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In 2019, HSBC participated in the Carbon Disclosure Project (formerly the Carbon Disclosure Project) working group to develop financial sector disclosure. We also partnered with climate change experts at MIT to produce exploratory transition scenarios. These scenarios were used to raise internal awareness of the different speeds with which transition could occur, the resulting investment requirements, the implications for energy system configuration and the broad macroeconomic costs. | 4governance
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Furthermore, again in 2019, the following plants were completed: - the Adam plant in Tunisia (5 MWp with energy storage, 2.5 MWp Eni share) which will power the facilities at the Adam oilfield operated by Eni; - the photovoltaic plant at Katherine in Australia with a capacity of 34 MWp and energy storage; - 70% of the Badamsha wind farm in Kazakhstan, which is also an absolute first for Eni, with a total capacity of 50 MW (completed in February 2020). | 1metrics
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Environmental, Social, and Governance Data Factory S&P Global's cross divisional effort to identify opportunities and risks in Environmental, Social, and Governance is supported by a common data and technology backbone. Environmental, Social, and Governance Data Factory feeds S&P Global's Environmental, Social, and Governance offerings. Data sets include public- and private- company data, asset level | 3risk
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Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. | 0none
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A global product line was co-built with other Group business lines (Arval, BNP Paribas Rental Solutions and BNP Paribas Leasing Solutions, and the Group's partner Economie D'Energie (EDE)) centred on three of the company's areas of focus in order to reduce energy use: real estate, transport and mobility, and non-real es- tate assets. | 2strategy
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Loan Business In line with the Group Credit Policy adopted based on the Board of Directors resolution, 'Our Fundamental Stance of Loan Business' clarifies the Group's intention to maintain a dialogue with customers who have not yet fully committed to addressing social and environmental issues with the purpose of encouraging their involvement. In addition, it explains the Group policy of abstaining from extending new loans to projects deemed to be exerting a major negative impact on the environment. Specifically, the Group will no longer finance projects associated with coal-fired thermal power generation, except when it finds compelling reasons for financing such projects, such as to realize economic restoration following a disaster. The Group is engaged in the screening and selection of candidate projects accordingly. | 2strategy
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The aggregated estimate for the ve selected segments of the Group's Australian lending portfolio indicates that the Group lends approximately $23,320 to these sectors in Australia for every tonne of Greenhouse gas emissions released to the atmosphere by customers in these industry segments. | 1metrics
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Additionally, IEA scenarios provide a 2050 timeframe but considering the average transaction profile timeline, a shorter timeframe had to be considered when defining operational targets for the Bank. This timeframe should be short enough to allow the monitoring of the Bank portfolio and long enough to absorb short term evolutions. This timeframe should also allow readapting the Bank's targets to updated or new IEA scenarios to come. | 3risk
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- The investments in our own investment portfolio ($4.4bn; including cash) are mainly concentrated in government bonds and fixed income instruments issued by European financial institutions; see our annual report 2019, pp. | 0none
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An important consideration in the assessment of each risk was the relevant timeframe where the risk may be realised. In each case, the relevant scenario was documented and the most likely time horizon was identified. The likelihood and consequence was then assigned based on those parameters. | 0none
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R I S K - I N F O R M E D D E C I S I O N M A K I N G To achieve our business objectives and performance goals, we must ensure that our business strategies are aligned with the risks we face. | 0none
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We plan to achieve these targets through two key thrusts. 1. Reduce negative impact by reducing emissions; 2. Move towards a balanced portfolio of low-carbon energy assets by growing our renewables capacity | 2strategy
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Over the last two years, the CGEN has encouraged the Group to make strong com- mitments when it comes to managing climate-re- lated risks and opportunities, in various ways: re- ducing support for the coal sector, strengthening the Group's climate goals, etc. | 2strategy
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e/million tonne The Employee Performance Scorecards (EPS) of the CFO and VicePresident Financial Planning include improvements in CN's fuel efficiency, in line with the Canadian rail industry medium-term emission intensity reduction target and the company's long-term science-based target. | 4governance
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- African Americans, Asians, and Hispanics/Latinos combined make up 13.7% of the aircraft pilots and flight engineers in the U.S. - Women make up 3% of aircraft mechanics and service technicians. | 0none
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BNP Paribas has analysed climate scenarios developed by several external organisations and selected a few. The Group predominantly uses the scenarios developed by the IEA and the IPCC22 and, for France, the EpE's ZEN2050 analysis, which modelled a possible pathway enabling France to become carbone neutral by 2050. For several years, BNP Paribas has published, in its Registration Document, a yearly comparison of the energy mix that the Group finances with the energy mix in the IEA scenario compatible with the Paris Agreement goal. This scenario includes only energy-related emissions, but is one of the most widely recognised scenarios used around the world. For 2018 and 2019, | 3risk
