuel per year.",2
"IAG is committed to be the leading airline group in sustainability. This means that environmental considerations are integrated into the business strategy at every level and the Group uses its influence to drive progress across the industry. • IAG Climate Change strategy to meet target of net zero carbon emissions by 2050. • British Airways plans to offset UK domestic flight carbon emissions from 2020. • Fleet replacement plan introducing aircraft into the fleet that are up to 40 per cent more carbon efficient. • IAG investment in sustainable aviation fuels of $400 million in the next 20 years, including British Airways’ partnership with Velocys. • Management incentives under development to align to IAG’s new targets. • Partnering with Mosaic Materials to explore carbon capture technology. • Participating in CORSIA, the ICAO global aviation carbon offsetting scheme.",2
"In addition, in June 2019 Gold Fields and global energy group, EDL, announced a A$112m investment in a world-leading energy microgrid, which combines wind, solar, gas and battery storage and will result in over 50% of Agnew’s energy requirements being supplied from renewable and low-carbon sources. The 23MW power station that integrates solar with gas and diesel was commissioned in November 2019, while construction of the five wind turbines was completed in February 2020 (p69).",2
"Dominion Energy is investing in strategic partnerships valued at $700 million to capture methane from hog-farming and dairy operations in seven states. With our partners — Smithfield Foods and Vanguard Renewables, and an alliance with the Dairy Farmers of America — we will process the methane from animal waste, and put it into the pipeline systems serving those states. This process captures methane emissions from waste ponds and reuses that methane in home heating, manufacturing, and more. Renewable natural gas is carbon-beneficial because it captures more emissions from the farms than are released when customers use the gas.",2
"Affordable and Clean Energy (SDG7) and Clean Water and Sanitation (SDG6): From 2007 through the end of 2030, we will have financed more than $445 billion to low-carbon, sustainable business activities in support of energy efficiency, renewable energy and sustainable transportation, and in other areas including water conservation, land use and waste. In our own operations, we are carbon neutral as of 2020.",2
"Blended Finance Catalyst Pool In 2018, we launched our Blended Finance Catalyst Pool to mobilize additional private capital to help address the U.N. Sustainable Development Goals. This financing initiative provides $60 million of capital for Affordable and Clean Energy (SDG7), Sustainable Cities and Communities (SDG11), Clean Water and Sanitation (SDG6), and Climate Action (SDG13), among others.",2
"UPM will invest EUR 550 million in an industrial scale biorefinery to convert solid wood into next-generation biochemicals: bio-monoethylene glycol (BioMEG) and lignin-based renewable functional fillers. In addition, the biorefinery will produce bio-monopropyleneglycol (BioMPG) and industrial sugars. The total annual capacity of the biorefinery will be 220,000 tonnes. The facility is scheduled to start up by the end of 2022.",2
"Built in 1924 on the Inn River channel, the run-of-river power plant with output of around 85 MW will be expanded and modernised. Following an investment period lasting around four years and with projected total capital expenditure of approximately €250m, about 32 MW of additional capacity will be available from 2023 onwards. The Gries hydropower plant was also inaugurated in 2019. This facility, which entailed an aggregate investment of around €50m, will supply around 10,000 households with green electricity from hydropower. Over the next three years, we are planning to invest a total of around €650m in the further expansion and maintenance of our hydropower facilities, thereby making a large contribution to mitigating climate change.",2
"In 2019, Olam Cocoa invested in a 30,000m3 quayside terminal within Amsterdam Port Area for bulk cocoa bean storage, using technology for increased efficiency, full traceability and reduced logistics costs. It is powered by solar energy, with the product moved using solar power conveyors instead of diesel trucks, reducing carbon dioxide emissions by 80% and power costs by 30%. It has 6 electric vehicle charge points, LED lighting, and hot water powered by an electric heat pump.",2
"— Commercial successes In December 2019, Eiffage acquired a portfolio of nine small hydro power plants located in south-western France from a private investor. A vast renovation plan (at a cost of about €25 million) and work to bring them into compliance with standards will give these nine plants an installed capacity of 6 MW.",2
"ACTION PLAN 2020-2023 Given the uncertainties relating to the macroeconomic and political outlook and the complexity of the interaction between measures to combat climate change and energy demand, we maintain a prudent financial approach in investment decisions. The four-year investment plan, focused on high-value projects with short pay-back period, provides for investments of around €32 billion in 2023 and is characterized by a high level of flexibility with around 60% of investments uncommitted in 2022-2023. Eni's investment program has been designed to achieve high-returns and resiliency even in a challenging scenario. In particular, the current portfolio of upstream projects in execution has a break-even price of 23 $/bbl (25 $/bbl in the previous plan) and an overall IRR of approximately 25%. These projects remain competitive even in a low carbon scenario. Adopting the IEA SDS scenario, which foresees a huge increase in the costs of emitting CO",1
"In December 2019, Eni signed an agreement with Falck Renewables for the joint development of renewable energy projects in the United States, targeting at least 1 GW of installed capacity by the end of 2023. Eni will also acquire a 49% stake in Falck already existing plants in the USA (116 MW capacity, included a storage system of 3 MW).",2
"2 captured from neighbouring industrial facilities and power plants into gas fields that are now depleted; - achieving a capacity for energy production from renewable sources over 55 GW by 2050; - expansion of retail operations with the aim of reaching over 20 million supply contracts by 2050. Furthermore, Eni has confirmed and further extended its intermediate decarbonisation targets: net-zero carbon footprint by 2030 for scope 1 and 2 emissions from upstream operations and net-zero carbon footprint for scope 1 and 2 emissions from all Group operations by 2040. Overall spending in the four-year period 2020-23 for decarbonisation, circular economy and renewables is forecast at approximately €4.9 billion, including scientific and technological research activities designed to support these areas.",2
"CO 2 eq/kboe) due to the contribution to reduction of the upstream sector and an improvement of around 2% of the EniPower and Refining & Marketing performance indexes. Although the target for reduction set for 2021 has already been achieved, Eni will continue to strive towards progressive improvement over the coming years. In 2019, Eni has proceeded with the investment plan both in projects aiming directly at increasing energy efficiency of assets (over €8 million) and in development and revamping projects with significant impacts on the energy performance of businesses. The actions taken during the year, when fully operational, will allow fuel savings of 303 ktoe/year (mainly in the upstream sector), to which 25 GWh/year of savings on purchases of electricity and steam must be added. The benefit in terms of lower emissions will be around 0.8 million tonnes of CO",2
"Back the growth of climate change solutions • Increased lending to climate change solutions, taking total committed exposure to $9.3 billion, progressing towards our 2020 target of $10 billion; • Facilitated $3.6 billion in funding for climate change solutions, exceeding our 2020 target of $3 billion; and • Analysed climate change risks under 1.5, 2 and 4-degree scenarios.",2
"Formerly known as Total Energy Ventures, TOTAL’s venture capital fund has been renamed Total Carbon Neutrality Ventures (TCNV). Its investments are now entirely dedicated to carbon neutrality businesses and are expected to reach an aggregate amount of $400 million by 2023. TCNV invests in the upstream stage of the development of companies offering interesting technologies or economic models that enable companies to cut their energy consumption or the carbon intensity of their activities. With teams based in Europe and the United States, the fund makes its investments on a worldwide scale in smart energy, energy storage, smart mobility, bioplastics and recycling. While TCNV mainly invested in Europe and the United States in the past, the fund started investing in China in 2018. In particular, TCNV has signed an agreement with NIO Capital to cooperate and to invest in the mobility segment.",2
"In view of the expected increase in the number of directors as well as in the number per year of meetings of the Board of Directors for exceptional transactions and of the Strategy & CSR Committee the competencies of which have been extended to the social and environmental challenges, including those in relation to climate, it will be proposed to the Shareholders’ Meeting to be held on May 29, 2020 to set, as from the fiscal year 2020, the annual fixed amount to be allocated to board members as compensation due to their activity at €1.75 million.",1
"The conversion of the La Mède refinery (France), through an initial investment greater than €275 million, is underway with the start-up of the first French biorefinery and an Adblue(1) production workshop in July 2019. The site also has an 8 MW solar farm, which was commissioned in 2018, and a training center, OLEUM, which started up in 2017. This project has been carried out without any lay offs.",2
"13. CLIMATE ACTION 13.1. Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries. 13.3. Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning. 13.a. Implement the commitment undertaken by developed-country parties to the United Nations Framework Convention on Climate Change (UNFCCC) to a goal of mobilizing jointly $100 billion annually from 2020 on from all sources to address the needs of developing countries in the context of meaningful mitigation actions and transparency on implementation and fully operationalize the Green Climate Fund through its capitalization as soon as possible. 13.b. Promote mechanisms for raising capacity for effective climate change-related planning and management in least developed countries, including focusing on women, youth and local and marginalized communities.",1
"One of the commitments we assume in our Sustainability Plan is to invest a total of R$ 350 million in network automation by 2024. This will allow us to achieve significant reductions in supply interruptions and in dispatching teams on maintenance calls, benefiting customers with better quality and speed, at the same time that we reduce the environmental impacts of vehicle use and fuel consumption.",2
"One of the biggest opportunities for innovation in our sector is in electric mobility. Advancements in electric engines for commercial and passenger vehicles, in addition to other types of transportation, will require the creation of a more robust, digitalized, and connected energy infrastructure. This vision guided our creation of the Emotive program, an R&D initiative that during a five-year period has evaluated possible business models for battery recharging and customer service. In 2020, our strategic vision will include continued work on the topic. Our Sustainability Plan includes investment of R$ 45 million in the development of technologies for electric mobility through 2024.",2
"In 2019, we invested a total of R$ 72.4 million in the Energy Efficiency Program, which adheres to ANEEL's regulatory guidelines. The projects we developed have saved approximately 40,000 MWh of energy, enough to serve around 17,000 residential customers for one year. This saved volume also represents emissions of 2,825 tons of CO",2
"Continued collaboration on flood-risk awareness In 2019, we announced the renewal of our multi-year funding for the Partners for Action (P4A) network at the University of Waterloo, Faculty of Environment. Since 2015, we have committed $1.2 million, in support of P4A’s continued efforts to inform Canadians about the changing nature of flood risk, and provide tools and knowledge to build personal and community flood resilience.",2
"Santander has set a number of targets on climate change. In relation to commercial activity we have set a green finance target to raise and facilitate 120Bn euros between 2019 and 2025 and 220Bn euros between 2019 and 2030. This includes Santander overall contribution to green finance: project finance, syndicated loans, green bonds, capital finance, export finance, advisory and other products to help our clients in the transition to a low carbon economy.",2
"On top of this, we issued our first green bond for €1,000 million as a starting point for a global plan on sustainable emissions. The net proceeds will be divided between existing wind and solar assets on Santander balance sheet and new assets of the same nature that will be added. The re-financing share will be less than 50% during the term of the bond.",2
Implement the commitment undertaken by developed-country parties to the United Nations Framework Convention on Climate Change to a goal of mobilizing jointly $100 billion annually by 2020 from all sources to address the needs of 13.A developing countries in the context of meaningful mitigation actions and transparency on implementation and fully operationalize the Green Climate Fund through its capitalization as soon as possible.,2
"These objectives include, amongst others, the commitment to facilitate the mobilisation of €120 billion of green finance between 2019 and 2025, as well as to financially empower 10 million people in the same period, through increasing microfinance activities, financial education programmes and other tools that give access to financial services.",2
"The common goal set by the Paris Climate Agreement is to limit the rise in global average temperature to less than 2°C by the end of the century. Following this trajectory, VINCI aims to reach the target of carbon neutrality (i.e. net zero emissions) by 2050 in its direct scope of business activities. As such, the Group is engaged in a proactive approach to achieve a 40% reduction in Scope 1 and 2 GHG emissions by 2030 compared with 2018 levels (see page 228). That comes out to a decrease of 940,000 tonnes of CO₂ equivalent relative to the scope of business activities in 2018. As an absolute value, this target will be updated in line with any significant changes to the Group’s scope, such as acquisitions.",1
"(2018: €4.6bn, 2017: €4.6bn). mBank in Poland also wants to step up its commitment to environmentally friendly product solutions, with an initial investment of around €118m (PLN 500m) in renewable energy projects at the end of 2018. In July 2019, mBank decided to double this financing pool. To date, around three-quarters of the funds for investments have gone to the wind sector, with the rest supporting the development of solar parks.",2
"In July 2019, the European Investment Bank (EIB) approved a credit line with a total value of €250m for mBank and its subsidiary mLeasing to support Polish SMEs and mid-caps with climate protection measures focusing on photovoltaic systems. A new coal guideline has been in force at mBank since April 2019, according to which no new coal mines or coal-fired power plants will be financed. In addition, mBank will not establish any new relationships with companies for which the share of electricity generated from coal exceeds 50%. Furthermore, in October 2019 mBank adopted a new lending policy geared to the mining, energy and transport sectors in particular, based on the EU’s climate and energy policy.",2
"The PDO for Johan Sverdrup Phase 2 was approved in May 2019 and will involve the installation of an additional processing platform at the field centre, a major module on the existing riser platform and subsea facilities to reach the satellite areas of the field. The project will bring gross production capacity to 660 Mbopd, and is progressing according to plan with first oil scheduled during the fourth quarter of 2022.",2
"JPMorgan Chase is committed to creating a more sustainable future for our employees, customers and communities. Our firm has committed to facilitate $200 billion in financing in 2020 to support the objectives of the United Nations’ Sustainable Development Goals, with a focus on addressing climate change and advancing social and economic development.",2
"Recent events On February 25, 2020, JPMorgan Chase announced additional steps in its initiatives to address climate change and further promote sustainable development. This year, JPMorgan Chase commits to facilitate $200 billion to advance the objectives of the United Nations Sustainable Development Goals (SDGs), including $50 billion toward green initiatives. The new commitment is intended to address a broader set of challenges in the developing world and developed countries where social and economic development gaps persist. As part of this commitment, the Firm had previously announced the creation of the J.P. Morgan Development Finance Institution to expand its financing activities for developing countries.",2
"The Trustees believe that while these factors are sources of risks to be mitigated where possible, they may also create opportunities. The Trustees have therefore allocated a portion of the DB Fund's assets (a 2.5% commitment) to specifically targeting opportunities created by ESG risk factors including climate change. Examples of these opportunities include companies involved in the generation of renewable energy, and the manufacture of zero-emission electric commuter buses.",2
"For example, we offer sustainable finance. MUFG has set a goal of ¥20 trillion for sustainable finance by fiscal 2030 (of this, ¥8 trillion will be used for environmental finance). To reach our goal, we will finance renewable energy projects and underwrite and distribute Green Bonds. We will also finance incubation projects to nurture startups and regional revitalization programs.",2
"Aiming to facilitate the creation of a sustainable society and realization of SDGs via its financial services, MUFG has committed to extending a total of ¥20 trillion for sustainable finance over a period spanning from fiscal 2019 to fiscal 2030 (of this, ¥8 trillion will be used for environmental finance).",2
"Regarding the socio-environmental risk analysis, the scope of Business and Corporate Banking is maintained, reducing the amount required for the evaluation of environmental and social risk, for operations over US $ 2,300,000 and emphasizing the sectors: (i) Mining; (ii) Energy; (iii) Tanneries; (iv) Cement; (v) Hydrocarbons and Gas; (vi) Iron and steel; (vii) Chemicals and Agrochemicals; (viii) African Palm. In the same way, these sectors apply to financial operations of SME Banking and Leasing products.",1
"AXA and the IFC, a member of the World Bank Group focused on the private sector, launched a US$500 million partnership in 2017, supporting an infrastructure fund that will notably finance green infrastructures in emerging countries, including renewable energy, water, green transport and telecoms. At the end of 2019, mandatory loans amount to US$390 million, of which US$120 million has already been financed. Coal and oil- sands related projects are explicitly excluded.",2
"Last year the Aviva Foundation in the UK invested unclaimed assets of shareholders through grants and social enterprise investments. In 2019 the Foundation has now committed to giving £3.7 million to nine non-profit organisations and social enterprises that, working with our business, can support our communities and vulnerable customers. This has included funding counselling for vulnerable home insurance customers who experience trauma following serious events such as flooding.",2
"Our climate change strategy includes a focus on reducing emissions from deforestation through support for REDD+, the UN program that aims to reduce emissions from deforestation and forest degradation. For example, in partnership with the International Finance Corporation (IFC) and Conservation International (CI) we developed a first-of-its-kind US$152 million Forests Bond, issued by the IFC in 2016. We provide a price-support mechanism for the bond, which supports the Kasigau Corridor REDD project in Kenya. During FY2019, we purchased additional carbon credits from the Kasigau Corridor project.",2
"During the year the Board received an update relating to the Group’s climate change strategy and approved a range of actions to support ongoing delivery, including strengthening the link between emissions performance and executive remuneration, establishing a new medium-term, science-based target for scope one and two emissions in line with the Paris Agreement, and the framework for a Climate Investment Program, which includes an amount of US$400 million as set out by the CEO in July 2019.",1
"Creating value also means helping address environmental challenges including climate change. Your Board is actively engaging with management on this critical task. This year, CIBC committed to support $150 billion in environmental and sustainable finance activities by 2027, underscoring our focus on enabling sustainable growth and helping make Canada and North America global leaders in environmental stewardship.",2
"To advance Science for Community, we unveiled an additional 2025 Sustainability Goal. Through the expansion of 3M Impact, our skills-based employee volunteer program, we committed to 300,000 work hours of service across the globe. We formed a new partnership with the international non-governmental organization Clean Air Asia, which will leverage 3M’s expertise to improve air quality and the lives of people in New Delhi and Metro Manila.",2
"$500 million 30-year bonds were priced with a coupon interest rate of 4.25 percent. The net proceeds from the issuance were used to finance or re-finance eligible projects as defined under OPG’s Green Bond Framework, namely, the November 2018 acquisition of Eagle Creek. OPG’s Green Bond Framework encompasses projects that offer tangible environmental benefits.",2
"Sustainable finance products are instruments that channel funds to finance customer transactions in sectors such as renewable energy, energy efficiency, waste management and water treatment, as well as access to social goods and services, including housing, education, health and employment. BBVA strives to contribute to creating the mobilization of capital needed to halt climate change and achieve the Sustainable Development Goals mentioned before. To this end, it has pledged to mobilize €100,000m in sustainable financing between 2018 and 2025.",2
"In 2019, CAPCO issued a HK$170 million, 25-year New Energy Bond to fund the construction of the West New Territories Landfill energy-from-waste project, which was an inaugural green bond for Scheme of Control-regulated business. This waste-to-energy project allows CAPCO to use landfill gas as energy source, offsetting emissions from some of its coal-fired power generation units and achieving significant environmental benefits.",2
"Transportation infrastructure for electric mobility is the focus of IFC’s $8 million investment in Lithium, India’s first electric fleet operator company. The project will provide job opportunities for up to 8,000 drivers over five years. This is IFC’s inaugural investment in electric mobility. The project supports electrification of transportation, which will help avoid annual greenhouse emissions of more than 25,000 metric tons per year.",2
"IFC Catalyst Fund: The $418 million IFC Catalyst Fund was launched in 2012 and invests in funds that provide growth capital to companies developing innovative ways to address climate change in emerging markets. It also may invest directly in those companies. As of June 30, 2019, the fund had made 22 commitments totaling $365 million.",2
"Creating markets for certified green buildings IFC has identified an investment opportunity of almost $25 trillion for green buildings in emerging markets, because of high population growth, urbanization trends, and deployment of existing technologies for resource efficiency. To tap into this potential, IFC created EDGE — Excellence in Design for Greater Efficiencies — a green building certification program for more than 150 countries.",2
"Our new sustainability strategy places a strong emphasis on improving our environmental performance by reducing emissions as well as improving products and packaging. At the same time, we reiterate our ongoing commitment to responsible operations. We will invest up to DKK 250 million over the strategy period to support our new sustainability strategy.",2
"We also invested in solar power generation with a £57 million long-term debt financing agreement to support Hermes Infrastructure, which provides solar photovoltaic systems for over 9,000 residential homes across the UK. This is a great example of how, across the group, we are seeking opportunities to address climate change and required energy transition.",2
"The need to decarbonise our business increases the cost of our activities through the need to retro-fit buildings to improve their sustainability credentials and reduces our ability to redevelop due to planning restrictions, increased regulation and stakeholder expectations, the increased cost of low carbon technology and potentially the pricing of carbon. Failure to meet the climate challenge could impact our ability to deliver new buildings, reduce the demand for the buildings we own, cause significant reputational damage and result in exposure to environmental activism and potentially stranded assets.",0
"The future of heat is uncertain, and its decarbonisation is reliant on relatively nascent technologies, such as hydrogen and carbon capture usage and storage, as well as biogas and heat pumps. These new and evolving technologies will need to be used in new contexts and on a scale that has not yet been demonstrated. We do not believe that any of these technologies can, in the next 30 years, reach sufficient scale to represent an existential threat to our gas businesses.",0
"The main impacts of the 4ºC scenario were: • Physical ramifications of climate change: in this scenario we expect extreme weather events of escalating severity and frequency, which could increase disruption to our assets and our customers. This would require investment to ‘harden’ assets and would heighten the safety risk to our field employees. Our approach to physical climate risk is discussed in more detail below. • Lower system visibility: as this scenario sees less coordinated policy and regulation in pursuit of decarbonisation, we would anticipate a greater variety of solutions being deployed across our networks. This could increase overall system costs and reduce visibility over the network, potentially slowing our responsiveness to disruptive events. We do note, however, that a greater number of distributed assets would increase the potential for local balancing, which could mitigate this. • Inequality of access: without carefully designed policy, we believe decarbonisation activities have the potential to leave some sectors of society behind: for example, heat pumps and the energy efficiency upgrades they typically require are currently cost-prohibitive for many. As well as the ethical implications of this, there is a risk to the Group, especially for our US businesses, that a proportion of our customers would struggle to pay their bills.",0
"Transitional risks AGL's Climate Statement reflects our approach to the strategic management of risks and opportunities associated with the energy transition. These risks incorporate policy and legal risk, technology risk, market risk and reputation risk. Transitional risks also include risks in end-of-life asset planning and the rehabilitation of assets. Misalignment of these plans with future scenarios may lead to possible stranded assets and revenue loss amid continued policy uncertainty.",0
"An event occurred on 3 July 2019, which resulted in an official caution being issued to AGLM on 21 April 2020. The event, which occurred at the Bayswater Power Station, involved oil leaking into the power station cooling water system. The official caution was issued for an alleged failure to comply with a licence condition that required plant and equipment to be maintained and operated in a proper and efficient condition and manner, respectively.",0
#NAME?,0
"The physical impacts of climate change can compound existing environmental risks to operations, supply chains and markets, and impact our ability to obtain key inputs or meet our customers needs. This impact may include disruption to upstream suppliers, manufacturing sites, and downstream warehousing and distribution. The transition to a low-carbon future may also impact the cost of inputs used in product manufacturing and customer demand preferences.",0
"In addition, the transition to a decarbonized society carries with it the risk of greenhouse gas emission regulations, such as the introduction and strengthening of a carbon tax, and technological improvements or rapid development of renewable energy technologies. There is a possibility that this shift could adversely affect the business performance and financial condition of the Company and its consolidated subsidiaries, especially those engaged in fossil fuel-related business. The likelihood of these climate-related risks is largely dependent on the status of efforts to prevent climate change under the Paris Agreement.",0
"The sectors most negatively impacted by 2050 as a result of carbon pricing and related policies include fossil fuel intensive industries such as coal mining, carbon intensive power generation, and oil and gas exploration and production. The utilities sector experiences a high variation in impact, with the least carbon intensive companies experiencing positive growth. Within the transport sectors, air transportation is more affected than shipping, with road and rail transportation least affected due to the relative availability of electrification.",0
"Under harsher public scrutiny, investors are being asked to refrain from investing in companies that are not environmentally friendly. Some investors have decided not to make new investments in coal-fired thermal power. As an energy provider and a company that is needed by its stakeholders, we must seriously undertake sustainable management.",0
"Climate change is increasing the frequency and intensity of natural disasters. According to a report by the United Nations Office for Disaster Risk Reduction (UNDRR), there were 7,255 natural disasters worldwide within the 20 years from 1998 to 2017, and 91% of them were climate-related. Moreover, among disasters associated with climate change, such as floods, storms, drought and heat waves, damage from floods and storms is particularly heavy, and the number of such disasters increased 2.2 times compared with the previous 20 years.",0
"In this environment, there are several the Group, as a global distributor, faces due to climate change. These include physical risks with increased likelihood of more extreme events such as storms, and heatwaves which could affect the business’s physical sites or its distribution process. A further risk is regulatory change, often by governments, designed to reduce greenhouse gas (GHG) emissions. These may render certain products obsolete whilst increasing demand for others. Other potential impacts include increases, for example, in the costs of air transport of inventory to meet customer demands. There is also reputation risk if the business is not seen to be taking deliberate and tangible actions to reduce its GHG emissions.",0
"Climate related risk Climate risk is a risk for the Group. The impacts of climate change have the potential to affect our customers’ ability to service and repay their loans, and the value of collateral the Group holds to secure loans. These impacts include long-term changes in climatic conditions, extreme weather events, and the action taken by governments, regulators or society more generally to transition to a low carbon economy.",0
" In a local context, over the short term, changes to events such as hailstorms and bushfires will need to be reflected in technical pricing assumptions. In the medium term, cyclones are expected to extend southward to more populated parts of Australia, potentially adversely impacting assets and infrastructure that were not built to withstand such events.",0
"Claims and insurance supply chain  Risks of growing numbers of natural perils related claims was demonstrated by the bushfire, hail and storm events this financial year. This presents a short-term risk to operational claims handling capacity. In the medium term, supply and demand imbalances have the potential to impact claims inflation. Underlying supply chain costs could be impacted by limited availability of raw materials and potential carbon regulation but, as noted above, this is expected to be relatively immaterial.",0
"Climate change and the rapidly evolving response to it may lead to a number of risks, including but not limited to: • Increased political, policy and legal risks (e.g. the introduction of regulatory changes aimed at reducing the impact of, or addressing climate change, including reducing or limiting carbon emissions); • Increased capital and operational costs, including increased costs of inputs and raw materials; and • Technological change and reputational risks associated with Lynas’ conduct.",0
"In development, too, we must harmonise the desire to create jobs and growth with a serious approach to climate investment. After all, our EU climate action will not stop global warming by itself, because 90% of emissions are generated outside the European Union. If the growing demand for energy in Africa, for example, is addressed through coal- and gas-fired power plants, our climate ambitions will literally go up in smoke.",1
"CLIMATE SOLUTIONS change. “When we think about livelihoods at risk from climate change impacts, we know that people living in developing countries, and especially the least-developed countries and small island states, are often most vulnerable and yet have the fewest financial resources to adapt,” says chief climate change expert Nancy Saich.",1
"Climate change is already a measurable global reality and our home country, South Africa, along with other developing countries, is likely to see a more pronounced impact due to the perceived lack of financial resilience. South Africa has an energy-intense economy and, as such, is a significant contributor to global carbon emissions.",0
"No changes have been made to the Bank Windhoek exclusion list, which is used to assess clients against activities that are not permitted due to unacceptable environmental and social impacts. No applications were declined on account of high risk, the exclusion list or any other environmental or social related reasons. No loans were turned down on account of the ESMS and there are no clients at risk of material breaches of environmental laws and regulations or unacceptable social and environmental impacts.",1
"The main credit risk the group faces is in relation to its Energy Efficiency Loan Scheme. This risk is actively managed with formal credit checking procedures at customer acquisition, and allowances for impairment are made where appropriate. Our bad debt provisioning policy is restricted to provide for loans in administration and where, in the opinion of management, recovery is not possible.",1
"The Group faces many other risks which, although important and subject to regular review, have been assessed as less significant and are not listed here. These include, for example, natural catastrophe and business interruption risks and certain financial risks. A summary of financial risks and their management is provided on page 29.",0
"Climate change presents an evolving set of risks and opportunities for Coles, and has the potential to contribute to and increase the exposure of other material risks. These include increased frequency/intensity of extreme weather events and chronic climate changes which can disrupt our operations and compromise the safety of our team members, customers, supply chain and the food we sell; changes to government policy, law and regulation, which can result in increased costs to operate and potential for litigation; and failure to meet expectations of stakeholders resulting in reputational damage.",0
"An inability to successfully manage and leverage our strategic third-party relationships, or a critical failure of a key supplier or service provider, may expose Coles to risks related to compromised safety and quality, misalignment with ethical and sustainability objectives, disruptions to supply or operations, unrealised benefits, and legal and regulatory exposure.",0
"2020 has been one of the most challenging and volatile years in recent history. In the first half of the financial year Australia experienced serious and prolonged drought conditions; the bush fires in early 2020 caused devastation along the eastern seaboard, and since then, the global COVID-19 pandemic has been causing unprecedented disruption and significant distress to many Australians.",0
"Over the long term, climate change will result in both acute events (e.g. increased severity and frequency of extreme weather phenomena) and chronic environmental changes (e.g. sustained higher temperatures). Resultant risks may manifest as: • operational risk (e.g. fines and penalties due to non- compliance) resulting in one-off losses or broader sustainability challenges (e.g. workforce absenteeism and illness due to extreme weather events) for the group or for clients; or • credit risk for the group due to damage to physical property and infrastructure resulting in productivity losses or supply chain disruptions which impact customers’ cash flows and ability to service existing debt.",0
"In the short term, changes in client behaviour and investor preferences for less carbon-intensive assets and products may result in market, reputational or legal risks for the group. The market risk arises from changes in asset prices and market spreads given investor capital allocation changes. Reputational or legal risks may arise if clients or funders perceive the group’s operational and financing activities to be aggravating climate change.",0
