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Fluctuations in weather and other environmental conditions, including temperature and precipitation levels, may affect consumer demand for electricity. In addition, the potential physical effects of climate change, such as increased frequency and severity of storms, floods and other climatic events, could disrupt NRG's operations and supply chain, and cause them to incur significant costs in preparing for or responding to these effects. These or other meteorological changes could lead to increased operating costs, capital expenses or power purchase costs. NRG's commercial and residential customers may also experience the potential physical impacts of climate change and may incur significant costs in preparing for or responding to these efforts, including increasing the mix and resiliency of their energy solutions and supply. | 2strategy
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We are committed to net zero. At the same time, we cannot see a viable path to a 100 percent reduction in our greenhouse gas emissions based on our current or potential asset mix and technologies. Committing to 100 percent carbon- and methane-free operations, without adequate technology and forceful policy and regulatory prescriptions, would jeopardize our mandate to provide safe, reliable, and affordable energy to our customers. | 2strategy
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Water stress Household water scarcity caused by climate change is another physical risk, which is exacerbated by population growth and urbanisation. During periods of drought consumers may reduce their use of certain products including laundry detergents, shampoos and conditioners, and toilet cleaners as they are unable to access water to use them or experience declining water quality which limits their enjoyment and/or efficacy. While the overall impact of water stress on our sales, from both policy and physical impacts, was not found to be significant in our scenario analysis at a global level within the 2030 time horizon evaluated, the impacts we see in the short term tend to be more local. | 2strategy
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Governments alone also cannot address the challenges laid out in the SDGs. The U.S. operating budget is the largest in the world at about $4.5 trillion. If all of it were dedicated to the SDGs only —meaning not funding national security, basic research, basic services for the U.S. taxpayers, and not paying the federal debt —we still would fall short of the annual need. | 2strategy
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The Finnish Meteorological Institute (FMI) has issued a report helping UPM to predict the future physical long-term impacts of climate change on its business in Finland, Uruguay, Southern Germany and Eastern China. The Institute incorporated three alternative emission scenarios in the report. 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. | 2strategy
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In Eastern China, the annual average temperature may rise by between 1.6°C and 2.7°C. The FMI predicts that the biggest related risk would be the flooding of the River Yangtze due to a potential increase in rainfall. In Southern Germany, the annual average temperature could rise between 1.6°C and 2.7°C by 2050, depending on the eventual emission scenario. The increase of droughts and forest fires due to higher temperatures constitute the biggest risks for forestry. | 2strategy
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Climate change Climate change exposes UPM to variety of risks, that can be considered strategic, operational, hazard or financial. Strategic risks are related to competition, markets, customers, products and regulation. For example, unpredictable regulation and subsidies may distort raw material and final product markets, and costs of greenhouse gas emissions may influence UPM’s financial performance. However, transition to low-carbon economy should bring business opportunities to UPM’s renewable and recyclable products. Operational risks can be related to supply chain, availability and price of major inputs. Climate change may also cause operational or hazard risk related to exceptional weather events such as more severe storms, floods and draughts resulting in e.g. unpredictable wood harvesting conditions and hydro power availability. Climate change may also contribute to financial risks such as electricity price. | 2strategy
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RISK TOLERANCE We have a low tolerance for risk, when it comes to protecting the human and environmental resources we all depend on. However, given the long-term nature of some sustainability risks and the level of uncertainty associated with their occurrence and impact, we accept that some risks are inevitable. We therefore focus on helping to minimise global risks while building resilience in our operations and supply chain. EXAMPLES OR RISKS • Resource scarcity, coupled with increasing demand, could affect the production, availability, quality and cost of raw materials. • Increased frequency of extreme weather events, from floods to droughts, could cause disruption in our supply chain and impact our business model by changing the sourcing of raw materials, as well as the production and distribution of finished goods. • Increased regulation and more stringent environmental standards could impact our business by affecting production costs and flexibility of operations. • Our industry is sustained by many agricultural and manufacturing communities around the world. Failure to support them in preserving key skills and building more sustainable livelihoods could cause social, economic and operational challenges, from community tensions and disruption to production to a reduced talent pool. | 2strategy
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Electrical and electronic waste (WEEE) accounts for 7% of the total waste generated by Wavestone’s activities in weight. This type of waste represents a major challenge given its large carbon footprint throughout its entire lifespan (use of water, metal and energy resources at all stages from product design through to recycling). We recycle all this waste or channel it for reuse or energy recovery. | 1metrics
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The current model for financing renewables is an example of inefficient distribution of effort, since, even though the electricity sector accounts for only around 25% of energy consumption, it is the electricity consumers who bear most of these costs (more than 80% in Portugal and Spain). This effect distorts competition among the various energy vectors, limiting electrification and penalizing consumers who are most dependent on this energy vector. | 2strategy
