Finance Durable_Cours Nanterre_S2 2023-2024 (3).PDF

La finance durable : solution ou frein aux défis de la transition écologique ? Aurélien Girault Chargé de mission “finance durable” Ministère de la Transition écologique et de la Cohésion des Territoires Clément Bultheel Consultant en finance durable Quantis Session 1 : Développement durable et ch...

La finance durable : solution ou frein aux défis de la transition écologique ? Aurélien Girault Chargé de mission “finance durable” Ministère de la Transition écologique et de la Cohésion des Territoires Clément Bultheel Consultant en finance durable Quantis Session 1 : Développement durable et changement climatique ► ► ► Introduction au développement durable (1h15) Pause (15’) Enjeux scientifiques liés au changement climatique et à la biodiversité (1h15) AXA IM - RESTRICTED Qui êtes-vous ? Pourquoi êtes-vous là ? Qu’attendez-vous de cette session ? AXA IM - RESTRICTED Le développement durable : où en êtes-vous ? AXA IM - RESTRICTED Le développement durable : où en êtes-vous ? ODD ? Rapport Brundtland Accord de Paris ? AXA IM - RESTRICTED Le développement durable : où en êtes-vous ? Diminuer la température de son logement de 1°C permet de réduire de … % la consommation d’énergie Quel produit nécessite 33 000 litres d'eau pour être fabriqué ? (= la consommation d'eau d'un Français pendant 6 mois) Quelle est la part d'eau douce disponible sur Terre ? Sur cette part, quelle proportion est utilisable par l'homme ? AXA IM - RESTRICTED Le développement durable : où en êtes-vous ? • “Un système mondial durable…” Rapport ONG “Club de Rome“ / “Rapport Meadows” Les limites à la croissance – 1972 • « Un développement qui répond aux besoins du présent sans compromettre la capacité des générations futures à répondre aux leurs. » Commission et Rapport Bruntland – 1987 • Equilibre entre les dimensions économique, sociale et environnementale AXA IM - RESTRICTED AXA IM - RESTRICTED Le développement durable : où en êtes-vous ? AXA IM - RESTRICTED Le développement durable : où en êtes-vous ? ⮚ Définis par les Nations Unies ⮚ Successeurs des “Objectifs du Millénaire pour le développement (OMD) ⮚ Encourage/requiert l’Alliance entre public et privé AXA IM - RESTRICTED Le lien entre développement et finance durables Objectif principal Indicateurs financiers Variables nonfinancières (ESG) Thématiques pertinentes Améliorer la performance globale de l’entreprise Revenus Environnemental - Efficience énergétique - Recyclage - Analyse du cycle de vie EBITDA Endettement Social / Sociétal - Rotation - Santé et sécurité - Formation - Diversité - Innovation (brevets, R&D) - Image de marque Coût du capital Gouvernance - Audit - Code de conduite - Politique fiscale 13 AXA IM - RESTRICTED 14 AXA IM - RESTRICTED 15 Aligning business with planetary boundaries Scientific models such as the Planetary Boundaries define the operating spaces within which we must stay to maintain life as we know it on our planet. We have already crossed the line on many boundaries. SOURCE: www.stockholmresilience.org, Rockström, J., W. Steffen, K. Noone, Å. Persson, et.al. 2009 AXA IM - RESTRICTED 16 Five environmental areas are at stake from human economic activities Climate Align your business + value chain to a 1.5°C world Biodiversity, climate, land + agriculture, water and plastic pollution: Our 5 environmental expertise areas work with clients to measure your contributions and own limits, set reduction goals and chart a roadmap to get business in-line with the planet’s limits: Planetary Boundaries Biodiversity Understand the impacts of your business on nature Water Become a steward of shared water resources at basin level Plastic pollution Land & agriculture Use the power of nature to create healthier ecosystems AXA IM - RESTRICTED Know your plastic hotspots and design for circularity 17 The “Double Materiality”: an impact and resilience reading of your business model OUTWARD IMPACTS Environmental & social impacts & risks leading caused by companies (i.e. physical risks) INWARD IMPACTS INWARD IMPACTS AXA IM - RESTRICTED OUTWARD IMPACTS Environmental & social impacts, risks & opportunities (i.e. physical & transition risks) on companies business and finance 18 NATURE TAKING ONE STEP BACK: LET’S TALK ABOUT NATURE LAND / WATER / SEA USE CHANGE “All non-human living entities and their interaction with other living or non-living physical entities and processes” 1 NATURE LOSS DRIVERS RESOURCE EXPLOITATION CLIMATE CHANGE POLLUTION OTHERS Source: IPBES Global Assessment 2019 2 STATE OF NATURE AXA IM - RESTRICTED SPECIES ECOSYSTEM SERVICES CONTRIBUTION TO PEOPLE 19 BIODIVERSITY The 6th mass extinction : driven by human activities We are in the 6th natural mass extinction, but this time the average extinction rate 10-100x the previous cases’ speed. The global economy as it exists will soon be unable to thrive. AXA IM - RESTRICTED IPBES, Global Assessment Report on Biodiversity and Ecosystem Services, 2019 20 BIODIVERSITY Biodiversity is everyone’s business Physical Risk Pollinators disappearance will disrupt entire supply chains Transition Risk Emergence of new labels and standards AXA IM - RESTRICTED 21 BIODIVERSITY The case of pollination For example, the disappearance of the animal pollination ecosystem service is an critical physical risk for the global economy: - - The IPBES estimates that 5 to 8% of current global crop production is directly attributable to animal pollination (e.g., the pollination dependency ratio is 95% for cacao, 5% for tomatoes); It is estimated that 25-30% of the total value of world agriculture, food processing and textile processing industries is at risk from animal pollination disappearance. AXA IM - RESTRICTED 22 CLIMATE CHANGE The concept of carbon budget from Paris Agreement EMISSIONS Manage the level of water: Temperature goal + 2°C + 1.5°C + 1°C To limit the increase of world temperature to 1,5°C (Paris agreement) Surplus** in atmosphere since 1870 Pre-industrial* atmospheric carbon Atmosphere SINKS (OCEANS & PHOTOSYNTHESIS) * Pre-industrial atmospheric carbon: 2 240 GtCO₂. **Surplus in atmosphere since 1870: 970 GtCO₂. AXA IM - RESTRICTED Source: Net Zero Initiative 23 … Climate change A matter of energy use & diverse risks AXA IM - RESTRICTED 24 Climate change is not only a risk per se, it is also a risk multiplier AXA IM - RESTRICTED 25 (Source: ClimateNexus) AXA IM - RESTRICTED 26 (Source: ClimateNexus) AXA IM - RESTRICTED 27 What if all ice melts See by yourself AXA IM - RESTRICTED 28 (Source: ClimateNexus) AXA IM - RESTRICTED 29 (Source: ClimateNexus) AXA IM - RESTRICTED 30 CLIMATE CHANGE Climate change, a matter of energy use & diverse risks