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26 actual data used dated to 2010 both for 2014 and 2015, but in December 2016 and December 2017, this data corresponded respectively to 2013 and 2014. As a result, the 2016 data represents a 3 years variation. Going forward, the data variation will correspond to 1-year variation, but still with a lag of 3 years. |
• 2016-2017: the 7% annualized decline is explained by a smaller but more generalized decline in the carbon intensity across asset classes, and for more sectors (Consumers sector for example). It is however difficult to attribute this decrease to a selection effect (from our portfolio managers) vs an allocation effect.... |
The influence of country-level climate policies A closer focus on country-level climate policies can explain some of these trends, for example: • France: the country has a relatively good record on carbon emissions overall, which is largely due to the strong share of nuclear energy in its energy mix. The energy-transit... |
• Italy: Although incentives for solar-power deployment have diminished, significant hydroelectric-, wind- and solarbased power generation capacities have driven the country to a renewable-energy share of nearly 35%. The country’s performance with regard to CO2 emissions per unit of GDP is above average, and strong inc... |
• Belgium: Belgium records a weak performance in CO2 and GHG emissions per capita and per GDP. This is related to the profile of the Belgian economy: Industry is the first carbon emitter of the country, with 28% of total GHG emissions. Climate policy implementation is influenced by the federal state system where respon... |
• Germany: The government admitted difficulties to attain its ambitious GHG reduction target of -40% by 2020 (vs 1990 levels). The phase-out from nuclear power (to be exited in 2022), decided after the Fukushima nuclear accident, results in an accrued use of coal for energy production. The “Energiewende” plans to incre... |
• Spain: Energy consumption and GHG emissions have declined on the onset of the financial crisis, but the national target has been lower than the EU (-10% against -20%).The share of renewable energy is improving, but remains close to the mature countries’ average (14%). The Spanish government has rolled back economic i... |
Comparison with reference benchmarks Sovereign Debt has been less carbon intensive in our holdings compared to benchmarks since the beginning of the reporting period, thanks among other factors to a strong exposure to French debt. In addition, both Equities and Corporate Bonds show a lower carbon intensive than benchma... |
27. |
Going forward Carbon footprinting is an interesting tool, but its results can be challenging to interpret. As described in the trend analysis above, divestments can have an impact on our equities and corporate debt’s carbon intensity, and we may expect further positive contributions (ie. decreasing) related to our stre... |
IMPACT FUND KPIS & CORRESPONDING UN SUSTAINABLE DEVELOPMENT GOALS. |
AXA was one of the first institutions to engage in impact investing, the strategy of which is to generate objectively measurable positive environmental and social impacts on top of financial returns. AXA committed €200 million to its first impact fund launched in 2013, and, in December 2016, allocated a further €150 mi... |
28 • Investing in impactful businesses in over 70 countries and providing meaningful direct employment for over 50,000 beneficiaries • Providing quality education at an accessible price to over 350,000 students with results that exceed expectations for beneficiary group; • Expanding healthcare facilities in underserved... |
• Making available financial inclusion in terms of micro loans and micro insurance to close to 100 million beneficiaries. |
• Saving over 23.6 million metric tons of carbon dioxide emissions from the atmosphere. |
Examples of KPIs tracked for Impact Investment Fund I. |
AVOIDED EMISSIONS. |
AXA’s 2017 divestments from coal and tar sands activities will result in 37,8 million metric tons of CO2 removed from AXA’s portfolio footprint. Similarly, AXA’s new green investments targets result in 4 million tons of CO2 saved with the following breakdown: infrastructure debt wind farms (1,8MT CO2), infrastructure e... |
INTERNAL ENVIRONMENTAL FOOTPRINT MANAGEMENT. |
