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ESGBERT 28

Thus, there is a very gradual deceleration towards more sustainable growth rates.

In total, the Fund has divested from equities and corpo- rate bonds in 79 companies as a result of financial climate risks.

Assess climate change scenarios of key material risks.

In addition, on an annual basis, subject to then-applicable high water marks, HPS receives a base performance fee equal to 10% of the income generated on the non-investment grade portfolio, and is eligible to earn an additional performance fee equal to 25% of any such investment income in excess of a net 10% return to us after deduction for paid and accrued management fees and base performance fees, with the total performance fees not to exceed 17.5% of the Income (as defined in the investment management agreements relating to Watford Re, WICE and Watford Trust) or Aggregate Income (as defined in the investment management agreements relating to WSIC and WIC), as applicable.

This demonstrates the resilience of the Group’s strategy to such a scenario.

In some cases, these have replaced former targets.

See more on the Sustainability website.

These risks incorporate policy and legal risk, technology risk, market risk and reputation risk.

Our risk and opportunity identification process is however not only limited to external risk factors or opportunities, it also includes an internal perspective that considers company culture, processes, projects, human resources and compliance aspects.

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.

High-emitting projects undergo additional sensitivity testing, including the potential for future CCS projects.

These lists include companies involved in controversial weapons and countries with high risk of violating human rights, which are automatically excluded from the list of companies in which BBVA can invest.

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.

We have a strategic cooperation relationship with major partners for realizing a closed-loop.

[Many new distribution pathways were validated that provide greater opportunity to utilise ocean freight , especially into the emerging Middle Eastern markets .]

(iv) Power Generation Revenue from the sale of electricity is recorded at the time power is provided based upon output delivered and capacity provided at rates as specifi ed under contract terms or prevailing market rates. (v) Timberlands Revenue from timberlands is derived from the sale of logs and related products.

Our objective: to reach climate neutrality by 2050, globally.

To sustainably develop operational activities that are capable of flexibly responding to customer diversity, product diversity and the globally expanding market, we acknowledge that adequate risk-taking and decisive decision-making are necessary.

During 2019, we participated in the Carbon Disclosure Project and aligned our responses to the Task Force on Climate-related Financial Disclosures recommendations.

As we invest in Manufactured Capital to improve plant performance and pursue our growth projects, we are able to return long- term value to our Financial Capital, and strengthen our customer relationship within our Social and Relationship Capital.

They provide little insight into whether existing risk management processes were sufficient to identify emerging risks or whether they had to flex or amend these processes to do so.

O N M

For this reason, aware of the key role that networks will play, the new Strategic Plan increases investment in expanding network infrastructure in Italy and abroad, for a total of €5.8 billion between 2017 and 2019.

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.

Our main source of indirect (scope two) emissions is electricity used in our operations.

• Our financial condition and results of operations are sensitive to, and may be adversely affected by, a number of factors, many of which are largely outside our control.

METRICS AND TARGETS DNB sets targets and uses metrics to help monitor and manage our climate risk.

Since the beginning of 2018, PME no longer invests in coal producers.

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.

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.

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.

Komatsu has not established numerical targets for growth, profitabil- ity, and financial position in its mid-term management plan.

The ESG facility includes a mechanism that adjusts the margin based on carbon emissions against an annual benchmark.

Building on this, we took steps in 2019 to perform an eco- nomic analysis and engage with stakeholders in the Pearl River Delta in China, which was established as a hot spot.

Linked to climate change is water scarcity, a threat to 3.2 billion people.

Over the rest of the portfolio, a further €255 million of assets are contracted and currently in the process of being onboarded during the first half of this year and will add to AUM during FY18.

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.

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.

For many investors, climate change poses significant financial challenges and opportunities.

One of the ways we do this is through our relationship with Climate Smart.

In particular, a sustained mar- ket decline in China, which accounts for approximately 30% of KONE’s sales, could have an adverse effect on KONE’s growth and profitability.

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).

On the market side of the equation, price and volume control mea- sures can also affect our ability to achieve our targets in the short 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.

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.

For example, we opposed the ballot initiative to introduce a carbon fee in Washington State, US in November 2018.