CLIMATE-RELATED RISKS TRANSITION RISKS PHYSICAL RISKS Risks arising from the physical impacts of climate change ● ● Acute risks: increased frequency of extreme weather events such as hurricanes and flooding Chronic risks: long-term shifts in climate and weather such as changes in annual rainfall, frequency of heat waves, water availability, and sealevel rise CLIMATE-RELATED OPPORTUNITIES Risks arising from the transition to a low-carbon economy ▪ ▪ ▪ ▪ Policy & Legal risks: implementation of a carbon price, new policies & regulations, and litigation risk Technology risks: the replacement of old technologies with new ones Market risks: shifts in supply and demand, the emerging of new markets Reputational risks: altered perception of businesses as it pertains to climate impact and a company’s efforts to reduce their contribution AXA IM - RESTRICTED Business opportunities arising from the physical and transition impacts of climate-change ▪ ▪ ▪ ▪ ▪ Resource efficiency: Regarding energy, materials, water, and waste Energy source: Shift towards wind, solar, wave, tidal, hydro, geothermal, nuclear, biofuels, and carbon capture and storage Products and services: Capitalize on shifting consumer and producer preferences for low-emission products and services Markets: Investment in new markets to position for a lower-carbon economy Resilience: Adaptive capacity to respond to climate change to better manage the associated risks and seize opportunities 31 In a nutshell… various types of risks on various time horizons AXA IM - RESTRICTED 32 LAND+AGRICULTURE Agricultural activities changed land use for a huge surface on earth 85% of vanilla comes from Madagascar. The forest of Madagascar is expected to disappear by 2040 due partly to growing demand of vanilla leading to deforestation. AXA IM - RESTRICTED 33 LAND+AGRICULTURE The entire food & agriculture value chain is a risk of natural raw material shortages Transition risks New rules for companies to help limit global deforestation with the EU (Sep.22) + Emergence of new certifications for ingredients (RSPO, …) AXA IM - RESTRICTED 34 WATER Freshwater withdrawal has not the same effect from one region to another Globally, 70% of freshwater withdrawals from watercourses and groundwater are for agricultural usage, three times more than 50 years ago. Thus, water depletion can lead to massive crop yield disruption. Still, the impacts of freshwater consumption should be look at a local scale due to different scarcity levels. The number Does the consumption of of water-related conflict events have increased exponentially since 2000. 1 liter of water has the same impact in both landscapes ? World map of water stress: ratio of total water withdrawals to available renewable surface and groundwater supplies (Source: Aqueduct) AXA IM - RESTRICTED 35 PLASTIC POLLUTION Recycling is a myth so far Since 1950, of the 5800 million tonnes of plastic no longer in use, only 9% has been recycled. By 2040, production is expected to double yet again. The main characteristics of plastics (light weight, on the go product) associate this material with a high potential for leakage into the environment. Microplastic waste generation is expected to double, plastic leakage into the ocean is expected to triple. AXA IM - RESTRICTED 36 PLASTIC POLLUTION Plastic pollution is now a well-known common enemy Transition Risk Reputation stakes and new regulations Opportunities “Naked” products and refill stations at retailers Natural by Watsons at Kuala Lumpur Lush store AXA IM - RESTRICTED 37 FROM SILOED INITIATIVES WITH TO AN INTEGRATED STRATEGY ALIGNED TARGETS FOR INCREMENTAL IMPROVEMENTS WITH THE NEEDS OF THE PLANET AXA IM - RESTRICTED 38 Planetary boundaries shall be tackled at the same time AXA IM - RESTRICTED 39 Only an orderly transition is sustainable Financial risks and opportunities depending on climate change mitigation scenarios (Source: Schoenmaker, van Tilburg, 2016) AXA IM - RESTRICTED 40 Increasing stakeholders expectations on sustainability ● ● ● ● ● ● MILLENNIALS: 87% buy based on values; 76% boycott based on values; more than 50% of GenZ would be willing to pay more for a sustainable product. SHAREHOLDERS: Over 15 years, ES&G increased average S&P 500 shareholder value by $1.28B. VENDORS: 92% want to do business with companies and brands that share their values. EMPLOYEES: 74% of employees say their job is more fulfilling when provided with opportunities to make a positive impact on social and environmental issues. CITIZENS: 66% say it’s important for brands to take public stands on social, environmental and political issues. CONSUMERS: Want sustainable products and more than one-third will pay 25% more for them. Sources: Project ROI: Defining the Competitive and Financial Advantages of Corporate Responsibility and Sustainability, Steve Rochlin, Richard Bliss, Stephen Jordan, and Cheryl Yaffe Kiser, 2015 Millennial Survey 2016, Deloitte, 2016; Edelman Trust Barometer 2013; Havas Meaningful Brands index, 2016, 2019 Retail and Sustainability Survey; 2016 Cone Communications Employee Engagement Survey AXA IM - RESTRICTED Session 2 : Introduction à la finance durable AXA IM - RESTRICTED La finance est-elle une solution ou un frein aux défis de la transition écologique et solidaire ? AXA IM - RESTRICTED Interactions entre finance et économie réelle Investissement & trading ● ● ● ● Marchés cotés / non cotés Produits de base (commodities) Actifs financiers Liquidités Financements & prêts ● ● Obligations Prêts Assurance & réassurance ● ● ● ● AXA IM - RESTRICTED Individuelle D’entreprise Actifs réels (immo) Actifs financiers La finance durable : où en êtes-vous ? ISR ? ESG ? Obligation verte ? BlackRock ? Amundi ? AXA IM - RESTRICTED Définitions et panorama de l’investissement socialement responsable Définitions principales ► Investissement (socialement) responsable ► « L’ensemble des activités financières qui prennent en compte de façon systématique et traçable des critères environnementaux, sociaux et de gouvernance (ESG) à la gestion financière. » Différentes stratégies ► Intégration ESG ► Sélection positive ou « Best-in-class » ► Sélection négative ou « Exclusion » (sectorielle, normative) ► Investissement thématique ► Engagement ► Investissement à impact AXA IM - RESTRICTED Définitions et panorama de la finance durable Définitions principales - Stratégies d’investissement AXA IM - RESTRICTED Définitions et panorama de la finance durable Définitions principales ► Obligation verte / sociale / durable ► ► Titre émis sur un marché financier et destiner à financer des projets de nature environnementale et/ou sociale Action Obligation Propriété Action Obligation Dette Contrat à impact social (« social impact bond ») ► Modalité de financement public-privé, destinée à favoriser l’émergence de projets sociaux. Réunit investissements privés, pouvoirs publics, auditeur externe, opérateur. AXA IM - RESTRICTED Définitions et panorama de la finance durable AXA IM - RESTRICTED Définitions et panorama de la finance durable Définitions principales ► Actifs échoués (« stranded assets ») ► ► Investissements ou actifs dévalorisés par une évolution de la législation, des contraintes environnementales ou des technologies. Exigences en capital / exigences prudentielles ► (Secteur bancaire) Exigences de fonds propres pour pouvoir couvrir les pertes inattendues et rester solvables en cas de crise. le montant des fonds propres requis dépende du risque lié aux actifs de chaque banque. 