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Given the circumstances of the engagement, in performing the procedures listed above we: ❯ made inquiries of the persons responsible for the Identified Information; ❯ understood the process for collecting and reporting the Identified Information; ❯ performed limited testing of relevant documents and records on a sample... |
For Warming Potential and Climate Costs information, calculated by the external provider Carbon Delta, our procedures did not include the review of Carbon Delta’s databases, computation and information systems nor quality management procedures. |
For Carbon intensities information, our procedures did not include the review of the preparation of Trucost’s database. |
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had we pe... |
Limited Assurance Conclusion. |
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Company’s Identified Information for the year ended December 31, 2018 is not prepared, in all material respects, in accordance with the Criteria. |
This report, including the conclusion, has been prepared solely for the directors of the Company as a body, to assist them in reporting on the Company’s climate-related performance and activities. We permit this report to be disclosed within the Climate report, to enable the directors to demonstrate they have discharge... |
Neuilly sur Seine, France 19th July 2019. |
PricewaterhouseCoopers Audit. |
Bénédicte Vignon Partner Sylvain Lambert Partner In charge of the Sustainable Performance & Strategy (1) The maintenance and integrity of the Company’s website is the responsibility of the directors; the work carried out by the assurance provider does not involve consideration of these matters and, accordingly, the ass... |
www.axa.com |
Climate report: renewed action in a time of crisis. |
In line with France’s Article 173 and recommendations from the Task Force on Climate-related Financial Disclosures. |
JUNE 2020. |
AXA GROUP |
Editorial 01. |
Executive Summary 02. |
Context & Introduction 04. |
From COP21 to COP26: science-based guidance from policymakers 05. |
A robust scientifi c consensus 05. |
The Paris Agreement is the overarching framework and roadmap for climate action 05. |
COP26 – On the road to the “Glasgow Agreement” 06. |
A new phase in AXA’s climate strategy 07. |
TCFD guidance: Governance 08 “Role in Society” Steering Committee 08. |
TCFD guidance: Strategy, Metrics & Targets 10. |
Responsible Investment strategy 10. |
ESG integration 10. |
Climate scenario analysis & stress-testing 13. |
A diversity of climate-related metrics 17. |
Climate-related impact assessment: “portfolio alignment” & warming potential 18 “Portfolio alignment”: a macroeconomic conclusion 22. |
Net-Zero Asset Owner Alliance and TCFD “Implied Temperature Rise” 23. |
Climate-related risk assessment: AXA’s “Cost of climate” 25. |
Investment carbon footprinting – a 2014-2019 trend analysis 26. |
Investment-related climate metrics: green share 26. |
Investment-related climate metrics: full dashboard 27. |
Measuring the carbon footprint of our insured clients 27. |
Factoring the “physical risks” of Climate Change into Real Assets investments 28. |
Sector exclusions: divestments and underwriting restrictions 30. |
Green Investments 31. |
Transition bonds – a pioneering concept to fi nance transition eff orts 33. |
Impact Investing 34. |
Biodiversity: the next frontier of sustainable fi nance 36. |
Shareholder engagement 37. |
TCFD guidance: Risk Management 39. |
Internal control and Risk Management 39. |
Climate-related Property insurance impacts 40. |
Climate-related health insurance impacts 42. |
Climate-related impacts on AXA’s own operations 42. |
Other information 43. |
Products and services 43. |
Direct environmental footprint management 46. |
Outreach and academic research 47. |
Extra-fi nancial ratings 48. |
Statutory Auditors’ report (PwC) 49. |
Disclaimer 51 3. |
4. |
5. |
6. |
1. |
2. |
AXA GROUP 2020 Climate Report June 2020 |
01 AXA GROUP 2020 Climate Report June 2020. |
Editorial “Back to better” is our only sustainable recovery option. |
Alban de Mailly Nesle AXA Group Chief Risk and Investment Off icer. |
Will the pandemic off er a new chance to shape a greener, more sustainable economy? AXA strives to leverage its climate leadership to support a recovery which is aligned with the Paris Agreement. |
Recent learnings As the Covid-19 crisis is starting to show its full impact for business and society, what lessons can be learned from the past? In 2009, in the wake of the financial crisis, calls for a “Global Green New Deal” urged governments to break dependence on fossil fuels and invest 1% of global GDP into energy... |