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Protecting our clients' assets: We offer innovative products and services in investment, financing and research. Examples include: - Our Asset Management (AM) business has developed the capability for equity portfolio managers to examine the carbon footprint of their portfolios and comparing the relative carbon footprints of their company holdings to that of the benchmark. Carbon emissions data is also made available to all equity portfolio managers through the Portfolio Optimization Platform, which allows portfolio managers and analysts to download carbon and carbon intensity data on over 6,000 companies. - In 2018, AM followed its successful UK Climate Aware rules-based fund with an Irish based fund that is available for international investors outside of the UK. The port folio is oriented towards companies that are better prepared for a low carbon future while reducing exposure to, rather than excluding, companies with higher carbon risk, in order to pursue strategic engagement with these companies. The strategy involves not only a reduction of the CO | 2strategy
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Paired with BlackRock's leadership in financial modeling and the power of Aladdin as a platform, Rhodium's data provides important new risk capabilities for our clients and for the industry.33 Aladdin Climate will power new Aladdin capabilities and add new risk metrics to BlackRock's modeling platform, and we will continue to extend our research across asset classes and geographies over time.34 Risks, opportunities & scenario analysis BlackRock recognizes the importance of effective identification, monitoring, and management of climate- related risks and opportunities across its global business. | 3risk
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Insights or commitments we have gained from these early customer conversations include: Energy: our engagement in this sector has initially focused on customers with thermal coal operations; however, we are broadening this to include major upstream oil and gas producing customers. | 2strategy
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Anticipated major impacts on the Group There are risks that the Group becomes unable to continue its business operations due to a disaster that strikes our head office or branch offices and a risk of the increase in costs due to countermeasures and recoveries. | 2strategy
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In general, the Group's strategic risks were stable during the year with competitor capacity being monitored and assessed within the Group. IAG continues to support deregulation, manage its supplier base and explore opportunities for consolidation. | 0none
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In addition, a dedicated team within Group Risk Management analyses Emerging Risks (oft en related to long term Environmental, Social, and Governance issues) via a specifi c framework, tools and local network in order to monitor their materiality and manage their potential impact on the AXA Group in the next 5 to 10 years. Regular reviews and in-depth analyses of emerging risk topics are shared with the Group-wide Emerging Risks community. | 4governance
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An additional advantage of these programs is increased pilot diversity, something the industry currently lacks (see 'Case Study: JetBlue Foundation'). Across all of our above mentioned programs, 7% of pilots are women, almost double the national average for airline transport. In Gateway Select, 20% of the pilots in our program are from underrepresented groups, about five times the national average. | 0none
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Ultimately, sustainable growth is also about culture and tone from the top. Leaders across the bank promote our efforts, articulate its importance and champion the work needed to deliver sustainable growth well into the future. | 0none
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In 2019, PME redesigned the passively managed equity portfolio of equities in developed countries. The starting point of the new portfolio is that PME knows what we are investing in and why. The contribution of beneficiaries was important in this matter, as was the reduction of climate risk in the equity portfolio. - Since the beginning of 2018, PME no longer invests in coal producers. PME is convinced that the business operations of mining companies that focus solely on coal are not future-proof and these producers therefore represent a risk to PME's investment portfolio. Investments are also no longer made in producers of tar sand oil. Its production is seen as too harmful to the environment by PME, and the fund cannot identify with this. - Engagement. MN conducts a dialogue on behalf of its clients with companies in the equity portfolios that, in absolute terms, contribute a great deal to the portfolio's carbon footprint. MN does so in collaboration with Climate Action 100+. - Mandatory participation in the GRESB sustainability benchmark for real estate investments. | 2strategy
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We recognize that there is potentially a lot of uncertainty regarding how to quantify these impacts and that reasonable people can differ in their assessments. As our collective knowledge and understanding of these mechanisms evolve, it is possible that the quantification of these scenarios may also change. | 0none
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Each presentation includes the following: an overview of the business group, shortand long-term financial performance and goals, an assessment of portfolio growth opportunities, and strategic priorities to drive our Value Model. | 0none