🡪 Plus les actifs sont risqués, plus la banque doit provisionner de fonds propres. AXA IM - RESTRICTED Définitions et panorama de la finance durable Acteurs Banques Entreprises nonfinancières Gestionnaire s d’actifs Finance durable ONGs Agences de notation Superviseurs Investisseurs individuels Investisseurs institutionnels Pouvoirs publics AXA IM - RESTRICTED Définitions et panorama de la finance durable Pourquoi la finance durable ? ► Cours B AXA IM - RESTRICTED Définitions et panorama de la finance durable Pourquoi la finance durable ? Source: Résultats trimetriels BP, juillet 2013, in: “Corporate Bonds: Spotlight On ESG Risks” – UN PRI AXA IM - RESTRICTED Définitions et panorama de la finance durable Coalitions & initiatives Ne tient pas en une (ni même dix) diapositives… « Net-zero asset owner alliance » (NZAOA) « Net-zero banking alliance » (NZBA) « Climate Action 100+ » AXA IM - RESTRICTED Définitions et panorama de la finance durable Initiatives AXA IM - RESTRICTED Définitions et panorama de la finance durable Besoins de financement ► Besoins financements Objectifs de Développement Durable (monde) ► ► Entre 5.000 et 7.000 milliards de dollars annuels (Source : CNUCED 2014) Financements climat France ► 2016-2018 : 32 milliards d’€ annuels investis « climat » ► Entre 50 à 75 milliards d’€ de besoins annuels entre 2019 et 2030 ► 15 à 40 milliards d’€ supplémentaires nécessaires sur 2019-2030 (source : I4CE) AXA IM - RESTRICTED Définitions et panorama de la finance durable L’argent est là, il faut réorienter les flux (avec les institutionnels) ! AXA IM - RESTRICTED Définitions et panorama de la finance durable L’argent est là, il faut réorienter les flux (avec notre épargne !) Pensez à RIFT ! ► Epargne réglementée ► ► Produits d’épargne dont le fonctionnement est défini par les Pouvoirs publics : rémunération, fiscalité, plafonds, conditions d’ouverture/clôture (Livret A, Livret Développement Durable et Solidaire) Assurance-vie ► Fonds garanti : supports où le capital investi est garanti à 100% ► Unités de comptes : supports d'investissement qui permettent d'investir l'épargne sur des supports financiers très variés (par opposition au fonds garanti en euros) AXA IM - RESTRICTED Définitions et panorama de la finance durable Solutions Nouveaux instruments financiers Labels et standards Désinvestissement Alignement des portefeuilles sur la trajectoire “2°C” Définition du “vert” Financement participatif Transparence Soutien des autorités publiques (garanties publiques) Intégration du changement climatique dans les processus et décisions des institutions financières Intégration du changement climatique dans la réglementation financière Prix du carbone / Taxe carbone Formation, sensibilisation: étudiants, conseillers bancaires, administrateurs, épargants… AXA IM - RESTRICTED Questions ? @ : [email protected] AXA IM - RESTRICTED Bonus : qu’avez-vous retenu ?! AXA IM - RESTRICTED Ressources (initiatives publiques, media, rapports) ► Médias : Option Finance, AEF – finance durable, Novethic, La Tribune, Responsible Investor, RSE Datanews, Financial Times, The Guardian ► Plan d’action et stratégie renouvelée de la Commission européenne sur la finance durable ► Rapport Ducret-Lemmet: « Pour une stratégie française de la finance verte » ► Rapport Peyrol-Bouillon : Mission d’évaluation et de contrôle (MEC) sur les outils publics encourageant l’investissement privé dans la transition écologique ► Rapport Canfin-Zaouati : « Pour la création de France Transition » AXA IM - RESTRICTED Session 3 : Perspectives professionnelles I. Parcours professionnel I. La finance durable au ministère de la Transition écologique I. Intégrer l’administration publique (?) AXA IM - RESTRICTED Parcours professionnel Parcours professionnel ► Formation universitaire + école de commerce ► Expérience internationale ► ► Mexique (échange - 6 mois) ► Colombie (audit/conseil/RSE/banque - 6 ans) Administration publique AXA IM - RESTRICTED La finance durable au ministère de la Transition écologique Label Greenfin ► Contexte : loi Transition Energétique pour la Croissance Verte (LTECV) de 2015 ► Enjeux : ► ► Permettre aux investisseurs d’identifier aisément les produits financiers ayant une performance environnementale robuste ► Permettre plus de financements aux acteurs « verts » Processus : label piloté par le ministère de la Transition écologique AXA IM - RESTRICTED La finance durable au ministère de la Transition écologique Décret “29-LEC” ► Contexte : loi Energie-Climat (2019) ► Enjeux : ► ► Renforcer la transparence des acteurs financiers exerçant une activité en France Processus : décret co-signé / co-piloté par le ministère des finances et le ministère de la Transition écologique AXA IM - RESTRICTED La finance durable au ministère de la Transition écologique Négociations européennes sur la taxonomie ► Contexte : le plan d’action de la Commission européenne sur la finance durable / le « Green Deal » européen ► Enjeux : ► ► identifier les activités économiques environnemental », selon six objectifs « durables sur le ► Renforcer la transparence des acteurs financiers et non financiers plan Processus : négociations internes et externes à la France, négociations interinstitutionnelles AXA IM - RESTRICTED Intégrer l’administration publique (?) ► Intérêt général ► Perspectives financières ► Contractuel VS. Titulaire ► Postuler : ► Place de l’emploi public ► Sites “RH” des ministères ► MTECT ► MEFSIN AXA IM - RESTRICTED Session 4 : Méthodologie, métriques d’impact et de mesure de l’exposition aux risques physiques & transition liés à l’environnement (climat, biodiversité, pollution, etc.) ► Intro au marché de la données ESG ► Zoom sur les approches pour mesurer l’impact environnemental des activités économiques ► Zoom sur les approches pour estimer l’exposition des activités financières aux risques environnementaux AXA IM - RESTRICTED Séance n°3 THE STATE OF ESG REPORTING IN THE WORLD AXA IM - RESTRICTED 72 EVIDENCE FOR IMPACT INVESTING See 2°II report AXA IM - RESTRICTED EVIDENCE FOR IMPACT INVESTING See 2°II report AXA IM - RESTRICTED Global challenges need impact capital The UN Sustainable Development Goals (SDGs) 108,4 million people had been forcibly displaced worldwide at the end of 2022 575 million people will still be living in extreme poverty 735 million, people was facing chronic hunger in the world 381 million people were pushed or further pushed into extreme poverty due to out-of-pocket payments for health 100 million hectares of net forest have been lost over the past two decades 300 million students will lack the basic numeracy and literacy skills necessary for success in life +17 million metric tons of plastic entered the ocean in 2021 1.1 billion people currently live in slums or slum-like conditions in cities 2.4 billion people lived in water-stressed countries. 