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Uncertainty around the evolution of the wholesale market design, given the current challenges: • Marginal remuneration system not adjusted to the current context of growing penetration of fixed cost technologies (renewables, backup, storage). • Growing penetration of technologies with 0 marginal cost (reducing prices and increasing prices’ volatility). • Uncertainty around the returns of the conventional generation, in particular as backup capacity (relevant in a perspective of ensuring security of supply). • Volatile context, not suitable for long-term investments necessary to the modernization, decarbonization and security of supply. | 2strategy
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We have and could suffer losses due to operational risks Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. It also includes, among other things, reputational risk, technology risk, model risk and outsourcing risk, as well as the risk of business disruption due to external events such as natural disasters, environmental hazard, damage to critical utilities, and targeted activism and protest activity. While we have policies, processes and controls in place to manage these risks, these may not always have been, or continue to be effective. | 2strategy
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We could suffer losses and our business has been and could be adversely affected by the failure to adopt and implement effective risk management We have implemented risk management strategies, policies and internal controls involving processes and procedures intended to identify, monitor and manage risks facing the Group. However, our risk management framework has not always been, or may not in the future prove to be, effective. | 0none
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Climate change may have adverse effects on our business We, our customers and external suppliers, may be adversely affected by the physical risks of climate change, including increases in temperatures, sea levels, and the frequency and severity of adverse climatic events including fires, storms, floods and droughts. These effects, whether acute or chronic in nature, may directly impact us and our customers through reputational damage, environmental factors, insurance risk and business disruption and may have an adverse impact on financial performance (including through an increase in defaults in credit exposures). | 2strategy
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Initiatives to mitigate or respond to adverse impacts of climate change may impact market and asset prices, economic activity, and customer behaviour, particularly in geographic locations and industry sectors adversely affected by these changes. Failure to effectively manage these transition risks could adversely affect our business, prospects, reputation, financial performance or financial condition. | 2strategy
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Regulatory compliance can divert management attention and increase capacity needed to make changes to comply, thereby reducing the aptitude to pursue strategic objectives. It often tends to increase the size of risk, compliance and assurance functions which monitor, maintain and report on compliance. Regulatory compliance can introduce complexity and inefficiencies into ordinary business processes, which drive up cost and impact customers who do not always appreciate the value of regulations. | 0none
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There is an increased focus by foreign, federal, state and local regulatory and legislative bodies regarding environmental policies relating to climate change, regulating greenhouse gas emissions, energy policies and sustainability, including single use plastics. This new or increased focus may result in new or increased laws and regulations that could cause significant increases in our costs of operation and delivery. In particular, increasing regulation of fuel emissions could substantially increase the distribution and supply chain costs associated with our products. Lastly, consumers and customers may put an increased priority on purchasing products that are sustainably grown and made, requiring us to incur increased costs for additional transparency, due diligence and reporting. As a result, climate change could negatively affect our business and operations. | 2strategy
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Climate change exacerbates existing risks in some areas, while also posing new risks. We identified a number of transitional risks as the world adapts to a new climate, including effects on the New Zealand electricity market, which is largely dependent on weather to provide fuel, increased pressure on our business to reduce our emissions and transition to lower carbon options, and potential costs resulting from regulatory interventions. | 2strategy
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Climate change strategy Climate risks the Commissioners face include: • Transition risk – the risk that our asset allocation, asset managers or individual investment assets prove to be poorly positioned for the investment risks and opportunities associated with the transition to a net zero carbon economy. • Physical risk – the risk that our assets are impacted by the physical risks associated with climate change, such as flooding and fire, particularly our property, rural and forest assets. | 2strategy
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1.4.2 Health, safety and security of employees and subcontractors Health and safety Employees of VINCI companies and subcontracting companies are required to work on the increasingly complex projects and operations that the Group carries out. This can threaten their health, safety, hygiene and the quality of their life at work. The health and safety coordinators of the Group’s business lines have identified several types of risk considered as major (see the column “Identifying risks” in the table below). | 0none
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Forests, which are home to 80% of Earth's biodiversity, are shrinking by 13 million hectares per year. More than 75% of the planet's land surface has already been altered in a more or less reversible way, leading to desertification, deforestation, pollution and salinisation. At the current rate, experts at the IPBES (Intergovernmental Platform on Biodiversity and Ecosystem Services) estimate that 95% of the planet's land may deteriorate by 2050, which could provoke massive population displacements. | 2strategy