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Mobilizing private and institutional capital: We mobilize capital to support environmental and social issues, including the transition to a low carbon economy. For example: - We offer 100% sustainable cross-asset portfolios for private clients in Wealth Management, currently available in Switzerland and Germany. - Our wealth management business is developing a range of new thematic and pooled impact investments. - We participated in launching Align17 - a WEF Young Global Leaders initiative - an independent platform which stands out in connecting a wider range of public, institutional, and private wealth investors with investment opportunities related to the Sustainable Development Goals. - Our Asset Management business established a comprehensive approach to environmental and social factors, and to corporate governance, across investment disciplines. The 2017 Global Real Estate Sustainability Benchmark (GRESB) awarded ten of UBS Asset Management's real estate and infrastructure funds 5-star ratings, and seven funds ranked first in their respective peer groups. - Our Investment Bank provides capital-raising and strategic advisory services globally to companies offering products that make a positive contribution to climate change mitigation and adaptation, including those in the solar, wind, hydro, energy efficiency, waste and biofuels, and transport sectors. - We strive to be the preferred strategic financial partner relating to Switzerland's energy strategy 2050. And the UBS Clean Energy Infrastructure Switzerland strategy offers institutional investors unprecedented access to a diversified portfolio of Swiss infrastructure facilities and renewable energy companies. Due to client's demand, a successor strategy was launched in September 2017. | 2strategy
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We embrace our responsibility to understand and manage our own carbon footprint. Our approach is to limit and minimise our direct carbon impact and create awareness to encourage positive sustainable behaviour. We have achieved net-zero carbon emissions status in February 2020 within our global operations and committed to ongoing carbon neutrality in all our direct global operations. Over the short-term we are looking into sourcing our energy from renewable sources. | 2strategy
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We have made significant progress towards the goals we set out, including achieving our 100% Environmental, Social, and Governance integration goal for active strategies. For more detail on our progress, see 2020 sustainability actions. | 1metrics
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Energy Efficiency: These measures include new retrofit technologies to improve Chiller and Air Handling Units (AHUs), integrated design and monitoring platforms. The Global Energy command centre aggregates Building Management System inputs on a common platform to optimize operational control and improve energy efficiency. | 2strategy
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The new index was built in three stages: - Firstly, Controversial Weapons Manufacturers were excluded from the universe of stocks that make up the FTSE All World Index universe, as the Trustee has a financial preference for avoiding such stocks where possible. - Secondly, a four factor index was created (Value, Quality, Low Volatility and Low Size) that rebalances regularly through time to create a 'Balanced Factor' index with more attractive risk-return characteristics than the standard market capitalisation index. - Finally, three climate-related tilts were applied to the 'Balanced Factor' index to create a 'Climate Balanced Factor' index. The FTSE All World (ex controversial weapons) Climate Balanced Factor Index tilts away from Carbon Reserves and Carbon Emissions, whilst positively tilting towards Green Revenues. The tilts are set such that the inclusion of the climate-related tilts, introduces a relatively modest tracking error compared to the Balanced Factor index without climate tilts. This allowed the Trustee to conclude that the new index was consistent with its fiduciary duty and provided an element of climate change protection. | 2strategy
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The fund that investment trust plans to issue will be related to environmental protection with green energy and low carbon. The listed corporates of the fund will be focused on the selection from the lower 50% of the quantitative screening criteria for their carbon emissions figures and calculate the carbon emissions per unit of revenue. | 2strategy
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This broad, detailed study found BNP Pari- bas' business model to be resilient to these risks, with respect to: o its businesses, and the sector and geographic classifications of its portfolios; o the measures taken to mitigate these risks. | 0none
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An additional 15 head counts are spread into the Group's business units acting as entry points for Corporate Social Responsibility issues across the Group's 3 pillars of Global Banking and Investor Solutions, French Retail Banking, and International Retail Banking and Financial Services. | 4governance
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Transition risk: IFC uses carbon pricing to address transition risk and avoid stranded assets. Since May 2018, a carbon price is included in the economic analysis of project finance and corporate loans with defined use of proceeds in the cement, chemicals, and thermal power generation sectors, where estimated annual project emissions are over 25,000 tons of carbon dioxide equivalent. These are IFC's most greenhouse gas-intensive projects and cover over half of our investments' greenhouse gas footprint. IFC includes the impact of the carbon price on the project's economic performance in Board papers. | 3risk
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Should there be any local special conditions that are not sufficiently addressed by the group or parent strategy, the AI should either raise them with the group or parent for a possible solution or address them locally. In this regard, communication channels should be in place to facilitate the process. | 0none
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As part of this strategy, over the past few years Bankinter has taken part in pilot projects to develop guidelines and methodologies to analyse the indirect impacts of the financial sector. | 0none