2 billion people will still rely on polluting fuels and technologies for cooking 1 in 6 people worldwide has experienced discrimination in some form 1 in 4 young people were not in education, employment or training in 2022 75 Sources: The Sustainable Development Goals Report 2023, World Bank Data AXA IM - RESTRICTED At the current pace, about 660 million people will still lack access to electricity THE RATIONALE BEHIND NON-FINANCIAL REPORTING Non-financial information is a CSR tool. ⮚ Concept appeared in the 1950s and widely developed by companies from the 1990s. Corporate social responsibility (CSR) is defined by the European Commission as “the voluntary integration by companies of social and environmental concerns into their business activities and their relationships with stakeholders. " ⮚ Non-financial information is a guarantee of transparency for the company and responds to an increasingly strong demand from civil society that the company be responsible for the effects it produces on the environment ⮚ Non-financial information is also a lever for economic performance and companies' involvement in the ecological & social transition AXA IM - RESTRICTED ESG DATA PROVIDERS AXA IM - RESTRICTED SAMPLE OF VOLUNTARY STANDARDS & DISCLOSURE INITIATIVES AXA IM - RESTRICTED NON-FINANCIAL REPORTING IS BECOMING A GEOSTRATEGIC ISSUE AXA IM - RESTRICTED TOWARDS A SINGLE, COHERENT GLOBAL SET OF REPORTING STANDARDS The five global sustainability, ESG and integrated reporting framework and standard setting organizations have today launched a report outlining the elements necessary for more comprehensive corporate reporting. The shared vision is provided by GRI, CDP, Climate Disclosure Standards Board (CDSB), International Integrated Reporting Council (IIRC) and Sustainability Accounting Standards Board (SASB). AXA IM - RESTRICTED NON-FINANCIAL REPORTING IS BECOMING A GEOSTRATEGIC ISSUE BETWEEN USA & EU/UK (Source : AMF, 2020) AXA IM - RESTRICTED OVERVIEW OF TRADITIONAL ESG DATA PROVIDERS (Source: AMF, 2020, Provision of non-financial data: mapping of stakeholders, products and services) AXA IM - RESTRICTED OVERVIEW OF ESG DATA PROVIDER NEW ENTRANTS (Source: AMF, 2020, Provision of non-financial data: mapping of stakeholders, products and services) AXA IM - RESTRICTED AXA IM - RESTRICTED SUMMARY OF THE EU COMMISSION ACTION PLAN ON SUSTAINABLE FINANCE See more here AXA IM - RESTRICTED MANDATORY ENVIRONMENT-RELATED INDICATORS APPLICABLE TO INVESTMENTS IN INVESTEE COMPANIES OF THE RTS OF SFDR Adverse sustainability indicator Metric Scope 1 GHG emissions 1. GHG emissions Scope 2 GHG emissions From 1 January 2023, Scope 3 GHG emissions Total GHG emissions 2. Carbon footprint Carbon footprint 3. GHG intensity of investee companies GHG intensity of investee companies 4. Exposure to companies active in the fossil fuel sector Share of investments in companies active in the fossil fuel sector 5. Share of non-renewable energy consumption and production Share of non-renewable energy consumption and non-renewable energy production of investee companies from nonrenewable energy sources compared to renewable energy sources, in % 6. Energy consumption intensity per high impact climate sector Energy consumption in GWh per million EUR of revenue of investee companies, per high impact climate sector Biodiversity 7. Activities negatively affecting biodiversity-sensitive areas Share of investments in investee companies with sites/operations located in or near to biodiversity-sensitive areas where activities of those investee companies negatively affect those areas Water 8. Emissions to water Tonnes of emissions to water generated by investee companies per million EUR invested, expressed as a weighted average Waste 9. Hazardous waste ratio Tonnes oh hazardous waste generated by investee companies per million EUR invested, expressed as a weighted average Greenhouse gas emissions See draft RTS here AXA IM - RESTRICTED 87 … & at the entity level, non-financial reporting requirements are becoming massive Corporate Sustainability Reporting Directive (CSRD) in a nutshell 50 000 European companies to be covered … that will have to implement it starting 2024 … completed by 13 European Sustainability Reporting Standards (ESRS) General principles and crosscutting standard Environment E1 - Climate Change (44 pages) 1 - General Principles (49 pages) E2 - Pollution (24 pages) 2 - General reporting, strategy, governance, and materiality assessment disclosure requirements (39 pages) E3 - Water and marine resources (18 pages) E4 - Biodiversity and ecosystems (39 pages) E5 - Resource use and circular economy (20 pages) Social S1 - Own workforce (65 pages) S2 - Workers in value chains (23 pages) S3 - Affected communities (21 pages) S4 - Consumers and end-users (20 pages) AXA IM - RESTRICTED Governance G1 - Governance, risk management and internal controls (17 pages) G2 - Business Conduct (16 pages) AXA IM - RESTRICTED AXA IM - RESTRICTED CONTENT OF THE IMPLEMENTATION DECREE OF FRENCH ART.29 OF THE 2019 ENERGY & CLIMATE LAW Principales dispositions 1. Démarche générale 2. Moyens internes 3. Gouvernance Seuils d’application Date d’application Tous Entités ayant plus de 500M€ de bilan ou d’actifs sous gestion Reporting S1 2022 sur exercice 2021 4. Stratégie d’engagement Reporting S1 2023 sur exercice 2022 5. Alignement taxonomie UE & part « fossiles » 6. Stratégie d’alignement avec l’Accord de Paris 7. Stratégie d’alignement avec les objectifs politiques internationaux sur la biodiversité Entités ayant plus de 500M€ de bilan ou d’actifs sous gestion (et, le cas échéant, pour chaque fonds de plus de 500M€ d’encours) Reporting S1 2022 sur exercice 2021 8. Prise en compte des risques ESG 