"In 2013, Nationwide identified a gap in how and when lenders collect data regarding the mortgage security property, which impacts risk management and the customer journey. This often means that consideration of environmental risks on the property is limited and only takes place after the mortgage offer has been issued through the conveyancing process, which can be inconsistent and is reviewed by a professional who is not qualified in this area.",0
"In the fiscal year ended March 31, 2020, GHG emissions from the Head Office, Company offices and branches, and domestic and overseas subsidiaries were 0.75 million tons. Further, GHG emissions from un-incorporated joint ventures in the metal resources and energy field totaled 3.07 million tons. As a result, total GHG emissions were 3.82 million tons. In addition, Scope 3,",1
"Ensuring our business is resilient to long-term supply and demand requirements is a stretching target but critical to fulfil our customers’ needs. Climate change is a major challenge to our business that can impact our assets and service to our customers. We operate in the driest region of the UK, classed as ‘water stressed’ by the Environment Agency, and our low-lying landscape makes us particularly vulnerable to localised flooding during severe weather events. We see the inherent risk continuing to increase for the business, with the effects of climate change, customer demand and environmental challenges, hence an Amber status.",0
"Page 44 • Physical risks: There could be significant physical risks from climate change under both our 4°C and 1.5°C scenarios. These risks could be driven by increased temperature, increased storm intensities, sea level rise and changes in rainfall amount, seasonality and the intensity of extreme events. The types of change are similar under the two scenarios, but their expressions could be much more severe under the 4°C scenario.",0
"From a business continuity standpoint, MGC has identified production downtime due to drought or flooding of production facilities as a water-related risk, formulated the business continuity plan (BCP) that addresses this risk and implemented measures to mitigate it. None of the areas in which MGC’s plants are located has experienced either adverse impacts on production activities due to water stress or conflicts with stakeholders regarding use of water resources.",0
"Physical risks • Risks that consist of chronic physical risks (rise in average temperatures and sea levels, etc.) and acute physical risks (increase in abnormal weather, such as typhoons and flooding, etc.) which are associated with physical changes due to climate change • Impacts could increase under the scenario of significant long-term increase in temperatures due to inadequate climate change countermeasures by each country • Increase in insurance claims and benefits paid due to increase in heat strokes and infectious diseases associated with global warming • Increase in insurance claims and benefits paid associated with increase in flooding due to typhoons, etc.",0
"(changes in consumption behavior, failure of investments in new technologies, etc.), policy and regulatory system risks (tightening of regulations on greenhouse gas emissions, etc.), and reputational risks (criticism of industry, changes in consumer choices, etc.), which are associated with the transition to a low carbon society • Impacts could increase under the scenario of reductions in long-term increase in temperatures due to adequate climate change countermeasures, such as the development of new technologies and utilization of carbon recovery and storage technology • Decrease in corporate value of companies with inadequate responses to environmental change, including the introduction of carbon taxes, damage to assets due to market and social environment changes, development of new technologies, response to changes in consumer behavior, etc.",0
"(11) Climate change The negative effects of climate change are becoming increasingly severe and are thus recognized as social issues that must be addressed globally, as demonstrated by the Paris Agreement and the SDGs. The process of manufacturing chemicals emits large amounts of greenhouse gases (GHG), the primary cause of climate change. The physical risks associated with climate change and risks pertaining to the transition to a low-carbon society have the potential to adversely affect the Group’s business results and financial position. Accordingly, the Mitsui Chemicals Group considers its response to climate change a key issue (materiality).",0
"In terms of physical risks, extreme weather events such as typhoons and floods have the potential to become more serious. Such events could lower production capacity at the Group’s manufacturing bases and trigger an increase in costs from damages. Moreover, in regions where there is a heightened water risk owing to fluctuations in rainfall, production activity at our manufacturing bases may be limited by restrictions on water use as a result of drought.",0
We worked with the UK government to accelerate the transition to electric vehicles to cut carbon emissions and improve air quality for communities the length and breadth of the country. We were pleased to see a £500 million commitment in the 2020 Budget to support the rollout of new rapid-charging hubs so drivers are never more than 30 miles from a charging point.,2
"Our ESO RIIO-2 plan proposes new activities that will generate net benefits of around £2 billion for consumers over the five-year RIIO-2 period and spend over its two-year price control (2021–2023) of £514 million. The ambitious ESO plan focuses on how the ESO must evolve to meet the challenges of the changing energy landscape. Supported by a new, bespoke regulatory model designed to drive the right behaviours and outcomes, the ESO will facilitate the transition to a zero-carbon power system. Under RIIO-2, the ESO will lower average annual consumer bills by around £3.",2
"Our investors also expect that we stand for something far more than providing economic returns. To facilitate the change towards net zero, in January 2020, we also announced the launch of our first green bond, issued by National Grid Electricity Transmission plc. The €500 million proceeds from the bond issuance will finance electricity transmission projects with environmental benefits.",2
"In our Electricity Transmission business, we propose £1.35 billion of expenditure to connect new generation and transport electricity across the country to where it is consumed, connect us to neighbouring electricity markets and support the Electricity System Operator in being able to operate a zero-carbon electricity system by 2025. Whilst consistent with Ofgem’s business plan criteria, we recognise that these investments alone are insufficient to deliver net zero targets and have therefore proposed whole system options to accelerate progress towards net zero, for example through ultra-rapid vehicle charging at motorway service areas. As the optimal path to achieving net zero is unclear, we developed a series of uncertainty mechanisms that allow our plans to flex to deliver against the range of low-carbon system developments our customers could bring forward.",2
"Across all our businesses our plans include targets and commitments to manage our own environmental impact, with £530 million of investment planned across Electricity and Gas Transmission. We have committed to reducing NOx emissions from our gas compressors, and achieving net zero construction emissions by 2025/26. We are targeting investments to replace leaking SF6 (an insulating gas and source of GHG emissions) equipment to reduce emissions by 50% by 2030, phasing out the procurement of new assets containing SF6 and introducing SF6 free technologies.",2
"In the US gas distribution businesses, we are focused on decarbonising our gas networks and the heating sector. We are doing this by reducing emissions related to natural gas through energy efficiency and demand response, continued investment in our leaking pipe replacement programmes and advancement of the future of heat. For example, we included a $90 million future of heat proposal in our April 2019 KEDNY/ KEDLI filing which combined expanded energy efficiency and demand response programmes, renewable natural gas interconnection investments, geothermal investments, and a hydrogen blending study. We plan to include future of heat proposals and continued pipe replacement programmes in our next Niagara Mohawk and Massachusetts gas rate filings. This work aligns with the Rhode Island Heating Sector Transformation, launched by the Governor in July 2019 to identify how the heating sector needs to change to meet the state’s climate objectives. This initiative concluded in April 2020 with recommendations provided to the Governor. Those recommendations included increased energy efficiency, electrification through air and ground source heat pumps, and fuel decarbonisation through renewable natural gas and renewable oil.",2
"We strengthened our commitment to responsible ownership by investing directly in projects and companies that are making a positive impact, such as a $170 million commitment to affordable housing. And through the development of our new Climate Change Portfolio Transition Plan, we’ve committed to transitioning our investment portfolio to carbon neutrality, achieving net zero emissions by 2050.",2
"IFC Catalyst Fund: The $418 million IFC Catalyst Fund was launched in 2012 and invests in funds that provide growth capital to companies developing innovative ways to address climate change in emerging markets. It also may invest directly in those companies. As of June 30, 2020, the fund had made 22 commitments totaling $386 million.",2
"IFC partners with more than 30 governments, 20 foundations and corporations, and a variety of multilateral and institutional entities. In FY20, our development partners committed $288 million for IFC’s Upstream and advisory services and $22 million for blended finance initiatives to support private sector investments in countries most affected by fragility and conflict, as well as projects related to gender, climate, financial inclusion, sustainable infrastructure, agribusiness, and manufacturing.",2
"Climate Action Plan: IFC continues to focus on five strategic priority areas of climate business — clean energy, climate-smart agribusiness, green buildings, climate-smart cities, and green finance — as well as account for climate risk in key high-risk sectors. IFC’s climate strategy is part of the World Bank Group’s Climate Action Plan which ran through FY20. The WBG Climate Action Plan is being updated and will cover FY21-25. • FY20 own account investment in climate: $3.3 billion • FY20 mobilization of external private capital: $3.5 billion • Integrate climate in post-COVID rebuild • Target future market growth in nature-based solutions, carbon capture and storage, and electric vehicles",2
"IFC is targeting new growth areas in energy storage, transportation logistics, distributed renewables, off-shore wind, nature-based solutions, and carbon capture and storage. In March 2020, IFC hired an electric vehicle (EV) industry specialist to help build IFC’s business across the EV value chain, including charging infrastructure, manufacturing, batteries, and financing platforms.",2
"Medium-Term Business Plan 2017 includes a capital expenditure plan of ¥400 billion over five years as a means of “preparing the way for the future” to achieve our Vision for the Future. As of the end of FY2020.3, we have invested ¥273.4 billion cumulatively. In FY2021.3, we will continue investing in our real estate leasing business and renewable energy business. We will also be actively investing in R&D of construction technologies (such as building next-generation production systems) and digital transformation to dramatically raise productivity. We are also stepping up alliances with startups that have leading-edge technology.",2
"The Group is a major provider of non-retail loans. A key step in credit risk due diligence for non-retail lending is the assessment of potential transactions for environmental, social and governance (ESG) risks, including climate risk, through our ESG Risk Assessment Tool. All Institutional Bank loans, as well as large loans in other business units, are evaluated through the Group’s compulsory ESG risk assessment process. The risk of climate change is assessed at origination and during the annual review process for Institutional Bank loans. Exposures with medium or high risk profile are subject to additional due diligence and heightened consideration and assessment in the credit process. During the year ended 30 June 2020, the Group recognised provisions for impairment of $90 million reflecting the impact of extreme weather events on the credit quality of the Group’s loan portfolio.",0
"Funds, launched a Climate Risk Monitoring Service and we also launched our £2.1bn All World Equity Climate Multi Factor Fund. RI will remain a high priority for all stakeholders in the Central Pool in the years ahead and we will continue to develop and enhance our corporate capabilities in this area.",2
"In 2020/21 we are investing €4.9m to improve the Erne and Derg cross border river catchments that are a source of our drinking water, piloting changes in land management techniques such as fencing to exclude livestock and replacing boom spraying of the herbicide MCPA for rush control, with weed wipers, which helps to reduce the amount of herbicide running off into our rivers and streams. It is hoped these initiatives will help restore nature and improve the water quality before it reaches our works.",2
"Business Opportunities MUFG aims to contribute to environmental and social sustainability and help realize United Nations Sustainable Development Goals (SDGs) through financial services. We have committed to extending a total of ¥20 trillion for sustainable financing over a period spanning fiscal 2019 through fiscal 2030 (of this, ¥8 trillion will be used for environmental finance). In fiscal 2019, we made great progress, extending a total of ¥3.7 trillion.",2
"Of this, ¥8 trillion will be used for environmental finance aimed at helping counter climate change and otherwise addressing environmental concerns. Specifically, we will help popularize renewable energy via project finance while issuing Green Bonds whose net proceeds are allocated to Eligible Green Projects. We will also deliver other products and services designed to help reduce the environmental burden, with the aim of supporting the transition to a decarbonized society. (Please also refer to page 58 for details.)",2
"That is where the European Circular Bioeconomy Fund steps in. On its way to raising €250 million for the bioeconomy and circular bioeconomy, the Fund invests in early-stage companies with proven technologies that need financing to scale up their operations and to expand into bigger markets. The bioeconomy and circular bioeconomy are key elements in making the economy more sustainable and protecting the environment. The bioeconomy reduces our dependence on natural resources by promoting sustainable products that use renewable biological resources (such as lupins) to produce food, materials and energy.",2
"The European Investment Bank, the EU climate bank, signed a loan of up to €57.5 million to the Greek state in July 2020 to finance the construction and equipment of the Geophysical Observatory in Antikythera and the new oceanographic vessel. These projects have an implementation horizon of five to six years.",2
"On the other hand, we believe that green finance in companies, technologies, and projects that contribute to a low-carbon society will lead to an increase in investment and finance opportunities. For the Medium-Term Management Plan period from fiscal 2017 to fiscal 2020, we have set a quantitative target for ESG-themed investments and finance of ¥700 billion and are actively working to achieve this target.",2
"$40 trillion in assets. Signatories to Climate Action 100+ are requesting the boards and senior management of companies to: • Implement a strong governance framework which clearly articulates the board’s accountability and oversight of climate change risks and opportunities • Take action to reduce greenhouse gas emissions across the value chain, consistent with the Paris Agreement’s goal of limiting global average temperature increase to well below",1
"Our first £250-million, eight-year bond will mature in August 2025 with a return to investors of 1.625 per cent. Since the successful launch of that debt transaction, we have raised a further £627 million of Green Bonds to investors in the UK and the United States in accordance with the ICMA Green Bond Principles.",2
"Our capital expenditure programme is focused on maintaining and improving our assets and services, ensuring we can deal with growth, and on meeting water quality and environmental standards. In AMP6, we completed a £2.2 billion programme of investment, delivered by our alliance partners, which will help provide our services until 2030.",2
"In 2020, we invested £880,000 in delivering over 20 energy efficiency projects including a boiler upgrade, building management systems optimisation, improved lighting controls, and the installation of LEDs. These are expected to result in annual energy savings of 2,250,000 kWh. Over the next 12 months, we will pursue ISO 50001 accreditation at our commercial offices.",2
"To bring focus to operational performance, we undertook a pilot certification of seven assets under BREEAM In Use. We will certify a further 30 assets over the next 24 months and have underpinned this goal with the announcement in March of a £450m ESG linked Revolving Credit Facility that requires a continual increase in green building certifications.",2
Key actions: • • Refreshed our Climate Change Roadmap Refreshed our Climate Change Roadmap to include commitment and pathway to to include commitment and pathway to target a 45% absolute emissions reduction target a 45% absolute emissions reduction by 2030 and net zero greenhouse gas by 2030 and net zero greenhouse gas emissions across our whole investment emissions across our whole investment portfolio by 2050. portfolio by 2050. • Allocated 1% of the Growth (Cbus MySuper) • Allocated 1% of the Growth (Cbus MySuper) portfolio or ~$500 million for investments portfolio or ~$500 million for investments in climate change mitigation opportunities.in climate change mitigation opportunities. • Engage with companies we invest in to • Engage with companies we invest in to influence them to reduce their carbon influence them to reduce their carbon emissions and contribute to meeting the emissions and contribute to meeting the Paris Agreement targets and SDGs.Paris Agreement targets and SDGs.,1
"With regards to the energy transition, we carefully monitor sector-specific developments linked to the move towards a low-carbon economy. For upstream oil and gas, our credit assessments include a strong focus on production costs. By focusing on low-cost production, we work with our clients to ensure their businesses are resilient to the risk of 'stranded assets'.",0
"In regard to public policy risks, S&P Global monitors and engages on relevant developments globally through its Government Affairs function. The Company has established internal governance and reporting frameworks to identify, analyze, elevate, and engage on public policy risks and opportunities, including those associated with climate and environmental policy, sustainable finance, and related legislative initiatives.",1
"Citi is on track to meet our climate-related targets. We will continue to set new goals and report new metrics as the need and opportunity arises to help us manage our climate change risks, opportunities and responsibilities. We will also continue to evaluate how we can create new and better metrics and targets to review and report on our climate- related strategy as it evolves.",1
"We did so by replacing less-energy-efficient models with more efficient ones, all compliant with the latest standards of DOE2017 and e-star3, saving approximately 3.2 billion kWh of energy compared to 2015.",2
"Project using non-mechanized mining technology More than 2 new coal mine projects with underground mining face Project using backward production process equipment for coal mining While restricting the underwriting and investment in the coal industry, Ping An continuously optimizes financial resources to support the development of renewable energy.",1
"In 2019, ING joined the United Nations Environment Programme FI Pilot Project on Implementing the Task Force on Climate-related Financial Disclosures Recommendations for Banks, where ING specialists participated in sector working groups, including the oil & gas group. This experience has given us further qualitative and quantitative insights into the potential impacts of climate risk on our current lending portfolio and future business. https://new.ingwb.com/binaries/content/assets/insights/research-reports/energy-scenarios/ing-energy-scenarios-report.pdf https://www.ing.com/Newsroom/News/ING-further-sharpens-coal-policy-to-support-transition-to-low-carbon-economy.htm https://www.unepfi.org/banking/tcfd/ https://www.unepfi.org/banking/tcfd/",0
"3.6.1 Measure of strategic resilience against a 2 C scenario Societe Generale's strategy is reflected in its portfolio allocation, and therefore a measure of the strategic resilience of the Group against a 2 C scenario is a measure of the portfolio allocation against a 2 C scenario.",0
"Our generation capacity represents approximately 14 per cent of Australia's total NEM. We have a slightly lower proportion of coal than the NEM average and we continue to grow our share of wind and solar renewables. We have less hydro than the NEM average, reflecting the significance of the government-owned Snowy Hydro scheme. We also have a higher proportion of gas, which serves as more reliable, dispatchable ('firming') capacity for the market as coal is retired and renewable generation increases.",1
"UBS is also involved in other activities to reduce gaps in climate-related financial data. We support the CDP, as an investor member as well as a questionnaire respondent, in their aim to improve company disclosure of risks and opportunities related to natural resources. We are also on the advisory panel of the Natural Capital Finance Alliance's advancing environmental management project.",1
"HayWired Resilient Business Challenge In 2018, JPMorgan Chase participated in the San Francisco HayWired Resilient Business Challenge, which is designed to help businesses increase their own preparedness and mitigate the impact an earthquake or other natural disaster could have on their ability to resume business activities.",0
"The Bank will also use the scenarios and results from the 2021 BES to assess any vulnerabilities it may face on its own balance sheet. This will build on the work done to analyse the exposure of the Bank's investment portfolios to the risks from climate change, which are set out in Chapter 4.",0
"Assessing our portfolios in relation to the Paris Agreement on climate During 2019 we started implementing measures to fulfil the Collective Commitment on Climate Action. A key action was our participation, along with 16 other banks, in the PACTA (Paris Agreement Capital Transition Assessment)3 pilot led by 2 Investment Initiative (2Dii). This internationally recognised methodology allows banks to compare the alignment of their corporate lending portfolios with 2 C benchmarks.",1
"Primarily concerning the below 2 C scenario, analysis was implemented on the impacts on credit rating in each scenario, and the financial impact on the overall credit portfolio in the targetted sectors.",0
"For separate account clients, we make this data available directly to the client upon request. In addition to supporting our clients in considering climate and other sustainability-related risks to which a given fund may be subject, making this data available to our clients supports our clients' abilities to report Greenhouse gas emissions data for their investments. On pages 39 and 40, we provide an example of the product-level disclosure provided to clients.",0
The cost of the loan is associated with a Greenhouse gas emissions reduc- tion target of 1 million metric tons by 2025; o another $750 million SLL was syndicated for Finnish forest industry company UMP.,1
"Mobilizing private and institutional capital: We mobilize capital to support environmental and social issues, including the transition to a low carbon economy. For example: - We offer 100% sustainable discretionary mandates and asset allocation funds based on our new dedicated SI Strategic Asset Allocation for private clients in Global Wealth Management (GWM). - Our GWM in collaboration with AM is developing a range of new thematic and pooled impact investments. - Our GWM has committed to integrating Environmental, Social, and Governance assess- ments, including a dedicated climate dimension, into all fund and ETF onboardings. - We have set a target of directing USD 5 billion of client assets into new impact investments for the Sustainable Development Goals by end of 2021. These investments include a significant climate component. - We participated in launching Align17 - a WEF Young Global Leaders initiative - an independent, third-party digital marketplace, which stands out in connecting a wider range of public, institutional, and private wealth investors with SDG-related investment opportunities. - Our AM and GWM businesses have in place a comprehen- sive approach to environmental and social factors and to corporate governance across investment disciplines. The 2018 GRESB (Global Real Estate Sustainability Benchmark) awarded ten of AM's real estate and infra- structure funds 5 - star ratings, and seven funds ranked first in their respective peer groups.",2
"The new index was built in three stages: - Firstly, Controversial Weapons Manufacturers were excluded from the universe of stocks that make up the FTSE All World Index universe, as the Trustee has a financial preference for avoiding such stocks where possible. - Secondly, a four-factor index was created (Value, Quality, Low Volatility and Low Size) that rebalances regularly through time to create a 'Balanced Factor' index with more attractive risk-return characteristics than the standard market capitalisation index. - Finally, three climate-related tilts were applied to the 'Balanced Factor' index to create a 'Climate Balanced Factor' index. The FTSE All World (ex CW) Climate Balanced Factor Index tilts away from Carbon Reserves and Carbon Emissions, whilst positively tilting towards Green Revenues. The tilts are set such that the inclusion of the climate-related tilts introduces a relatively modest tracking error compared to the Balanced Factor index without climate tilts. This allowed the Trustee to conclude that the new index was consistent with its fiduciary duty and provided an element of Climate Change protection.",2
"Environmental, Social, and Governance Evaluation In April 2019, Ratings launched a comprehensive Environmental, Social, and Governance Evaluation that enables companies to measure their long term preparedness to manage Environmental, Social, and Governance exposure and opportunities. The Environmental, Social, and Governance Evaluation combines quantitative and qualitative analysis and considers both near-term and longer-term Environmental, Social, and Governance risks and risk mitigants for the subject company/entity. Our criteria for evaluating Environmental, Social, and Governance risks will vary by issuer type depending on the issuer's sensitivities; corporate analysis considers risks in the context of the company's business risk profile, financial risk profile, and management and governance assessment; sovereign analysis considers an assessment of institutional quality and governance effectiveness, while U.S. public finance analysis will typically consider Environmental, Social, and Governance factors in the context of management effectiveness and planning. In addition, Ratings has also added Environmental, Social, and Governance sections to its credit ratings reports on corporate entities, increasing transparency into how it incorporates Environmental, Social, and Governance factors.",1
"25II. STRATEGY: ACTUAL AND POTENTIAL IMPACTS OF CLIMATE-RELATED RISKS AND OPPORTUNITIES ON BNP PARIBAS' BUSINESSES, STRATEGY AND FINANCIAL PLANNING nus. A total of 1,057 Auto Ecologiques loan were issued in 2019 amounting to $27 million. - BDDF also launched EnergiBio, a lower-rate consumer loan used to fund energy renovation projects. - In Belgium, BNP Paribas Fortis offers green mortgage loans to make homes more energy ef- ficient (construction of new homes or renovations of existing homes), which amounted to $3.6 billion at end-2019. - In the United States, Bank of the West offers lower rates on certain home loans to promote en- ergy efficiency renovations.",2
S&P Global has developed a suite of products across its underlying business units that help clients in this transition and will continue to invest in innovative solutions that power sustainable markets of the future.,2
"In 2018, our Robo Investment Subsidiary Wealthify launched an ethical investment option, focused on four ethical/SRI funds. Interest from customers has grown steadily with 25% of new customers selecting the ethical option. This now accounts for 13% of total assets under allocation for Wealthify and growing.",2
"Sasol promotes effective management and achievement of climate-related targets and objectives through appropriate performance incentives. With the exception of Mining employees below management levels who participate in production bonus plans, short-term incentives are distributed through the single short-term incentive (STI) structure, which applies to all other employees globally. Corporate performance targets are set in relation to the long-term incentive plan and are measured over a period of 3 years.",1
"Based on the information provided by the business delivery teams and the work of the Environment and Sustainability Department, Risk Management: - provides an independent assessment of risks associated with individual investments undertaken by the EBRD - performs an ongoing review of the portfolio to monitor the risks presented by investments from inception to repayment or exit, and - assesses and proposes ways to manage risks arising from correlations and concentrations within the portfolio.",0
"In anticipation of regulatory policies we are seeking to take advantage of the opportunity to deliver sustainable solutions for our clients. One example is our Mission 2030 statement, in which we state that we want to raise the average energy performance of all buildings financed by ABN AMRO to energy label 'A' by 2030. By starting this process, we mitigate the transition risk of these upcoming regulatory policies that may materialise soon. Our progress on this target is shown in the 2019 Non-Financial Data & Engagement report.",1
"That said, over the next year, we are undertaking an assessment of available methodologies for measuring financed emissions in order to determine the feasibility of using these methodologies to help align our financing activities with the goals of the Paris Climate Agreement.",1
"In addition to participating in international working groups associated with the Principles for Responsible Banking, the Bank participates in the work of the Canadian Bankers Association on the following issues: Scenario analysis Integrating climate-related concepts into risk management Defining a Canadian taxonomy Monitoring key developments and best practices Standardizing of calculation methodologies Peer-to-peer comparison exercises Increasing the Efficiency of Our Operations In addition to its efforts to develop sustainable products and services, the Bank has identified opportunities to be greener in its operations.",2
"We are further improving the Greenhouse gas intensity of our manufacturing and fleet operations through the use of alternative and renewable fuels, such as renewable compressed natural gas (RNG) and biomass, as well as renewable electricity purchased or generated on site.",1
"In 2018, we committed to halving our scope 1 and 2 emissions intensity by 2030, from a 2017 baseline. We use a carbon intensity target per person, as headcount is closely linked to levels of business activity and this allows us to reflect the impact of acquisitions and disposals without needing to adjust our baseline. Our target was developed to align with climate science using a methodology aligned to the Science Based Target Initiative.",1
"In May 2020, BBVA was the first private financial institution in Europe to issue a COVID-19-related social bond and, two months later, the Bank was the first financial institution to issue contingent convertible perpetual bonds (CoCos) classified as green bonds, for EUR 1 billion. The funds will be used to finance eligible green assets in BBVA's portfolio. The portfolio is diversified into assets from different green sectors: energy efficiency, renewable energy, sustainable transportation, waste management and water management.",2
"In the US, the SEC has taken positive steps to facilitate e- delivery of mutual fund shareholder reports through the adoption of Rule 30e-3, which allows Registered Investment Companies to transmit shareholder reports electronically (subject to certain requirements). The ICI estimated that the adoption of Rule 30e-3 would save 1.87 million trees annually.63 Rule 30e-3 is effective beginning January 2021. We have long advocated for e-delivery given its benefits to investors and the environment, and we have encouraged the SEC to allow e-delivery as the default transmission mechanism beyond what they accomplished with 30e-3. In November 2020, the SEC Asset Management Advisory Committee recommended that the SEC further expand e- delivery. 64",1
"Give investors an understanding of the implications of developing portfolios in accordance with the Paris Agreement by testing approaches and methodologies for real portfolios and to analyse financial characteristics, risks and opportunities associated with developing portfolios in accordance with the Paris Agreement.",1
"Two key reports were published in the 2020 nancial year, including a nance report and a science report which are available at: https://www.cmsi.org.au/reports - Climate-KIC Australia (Climate-KIC) - The Group has been working with Climate-KIC and a number of other organisations, including government agencies and industry bodies on an Adaptation Finance Project.",1
"The engagement is driving improved conversations with our customers about climate change risks, allowing us to make more informed lending decisions and policies. Over time we expect more of our customers to report on their transition plans. We also intend for discussions on climate-related risks and opportunities to become part of regular discussions with all Institutional and corporate customers.",1
"In relation to our commercial activity we have set a green finance target to raise and facilitate 120Bn euros between 2019 and 2025 and 220Bn euros between 2019 and 2030. This includes Santander's overall contribution to green finance: project finance, syndicated loans, green bonds, capital finance, and export finance, advisory and other products to help our clients in the transition to a low carbon economy.",1
"Accordingly, as of 2019, BNP Paribas uses the me- thodology developed, on a sector-by-sector basis, by the think tank '2 Degrees Investing Initiative', to calculate the loan book's profile at various maturity dates for five high-carbon sectors (extraction of fossil fuels, electricity generation, transport, steel produc- tion and cement production). The method, tailored to each sector, employs benchmark scenarios used and developed by independent organisations such as the International Energy Agency (IEA). For electricity ge- neration, extraction of fossil fuels and the automotive sector, the approach is based on the energy mix33 or technology mix. For aviation, maritime transport, cement and steel, carbon emissions intensities are analysed.",1
"Paper and waste: the BBVAsinplastico project (https://www.bbva.com/es/el-plastico- una-especie-en-extincion-en-bbva/) was launched with the aim of eliminating most single-use plastics in corporate headquarters, replaced by biodegradable materials. Plastic bottles from catering services were also replaced with purified water sources and digital soft drink stations in several buildings in Spain. These measures help reduce the use of more than 500,000 plastic bottles per year11.",1
"While supporting our customers to reduce their emissions, we are also seeking to reduce the environmental impact of our own operations. We have a suite of environmental sustainability targets aimed at lowering our carbon emissions, reducing our water and paper consumption and increasing our recycling rates. See our 2019 Environmental, Social, and Governance Supplement, to be released in December, for detail on how we have performed against these and our other targets.",1
"Based on these metrics, BNP Paribas set interme- diate targets for itself. The long-term ambition is clear (to align its businesses with the Paris Agree- ment goals), but to achieve that ambition calls for short and medium-term targets in more specific bu- siness lines, allowing the Group to steer its various business operations with greater precision.",1
"The EBRD's target to increase green financing to 40 per cent of its total annual financing by 2020, was achieved in 2019, with total GET-eligible finance reaching 46 per cent.7 The Bank is currently in the process of preparing its next green economy targets to cover the period 2021-25.",1
"Reflecting our efforts to help expand re/insurance protection by working with public-sector clients, we made a commitment to the United Nations to advise up to 50 sovereigns and sub-sovereigns on climate risk resilience and to offer them USD 10 billion of insurance cover against this risk by 2020. You can see the progress we have made against this goal in the middle table on page 165. We also made a commitment to the Insurance Development Forum (IDF), in line with the InsuResilience Vision 2025 goals. This includes delivering climate and other natural hazards risk modelling, developing risk transfer solutions as well as offering capacity for climate risk insurance to increase insurance protection for selected climate-exposed countries.",1
"Any misalignments will be represented at sector, technologies and counterpart level and road-testing banks will be able to leverage the methodology for reporting and steering potential capital misallocation, in order to be aligned with the 2 C goal of the Paris Agreement. The underlying matching software and calibration for matching instruments will be made publicly available at the end of the project.",1