AXA is conscious of the role it can play, as an insurer, investor and global corporation, in raising awareness about environmental protection amongst its stakeholders. AXA’s environmental strategy includes both business drivers through our products and operational drivers, such as reducing our internal environmental fo... |
AXA has been implementing an environmental reporting process since 2002. AXA has a target to reduce its carbon emissions covering all greenhouse gas emissions “Scopes)” (as defined by the Greenhouse Gas Protocol): • Scope 1: emissions from fuel consumed on AXA sites as well as by AXA-owned car fleet. |
• Scope 2: emissions from purchased energy (essentially electricity consumed by AXA buildings). |
• Scope 3: emissions from business travel and paper consumption. |
AXA’s target for the 2012-2020 period is to reduce its carbon emissions per Full-Time Employee (FTE) by 25%. This target is broken-down into the following targets: • -35% power consumption (kwh/FTE) – Scopes 1&2; • -15% business travel: vehicle fleet (km/FTE) – Scope 1; |
29 • -5% business travel: air and train (km/FTE) – Scope 3; • -45% office paper (kg/FTE) – Scope 3; • -50% marketing and distribution paper consumption (kg/client) – Scope 3. |
In addition, the Group has set two environmental targets that are unrelated to carbon emissions: • -15% water consumption; • 95% of paper must originate from recycled or sustainable sources. |
• renewable energy sourcing target (see below). |
RENEWABLE ELECTRICITY SOURCING TARGET. |
By joining the “RE100” initiative (Renewable Energy 100%) in 2017, AXA is committed to buy 100% of its electricity from renewable energy sources by 2025, with an interim target of 70% by 2020. This target covers both AXA’s office buildings and AXA owned data-centres covered under the environmental reporting perimeter. ... |
Please refer to 2017 AXA Annual Report – Chapter 7.3 for a more granular analysis: https://www.AXA.com/en/newsroom/publications. |
SRI RATINGS. |
The Group's environmental, social, and governance (ESG) performance is evaluated by various organizations, including Socially Responsible Investment (SRI) rating agencies. The Group is ranked in the top tier within the main indices and rankings such as RobecoSAM (DJSI), FTSE4GOOD and Euronext Vigeo. The full details of... |
Of note, one of these external ratings (the Dow Jones Sustainability Index, performed by RobecoSAM) is integrated into AXA’s compensation policy: the DJSI “Percentile Ranking” is used to determine 10% of the attribution of the Long-Term. |
Performance Shares, distributed to approximately 7000 executives every year. Our DJSI score trend is illustrated below. |
30. |
AXA ENTITY SUSTAINABILITY INDEX. |
Inspired by the assessment systems used by the specialized extra-financial rating agencies, AXA developed its own model to assess the sustainability performance of its entities, which is adapted to take into account the specific features of each entity. More than 100 CR factors are analysed, including governance, risk ... |
AXA Group, April 2018 |
2019 Climate Report. |
In line with France’s Article 173 and recommendations from the Task Force on Climate-related Financial Disclosures. |
JUNE 2019. |
AXA GROUP |
Editorial 01. |
Executive Summary 02. |
Context 04. |
COP21 & the Paris Agreement 06. |
AXA’s Activities in a Changing Climate Context 08. |
Governance 09. |
AXA’s Approach to Responsible Investment (RI) 09. |
ESG & Climate Governance 09. |
Strategy 11. |
Responsible Investment Strategy 11. |
ESG Integration: Preliminary Investment Universe Identification and Internal Credit Rating 11. |
ESG Integration: Tools and Methodology 12. |
Climate-Related Analysis: Corporate Debt and Equity 15. |
Climate-Related Analysis: Sovereign Debt 20 “Portfolio Alignment”: Conclusion 22. |
Real Assets: Factoring the “Physical” Risks of Climate Change 23. |
Green Investments 25. |
Impact Investing 28. |
ESG and Climate-Related Investment and Insurance Exclusions 30. |
Risk Management 32. |
Internal Control and Risk Management 32. |
Climate Risk Modelling 33. |
Human Rights Risk Management 33. |
Shareholder Engagement & Voting 34. |
Sustainability-Related Memberships and Partnerships 35. |
ESG and Climate-Related Products 37. |
ESG and Climate-Related Communications 38. |
Academic Research 39. |
Metrics and Targets 40. |
Investment Carbon Footprint: a 2014-2018 Trend Analysis 40. |
Own Operations – our Direct Environmental Footprint 41. |
ESG, RI, Climate and SRI Ratings 42. |
Statutory Auditors’ Report (PwC) 43 2. |
3. |
4. |
1. |
AXA GROUP 2019 Climate Report June 2019 |
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