9. Démarches d’amélioration continue Entités ayant plus de 500M€ de bilan ou d’actifs sous gestion See decree n°2021-663 here AXA IM - RESTRICTED Reporting S1 2023 sur exercice 2022 Séance n°5 THE STATE OF ESG REPORTING IN THE WORLD AXA IM - RESTRICTED 91 LIFE CYCLE ASSESSMENT HOW SCIENCE-BASED ACTIONS CAN POSITIVELY CHANGE THE INDUSTRY’S IMPACT AXA IM - RESTRICTED OBJECTIVE OF THE TRAINING ✓ Understand key environmental issues ✓ Undersatnd LCA core concepts and methodology to be able to understand and pilot LCA studies ✓ Understand the methodological approach (assumptions, calculation methods, scope), evaluate the robustness of the results and the conclusions presented ✓ Be able to integrate Life Cycle Thinking into your everyday work AXA IM - RESTRICTED 01 What is LCA? 02 Goal & Scope definition 03 Life Cycle Inventory 04 Life Cycle Impact Assessment 05 Integration of LCA into an Ecodesign strategy AXA IM - RESTRICTED 94 01 WHAT IS LCA? AXA IM - RESTRICTED 95 See the whole picture Focus on the right part THE LCA APPROACH Get the facts right Decide and act RAW MATERIAL PRODUCTION MANUFACTURING RECYCLING Life Cycle Assessment is recognized as the leading methodology for environmental impact evaluation. The main strengths of this tool are the following: Metrics-based approach, allowing impact evaluations and/or comparisons to be made on a quantified and credible scientific basis. 1 CUP OF FILTER COFFEE END OF LIFE Life-cycle oriented, allowing users to consider various product stages, to highlight potential ‘burden shifting’, or unintended consequences. PACKAGING + DISTRIBUTION USE Multi-criteria: we are aligned with the PEF guidance, and cover a multiplicity of indicators in the assessment (including water use, ecotoxicity, ozone depletion, etc.) HUMAN HEALTH AXA IM - RESTRICTED NATURAL RESOURCES ECOSYSTEM QUALITY WATER FOOTPRINT CARBON FOOTPRINT See the whole picture FOCUS ON THE RIGHT PART AXA IM - RESTRICTED Focus on the right part Get the facts right Decide and act See the whole picture QUESTION YOU ASK YOURSELVES Paper or plastic grocery bags? Plastic weighs less… But paper comes from trees, not oil… But our forests are being over-used! And the paper is shipped from Brazil! But the plastic comes from China… and the paper fiber is partly recycled! But our plastic comes from US corn!... and the plastic weighs less! But… …So, paper or plastic? AXA IM - RESTRICTED Focus on the right part Get the facts right Decide and act See the whole picture LCA IS A GOOD DECISION MAKING TOOL Identify environmental issues along the value chain (hotspots) Identify improvement possibilities and production optimization Compare alternatives Set goals and measure progress Benchmark performance Manage risk Communicate And more AXA IM - RESTRICTED Focus on the right part Get the facts right Decide and act WHAT ARE THE BENEFITS OF LCA ? The holistic perspective of LCA helps prevent shifting the burden Electric vehicle = No emissions? Or are emissions simply shifted? Shifts can happen: • From one life cycle stage to another • From one region to another • From one compartment (water, air, ground) to another • From one impact to another AXA IM - RESTRICTED WHICH OPTION IS THE MOST ECOFRIENDLY? AXA IM - RESTRICTED WHICH OPTION IS THE MOST ECOFRIENDLY? AXA IM - RESTRICTED NATURAL VS. SYNTHETIC INGREDIENTS IMPACT OF 1KG NATURAL VS. 1KG SYNTHETIC INGREDIENTS MAKE UP THE FUTURE Page 27 Consumer demand for natural beauty products is on the rise Natural = Sustainability: it’s not that simple Need to consider the whole life cycle of a formula + its ingredients across multiple environmental criteria AXA IM - RESTRICTED 1 0 3 SCREENING LCA GOAL AND SCOPE ISO COMPLIANT LCA WHAT ARE THE DIFFERENT STEPS TO CONDUCT AN LCA ? GOAL AND SCOPE DATA CHECK AND DATA COLLECTION DATA QUALITY ANALYSIS AND DATA COLLECTION LCA MODELLING AND HOT-SPOT ANALYSIS LCA MODELLING AND IN-DEPTH ANALYSIS QUALITY REVIEW QUALITY REVIEW + EXTERNAL REVIEW NON-ISO COMPLIANT LCA DELIVERABLES AND FINAL MEETING ISO COMPLIANT WRITTEN LCA REPORT AND FINAL MEETING *in bold approach details that are different from non-ISO compliant LCA AXA IM - RESTRICTED LCA OPTIONS AND COMMUNICATIONS Give internal teams insights into comparative claims Identify parts of the life cycle where your product performs better or needs improvement Show impacts of different life cycle stages Screening Product LCA Screening comparative LCA Full comparative ISO-compliant LCA (peer reviewed) AXA IM - RESTRICTED Communicate externally about your own product footprint across different indicators Communicate externally about your own product footprint versus other products of your own portfolio across different indicators Communicate externally about your own product footprint versus other products THE LCA FRAMEWORK YOU NEED TO KNOW ISO NORMS 14 040 + 14 044 (2006) FOR LCA Goal and scope The functional unit The system boundaries Goal and scope definition Inventory analysis Tools and software Inventory data and databases Impact assessment The synthetic nature of impact assessment Avoiding tradeoffs (e.g., single indicator) Life cycle inventory Interpretation Numbers are not enough Life cycle impact assessment AXA IM - RESTRICTED Interpretation 02 GOAL & SCOPE DEFINITION AXA IM - RESTRICTED 107 THE LCA FRAMEWORK YOU NEED TO KNOW ISO NORMS 14 040 + 14 044 (2006) FOR LCA Goal and scope The functional unit The system boundaries Goal and scope definition Inventory analysis Tools and software Inventory data and databases Impact assessment The synthetic nature of impact assessment Avoiding tradeoffs (e.g., single indicator) Life cycle inventory Interpretation Numbers are not enough Life cycle impact assessment AXA IM - RESTRICTED Interpretation “All the really important mistakes are made on the first day.” AXA IM - RESTRICTED GOAL AND SCOPE The scope includes the following items: •Product system to be studied •Functions of the product system or, in the case of comparative studies, the systems •Functional Unit (FU) and reference flow •System boundaries •Allocation procedures •Impact categories selected and methodology of impact assessment •Data requirements; assumptions; limitations •Initial data quality requirements •Type of critical review, if any •Type and format of the report required for the study AXA IM - RESTRICTED CASE STUDY : What is the function of a light bulb? AXA IM - RESTRICTED CASE STUDY : Is this comparison fair? VS AXA IM - RESTRICTED CASE STUDY : What is the function of a light bulb? VS Provide light at a certain intensity and for a certain time AXA IM - RESTRICTED CASE STUDY : Which unit would allows to make a fair comparison? VS Provide 500 to 900 lumens for 10 000 