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In 2019, AP6 compiled its first high-level analysis of physical climate risks in the portfolio. Although it does not go into great depth, it does indicate that there are medi- um-high risks in nearly half of the portfolio. It is not currently possible for AP6 to, at the portfolio level, assess other climate-related risks like changes in consumer behavior or more regulation of products and emissions. | 3risk
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In recent years the impact of climate change is being felt throughout Japan. Its e ects include higher surface temperature, more frequent heavy rainfall events, declining quality of agricultural products, shifting plant and animal species distributions, and a higher risk of heat illness. �ere is a high probability that these e ects will continue and become more severe over an extended period. | 2strategy
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Climate change Climate change is an external risk factor that is part of environmental risk. It is defined as an entity’s vulnerability to the negative effects of climate change, which could lead to financial losses. It includes: physical risks, namely the risks resulting from damage caused by extreme weather events; transition risks, namely the risks related to implementation of measures to ensure environmental transition. | 2strategy
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Changes in precipitation patterns and extreme weather conditions such as floods, storms, droughts and fires may impact our plantations and the forests we source wood from and could result in fibre supply chain interruptions and higher fibre costs. Higher temperatures may also increase the vulnerability of forests to pests and disease. Increased severity of extreme weather events may also interrupt our operations. In water-scarce countries, we may see an impact on our production process as a result of limited water availability. | 2strategy
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We are subject to a wide range of international, national and local environmental laws and regulations, as well as the requirements of our customers and expectations of our broader stakeholders. Costs of continuing compliance, potential restoration and clean-up activities, and increasing costs from the effects of emissions could have an adverse impact on our profitability. | 2strategy
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Impacts of Risks are consequences of risks, both quantitative and qualitative. There may be many consequences of risks manifesting, such as a reduction in earnings and capital, liquidity outflows, and fines or penalties, or qualitative impacts such as reputation damage, loss of clients and customers, and regulatory and enforcement actions. | 0none
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The physical risks of climate change are divided into acute and chronic risks. Acute risks include risks related to extreme weather events, such as floods and hurricanes. Chronic risks include, for example, permanently higher temperatures and the ensuing sea level rise. Sectors particularly exposed to physical risks include the forest sector, agriculture and real estate, to name a few. | 3risk
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Group environmental impacts: With over 83,000 employees in more than 100 countries, the Group’s operations impact on the environment, particularly as a result of travel, energy consumption and waste. Impacts associated with climate change: Climate events (floods, storms, tsunamis, etc.) may disrupt or interrupt the services delivered by agencies and teams to their clients. | 2strategy
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However, given the unprecedented global supply chain issues that we are now seeing with many car manufactures and dealerships, we may be unable to purchase new EVs in sufficient numbers. In addition, our latest assessments of EV readiness in Europe show that, while the growth in public charging points continues apace, a significant number of countries are unlikely to have the infrastructure, fiscal incentives or model availability in place to support us reaching this goal by 2021. | 2strategy
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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. These risks, as well as others that could emerge in the future, could hinder the company in achieving its strategic and financial objectives. Below we outline some of the most material non-financial risks to our business and performance, along with the main steps we have taken to manage them, while on page 84, we further consider our main climate-related risks and opportunities. | 2strategy
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Our business model may also be adversely affected by risks related to the physical impacts of climate change and extreme weather conditions. As the risk of flooding, wildfires, storms or hail increases it could become more difficult for LeasePlan to offer affordable insurance protection and may impact our pricing of these products. These could also impact our RMT services if more vehicles in our fleet are damaged or require more frequent servicing as a result of changing weather patterns. Finally, there is the possibility that extreme weather events will impact our business continuity at certain locations, if our employees are unable to reach their places of work or if office locations and delivery stores are physically damaged. | 2strategy
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Developments in these and other external factors may affect customers’ use of EVs and, therefore, our EV transition goals. These may have a material adverse effect on the market prices of certain vehicle types in certain jurisdictions, which in turn could have a material adverse effect on our business, financial condition and results of operations. Sudden changes in the market can also make it harder for LeasePlan to have the right resources, people and stock in place to meet demand. | 2strategy
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Operational risk involves the risk of a positive, negative or potential loss resulting from inadequate or failed internal processes, human behaviour and systems or from external incidents. Business continuity risk, financial reporting risk, model risk and HR risk are within the scope of the Group’s operational risk management. Operational incidents and losses in all (risk) areas are recorded in the Operational Incident Database. | 0none
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As for climate-related risks, we have followed TCFD classification in considering (1) risks related to the transition to a low-carbon economy in the 2°C scenario and (2) risks related to the physical impacts of climate change in the 4°C scenario, which assumes that efforts to reduce global CO2 emissions have failed. Risks are categorized into short term (over the next three years from fiscal 2019 to 2021), medium term (through fiscal 2030), and long term (through fiscal | 3risk