"As a result of this exercise, with data at 30 June 2020, 18.4% of the exposure measured by EAD (equivalent to 9.7% of the Group's EAD) of the wholesale portfolio has been identified as corresponding to sectors defined as 'transition risk sensitive', with a very high, high or intermediate level of exposure to this risk. This calculation was made on a portfolio of EUR 237.4 billion, corresponding to the EAD of the wholesale lending portfolio (EUR 451.7 billion of the Group's EAD).",0
"Launched by Bill Gates during the Conference of the Parties - Climate Change 21 conference, the coalition combines innovative re- search funded by public-private partnerships; - BNP Paribas helped draft the Charter for Engagement 'Women leading climate action', of the Women's Forum, a charter that has now been signed by nearly 400 corporations, opinion leaders and other organisations.",1
For example: The Fuel Management team performance score is tied to the company's Canadian rail industry emission intensity reduction target of 6% by 2022 from a 2017 baseline and we engage with our suppliers to obtain key information on and optimize our fuel blends in alignment with the Canadian Renewable Fuel Standard and impending Clean Fuel Standard.,1
"In Singapore, we have begun proactive engagement and advocating collaboration with the National Climate Change Secretariat and Centre for Liveable Cities as part of 100 Resilient Cities, and lead business engagement and roundtables to share and discuss longer term climate risks.",0
"STRATEGY (S) a. Identifying and managing cli- mate-related risks and opportuni- ties with different time perspec- tives The most significant and largest-impact cli- mate risks and opportunities are related to our investment assets. In terms of our own operations, the impacts are minor. Indirect risks mainly arise through our customers' business.",1
"Our Commitment to Transparency in Stewardship Given the growing interest in our stewardship efforts from clients and broader society, we have significantly increased investment stewardship disclosure in 2020, including: - BlackRock Investment Stewardship 2021 Global Principles and market- level voting guidelines: Sets out our stewardship philosophy and our views on corporate governance and sustainable business practices that support long-term value creation by companies. Our market level voting guidelines provide detail on how we implement the principles, taking into consideration local market standards and norms. Together they form the basis for our stewardship activities, including thought leadership, company engagement, and holding companies accountable by voting on management and shareholder proposals. - Our approach to sustainability: Special report on our approach to voting on climate risk and other sustainability topics. - Global quarterly stewardship reports: Case studies on individual engagements and data on the number of companies BIS engaged with during each quarter globally across a range of E, S, and G topics, including COVID-19 related issues. - Global vote disclosures: BIS' vote instructions for individual meetings globally. This record reflects votes at meetings held from July 1st through June 30th of the following year. It is updated quarterly until June 30th each year, when it is superseded by BlackRock's annual Form N-PX filing. - Vote bulletins: Vote bulletins describe our votes and rationales for key complex or high-profile votes. This has included bulletins on votes for more than 50 companies during the 2020 calendar year.31 - Enhanced client reporting: We implemented a new capability through Aladdin to deliver portfolio-specific company engagement reports for our clients.",1
"In order to address stakeholder concerns, we will only provide financing to clients who have projects to reduce materially their overall emissions intensity, and a plan for the company as a whole to have lower emissions intensity than the level of the median global oil producer by the end of the decade. This approach takes into consideration the just transition for the workforce and communities currently dependent on the oil sands industry in Canada. We have been in deep discussions with the government of Canada about this and believe that this position, which it supports, is the right position to adopt and the best way of enabling our clients which have operations in the oil sands to participate in transition.",1
"JPMorgan Chase is committed to reporting on our approach to and performance on a range of environmental and social issues. Our annual Environmental, Social, and Governance Report is one of the principal channels through which we discuss how we are addressing Environmental, Social, and Governance matters that we and our stakeholders view as among the most important to our business. We also strive to support industry-led efforts related to Environmental, Social, and Governance disclosure, such as through our participation on the TCFD. https://am.jpmorgan.com/blob-gim/1383499229069/83456/2018-Global%20Procedures%20and%20Guidelines-FINAL.pdf https://am.jpmorgan.com/blob-gim/1383499229069/83456/2018-Global%20Procedures%20and%20Guidelines-FINAL.pdf",1
Plants. This methodology is forward-looking and uses the IEA's 2 C scenario. This has allowed the Group to set target and transition away from coal power generation and extraction. Output from this analysis shows that the credit portfolio in these two sectors is aligned and below a 2 C scenario. - Societe Generale has also tested a credit portfolio alignment methodology developed by the 2 C Investing,1
"Metrics and Targets Scotiabank sets, monitors and reports on climate change related performance and targets annually in Scotiabank's Sustainable Business Report. The Bank also reports to Carbon Disclosure Project (formerly the Carbon Disclosure Project). As part of Scotiabank's Climate Commitments, the Bank is tracking the initiatives that underlie its commitment as part of the metrics and targets it has adopted pursuant to these Commitments.",1
BNP Paribas work together withe banks having signed the Katowice Commitment to test and recom- mend to test and recommend ways to improve the general methodology developed by the 2 Degrees Investing Initiative.,1
We have developed two new portfolio metrics to provide greater transparency to the alignment of our power generation and commercial building portfolios with climate scenarios. These two sectors were chosen because electricity generation is responsible for around a third of Australia's national emissions with the non-residential buildings sector among the largest final end users of electricity. Supporting our customers' efforts to decarbonise the electricity supply and reduce the energy needs of commercial buildings will be key focus areas for ANZ over the coming decades.,1
"The Group carried out a variety of initiatives with investment clients throughout 2019: - The Group launched 10 Climate indices which raised over $750 million in 2019, and the green funds managed by BNP Paribas Asset Management (primarily invested in alternative energies and energy efficiency) totalled $11.6 billion in AuM at 31 December 2019. - BNP Paribas Cardif, the insurance subsidiary of BNP Paribas, more than doubled its green investments in the general funds of its domestic countries (France, Italy, Luxembourg).",2
"Ping An owns multiple working premises and properties in China, and the majority of resource consumption comes from the use of electricity, water, and paper in daily operations. Thus, the effective implementation of green office program and promotion of energy conservation and emission reduction at these workplaces and properties are emphasized in Ping An's sustainability transformation. Ping An constantly promotes innovative measures in business operations. It ensures that its operations would not result in direct damage to the environment by means of energy-saving renovations and behavioral change. In addition, it realizes energy and carbon reduction through directly curbing emissions (e.g. Ping An's smart office) and indirect offset. Ping An is committed to adhering to relevant laws and regulations in operations and services, as well as advocating green operation to minimize the direct impacts towards the environment. This includes:",1
"The long-term ambition is clear (to align its businesses with the Paris Agree- ment goals), but to achieve that ambition calls for short and medium-term targets in more specific bu- siness lines, allowing the Group to steer its various business operations with greater precision.",1
"Electricity Electricity is another significant source of carbon emissions. Since we began tracking our electricity use in 2014, our electricity consumption has decreased by 1% despite a 15% expansion in square footage and a 40% increase in headcount.49 Because of this growth, we were unable to achieve our initial 2020 goal of an 18% reduction. However, we continue to focus on reducing electricity through partnering with our landlords and leveraging energy efficiencies. Exhibit 10 provides additional data on our change in headcount versus electricity consumption. We improve energy efficiency through the consolidation of our data centers, retrofitting for LED lighting, redesigning our office space use, and adjusting our heating, ventilation, and air conditioning systems to more closely correlate to occupancy.",1
"The Technology and Operations and Enterprise Services teams work with Corporate Sustainability to implement initiatives to reduce the environmental impact of BlackRock's operations. In addition, BlackRock's Business Continuity Management and Disaster Recovery planning, strategy, and crisis management activities are managed by the Business Continuity Management team, which sits within Enterprise Services.",0
"The Bank is also a signatory to the Equator Principles III (EPIII) - a global set of principles and guidance to assess, mitigate, manage and monitor environmental and social risks in project-related financing. CBA co-leads the Climate Change Working Group to develop additional climate change assessment requirements in the next iteration of the Equator Principles (EPIV). This will include deeper guidance to support implementation of the principles by global financial institutions.",1
"We participate in the Carbon Disclosure Project Climate Change programme to disclose our climate strategy and performance to a collaboration of institutional investors. In 2019, our score dropped to B from A- in 2018, mainly due to our score for governance of climate-related issues and being unable to report on our full scope 3 inventory at the time of reporting. While disappointing, we now have measures in place to help to restore our score. These measures include strengthened governance through our new Board-level Sustainability Committee, and the work on scope 3 emissions described on page 40.",1
"Credit In 2019, DNB committed to a second phase of United Nations Environment Programme FI's Task Force on Climate-related Financial Disclosures banking pilot, which will run to mid-2020. In this Phase 2 pilot DNB will prioritise the power and renewables and oil, gas and offshore sectors. We expand on the scenario approach developed in United Nations Environment Programme FI's Task Force on Climate-related Financial Disclosures banking pilot Phase 1, and quantify climate risk in credit portfolios for climate scenarios with temperature increases of 1.5, 2 and 4 degrees Celsius. The scenarios describe a range of severe climate-related changes, against which we stress-test our portfolio resilience in the short, medium (2030) and long (2040) term.",0
"In addition to reductions in our vending and cooler equipment footprints, emission reductions have also been achieved through our progress towards sustainably sourcing palm oil, reducing added sugar in our beverages, increasing recycled content in our packaging, establishing partnerships on soil health practices within our value chain, and eliminating waste went to landfill from our facilities.",1
"The Bank acknowledges that climate change may have an impact on its financial planning process. As a result, it will roll out a scenario analysis program over the coming years to account for how environmental impacts may affect analyses of income and operating expenses, investments, capital distribution, potential acquisitions or divestitures and access to capital, among other factors.",0
"We are Australia's largest corporate purchaser of electricity from renewable projects connected to the grid under project specific agreements. While the output from these projects goes into the total grid pool, rather than directly into our facilities, these agreements play a role in providing the investment certainty to enable these projects to proceed. As the grid itself increases its proportion of renewable energy due to agreements with us and others, the power that flows into our facilities from the grid also becomes greener. The projects we have agreements with, including the Murra Warra Wind Farm and the Emerald Solar Park, generate renewable energy equivalent to the energy consumption of 255,000 households. We will continue to build on this work and invest in renewable energy generation.",2
"Since November 2019, Aviva France has committed to not invest in companies developing new coal mining projects or are planning a substantial increase of its annual (thermal) coal production volume; companies with 20% of their revenue coming from coal-related Aviva Investors' $44bn Real Assets platform comprises equity and debt investments in both real estate and infrastructure, with a concentration of assets in Europe and a growing interest in developing countries.",0
"BNP Paribas conducted two studies in 2019 to as- sess the resilience of its loan books to transition risks and physical risks. - The Industry Research Department (EIS) of the Group Risk Department performed an internal analysis on five-year energy and climate-related risks, physical risks and transition risks. This report is part of the Group's standard analysis of syste- mic risks, inter alia in the context of the analyses conducted by EIS on the impact of different risk factors on economic sectors. The purpose of the analysis was to identify and assess the main en- ergy transition and climate change risks incurred by BNP Paribas. It notably examined the impact of climate change on sovereign risk and the more or less significant exposure of various economic sectors to energy transition risks and opportuni- ties. This broad, detailed study found BNP Pari- bas' business model to be resilient to these risks, with respect to: o its businesses, and the sector and geographic classifications of its portfolios; o the measures taken to mitigate these risks. - For the first time, in 2019 and with the help of external specialists, BNP Paribas performed an assessment, on a sample of clients in its portfolio, of physical risks covering the consequences of cli- mate change (extreme weather events) on the as- sets of Group clients. They generate financial risks for companies not only through direct impacts on their assets, but also in terms of indirect impacts through their supply chains and markets. For each counterparty analysed, the final score of exposure to physical risks is based on three risk factors: operational risks, supply chain risks (upstream) and risks of market share losses (downstream).",0
The following additional restrictions are in place for clients active in mountaintop removal mining (MTR): Barclays does not directly finance MTR projects or developments; We apply EDD to financing facilities involving clients which practice MTR.,0
"In January 2020, GSF and Morgan Stanley Research convened our inaugural Cross-Divisional Forum on Climate Change. This collaboration brought together Morgan Stanley's experts on climate-related risks and opportunities across business units, including: - Institutional Securities Group: divisions represented included Investment Banking, Global Capital Markets, Institutional Equities, Fixed Income, Public Finance and Commodities - Wealth Management: joined by Wealth Management Investment Resources and Capital Markets - Investment Management: joined by portfolio managers from Private Credit and Equity, Real Assets and Alternative Investment Partners",1
"Equator Principles (EP) within the scope covered by this initiative. Moreover, Societe Generale has voluntarily expanded the scope of application of the EP to include a range of transactions likely to present E&S challenges, such as equity capital market transactions, debt capital market transactions, mergers and acquisitions, and acquisition financing. Even beyond this scope, any financial transaction entered into by Corporate and Investment Banking involves the identification of any E&S risks relating to the client, other than financial institutions.",0
"Potential risk Disruptions to operations and client services Actions to mitigate risk - We identify properties that we lease or own, which contain business processes and supporting applications that require enhanced facility infrastructure to mitigate site disruptions, such as those caused by extreme weather events.",0
"In 2019, and continuing throughout 2020, we have rolled-out a comprehensive climate change training programme. In 2019 we published an internal briefing paper focused on climate change science facts, its geopolitical and macro- economical implications, as well as commercial impacts on companies. This provided the basis for a training session attended by over 200 staff in Head Quarters. This training has now been converted into an on-line course which has now been shared with local units to incorporate as part of their training programmes. Further training activities are currently being planned including additional awareness raising and specific topics on business opportunities.",1
"For example, in 2019 CN spent $0.9 billion on the acquisition of 154 efficient highhorsepower locomotives, as well as fuel conservation practices, such as locomotive shutdowns in yards, streamlined railcar handling, train pacing, coasting and braking strategies.",1
"The PJM average emissions rate has declined from 1,092 lbs/MWh in 20125 to 851 lbs/MWh in 2019 (22% reduction).5 We continue to make improvements to our existing plants to make them more fuel-efficient, and our recent investments in Keys Energy Center (Maryland), Sewaren 7 (New Jersey) and Bridgeport Harbor Station Unit 5 (Connecticut) further advance our overall efficiency.",2
"One of our We Mean Business commitments was to set a science-based emissions target independently approved by the Science- Based Target initiative (SBTi), and in 2017, we became the first company in Australia to do so. To date, we remain the only company in the Australian energy sector to have validated and approved science-based targets. Our targets cover not only Scope 1 and Scope 2 emissions but also Scope 3 emissions. We have also long supported a net-zero emissions target for the electricity sector by 2050 or earlier.",1
"Offsetting our Greenhouse gas emissions In addition to continuously investing in projects that mitigate our impact on climate change, in 2015 we launched the Itau Unibanco's Greenhouse Gas (GHG) Emissions Offset Program.",1
"BlackRock's public policy efforts primarily focus on advocating for the Sustainability Accounting Standards Board and Task Force on Climate-related Financial Disclosures frameworks in support of consistent reporting standards for corporate issuers. In 2020, BlackRock provided comments in support of several policy efforts to encourage Task Force on Climate-related Financial Disclosures reporting. For example, we responded to the UK Financial Conduct Authority ('FCA') proposal to apply the Task Force on Climate-related Financial Disclosures framework to UK publicly listed issuers.57 We welcomed the subsequent announcement by the UK Government to introduce mandatory Task Force on Climate-related Financial Disclosures reporting by 2025. In our response to the FCA, we advocated for mandatory reporting on all publicly listed companies from 2021. We also submitted comments to the UK Department for Work and Pensions regarding proposed mandatory Task Force on Climate-related Financial Disclosures Reporting for large occupational pension schemes.58",1
"In the 2019 nancial year, the Group announced two portfolio transition commitments: - Supporting current coal-red power generation customers implementing transition pathways aligned with Paris Agreement goals of 45% reduction in emissions by 2030 and net zero emissions by 2050.",1
"The ERMC is supported by multiple committees, including the Corporate Responsibility & Reputation Committee (CRRC), Corporate Credit, Operational Risk, Management Compliance, and Asset/Liability. The CRRC is responsible for providing oversight and review of policies, programs, practices, and strategies that refect the company's core values and impact our reputation. It is also responsible for overseeing the identifcation and mitigation of top reputation risk issues and negative public perceptions. The CRRC charter explicitly includes environmental matters, including climate change. The CRRC includes the following roles: the Chief Communications and Reputation Ofcer, the Chief Enterprise Responsibility Ofcer, the Environmental Sustainability Director, Chief Ethics Ofcer, the Deputy General Counsel, and many others. Additional corporate policies and processes help identify, assess, and manage risk, including a new products and services risk assessment, self- identifed issues management program, reputation risk councils, vendor due diligence, and credit risk review.",0
BNP Paribas seizes climate-related opportunities with corporate clients The Group acted on the following climate-related opportunities in the corporate clients segment in 2019: - Renewable energy financing reached $15.9 bil- lion.,2
"BMO's Chief Risk Officer (CRO) reports directly to the CEO and is head of Enterprise Risk and Portfolio Management and chair of the Risk Management Committee (RMC). The CRO is responsible for providing independent review and oversight of enterprise-wide risks and leadership on risk issues, developing and maintaining a risk management framework and fostering a strong risk culture across the organization. ERPM provides risk management oversight, supporting a disciplined approach to risk-taking for independent transaction approval and portfolio management, policy formulation, risk reporting, stress testing, modelling and risk education. ERPM is responsible for conducting climate change scenario analysis to identify potential risks in BMO's lending portfolio.",0
"At the Telefonica, S.A. Group, the strategy includes adaptation measures relating to physical and transitional changes. The main measures include the Business Continuity Plan for Climate Disasters and the Energy Efficiency and Renewable Energy Plan.",0
"Since 2016 we have also been working with the Australian Bureau of Meteorology (BOM), using their mapping to identify parts of Australia with low rainfall and those areas more likely to experience rainfall variation. (Fig 1 - Rainfall Annual 30-year average (1986-2015)). When customers purchase properties in these areas, we test their financial resilience to climatic events like rainfall variation and drought. Customers with lower resilience may be subject to enhanced underwriting standards, for example, loan approval may be dependent on a lower loan to valuation ratio, higher repayments, or evidence of savings or equity. Our bankers also need to document the customer's knowledge of recent rainfall and climate trends where their farm is located and, if relevant, how they manage water budgets for irrigation.",0
"We manage these risks in each stage of the building cycle: We conduct deep due diligence during the acquisition phase which includes building resiliency, energy and water consumption, building safety and materials, social impacts on the local community, certifications, environmental regulations and risk of disasters such as earthquakes and flooding.",0
"In addition, we have established new medium- to long-term targets to be achieved by fiscal 2030 under KV30. We are now in the process of formulating specific action plans to reduce Greenhouse gas emissions by 26% compared to the fiscal 2013 level in Japan.",1
"Its main priorities in 2019 were initiating investigations into new opportunities, reviewing existing proposals, examining and challenging our quarterly climate change reports and ensuring Trafigura is positioned to adapt as the world transitions to a low carbon economy.",1
"Several tools and methodologies aimed at assessing the exposure of loan books and investment portfolios to climate risks (transition risks and physical risks) are currently being examined across the Group. - BNP Paribas has made a commitment to the Science-Based Target initiative (SBTi). This coalition comprises the Carbon Disclosure Project (CDP), the UN Global Compact, the World Resources Institute (WRI) and the WWF, with the aim of supporting companies interested in setting environmental targets in line with the Paris Agreement goals. As Science Based Targets Initiative - Climate Change has not yet determined a methodology for setting such targets for companies in the financial sector, BNP Paribas is participating in Science Based Targets Initiative - Climate Change working groups to help develop one; - The Group signed the Katowice Commitment in 2018, and the Collective Commitment to Climate Action signed, in September 2019, by 33 banks that are also signatories of the Principles for Responsible Banking (PRB) under the aegis of United Nations Environment Programme FI (United Nations Environment Programme Finance Initiative). The Group has thus undertaken to develop tools that can be used to align its loan book with the goals of the Paris Agreement. In 2019, BNP Paribas tested the methodology developed by the think tank '2 Degrees Investing Initiative'26. - Lastly, in December 2019, BNP Paribas signed the Poseidon Principles promoting decarbonisation of the maritime transport industry by encouraging banks to incorporate climate considerations in their portfolios and credit decisions. Their objective is to meet the goal set by the International Maritime Organization (IMO) to reduce Greenhouse gas emission in maritime transport by at least 50% by 2050 (compared to 2008 levels). They will serve to measure and oversee the Carbon dioxide intensities of shipping finance portfolios, with a methodology used by all signatory banks.",0
"ENBW Amounting to EUR 1.5 billion, this deal was the first sustainable finance transaction closed since the COVID-19 crisis began, where BBVA acts as the sole sustainable coordinator, and in which the economic conditions are linked to the performance of three sustainability indicators for the company (two environmental and one social), in addition to the company's credit rating.",2
"Mizuho Bank (formerly Mizuho Corporate Bank) became the first Asian financial institution to adopt the Equator Principles in 2003. Since our adoption of the Equator Principles in October 2003, Mizuho Bank has remained actively engaged with the Equator Principles Association as a member of the Steering Committee, which consists of 10 international financial institutions. Mizuho Bank has also played a leadership role, serving as Chair of the Steering Committee, the first Asian bank to do so, from 2014 to 2015 and serving currently as regional representative for Asia & Oceania.",1
"R$1.745 billion) in bonds distributed in the U.S. market and maturing in 2027. In addition to the green bonds mentioned above, we carried out a social and environmental due diligence process to enable the issue of R$7.67 billion in bonds to be used for long-term investments in specific projects.",2
"In December 2019, we established a new suite of 2025 operational sustainability goals with a focus on strategic, collaborative partnerships that drive market transformation, as outlined in our Sustainability Report. The firm has been a member of RE100 since 2015 and recently joined additional initiatives EV100 and EP100 with ambitious commitments to electrify transport and deploy smarter energy use - making us the first US company to become a member of all three of The Climate Group's global corporate leadership initiatives to accelerate the clean energy transition. https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement https://obamawhitehouse.archives.gov/climate-change/pledge https://obamawhitehouse.archives.gov/climate-change/pledge https://bteam.org/our-thinking/news/30-major-ceos-call-on-trump-stay-in-paris https://www.unitedforparisagreement.com/ https://www.linkedin.com/pulse/our-commercially-driven-plan-sustainability-david-m-solomon/ https://clcouncil.org/ https://www.bloomberg.com/cfli/ https://data.bloomberglp.com/company/sites/55/2019/09/Financing-the-Low-Carbon-Future-CFLI-Full-Report-September-2019.pdf https://oneplanetswfs.org/download/23/online-publication/810/one-planet-asset-managers-statement-19-07-10.pdf https://www.goldmansachs.com/s/sustainability-report/ http://there100.org/ https://www.theclimategroup.org/project/ev100 https://www.theclimategroup.org/ep100 https://www.theclimategroup.org/",2
"Sustainable Development Goals ('SDGs') Analytics In 2020, Trucost launched a Sustainable Development Goal analytics tool allowing financial institutions to assess portfolio alignment to the UN Sustainable Development Goals (SDGs). Trucost's Sustainable Development Goal analysis tool is an extension of Trucost's Sustainable Development Goal Evaluation tool launch in 2018 to help companies align business strategies with the goals. The Sustainable Development Goals are a global blueprint adopted by the world's governments to achieve a better and more sustainable future for all.",2
"Peru is also committed to increasing mortgage supply for high energy-rated properties. Currently, it offers 'Mi vivienda verde,' a state- subsidized mortgage loan for the purchase of a property certified as a green project that includes sustainability criteria in its design and construction.",2
"Detailed information on emissions is provided under the sustainability risk management heading in the Risk review section of this report, as well as in the bank's 2019 Non-Financial Data & Engagement report; A Our commitment for renewable energy to comprise at least 20% of our energy portfolio in 2022 with the help of our Energy Transition Fund.",1
"Dialogues with companies and decision-makers In addition to investing in sustainable strate- gies, AP2 has dialogues with companies and decision-makers to influence the transition to a low-fossil society. AP2 has in recent years, together with other investors, presen- ted a number of shareholder proposals on climate to several fossil energy companies (BP, Shell, Statoil) and the mining sector (Glencore, Rio Tinto, Anglo American). In addition to the shareholder proposals, the Fund also uses its voting rights to support other investors' shareholder proposals on climate. Over the past year, the Fund has noted that many company boards under- take to improve their climate reporting both in terms of emissions and in evaluation of the companies' projects/activities regarding climate scenarios.",1
"The COO's Employee Performance Scorecard (EPS) includes improvements in CN's fuel efficiency, in line with the Canadian rail industry medium-term emission intensity reduction target of 6% by 2022 from a 2017 baseline and the company's long-term sciencebased target to reduce Greenhouse gas emission intensity (tCO2 kilometres) by 29% by 2030, based on 2015 levels.",1
"Key objectives to address IAG's strategic focus area for disaster risk reduction and climate change are captured and disclosed in its Climate Action Plan and Scorecard, which has five areas of focus: 1.",0
"We have defined key sustainability areas in our 5-Year Business Plan in line with the expectations and requirements of stakeholders and based on the importance and affinity of such initiatives with our strategy, as well as on the medium- to long-term impact on our corporate value. Based on this, each in-house company, unit, and group will establish a strategy incorporating sustainability initiatives. Additionally, we have set targets/KPIs based on our key sustainability areas. The key sustainability areas and other items are revised each fiscal year and reflected into our business plan.",1
Work on our approach to becoming a net zero carbon business will include the development of new targets to replace and supplement our existing ones. These will be set and made public during the current financial year.,1
"In SMBC's Credit Policy, which contains our overall financing policy, guidelines and rules, we declare that we will cease to provide financial support to borrowers engaged in businesses contrary to public responsibility, or which may have a significant negative impact on the global environment.",0
"Operations and Greenhouse gas Emissions: To ensure we remain a leader in implementing sustainability practices and reducing operational risk, our Services Division is committed to minimizing the impact of our operations on the environment and adopting best practices. We have been carbon neutral across our global operations and business travel since 2015, and are progressing on our 2020 operational goals. Additionally, alongside the sustainable finance target, we announced new operational goals for 2025, with a focus on strategic, collaborative partnerships that drive market transformation. See Our Operational Impact.",1
The strategy involves not only a reduction of the Carbon dioxide footprint of the portfolio but also an innovative approach to aligning the portfolio with the two degree carbon reduction scenario in the future.,1
"We are developing this approach through a pilot study to better understand the impact of different climate change pathways on our mortgage securities, housing association exposures and branch network to enable us to estimate the financial impact this may have.",0
"We contract the delivery of our raw materials and products to transportation companies and are striving to reduce Carbon dioxide emissions as a specified consigner designated under the Japanese Energy Saving Act. Major efforts include implementing a plan to transport goods on return trips, encouraging drivers to eco-drive, and promoting energy efficient devices such as digital tachometers and eco-tires on vehicles. In shipping we continue to pursue energy efficiency technologies and operate new ships that are equipped with many energy-saving features. We are also supporting energy-saving operations for conventionally powered ships.",1
"Supporting the Low-Carbon Transition Our business units are on pace to meet our commitment to mobilize $250 billion to support low-carbon solutions by 2030. They are building expertise, supported by GSF and the Institute for Sustainable Investing, to serve our clients' growing interest in Environmental, Social, and Governance issues and in climate change specifically. Survey data from the Institute suggests rapidly accelerating interest in climate-focused solutions among asset managers, asset owners and individual investors. In response, we are developing accessible new products, such as Morgan Stanley Impact Quotient (see page 15). Our early work in 2013 in scaling green- bond financing has catalyzed new opportunities and continues to drive sector innovation in green and sustainable bonds.",2
"2 footprint of the portfolio but also an innovative approach to aligning the portfolio with the two degree carbon reduction scenario in the future. - AM engages with companies in which it invests on behalf of clients to discuss approaches to mitigating climate-related risk, as well as actively voting on shareholder resolutions to improve transparency and disclosure around climate-related reporting. Specif- ically in the context of the Climate Aware fund, UBS Asset Management has implemented an engagement program with 50 oil & gas and utilities companies under- weighted in the fund. Dialogue with companies aims at improving companies' disclosure and performance alignment with the Task Force on Climate-related Financial Disclosures recommendations. Engage- ment makes it possible to share the results of the quanti- tative and qualitative assessments included in the fund methodology with investee companies too. This allows for the verification of company performance with additional information collected before and after meetings. It also means AM can collect feedback, explicitly com- municate objectives for change in corporate practices and further enhance the model used to inform the under / overweights in the strategy.",0
"The extent to which climate-related factors will impact our clients, customers and the Firm remains uncertain; however, JPMorgan Chase has several initiatives underway that focus on understanding risks that may be driven by climate change. In the following section we outline our approach to risk management and discuss some of the efforts we are undertaking to better understand climate-related impacts within our current risk management framework.",0
United Nations Environment Programme FI LENDING PILOT CASE STUDY: TD and Bloomberg Testing Geospatial Mapping for Physical Risk Assessment1 TD collaborated with Bloomberg and Acclimatise to use an innovative geospatial solution for assessing physical risks of climate change (from both incremental changes and extreme weather events) to borrower credit ratings within the bank's lending portfolio.,0
"During 2019, we participated in the Carbon Disclosure Project and aligned our responses to the Task Force on Climate-related Financial Disclosures recommendations. Our 2019 score was B (Global average is C), consistent with the previous year but with improvements in scores on a number of dimensions including risk disclosure and risk management processes.",1
"Thanks to these investments, we are able to swiftly transfer work to unaffected locations if required and to keep potential financial impacts to a minimum.Based on our proprietary loss modelling, we calculate the annual expected losses (AEL) and loss-frequency distributions of major weather-related natural catastrophes.",0
"UBS is also involved in other activities to reduce gaps in climate-related financial data. We support the CDP, as an investor member as well as a questionnaire respondent, in their aim to improve company disclosure of risks and op- por tunities related to natural resources. We were also on the advisory panel of the Natural Capital Finance Alliance's advancing environmental management project. The pro- ject tool ENCORE, which maps how industry sectors depend on nature, was launched in November 2018.",1