hours AXA IM - RESTRICTED CASE STUDY : What should be compared VS Incandescent light bulb 60 W - 1 000h Fluorescent light bulb 13 W - 10 000h AXA IM - RESTRICTED CASE STUDY : Is this comparison fair? VS Iphone 12 1000h of phone calls Nokia 3310 1000h of phone calls AXA IM - RESTRICTED SYSTEM BOUNDARIES Infrastructure of the company, Transportation modes Energy, Raw Materials, Extraction Manufacturing Recycling Use Resources Waste management System Boundaries Emissions to air, water, soil AXA IM - RESTRICTED SYSTEM BOUNDARIES Cradle-to-Gate Infrastructure of the company, Transportation modes Energy, Raw Materials, Extraction Manufacturing Recycling Use Resources Waste management System Boundaries Emissions to air, water, soil AXA IM - RESTRICTED SYSTEM BOUNDARIES Cradle-to-Grave Infrastructure of the company, Transportation modes Energy, Raw Materials, Extraction Manufacturing Recycling Use Resources Waste management System Boundaries Emissions to air, water, soil AXA IM - RESTRICTED 03 LIFE CYCLE INVENTORY AXA IM - RESTRICTED 120 THE LCA FRAMEWORK YOU NEED TO KNOW ISO NORMS 14 040 + 14 044 (2006) FOR LCA Goal and scope The functional unit The system boundaries Goal and scope definition Inventory analysis Tools and software Inventory data and databases Impact assessment The synthetic nature of impact assessment Avoiding tradeoffs (e.g., single indicator) Life cycle inventory Interpretation Numbers are not enough Life cycle impact assessment AXA IM - RESTRICTED Interpretation LIFE CYCLE INVENTORY AXA IM - RESTRICTED EVALUATE DIFFERENT FLOWS SECONDARY DATA PRIMARY DATA Data from recognized and public sources (e.g. waste management data, generic data) Comes come specific measurements. rimary data Data from measurements and operational technical specifications. The main primary data are: • Energy and water consumption • Purchases (raw materials, packaging items) • Origin of materials purchased and associated transport Data from evaluation models (e.g. emissions to air from combustion, emissions to water from the use of fertilizers) AXA IM - RESTRICTED COMMON PROBLEMS A recurring problem in LCA, the databases used are in continuous development and are enriched each year with new processes. A significant part of LCA practitioner job is to create new datasets PROCESS No process in the database describes the measured flow Use of proxies AXA IM - RESTRICTED Adapt existing processes Use data from scientific literature COMMON PROBLEMS Operationally measured data may not be aligned with data presented in the database. UNITS Units available do not match the ones available in our DB Identification of parameters enabling the conversion from a flow to another. They can be linked by: • Energy LHV (PCI in French) • Density • Weight • Surface / Volume AXA IM - RESTRICTED 04 LIFE CYCLE IMPACT ASSESSMENT + KEY METHODOLOGICAL CHALLENGES IN LCA AXA IM - RESTRICTED 126 THE LCA FRAMEWORK YOU NEED TO KNOW ISO NORMS 14 040 + 14 044 (2006) FOR LCA Goal and scope The functional unit The system boundaries Goal and scope definition Inventory analysis Tools and software Inventory data and databases Impact assessment The synthetic nature of impact assessment Avoiding tradeoffs (e.g., single indicator) Life cycle inventory Interpretation Numbers are not enough Life cycle impact assessment AXA IM - RESTRICTED Interpretation COMPUTING THE LCI Electricity, low voltage, at grid/ FR 1 kWh Nuclear Energy 0,8 kWh Hydro 0,1 kWh Natural Gas 0,05 kWh Methane emissions 0,005 g Combustion 0,05 kWh + CH4 0,02 g Methane emissions 0,008 g Transport 0,05 kWh + Methane emissions 0,007 g AXA IM - RESTRICTED Extraction 0,05 kWh CALCULATING THE LCIA Database Model Electricity, low voltage, at grid/ FR ICV Collected Data CO2 CH4 N2O 79 x 2,43 g 0,02 x 2,43 g 0,0001 x 2,43 g Electricity 2,43 kWh Impact Assessment LCA Results CO2 79 x 2,43 x 1 g CO2-eq CH4 N2O 0,02 x 2,43 x 30 g CO2-eq 0,0001 x 2,43 x 265 g CO2-eq AXA IM - RESTRICTED Electricity 194 g CO2-eq IMPACT ASSESSMENT, ENVIRONMENTAL FOOTPRINT (EF) METHOD Choice of LCIA method depends on • • • • • Type of indicator desired; mid-point, end-point, single score… Single score helps to see if a big contributor is missing Maturity of the client Subject of the project; characterization factors of an indicator. EF3.0 LCIA method is recommended if the sector of interest is covered by the methodology Ozone depletion Acidification CLIMATE CHANGE Global warming Human toxicity non-cancer effects Terrestrial eutrophication Mineral resource depletion ECOSYSTEMS Freshwater eutrophication HUMAN HEALTH Human toxicity cancer effects NATURAL RESOURCES Non-renewable energy resource depletion Particulate matter Marine eutrophication Land use Ionising radiation WATER Freshwater ecotoxicity AXA IM - RESTRICTED Photochemical ozone formation Water scarcity footprint THE LCA FRAMEWORK YOU NEED TO KNOW ISO NORMS 14 040 + 14 044 (2006) FOR LCA Goal and scope The functional unit The system boundaries Goal and scope definition Inventory analysis Tools and software Inventory data and databases Impact assessment The synthetic nature of impact assessment Avoiding tradeoffs (e.g., single indicator) Life cycle inventory Interpretation Numbers are not enough Life cycle impact assessment AXA IM - RESTRICTED Interpretation 1. Data quality 2. Uncertainty of Methods 3. Regionalization 4. Other issues not accounted WHAT ARE THE DEBATES AROUND LCA TODAY ? 1. Inaccuracy or unavailability of data contributing to inaccuracy of the analysis (data from generic processes may be based on averages, unrepresentative sampling, or outdated results) 2. Uncertainty of impact methods 3. Many impact categories requiring regional differentiation for LCA (regionally explicit life cycle inventory data for emissions, water consumption, and land use, etc.) 4. Some social or environmental impacts not taken into account in LCA AXA IM - RESTRICTED 1. Data quality 2. Uncertainty of Methods 3. Regionalization 1. DATA UNCERTAINTY DATA All data collected has an uncertainty related to the measurement or collection methods used. This may be known (conventional analysis methods have a known uncertainty) but for many data it cannot be defined with precision. AXA IM - RESTRICTED 4. Other issues not accounted 1. Data quality 2. Uncertainty of Methods 3. Regionalization 1. DATA QUALITY DATA DATABASE PROCESSES Databases are built with primary data which has its own uncertainty. In addition, the fact of using a nonspecific process systematically generates a deviation from reality. AXA IM - RESTRICTED 4. Other issues not accounted 1. Data quality 2. Uncertainty of Methods 3. Regionalization 2. DATA UNCERTAINTY DATA DATABASE PROCESSES IMPACT METHODS Impact