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Exposure to Extractives Industries It is important to identify exposure to business activities in extractives industries in order to assess the potential risk of ‘stranded assets’. ‘Stranded assets’ are assets that may suffer from premature write-downs and may even become obsolete due to changes in policy or consumer behaviour. This is a real potential risk for assets in extractives industries as we transition to a lower carbon future. | 3risk
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The Trustees believe that climate change will have significant and wide-ranging implications for the global economy and therefore presents a Significant risk to the long-term value and security of the pension fund's assets. The Trustees also believe that failure to consider ESG factors, including climate change, cou ld lead to underperformance or financial loss in the short as well as the longer term. | 2strategy
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Risks—Transition Risks and Physical Risks Clients to whom MUFG has provided credits may be exposed to risks arising in the course of the transition to a low-carbon society, such as stricter regulation and the introduction of low-carbon technologies (transition risks). They can also be exposed to risks arising from physical damage due to the growing occurrences of climate change-induced natural disasters and abnormal weather (physical risks). If these risks were to impact the clients’ businesses or financial conditions, MUFG’s credit portfolio would also be exposed to substantial risks. | 2strategy
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A global increase in greenhouse gas (GHG) concentration in our atmosphere has caused a record-breaking pace of temperature rise, and the rate of change is still increasing. Since the 1880s, the average global temperature has increased by 1.1 degrees Celsius. A destructive trend of impacts has emerged, from stronger hurricanes to intensified droughts and rising sea levels: climate change is already causing large-scale damage to communities around the world. | 2strategy
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PROHIBIT COAL GENERATION: There is no denying that coal is on the decline around the world. Even with artificial incentives being set up to extend the lives of coal plants in supply-strapped regions, it is clear that no amount of subsidies or lobbying will slow the global transition. The problem is with the laggards, certain regions that have been too slow in realizing the true cost of coal to their citizens and natural environment, and therefore have dangerously prolonged the decline. | 2strategy
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Data: Advancements in new technologies and new services, an increasing external threat landscape, and changing regulatory requirements increase the need for the Group to effectively govern, manage, and protect its data (or the data shared with third-party suppliers). Failure to manage data risk effectively can result in unethical decisions, poor customer outcomes, loss of value to the Group and mistrust. | 0none
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In the Intergovernmental Panel on Climate Change (IPCC) special report, climate change poses an increasing threat to mankind and the global economy. Transitioning to a low-carbon economy may entail extensive policy, legal, technology and market changes. Physical risks such as frequent or severe weather events may also give rise to credit, operational and reputational risks. | 2strategy
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Over the past several years, changing weather patterns and climatic conditions, including as a result of climate change, have added to the unpredictability of natural disasters and to the frequency and severity thereof and created additional uncertainty as to future trends and exposures. In particular, the consequences of climate change might significantly impact the insurance and reinsurance industry, including with respect to risk perception, pricing and modelling assumptions, and the need for new insurance products, all of which may create unforeseen risks and costs not currently known to us. | 2strategy
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Group has divested from. Therefore, AXA also restricts insurance coverage for coal and oil sands-related assets (as well as in the other industries mentioned in the previous section), and arctic drilling. Since 2017, the underwriting restrictions ban Property and Construction covers for coal mines, coal plants, oil sands extraction sites or associated pipeline. | 2strategy
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Business interruption An external hazardous event (floods, riots, fires etc.) or internal disruption (e.g. availability of critical spare parts, global supply chain complexity etc.) may result in a significant period of plant shutdown or disruption and hence in delayed/non-delivery of our products to internal and/or external customers, ultimately leading to adverse financial and reputational consequences. | 2strategy
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7. OUR R E SIL IE NCE T O CL IM AT E CH A NGE The Group fails to respond appropriately, and sufficiently, to climate change risks or adapt to benefit from the potential opportunities. This could lead to damage to our reputation, loss of income and/or property values, and loss of our licence to operate. | 2strategy
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Climate change is a long-term risk associated with high uncertainty regarding timing, scope and severity of potential impacts. Climate risks can be grouped into physical risks and transition risks. Physical risks relate to losses from overall climate changes (i.e. changing weather patterns and sea level rise) and acute climate events (i.e. extreme weather and natural disasters). These physical risks impact property & casualty (P&C) insurance, but also life insurance, for instance through higher than expected mortality rates. Losses can also follow from credit risk and collateral linked to the mortgage portfolio. Aegon is exposed to mortality risk and mortgage underwriting | 2strategy
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Our current global economy’s linear business model of “take, make, and waste” is depleting natural resources faster than they can be replenished and straining ecosystems. Imagine repurposing a piece of plastic at the end of its use, giving it another life as something else. Its use is, in fact, circular, and the end of use doesn’t mean the end of life. | 2strategy