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Developing Innovative New Metrics In 2019, we developed new metrics to assess our credit exposure to carbon-related industries, as defined by TCFD. To do so, we participated in an industry working group that brought together Canadian financial institutions to discuss TCFD-related disclosures. We used the metrics identified to assess our gross credit exposures to carbon-related assets, as well as to power generation by energy source. | 1metrics
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Suzano also is involved and spearheads external activities - such as working groups and research partnerships - working with industry associations (e.g., Iba, CEBDS, Brazilian Coalition on Climate, Forests and Agriculture, etc. | 2strategy
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Climate Scenario Analysis: Using Software to Assess Our Resilience In 2018, we began developing a climate scenario analysis tool (CSAT) to help identify climate-related risks and quantify the impact they could have on airports we fly to. | 3risk
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For a small number of companies that were very close to the threshold, BNP Paribas Asset Management conducted analysis and engagement to encourage these companies to improve their decarbonisation targets - and these companies will be subject to annual monitoring. | 2strategy
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We define short term as up to a year aligned with budget; medium term as 3-4 years aligned with budget planning; long term as 5-7 years aligned with strategic planning; and, for ad hoc analysis, we define longer term as beyond 7 years. | 0none
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However, as a full-service bank, the objective for BNP Paribas is to continue financing all sectors of the economy (aside from certain duly identified sectors for which it has been determined that a transition compatible with the Paris Agreement goals is not possible), while working within each sector to encourage its clients to make a transition compatible with the Paris Agreement. | 2strategy
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Bank has a dedicated market intelligence function that provides crucial insights beyond publicly available data, which are essential in helping to identify actual and incipient sources of monetary and financial instability. It also leads work on fair and effective markets, alongside the FCA and HM Treasury. Market intelligence from both these activities allows the Bank to monitor the development of green and sustainable financial markets, and helps inform the Bank's policy response to climate-related risks affecting monetary and financial stability. | 3risk
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The foregoing list of risk factors is not exhaustive. Additional information about these factors can be found in the Risk Management section of the Bank's 2019 Annual Report. This information may be updated in our quarterly Shareholder Reports. Investors and others who rely on the Bank's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. | 0none
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As members of the British Venture Capital Association ('BVCA'), we have held a role on the BVCA's Responsible Investment Advisory Group ('RIAG') since 2017. Our Director, George Potts, was appointed its Chair in 2019. As part of this role, we are engaged in the provision of advice, technical guidance and expertise to the 700+ members of the BVCA - often through consultations on public policy matters, regularly involving climate. | 2strategy
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Additional Details on Electric Vehicles In addition to being preferred by crewmembers, eGSE also: - Reduces energy costs - Reduces emissions and noise - Increases safety due to less aircraft damage and reduces fire risk from fuel Going forward, our strategy is to expedite conversion to electric vehicle alternatives in locations where governmental funding is available and where we expect regulation. | 2strategy
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Future intent We continually review our metrics and targets, as needed, to ensure that the data we are measuring is meaningful, aligns with our strategy, and is providing the information the business and our stakeholders need to effectively monitor our performance and demonstrate our progress. In 2020/21, we will be laying out our pathway to achieve our net zero by 2050 emission reductions and setting targets to align our ambitions and provide better visibility to our progress. | 1metrics
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Application - Projects with high and irreversible risks and po - tential impact, where it is not deemed possible to establish a viable action plan, or projects that con - travene the Bank's corporate values, are rejected. | 0none
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In the short-term, the water management strategic objectives for 2020 comprise: - Maintaining security of supply - Effectively managing water at our operations - Applying transparent corporate water governance - Adopting a catchment approach to water management During 2019, Gold Fields spent US$27m on water management by investing in methods to improve our water management practices, including pollution prevention, recycling and water conservation initiatives. | 2strategy
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In 2019, Environmental financing grew by 45% year on year to a total of $7.8bn. We have seen good growth across our product set in our consumer and wholesale businesses. However, the majority of our current green financing is within the Corporate and Investment Bank. As there is still no industry- wide definition for 'green' finance, we are conservative and transparent in our assumptions, and report our share of capital market transactions where we have played an active role, not the total deal value of transactions that may have multiple banks involved. | 1metrics
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Stakeholder mapping and dialogue between BNP Paribas and each individual stakeholder are covered in 'How BNP Paribas listens to and takes into account the expectations of its shareholders', updated in 2019 and transmitted to the Corporate Governance Ethics, Nominations and Corporate Social Responsibility Committee (CGEN), a specialised Board of directors committee. | 4governance