"In addition to consumer loans aimed at improving the energy efficiency of properties, Argentina is focusing on promoting electric mobility by offering different financing products for cars, bicycles and electric scooters.",1
"Announced by CEO Mike Roman on Investor Day in November 2018, the Framework directs our efforts to areas where we can make the greatest impact: Science for Circular, Science for Climate, and Science for Community.",1
"Assessment of resilience to physical risks for the asset management business BNP Paribas Asset Management BNP Paribas Asset Management works with a spe- cialist research firm that provides it with physical risk scores, which are used to improve its investment analysis.",0
"The inte- rest rate on the loan is tied to two key perfor- mance indicators: (i) achieving a net positive impact on biodiversity in UPM's Finnish forests; (ii) reducing Carbon dioxide emissions generated from pur- chased fuel and electricity 65% by 2030 (com- pared to 2015 levels), in accordance with UPM's commitment to aligning its business with the 1.5 C climate scenario.",1
"PUBLIC POSITIONS AND PARTNERSHIPS ON ENERGY AND CLIMATE-RELATED ISSUES BNP Paribas firmly believes it is more effective to address the complex and global challenges of climate change by working together. With that in mind, the Group is a member of several coalitions on the front line of the fight against climate change, such as: - The Group belongs to the Breakthrough Energy Coalition, which supports innovation in the interest of deve- loping clean energy. Launched by Bill Gates during the Conference of the Parties - Climate Change 21 conference, the coalition combines innovative re- search funded by public-private partnerships; - BNP Paribas helped draft the Charter for Engagement 'Women leading climate action', of the Women's Forum, a charter that has now been signed by nearly 400 corporations, opinion leaders and other organisations.",1
"In addition to its efforts to develop sustainable products and services, the Bank has identified opportunities to be greener in its operations. The actions we have taken to improve the energy efficiency of our buildings have enabled us to currently exceed regulatory requirements and meet the expectations of our stakeholders. Over the past 20 years, the Bank has voluntarily adopted various measures to considerably improve the energy efficiency of its buildings. As a member of the Energy Savers Circle of Hydro-Quebec (a public utility that manages the transmission and distribution of electricity in Quebec), the Bank has set up an innovative web-based interface to remotely manage energy use at over 100 of its branches. This system allows the Bank to oversee its facilities and make sure they meet energy efficiency goals, year after year. The Bank also implements the criteria for Leadership in Energy and Environmental Design (LEED) certification in its buildings and aims for LEED v4 Gold certification for its new head office to be completed in 2023. Among other things, this allows the Bank to reduce its Greenhouse gas emissions despite an increase in activities. Our Greenhouse gas emissions for 2019 have been calculated at 9,732 tonnes of CO2-down 16% compared to 2017. The Bank has renewed its commitment to carbon neutrality by buying carbon credits to offset emissions that can't be eliminated. This year, the Bank has set a target to reduce its Greenhouse gas emissions by 25% by 2025. This science-based target aims to help limit global warming to 1.5 C, the most ambitious goal of the Paris Agreement.",1
"National Bank Investments Inc. National Bank Investments Inc. (NBI), a Bank subsidiary, is a signatory of the UN Principles for Responsible Investment (PRI) and a member of the Responsible Investment Association (RIA).",1
"Achieving carbon neutral operations will involve three steps for us. First, we will continue to reduce the energy consumption of our stabilized properties and entire announced development pipeline through maximizing onsite energy reductions. Second, we will continue to take advantage of all onsite solar and battery installation opportunities. Finally, we will make the remainder of the energy consumption",1
"For investment real estate in Switzerland, we apply the following sustainability criteria: analysis of energy sources as a percentage of market value and MINERGIE certifications. MINERGIE is a Swiss sustainability label for new and refurbished buildings. By the end of 2019, the combined value of our MINERGIE-certified buildings reached USD 0.4 billion, or 23% of our Swiss portfolio of direct real estate",1
"While the Trustee considers the impact of climate-related risks on all of the assets within which it invests, the primary focus has been on its equity exposure (although steps are being taken to extend this to the Scheme's holdings in publicly-traded corporate credit). The section above explained how the Trustee have co-developed the LGIM Future World Fund, its climate-related engagement activities and how the fund is used in both DB and DC strategies.",0
"Energy reductions from LEED certification retrofits are expected to be between 18-39%iii since the energy consumption starting point varies for every building. As energy is typically 25% of a residential building's total operating expenses, energy savings from LEED certification are expected to be between 4.5-10% of the total operating expenses.",1
"The very high-risk categories encompass risk exposure to counterparties mainly in Central Asia and Turkey and several countries outside the Bank's regions (mainly in the Gulf). The risk assessment is done based on the key risk counterparty. In particular, where a project has a guarantee, the physical risk assessment is based on the guarantor, which is considered to be the key risk party in such circumstances.",0
"In order to achieve Environmental Future Vision 2050, we set out the following breakdown of greenhouse gas (GHG) reduction targets for FY2030 and are promoting initiatives to achieve such targets. In 2020, we also acquired approval of the Science Based Targets (SBT) initiative regarding our FY2030 target.",1
"Climate resilience In October 2019, we updated our scenario analysis on the value of our generation portfolio, to evaluate the impact of the more ambitious Paris Agreement goal of a 1.5 C carbon reduction pathway.14 Our generation portfolio represented 84 per cent of our operated Scope 1 and Scope 2 emissions in FY2020.",1
"BNP Paribas Asset Management has committed to align its portfolios with the goals set out in the Paris Agreement. To that end, in 2019 BNP Paribas Asset Management announced that it would be implementing a new, more restrictive coal policy, which took effect on 1 January 2020. The policy applies to all open-ended funds actively managed by BNP Paribas Asset Management, and is set to become the standard for mandates as well. As of 2020, BNP Paribas Asset Management no longer invests in companies generating more than 10% of their revenue from thermal coal operations and/or for which thermal coal represents 1% or more of their total global production. Electricity producers with a carbon intensity exceeding the global average of 491 gCO2e/kWh in 2017 will also be ruled out, as BNP Paribas Asset Management aligns itself with the path set to reach the Paris Agreement goals, as determined by the IEA in its Sustainable Development Scenario (SDS). This scenario calls for electricity producers to reduce their carbon intensity to 327 gCO2e/kWh by 2025. Accordingly, BNP Paribas Asset Management will require the companies it invests in to reduce their carbon intensity to an SDS-compatible rate between 2020 and 2025, excluding those who fail to do so.",1
"NEW SOLUTIONS FOR SUSTAINABLE MOBILITY In addition to the research projects already mentioned on biofuels and hydrogen, Eni is investing in new fuels produced from waste: in this area a project is currently being assessed at the Livorno Re- finery involving production of methanol by high temperature gasification with oxygen of solid urban waste, made up of non-recyclable plastic waste (Plasmix, a mix of plastics not currently recyclable and SSF, Secondary Solid Fuel). The process is based on production of a synthetic gas from carbon-based material. The synthetic gas produced in this way is first purified so that it can subsequently be used to synthesise methanol or to produce pure hydrogen. Methanol produced using waste as a raw material could be considered as a Recycled Carbon Fuel, as provided for by the RED II European directive on renewable energy, and therefore assimilable to a biofuel. It can be used in petrols by transformation into MTBE, or mixed with experimental high alcohol content petrols together with bioethanol (A20 pet- rol). A new fuel, A20, based on a mix containing 15% methanol and 5% bioethanol has been developed with the FCA Group and subjected to a 13-month test in which five Fiat 500s of the Enjoy fleet travelled about 50,000 km, when rented out for a total of 9,000 times, without encountering any problems. A Waste to Fuel technology has also been developed that is able to convert the organic fraction of solid municipal waste (OFMSW) into bio-oil (see box on p. 39 of Eni for 2019 - A just transition).",2
"As an outcome of the nanced emissions and low-carbon scenario work, the Group has committed to work closely with 100 of its largest greenhouse gas emitting customers to support them in developing or improving their low carbon transition plans by 2023.",1
"In 2019, Bankinter committed to including the Task Force on Climate-related Financial Disclosures recommendations in its business model and drew up a road map for this purpose. Further, a sustainable finances work group was created to address future EU regulatory requirements.",1
"However, Iberdrola has plans, technology and predictive systems that allow for the impacts arising from these events to be minimised, some of which we describe below: o Meteoflow predictive system, the main purpose of which is to predict the electricity production of renewable facilities, which, as part of their continuous improvement, has included the functionalities of predicting extreme meteorological phenomena, which allows for the activation of emergency plans sufficiently in advance and better management of maintenance equipment and emergency retainers to increase their resiliency. o The importance of smart grids to respond to extreme events like what occurred in",0
"In addition, BlackRock's operations are carbon neutral. This achievement includes Scope 1, Scope 2, and Scope 3 employee business travel, serviced offices,2 and co-located data center emissions. We have achieved this milestone by employing energy efficiency strategies, achieving our 100% renewable energy goal,3 and offsetting emissions we could not otherwise eliminate.4",1
"In addition to the carbon risk scenario analysis, S&P Global took steps to further explore the risks and opportunities presented above to assess and plan for a range of potential scenarios. The CFO convened a Scenario Discussion Workshop where members of senior leadership discussed the Company's current state, considered possible future scenarios, identified different risks and opportunities within these scenarios, and discussed the financial implication of these impacts on the Company.",1
"- For the first time, in 2019 and with the help of external specialists, BNP Paribas performed an assessment, on a sample of clients in its portfolio, of physical risks covering the consequences of climate change (extreme weather events) on the assets of Group clients.",0
"In 2019, HSBC participated in the Carbon Disclosure Project (formerly the Carbon Disclosure Project) working group to develop financial sector disclosure. We also partnered with climate change experts at MIT to produce exploratory transition scenarios. These scenarios were used to raise internal awareness of the different speeds with which transition could occur, the resulting investment requirements, the implications for energy system configuration and the broad macroeconomic costs.",1
"Furthermore, again in 2019, the following plants were completed: - the Adam plant in Tunisia (5 MWp with energy storage, 2.5 MWp Eni share) which will power the facilities at the Adam oilfield operated by Eni; - the photovoltaic plant at Katherine in Australia with a capacity of 34 MWp and energy storage; - 70% of the Badamsha wind farm in Kazakhstan, which is also an absolute first for Eni, with a total capacity of 50 MW (completed in February 2020).",2
"Environmental, Social, and Governance Data Factory S&P Global's cross divisional effort to identify opportunities and risks in Environmental, Social, and Governance is supported by a common data and technology backbone. Environmental, Social, and Governance Data Factory feeds S&P Global's Environmental, Social, and Governance offerings. Data sets include public- and private- company data, asset level",1
"A global product line was co-built with other Group business lines (Arval, BNP Paribas Rental Solutions and BNP Paribas Leasing Solutions, and the Group's partner Economie D'Energie (EDE)) centred on three of the company's areas of focus in order to reduce energy use: real estate, transport and mobility, and non-real es- tate assets.",1
"Loan Business In line with the Group Credit Policy adopted based on the Board of Directors resolution, 'Our Fundamental Stance of Loan Business' clarifies the Group's intention to maintain a dialogue with customers who have not yet fully committed to addressing social and environmental issues with the purpose of encouraging their involvement. In addition, it explains the Group policy of abstaining from extending new loans to projects deemed to be exerting a major negative impact on the environment. Specifically, the Group will no longer finance projects associated with coal-fired thermal power generation, except when it finds compelling reasons for financing such projects, such as to realize economic restoration following a disaster. The Group is engaged in the screening and selection of candidate projects accordingly.",1
"The aggregated estimate for the ve selected segments of the Group's Australian lending portfolio indicates that the Group lends approximately $23,320 to these sectors in Australia for every tonne of Greenhouse gas emissions released to the atmosphere by customers in these industry segments.",1
"Additionally, IEA scenarios provide a 2050 timeframe but considering the average transaction profile timeline, a shorter timeframe had to be considered when defining operational targets for the Bank. This timeframe should be short enough to allow the monitoring of the Bank portfolio and long enough to absorb short term evolutions. This timeframe should also allow readapting the Bank's targets to updated or new IEA scenarios to come.",1
We plan to achieve these targets through two key thrusts. 1. Reduce negative impact by reducing emissions; 2. Move towards a balanced portfolio of low-carbon energy assets by growing our renewables capacity,1
"Over the last two years, the CGEN has encouraged the Group to make strong com- mitments when it comes to managing climate-re- lated risks and opportunities, in various ways: re- ducing support for the coal sector, strengthening the Group's climate goals, etc.",1
"e/million tonne The Employee Performance Scorecards (EPS) of the CFO and VicePresident Financial Planning include improvements in CN's fuel efficiency, in line with the Canadian rail industry medium-term emission intensity reduction target and the company's long-term science-based target.",1
"BNP Paribas has analysed climate scenarios developed by several external organisations and selected a few. The Group predominantly uses the scenarios developed by the IEA and the IPCC22 and, for France, the EpE's ZEN2050 analysis, which modelled a possible pathway enabling France to become carbone neutral by 2050. For several years, BNP Paribas has published, in its Registration Document, a yearly comparison of the energy mix that the Group finances with the energy mix in the IEA scenario compatible with the Paris Agreement goal. This scenario includes only energy-related emissions, but is one of the most widely recognised scenarios used around the world. For 2018 and 2019,",1
"Protecting our clients' assets: We offer innovative products and services in investment, financing and research. Examples include: - Our Asset Management (AM) business has developed the capability for equity portfolio managers to examine the carbon footprint of their portfolios and comparing the relative carbon footprints of their company holdings to that of the benchmark. Carbon emissions data is also made available to all equity portfolio managers through the Portfolio Optimization Platform, which allows portfolio managers and analysts to download carbon and carbon intensity data on over 6,000 companies. - In 2018, AM followed its successful UK Climate Aware rules-based fund with an Irish based fund that is available for international investors outside of the UK. The port folio is oriented towards companies that are better prepared for a low carbon future while reducing exposure to, rather than excluding, companies with higher carbon risk, in order to pursue strategic engagement with these companies. The strategy involves not only a reduction of the CO",2
"Paired with BlackRock's leadership in financial modeling and the power of Aladdin as a platform, Rhodium's data provides important new risk capabilities for our clients and for the industry.33 Aladdin Climate will power new Aladdin capabilities and add new risk metrics to BlackRock's modeling platform, and we will continue to extend our research across asset classes and geographies over time.34 Risks, opportunities & scenario analysis BlackRock recognizes the importance of effective identification, monitoring, and management of climate- related risks and opportunities across its global business.",1
"Insights or commitments we have gained from these early customer conversations include: Energy: our engagement in this sector has initially focused on customers with thermal coal operations; however, we are broadening this to include major upstream oil and gas producing customers.",1
Anticipated major impacts on the Group There are risks that the Group becomes unable to continue its business operations due to a disaster that strikes our head office or branch offices and a risk of the increase in costs due to countermeasures and recoveries.,0
"In addition, a dedicated team within Group Risk Management analyses Emerging Risks (oft en related to long term Environmental, Social, and Governance issues) via a specifi c framework, tools and local network in order to monitor their materiality and manage their potential impact on the AXA Group in the next 5 to 10 years. Regular reviews and in-depth analyses of emerging risk topics are shared with the Group-wide Emerging Risks community.",0
"In 2019, PME redesigned the passively managed equity portfolio of equities in developed countries. The starting point of the new portfolio is that PME knows what we are investing in and why. The contribution of beneficiaries was important in this matter, as was the reduction of climate risk in the equity portfolio. - Since the beginning of 2018, PME no longer invests in coal producers. PME is convinced that the business operations of mining companies that focus solely on coal are not future-proof and these producers therefore represent a risk to PME's investment portfolio. Investments are also no longer made in producers of tar sand oil. Its production is seen as too harmful to the environment by PME, and the fund cannot identify with this. - Engagement. MN conducts a dialogue on behalf of its clients with companies in the equity portfolios that, in absolute terms, contribute a great deal to the portfolio's carbon footprint. MN does so in collaboration with Climate Action 100+. - Mandatory participation in the GRESB sustainability benchmark for real estate investments.",0
"Mobilizing private and institutional capital: We mobilize capital to support environmental and social issues, including the transition to a low carbon economy. For example: - We offer 100% sustainable cross-asset portfolios for private clients in Wealth Management, currently available in Switzerland and Germany. - Our wealth management business is developing a range of new thematic and pooled impact investments. - We participated in launching Align17 - a WEF Young Global Leaders initiative - an independent platform which stands out in connecting a wider range of public, institutional, and private wealth investors with investment opportunities related to the Sustainable Development Goals. - Our Asset Management business established a comprehensive approach to environmental and social factors, and to corporate governance, across investment disciplines. The 2017 Global Real Estate Sustainability Benchmark (GRESB) awarded ten of UBS Asset Management's real estate and infrastructure funds 5-star ratings, and seven funds ranked first in their respective peer groups. - Our Investment Bank provides capital-raising and strategic advisory services globally to companies offering products that make a positive contribution to climate change mitigation and adaptation, including those in the solar, wind, hydro, energy efficiency, waste and biofuels, and transport sectors. - We strive to be the preferred strategic financial partner relating to Switzerland's energy strategy 2050. And the UBS Clean Energy Infrastructure Switzerland strategy offers institutional investors unprecedented access to a diversified portfolio of Swiss infrastructure facilities and renewable energy companies. Due to client's demand, a successor strategy was launched in September 2017.",2
We embrace our responsibility to understand and manage our own carbon footprint. Our approach is to limit and minimise our direct carbon impact and create awareness to encourage positive sustainable behaviour. We have achieved net-zero carbon emissions status in February 2020 within our global operations and committed to ongoing carbon neutrality in all our direct global operations. Over the short-term we are looking into sourcing our energy from renewable sources.,1
"We have made significant progress towards the goals we set out, including achieving our 100% Environmental, Social, and Governance integration goal for active strategies. For more detail on our progress, see 2020 sustainability actions.",1
"Energy Efficiency: These measures include new retrofit technologies to improve Chiller and Air Handling Units (AHUs), integrated design and monitoring platforms. The Global Energy command centre aggregates Building Management System inputs on a common platform to optimize operational control and improve energy efficiency.",2
"The new index was built in three stages: - Firstly, Controversial Weapons Manufacturers were excluded from the universe of stocks that make up the FTSE All World Index universe, as the Trustee has a financial preference for avoiding such stocks where possible. - Secondly, a four factor index was created (Value, Quality, Low Volatility and Low Size) that rebalances regularly through time to create a 'Balanced Factor' index with more attractive risk-return characteristics than the standard market capitalisation index. - Finally, three climate-related tilts were applied to the 'Balanced Factor' index to create a 'Climate Balanced Factor' index. The FTSE All World (ex controversial weapons) Climate Balanced Factor Index tilts away from Carbon Reserves and Carbon Emissions, whilst positively tilting towards Green Revenues. The tilts are set such that the inclusion of the climate-related tilts, introduces a relatively modest tracking error compared to the Balanced Factor index without climate tilts. This allowed the Trustee to conclude that the new index was consistent with its fiduciary duty and provided an element of climate change protection.",2
The fund that investment trust plans to issue will be related to environmental protection with green energy and low carbon. The listed corporates of the fund will be focused on the selection from the lower 50% of the quantitative screening criteria for their carbon emissions figures and calculate the carbon emissions per unit of revenue.,2
"An additional 15 head counts are spread into the Group's business units acting as entry points for Corporate Social Responsibility issues across the Group's 3 pillars of Global Banking and Investor Solutions, French Retail Banking, and International Retail Banking and Financial Services.",1
"Transition risk: IFC uses carbon pricing to address transition risk and avoid stranded assets. Since May 2018, a carbon price is included in the economic analysis of project finance and corporate loans with defined use of proceeds in the cement, chemicals, and thermal power generation sectors, where estimated annual project emissions are over 25,000 tons of carbon dioxide equivalent. These are IFC's most greenhouse gas-intensive projects and cover over half of our investments' greenhouse gas footprint. IFC includes the impact of the carbon price on the project's economic performance in Board papers.",0
"Developing Innovative New Metrics In 2019, we developed new metrics to assess our credit exposure to carbon-related industries, as defined by TCFD. To do so, we participated in an industry working group that brought together Canadian financial institutions to discuss TCFD-related disclosures. We used the metrics identified to assess our gross credit exposures to carbon-related assets, as well as to power generation by energy source.",0
"Suzano also is involved and spearheads external activities - such as working groups and research partnerships - working with industry associations (e.g., Iba, CEBDS, Brazilian Coalition on Climate, Forests and Agriculture, etc.",1
"Climate Scenario Analysis: Using Software to Assess Our Resilience In 2018, we began developing a climate scenario analysis tool (CSAT) to help identify climate-related risks and quantify the impact they could have on airports we fly to.",0
"For a small number of companies that were very close to the threshold, BNP Paribas Asset Management conducted analysis and engagement to encourage these companies to improve their decarbonisation targets - and these companies will be subject to annual monitoring.",0
"However, as a full-service bank, the objective for BNP Paribas is to continue financing all sectors of the economy (aside from certain duly identified sectors for which it has been determined that a transition compatible with the Paris Agreement goals is not possible), while working within each sector to encourage its clients to make a transition compatible with the Paris Agreement.",2
"Bank has a dedicated market intelligence function that provides crucial insights beyond publicly available data, which are essential in helping to identify actual and incipient sources of monetary and financial instability. It also leads work on fair and effective markets, alongside the FCA and HM Treasury. Market intelligence from both these activities allows the Bank to monitor the development of green and sustainable financial markets, and helps inform the Bank's policy response to climate-related risks affecting monetary and financial stability.",1
"As members of the British Venture Capital Association ('BVCA'), we have held a role on the BVCA's Responsible Investment Advisory Group ('RIAG') since 2017. Our Director, George Potts, was appointed its Chair in 2019. As part of this role, we are engaged in the provision of advice, technical guidance and expertise to the 700+ members of the BVCA - often through consultations on public policy matters, regularly involving climate.",1
"Additional Details on Electric Vehicles In addition to being preferred by crewmembers, eGSE also: - Reduces energy costs - Reduces emissions and noise - Increases safety due to less aircraft damage and reduces fire risk from fuel Going forward, our strategy is to expedite conversion to electric vehicle alternatives in locations where governmental funding is available and where we expect regulation.",2
"Future intent We continually review our metrics and targets, as needed, to ensure that the data we are measuring is meaningful, aligns with our strategy, and is providing the information the business and our stakeholders need to effectively monitor our performance and demonstrate our progress. In 2020/21, we will be laying out our pathway to achieve our net zero by 2050 emission reductions and setting targets to align our ambitions and provide better visibility to our progress.",1
"In the short-term, the water management strategic objectives for 2020 comprise: - Maintaining security of supply - Effectively managing water at our operations - Applying transparent corporate water governance - Adopting a catchment approach to water management During 2019, Gold Fields spent US$27m on water management by investing in methods to improve our water management practices, including pollution prevention, recycling and water conservation initiatives.",1
"In 2019, Environmental financing grew by 45% year on year to a total of $7.8bn. We have seen good growth across our product set in our consumer and wholesale businesses. However, the majority of our current green financing is within the Corporate and Investment Bank. As there is still no industry- wide definition for 'green' finance, we are conservative and transparent in our assumptions, and report our share of capital market transactions where we have played an active role, not the total deal value of transactions that may have multiple banks involved.",2
"Stakeholder mapping and dialogue between BNP Paribas and each individual stakeholder are covered in 'How BNP Paribas listens to and takes into account the expectations of its shareholders', updated in 2019 and transmitted to the Corporate Governance Ethics, Nominations and Corporate Social Responsibility Committee (CGEN), a specialised Board of directors committee.",1
"Member of the Green Bond Principles TD continues to enhance its Green Bond Framework, with the most recent issuance aligned with the 2017 Green Bond Principles, the most up to date at time of issuance. We align with internationally recognized frameworks such as the Green Bond Principles to guard against greenwashing. For TD's green bonds specifically, we also employ third parties for both assurance and second opinions to ensure the validity of our measured impacts and green criteria. TD Bank is a proud member of the Green Bond Principles and an active participant on the International Capital Market Association (ICMA) Social Bonds and Green Projects Eligibility working groups for 2019-20.",1
"Stress testing our portfolio to assess the effect of climate change on the bank's financial position, in 2019 ING carried out an internal climate risk stress test. As there is no standard for climate change stress testing yet, ING has adapted its regular stress testing models while leveraging on insights from supervisory climate stress tests and internal climate (risk) experts.",0
"We have longstanding expertise in planning for seismic events by incorporating seismic gas shutoff valves, increased sprinkler seismic bracing and locking sprinkler valves in the open position for relevant projects. We are currently exploring a range of mitigation strategies to cope with potential sea level rise. This includes putting important equipment on risers or relocating it from basements entirely.",0
"An internal analysis of the generation fuel mix associated with our power utilities portfolio indicates approximately a third of our exposure is low-carbon, not inclusive of our $9.4 billion portfolio of tax equity investments 16F 17 in wind and solar projects throughout the U.S. We have dramatically reduced exposure to companies focused on coal extraction, as evidenced by the fact that pure play coal extraction now only represents $155 million of our energy sector exposure (or 0.4%), down nearly 80% from $762 million at FYE 2015.",1
"We met our goal and achieved carbon neutral certification for our operations under the Commonwealth Government's Climate Active program. To help contribute to our carbon neutrality goal, we continued to actively work to improve the energy efficiency of our network sites and exchanges, and data centres. This year, despite increasing demand for data, our network facility energy reduction program and decommissioning activities contributed a 3.4 per cent reduction towards achieving both our carbon neutrality and emissions reduction goals.",1
"Initial tests of the methodology involved a significant percentage of clients in each sector (more than 80% of outstanding loans). As a result, BNP Paribas has an overview of the loan book, with a benchmark scenario at a given date, in addition to the projection for that same portfolio five years later. The loan book will be made increasingly compatible with the Paris Agreement scenario through dynamic management of the loan book itself and through external technological developments.",1
"Building on our history of energy efficiency improvements, we substantially increased our commitment to renewable energy in 2020, committing to 100% renewable electricity for US operations which accounts for over half of our global electrical load.",1
"To better understand the landscape, Morgan Stanley engaged Partnership for Carbon Accounting Financials and its current members in early 2020. We had an opportunity to learn more about their emissions factors database in order to better evaluate how PCAF's data for various assets could be utilized by Morgan Stanley.",1
"Future work Climate continues to be high up on AP2's agenda and the implementation of Task Force on Climate-related Financial Disclosures is part of the Fund's on-going work. In 2020 focus will be on implementing the new sustainability strategy with a strong focus on climate. Among other things, the Fund is further developing its internal indices with a sustainability profile with the ambition of complying with the criteria of EU Paris Aligned Benchmark. Asset management works actively, in different ways, to include climate risks and opportunities in its analyses and to find investment opportunities for different asset classes. Integrating climate analysis into the overall ALM analysis will continue to be develo- ped. The Fund also intends to further develop views on what are significant climate risks and opportunities for more asset classes/sectors/ geographies and their time horizons.",1
"Future Opportunities from Product Development As a leading provider of data & analytics, S&P Global recognizes the role they play in designing products and solutions that will help our clients mitigate the challenges from climate change and drive opportunities as the world transitions to a low carbon economy.",2
"The Group is focusing its efforts on not only improving the percentage and quality of client coverage, but also gaining a better understanding of projected trends in each sector. The results of these efforts will serve to develop sector strategies and measure their impacts on the alignment of the loan book with the Paris Agreement goals.",1
- Other subjects: The Group is also participating in a study by the French Association of Private Companies (AFEP) on the comparison of 2 C scenarios and in a different study by Entreprises pour l'Environnement (EpE) ZEN 2050 on the decarbonisation of the French economy by 2050.,1
"In technology development, we focus on increasing resource efficiency - aiming to reduce energy and water consumption, emissions, effluents and waste. In 2019, 81% of our R&D projects were related to initiatives targeting sustainability improvements. Our efforts to mitigate the environmental impacts of our products and services are presented in Sustainable technologies and innovations.",2
"More than $1 trillion in green bonds have been issued since these securities first emerged in 2007, according to research company BloombergNEF.18 BlackRock is heavily involved in and supportive of the green bond market.",2
"Responsible investment, inclusive of climate change factors, is part of the standard due diligence conducted on each investment considered. Oversight of the proprietary rating system is the responsibility of our Responsible Investment Committee, which includes senior investment team representation from each platform. In this section we will touch on how the Capital Dynamics R-EyeTM Rating System, overseen by the Responsible Investment Committee and the firm's overall responsible investment initiatives help shape how we address climate change.",1
"We have already achieved our 2020 operational target set in 2010 by reducing our carbon emissions by 66% and we have a long-term reduction target of 70% by 2030. Now, 67% of electricity used by our global operations is from renewable resources and we are committed to using 100% renewable electricity by 2025 (aligned to the RE100 commitment). Across the UK, more than 400 employees have signed up to our car share programme and there are 180 active car sharing groups. We have also introduced twenty electric vehicle charging points at eight UK office locations and moved 30% of our car fleet to hybrid. More details of this analysis can be found on www.aviva.com/social- purpose.",1
We have also signed up to the Partnership for Carbon Accounting Financials (PCAF) and will be evaluating our balance sheet on an asset class basis to understand our climate resilience to various climate risk scenario's. We have committed to work with our clients to fully understand the climate sensitivity of their business and to support them in implementing carbon reduction strategies.,0
"2 intensity. The main upstream projects in progress, which account for about 45% of the total development investments in the sector in the four-year period 2019-22, show an overall break-even at a Brent price of $25/barrel, which is there- fore resilient even in the presence of a low-carbon scenario, and an internal rate of return (IRR) of 22%. Furthermore, these projects have a positive cumulative Free Cash Flow as early as 2019, due to the cash in from the application of the Dual Exploration Model, which is the early monetization of exploration suc- cesses through the sale of minority stakes. The hydrocarbon equity resources13 at 31/12/2018 show that natural gas, a bridge solution towards a low carbon future, accounts for over 50%. The flexibility and adaptability in the use of Eni's investments, amounting to about $33 billion in the period 2019-22, are confirmed by the non-committed share of 50% already in the two-years period 2021-22.",2