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64 exclusion lists of companies and countries, drawn up and updated periodically, with the help of an independent expert advisor. 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. | 0none
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Moreover, without expanding their risk profile, it is becoming increasingly difficult for insurers to obtain a return on invested premiums that will cover their future commitments. This pressure on business models has resulted in a swelling wave of mergers and acquisitions, now also involving non-traditional actors such as private equity funds. | 0none
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25 large Dutch banks, insurers and pension funds are particularly exposed to these risks, these financial institutions have not yet sufficiently integrated them into their business operations. For example, they invest EUR 97 billion in shares of companies operating in areas with significant water scarcity and EUR 56 billion in companies dependent on scarce resources. | 2strategy
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When these damages are uninsured – and therefore borne by households, businesses or public authorities – this affects financial institutions’ exposure to these parties. The second type of risk, transition risk, is the result of the transition to a carbon-neutral economy. Climate policy, technological developments and changing consumer preferences may cause the value of loans and investments in sectors and companies that emit large quantities of carbon dioxide or other greenhouse gases to decrease much faster than previously expected. Underestimating this risk could lead to sudden and significant losses in the financial sector. Such a collapse is what is known as a | 2strategy
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Beith: Stranded carbon assets was the underappreciated risk back then. Today it’s policy risk. There’s a palpable sense of grass-roots alarm as we see real-world, real-time effects of climate change, and that could create a policy tipping point where governments have historically been skeptical. That is the case next door to us in Australia, with its devastating bush fires, but also in the U.S., where state and municipal governments have taken the lead while the federal government moves in the opposite direction. Those potential tipping points create substantial investment risk. | 2strategy
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Environmental and social risk is often associated with credit, operational and reputation risk. Environmental and social risk involves a broad spectrum of topics and issues, such as: pollution and waste; energy, water and other resource usage; climate change; biodiversity; human rights; labour standards; community health, safety and security; land acquisition and involuntary resettlement; Indigenous peoples’ rights and consultation; and cultural heritage. | 2strategy
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Ecological factors and environmental regulations for access to raw material deposits also create a degree of uncertainty. In some regions of the world, for example in West Africa south of the Sahara, raw materials for cement production are so scarce that cement or clinker needs to be imported by sea. Rising transportation costs and capacity constraints in the port facilities can lead to an increase in product costs. | 2strategy
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Climate change presents both physical and transition risks to our investment portfolio. Physical risks include the risk of loss due to extreme weather events or longer-term shifts in climate patterns. Transition risks include changes in government policy, regulation, consumer preferences and technology, which may increase the costs of certain assets (e.g. carbon pricing) or their marketability (e.g. stranded assets). These changes may impact the value of our investments. | 2strategy
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Physical risks have a higher probability to impact coffee, with higher temperatures and water shortages compromising quality and reducing availability. This may lead to an increase in raw material costs for the industry, and have economic and social impacts on coffee-growing communities. For wheat and dairy, there is a potential increase in the volatility of regional sourcing due to greater local climate variability but overall we foresee limited impact on global macro yields. | 2strategy
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Accordingly, data for FY2019 is not consistent with data for FY2018 or preceding fiscal years. 3.Data for FY2016 regarding CO2 emissions from Showa Shell business sites is not publicly disclosed. 4.In line with a change in the end of fiscal year, Showa Shell’s FY2018 data is based on emissions during the 15-month period from January 1, 2018 to March 31, 2019. | 1metrics
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CFRA Phase I confirmed that Vancouver is most vulnerable to flooding caused by the combined effect of a coastal storm surge and a king tide (exceptionally high tides that typically occur in December and January) rather than river-related flooding caused by spring run-off. In addition to mapping the areas vulnerable to flooding, Phase I also identified the community assets, infrastructure and buildings at risk to flooding over time. | 2strategy
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Water is an essential input for our industrial activities. Concerns regarding the long-term availability and quality of water, and security of access to water, have increased due to changes to demography and climate. Damage caused by storm surges and strong winds can affect the availability of ports and critical infrastructure required to transport our goods. Changes in temperature can lead to heat stress affecting our workforce and equipment. | 2strategy
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The majority of our Scope 1 emissions include fugitive emissions from the production of coal and consumption of fuel and reductants. Scope 2 emissions principally relate to purchased electricity for our operations, in particular our metals processing assets, which require secure and reliable energy 24 hours a day, 365 days a year. | 1metrics
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Responding to the threats of climate change Our exposure to climate change falls into two broad categories. Physical risks, particularly to our property assets from severe weather events; and transition risks from the move to a low carbon economy, which will impact the value of investments associated with higher levels of greenhouse gas emissions. The two risks are linked. Continued emissions will increase physical risks, and limiting the impacts will require substantial emission reductions increasing transition risks. | 2strategy