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At this stage the assessment is still considered qualitative, as further studies and research are yet to be completed, however it does indicate which risks may potentially have a material impact on Transurban's business. Each of these risks will be assessed further to confirm the scope and relative impact of the different consequences to better inform the management approach and reporting for future years. | 0none
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Based on these market developments, we continue to focus on policy and legal risks, as well as technology risks, as we mainly expect changes within these two dimensions to potentially impact asset values. In this way, we aim to capture those industries and groups of companies that are most exposed to these risks and may therefore require adjustments in the near to medium term. | 0none
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Member of the Green Bond Principles TD continues to enhance its Green Bond Framework, with the most recent issuance aligned with the 2017 Green Bond Principles, the most up to date at time of issuance. We align with internationally recognized frameworks such as the Green Bond Principles to guard against greenwashing. For TD's green bonds specifically, we also employ third parties for both assurance and second opinions to ensure the validity of our measured impacts and green criteria. TD Bank is a proud member of the Green Bond Principles and an active participant on the International Capital Market Association (ICMA) Social Bonds and Green Projects Eligibility working groups for 2019-20. | 2strategy
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Stress testing our portfolio to assess the effect of climate change on the bank's financial position, in 2019 ING carried out an internal climate risk stress test. As there is no standard for climate change stress testing yet, ING has adapted its regular stress testing models while leveraging on insights from supervisory climate stress tests and internal climate (risk) experts. | 3risk
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We have longstanding expertise in planning for seismic events by incorporating seismic gas shutoff valves, increased sprinkler seismic bracing and locking sprinkler valves in the open position for relevant projects. We are currently exploring a range of mitigation strategies to cope with potential sea level rise. This includes putting important equipment on risers or relocating it from basements entirely. | 2strategy
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An internal analysis of the generation fuel mix associated with our power utilities portfolio indicates approximately a third of our exposure is low-carbon, not inclusive of our $9.4 billion portfolio of tax equity investments 16F 17 in wind and solar projects throughout the U.S. We have dramatically reduced exposure to companies focused on coal extraction, as evidenced by the fact that pure play coal extraction now only represents $155 million of our energy sector exposure (or 0.4%), down nearly 80% from $762 million at FYE 2015. | 1metrics
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In developing our scenario analysis, we used internal data sets and assumptions made in our existing business models. We considered the views of departments across the business to better understand risks and time horizons. We also took the time to consider impacts and dependencies. This helped us to report on the risks and opportunities that are most material to our organization. | 0none
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We met our goal and achieved carbon neutral certification for our operations under the Commonwealth Government's Climate Active program. To help contribute to our carbon neutrality goal, we continued to actively work to improve the energy efficiency of our network sites and exchanges, and data centres. This year, despite increasing demand for data, our network facility energy reduction program and decommissioning activities contributed a 3.4 per cent reduction towards achieving both our carbon neutrality and emissions reduction goals. | 1metrics
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Initial tests of the methodology involved a significant percentage of clients in each sector (more than 80% of outstanding loans). As a result, BNP Paribas has an overview of the loan book, with a benchmark scenario at a given date, in addition to the projection for that same portfolio five years later. The loan book will be made increasingly compatible with the Paris Agreement scenario through dynamic management of the loan book itself and through external technological developments. | 2strategy
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Building on our history of energy efficiency improvements, we substantially increased our commitment to renewable energy in 2020, committing to 100% renewable electricity for US operations which accounts for over half of our global electrical load. | 2strategy
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To better understand the landscape, Morgan Stanley engaged Partnership for Carbon Accounting Financials and its current members in early 2020. We had an opportunity to learn more about their emissions factors database in order to better evaluate how PCAF's data for various assets could be utilized by Morgan Stanley. | 3risk
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Based on this assessment, the directors have a reasonable expectation that the Group will be able to continue in operation, meet its liabilities as they fall due and raise financing as required over the period to December 2022. | 0none
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Future work Climate continues to be high up on AP2's agenda and the implementation of Task Force on Climate-related Financial Disclosures is part of the Fund's on-going work. In 2020 focus will be on implementing the new sustainability strategy with a strong focus on climate. Among other things, the Fund is further developing its internal indices with a sustainability profile with the ambition of complying with the criteria of EU Paris Aligned Benchmark. Asset management works actively, in different ways, to include climate risks and opportunities in its analyses and to find investment opportunities for different asset classes. Integrating climate analysis into the overall ALM analysis will continue to be develo- ped. The Fund also intends to further develop views on what are significant climate risks and opportunities for more asset classes/sectors/ geographies and their time horizons. | 2strategy