methods use statistical models to define the fate of different substances. The use of mathematical models implies necessarily deviations from what is observed. The precision of the impact methods varies from one issue to another. AXA IM - RESTRICTED 4. Other issues not accounted 1. Data quality 2. Uncertainty of Methods 3. Regionalization 4. Other issues not accounted 3. REGIONALIZATION Concentration in PM2.5 Eutrophication The consequences of pollution will not be the same depending on the baseline pollution and the type of impacts. However LCA struggles to take this into account. AXA IM - RESTRICTED 1. Data quality 2. Uncertainty of Methods 3. Regionalization 4. Other issues not accounted 4. SOME LIMITS OF LCA Some phenomena poorly evaluated in LCA external negative impacts THERMAL POLLUTION NUTRITION external positive impacts NOISE POLLUTION PLASTIC POLLUTION OVEREXPLOITATION POACHING AXA IM - RESTRICTED ALTERNATIVE AGRICULTURE …VERS UNE PRISE EN COMPTE EXHAUSTIVE DE LA DOUBLE MATÉRIALITÉ ENVIRONNEMENTALE DANS LA DÉCISION D’INVESTISSEMENT EXEMPLES D’ENJEUX IMPACTS ENVIRONNEMENTAUX NON PRIS EN ENVIRONNEMENTAUX COMPTE RISQUES FINANCIERS Perte de pollinisateurs ✓ ✓ Déforestation ✓ ? Surpêche ✓ ✓ Destruction des habitats marins ✓ ? Destruction des habitats d’écosystèmes d’eau douce ✓ ? Stress hydrique / Déplétion des ressources hydriques ✓ ✓ Prolifération d’espèces invasives ✓ ? AXA IM - RESTRICTED DÉFINITION DE L’EMPREINTE CARBONE ▪ Une empreinte carbone d'entreprise est un calcul des émissions de Gaz à Effet de Serre (GES) d'une entreprise sur l'ensemble de sa chaîne de valeur au cours d'un exercice comptable complet. ▪ Il existe 6 types de GES différents. Le plus connu est le CO2. Les autres émissions de GES sont traduites en kg d'émissions équivalent CO2 pour faciliter le bilan et la communication. ▪ L'ensemble de la chaîne de valeur d'une entreprise comprend les émissions directes, les émissions en amont et les émissions en aval. Activités Amont Société déclarante AXA IM - RESTRICTED Activités Aval DÉPLACEMENTS PROFESSIONNELS PÉRIMÈTRE CONSIDÉRÉ Scope 2 Scope 1 DÉPLACEMENTS DOMICILE-TRAVAIL DÉCHETS BIENS MIS EN LOCATION TRANSPORT Amont TRANSPORT ET DISTRIBUTION COMBUSTIBLES ET CONSOMMATION D’ÉNERGIE VÉHICULES ET INFRASTRUCTURES PROPRES ÉLECTRICITÉ, CHALEUR, FROID ET VAPEUR ACHETÉS Légende: Greenhouse Gas Protocol Objet de l’étude Scope 3 BIENS D’ÉQUIPEMENTS TRANSFORMATION DES PRODUITS VENDUS UTILISATION DES PRODUITS VENDUS APPROVISIONNEMENT EN BIENS ET SERVICES INVESTISSEMENTS Non prioritaire, non couvert par cette étude TRAITEMENT DE FIN DE VIE FRANCHISES AXA IM - RESTRICTED ACTIFS LOUÉS WHY THIS REPORT? Rationale & Context The regulatory context: • • European level : Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (regulatory technical standards to be published by 30th December 2020) French level : Art.29 of 2019 Energy & Climate Law (formerly Art.173-VI of the 2015 Energy Transition for Green Growth Act (implementation decree to be published by 31st December 2020) Why? Increase transparency on the range of methods available to investors to measure the alignment of their portfolios with lowcarbon trajectories or temperature goal -> direct use for the Climate Transparency Hub Who? Decision-makers that wish to get a good understanding of temperature alignment assessments and how they are built; and practioners that wish to get an in-depth technical understanding of the options available in building such a methodology. What? Study, analyze and compare methods and frameworks available today to investors who wish to measure the alignment of their investment portfolio with a temperature trajectory, and more particularly translate and express the degree of alignment of their portfolio in an implied temperature rise (ITR) metric. AXA IM - RESTRICTED CONTENT & RESULTS OF THE REPORT Definition of Temperature Alignment Methodologies in the Report Eleven methods were tested in this report on two indices, the Euronext LC100 and the SBF 120, in two different years, 2018 and 2019. The methodologies included in the test were selected based on their: 1. Availability at present or shortly (road-test stage); 2. Applicability at the level of an investment portfolio; 3. Comparison with trajectory and/or implied temperature rise indicator and; 4. Accessibility to all investors on a free-of-charge or paid-basis. Participating organizations: • • • • • Arabesque S-Ray Temperature Score Carbon4 Finance Temperature CDP-WWF Temperature Rating EcoAct ClimFIT Temperature Urgentem • • • • • • I Care & Consult SB2A ISS-ESG Climate scenario analysis Right. based on science S&P Trucost SDA-GEVA 2° Investing Initiative PACTA NEC metric Key messages: 1. 2. 3. 4. More of an art than a science (at the moment); A wide range of methods are used by investors and data providers, and can yield widely different results for the same portfolio; Careful with the Implied Temperature Rise metric! This type of assessments is not an end or sufficient in themselves. AXA IM - RESTRICTED MANY PERMUTATIONS OF THE SAME RECIPE Non-Exhaustive List of Questions Existing Methods Answer to How does the current Scope 1 and 2 GHGs emission intensity (per revenue) of the companies in my portfolio compare with what it should be in 2030 and 2050 under different sector-scope specific temperature trajectories? What is the temperature trajectory of a portfolio based on its constituents’ current and future climate performance (scope 1, 2 and 3, avoided emissions and forward-looking qualitative data), as measured by a score? Have the companies in my portfolio set ambitious-enough Scope 1, 2 and 3 targets and to what degree do they translate, based on sector and scope-specific precautionary temperature benchmarks derived from IPCC? Is my portfolio invested in companies that decarbonize at a sufficiently fast rate, over 2012 and 2025 (T+5), based on companies’ targets, assets’ investment and retirement plans and sub-industry historical trend extrapolation? Is my portfolio invested in companies with a low Scope 1, 2 or 3 intensity per unit of production, that have historically decarbonized at a fast-enough rate, and that have set ambitious-enough targets sufficient to be considered 2°C aligned, cumulatively, over 2010-2050, compared to its company-scope specific benchmarks? Is the Scope 1, 2 and 3 emission intensity of my portfolio sufficiently low to be considered 2°C aligned, cumulatively, over 2018-2050, compared to its sectorscope specific benchmark, when assuming that portfolio emissions grow at the same rate as the IPCC SSP2 scenario ? Are the revealed plans of the companies in my portfolio sufficiently ambitious for my portfolio