"Considering the expectations and perspectives of our stakeholders, for the purpose of strengthening our environmental and societal considerations in making investment and financing decisions, we previously established a policy on initiatives involving sectors which have a high possibility of contributing to adverse environmental and social impacts. In April 2020, to more thoroughly reflect the tenets of our Human Rights Policy and Environmental Policy, we revised the policy to be comprehensive in prohibiting investment and financing in such initiatives regardless of sector, as well as points of caution ('Environmental and Social Management Policy for Financing and Investment Activity'). (Figures 13 and 14)",0
"As part of this proactive approach, six years ago the Group introduced an 'internal carbon tax', a mechanism that it has built on and expanded in the intervening period. Each year, a carbon tax is levied on each of the Group's entities, based on their greenhouse gas emissions ($10/tonne Carbon dioxide equivalent) and the sums collected are then redistributed in the form of rewards for the best internal environmental efficiency initiatives, through the 'Environmental Efficiency",1
"Since 2008, the Fund has invested in green bonds, as part of the listed fixed- income portfolio, which are expected to contribute positively to the climate transition. Since 2015, green bonds have been a separate asset class in the strategic portfolio. In 2019, the Fund also decided to increase its strategic allocation from 1.0 to 3.0 per cent, which is equivalent to more than SEK 11 billion. AP2 has the last few years also invested in social bonds.",2
"The Group is connected to all parts of the economy through its lending and other banking activities and considers it has an important role to play in financing the low-carbon transition. Therefore, in the 2020 financial year, the Group sought to calculate the Scope 3 emissions associated with key segments of its lending portfolio - residential mortgages, commercial real estate (office and retail), agriculture, power generation and resources (including coal, oil and gas). The objective was to better understand what might be required to align the Group's lending portfolio to the temperature goals of the Paris Agreement and a net zero emissions economy by 2050.",1
"This includes: To adopt low-carbon measures in daily office operation, paperless office and the use of energy-saving lights across businesses to reduce carbon emissions and energy consumption directly; Encourage employees to participate in environmental protection activities and the use of renewable energy and new energy in architectural design and project retrofitting; Encourage all employees and our partners to contribute to carbon emission reduction and promote low-carbon ideas.",2
"SUEZ is working to develop this model by adopting an internal carbon price, by systematically proposing a remuneration of operators indexed to global performance, by participating in efforts to develop material circularity indicators that will make the measurement of the impacts of the new model more robust.",1
"Since 2017, we have been advancing our capabilities in climate scenario analysis: In 2018, RBC and 15 other financial institutions participated in a United Nations-led project to develop and publish methodologies for assessing the impact of future climate scenarios on our clients and loan portfolios.",1
"Climate risk is currently governed by ING's Climate Change Committee and relevant risk management committees. In 2020, we formed a climate risk working group to further develop suitable methodologies and support its integration in risk management processes.",1
"As a founding member of the Australian Business Roundtable for Disaster Resilience & Safer Communities, IAG works collaboratively with governments to effect change in public policy, increase investment aimed at building safer and more resilient communities and working to improve the capacity of people and businesses to better withstand future natural disasters. IAG has also been invited by the Governments in Australia and New Zealand to play a role in climate change management, including active engagement and contribution to the National Resilience Taskforce in Australia. In New Zealand IAG is working through the Climate Leaders Coalition to ensure businesses are actively adapting and building resilience to climate impacts. As a key member of the Insurance Council of Australia, the representative body of the general insurance industry in Australia, IAG plays an active role in the Council's Climate Change Action Committee and Data and Knowledge Sub-Committee.",1
"Extract: In 2016, we made further steps to systematically incorporate climate aspects in all investment decisions. We use tools such as internal carbon pricing, scenario planning and stress testing of projects against various oil and gas price assumptions. Equinor routinely tracks technology developments and changes in regulations, including the introduction of stringent climate policies, and assesses how these may impact the oil price, the costs of developing new oil and gas assets, and the demand for oil and gas.",1
"Objectives: Introduce a directive carbon price in 60% of the annual expenditure committed to new projects Introduce a harmonised global circularity indicator for goods and services Systematically offer pay packages partially index-linked to our global performance Raise employee awareness and promote training in emerging models (carbon accounting, new business models, etc.)",1
"Reflective of investor feedback, our Task Force on Climate-related Financial Disclosures Strategy is divided into three separable chapters to be commissioned over three years; Stage 1. Identify Key Material Risk. Stage 2. Assess climate change scenarios of key material risks. Stage 3. Define and disclose financial valuations associated to those risks. In FY18, Management completed Stage 1, and is now proceeding to Stage 2. Investa is pleased to work with the UN Environmental Programme Finance Initiative working group on establishing Task Force on Climate-related Financial Disclosures best practice reporting models. It is our intention to continue to gather investor and best practice feedback in Task Force on Climate-related Financial Disclosures reporting on an ongoing basis.",1
"In 2019, we: - incorporated conduct risk management into our risk culture framework and stepped up risk culture communication efforts Group-wide, with an emphasis on the Tone from the Top and Tone from Above; - implemented a risk culture dashboard to provide regular updates to the Board and senior management; - introduced measures to assess the results of the various risk culture initiatives, including feedback from senior management committees and an annual self-assessment exercise for key business and support units. We also included more questions on risk culture in the Bank's Employee Engagement Survey. UOB is also a member of the Culture and Conduct Steering Committee, established by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to promote sound culture and to raise conduct standards among banks in Singapore; - benchmarked our Three Lines of Defence (3LOD) framework against industry best practices to strengthen our current approach further. We also established a new 3LOD Working Group to drive and to implement identified key initiatives, which aim to define ownership for new areas of risks, to harmonise risk management and controls across the 3LOD, to integrate the assurance methodology and to create a single robust governance, risk and compliance reporting framework; - replaced the Value-at-Risk (VaR) measure with Expected Shortfall (ES) limits monitoring. The latter takes into account the spread of the tail losses in the process of historical simulation and can provide a more accurate picture of risk and capture large movements in the event of financial market stress, which the VaR measure was unable to do. We also enhanced our Market Risk Aggregation Limits system to automate fully the market risk limits monitoring for all market risk asset types and limits; and - tightened our Responsible Financing Policy in relation to the financing of carbon-intensive sectors in recognition of the rising threat posed by climate change. We established a Taskforce on Climate-related Financial Disclosures (TCFD) Working Group to oversee and to drive the adoption of the Task Force on Climate-related Financial Disclosures recommendations. We endeavour to build our capability on climate risk management and stress-testing through active engagement with regulators, industry associations and climate specialists. We also maintained a strong focus on our capacity-building efforts, of which a key initiative was the successful roll-out of the ABS e-learning module on responsible finance to our colleagues in Singapore.",1
"In 2018, S&P Global's 2017 Scope 1, 2 and 3 Greenhouse gas emissions received third-party assurance from Corporate Citizenship. The evaluation assessed the accuracy of our environmental data processes and systems and was verified against the ISAE 3000 assurance standard.",1
"For our analysis, we evaluated both interim/bridge and commercial mortgage loans. For both types of loans, we looked at the impact of high and low capital requirements needed to make the environmental retrofits. For the high capital requirement scenario, we evaluated the impact of low, mid and high rent increases resulting from LEED certification and how this affected the overall risk rating for the mortgage. For these scenarios, we assumed that the energy savings would be on the low end of the range for a conservative result.",0
"To tackle ground emissions, we have been actively converting our fleet of owned conventional ground support equipment (GSE) to electric alternatives (eGSE). In line with the Opportunities Escalation Process, this was first identified as an opportunity for large-scale conversion in 2014. We then started a trial at JFK International Airport in 2015. Despite initial skepticism about electric vehicles before the trial, 70% of crewmembers using the vehicles preferred electric over conventional, as they offered similar or better technical performance with less noise and no fumes.",2
"7.1 Carbon Emissions Reduction Potential Through carrying out carbon reduction activities in services, products and operations, Ping An minimizes the company's potential transition risks during the process of transitioning to the low-carbon economy.",0
"We have evaluated our current and anticipated power generation portfolio using the International Energy Agency (IEA) 2 C Scenario. The findings from our climate-related scenario analysis has shaped our strategy towards achieving a more balanced energy portfolio. - We will restrict our investments in coal-fired power plants and improve the energy efficiency of our existing plants - We will focus on growing our gas and renewables portfolio as well as our green business lines while exploring new business models, products and services that focus on energy efficiency, digitalisation and new energy solutions",1
"2 Transition Risks. The electricity used in Fifth Third's facilities is generated from many generation sources in regulated and deregulated markets. If future legislation increases the cost of greenhouse gas emissions, the company could experience an increase in generation expenses from generators that use coal or natural gas. In 2017, Fifth Third signed a Power Purchase Agreement (PPA) to purchase as much power from a new solar project as the company uses in a year. While the primary reasons for this purchase were to demonstrate environmental leadership, a secondary beneft is that the company now has a long-term contract to buy carbon-free power. The project demonstrates our ability to lead on environmental sustainability while fnding ways to understand, control, and keep new risks within our risk appetite.",1
"We currently source 18 percent of our energy from alternative fuels, low- carbon fuels and biomass. In some of our operations, we have been able to meet 90 percent of our energy requirements with alternative fuels, but we also acknowledge our potential to increase this rate significantly in the coming years. (See further information on our Geocycle operations on page 31).",1
"Objectives: Systematically offer to our customer plans of resilience to the effects of climate change Promote the different usages of water by multiplying by 3 our alternative water production capacity by 2030 Save the equivalent of the water consumption of a city of more than 2 million inhabitants Promote material recycling, recovery and reuse Every one of SUEZ's employees is working for the Resource Revolution.",2
"In 2019, the Board reviewed the progress of the project to implement dual fuel engines in the Herradura haulage truck fleet which are able to automatically switch between diesel and Liquefied Natural Gas (LNG), depending on the terrain.",1
"We also support projects contributing to the transition to a decarbonized society, such as projects that provide carbon recycling technologies. We established a policy of not supporting new coal-fired power plants in principle, and we will encourage dialogue with customers that construct coal-fired power plant projects in line with this policy in order to achieve our target.",1
"CIBC Square In 2020, CIBC will be relocating to a new global headquarters called CIBC Square. Located in Toronto's downtown core, our new complex is being built based on sustainable building principles, targeting LEED (Leadership in Energy and Environmental Design) Platinum certification. Located across from the city's main transit hub, Union Station, the new location will allow employees to maximize the use of public transit. The two towers are connected by a one-acre greenspace, providing a clean air environment in the middle of the city. There will also be 300 bicycle storage spaces and on-site shower facilities to make it easier for our employees to bike to work.",1
"Physical risk To understand how physical risks may impact Bank of America, we engaged the climate risk team at Willis Towers Watson on a pilot project to assess the potential exposure of select residential mortgage portfolios.",0
"ING has the opportunity to achieve greater impact through our clients. So far, under our Terra approach we have defined sector-level climate metrics and targets such as technology change and emissions-intensity reduction to align our lending portfolio with the Paris Agreement. The approach focuses on the most climate-relevant sectors as measured by their global carbon footprint (i.e. those sectors responsible for approximately 75% of total global emissions). To do so, we apply multiple technologies, with the two primary ones being the PACTA approach for corporate lending and the",1
"In technology development, we focus on increasing resource efficiency - aiming to reduce energy and water consumption, emissions, effluents and waste. In 2019, 81% of our R&D projects were related to initiatives targeting sustainability improvements.",2
"27TAIHEIYO CEMENT REPORT 2020 ince introducing a WHR power generation system at its Kumagaya plant in Kumagaya City, Saitama Prefecture in 1982, the company has installed similar facilities in its other plants in Japan. These systems generate power by recovering thermal energy from high-temperature exhaust gas generated in the cement calcination process and contribute significantly to the reduction of CO emissions. In October 2019 the company decided to install a WHR power generation facility incorporating a cutting-edge waste heat recovery boiler at its Saitama plant in Hidaka City, Saitama Prefecture. This facility is scheduled to begin operations in September 2022, marking the completion of the initiative to install waste heat power generation systems at all six company plants. The operation of these facilities is expected to help reduce CO emissions by approximately 27,000 tonnes per",2
"AM has developed a suite of products allowing clients to identify the carbon intensity of their investments and/or to align them with the Paris Agreement: In 2017, AM together with the New Employment Savings Trust launched a strategy called Climate Aware with an aim to do more than manage investments based on carbon footprinting.",2
"44 National Australia Bank delayed in the 2020 financial year, due to COVID-19, but is expected to be completed in the 2021 financial year. - Climate Measurement Standards Initiative (CMSI) - The Group joined and supported this cross-sector industry initiative which formed in the 2020 financial year. The CMSI includes representatives from across the banking, insurance and investment sectors alongside pre-eminent Australian climate scientists working together under the auspices of the National Environmental Science Program's Earth Systems and Climate Change (ESCC) Hub, professional services firms and finance sector industry bodies. The objectives of the CMSI are to provide open- source voluntary guidelines for financial institutions (banks, insurers and asset managers and owners) with consistent scientific and technical guidance on how to assess the physical risk of climate-related damage to homes, buildings and other critical infrastructure arising from extreme weather events - such as tropical cyclones, bushfires and floods. The CMSI focused on supporting implementation of the Task Force on Climate-related Financial Disclosures recommendations in addition to better understanding the financial system's exposures to climate-related risks. Two key reports were published in the 2020 financial year, including a finance report and a science report which are available at: https://www.cmsi.org.au/reports - Climate-KIC Australia (Climate-KIC) - The Group has been working with Climate-KIC and a number of other organisations, including government agencies and industry bodies on an Adaptation Finance Project. This project is exploring how the financial sector can invest in climate adaptation to deliver commercial returns and greater climate resilience with a view to developing insights into the creation of a scalable approach to adaptation finance. In 2020, the project completed a report that shares insights and makes recommendations for current and future projects focused on addressing the adaptation finance gap. This work has contributed to the adaptation finance discourse in Australia - the report is available at: https://climate-kic.org.au/our-projects/ adaptation-finance-project/ - Resilience Investment Vehicle (RIV) - The Group has been working with IAG, CSIRO and a number of other government agencies, industry groups and not-for-profits on a RIV. This project is exploring how the financial sector can invest in climate adaptation to deliver commercial returns and greater climate resilience with a view to developing insights on the creation of a scalable approach to climate adaptation finance. - Australian Industry Energy Transitions Initiative (AIETI) - The Group joined this collaborative industry initiative supported by ClimateWorks Australia and Climate-KIC in the 2020 financial year. The AIETI aims to accelerate informed action by Australian industry towards the achievement of net zero emissions in hard-to-abate sectors by 2050 while managing the transition to thrive in a decarbonised global economy. The AIETI will focus on five supply chains critical to achieving the Paris Agreement temperature goals ('well-below two degrees",1
"Currently, all three private equity strategies diligence our current and prospective General Partners for Energy Efficiency, Water Usage and Natural Resource Usage as part of the Capital Dynamics R-EyeTM Rating. Our plan is to expand these factors over the next twelve months and formally consider measuring the results, once we have enough data for a meaningful analysis. The next phase of the plan will contemplate how to apply a weighting system to data collected from relevant Climate R-EyeTM Rating questions.",1
"3) Active Ownership: engagement and voting activities We actively engage with companies to foster their efforts in aligning with a below 2 C world in pillar 3. We see engagement as a dialogue between investors and companies with the dual objective of impacting how companies operate and enhancing shareholder returns. Overall, around 36.8% of our direct company dialogues related partially or solely to climate change topics in 2019. In addition, Bank J. Safra Sarasin contributes to different collaborative engagement initiatives. For example, the Bank continued to par- ticipate in the Investor Decarbonisation Initiative led by ShareAction. Our full Active Ownership strategy is described below and is also outlined in our publicly available Active Ownership Policy and Active Ownership reports.",1
"(4) Metrics and Goals As a signatory to the Principles for Responsible Banking (PRB), we aim to bolster our initiatives in the areas of impact finance and renewable energy finance projects.",2
"The highest governing body for sustainability-related issues is the Group ESG Board. Meeting quarterly, it is comprised of three Allianz SE BoM members as voting members, one BoM member as standing guest voting on operations topics, and key departments being represented. On a case-by-case basis, further participants from Group Functions and operating entities participate. The ESG Board is responsible for sustainability and climate-related topics and oversees the Allianz Group Climate Change Strategy. It steers the whole corporate responsibility agenda, including for example positioning on Sustainable Finance as well as approving and steering external climate and ESG-related commitments and initiatives. Furthermore, it is responsible to ensure alignment of the ESG agenda with Allianz’s business operations, especially by validating with Group functions such as Group Risk and Group Compliance. It also oversees the integration of climate and ESG aspects into all core lines of business and central Group processes.",1
"Our approach to the low-carbon transition will be steered by our commitment to set science-based emission reduction targets as well as to reaching net-zero emissions in our proprietary investment portfolio by 2050. To this end, we will set ourselves long-term and intermediary emissions reduction targets for our business operations as well as our proprietary investment portfolio in line with the Paris Agreement’s target of limiting global warming to 1.5°C. We expect publication of carbon reduction targets for our investment portfolio as part of the AOA towards the end of 2020, since the target-setting methodology for financial institutions is yet to be defined by sectoral initiatives like SBT for Financial Institutions within the SBTi.",1
"We are using special modeling techniques for natural catastrophes which combine portfolio data (geographic location, characteristics of insured objects and their values) with simulated natural disaster scenarios to estimate the magnitude and frequency of potential losses. Where such stochastic models do not exist, we use deterministic, scenario-based approaches to estimate potential losses.",0
Methodology and scope The portfolio carbon footprint is calculated based on the following measures for scope 1+2 emissions in line with the GHG Protocol. Emission-related data is provided by MSCI.,1
"We believe that climate change will materially affect economies and therefore our lines of business. Arising risks and opportunities can be seen already today and will increase over mid- and long-term. These can for instance be acute and chronic physical impacts on property or human health such as warming temperatures, extreme weather events, rising sea levels, intensifying heatwaves and droughts or a change in vector-borne diseases. Risks and opportunities also result from the cross- sectoral structural change stemming from the transition towards a low-carbon economy. These include changes in climate policy, technology, or market sentiment, and impact thereof on the market value of financial assets, as well as impact resulting from climate change litigation.",0
"The BoM reports regularly and comprehensively to the Supervisory Board on business development, the company’s financial position and earnings, planning and achievement of objectives, business strategy, and risk exposure. Climate-related issues are part of these regular updates where relevant.",0
The ESG Sustainability Council pulls together the geographical business scopes led by our three EVP Zone CEOs and functional leadership at the Executive Board level. It meets every month and reports progress to the full Executive Board monthly.,1
"Climate-related physical risks To assess physical risks until 2025, we focused on impacts from extreme weather events including extreme temperature, water stress, storms and flooding risks. Extreme weather affects our value chain today, and the impacts represent the differential between the current run rate of impacts and the 2025-forecasted level.",0
"Climate risks and opportunities are included in the scope of our Enterprise Risk Management (ERM) Framework, processes and reporting. Climate analysis is a rapidly evolving area. We took important steps in 2020 to strengthen our methodology and tools to identify, assess and manage our climate risks and opportunities. Our 2020 assessment approach and process, as well as how the insights were integrated into our overarching climate change strategy, are summarized in the Strategy section. The findings will continue to be integrated into our strategic planning and ERM Framework to help strengthen our resilience, mitigation and adaptation responses. The results and learnings of this ongoing work are regularly presented to the Executive Board and Board of Directors.",1
"We continue to build upon our existing metrics and targets to help guide the implementation of our net zero pledge. Data is our starting point. We are enhancing our ability to identify and measure emissions, working with our suppliers and customers, and exploring new ways in which we can use analytics, automation, artificial intelligence and machine learning to enhance decision-making and transparency. Our targets and progress can be found in our Creating Shared Value and Sustainability Report 2020 at www.nestle.com/csv/performance. Details of our climate mitigation and adaptation plans and targets can be found in our Net Zero Roadmap.",1
"The Executive Board has the final oversight of the Combined Non- financial declaration which includes the climate / environmental strategy, climate-related risk assessment, organization, management, measures and targets. The highest monitoring body in the area of sustainable management is the Supervisory Board. The Supervisory Board commissions a limited audit review of the Combined Non- financial declaration.",1
"Lufthansa Group provides incentives for the achievement of climate- related targets on board-level. The Supervisory Board defined specific CO2 reduction as focus topic for the strategic and sustainability target for long-term variable remuneration (LTI) for the 2020 financial year. The non-financial performance criteria thus take the interests of key stakeholders into account and provide long-term incentives for the environmental goal of reducing specific carbon emissions. For the LTI, the possible range of the target achievement for the financial and non- financial targets is between 0% and 200%. For the non-financial target “Environment”, the targets set by IATA (International Air Transport Association) for fuel efficiency are used, i.e. the average amount of kerosene consumed to carry a passenger 100 kilometres. The aim is to reduce specific fuel consumption by 1.5% p.a. and so to improve specific CO2 emissions. The LTI for 2020 includes emissions from Lufthansa’s own fleet as well as those from wet lease flights. To calculate performance, the improvement in specific CO2 emissions is measured annually over the four-year performance period. This was the Further Disclosure only non-financial target for LTI in 2019 and 2020 and accounted for 25% of the LTI. Specific CO2 efficiency (including wet-lease flights) came to 10.52 kg/100 passenger-kilometres in 2020 (2019: 9.22 kg/100 passenger-kilometres), so that performance in the 2020 financial year for the environmental parameter for the LTI 2020 was 0%. The development of this KPI in 2020 was due to the corona pandemic and mainly driven by comprehensive travel restrictions which resulted in lower passenger load factor and a higher share of short-haul flights which emit relatively more CO2 than long-haul flights.",1
"Risks are assessed by the respective risk owners and aggregated in a risk map by the risk management function. This process takes into account all kind of risks, i.e. also risks related to climate change – including physical and transitional risks. The risk map is updated quarterly in close cooperation with different committees/departments throughout the Lufthansa Group. Thereby it is ensured that various professionals and environmental experts evaluate the climate-related risks/ opportunities . Based on their assessment the financial and strategic impact on the Group from climate-related risks is made transparent. Asset specific risks/opportunities from climate change are assessed in the respective departments.",0
"Additionally, specialists from the Corporate Responsibility department coordinate climate-related research activities and support and facilitate climate risk and climate opportunity management activities across the Group.",1
Most of the Group’s CO2 emissions are direct emissions (Scope 1) from its own operations. But greenhouse gas emissions are also generated in other parts of the value chain and the Group takes all CO2 emissions into account and accordingly discloses Scope 1-3 emissions.,1
"On an annual basis, the proposed principal risks, risk watchlist and emerging risks are reviewed and approved by our ExCo before being submitted to the Audit and Risk Committee (‘ARC’) and the Board. In line with our Group risk management framework, the ARC meets quarterly to receive updates on how our principal and watchlist risks are being managed across Vodafone.",0
"The Head of Sustainable Business manages the Sustainable Business team that includes the Environment Manager, whose responsibilities include creation, monitoring and reporting on climate change programmes and targets, such as the carbon reduction goals, Science Based Targets commitment, and Planet agenda actions.",1
"After the list of potential risks and opportunities was put together and updated based on the progress made, we evaluated the materiality of each by assessing their likelihood and impact using our Group risk management framework. This materiality assessment will be conducted each year to ensure the implications of all risks and opportunities are appropriately understood in the context of the ever-changing business and physical environment. We will update the risk scores as necessary due to the changing circumstances or as improved data or modelling for these risks and opportunities becomes available.",0
"This target was determined by comparing our 2010 GHG emissions against the 40-year 2°C aligned reduction trajectory to 2050, using the European 66% emission mitigation scenario (2010-50 Representative Concentration Pathway (‘RCP’) 2.6). In 2017, there was no telecommunications industry standard or specific reduction pathway. However, through aligning to the higher European decarbonisation requirement, the 2025 target meant Vodafone would decarbonise at the rate needed to keep global warming at 2°C or below, which equated to a 40% reduction by 2025.",1
Target: Consume 100% renewable electricity by July 2021 in Europe and by 2025 in all markets,2
"The CSO has responsibility for sustainability and climate change oversight within UPS. The CSO is a member of the UPS Executive Leadership Team (ELT), which consists of the Company's most senior executive officials, and reports directly to the CEO.",1
"At UPS, we believe our purpose is to move our world forward by delivering what matters, and contributing to a truly sustainable global society matters. The sustainability team works with cross-functional teams to implement programs that create better not bigger business value and drive progress toward UPS’s sustainability goals. The sustainability team convenes individual working groups to address specific sustainability issues and initiatives, such as urban logistics and last mile delivery, electric vehicles, renewable electricity and airline efficiency. The CSO also: • Is a member of the company’s ELT Risk Committee, which is an internal group that meets quarterly to review the company’s enterprise risk strategy; and • Partners with the company’s Chief Diversity, Equity & Inclusion Officer to support programs aimed at supporting the company diversity goals.",2
"Risks to the network and supporting processes are evaluated and mitigated based on both asset cost and impact to the network’s functionality, inclusive of facilities and equipment. Extensive risk-scenario planning is conducted within the air and ground networks to evaluate potential disruption in key operating facilities from a variety of risk sources, including climate change issues related to weather and/or natural disasters and change in governmental policies.",0
"Currently, climate change related risks or Sustainability at UPS are assessed as Tier 1 risks. There is a designated review process for Tier 1 risks where the subject matter experts review a risk profile with Enterprise Risk Management. Enterprise Risk Management (ERM) communicates Tier 1 risks to the ELT and Board of Directors (BOD) Risk Committee through an annual risk assessment and ranking exercise.",0
"In alignment with our strategy and risk management process, UPS reports three primary metrics to assess the climate-related risks and opportunities: • Package Carbon Intensity (Metric Tonnes of CO2/Package Volume) • Percentage Alternative Fuels (RNG, LNG or EV) • Absolute Emissions (Metric Tonnes of CO2)",1
"In 2020, UPS broadened its ESG vision and built a road map on three generations of sustainability goals. Recently announced, the two primary sustainability goals include a social sustainability goal – positively impacting 1 billion lives by 2040 – and an environmental sustainability goal – achieving carbon neutrality by 2050. The road map to carbon neutrality by 2050 includes the following targets: • By 2025 25% renewable electricity for facilities (existing goal). 40% alternative fuel purchases as a percent of total ground fuel (existing goal). • By 2035 30% sustainable aviation fuel. 100% renewable electricity for facilities. 50% reduction in CO2 per package delivered for global small package (2010 baseline).",2
"Due to the overlapping nature of the environmental services that WM provides and climate-related issues, the risks and opportunities are discussed, in whole or in part, at each meeting through one or all of the following governance mechanisms: strategy, major plans of action, risk management policies, annual budgets, business plans, performance objectives, major capital expenditures, and progress against goals and targets for addressing climate-related issues. Specifically, reviewing and guiding strategy is scheduled into every board meeting to inform the entire board and contribute to managing information, making decisions about what the company will do, and adapting those decisions based on climate-related information. Issues discussed in the reporting year include (1) the ability to provide carbon-reduction services such as recycling, composting, renewable energy, and advisory services; (2) direct GHG reductions from changes associated with our fleet, use of renewable energy, and operational efficiencies; (3) physical risk of severe weather to our employees, facilities, and ability to provide services, and (4) regulatory risk associated with climate change policy issues. Successful management of these issues relies not only upon significant investment in, for example, collection of landfill gas and production of renewable natural gas (RNG) and state-of-the-art material recovery facilities leveraging robotics and automation, but also an overarching strategic plan to address the financial viability of recycling, deployment of capital in our fleet, and WM’s ongoing development of landfill-gas-to-fuel facilities. Therefore, reviewing and guiding strategy at each board meeting is essential to meeting goals and targets. Additionally, one-on-one sessions with the Committee Chairs are conducted on an ad hoc basis.",1
"The Chief Sustainability Officer (CSO) reports directly to the CEO. The CSO meets regularly with the CEO, who is also a member of our Board, to discuss the key issues identified in the Enterprise Risk Management (ERM) process, and holds responsibility for managing information on climate-related issues, developing strategy, and adapting decisions based on climate-related information as necessary. Climate issues such as the ability to provide GHG emissions-avoiding services, the physical risks of climate change on WM facilities and services, and meeting WM’s GHG reduction goals impact WM’s recycling, composting, renewable energy production, fleet composition, advisory services and landfill operations of our business. In addition, carbon reduction and response to climate change are central factors in our municipal and private sector customers’ decisions to employ our services.",0
"Supply Chain Risk Assessment We have established a process to identify key supplier risk factors and determine how to mitigate those factors. We observe and check the progress of the supplier risk profile over a period of time. We methodically examine the supplier risk profile for the purpose of explanation and interpretation. A risk profile is established for the supplier and the overall category. In this way, we continually assess the strengths and weaknesses of our suppliers, and the impact these could have on our business.",0
