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Develo pment sanctio n. |
Producti on start. |
Plateau year Profile Exposure to transition risks. |
Project 1 Yes Exploitation Azerbaijan 5,625 821 46 48,335 7.20 40.00 1996 1997 2010 Low cost - plateau - long duration Medium Project 2 Yes Deepwater Angola 644 167 20 15,339 6.00 65.00 2008 2012 2014 Low cost - plateau - short duration Medium Project 3 Yes Deepwater Angola 600 167 20 10,050 6.00 67.00 2022 2026 2029 H... |
Lifetime Costs Production profile |
Page 40 sur 49. |
This analysis of transition risks is not without flaw: 1) this analysis does not provide a financial value of the value-at-risk, 2) it is only pertinent to sectors with direct exposure to potential future carbon policy and regulatory constraints; consequently, it fails to capture a number of sectors which will be affec... |
Criteria 2.3.7. Asset-class coverage for risk assessment. |
See the previous sections to see asset-class coverage. Criteria 2.3.8. Sector coverage for risk assessment. |
See the previous sections to see sector coverage. |
Page 41 sur 49 2.4 - Communications to clients and beneficiaries. |
Criteria 2.4.1. Clear and detailed description of the communication plan. |
AXA’s “Article 173” mandatory report will be disclosed in the 2016 Financial Report, the 2016 Activity and Corporate Responsibility Report and on axa.com, published in Q1 2017. On top of this legal requirement, AXA has been communicating on Climate Change on an on-going basis towards the general public (please refer to... |
General public communications. |
AXA publishes extensive information about how climate change affects its clients, investments and the population at large. This includes content posted on axa.com such as : • Overall strategy: https://www.axa.com/en/about-us/axa-and-climate-change • Research and thought leadership: https://www.axa.com/en/about-us/clima... |
Outreach towards public authorities, regulators, experts and market actors. |
The Financial Stability Board - Task Force on Climate-related Financial Disclosures (FSB TCFD). AXA, as a ViceChair of the FSB TCFD, aims at addressing current fragmented and incomplete climate-related disclosures. Indeed, today, disclosures are characterized by a lack of financial reporting framework coherence which p... |
Page 42 sur 49. |
Communications towards clients and beneficiaries. |
AXA IM Planet Bonds Fund. |
AXA IM has created an investment solution for investors to shift their conventional investments to specific environmental investment needs. This new fund harnesses the rapidly growing Green Bond universe, investing in environmental projects that facilitate the transition to a low carbon economy. The fund is invested at... |
AXA IM – ESG integration-related communications to clients. |
AXA IM plays an active role in promoting acceptance and implementation of ESG issues within the investment industry. Initiatives include the following. |
• During 2015 it devoted significant resources to assisting its insurance clients to integrate ESG issues into their day-to-day activities e.g. through demonstrations of our RI Research Tool (20 clients were reached in this way). • AXA IM continues to provide tailored training programmes for clients on ESG issues. • AX... |
AXA France Employee Savings schemes |
Page 43 sur 49. |
AXA France offers savings and pension services to companies for their employees. The majority of AXA France collective savings products are based on AXA IM SRI Funds. |
More information, especially commercial brochures, is included in the attachments to this report. These include a focus on the meaning of art.173 for AXA’s institutional clients and the corresponding commercial offers. Dedicated commercial events as well as customer engagement are conducted by the AXA France Epargne Re... |
“Green” insurance products – an overview. |
Beside asset management and savings products, local AXA entities develop and distribute numerous insurance products that strive to encourage and reward green behavior and technologies. These include for example motor insurance encouraging low emissions vehicles, home insurance with environmental appliances upgrades, SM... |
Page 44 sur 49. |
Notable examples involving a significant customer communications angle include the following. |
• SMEs and urban resilience. AXA and the United Nations Environment Programme Finance Initiative's Principles for Sustainable Insurance (UN PSI) published in 2015 the results of the first international study on how cities and SMEs are working to become more resilient to the consequences of climate change. It explains h... |
Page 45 sur 49. |
Criteria 2.4.2. Ability of the beneficiaries to integrate, if they wish, climate-related criteria into their own investment decisions “As the contact responsible for monitoring trends in the behaviour of clients in terms of asset management, I’ve noticed growing interest in ESG products and integration from our institu... |
Dominique Forget Head of Clients & Markets AXA Investment Managers. |
See previous section for client-related communications. More specifically related to art.173 requirements are too recent to benefit from significant developments today. However, certain AXA Investment Managers’ clients ask for explanatory notes with regards to Art 173 requirements (an example is attached in Appendix fi... |
Page 46 sur 49. |
Moreover, AXA Investment Managers has developed an educational document for clients with regards to the French Energy Transition Law (the document is attached in Appendix file). |
AXA Investment Managers published a Thought Leadership Piece on Climate Change: ‘How Can Investors Fight Climate Change?’ (the note is attached in Appendix file). This paper identifies the possibilities for investing in the transition to a low-carbon economy and discusses potential strategies to manage the financial ri... |
Page 47 sur 49. |
Trainings of Portfolio Managers. |
ESG training is provided for Fixed income, Equites and Real estate teams on a continuous basis. Approximately 50% of Portfolio Managers, 40% of analysts and 25% of sales staff are trained. |
Criteria 2.4.3. Resources mobilized to implement actions. |
A large number of people across entities and expertise are directly involved with RI and carbon-related initiatives. These include the following: • AXA Group CIO Office: 2 people |
Page 48 sur 49 • AXA Group Corporate Responsibility team: 2 people • Center of Expertise Responsible Investment: 15 members, mainly local CIO teams members • Steering Committee ESG Integration: 23 members, mainly Asset Managers’ representatives • AXA IM: 17 RI and Impact professionals • AB Global: a 17-member Responsib... |
AXA Group. |
Contacts: sylvain.vanston@axa.com; Thibaud.escalon@axa.com |
1. |
In line with France’s Article 173 and Taskforce on Financial. |
Climate-related Disclosure (TCFD) recommendations. |
AXA GROUP. |
April 2018. |
Climate-related investment & insurance report |
2. |
CONTENTS. |
Editorial - Climate risk analysis: combining analysis and action ........................................................................................ 3. |
Report Structure: “Article 173” and “TCFD” reporting frameworks combined .................................................................. 4 1) Governance of ESG and Climate-related Risks and Opportunities ........................................................................... 4. |
Overall approach ................................................................................................................................................................... 4. |
ESG and climate-related governance ................................................................................................................................... 4 2) Strategy – Identification of ESG and Climate-related Risks and Opportunities ..................................................... 6 2.1 Investments... |
Global Responsible Investment Strategy ............................................................................................................................. 6. |
Investment-related ESG risks and opportunities identification: scoring tools and methodology .................................... 7. |
Investment-related Climate risks and opportunities identification ................................................................................... 8 2.2 Insurance ............................................................................................................................................................. |
Sector exclusions ................................................................................................................................................................ 14 “One Planet Summit” 2017: a new climate ambition ............................................................................................ |
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