DEFINITIONS Scope 1 emissions are direct emissions from owned or operated facilities.

Aside from the said meetings, urgent decisions were also approved via a BRC Circular Resolution.

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.

Annual contributions may be reviewed under the Framework Agreement.

Climate-related physical risks are those risks resulting from climate change, which involve event-driven (acute) or longer-term (chronic) shifts in climate patterns.

See Management Board Report - Partners - Sustainable relationships with suppliers.

The existing and new project work demonstrates the ability of the Wates Residential team to operate as both developer and contractor, in support of our business partners in delivering mixed tenure housing.

As regards air conditioning, modernisation of the systems continued, with more efficient machinery, such as refrigeration units, significant results have been obtained with monitoring and diagnostic platforms that have reduced waste, for a total saving of 3.7 Gwh of electricity.

For this reason, the company’s social responsibility is a circular process involving the three groups of stakeholders: the community, in the sense of the citizens, institutions and associations it is formed by; customers, to whom we offer our services, guaranteeing their safety and the safety of the infrastructures, and the supply chain.

To achieve our business objectives and performance goals, we must ensure that our business strategies are aligned with the risks we face.

The Company Secretary acts as a secretary to the BRC.

This document is printed on Core Silk, a paper containing 100% virgin fibre sourced from well managed, responsible, FSC® certified forests.

Increases in the cost of dairy products and other commodities, or lack of availability, whether due to supply shortages, delays or interruptions in processing, or otherwise, especially in international markets, could have a material adverse impact on our profitability.

Rising sea levels could, in the future, affect the value of any coastal assets that the Group owns or develops.

The game is being enjoyed by both long-time fans of the Fire Emblem series and consumers who have never played the series on dedicated video game systems.

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

In particular, as a top priority of the Sustainability strategy, we have developed a carbon neutral growth strategy and are working on detailed action plans.

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.

Risks and uncertainties Within the framework of its normal business operations, Nordea faces various risks and uncertainties.

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.

Water damages now make up more than half of our home insurance claims.

Meanwhile, urban consumers are demanding greater convenience across their lifestyle choices, better mobility and light smart devices.

Since 1990, we have increased our cement production by around 79 percent, while our annual energy consumption has increased by just 18 percent.

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.

Be assured, we are not prepared to sit idly by.

The following principles underline Equinor’s approach to corporate governance: • All shareholders will be treated equally.

The effectiveness of this element is determined by the thoroughness of efforts to plan, prepare and exercise in advance of events.

in- tegrating components from several Swatch Group companies.

Climate change The EIB Group has ambitious targets to grow its support for climate action and environmental sustainability.

All capital expenditures must satisfy clearly defined requirements in terms of profitability.

[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 .]

Countries, companies, and merchants who do not use this certification system in its entirety are excluded from trade.

For its power business, AC Energy Corporation competes with other power generating companies in generating and supplying power to the Company's wholesale and retail customers.

Energy policy Throughout FY2018, national energy policy remained highly topical within Australia.

Enagás has received the Healthy Workplace certification.

With its rich culture and breathtaking landscapes, the Yunnan region provides the best natural environment to create this new wine.

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.

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.

Business Opportunities MUFG aims to contribute to environmental and social sustainability and help realize United Nations Sustainable Development Goals (SDGs) through financial services.

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.

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.

In addition, all crewmembers can take an online human trafficking course.

This is why noise protection is a high-priority issue for the Group, whose efforts begin from the planning and design stages of the new works, with the development of innovative solutions, tools and methods to guarantee optimal environmental conditions for citizens.

Liability risk associated with climate change a.s.r.’s

[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 .]

Risks are assessed by the respective risk owners and aggregated in a risk map by the risk management function.

BB DTVM, by strategic direction, performs extensive asset screening considering socioenvironmental and corporate governance aspects.

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.

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.

To do so, we participated in an industry working group that brought together Canadian financial institutions to discuss TCFD-related disclosures.

$15-20 billion in projected savings for the banking sector by 2022 thanks to blockchain technology* in manufacturing efficiency over the next five years, contributing $500 billion in annual added value to the global economy.

It also created a new mission statement to express its basic management concept of creating new value for stakeholders in and outside the Group.

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%.

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.