In 2020, even larger post-Covid crisis stimulus packages have been launched, but unless they factor stringent considerations related to the climate urgency, they risk substituting one crisis for another. The timing and sheer magnitude of the pandemic took all business leaders and policymakers by surprise. In contrast, ... |
Mobilisation We supported the “European Alliance for a Green Recovery” and the EpE call for a “Green Rebound”, which encourage energy retrofits of buildings, decarbonised mobility and the expansion and storage of low-carbon energy. We took the lead of a new World Economic Forum working group designed to mobilize privat... |
We also believe a wider macroeconomic perspective should be brought forward by developing blended finance instruments which can combine public capital, supporting necessary investments that are not profi table in the short run, with private capital that can bring scale and rigor, while leveraging today’s historically l... |
A new climate ambition… In November 2019 we launched four new developments in our climate journey, aligning our business with the Paris Agreement: we committed to achieving investment “climate neutrality” by 2050, we doubled our green investments target to €24 billion by 2023, we launched the “Transition Bond” asset cl... |
… Connected to “Paris-aligned” recovery proposals We suggest to align post-Covid recovery strategies with the Paris Agreement by promoting a differentiated evaluation of the climate-related impacts of individual companies and sectors, using new dynamic metrics. Despite methodology caveats which we are addressing with o... |
Taking our temperature Our 2020 work in this field reveals that AXA’s corporate and sovereign investments display a “Warming Potential” of 2.8°C, which is not only below our benchmark, but also decreasing, while our benchmark is rising to 3.6°C. Prudence must be exerted when analysing figures based on evolving methodol... |
Business unusual This “cooling” is a euphemism for system change with a fair amount of economic “creative destruction”. Change is more acceptable when it is truly required, and it is most required when faced with a crisis. These are unusual times, and business as usual solutions are obsolete. Now has never been a bette... |
02 AXA GROUP 2020 Climate Report June 2020. |
Executive Summary. |
Climate change presents every business with a range of challenges and opportunities. These are particularly critical in the insurance industry. Every year since 2015, AXA publishes a Climate Report which describes our current climate strategy and new developments, in line with but also beyond climate reporting framewor... |
The Paris Agreement is our roadmap “Well below 2°C” and “pursue best eff orts to limit warming to 1.5°C by 2100”: the goals of the Paris Agreement. 3.2°C expected temperature increase by 2100 if COP21 national pledges are implemented 4.8°C expected temperature increase if inaction prevails (“BAU” scenarios) -45% |
CO2 emissions 2010-2030 needed to achieve 1.5°C by 2100. |
AXA’s new climate strategy aligns our business with the Paris Agreement 1.5°C investment “warming potential” target by 2050 €24bn green investments by 2023 €100m transition bonds concept launch 0% coal by 2040. |
Integrating sustainability factors 85% of the Group’s Credit Portfolio covered by an internal credit rating 8,000+ companies covered by AXA’s ESG research 89% corporate equities 95% corporate debt 99% sovereign debt 74% Real Estate covered by ESG scoring €750bn the European Commission’s post-Covid “rescue fund” |
AXA promotes a recovery which is aligned with the Paris Agreement, by helping to mobilize private sector capital to fi nance the EU Green Deal and proposing to leverage new forward-looking climate metrics to assess the climate impacts of individual companies and sectors. “Back to better”! |
Aligning investments with the Paris Agreement: the “warming potential” approach. |
Warming potential 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 2.9°C 3.0°C 3.0°C 4.0°C 2.9°C 3.5°C 2.8°C 3.0°C 2.8°C 4.0°C 2.8°C 3.6°C 4.6°C 4.6°C. |
AXA corporate assets. |
Benchmark corporate assets. |
AXA sovereign debt. |
Benchmark sovereign debt. |
AXA aggregate Benchmark aggregate AXA's divested coal assets ● 2019 2018 ● |
A slight “cooling” of our investments while our investment universe slightly “warms”. |
03 AXA GROUP 2020 Climate Report June 2020. |
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