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− 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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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– 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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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 $160 million annually—also recovered in customer rates—to both replace aging pipes and reduce methane emissions into the air.
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South West Water has maintained its investment in renewable energy, bringing the total expenditure for K5 to over £4 million. This has included the installation of the company’s largest solar panel array to date at its Exeter headquarters. Along with hydro generation, combined heat and power (CHP) and the wind turbine at Lowermoor Water Treatment Works, South West Water’s 34 solar panel schemes now bring the total capacity for renewable energy generation to over 10MW.
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The EBRD provided a total of €98 million to finance windfarm projects in Poland and invested 14 billion tenge (€63 million equivalent) in a wind farm in Kazakhstan, considered a highly promising country for renewable energy development. The Bank signed wind and solar energy projects in Romania and financed the construction of a new hydropower plant in Georgia that will be one of the country’s few privately owned, greenfield hydropower plants.
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(€165 million equivalent) loan to finance the construction of a high-efficiency combined-cycle gas turbine (CCGT) power plant near the city of Kirikkale in Turkey. The loan is part of a US$ 1 billion (€823 million equivalent) package arranged by the EBRD that brings together international financial institutions and commercial banks.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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■ 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.
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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.
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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.
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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.
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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.
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■ 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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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 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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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– 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).
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– 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.
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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.
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At the start of 2018, we announced a plan to increase our investment in electrification—expected to be over $11 billion by 2022—to substantially increase the number of battery electric vehicles we offer around the world. And we will have more to announce in 2018 as we remain focused on designing smart vehicles for a smart world that help people move more safely, confidently, and freely.
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Lidl raises environmental standards in retail sector Financing worth €110 million will help Schwarz Group, owner of the Lidl supermarket chain, improve the environmental performance of its stores in Bulgaria, Moldova and Romania. The project also supports the development of sustainable building-certification regimes in these countries and will cut the company’s CO2 emissions by 26,000 tonnes per year.
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The EBRD is financing the delivery of energy supplies from Azerbaijan to Europe along the Southern Gas Corridor with a US$ 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.
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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.
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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.
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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.
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- 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.
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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;
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- 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;
1specific
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.
1specific
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.
1specific
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.
1specific
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.
1specific
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.
1specific
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.
1specific
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.
0non-specific
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.
1specific
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.
1specific
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.
1specific
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.
1specific
€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. —
1specific
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.
1specific
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.
1specific
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.
1specific
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.
0non-specific
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.
0non-specific
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.
1specific

Dataset Card for climate_specificity

Dataset Summary

We introduce an expert-annotated dataset for classifying the climate-related specificity of climate-related paragraphs in corporate disclosures.

Supported Tasks and Leaderboards

The dataset supports a binary classification task of whether a given climate-related paragraph is specific or not.

Languages

The text in the dataset is in English.

Dataset Structure

Data Instances

{
  'text': '− 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.',
  'label': 1
}

Data Fields

  • text: a climate-related paragraph extracted from corporate annual reports and sustainability reports
  • label: the label (0 -> non-specific, 1 -> specific)

Data Splits

The dataset is split into:

  • train: 1,000
  • test: 320

Dataset Creation

Curation Rationale

[More Information Needed]

Source Data

Initial Data Collection and Normalization

Our dataset contains climate-related paragraphs extracted from financial disclosures by firms. We collect text from corporate annual reports and sustainability reports.

For more information regarding our sample selection, please refer to the Appendix of our paper (see citation).

Who are the source language producers?

Mainly large listed companies.

Annotations

Annotation process

For more information on our annotation process and annotation guidelines, please refer to the Appendix of our paper (see citation).

Who are the annotators?

The authors and students at Universität Zürich and Friedrich-Alexander-Universität Erlangen-Nürnberg with majors in finance and sustainable finance.

Personal and Sensitive Information

Since our text sources contain public information, no personal and sensitive information should be included.

Considerations for Using the Data

Social Impact of Dataset

[More Information Needed]

Discussion of Biases

[More Information Needed]

Other Known Limitations

[More Information Needed]

Additional Information

Dataset Curators

  • Julia Anna Bingler
  • Mathias Kraus
  • Markus Leippold
  • Nicolas Webersinke

Licensing Information

This dataset is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International license (cc-by-nc-sa-4.0). To view a copy of this license, visit creativecommons.org/licenses/by-nc-sa/4.0.

If you are interested in commercial use of the dataset, please contact markus.leippold@bf.uzh.ch.

Citation Information

@techreport{bingler2023cheaptalk,
    title={How Cheap Talk in Climate Disclosures Relates to Climate Initiatives, Corporate Emissions, and Reputation Risk},
    author={Bingler, Julia and Kraus, Mathias and Leippold, Markus and Webersinke, Nicolas},
    type={Working paper},
    institution={Available at SSRN 3998435},
    year={2023}
}

Contributions

Thanks to @webersni for adding this dataset.

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