"At the company level, WM uses an enterprise risk management (ERM) process involving senior leaders and subject matter experts from all major divisions to assess the materiality of all risks across the enterprise, including climate related risks. Each year the Treasury & Risk Management team performs top-down and bottom-up reviews across all headline risk areas to assess changes, identify emerging risks and prioritize risks for in-depth analysis. Top-down reviews consist of one-on-one meetings with every member of the Senior Leadership Team (SLT) as well as select group Area Vice Presidents to get a regional and operations-focused viewpoint on risk. Bottom-up reviews are done in workshop format including all subject matter experts for a given headline risk as well as participants from regional operations. An output from these meetings is a standardized scorecard which includes risk and opportunity ratings for (financial) impact, likelihood (of event), outlook (of risk exposure) and confidence (in risk management). Additionally, forward-looking action plans with measurable indicators and progress on action plans from previous assessments are also discussed & documented. Based on findings from top-down and bottom-up reviews, certain risks are identified as “Priority Risks” and receive a more granular assessment, quantification of impact, and are elevated for further discussion with the SLT and the Board. The executive team that manages our enterprise risk reporting to the Board reviews all submissions for consistency in determining scope of impacts, and comprehensiveness in determining the adequacy of current support by internal staff, the sufficiency of financial support for contractors or mitigation measures needed to manage and reduce risk, sufficiency of legal support, and the extent and sufficiency of third-party consulting support. Moreover, the staff working on the ERM documentation coordinate with those drafting the risk factor description for the Annual Report Form 10-K to assure thoroughness in response. The environmental impacts, risks, and opportunities, including climate-related, associated with our carbon reduction service lines are discussed each year. WM’s Corporate Development & Innovation department briefs the Board at least annually on potentially disruptive technologies, sometimes related to customer expectations with regard to carbon reduction services. Additionally, a cross­ functional team made up of team members from Legal, Sustainability, Recycling, Treasury & Risk Management, Corporate Development and others, meet monthly to discuss business disruptors.",0
"Potential sustainability risks include financial and insurance-related risks (including compliance and governance considerations), safety and health, and supplier diversity. In our mission of continuous improvement, we monitor insurance declarations through an automated system checking for expired or out of date insurance declarations, which triggers notification to the supply chain managers for corrective action; we conduct site visits and unannounced inspection of suppliers’ facilities, particularly with our top fleet suppliers; and we work closely with the operations in the field to observe the service level provided to our operations. Any slippage observed from a safety or service disruption standpoint, will warrant a corrective action plan.",0
WM reports on progress against our goals in our annual Sustainability Report: Goals and Progress. Offset 4 times the GHG emissions we generate through our operations by 2038 70% of collection fleet to be alternative fuel vehicles by 2025 55% of alternative fuel vehicles to run on RNG by 2025 100% renewable electricity will be purchased for all WM controlled facilities,1
WM is reducing our fleet’s greenhouse gas (GHG) emissions by transitioning our traditional diesel collection fleet to vehicles running on natural gas and increasingly fueling these vehicles with renewable natural gas (RNG) produced at our own landfills.,1
"Climate-related risks and opportunities are part of Pandora’s Enterprise Risk Management system reporting to the Executive Leadership Team and the Board of Directors. Pandora’s climate and renewable energy targets are governed by the Sustainability Board, which has five members from the Executive Leadership Team.",1
"Pandora measures its carbon footprint across all three greenhouse gas scopes. Approximately 1% of CO₂ emissions are related to Scope 1, 8% to Scope 2 and 91% to Scope 3. We focus on reducing all three scopes through our climate targets: 1) become carbon neutral in our own operations by 2025, and 2) set a Science Based Target by the end of 2021.",1
"We believe it is important to have both dedicated in- house ESG expertise, as well as broad-based responsibility for ESG matters across investment teams. Carlyle has a dedicated global team of internal ESG professionals led by Carlyle’s Global Head of Impact, who reports in directly to the firm’s COO. The ESG team works closely with our deal teams and the Global Legal Investment team as they diligence potential investments, and subsequently directly with our majority-owned portfolio companies to drive understanding and adoption of ESG principles and to create tailored value-creation plans. We also work closely with investors and broader stakeholders to drive industry learnings and best practice. As such, our work on climate risks and opportunities are integrated across the responsibilities of Carlyle professionals.",1
"Another deal we evaluated in the past year had significant potential market and policy risks due to the carbon-intensity of the core business model. We worked with a third-party ESG consultant to conduct on-the-ground diligence of the material ESG risks we identified. As part of that work, we modeled out investment implications under different carbon-pricing scenarios. We also incorporated improved monitoring of greenhouse gas emissions and a more robust approach to reducing those emissions over our hold period as part of our investment thesis, as we believe this would position us for a stronger exit.",0
"INDIVIDUAL INVESTMENTS For individual investments, we use the Sustainability Accounting Standards Board (SASB) framework to guide our diligence of material issues. Our investment teams lead this diligence, in partnership with our dedicated in- house ESG team. We furthermore bring in specialized ESG third-parties on specific diligence items, where needed. Our diligence of individual investment opportunities has increasingly included climate-related risks and opportunities, where material. As mentioned above, potential investments with a higher level of perceived ESG risk are elevated to our ESG Review Committee, which provides a recommendation as to whether the firm can proceed with an investment or not.",0
"OUR OWN OPERATIONS 2019 was Carlyle’s third year of carbon neutrality across our 32 global offices and the activities of our more than 1,750 employees, after we became the first major private equity firm to make a carbon neutrality commitment in 2017. Using the World Resources Institute’s Greenhouse Gas Protocol (GHGP), we focused on the material sources of emissions for our firm across Scopes 1-3: office utilities, offsite data centers, commercial and private air travel, and employee commuting. In 2019 we emitted 19,576 metric tonnes of carbon dioxide equivalent across those categories, detailed in the table on the next page. As in prior years, we offset our emissions by purchasing carbon offsets in truck stop electrification projects in the US through The Carbon Fund, which were verified by the American Carbon Registry. Our carbon footprint was assured by Apex Companies.",2
"We normalized emissions to portfolio company revenue to arrive at a carbon intensity of metric tons (MT) CO2e per million dollars of revenue. By using an intensity-based metric rather than an absolute-based metric, we are able to better account for the difference in size and operations across portfolio companies.",1
"As a global company, we have a role and responsibility that extends even beyond the world of health. We are making progress to minimize our environmental impact and maintain resilient global operations by continuing to reduce greenhouse gas emissions —down 48% since 2008— and water consumption. We remain committed to reducing waste and increasing the use of renewable energy in alignment with our bold new sustainability goals for 2030.",1
"AGL Macquarie has some of the most secure water in the Hunter Valley. Under the Hunter Valley water sharing plan, the major utility licences have the highest security. This security level is shared with basic stock and land holder rights, major utility (town domestic supply), and environmental water.",1
"Paper BlackRock set a 2020 paper reduction target of 25% in October 2017. As of year-end 2019, BlackRock has reduced paper use globally by 44%. We attribute this reduction to heightening of employee awareness, swipe technology, and standard double-sided print settings on all copiers.",1
"Hydraulic Fracturing Hydraulic fracturing, commonly referred to as fracking, is an oil and gas well development technique, using a high pressure injection of liquid into the rock, which creates fracturing and allows natural gas and oil to flow more freely. Whilst this method of extraction has provided cheaper, more plentiful energy sources for many, it is also a sensitive sector that is of concern for many stakeholders. Impact areas include water consumption and quality, wastewater disposal, air emissions and impacts on local communities, including noise, traffic and seismic changes. Our appetite for doing business with this industry is as follows:",0
4 Investec is removing all refrigerants that have ozone depletion potential and continues to explore alternative options to minimise global warming potential. Installation refinements have also reduced refrigerant leaks resulting in reduced consumption.,1
"As part of the 'WasteReloaded' campaign, the 'RiVending' project was launched (see Versalis Revive on p. 26) to recycle the cups and stirrers used in beverage machines in the head offices in San Donato Milanese, to produce a secondary selected polystyrene raw material that helps to supply the Versalis plant in Mantua.",2
"A4S Support S&P Global's CFO, Ewout Steenbergen, is a member of the Accounting for Sustainability (A4S). A4S was established by HRH The Prince of Wales and aims to inspire action by finance leaders to drive a fundamental shift toward resilient business models and a sustainable economy.",1
"IEnvA is the airline industry version of Strategic direction, approvals, guidance, challenge Proposals, updates ISO 14001 (the international standard for environmental management systems) tailored specifically for airlines and is fully compatible with the International Organisation for Standardisation (ISO).",1
"By mid-2021, PSEG Power will have retired or exited through sales more than 2,400 megawatts (MW) of coal-fired generating capacity since 2017. This will mark the completion of PSEG Power's coal exit strategy, which began in 2016. In June 2017, PSEG Power retired the Hudson and Mercer coal-fired generating stations. These were our last coal plants operating in",1
KINCARDINE: Financing for the construction and operation of a 50MW wind farm located in Scotland in which the sponsor is Cobra (ACS Group) and where BBVA has participated as one of the three leading banks. Kincardine is one of the world's first offshore floating wind farms and is a sign of BBVA's support for new sustainable technologies.,2
This consulting service is free of charge and includes the following three options to meet differing needs in light of the areas of customers' interest. - Assistance in implementing supply chain risk countermeasures - Assistance in executing a mapping method aimed at clarifying relation- ships between customer business- es and Sustainable Development Goals - Assistance in facilitating an SDG- oriented corporate culture,1
"We have performed targeted intercept and development work around the Condamine River, including drilling specifically designed wells for these seeps. Recent measurements show that these wells have helped us capture the methane emissions before they reach the surface and that the Condamine River seeps have generally decreased since they peaked during 2016.",1
"The 2017 Global Real Estate Sustainability Bench- mark (GRESB) awarded ten of UBS Asset Management's real estate and infrastructure funds 5-star ratings, and seven funds ranked first in their respective peer groups.",2
AGL Macquarie is working with WaterNSW to add to its model of the Hunter River regulated system to improve and provide greater clarity of our operation and operational impact on the system.,1
"As for the long-term incentives, vesting is a function for 20% to Corporate Social Responsibility targets. - 10% is based on SG's positioning within RobecoSAM (in the 1st quartile), Sustainalytics (in the 1st quartile) and MSCI (Rating = BBB); - and 10% based on the achievement of SG's commitments in terms of financing the energy transition (100% vesting if the target is achieved in 2023. If the target is not met, there will be no vesting).",1
"We have reduced our energy consumption per tonne of clinker to 3,518 megajoules in 2018 (1990: 4,532 megajoules), among the lowest rates in the sector. Since 1990, we have increased our cement production by around 79 percent, while our annual energy consumption has increased by just 18 percent.",1
10 Representative Concentration Pathways (RCP) scenarios are named based on the hypothetical radiative forcing level (the portion of energy transmitted to the earth that is trapped within its atmosphere) of the earth at the end of the century.,1
"By means of the Ekos Social platform, built in partnership with the Ekos Brazil Institute, it is possible to learn about the participating projects and pick the project of your choice for the purchase of carbon credits.",1
"Scentre Group has a Responsible Business Group, comprised of members of the Executive Team and subject matter experts that are leading initiatives as part of our Sustainable Business Framework. Membership reflects accountability for the delivery of initiatives that contribute to our primary environmental target of Net Zero Emissions by 2030.",1
ISO 14001 (the international standard for environmental management systems) tailored specifically for airlines and is fully compatible with the International Organisation for Standardisation (ISO). British Airways achieved Stage 1 certification in 2019 and all other Group airlines are progressing on Stage 1 certification in 2020.,1
"Mountain Top Removal Coal Mining Mountain Top Removal (MTR) coal mining refers to surface coal mining (and the associated reclamation operations) that remove entire coal seams running through the upper fraction of a mountain, ridge, or hill, by removing all of the overburden and creating a level plateau or gently rolling contour with no high-walls remaining.1 Barclays recognises that MTR in the Appalachian region of the USA is a legal mining method, overseen by a robust regulatory framework.",1
"The alignment degree of an asset or client is calculated using a specific indicator for each activity. In some sectors the indicator focuses on measuring technology substitution (for example, the generation mix in the power generation sector), while in other industries, without a mature technological alternative, the indicator focuses on capturing improvements in production processes (for example, the emissions intensity in the cement sector).",1
Asset owners should describe how they consider the positioning of their portfolio with respect to the transition to a lower carbon energy supply production and use. This could include explaining how asset owners actively manage their portfolio's positioning relative to this transition.,1
"With this in mind, the Resona Group helps its individual and SME customers, first to expand their knowledge of social issues, including climate change, and then encouraging them to join efforts to resolve such issues. The Group also helps customers identify latent related issues in order to resolve their anxiety about the future. Our service lineup is designed to deal with varying customer needs arising from these actions.",2
"Maersk's proactive engagement with customers, inves- tors and lenders in relation to framework conditions for shipping is also part of managing the risk of encountering first mover disadvantages. New net-zero fuels will likely be more expensive than the current fuels, so for Maersk's vision of commercially viable net-zero vessels to be ready in 2030, it is crucial to get the right framework conditions in place. This is something Maersk both monitors closely and works proactively to ensure.",0
"The attribution of the portion of annual variable pay tied to Corporate Social Responsibility criteria is based on a multi-criteria measurement founded on a holistic approach to the environmental, civic and social external initiatives undertaken by BNP Paribas.",1
"Capital Dynamics is a global private asset manager headquartered in Zug, Switzerland. Our history dates back to 19882 and we currently oversee more than USD 16 billion in assets under management and advisement3 across our private equity, private credit and clean energy infrastructure platforms.",2
"Policy For palm oil plantation development projects, whether they have been certified by the Roundtable on Sustainable Palm Oil (RSPO), which is given for palm oil produced with environmental and social consideration, or by an equivalent certifying body is confirmed. Support is only provided after confirming that forest resources and biodiversity are protected when new plantations are developed and that there are no human rights violations, such as child labor. For those customers that have not yet been certified, obtaining certification is encouraged and supported.",1
"Arctic Oil and Gas Arctic oil and gas refers to new exploration and extraction of oil and gas in the area within the Arctic Circle which is subject to sea ice, and includes the Arctic National Wildlife Refuge (ANWR) and the Coastal Plains2 .",1
"However, based on the best available knowledge, Iberdrola's strong adaptive ability can be affirmed, which is due to, among other factors, the strong diversification of assets, proven capacity and experience over the years, and the consideration of climate change as a manageable risk, which means that new investments are made over more resilient assets.",1
"Of the 28 trade associations assessed, 25 are aligned with Eni position on climate policies, two (Methanol Institute and National Biodiesel Board) are partially aligned and one (American Fuel and Petrochemical Manufacturers) is not aligned.",1
"Thermal coal has been excluded from this analysis, given that MC sold all of its thermal coal interests as the result of a review conducted from the perspective of strengthening its business portfolio.",1
"Shale oil and shale gas During shale oil and shale gas development, the use of hydraulic fracturing methods is assumed to cause groundwater contamination and induce earthquakes.Whether appropriate mitigation measures have been implemented for these issues is carefullymonitored, and environmental and social risk assessments are conducted when considering lending.",0
"Air Pollution Measures: Expanded Verification Tests in California Freight trucks currently operate in coastal areas of the United States, releasing significant amount of carcinogens, diesel particulate matters (DPM) and other pollutants and causing serious problems for communities in the vicinity of the Port of Long Beach and Port of Los Angeles. To solve these problems, we conducted verification tests toward the practical use of heavy-duty commercial fuel cell (FC) electric trucks. Toyota is working with various partners to improve the global atmospheric environments by expanding the use of hydrogen.",1
"Origin has a robust risk-based inspection and infrastructure integrity program that is designed to manage venting and minimise leaks. It includes an annual maintenance program for wellheads and surface facilities, and testing of pipework and vessels. We continue to focus on our gas monitoring program, aiming to reduce our reliance on regulatory emission factors. This monitoring data also informs decisions about whether to retrofit or change the design of new infrastructure to reduce emissions.",1
"5.1.6 Commitment to monitor emissions from shipping finance Societe Generale is one of the founding signatories to the Poseidon Principles in collaboration with the Global Maritime Forum, and in league with a significant number of the shipping industry's leading banks.",1
Weather-related catastrophes: insured vs uninsured losses There is a substantial protection gap between total economic losses from weather-related catastrophes and insured losses in all regions. This data does not represent a company-specific metric but is an important overall risk indicator (see upper right table on page 165).,0
Investec group including Investec Asset Management (now Ninety One) Includes permanent and temporary employees Addressing climate change risks within our business (ESG risks) Investec supports international best practice regarding the responsibilities of the financial sector in financing and investing transactions.,0
"The tool does this by tracking the generation technology capacity mix for the power companies that we lend to, as well as for forecasts of the change in that mix at those companies over the near-term.",1
"Shimizu launched the company-wide, cross-organizational Task Force on Climate-related Financial Disclosures Working Group to extract and categorize the risks and oppor- tunities presented by these transitions and physical changes as impacts on each level: procurement, direct operations, and product demand.",1
"Why is strong governance important to how we manage environmental risks and opportunities? Bharat: Anchored in our purpose to enrich the lives of our customers, communities and colleagues, strong governance is the cornerstone of long-term responsible growth.",1
"Percentage of 'Ultra Supercritical, GCC' in Existing Coal-Fired Thermal Power Plants Approximately 60% of existing loan balances for coalfired thermal power plants are highly-efficient, ultra-supercritical power plants or gas-turbine combined-cycle (GCC) power plants, which emit relatively less Carbon dioxide than conventional power plants.",1
"RUSAL's carbon footprint is one of the lowest in the world, owing to the Company's long-term strategy of fostering a responsible attitude towards climate change. The Company plans to continue work in this area, primarily by increasing the share of products with a minimum carbon footprint in our portfolio. This is the future - not only for the aluminium industry, but for the entire global industry. In 2019, specific greenhouse gas emissions reached 9,711 tonnes of CO",1
"Barclays recognises that MTR in the Appalachian region of the USA is a legal mining method, overseen by a robust regulatory framework. MTR has also, however, been subject to intense political, judicial and regulatory debate over the last decade, due to its negative environmental and social impacts on one hand, and positive local benefits on the other.",0
The carbon footprint of the hour of a digital branch manager is 26% lower than that of the physical branch due to their increased service capacity. This shows an efficiency gain in terms of Greenhouse gas emissions by the digital branches.,2
"For an airline, fuel right-sizing can largely be seen as a capital allocation strategy. We have a consistent strategy of investing in fuel-saving new airframes and engines, which are the largest factors in fuel consumption. In 2018, we made two major announcements related to fuel burn: A220s and New Engine Options. More information on these can be found on page 23.",2
"The eight companies that were divested from June 2018 are shown in appendix C. This is an ongoing process as companies divested from the fund could be repurchased if they improve, and other companies divested if they do not deliver on their sustainability plans.",0
"MN has various units of measurement and objectives that relate to climate risks and opportunities, and reports on these in regular reports.Units of measurement used MN maps out climate risks and opportunities in the portfolios using the units of measurement below.",1
Energy efficiency Cement production is an energy-intensive process. Energy costs and security of supply are key business drivers. Improving our energy efficiency reduces the carbon intensity of our products and lowers our production costs.,2
"Since its approval in 1996, PSEG has adhered to a corporate EHS policy, which reflects the principles according to which PSEG operates in eight areas: - Associate health and safety - Nuclear safety - Climate change - Pollution prevention and resource conservation - Environmental compliance - Risk reduction - Open communication - Continuous improvement Employees at PSEG support its implementation through a collaborative effort across various lines of our business.",1
"As a result, the following training has been carried out: BBVA'S SUSTAINABILITY STANDARDS COURSE with corporate relationship managers AD-HOC TRAINING for employees of the business segments Sustainability training at BBVA is an ongoing effort.",1
"Monitoring and studies During the year, we continued the Picarro 'sniffer truck' infrastructure survey operations and fugitive emission research with CSIRO. The sniffer truck survey covers all our operating wells and gathering lines at least twice during the year. We use the data from the sniffer truck inspections to establish site specific factors for emission determination, instead of the default factors prescribed by NGER, to enable more accurate measurement of our emissions.",1
"So far, those analyses have concluded that even in the 2 C Scenario, MC's fossil-fuel operations will remain com- petitive, and that the Company will remain resilient over the medium to long term due to its initiatives in other businesses where future market growth is anticipated owing to the spread of renewable energy and other businesses associated with the tran- sition to a low-carbon society.",2
#NAME?,2
"48 National Australia Bank sold, frequency of accidents, and the share of renewable energies in Coriance's production mix. - Acting as a Joint Lead Agent & Environmental, Social, and Governance Structuring Agent on the Sydney Airport's A$100 million 20-year U.S. private placement (USPP) ESG-linked tranche. This sustainability-linked USPP is an Australian and world first. It creates a link between the Airport's sustainability performance and funding costs, with a potential margin benefit for improvement in sustainability performance and a margin penalty for a deterioration in sustainability performance. - BNZ acted as a Joint Lead Manager on the Kainga Ora (Housing NZ) 15-year NZ$500 million WellBeing bond. At the time of issuance, this was New Zealand's longest tenor and largest Sustainability Bond. Its proceeds are earmarked for green buildings and affordable housing. - BNZ acted as a Joint Lead Manager on Auckland Council's 30-year NZ$500 million green bond. At the time of issuance, this was the longest bond in the New Zealand market and was also a record size and tenor for the green bond category. Proceeds are earmarked towards projects which benefit the environment, such as efficient buildings, waste management, and low carbon transport. - BNZ was also a Joint Lead Manager on Mercury Energy's inaugural green bond in 2020, which raised NZ$200 million primarily earmarked for financing the construction of the Turitea wind farm. - BNZ joined a collaborative initiative coordinated by the Sustainable Business Network in New Zealand and involving government agencies and corporates to develop a climate action tool kit for SMEs(1). The climate action toolkit will support BNZ to meet its target to have 50% of BNZ SME customers measuring and reporting on their emissions footprint by 2025.",2
"As a result, we have not faced any new claims from climate-related litigation in recent years and the results of the litigation, which have remained in favour of the defendants, suggest that this trend will likely continue, but warrants continued monitoring.",0
"Absolute coal threshold Coal assets are particularly carbon-intensive and susceptible to stranded asset risk given the long life of these assets, as well as the evolving regulations on carbon emissions. To ensure we actively manage such risks, we implemented an absolute coal threshold to identify large carbon emitters with a diversified business mix, where relative thresholds may provide inadequate guidance. Our willingness to tackle climate change challenges is reflected in our new, 2019 commitment to not invest in mining companies producing at least 20 million tonnes of coal per year and power utility generators with more than 10 gigawatts of installed coal fire capacity.",0
"We provide training on Environmental, Social, and Governance risks and opportunities to staff through our credit college and have an Environmental, Social, and Governance guideline handbook that is available to assist all staff in assessing Environmental, Social, and Governance matters.",1
"He has worked for the French Environment Ministry, for a major-league energy firm (with positions as head of the R&D program on alternative fuels, head of the environment department in an oil & gas refinery, sustainable deve- lopment leader for new energies and head of low-carbon products and services), and headed up the energy transition activity of an advisory firm; - Astrid Behaghel has 14 years' experience as an electrical engineer in the energy sec- tor managing international projects; - Sophie Demartini has 14 years' experience in public-private partnerships and renewable energy project financing.",1
"Management Management, like all employees at CN, are responsible for upstream and operations cost control, including energy efficiency, and are educated on energy management best practices through our EcoConnexions employee engagement program. Management at CN works collaboratively across the value chain to support sustainable production and consumption. Our employees are highly engaged in working together to optimize materials and minimize waste in our operations, which is also reflected by the inclusion of emissions and energy efficiency strategy performance indicators in their EPS objectives.",1
"Some entities, such as BNP Paribas Fortis, have also decided to use the game as a climate talking point with their clients, while others are using it inhouse to raise employee awareness.",1
"5.2.2 Insurance Risk Management To control climate risks in insurance products, Ping An has developed insurance risk management mechanism and a scientific and consistent insurance risk management system within the Group.",0
"The program includes a toolkit and business processes that help to build the capability within our various functions involved in product innovation to understand the environmental and climate impacts of product design, and to make sustainable choices.",1
"Investec supports international best practices regarding the responsibilities of the financial sector in financing and investing transactions. Social, environmental and ethical risk considerations are implicit in our values, culture and code of conduct and are applied as part of our Environmental, Social, and Governance risk framework.",0
"Deforestation Policy For projects which involve deforestation, support is provided after confirming that illegal logging and incineration are not carried out and the laws and regulations of each country are observed.For large-scale projects, environmental impacts, such as the destruction of primeval forests and ecosystems, are evaluated in accordance with the Equator Principles when considering lending.",0
"We have initiatives in place to optimize road transport operations. With our in-vehicle monitoring systems (IVMSs), we monitor critical aspects of driver behavior such as speeding, harsh acceleration and braking, and excessive cornering. In Europe, the IVMS is complemented with a load optimization initiative that aims to minimize and, when possible, avoid empty trips. These measures not only have a significant impact on reducing fuel consumption, but also improve our road safety performance and customer service.",2
"With regards to opportunities, decarbonising the global economy is likely to require a world that is more interconnected, digitised and decentralised, providing Telstra the opportunity to develop new solutions for customers and to support emerging industries.",2
"Investec plc banking book The mix of the energy portfolio in our Investec plc banking book reflects the trajectory of the energy transition in developed countries. We have a global power and infrastructure business operating across the UK, Europe, the United States and Australia with a deliberate focus on financing solutions that promote renewable and clean energy.",2
"Our review did not find any significant differences in formal positions on climate change policy between Origin and key industry associations. It is pleasing that the BCA and APPEA are currently undertaking a review of their positions on climate change policy, in part because members such as Origin have pushed for greater ambition and clarity on climate change action. We are taking an active role in the working groups for both organisations' climate change policy reviews.",1
"5. Asset owners should describe metrics used to assess climate-related risks and opportunities in each fund or investment strategy. Where relevant, asset owners should also describe how these metrics have changed over time. Where appropriate, asset owners should pro- vide metrics considered in investment decisions and monitoring.",1
"Currently, we have more than 100 EV charging ports installed at office locations for employee use; over 50,000 bank employees work at buildings with EV charging stations,13F 14 with more installations planned in 2020.",1
"The level of inclusion and control of RI, and by extension climate change factors, will vary by platform. Provided below is a high level look through into each platform's strategy.",1
"Clean Energy Infrastructure Our Clean Energy Infrastructure team works closely with Arevon Asset Management, our dedicated asset management group that is fully integrated with our Clean Energy Infrastructure investment platform and that helps oversee risk management and performance optimization functions related to our renewable energy and battery storage projects.",1
"In September 2018, together with Index Initiative and the United Nations Foundation, we launched the World Benchmarking Alliance (WBA) on the eve of the General Debate of the 73rd session of the United Nations (UN) General Assembly. The WBA publishes free and transparent benchmarks ranking companies on contributions towards achieving the UN Sustainable Development Goals (SDGs). The aim is to increase transparency and accountability for businesses in relation to the Sustainable Development Goals as well as empower consumers, investors, governments and civil society organisations by providing them with free and publicly available data that shows a company's Sustainable Development Goal performance, which they can use when deciding where to spend their money, allocate their investments or direct their policy and advocacy efforts. The WBA will develop a range of corporate benchmarks by 2023 to comprehensively assess the progress of 2,000 companies across major areas of transformation required to achieve the SDGs. The first set of benchmarks will be published in 2020 and will address food and agriculture, climate and energy, digital inclusion and gender equality and empowerment.",1
"- BNZ was also a Joint Lead Manager on Mercury Energy's inaugural green bond in 2020, which raised NZ$200 million primarily earmarked for nancing the construction of the Turitea wind farm.",1
"In addition to the physical and transition risks, the solutions produced and distributed by Saint-Gobain also contribute to reducing Carbon dioxide emissions, in particular thermal insulation solutions that promote energy efficiency (see Chapter 3, Section 4.1.1).",2
"Asset Owners should describe metrics used to assess climate-related risks and opportunities in each fund or investment strategy. Where relevant, asset owners should also describe how these metrics have changed over time.",1
"Export market growth Changing policies in existing and future markets may impact growth due to the introduction and/or expansion of trading taxes, barriers on high emissions and water intensive products, and bans on non-recyclable packaging.",0
"Bank is a founding member of the NGFS. The Network was co-founded by eight central banks and supervisors in December 2017. As of April 2020, membership has grown to over 65 members and 12 observers representing countries responsible for approximately 60% of global carbon emissions. Through the NGFS, the",1
"We are therefore focusing on sustainably sourcing major commodities like palm oil and cane sugar, as well as partnering and collaborating with suppliers, peers, and other stakeholders to implement and influence better practices on-farm.",1
"Over the past few years, we have taken steps to facilitate a shift towards improved access to public transport for employees (buses, commuter trains) and carpooling. Our carpooling initiative now has over 1 Lakh registered users across locations. Around 22.7 Million kms of rides were shared in the reporting year saving 4900 tons of CO",1
"In addition to providing the facility with steam needed for operations, the cogeneration units may export an additional 800 megawatts (MW) of electricity to the provincial grid, equivalent to roughly 7% of Alberta's current electricity demand, and reduce emissions by approximately 2.5Mt/y, equivalent to displacing 550,000 cars from the road.",2
"Optus has been proactive through ABR on research and policy influence on government, given the major interdependencies on policy and funding. We also actively monitor and engage in the regulatory development relating to reporting and carbon emission taxes. In Australia, Optus provides annual comprehensive energy reporting to the National Green Energy Regulator (NGER).",1
"However, compared with large corporations, SMEs are typi- cally in a disadvantageous position. For example, they have few opportunities to study about how climate change and other social issues may impact their operations while lacking sufficient resources to plan and execute countermeasures.",0
We calculated that credit costs on mortgage loans at SuMi TRUST Bank would increase by around $7.0 billion by the year 2100 compared to the end of March 2020 based on the probability of floods occurring and the rate of change in property value caused by flood damage in each scenario.,0
"Of these scenarios, 'Autonomy' is the scenario we consider best represents the technology and policy context that would be essential to meet the aspiration of limiting cumulative emissions to 450 ppm.",1
"Supporting our agribusiness customers Last year, we undertook climate scenario analysis to beer understand the potential impacts that a changing climate may have on farm productivity and the long-term outlook for the sector. Separately, we have also used historical industry data to map productivity levels for regions in Australia for the grains, livestock and dairy sectors. A closer focus on productivity levels across these three sectors and regions helps us understand and beer support individual customers' needs and circumstances. We used these insights to guide our approach to agribusiness lending for these sectors, to help our customers manage sustainability through agricultural cycles.",1