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We fail to respond to the emerging threats from climate change for our investment portfolios and wider businesses As a significant investor in financial markets, commercial real estate and housing, we are exposed to climate related transition risks, particularly should abrupt shifts in the political and technological landscape impact the value of those investment assets associated with higher levels of greenhouse gas emissions. | 2strategy
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At CEMEX, we are seeking to invest in upgrading our cement plants, trying to maximize the use of alternative fuels to power our kilns and transition away from fossil fuels. In 2019, we pledged more than US$50 million to invest in an innovative global program to replace fossil fuels with alternative fuels. Among our initiatives, we are starting to integrate an innovative new hydrogen-based technology to enable our cement kilns to increase their use of alternative fuels by optimizing their combustion process, while lowering their consumption of fossil fuels and reducing their CO2 emissions. | 2strategy
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The EIB also supports innovative investment funds that are tackling adaptation challenges. A new fund called CRAFT, the Climate Resilience and Adaptation Finance & Technology Transfer Facility, is developing new technologies and specialised services to help developing countries address droughts, bad weather, disease, wind and solar energy. The European Investment Bank invested $30 million in CRAFT and also deployed €5 million via the Luxembourg-EIB Climate Finance Platform as risk capital that catalyses more money by drawing in private investors. | 2strategy
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The Bank also signed a €19 million deal in 2019 in Poland with BNP Paribas Bank Polska to improve energy efficiency in existing homes. The Polish bank will use the money to give loans to farmers and homeowners to install solar panels. The money also will help housing associations improve energy efficiency. | 2strategy
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We see a clear commercial rationale to this work, where we are able to leverage our leading businesses and global relationships to deliver results for shareholders and progress for society as a whole. To that end, we have announced a 10-year target of $750 billion in financing, investing and advisory activity to nine areas that focus on climate transition and inclusive economic growth. We have created a new team, the Sustainable Finance Group, to partner with our businesses in executing on this ambitious mandate, delivering sustainable solutions consistent with our clients’ long-term objectives. | 1metrics
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We were also proud to partner with UK Climate Investments committing a combined R1 billion to a dedicated renewable energy investment vehicle, Revego Africa Energy. Revego Fund Managers (RFM), a newly incorporated black‑owned and managed fund manager, will be responsible for managing Revego’s investments in operating renewable energy projects in South Africa and other sub‑Saharan African countries. | 2strategy
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In line with this action plan, in 2014 we set the target of “achieving a five-fold increase in value created in terms of climate change countermeasures through the provision of NEC products and services compared to the CO2 emissions from NEC’s supply chain,” and proceeded to carry out initiatives. During fiscal 2019, the value was six times, with a contribution of 33.58 megatons for an mitigation, targeting a reduction of 23 megatons by fiscal 2021, expanding to 50 megatons by fiscal 2031. Moreover, we will reduce CO2 emissions from our own business operations by improving efficiency and shifting to renewable energy. environmental load of 5.62 megatons, representing a significant improvement from 3.5 times in fiscal 2018. This reflects a stronger approach to our suppliers and an increase in provision of disaster measure-related solutions by domestic subsidiaries. | 1metrics
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Further notable figures can be seen from developments recorded this year. For instance, renewable electricity to be supplied to local communities in Senegal now totals 150MW, through four Meridiam solar projects. We have also increased our portfolio of Waste to Energy (WTE) projects to eight, totalling €224m of equity invested, including the Olstyn WTE project in Poland, which will provide renewable energy in place of fossil-fuelled power for the 270,000 inhabitants of Olstyn. | 1metrics
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Our actions resulted in one-off additional costs of around £80 million, which has further improved the high level of resilience we have already embedded into our service. For example, our investment in ASVs has been critical to improving our water service, an efficient way of helping to keep customers supplied during planned and unplanned interruptions. | 2strategy
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METRICS AND TARGETS DNB sets targets and uses metrics to help monitor and manage our climate risk. Among our corporate ambitions from 2019, is to contribute with NOK 450 billion to the financing of renewable energy and infrastructure, and NOK 130 billion to the financing of green property in the period leading up to 2025. As of 2020, all new and refinanced shipping loans will include a clause on responsible ship recycling. | 1metrics
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Another loan went to REC Solar, where DNB and three other banks financed a green loan of USD 150 million related to solar panels that are 20 per cent more efficient than traditional panels. The sustainable product framework will be updated in 2020 to include more products, and will also be adapted to the EU's coming classification system for sustainable economic activities (taxonomy) as this is further developed. | 1metrics
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On 24 July 2019, we entered into two new senior debt facilities agreements, a £375 million private placement with infrastructure lenders with maturities between 2024 and 2029, and a £125 million ESG facility agreement that matures in 2022. The ESG facility includes a mechanism that adjusts the margin based on carbon emissions against an annual benchmark. | 1metrics