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Future Opportunities from Product Development As a leading provider of data & analytics, S&P Global recognizes the role they play in designing products and solutions that will help our clients mitigate the challenges from climate change and drive opportunities as the world transitions to a low carbon economy. | 2strategy
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The Group is focusing its efforts on not only improving the percentage and quality of client coverage, but also gaining a better understanding of projected trends in each sector. 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. | 2strategy
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These exercises highlight that not enough data are available for a bottom-up approach, assessing the vulnerabilities specific to Group clients and incorporating their response and remediation functions on a forward-looking basis. | 0none
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DRAFT 1 d4a Changing regulatory requirements AnnualReport- We take our regulatory obligations seriously and manage non-compliance with regulatory requirements as a risk, with supporting risk appetite statements set by the Board. | 0none
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BBVA is focusing on increasing its activity in telecommunications infrastructures, given the social importance they have as facilitators of access to new technologies ('narrowing the digital divide'), digitization and contribution to economic development: ADAMO: Acquisition by the Swedish fund EQT of the fastest growing independent fiber supplier in Spain, whose main focus is rural communities. | 0none
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- Other subjects: The Group is also participating in a study by the French Association of Private Companies (AFEP) on the comparison of 2 C scenarios and in a different study by Entreprises pour l'Environnement (EpE) ZEN 2050 on the decarbonisation of the French economy by 2050. | 2strategy
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In technology development, we focus on increasing resource efficiency - aiming to reduce energy and water consumption, emissions, effluents and waste. In 2019, 81% of our R&D projects were related to initiatives targeting sustainability improvements. Our efforts to mitigate the environmental impacts of our products and services are presented in Sustainable technologies and innovations. | 2strategy
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More than $1 trillion in green bonds have been issued since these securities first emerged in 2007, according to research company BloombergNEF.18 BlackRock is heavily involved in and supportive of the green bond market. | 2strategy
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The initiative has four working groups; government bonds, listed equities and corpo- rate bonds real estate and strategic asset alloca- tion. Representatives from AP2 participate in the steering group and in the working groups for government bonds and real estate. | 0none
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Prior to submission to the Board of Directors for final approval, investment decisions are reviewed by the EBRD Investment Committee (OpsCom). OpsCom is chaired by the First Vice President and Head of Client Services Group and includes representatives of all relevant functions involved in the business activity, including Banking, Legal, Risk Management, and the Economics, Policy and Governance team looking after the mandated objectives of the EBRD. | 0none
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Businesses subject to this policy and implementation methods In this document, section 4.3.1.3 (1) Financing and Investment Transactions Prohibited Regardless of Sector lists projects for which we prohibit any financing or investment. | 0none
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Responsible investment, inclusive of climate change factors, is part of the standard due diligence conducted on each investment considered. Oversight of the proprietary rating system is the responsibility of our Responsible Investment Committee, which includes senior investment team representation from each platform. In this section we will touch on how the Capital Dynamics R-EyeTM Rating System, overseen by the Responsible Investment Committee and the firm's overall responsible investment initiatives help shape how we address climate change. | 4governance
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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. Now, 67% of electricity used by our global operations is from renewable resources and we are committed to using 100% renewable electricity by 2025 (aligned to the RE100 commitment). Across the UK, more than 400 employees have signed up to our car share programme and there are 180 active car sharing groups. We have also introduced twenty electric vehicle charging points at eight UK office locations and moved 30% of our car fleet to hybrid. More details of this analysis can be found on www.aviva.com/social- purpose. | 1metrics
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- - A new loan or a subsequent decision for an existing loan is then approved depending on the extent of the risk ('risk exposure') by the relevant decision-making level (Senior Manager, Vice President, Team Head, Head of Division or Head of Department, Group Credit Risk Committee, entire Executive Board, Board of Supervisory Directors). | 0none
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We have also signed up to the Partnership for Carbon Accounting Financials (PCAF) and will be evaluating our balance sheet on an asset class basis to understand our climate resilience to various climate risk scenario's. We have committed to work with our clients to fully understand the climate sensitivity of their business and to support them in implementing carbon reduction strategies. | 2strategy