"Review Process We review the environmental materiality once every five years at the timing of the formulation of the five-year action plan. If there are any major shifts in society or Toyota, we will conduct flexible reviews regardless of the regular interval.",1
"The members of the Student Manifesto called on the Group, at the annual EpE dinner held on 18 March 2019, to lead an ecological awakening, asking the EpE business leaders attending the event to 'communicate that (they) need students who have taken classes addressing ecological issues included in their general course requirements before they choose their specialisation.' Jean-Laurent Bonnafe met this call by sending a letter to the headmasters of ten leading French universities from which BNP Paribas recruits many of its employees.",1
"A group of 80 employees, from all Group bu- siness lines and regions (many working di- rectly with major BNP Paribas clients), was created to share best practices Groupwide with the aim of seizing on as many energy transition opportunities as possible together.",2
"From July 2023, we will no longer provide individual insurance cover for those oil and gas companies that are responsible for the world's 10% most carbon intensive oil and gas production.",1
"Screening Process for Loan and Investment Proposals When reviewing and making decisions on loan and investment proposals, MC has adopted a process in which the Investment Committee deliberates all proposals to be discussed by the Board of Directors and the Executive Committee comprehensively based not only on economic aspects, but on Environmental, Social, and Governance factors as well.",1
"Here are a few examples: Electric vehicle charging stations at branches and at the next head office Innovative energy use management system rolled out to over 100 branches LEED assessment system criteria applied to many existing buildings Construction of a new head office designed to meet LEED v4 Gold criteria End of purchases of single-use water bottles from our suppliers With help from its employees, the Bank has launched a number of internal awareness campaigns to encourage the adoption of green behaviours.",2
"Barclays' approach to sensitive sectors The Energy Sector and Electric & Gas Utilities Sectors The energy industry is essential for almost all economic and human activity, and is at the heart of important opportunities and challenges faced by the world today.",1
"To analyze what impacts there would be on Mizuho's credit costs in the event that damage to buildings by typhoons and other storms causes stagnation in our clients' businesses and affects their business performance, we employed two approaches: a bottom-up approach reflecting estimates of the number of days of business stagnation for each individual company and a top- down approach reflecting a certain level of stress on portfolios that were likely to see more days of business stagnation than the average. In addition to an impact analysis using the Intergovernmental Panel on Climate Change Fifth Assessment Report's RCP 2.6 scenario assuming a 2 C average temperature rise by 2050, we also conducted an impact analysis using the RCP 8.5 scenario assuming a 4 C average temperature rise by 2050, the worst-case scenario for global warming and physical risk. Under both the 2 C and 4 C scenarios, we estimated that our credit costs would increase by up to $52 billion by 2050.",0
"A historically late and severe hurricane season on the US southern and eastern coastlines led to a significant increase in property damage and subsequent spike in insurance claims across impacted states, affecting the credit quality of certain non-life insurance companies and local municipalities.",0
"The dedicated Environmental, Social, and Governance Engagement Committee that oversees TDAM's overall Environmental, Social, and Governance strategy, integration and implementation facilitates discussion around Environmental, Social, and Governance issues, engagements and policy direction. Discussions are shared across teams to further Environmental, Social, and Governance integration efforts.",1
"For a more detailed explanation of how our performance this year has been impacted by weather, please refer to page 41. Also, information on our carbon emissions and renewable energy generation can be found in section 31.",0
This work will be instrumental in constantly evolving Maersk's approach to manage physical risk from climate change in a way that is adequate given the increased challenges Maersk will see in the future.,0
"From July 2021, we will no longer provide individual insurance covers for those oil and gas companies that are responsible for the world's 5% most carbon-intensive oil and gas production.",0
"The eleven companies that were divested from as at 30 June 2019 are shown in Appendix C. This is an ongoing process, as companies divested from the fund could be repurchased if their sustainability planning improves, and other companies divested if they do not deliver on pledges.",0
"As demonstrated by the results of the first assessment, if these points of view contradict one of the fundamental principles of our climate strategy, Eni will take the possibility of withdrawing from the association into consideration.",0
"Ralph Izzo has been a catalyst for climate action since assuming this position in 2007. He has been a respected voice among energy industry leaders on the need for comprehensive climate change policies, such as a nationwide price on carbon. As chairman of the Nuclear Energy Institute, he has advocated for policies to preserve the nation's fleet of existing nuclear power plants, which provide more than half of our carbon-free electricity. Izzo also advocates for climate action through organizations such as the CEO",1
"For example, the primary responsibility for the application of the ESR Framework lies with Front Office (FO) which includes relationship managers and deal principals. They act as the first line of defence, identifying environmental (including climate) and social risks in the transactions. The FO must evidence compliance with the applicable ESR sector policies and credit risk managers act as a second line of defence to verify compliance of a transaction with the ESR Framework.",0
"We also make use of a wide range of weather and climate products such as highly detailed weather forecasts, rainfall radar data, coastal conditions such as sea state and tidal information, and warnings and alerts from our partners at the Flood Forecasting Centre, the Met Office and the EA.",0
"3) Considering that there can be different types of industry within a single sector, the methodology proposes a sector segmentation that differentiates the impact in each segment in terms of cost, revenue and investment. The objective is to create homogeneous groups, which will respond in a common way to the different impacts of climate change.",1
"The environmental management system encompasses a series of metrics related to Greenhouse gas emissions and capture, forest restoration, water withdrawal and use, energy use and generation, as well as waste generation and disposal.",1
"AIA continues to engage with businesses on raising awareness of these risk issues, and encouraging them to address these in a transparent way, thereby contributing in the transition to a low carbon economy.",1
The detailed methodologies underpinning the joint MDB approach to alignment with the Paris Agreement are currently under development and are being tested to support the assessment of alignment at a project level. The MDBs will report periodically on the process of defining these methodologies and their applications.,1
"Emissions from flaring are predominantly CO2, as the majority of the methane is combusted during the flaring process. Through targeted planning and implementing learnings from previous field turndowns during major maintenance shutdown operations, as well as the development of field turndown tools utilising artificial intelligence technology, we have been able to substantially reduce flaring at our gas processing facilities by 57 per cent.",2
"Methane emissions from the landscape Shallow gas and seeps are naturally occurring, but we know gas developments can change the natural methane migration and emission patterns, as observed in the Surat Basin.",0
"As regards to risks, as the first line of defence (LOD1), the Business Units and Service Units (for their own activities) bear primary responsibility for assessing, managing and monitoring their risk levels in all risk categories, including climate-related risks.",0
"Of the Carbon dioxide produced in the course of cement manufacture, approximately 45% is derived from the thermal energy used to heat the raw materials and the consumption of electricity for cement, and 55% from the decarbonation of limestone used as raw material during the calcination process.",1
"As renewable penetration of the NEM continues to increase, Eraring will increasingly be run at lower loads and operated in response to changes in renewable energy supply. The flexibility of Eraring continues to support increased renewables in the NEM, however this may lead to a higher emissions intensity of Eraring over time.",1
"This year, Sydney Airport joined Bioenergy Australia's Sustainable Aviation Fuel Alliance, together with airlines and other airports, to create a collaborative environment to advance sustainable aviation fuel production, policy, education and marketing in Australia and New Zealand.",2
"The Granny Smith mine solar power plant will reduce our carbon footprint by some 10,000t Carbon dioxide -e per year - Following our public commitment to have at least 20% renewable energy in all new mines, we completed evaluations at our recently approved Salares Norte project in Chile, located in the Atacama desert.",2
"The accelerator programs have sub-portfolios of climate- focused entrepreneurs supported by BlackRock's grantee partners, including the Echoing Green Climate Change Fellowship, and the Draper Richards Kaplan Environment & Climate Change Fellows.",1
Shadow carbon pricing FirstRand has set an internal shadow carbon price that will be used to consider carbon costs during the evaluation of new projects and infrastructure for the group's operations. This will help incentivise and prioritise low-carbon projects and support emission reductions.,1
"The Ofunato Biomass Station was constructed on the premises of the Ofunato cement plant over a period of three years and started commercial operations in January 2020. The power station can supply all of the electricity required by the plant as well as for the community. It uses palm kernel shell (PKS) and a small amount of coal as fuels with an output of 75 MW, making it one of Japan's largest biomass power stations. Annual electric power generation is approximately 520 GWh, equivalent to the electricity consumption of around 119,000 ordinary households, and the associated CO emissions reduction is 308,000 tonnes/year.",2
"The panel includes internal experts as well as external experts - Dr Simon Dietz, Dr Nick Robins, Dr Swenja Surminski from the Grantham Research Institute on Climate Change and the Environment at the London School of Economics, Dr Paul Pritchard an Independent Sustainability Advisor and Dr Katharina Dittrich from Warwick Business School.",1
"(6) Capacity Building With the aim of ensuring all employees have enough knowledge of ESG/SDGs and strengthening communication with customers, the Group will expand our internal training programs and introduce the 'Sustainability University', a framework for sustainability training.",2
"Finance. There is also a full-time headcount in both the Communications and Investor Relations departments dedicated to Environmental, Social, and Governance matters. The Risk department (RISQ) accounts 10 headcounts working on the development of climate-related risk methodologies (reference climate-related macro-economic scenario, climate vulnerability indicator).",1
"Thus Deutsche Borse together with the Green and Sustainable Finance Cluster Germany seeks to drive the sus tainable development and associated transformation process in the financial sector, also in respect of sus tainable climate finance.",2
"United Nations Environment Programme FI INVESTOR PILOT CASE STUDY: TDAM Testing Carbon Delta Scenario Analysis Approach1 TD Asset Management (TDAM) is a wholly-owned subsidiary of TD, having assets under management of US$268.6 billion.2 As a North American investment management firm, TDAM serves a large and diversified client base, including pension funds, corporations, institutions and high-net-worth and retail individuals, and has leading market positions in passive, quantitative and active portfolio management.",1
"oil demand will peak globally around 2020 at 97 Mb/d, and in almost all Coun- tries before 2030 (except India and Sub-Saharan Africa). The only growing sector is the petrochemical industry. Half of the car fleet in 2040 will be elec- tric and internal combustion cars will be 40% more efficient than today. Almost 20% of the fuels used by trucks will have low or zero carbon content. A quarter of the bus fleet will be electric;",2
Target IAG's key parameters for defining this exposure include: - Fossil fuel extraction including the mining of any hydrocarbon fuels; where extraction makes up over 30% of all the entity's activities.,1
"In addition to this requirement, any financing for a company involved in the exploration, extraction, transportation (including the construction of pipelines to carry oil sands), or processing of oil sands, is subject to EDD.",0
"Gas, supported by high efficiencies and low emission coefficients of power plants, is the only fossil fuel that is growing in absolute terms in all scenarios envisaged by the IEA11 , stabilizing after 2030 only in the SDS scenario.",1
"Staff Working Paper on mortgage lenders' valuation of housing collateral after extreme weather events, published in March 2020. This finds that UK mortgage lenders do not value housing collateral against local price declines following flood events, resulting in upward-biased valuations.",0
The circles in Figure 2 represent projected annual economic damages in 2090 in the U.S. by sector in 2015 dollars assuming a 5 C temperature rise (RCP3F 4 8.5/5 C) scenario; lighter areas signify damages avoided under a 2.5 C (RCP4.5/2.5 C) scenario indicating the significant economic expense that can be prevented by limiting the temperature rise.,0
2.3.3 Risk appetite setting on sectors sensitive to climate issues The CORISQ reviews the main credit portfolios and those which present concentration risk characteristics and defines the risk appetite on these portfolios.,0
"Deep dive analysis of the oil and gas, mining and steel sectors At the request of the Board's Responsible Banking, Sustainability and Culture Committee and the Board Supervision, Regulation and Compliance Committee, a joint session was held to review the current and emerging risks in the oil & gas and mining & steel portfolios of the Santander Group.",1
"We are operating 270 cement and grinding plants, 663 aggregates plants and 1,448 ready-mix concrete plants globally for which we are setting higher standards on key environmental, social and corporate governance topics. In some cases, these have replaced former targets. These operating principles cover human rights, drinking water and sanitation, stakeholder engagement, quarry rehabilitation and biodiversity, environmental management systems, air emissions, our Code of Business Conduct and our Supplier Code of Conduct. We will continue reporting our performance against these principles annually.",1
Greenhouse gas emissions if PSE&G's proposed energy efficiency and electric vehicles/energy storage programs were approved by state regulators in their entirety. This shows the magnitude of what can be accomplished with these concrete steps (see Fig. 9).,1
"In 2019, the Group elected to discontinue financing power generation companies in Poland, given that their power mix is highly dependent on coal and the Bank found, after a two-year commitment, that they had no intention of changing their strategy.",1
"Further, the analysis was concluded prior to the US Presidential election, the outcome of which will likely have significant implications for the trajectory of US climate policy.42 Potential implications will be incorporated into future scenario analysis.",1
"While we aim to further reduce our clinker factor, the limited availability of mineral components in some markets, or the absence of specific product properties in others, act as limiting factors. In markets where these factors are favorable, our replacement rates have reached 50 percent.",0
"2) Best-in-Class & Integration: beyond divestment Companies are compared within their peer group on their ability to reduce their negative climate impact. The industry leaders are then analysed further and material climate issues are integrated into the financial analysis, while underperformers are discarded. This approach, known as Best-in-Class, is described in more detail on pages 93ff.",1
"Despite the growth of the EBRD's overall development commitments and the increasing prominence of climaterelated activities in new business, this early assessment indicates that the overall quantum of the Bank's exposure to carbon transition risks has decreased since 2015.",1
"The assets in the current Eni portfolio are designed according to current regulations to withstand extreme environmental conditions and are distributed over a wide geographical area, such as not to determine significant risks.",0
"The analysis assumed all borrowers in each sector would be impacted by a similar downgrade, which is unlikely to occur due to different degrees of resiliency to severe weather across companies and facilities in different geographic areas. Even under this form of stress testing, our CET1 would remain above regulatory minimums, including applicable buffers.",0
The circles in Figure 2 represent projected annual economic damages in 2090 in the U.S. by sector in 2015 dollars assuming a 5 C temperature rise (RCP 3F 48.5/5 C) scenario; lighter areas signify damages avoided under a 2.5 C (RCP4.5/2.5 C) scenario indicating the significant economic expense that can be prevented by limiting the temperature rise.,0
"As a flexible fuel, gas is a perfect partner for the increase in intermittent renewable energy as it can quickly respond to changes in both capacity and output. Origin owns Australia's largest fleet of gas-fired power stations, which had an average emissions intensity of 0.50 tonnes of Carbon dioxide equivalent per MWh in FY2020. Our fleet will continue to support the growth of renewables and provide stability in the NEM as its coal fleet, which had an emissions intensity of 0.95 tonnes of Carbon dioxide equivalent per MWh in FY2020, ages.",2
"In 2016, Asset Management established a Sustainable Investment Leadership Team (SILT), a cross-functional group of senior experts that facilitates a coordinated strategy for sustainable investing across asset classes and investment offerings. Asset Management has also increased efforts to contribute to and advance clients' understanding of Environmental, Social, and Governance topics. In 2018, for example, our Asset Management business published a series of insights exploring climate change and resilience, renewable energy and battery storage, and Environmental, Social, and Governance integration in real estate portfolios, among other topics.",1
"Sands Base Plant. In addition to providing the facility with steam and hot water needed for our operations, the cogeneration facility is expected to export up to 800 MW of low GHG-intensity electricity to the provincial grid in Alberta19. - In addition to our current partnerships in wind power, in 2019, we sanctioned phase one (200 MW) of the Forty Mile Wind Power",2
"Our identified short, medium and long-term climate-related risks On-balance sheet activities Given our balance sheet exposure we have not identified material climate-related risks (physical or transition) over the short (2 years), medium (3-7 years) and long term ( 7 years).",0
"Climate-related opportunities are discussed as any other opportunity. Within Van Lanschot Kempen, a new product approval (NPA) process is designed to assess new opportunities. b. Management's role in assessing and managing climate-related risks and opportunities",2
"In addition, we will not provide any financing to companies primarily engaged in oil and gas exploration and production operations or plan in the Arctic Circle, including but not limited to the ANWR.",1
"S&P 500 Environmental, Social, and Governance Index In May 2019, our Indices Division expanded its Core Environmental, Social, and Governance offering, with the launch of a global suite of Environmental, Social, and Governance Indices which includes the S&P 500 Environmental, Social, and Governance Index. The objectives of the S&P 500 Environmental, Social, and Governance Index are to provide a similar risk/return profile to the S&P 500 and to avoid companies that are not managing their business in line with Environmental, Social, and Governance principles.",1
"In addition to the board, the DLC SEC (a board appointed committee) takes responsibility for monitoring the nonfinancial elements of sustainability, specifically the group's performance in terms of social, environmental (including climate change) and governance (ESG) indicators. Extreme events are assessed, and mitigating actions are considered within the risk appetite framework. Climate considerations are integrated into multidisciplinary, company-wide management processes throughout the group. The DLC SEC is also responsible for promoting the relevance and importance of sustainability, climate issues and sustainable development across the group.",1
"In terms of data access, the assessment of physical risks is covered as follows: - operational risk scores (based on facility-level mapping) are provided for 2,000 entities on the MSCI ACWI (which includes the MSCI World and MSCI EM indices), covering more than 90% of the MSCI ACWI in terms of weight; - scores for supply chain risk and market risk are available for 12,800 companies, covering 100% of the components of the following indices: MSCI World, MSCI EM, S&P Global Large-Mid and Bar- clays EUR Corporates.",0
"At the request of the Board's Responsible Banking, Sustainability and Culture Committee and the Board Supervision, Regulation and Compliance Committee, a joint session was held to review the current and emerging risks in the oil & gas and mining & steel portfolios of the Santander Group. This provided a good opportunity to deliberate the issues facing these sectors with independent board members that brought complementary skills and approaches to the discussion.",0
"Fracking clients and transactions which are subject to EDD must demonstrate consideration of environmental and social impacts and risks (as outlined earlier in this section on page 53) and, in addition, demonstrate the following: Compliance with legal, regulatory and permitting requirements and remediation plans resulting from any breaches; Greenhouse gas emissions management and continuous reduction; Management of key environmental impacts, including: well construction and maintenance, water use and conservation, waste water management, water pollution management, air emissions management (including flaring); Engagement with local communities on impacts, including seismic impacts, noise, health and safety.",0
"Case study: DEWA IV Project, United Arab Emirates DEWA IV Project is the largest concentrated solar power (CSP) project in the world, with a capacity of 700MW. Noor Energy 1 has appointed Advisian as the project Owner's Engineer. Advisian is providing a review of the basic and detailed engineering, is managing technology risk and providing technical support as required for the factory acceptance tests and during the construction and commissioning of the plant. Advisian is delivering the project using the specialized CSP technology team based in the Renewable Energy Centre of Excellence in Madrid, Spain.",1
"Scenario planning Suncor uses three energy futures scenarios to 2050 and is introducing a new 2 C scenario to 2100 to test and assess the resiliency of our business strategy. We consistently develop several distinct, challenging, relevant and plausible world trajectories, adjusting all variables in an internally consistent manner. Some of the aspects we consider in our scenario development include demographics, economics, environment,",0
All decisions to finance projects are based on the criterion of principle-based profitability. This implies meeting stakeholders expectations and the social demand for adaptation to climate change and respect for human rights.,1
"In addition, the committee will oversee our work to further develop products, capabilities, and services in support of our clients as we work together to address the transition to a low- carbon economy.",1
"In 2018, we announced the selection of the Airbus A220 aircraft as the replacement for our existing Embraer 190 aircraft. This selection of a new aircraft before the full useful life of older aircraft had expired was driven in part by our fuel and greenhouse gas emissions efficiency strategy. It is highly unusual for an airline to replace its entire fleet halfway through its expected lifespan, but the improved fuel efficiency and cost savings made this the clear choice. This asset shift brings the potential of an estimated 40% fuel efficiency improvement per seat and an equivalent reduction in carbon emissions, contributing to an estimated 30% decrease in operating cost per seat.",2
"However, the topic involves other areas of the Company, such as Forestry Operational Development, Environment (Industrial and Forestry), New Business, Research & Development, Planning (Strategic and Forestry), Recovery and Utilities, Investor Relations and Risks, among others.",1
"Shimizu launched the company-wide, cross-organizational Task Force on Climate-related Financial Disclosures Working Group to extract and categorize the risks and oppor- tunities presented by these transitions and physical changes as impacts on each level: procurement, direct operations, and product demand. The Working Group analyzed the impact and the response of the Shimizu Group. While the quantitative impact has not been calculated, the relative impact on business activities was predicted and expressed as three levels: Large, Medium, and Small.",1
"Signicant decrease Slight decrease Slight increase Decrease Flat Increase Signicant increase Other matters In addition to the above analyses, MC uses multiple scenarios, including the 20C Scenario, across various situations to confirm and strengthen the climate change resilience of each of its businesses.",0
"In 2019, Wealth Management launched Morgan Stanley Impact Quotient (Morgan Stanley IQ), which provides clients with a framework to identify and prioritize more than 100 social and environmental impact preferences, including climate change. The tool leverages third-party Environmental, Social, and Governance data and proprietary analytics to assess the alignment of clients' investments with their stated preferences, and guides Financial Advisors on appropriate solutions.",1
"We recognise the importance of disclosing to investors how we ensure our material capital expenditure and investments align with the Paris Goals. This includes each material investment in the exploration, acquisition or development of fossil fuel (including thermal and coking coal) production, resources and reserves, as well as in resources, reserves and technologies associated with the transition to a low carbon economy.",1
"Arctic Oil and Gas Arctic oil and gas refers to new exploration and extraction of oil and gas in the area within the Arctic Circle which is subject to sea ice, and includes the Arctic National Wildlife Refuge (ANWR) and the Coastal Plains2. The ANWR is a particularly fragile and pristine ecosystem which is central to the livelihoods and culture of local indigenous peoples. We have therefore introduced the following restrictions:",1
"In 2017, JetBlue signed an offtake agreement to purchase renewable jet fuel, helping to accelerate the supply and the product's entry to market. However, the development of this fuel has been delayed. This delay is similar to the ones seen with many other renewable jet fuel suppliers in the United States in recent years. We will continue to work with our partners to stimulate demand within the aviation industry and bring alternative fuel sources to market in the near future.",1
"Solvay has pledged to reduce Scope 1 and 2 greenhouse gas emissions by 1 million tons by 2025, compared to 2017, by improving its energy efficiency and energy mix and by investing in clean technologies.",1
"To illustrate an element of the outputs shared by the PACTA tool, the graphic on the right shows how the PACTA methodology divides our loan portfolio for the power sector into a mix of generation technologies. The tool does this by tracking the generation technology capacity mix for the power companies that we lend to, as well as for forecasts of the change in that mix at those companies over the near-term. It is then possible, using the PACTA tool, to compare our current portfolio with the power generation technology mix in the wider economy for OECD countries. The PACTA tool's aim is to be able to prescribe targets for the technology mix of a bank's loan portfolio in future, in order to align lending activities to various scenarios, according to PACTA's specific methodology.",1
"- Three webinars led by climate change specialist Dimitri Zenghelis (former Head of Climate Policy at the London School of Economics, advisor to the UK Committee on Climate Change) were taken by 1,200 Corporate and Institutional Banking (CIB) employees around the world.",1
"To control climate risks in insurance products, Ping An has developed insurance risk management mechanism and a scientific and consistent insurance risk management system within the Group. Together with the corresponding mechanisms and procedures, they help manage insurance risks. Each member company needs to establish insurance risk management system and procedure according to the standard. It covers different aspects of an insurance product, including product development, underwriting, claims, product management, premium reserve assessment, and reinsurance management etc. The companies also need to implement specific Environmental, Social, and Governance risk management measures.",0
"Specifically for risk appetite framework, some AIs have attempted to incorporate climate-related risks in their risk appetite statement to demonstrate their commitment. Following the incorporation, some of them are developing quantitative metrics (e.g. exposures which are most vulnerable to impacts of climate-related risks) to facilitate tracking and reporting.",0
"MC regularly assesses which climate-related opportunities and risks warrant the most attention through both internal and external surveys, and makes official determinations at the Sustainability & Corporate Social Responsibility Committee, which consists of Group CEOs from each of MC's Business Groups.",1
"This new analysis demonstrated that while the value of Eraring declines under both the 2 C and 1.5 C scenarios, it retains a net positive value due to its role in the transitional period as it will provide secure and affordable baseload power in the short to medium term. The value of Origin's portfolio is lower under a 1.5 C scenario compared to the 2 C case; however, it remains higher than under a low-action, Nationally Determined Contribution case.",1
Waste-derived fuels and biomass Another key way to reduce the carbon intensity of our cement production is to use pretreated waste and low-carbon fuels. These serve as a replacement for fossil fuels that provide the energy needed to operate a cement kiln.,1
"The Logan Enhancement Project Completing a comprehensive climate change risk assessment and adaptation response Through the Logan Enhancement Project's commitment to address climate related risks, a comprehensive Climate Change Risk Assessment and Adaptation report was prepared and used to inform key design elements of the project.",0
"Societe Generale's leading position in the renewable market is confirmed by the recently issued Dealogic league tables for 2018, in which the Group was ranked N 2 for both Lending and Financial Advisory in the EMEA renewable market. In 2018, the Bank advised clients on transactions with a total value of USD 4.1bn and acted as Mandated Lead",2
"In response to this challenge, BBVA is working on the launch of specific training itineraries in Sustainability, divided into three levels which have been selected with a focus on the two dimensions of the new sustainability strategy: climate action and inclusive growth.",1
"The consistently low levels of non- performing loans across the four sectors identified by the TCFD, indicates that transition and physical risks of climate change have not yet manifested as material credit risks for ANZ.",0
"The stress test conducted on the IEA SDS scenario has shown the overall stability of the book values of the assets with a 7% reduction of the fair value assuming non-deductibility of the costs of Carbon dioxide erability of Carbon dioxide emissions, that is 2% in the event of recognition of the contractual and fiscal recovcharges.",0
The next phase of the CSIRO research will focus on collecting emission measurement data from CSG processing facilities and gathering lines. The issue of CSIRO's final report has been delayed due to COVID-19 and is expected during FY2021.,1
The Bank of England published a discussion paper which detailed their proposed approach. The proposed scope and breadth of the BES will be a pioneering exercise. We are proud to participate in this exercise and we hope that our combined effort will encourage other central banks to build upon these first steps to understand and mitigate our shared global challenge. http://home.barclays/annualreport home.barclays/annualreport Barclays PLC Environmental Social Governance Report 2019 59,1
"Physical impacts Widespread issues of flooding across the UK impacted the valuation of flood-prone residential and commercial property, including Barclays-owned real estate, and led to an increase in default rates across our Home Finance and Business Banking (primarily Agriculture) portfolios.",0
"power generation) in Ping An Life's investment portfolio, the PACTA tool of 2 Investing Initiative, is used to compare power generation industry trend of Ping An Life's portfolio and the market portfolio from now to next five years.",1
"We aim to develop and use signposts to help us understand which scenario grows in dominance while exploring the potential implications for us both in an orderly and a more rapid transition to a 2 C world. This will enable us to continually adapt our approach, implement priority adaptation actions and evolve to deliver long term shareholder value.",1
"Staff Working Paper on risk differential of brown vs. green assets, published in January 2020. This finds evidence of a risk differential: mortgages against energy-efficient properties are less frequently in payment arrears than mortgages against energy-inefficient properties.",0
"By 2100, the percentage of land area hospitable to malaria could increase between 12 and 46% (optimistic vs. catastrophic scenarios). The disease would remain as epidemic and not pandemic. This extension would mostly aff ect Critical illness and Health covers, but the eff ects can be highly reduced by improvements in socio-economic conditions, irrigation, drainage and better healthcare. The impact of climate change on pandemic risk is also being explored, but as of today no clear link has been demonstrated.",0
"2 Degrees Investing Initiative Morgan Stanley is one of 17 global financial firms testing the Paris Agreement Capital Transition Assessment (PACTA), developed by the 2 Degrees Investing Initiative (2DII). The analytical tool enables financial institutions to understand how their corporate loan portfolios align with the international goals agreed to in 2015.",1
"CFS also measures the carbon emissions of its investments by assessing forward-looking metrics such as low carbon transition and emissions management scores. This information is reported to the CFS Board Investment Commiee. As CFS investments are managed by external investment managers, CFS monitors the climate-related risk within individual funds and aggregated portfolios at the selection, appointment and monitoring stages of portfolio management.",1
"Swiss Re is committed to investing its assets responsibly via a controlled and structured investment process by integrating Environmental, Social, and Governance criteria. In 2017, as part of our continuous improvement, we switched to benchmarks composed of higher ESG-rated companies for our active corporate credit and listed equities portfolios. For more information about our approach to Environmental, Social, and Governance integration, see our publication 'Responsible investments - The next steps in our journey', published in 2018 and available at swissre.com (www.swissre.com/ri-next-steps), as well as our 2019 brochure 'Responsible investing - Our approach' (www.swissre.com/ri-our-approach).",1
"The awareness and engagement of Itau employees are ensured by means of specific training programs, workshops and internal newsletters. For the climate change topic, this work is very relevant to the success of the initiatives so that employees can influence and promote reflections in their relationship networks inside and outside the bank.",1
"Origin's risk management framework supports the identification, management and reporting of material risks in areas such as health and safety, environment (including climate change), finance, reputation and brand, legal and compliance and social impacts. Our framework is aligned with the International Standard (AS/NZ ISO 31000).",0
"Additionally, Capital Dynamics has formally launched an initiative to utilize renewable clean energy across all offices by purchasing Renewable Energy Credits ('RECs') from a Capital Dynamics-owned renewable power project at a fair market price. Further details are provided in the metrics and targets section of this report.",1
"In the higher risk segments (such as coal and gas fired power generation) our customers are well advanced in the execution of their transition strategies, transforming their energy generation mix through re-engineering of their power plants and investments in more renewables and Santander is engaging with them and supporting them in their transition. For example, we have entered into several transactions with existing clients that have a residual amount of energy generation from coal and we have included contractual provisions to assure that there is a scheduled phase down towards lower emission generation, in line with the sponsors' strategy.",1