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Climate change The EIB Group has committed to aligning to the principles and goals of the Paris Agreement by the end of 2020 and will gradually increase the share of its financing dedicated to climate action and environmental sustainability, expecting to support in total EUR 1 trillion of investments by 2030 (see the Looking Ahead Chapter). | 1metrics
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First microfinance deal in Bulgaria We carried out our first commitment to microfinance in Bulgaria, by guaranteeing up to EUR 700,000 of a EUR 5.1m microcredit portfolio for the JOBS Microfinance Institution. The estimated 320 loans will have a particular emphasis on enterprises created by young entrepreneurs, women, artisans and small-scale farmers. | 0none
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Climate change The EIB Group has ambitious targets to grow its support for climate action and environmental sustainability. This includes aligning to the principles and goals of the Paris Agreement by the end of 2020 and supporting a total of EUR 1 trillion of investments from 2021 to 2030. In fact, the EIB Group will gradually increase the share of its financing dedicated to climate action and environmental sustainability to reach 50% by 2025 and beyond. | 1metrics
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For NN Group’s own assets, too, we look for investments that have a positive impact on society while still meeting our investment criteria. For instance, we invest in green bonds, and finance infrastructure debt projects in the area of renewable energy and resource efficiency (specifically: solar and windfarms, district heating projects, and water and wastewater treatment facilities). In total, these investments amounted to EUR 821 million at year-end 2019. | 1metrics
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More than 20 years ago, we started incorporating climate change in our WRMPs, and in March 2018 we published, for consultation, a draft of our latest WRMP. The plan ensures we are resilient against the median climate change scenario and severe drought. Through the consultation we are also seeking support from our customers for £630 million of investment, which would further mitigate the impact of climate change, drought and future environmental challenges. | 2strategy
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Debut EBRD green covered bond investment The EBRD invested the Polish zloty equivalent of €11.7 million in the issuance by Poland’s PKO Bank Hipoteczny of green covered bonds. They will help the mortgage bank to finance residential buildings that reduce greenhouse gas emissions, fund green mortgages and diversify its investor base. The project also promotes capital market development in Poland. A second investment for the same amount was made later in 2019. | 1metrics
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In an effort to reduce the amount of CO2 emissions produced by our company, we are promoting investments in energy-efficiency, operational improvements, and energy-saving activities undertaken by all our employees. In FY 2018, we made energy-efficiency related investments of approximately 300 million yen (based on our company's Environmental Accounting Guideline). With this, we improved productivity by updating and automating production equipment and realized greater efficiency by updating major equipment such as lights, pumps, air conditioning and transformers. | 2strategy
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In 2019 ATP has invested DKK 0.7bn in a gas pipe- line to move waste gas from one of the world’s largest oilfields, Delaware Basin in western Texas, to Mexico. The natural gas is a by-product of oil drilling. In the past the gas was burned off, but it is now taken away for the production of electricity. The gas thereby replaces some of the need for coal and oil to produce electricity in Texas and Mexico. The natural gas pipeline therefore represents important infrastructure as a solution to support the green transition since gas almost halves the emission of CO2 when used to replace coal and oil for the production of electricity. | 2strategy
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Reinvestment in the business In 2019, CN spent approximately $3.9 billion in its capital program, with $1.6 billion invested to maintain the safety and integrity of the network, particularly track infrastructure. CN's capital spending also included $1.2 billion on strategic initiatives to increase capacity, enable growth and improve network resiliency, including line capacity upgrades and information technology initiatives, $0.9 billion on equipment capital expenditures, including the acquisition of 154 new high-horsepower locomotives and 560 new grain hopper cars, and $0.2 billion on implementation of Positive Train Control (PTC), the safety technology system mandated by the U.S. Congress. | 0none
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In 2019, we: • provided a $43 million green loan to Sunseap Group to fund its installation of solar photovoltaic systems on the rooftops of 210 sites ranging from commercial and industrial to government premises. The 37 megawatt-peak solar power systems can generate enough energy to help reduce greenhouse gas emissions by 17,000 tonnes per year; and • rolled out U-Solar, Asia’s first solar industry ecosystem that connects businesses and consumers across the solar power value chain. | 1metrics
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Å Our commitment for renewable energy to comprise at least 20% of our energy portfolio in 2022 with the help of our Energy Transition Fund. This fund focuses on investment opportunities in projects and companies that are helping to accelerate the energy transition and has scope to grow to over EUR 200 million; | 1metrics
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We made three key commitments to deal with key land, urban and industry shifts. These included launching a partnership with ClimateWorks Australia to develop sustainable agricultural metrics to improve natural asset management, investing $2 billion in affordable housing and investing $2 billion in the emerging technology sector to spur innovation by 2025. | 1metrics
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Agreement while supporting security of energy supply in Australia and New Zealand and working with customers, related suppliers and their employees in which they operate. This includes increasing our environmental finance commitment from $55 billion to $70 billion by 2025. In 2019, we reached a total $33.6 billion towards this goal.1 We also increased our Australian renewable energy objective from 50% to 100% by 2025. • Worked with the Energy Transitions Hub at the University of Melbourne to develop a process to geocode lending portfolio data to overlay it with transition and physical climate risk information for scenario analysis. We used this to examine the potential impact of climate scenarios related to cyclones on our Australian retail mortgage portfolio. • Performed further transition risk scenario analysis on the coal sector. • Increased disclosure of climate-related credit risk policy settings – refer to page 44 of our 2019 Sustainability Report for further detail. Our climate change disclosures align with the TCFD’s recommendations and are provided throughout our annual reporting suite. Refer to our 2019 Annual Financial Report pages 35-39 and our 2019 Sustainability Report pages 21-29. | 1metrics