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2 intensity. The main upstream projects in progress, which account for about 45% of the total development investments in the sector in the four-year period 2019-22, show an overall break-even at a Brent price of $25/barrel, which is there- fore resilient even in the presence of a low-carbon scenario, and an internal rate of return (IRR) of 22%. Furthermore, these projects have a positive cumulative Free Cash Flow as early as 2019, due to the cash in from the application of the Dual Exploration Model, which is the early monetization of exploration suc- cesses through the sale of minority stakes. The hydrocarbon equity resources13 at 31/12/2018 show that natural gas, a bridge solution towards a low carbon future, accounts for over 50%. The flexibility and adaptability in the use of Eni's investments, amounting to about $33 billion in the period 2019-22, are confirmed by the non-committed share of 50% already in the two-years period 2021-22. | 1metrics
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Considering the expectations and perspectives of our stakeholders, for the purpose of strengthening our environmental and societal considerations in making investment and financing decisions, we previously established a policy on initiatives involving sectors which have a high possibility of contributing to adverse environmental and social impacts. In April 2020, to more thoroughly reflect the tenets of our Human Rights Policy and Environmental Policy, we revised the policy to be comprehensive in prohibiting investment and financing in such initiatives regardless of sector, as well as points of caution ('Environmental and Social Management Policy for Financing and Investment Activity'). (Figures 13 and 14) | 2strategy
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Sector restrictions For the sector specific restrictions, the following definitions should be applied: i) 'Financing': all lending, underwriting, issuance of debt and equity, trade and working capital finance; ii) 'Directly finance projects' refers to project finance or other lending/ underwriting where the use of proceeds is known to be for a particular project. http://home.barclays/annualreport | 0none
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As part of this proactive approach, six years ago the Group introduced an 'internal carbon tax', a mechanism that it has built on and expanded in the intervening period. Each year, a carbon tax is levied on each of the Group's entities, based on their greenhouse gas emissions ($10/tonne Carbon dioxide equivalent) and the sums collected are then redistributed in the form of rewards for the best internal environmental efficiency initiatives, through the 'Environmental Efficiency | 2strategy
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Since 2008, the Fund has invested in green bonds, as part of the listed fixed- income portfolio, which are expected to contribute positively to the climate transition. Since 2015, green bonds have been a separate asset class in the strategic portfolio. In 2019, the Fund also decided to increase its strategic allocation from 1.0 to 3.0 per cent, which is equivalent to more than SEK 11 billion. AP2 has the last few years also invested in social bonds. | 2strategy
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The Group is connected to all parts of the economy through its lending and other banking activities and considers it has an important role to play in financing the low-carbon transition. Therefore, in the 2020 financial year, the Group sought to calculate the Scope 3 emissions associated with key segments of its lending portfolio - residential mortgages, commercial real estate (office and retail), agriculture, power generation and resources (including coal, oil and gas). The objective was to better understand what might be required to align the Group's lending portfolio to the temperature goals of the Paris Agreement and a net zero emissions economy by 2050. | 1metrics
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This includes: To adopt low-carbon measures in daily office operation, paperless office and the use of energy-saving lights across businesses to reduce carbon emissions and energy consumption directly; Encourage employees to participate in environmental protection activities and the use of renewable energy and new energy in architectural design and project retrofitting; Encourage all employees and our partners to contribute to carbon emission reduction and promote low-carbon ideas. | 2strategy
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SUEZ is working to develop this model by adopting an internal carbon price, by systematically proposing a remuneration of operators indexed to global performance, by participating in efforts to develop material circularity indicators that will make the measurement of the impacts of the new model more robust. | 3risk
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In this document, section 4.3.1.3 (1) Financing and Investment Transactions Prohibited Regardless of Sector lists projects for which we prohibit any financing or investment. Sections 4.3.1.3 (2) Financing and Investment Transactions which Require Additional Due Diligence Regardless of Sector and 4.3.1.3 (3) Policies on Specific Industrial Sectors describe our practices for determining whether to engage in transactions with clients/projects in subject sectors, accounting for the degree to which the client has taken steps to avoid or mitigate risk and other due diligence as appropriate, based on the characteristics of the services we are providing. | 0none
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The ability to enable a fast and effective response to, and recovery from, disruptive events. The effectiveness of this element is determined by the thoroughness of efforts to plan, prepare and exercise in advance of events. | 0none
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Since 2017, we have been advancing our capabilities in climate scenario analysis: In 2018, RBC and 15 other financial institutions participated in a United Nations-led project to develop and publish methodologies for assessing the impact of future climate scenarios on our clients and loan portfolios. | 3risk
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Climate risk is currently governed by ING's Climate Change Committee and relevant risk management committees. In 2020, we formed a climate risk working group to further develop suitable methodologies and support its integration in risk management processes. | 4governance