"Assessment of internal and external factors 4.3.2 As in the usual strategic assessment process, consideration could be given to relevant internal and external factors in evaluating the AI's strategic position and formulating the climate strategy.",1
"In addition, we have continued to progress our environmental management with the adoption of the International Air Transport Association (IATA) Environmental Assessment (IEnvA) management system. IEnvA is the airline industry version of",1
"Targets on climate-related risks and opportunities 5.4.1 Financing of low-carbon activities In 2017, Societe Generale pledged to help raise $100 billion in financing for the energy transition between 2016 and 2020 and to report regularly on achievements.",2
"Investec is promoting sustainability as part of its core strategy and believes there needs to be a balance between economic and financial imperatives, the needs of society and their combined impact on the environment. Our commitment to sustainability recognises the interconnected nature of our business, the economy, the environment and society. Within our operations we support efforts to limit global warming to less than 2 C above pre-industrial levels; and to transition to a low carbon economy. We have achieved net-zero carbon emissions in our global operations and committed to ongoing carbon neutrality for our operational footprint.",1
"Oil and gas mining projects in the Arctic The Arctic Circle (an area north of the 66 33' latitude) is home to rare ecosystems and indigenous people with a unique culture. For mining projects in this region, environmental and social risk assessments are conducted, and close attention is paid not only to environmental considerations but also to measures to protect biodiversity and indigenous communities, when considering lending.",0
"As our core operations and services are dependent on the weather and climate, we do not have specific climate risk metrics. Our climate metrics are inherent in what we monitor as standard practice, for example our performance commitments on interruptions to supply, leakage, pollution, flooding and customer satisfaction.",1
"METRICS & TARGETS Mobilization metric Banks play a crucial role in combating climate change and achieving the Sustainable Development Goals through their unique position to mobilize capital through investments, loans, issuances and advisory functions. The concept of mobilization is a more inclusive approach than pure financing, by including sustainable value propositions beyond bank financing activity.",1
"1. Investment return impact is less under 2 C - The portfolio investment returns are less impacted under a 2 C scenario for all time horizons, which we believe indicates that long- term investment returns will be best served by aligning the asset allocation with a 2 C scenario. While a scenario limiting warming to 1.5 C was unable to be performed due to a lack of availability of data and modelling, the results also support alignment to a to 1.5 C or significantly below 2 C scenario.",1
"Our climate change strategy Our Climate Change Strategy and Risk Assessment is available at: yorkshirewater.com/climatechange In our strategy we describe how we take a twin track approach of long term planning and gradual investment, combined with tactical operational responses and emergency planning.",1
"This project was achieved through collaboration between Corporate Services, Commodities and GSF. Global Capital Markets also joined the partnership for one of the wind farms to provide construction loan financing to the developer. The Commodities Team will manage the wind farms' energy pricing in the market while providing the firm long-term fixed pricing for RECs.",2
"To address the residual risk, we have recently started to develop a carbon risk steering mechanism. Its key component will be a carbon risk model designed to measure our carbon intensity and the associated risks embedded in our re/insurance business.",0
The probability of flooding up to 2050 is set for both the 2oC scenario and 4oC scenario by utilizing data provided by a project assessing the risk of flooding due to climate change conducted by MS&AD InterRisk Research & Consulting in collaboration with the University of Tokyo and Shibaura Institute of Technology 4 .,0
"Of these, the most important part is due to end use of energy products, for which international reference protocols do not indicate an unequivocal estimation methodology that allows a concise and comparable representation of Greenhouse gas emissions.",1
"4.3.6 The business plan of AIs normally covers a time horizon of one to three years, which is considered relatively short in the context of climate change. For example, the physical impacts of climate change (e.g. the rises in temperature and sea level) are more relevant over a longer horizon of more than five years. It thus follows that, in formulating climate strategy, a longer time horizon should be adopted to cater to the unique nature of climate risks.",0
"We explain this by UBS's relatively small lending book in climate-sensitive-sectors (see 'UBS corporate lending to climate- sensitive sectors 2019' further below) and availability of insurance where we have relevant exposures to such sectors (e.g., Swiss mortgage lending book).",1
"To guide engagements, questionnaires were developed in line with the guidance of the Transition Pathway Initiative, a global, asset-owner led initiative, which assesses companies' preparedness in addressing physical and transitional risks in the shift toward a low carbon economy. AIA is cognizant of, and devising ways to address and mitigate, risk of stranded assets in a low carbon economy.",0
"We recognise the importance of disclosing to investors how we are ensuring that our material capital expenditure and investments align with the Paris Goals. This includes each material investment in the exploration, acquisition or development of fossil fuel (including thermal and coking coal) production, resources and reserves, as well as in resources, reserves and technologies associated with the transition to a low carbon economy.",1
Specific targets are set for DBJ and for each department in regard to the environmental aspects of investment and loan operations and environmental protection initia- tives such as educational programs that encourage dialogue on relevant issues.,1
"The main transition risks Saint-Gobain manages the risks associated with the increasing scarcity of certain raw materials by developing the circular economy (see Chapter 3, Section 4.2). In this way, certain virgin raw materials such as sand and gypsum can be replaced by recycled materials. The Group is engaged in the development of channels to accelerate the collection of waste, particularly construction site waste.",1
"DBJ gauges the progress of its environmental initiatives in terms of the Greenhouse Gas Protocol's Scope 1 (direct) and Scope 2 (indirect) categories, which are concerned with the amount of greenhouse gas (GHG) emissions associated with corporate activities. Specific targets are set for DBJ and for each department in regard to the environmental aspects of investment and loan operations and environmental protection initia- tives such as educational programs that encourage dialogue on relevant issues. In these ways, DBJ works systematically and consistently to help preserve the environment.",1
"We explain this by UBS's relatively small lending book in climate-sensitive-sectors (see 'UBS corporate lending to climatesensitive sectors 2019' further below) and availability of insurance where we have relevant exposures to such sectors (e.g., Swiss mortgage lending book).",1
"deutscheboerse-2019-tcfd-governance Since the financial crisis of 2007/2008 the importance of Environmental, Social, and Governance (Environmental, Social, Governance) information as part of the comprehensive assessment of the medium to long-term forecast of a company's success has been steadily increasing.",1
"Such a calculation has no predictive value (it is very difficult to predict whether a carbon tax will be applied everywhere in the world, and at what level; and the Group's emissions de- crease regularly) but it can be used to get a rough idea of the order of magnitude of such a measure.",1
"Sustainability training at BBVA is an ongoing effort. Consequently, in 2021, BBVA will focus on strengthening the existing training options and developing new content with a focus on the expert level.",1
Leadership sets the tone and provides clear direction and governance for effective risk management. The GEC remains responsible for the implementation of our climate change response. The GEC is supported by the PSSR to provide strategic climate change oversight and steer. The SSEC at Board level provides ultimate steer and oversight of climate change-related risks and opportunities.,1
"This is already significantly lower than the 0.25 per cent methane intensity target of the Oil and Gas Climate Initiative, which comprises 12 global oil and gas companies.17 Origin has a robust risk-based inspection and infrastructure integrity program that is designed to manage venting and minimise leaks.",1
"ANZ has defined three key elements that constitute a robust low-carbon transition plan for our customers regarding their level of governance, targets / long term plans and disclosures that are preferably TCFD-aligned3.",1
"Employee training While it is always necessary to have employees specialised in climate-related issues in charge of coordinating efforts, it is also important for all em- ployees to incorporate climate-related risks and op- portunities in the work they do each and every day.",1
"In terms of thermal coal, the Group has set an exit deadline, in line with the SDS (Sustainable Develop- ment Scenario) scenario of the International Ener- gy Agency (IEA), compatible with the climate goals of the Paris Agreement: In 2019 and in 2020, the Group strengthened its position on coal, announ- cing its plan to reduce its thermal coal exposure to zero by 2030 in OECD countries, and by 2040 in the rest of the world.",1
"Global warming was ranked in the Top 3 concerns of survey participants in each of these countries, sen- ding a strong signal of what civil society expects from the Group in terms of its contribution to the energy transition and decarboni- sation of the economy.",1
"Societe Generale's strategy is set to be reviewed in 2020. By then, the Group is considering taking more ambitious engagements, which are likely to be informed by 2 C scenario. announce-the-acquisition-of-Lumo-the-pioneering-renewable-energy-crowdfunding-platform 15 Only the corporate credit portfolio has been evaluated. The Sovereign, Retail, Institutional and other portfolios have not. https://www.societegenerale.com/en/content/Societe-Generale-is-pleased-to-announce-the-acquisition-of-Lumo-the-pioneering-renewable-energy-crowdfunding-platform https://www.societegenerale.com/en/content/Societe-Generale-is-pleased-to-announce-the-acquisition-of-Lumo-the-pioneering-renewable-energy-crowdfunding-platform",1
"Since the Fund is a small organisation, where several senior executives are directly involved in climate work, the executive management is judged to have a good knowledge of the work that is taking place. Thus, the Fund has god opportunities to assess and manage cli- mate-related risks and opportunities.",1
"Opportunities. The adherence to these voluntary commitments provides us with references to integrate environmental, social and corporate governance issues into investment practices for the purpose of mitigating risks and identifying opportunities for our clients.",1
"As part of this process of transforming society as a whole Deutsche Borse Group is engaged in a continuous exchange with internal and external stakeholders on sustainability, climate action and sustainable finance. It sees this not only as part of its strategic approach but also as managing climate-related opportunities and risks.",1
"Scenario analysis is an emerging industry practice. TD is dedicated to undertaking the process thoughtfully to gain valuable insight into our overall business strategy. As such, we have embarked on a multi-year journey to conduct climate scenario analysis, using new methods, data and tools. In this report, we outline our approach and progress in laying the foundation for our analysis. As our scenario analysis practice matures, so too will our analytical inputs and results.",1
4. We strictly comply with environment-related laws and regulations. 5. We practice the highest level of information disclosure related to the Group's environmental activities and consistently improve our efforts to contribute to environmental preservation by communicating with our staff as well as the third parties.,1
"ANZ acknowledges stakeholder interest in banks' exposure to the transition risks faced by some customers in the energy sector, including the potential risk of 'stranded assets' in the transition to a net zero economy.",0
"We have reduced carbonrelated assets on our balance sheet to 0.8% or USD 1.9 billion as of 31 December 2019, down from 1.6% at the end of 2018 and 2.8% at the end of 2017.",1
"Not surprisingly, the analysis (summarised in the table below) uncovered disparities between the nine sectors reviewed. The semi-conductor, tech and di- gital equipment, and pharmaceutical sectors had the highest exposure: the first two due to the depen- dence of their value chains on components made in countries (predominantly in Asia) with high exposure to physical risks. In the third sector (pharma), ope- rational chains are dependent on satisfactory water and energy availability, which may be locally jeopar- dised by climate change (sometimes significantly). Differences can also be observed between different regions of the world, with greater vulnerability seen in Southeast Asia than in North America. Lastly, the degree of exposure to physical risks varies depen- ding on the type of operational risk reviewed. Accor- ding to the analysis, the sample is more exposed to water and heat stress and to floods.",0
"Compared to other forms of power generation, coal-fired power generation produces more greenhouse gases, in addition to producing harmful substances such as sulfur oxide and nitrogen oxide. Therefore, it presents a higher risk of contributing to climate change, air pollution, and other environmental impacts.",0
"In addition, our NGESO published an update to their operability strategy showing the milestones to deliver zero carbon operation of the Great Britain Transmission network by 2025. See page 39.",1
"As a first step towards performing a proper scenario analysis, UniCredit is partnering with the global think tank 2 Investment Initiative (2 ii) in road-testing their Paris Agreement Capital Transition Assessment (PACTA) methodology in a pool of 17 international banks. Originally developed to assess the exposure of both equity and bond portfolios to transition technologies across key sectors, a research programme to expand the model to the banks' corporate lending portfolios has been launched by 2 ii .",1
"BBVA seeks to publish environmental information on its strategy and impact management measures, so that external agents which interact with the Bank (analysts, investors, rating agencies, etc.) are able to internalize BBVA's current approach to these matters and the path it will take in the coming years.",1
"Regulatory developments on biofuels, including the new directive on renewable energies (RED II which will come into force as from 2021), will define the feedstocks that can be used for production, progressively privileging those that are not in competition with the food supply chain and those able to guarantee levels of Greenhouse gas savings still higher than the reference fossil fuel.",1
"4.2.9 It is acknowledged that most AIs are at the stage of formulating their approaches to measuring exposures to climate risks. As such, the consideration of climate risks in the RAS may be qualitative in the initial stage. The RAS should however be regularly reviewed and enhanced, in the light of the evolving impacts arising from, and the data availability and capability in assessing, climate change.",1
We are planning to further define targets and limits so as to ensure that ABN AMRO's vulnerability to climate risks in both the short and longer term remains in line with a moderate risk profile.,0
"Reducing Carbon dioxide Emissions in Production Activities In 2019, Toyota's plant manufacturing departments worked with production engineering and drive force departments to conduct energy diagnoses at production sites, propose improvements and implement measures.",1
Projects for 2019 include: - Smart intelligent Uninterruptible Power Supply controls upgrade helps to reduce UPS power consumption and building electricity usage. - Continued improvement in data center energy efficiency by reducing unnecessary energy consumption associated with unused server equipment - Lighting upgrades at various facilities to new energy efficient LED bulbs and fixtures,2
"Replacing the clinker in our final cement products with alternative mineral components such as pozzolan, slag or fly ash reduces the carbon intensity of the cement. A significant portion of these constituents come from waste or byproducts recovered from other industries. Currently, our products use an average of 28 percent of constituents to replace clinker, resulting in one of the lowest levels of clinker content in the sector.",2
"As such, BlackRock's exposure to climate-related risk is primarily indirect, with the potential to affect future revenues and expenses. Exhibits 6 and 7 provide a list of key climate-related opportunities and risks that BlackRock has identified.36",1
"Joint article in Nature Climate Change on the climate change challenges for central banks and financial regulators, published in May 2018. This article presents the key controversies in central banks' and regulators' response to climate change, and potential areas for future research and policy;",0
"La Poste SA's trajectory was SBTi-certified in 2019. It aims to achieve an overall objective of a 30% reduction in Scope 1, 2 and 3 emissions by 2025(1) compatible with the 2 C scenario of the Paris Agreement. This can be broken down into two sub-objectives:",1
"In terms of thermal coal, the Group has set an exit deadline, in line with the SDS (Sustainable Develop- ment Scenario) scenario of the International Ener- gy Agency (IEA), compatible with the climate goals of the Paris Agreement: In 2019 and in 2020, the Group strengthened its position on coal, announ- cing its plan to reduce its thermal coal exposure to zero by 2030 in OECD countries, and by 2040 in the rest of the world. The Group had already elected in 2017 not to finance any projects in the thermal coal sector. To work towards its gradual exit goal, BNP Paribas plans to step up its dialogue with cor- porate clients using coal to generate part of their electricity, in order to determine to what extent their projections are aligned with the Group's exit goals by geographic area. BNP Paribas will no longer ac- cept any new customers with a coal related revenue share of more than 25% and will end up terminating its relations with any companies developing new coal-based electricity generation capacities.",1
"Additional Australian context was also provided for these scenarios, using the Commonwealth Scientific and Industrial Research Organisation's (CSIRO) Australian National Outlook (ANO) scenarios, and the Australian Energy Market Operator's (AEMO) 2019 forecasting and planning scenarios. Three scenarios were developed based on these sources to help provide meaningful insights for Telstra and our stakeholders.",1
"When publishing its supervisory expectations, the PRA acknowledged that firms still face barriers to implementing the forward-looking, strategic approach necessary to minimise the risks. To reduce these barriers, in March 2019, the PRA together with the Financial Conduct Authority (FCA) set up the Climate",0
"At the global level, in 2018 an agreement was reached within the IMO (International Maritime Organization) on the adoption of an initial strategy to reduce greenhouse gas emissions from the shipping sector.",1
"In North America, the resource sector is a very important contributor to the economy but also a source of carbon emissions. We expect the resource sector will be an important contributor to addressing environmental challenges including climate change globally. Addressing these challenges will require a balanced approach, one where CIBC will continue to support traditional energy sources and associated infrastructure but also efforts by the resource and other sectors to reduce emissions through innovative technologies and other transitionary activities.",1
"Investment Management Investment Management operates in the strong belief that Environmental, Social, and Governance factors- including climate change-influence risk, return and opportunity. Investment Management teams strive to incorporate Environmental, Social, and Governance in their investment process, including consideration of climate-related risks and opportunities that could have significant impact on value. Portfolio managers and investment teams evaluate, as applicable, the carbon footprint and intensity of their investments as well as climate resiliency and adaptation strategies.",1
"We are developing an operational carbon accounting data infrastructure: a prototype that calculates carbon intensities and footprints across a variety of metrics (see metrics section for more details). The calculations are based on emissions data of scope 1 and 2, and selected scope 3 data.",1
"Mitigating the impact of our operations 'Mitigation is a key component of a process, it is essential to achieve a healthy environmental plan' (USAID) Investing in internal projects We share the vision that there is no management without measurement.",1
"E M P L O Y E E E N G A G E M E N T AT PSEG, WE RECOGNIZE that our full workforce must rise to the challenge climate change presents.",0
"(CBI), the Association for Financial Markets in Europe (AFME) and the Institute of International Finance (IIF). On a senior level, we chair the UK Government's Global Resource Initiative and are members of the UK Finance Sustainable Finance Committee and the CBI Energy and Climate Change Board.",1
"In the outlook we produced using the projections in the IEA's SDS, while overall power generation in Japan will remain more or less constant through 2050, thermal power generation will fall by approximately 90%, and restarted nuclear power generation and renewable energy will make up the gap.",1
"Furthermore, within the Business Lines there are specific functions and units responsible for achiev- ing what is stated in the strategy. For example, in the R&M Business, there is the Bio development, Sustainable mobility & Circular Economy (BSCE) unit, in the Chemicals business (Versalis) there is the Circular Economy, Sustainability & Product Stewardship unit which guarantees the processing of the Versalis positioning on circular economy ensuring the monitoring of the initiatives, while in Eni- Rewind there is the Circular economy & business services unit.",1
"The analysis can be used to identify companies that need to be placed on the watchlist, in which case their climate strategies are carefully observed during the next several non-financial performance assessment campaigns.",0
"At present, about half of Eni's direct Greenhouse gas emissions are subject to the European Emission Trading Scheme (ETS) regulations which provide for charges for purchase of emissions certificates on the open market, after exceeding the free assignment limit of shares established according to the regulations.",1
"Its purpose is to identify strategic Environmental, Social, and Governance opportunities, Environmental, Social, and Governance Products Business Ethics Risk Compliance & Crisis Management Information Security Our Material Environmental, Social, and Governance Factors Environmental Management Board Diversity Board Governance Diversity & Inclusion Talent Attraction & Retention Training & Development coordinate market and product development across the Company and solidify S&P Global's position as a trusted provider of Environmental, Social, and Governance data.",1
"Wealth Management Wealth Management's long-standing Investing with Impact platform (IIP) offers retail investors more than 130 products and strategies across thematic issues, including climate change. A 2018 internal survey of third-party managers on the platform found that over half of IIP strategies aligned with at least one SDG, with climate action among the three most common themes. We also equip our Financial Advisors with Climate Change and Fossil Fuel Aware investing toolkits to help clients develop a tailored investment approach that incorporates these issues into their portfolios.",2
"As of November 2020, 100% of active portfolios and advisory strategies have met this goal, and as of December 2020 all Environmental, Social, and Governance integration statements for actively managed publicly offered funds are published directly on the relevant product pages. These statements are relevant for all active products, not just for sustainable investment products.",1
"SEPTEMBER 2020 BBVA launched a basic course on sustainability addressed to the more than 125,000 employees of the Group around the world. This course focuses on environmental risks and includes specific content on the fight against climate change, on BBVA's direct and indirect impacts.",1
"Awareness campaigns: As in previous years, BBVA joined the 'Earth Hour' initiative, during which 114 buildings and 183 Bank branches in 113 cities in Spain, Portugal, Mexico, Colombia, Argentina, Turkey, Peru, Uruguay and the United States turned off their lights to support the fight against climate change. In addition, a large number of employee awareness-raising activities were carried out in several countries during World Environment Day.",2
"In order to help FRM understand which risks may have substantive or strategic impact, Morgan Stanley is also conducting focused stress tests on concentrated physical and transition risk vulnerabilities as well as a broader scenario analysis. The findings will help our leadership refine our strategy and risk management processes and determine how to incorporate climate considerations into firm strategy more holistically. In particular, we are evaluating where the firm may be vulnerable to outsized, climate-driven losses.",0
"Principle 4 - Implementation Organisational structures, business policies, processes and resources availability should be reviewed and enhanced to ensure effective integration of climate strategy into the operation and corporate development of an AI.",1
The cooperation with CICERO has also helped provide us with an overview of climate-related risks and opportunities in some of the industries we lend to. This is combined with our own analyses. The analysis is at the double-digit NACE code level. b) Describe manage- ment's role in assessing and managing climate- related risks and oppor- tunities:,1
"Our analysis tells us that, among other things, an RCP 2.6 scenario results in a high risk in our loan portfolio due to high restructuring risk in our industries. RCP 6 results in an especi- ally high risk in the agriculture sector due to physical climate change. c) Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization's overall risk management:",0
"Covers almost all chemical products. This is complex to estimate, since many chemicals have multiple applications, and the details of processing and conversion of chemicals by customers is not always known. Efforts will be considered to quantify these emissions for future reporting. Where customers request focused engagements, we collaborate to innovate on process improvements (see example described on page 21).",1
"We have undertaken an analysis of the impact to our business model of transitional scenarios where decarbonisation goals are, or are not, met. The details of this are presented in the scenarios section of this disclosure.",1
"For more information regarding the identification, analysis and management of risks at Iberdrola, see the following public documents, available on its website: - Section 'E' of the Annual Corporate Governance Report for financial year 2019. - The 'Principal risks and uncertainties' section of the Consolidated Management Report for financial year 2019 (particularly the section on climate change), as well as note 4 to the financial statements. - The Integrated Report. - The General Risk Control and Management Policy. https://www.iberdrola.com/ https://www.iberdrola.com/wcorp/gc/prod/en-US/corporativos/docs/gsm20-AnnualCorporateGovernance2019.pdf https://www.iberdrola.com/wcorp/gc/prod/en-US/corporativos/docs/gsm20-FinancialStatements-AuditorsReport-Consolidated.pdf https://www.iberdrola.com/corporate-governance/general-shareholders-meeting/documents https://www.iberdrola.com/corporate-governance/corporate-governance-system/corporate-policies/general-risk-control-management-policy",1
8.2 Generation Portfolio Metrics AGL has heavily invested and continues to invest in renewable energy generation. In the past decade AGL has increased its renewable energy generation fourfold to over 4.4 TWh. AGL's percentage of generation from renewables has also grown over this period. Table 15 below outlines the changes in AGL's proportion of generation and capacity from renewables.,2
"Using a more narrow application of climate-related scenarios to inform Prudential's efforts to mitigate its environmental impact, the company initiated a high-level analysis of science- based target setting methods to inform an update to its Global Environmental Commitment.",1
"In July 2020, BlackRock provided comments to the Department of Labor's proposed rule on 'Financial Factors in Selecting Plan Investments' (the 'DoL Proposal') highlighting our concern that the DoL Proposal could interfere with plan fiduciaries' abilities and willingness to consider financially material Environmental, Social, and Governance factors. BlackRock provided recommendations that aimed at helping the Department of Labor improve the DoL Proposal, while mitigating the potential burdens the DoL Proposal would have placed on plan fiduciaries. We were pleased to see several of our suggestions incorporated into the final rule.",1
"Strategy. We assessed the risks and opportunities we may face in 2030 under two climate scenarios; a 'Pessimistic' scenario and an 'Optimistic' scenario. The 'Pessimistic' scenario is where the world fails to address climate change, leading to global temperatures continuing to rise well above 2 degrees. This scenario assumes limited policy or regulatory support and looks at physical climate risks. The 'Optimistic' scenario is where the world rises to the challenge of tackling climate change and limits global warming to well below 2 degrees. This low-carbon transition scenario centres on the rapid changes that will be needed by 2030 to cut emissions in line with the Paris Agreement. Our scenarios are based on those developed by the Intergovernmental Panel on Climate Change.",1
"Impacts on societe generale's financial planning 3.5.1 Operating costs and revenues The deployment of climate-related product and services, investment in research and development as well as operational changes has led to changes in revenue and operational costs for Societe Generale, although we expect these changes are marginal.",0
"The estimated associated emissions amounted to 780,000 Tonnes of carbon dioxide equivalent e. We do not believe these figures will have changed significantly since then, but we will regularly review them as part of our climate change strategy.",1
"2. Sustainable growth portfolio provides positive optionality - Under a 2 C scenario, a sustainable growth portfolio has stronger returns. We believe that this indicates investment returns will be best served through inclusion in the portfolio of a component of sustainable investments, particularly within equities, infrastructure and private equity.",2
"Investec Limited banking book South Africa is significantly dependent on coal for its energy requirements, which makes it challenging to find a balance between the need for increasing energy access and economic growth in the country, and the urgency to reduce carbon emissions. The mix of our energy portfolio in South Africa reflects the trajectory of the country's energy transition. We see natural gas as part of this transition in the short-to-medium term as the country shifts away from coal and builds up renewable sources.",0
"As the examples show, energy labels are a common way of qualitatively or quantitatively describing the transition risk for residential real estate. It is therefore important to note that the current availability and accuracy of energy label information is limited. Energy labels are not publicly disclosed in all countries. Where they are disclosed, we have noticed they are often inaccurate. As transition risk becomes apparent and the need to quantify this in our portfolio grows, the greater the need for correct data will become. https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2020/does-energy-efficiency-predict-mortgage-performance.pdf?la=en&hash=CC1DED249BFE86DB22A1AE70429BF235EA0325D8 https://eedapp.energyefficientmortgages.eu/wp-content/uploads/2020/08/EeDaPP-D57-27Aug20-1.pdf",0
"In 2020, sustainability factors have been incorporated as one of the dimensions of the analysis in the Operating Frameworks of Autos, Energy, Utilities, Steel and Cement. All these sectors are included in the taxonomy as transition risk-sensitive.",0
AP2 follows up these decisions every two years with an analysis of whether additional companies are to be divested or whether companies should be re-included as they are no longer considered to have a significant financial climate risk.,0
"Business risks and opportunities related to climate change are identified through an analysis of the sector and emerging trends, the study of market drivers and the identification of customer requirements. In terms of opportunities, Leonardo is mainly involved in the development of technologies for products and services with a low environmental impact (lighter aircraft and helicopters, which consume less fuel thanks to carbon aerostructures, hybrid and electric maritime propulsion systems, air traffic and vessel traffic management systems to optimise air and maritime traffic, virtual training services for pilots), the development of Earth observation solutions and data collection, to be provided to specialist operators, to monitor and limit impacts induced by climate change and the development of products and services, with special configurations that can intervene in the case of natural disasters. For further details, refer to the chapter 'Continuous innovation' and section 'Solutions for society and the environment' (chapters 'Sustainable mobility' and 'Earth observation').",2
The AIETI will focus on ve supply chains critical to achieving the Paris Agreement temperature goals ('well-below two degrees Celsius and striving for 1.5 degrees Celsius') given their signicance to global emissions and their relatively higher abatement costs.,0
Sydney Airport's contribution to climate change solutions will also present new opportunities. These include: - Supporting the move to a carbon-constrained world by working with airline partners to provide infrastructure to support further electrification and low emission fuels - Integrating climate adaptation opportunities into community investment strategies aimed at supporting the resilience of our communities and their support for our activities - Lower operating costs by reducing energy consumption.,2
"No significant financial risk on our balance sheet identified in past stress tests. A group of 16 banks, including UBS, and United Nations Environment Programme FI have partnered to refine methodologies for risk and opportunities.",1
We can engage on our own (via our own funds) and also together with other investors. Joint engagements are for example done via our active membership of the IIGCC (Institutional Investor Group on Climate Change) and the Principles for Responsible Investment. Kempen is also part of an international engagement initiative called Climate Action 100+ that was launched in December 2017 and targets over 150 carbon intensive companies. For more engagement examples see kempen.com/en/asset-management/ responsible-investment.,1
"The Trustee has a preference for engagement, rather than exclusion, as a method in encouraging greater disclosures and practices with regard to climate-related risks. Two examples of such engagements are:",1
"Greenhouse gas Mitigation Measures Our five year Greenhouse gas mitigation plan consists of three key elements - Energy Efficiency (Reduce), Renewable Energy (RE) Purchase (Replace) and Travel Substitution (Reduce and Replace); of this, RE procurement will contribute the maximum, 80% share to Greenhouse gas emission mitigation strategy for Scope 1 and 2.",1
"We have updated our external sector statements to include positions on six new sectors including manufacturing, automotive, agriculture, animal welfare, fisheries and UNESCO World Heritage Sites. This is in addition to the existing statements on power, coal, mining, oil and gas, forestry and defence. www.lloydsbankinggroup.com/Our-Group/ responsible-business/reporting-centre/. Our statement on coal has been updated and made more ambitious. We continue with our policy of not financing new coal fired power stations. We have now tightened our requirements for providing general banking or funding, and now require new clients to have less than 30 per cent of their revenue from the operation of coal fired power stations and/or coal mines (previously less than 50 per cent).",1
"STOREBRAND'S USE Task Force on Climate-related Financial Disclosures Alignment and Current Use Storebrand will mainly use consistent and comparable risk metrics and values information that shows how climate-related risks are considered, compared with other areas of risk management.",0
Estimations of nanced emissions indicate the indirect impact the Group could have on achieving environmental outcomes in the real economy as a result of the Group's nancing activities and highlights the crucial role nancing can play in achieving environmental outcomes.,1
"Emissions of CH4, which account for approximately 22.2% of our carbon footprint (Scopes 1 and 2), are mainly due to fugitive emissions (15.3%) and natural gas venting (6.9%). Venting may occur as a result of operation and maintenance, operating safety, pneumatic valves and analysis equipment (chromatographs, etc.)",1