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We also support and advise companies in the Latin American and Caribbean agricultural sector to make smart investments that can improve their resilience to climate change. A 7-year financing for up to US$30 million was granted by IDB Invest and Rabobank to support Desdelsur. This project financed the completion of the clients comprehensive livestock project, making its feedlot the largest in Argentina, strengthening its leading position in the export of legumes and oilseeds by telecommunications sector, as well as financing part of the company’s strategic investment plan for the deployment of a 4G network and providing better connectivity across its territory. | 2strategy
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IDB Invest and Canada launched the second phase of the Canadian Climate Fund for the Private Sector in the Americas (C2F) project, a mixed climate finance program with a gender focus for Latin America and the Caribbean. 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. | 2strategy
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The British Columbia Carbon Tax Act sets a carbon price of $40 per tonne of CO2e on fuel combustion and is expected to increase by $5 per tonne of CO2e per year, reaching the federal target carbon price of $50 on April 1, 2021. The federal government has stated this program meets the requirements of the federal Greenhouse Gas Pollution Pricing Act. The CleanBC Program for Industry directs an amount equal to the incremental carbon tax paid by industry above $30/tonne into incentives to reduce emissions. The Government of British Columbia has also introduced measures to reduce upstream methane emissions by 45 percent and establish separate sector-level benchmarks to reduce carbon tax costs for industrial facilities. | 1metrics
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2020 in solutions for four social issues, namely . climate change, water shortage, food security and healthcare. These targeted investments - which we call ‘investments in solutions’ - not only contribute financially to the returns for our clients, but also create social added value. At the end of 2019, a total of 18.3 billion euros had been invested in solutions for these themes. | 1metrics
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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 Loy Yang A power stations (without increasing carbon emissions) and the $420 million we have invested in the past three years in customer experience and other digital transformation programs. | 2strategy
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In 2019, with a focus on its financing portfolio(2), EDC set a target to reduce its exposure to the most carbon intensive sectors by 15 per cent over five years against a December 31, 2018 baseline. As a result of this reduction, the carbon intensive exposure of EDC’s financing portfolio at December 31, 2023 is targeted to reduce to $18.9 billion(3), a decrease of approximately $3.3 billion over the five-year period. | 1metrics
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Upton 2 — We have completed the construction of our first battery energy storage system (ESS). In October 2018, we were awarded a $1 million grant from the TCEQ for our battery ESS at our Upton 2 solar facility. The grant is part of the Texas Emissions Reduction Plan. The 10 MW lithium-ion ESS captures excess solar energy produced during the day and releases the energy in late afternoon and early evening, when demand is highest. The Upton 2 battery ESS became operational in December 2018. | 1metrics
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MELBOURNE BACKS BTR In June 2019, we entered into an agreement with developer PDG to deliver 490 purpose-built, BTR apartments as part of the $450 million Munro development in Melbourne’s CBD. The Munro development is a key project within the City of Melbourne’s $250 million renewal of the Queen Victoria Market precinct. | 0none
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Transition (ANET) fund at the beginning of 2019. This fund invests in companies in the Netherlands that commit to transitioning to sustainable energy. ANET aims at investments in relatively small and innovative projects and businesses. ABP has set aside €50 million for ANET; the pension fund has the possibility of increasing this amount in the future. | 2strategy
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To prepare for more electric vehicles on our roads, we’re testing new business models, working with New York City on curbside charging stations, building fast-charging depots—imagine a “gas” station for electric vehicles—plus supporting school bus and transit electrification. Earlier this year, our regulators approved another $52 million for electric vehicle programs. The efforts are part of a larger strategy to support the shift to electric vehicles and combat climate change. | 2strategy
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This USD 310 million green bond carries a coupon rate of 4.75% and a 5-year maturity due 2023. The proceeds from the green bond are used to finance the following two green projects in the Greater Bay Area, both due for completion by the end of 2021. The “New World China | 2strategy
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Under the Strategic Plan 2018-2022, the company continues to optimise the businesses through additional efciency measures, with the commitment to cut annual operating expenses by Euros 500 million in 2022. These efciencies are focused on an analysis of the company's non-core activities and on the assignment of operational functions within each of the business units, all supported by the ongoing digitalisation processes. | 0none
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Completion of the modernization of the power section of EW Gałąźnia Mała with a capacity of 4.25 MW in September 2019. The investment value stood at PLN 4.5 m. The project was aimed at improvement of operation and production efficiency, and increase of the volume of ecologically clean energy produced by the Energa Group. | 1metrics
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