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As a founding member of the Australian Business Roundtable for Disaster Resilience & Safer Communities, IAG works collaboratively with governments to effect change in public policy, increase investment aimed at building safer and more resilient communities and working to improve the capacity of people and businesses to better withstand future natural disasters. IAG has also been invited by the Governments in Australia and New Zealand to play a role in climate change management, including active engagement and contribution to the National Resilience Taskforce in Australia. In New Zealand IAG is working through the Climate Leaders Coalition to ensure businesses are actively adapting and building resilience to climate impacts. As a key member of the Insurance Council of Australia, the representative body of the general insurance industry in Australia, IAG plays an active role in the Council's Climate Change Action Committee and Data and Knowledge Sub-Committee. | 2strategy
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Extract: In 2016, we made further steps to systematically incorporate climate aspects in all investment decisions. We use tools such as internal carbon pricing, scenario planning and stress testing of projects against various oil and gas price assumptions. Equinor routinely tracks technology developments and changes in regulations, including the introduction of stringent climate policies, and assesses how these may impact the oil price, the costs of developing new oil and gas assets, and the demand for oil and gas. | 3risk
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Objectives: Introduce a directive carbon price in 60% of the annual expenditure committed to new projects Introduce a harmonised global circularity indicator for goods and services Systematically offer pay packages partially index-linked to our global performance Raise employee awareness and promote training in emerging models (carbon accounting, new business models, etc.) | 2strategy
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Reflective of investor feedback, our Task Force on Climate-related Financial Disclosures Strategy is divided into three separable chapters to be commissioned over three years; Stage 1. Identify Key Material Risk. Stage 2. Assess climate change scenarios of key material risks. Stage 3. Define and disclose financial valuations associated to those risks. In FY18, Management completed Stage 1, and is now proceeding to Stage 2. Investa is pleased to work with the UN Environmental Programme Finance Initiative working group on establishing Task Force on Climate-related Financial Disclosures best practice reporting models. It is our intention to continue to gather investor and best practice feedback in Task Force on Climate-related Financial Disclosures reporting on an ongoing basis. | 3risk
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An inclusive culture at 3M is built on our Be Respectful Principles - to respect the dignity and worth of individuals; encourage the initiative of each employee; challenge individual capabilities; and provide equal opportunity. | 0none
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In 2019, we: - incorporated conduct risk management into our risk culture framework and stepped up risk culture communication efforts Group-wide, with an emphasis on the Tone from the Top and Tone from Above; - implemented a risk culture dashboard to provide regular updates to the Board and senior management; - introduced measures to assess the results of the various risk culture initiatives, including feedback from senior management committees and an annual self-assessment exercise for key business and support units. We also included more questions on risk culture in the Bank's Employee Engagement Survey. UOB is also a member of the Culture and Conduct Steering Committee, established by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to promote sound culture and to raise conduct standards among banks in Singapore; - benchmarked our Three Lines of Defence (3LOD) framework against industry best practices to strengthen our current approach further. We also established a new 3LOD Working Group to drive and to implement identified key initiatives, which aim to define ownership for new areas of risks, to harmonise risk management and controls across the 3LOD, to integrate the assurance methodology and to create a single robust governance, risk and compliance reporting framework; - replaced the Value-at-Risk (VaR) measure with Expected Shortfall (ES) limits monitoring. The latter takes into account the spread of the tail losses in the process of historical simulation and can provide a more accurate picture of risk and capture large movements in the event of financial market stress, which the VaR measure was unable to do. We also enhanced our Market Risk Aggregation Limits system to automate fully the market risk limits monitoring for all market risk asset types and limits; and - tightened our Responsible Financing Policy in relation to the financing of carbon-intensive sectors in recognition of the rising threat posed by climate change. We established a Taskforce on Climate-related Financial Disclosures (TCFD) Working Group to oversee and to drive the adoption of the Task Force on Climate-related Financial Disclosures recommendations. We endeavour to build our capability on climate risk management and stress-testing through active engagement with regulators, industry associations and climate specialists. We also maintained a strong focus on our capacity-building efforts, of which a key initiative was the successful roll-out of the ABS e-learning module on responsible finance to our colleagues in Singapore. | 3risk
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BBVA believes that greater financial inclusion has a favorable impact on the welfare and sustained economic growth of countries. The fight against financial exclusion is therefore consistent with BBVA's ethical and social commitment, as well as its medium-term and long-term business objectives. At the end of 2019, BBVA had 10 million customers in this segment. | 0none
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