brown and green technology exposure to be aligned with a 2°C trajectory over 2018-2023 (T+5), compared to its company and technology- specific temperature benchmarks? AXA IM - RESTRICTED TESTING: ANALYSIS OF THE EURONEXT LC100 AND SBF120 Index-Level Results Across the Tested Methodologies AXA IM - RESTRICTED TESTING: ANALYSIS OF THE EURONEXT LC100 AND SBF120 Relationship between Temperature Scores and Science-Based Targets Percentage of companies in the LC100 2019 index with a validated SBTi (yellow) relative to the number of companies that are 2°C or below in each method (authors’ calculations) AXA IM - RESTRICTED 147 AXA IM - RESTRICTED AXA IM - RESTRICTED AXA IM - RESTRICTED AXA IM - RESTRICTED Session 6 : Panorama réglementaire et Taxonomie I. Panorama réglementaire A. Europe B. France I. Zoom sur la Taxonomie A. Définition et implication B. Etude de cas C. Conclusion AXA IM - RESTRICTED I. Panorama réglementaire Vue d’ensemble des principales réglementations en Europe et en France 152 AXA IM - RESTRICTED Principales réglementations SFDR/Disclosure : Niveau européen Taxonomie : Niveau européen Pourquoi ? Renforcer la transparence des acteurs financiers concernant la gestion des risques ESG et l’impact des produits et des décisions d’investissement des acteurs financiers Pour qui ? Quasi-totalité des institutions financières (hors certaines activités bancaires), dès lors qu’elles gèrent, distribuent ou conseillent des produits financiers Pourquoi ? Etablir un système européen de classification des activités durables, un langage commun introduisant une nomenclature des activités économiques selon leur contribution au changement climatique. Pour qui ? Loi Climat, art 29 : Niveau national Pourquoi ? Clarifier et renforcer le cadre de transparence extra-financière des acteurs de marché, complète le droit européen dans trois domaines clefs complémentaires: le climat, la biodiversité et l'intégration pleine et entière des facteurs ESG dans les dispositifs de gestion des risques, de gouvernance et d'accompagnement de la transition. Pour qui ? L’ensemble des acteurs des marchés financiers (hors certaines activités bancaires) Chevauchement entre les 2 textes AXA IM - RESTRICTED Entités soumises à la directive européenne sur le reporting extra-financier (NFRD) / de durabilité (CSRD) • > 500 employés • Seuils minimums de CA et de bilan selon les pays Panorama réglementaire de la finance durable ►Mars 2018 : Plan d’action de la Commission européenne sur la finance durable ►DG Fisma (stabilité financière et marchés de capitaux) ►3 objectifs ►Réorienter les flux de capitaux vers des investissements durables ; ►Gérer les risques financiers induits par les facteurs ESG ; ►Favoriser la transparence et une vision de long terme ►Juillet 2021 durable : Stratégie renouvelée de la Commission européenne sur la finance ►Agences de notation ►Labels transition et « ESG » ►Moyens de supervision 154 AXA IM - RESTRICTED Panorama réglementaire de la finance durable a) SFDR (Sustainable Financial Disclosure Regulation) • Renforcer les devoirs et responsabilités des investisseurs institutionnels et des gérants en matière de reporting extra-financier par le renforcement de la transparence • S’applique à la quasi-totalité des institutions et conseillers financiers, tant au niveau de l’entité qu’au niveau de leurs produits financiers • Notions-clefs : • Double matérialité : pertinence de l’information divulguée selon une perspective « inside-out » (incidences négatives) et « outside-in » (risques en matière de durabilité) = risques (financiers) induits par des facteurs ESG + impacts de l’entité/produit sur les facteurs ESG • Risque de durabilité : condition environnementale ou sociale d’un investissement qui génère un risque de perte sur celui-ci. • Incidence négative (ou « PAI – Principal Adverse Impact) : impact d’une décision d’investissement sur l’environnement ou sur les aspects sociaux. • Périmètre entité et produit • Inclusion de la quasi-totalité des acteurs financiers 156 AXA IM - RESTRICTED a) SFDR (Sustainable Financial Disclosure Regulation) • Article 3 : Transparency of sustainability risk policies • Article 4 : Transparency of adverse sustainability impacts at entity level • Article 5 : Transparency of remuneration policies in relation to the integration of sustainability risks Information à publier au niveau de l’acteur financier • Article 6 : Transparency of the integration of sustainability risks • Article 7 : Transparency of adverse sustainability impacts at financial product level • Articles 8 et 9 : Transparency of the promotion of E/S characteristics in pre-contractual disclosures / Transparency of sustainable investments in pre-contractual disclosures • Article 10 : Transparency of the promotion of environmental or social characteristics and of sustainable investments on websites • Articles 11 et 12 : Transparency of the promotion of environmental or social characteristics and of sustainable investments in periodic reports / Review of disclosures AXA IM - RESTRICTED Information à divulguer au niveau de chaque fonds a) CSRD (Corporate Sustainability Reporting Directive) AXA IM - RESTRICTED Panorama réglementaire de la finance durable c) “29-LEC” ►Août 2015 : initiative pionnière en matière de reporting de durabilité pour les acteurs des marchés financiers et non financiers ►Les art. "173-IV", "V" et "VI" de la loi relative de transition énergétique pour la croissance verte (LTECV) ►L’art. 173-VI modifie le Code monétaire et financier (art. L. 533-22-1) ►Informations relatives à la prise en compte des critères ESG dans sa politique d'investissement et, le cas échéant, de gestion des risques ►Flexibilité grâce au « Comply or explain » ►Pistes d’amélioration identifiées avec le bilan d’application de 159 l’article 173-VI juin 2019 🡪 6% des entités qui n’appliquent ni n’expliquent AXA IM - RESTRICTED Panorama réglementaire de la finance durable c) “29-LEC” ►Novembre 2019 : Article 29 de la loi énergie-climat ►Complète les dispositions de l'art. 173-VI ; vise également uniquement les acteurs des marchés financiers ►Tient compte des évolutions règlementaires européennes (Règlement « SFDR ») ►Clarifier et renforcer la transparence extra-financière des acteurs de marché. ►Mai 2021 : publication du décret d'application « 29-LEC » (pionnier !) ►Précisions méthodologiques et harmonisation des indicateurs ►Structure « TCFD » ►Ambition renforcée ►Précisions sur la part de données réelles/estimées ; part des encours ►Couverts ►Elargissement thématique 🡪 biodiversité ►Coopération interministérielle (Transition écologique + Finance) AXA IM - RESTRICTED 160 Panorama réglementaire de la finance durable c) “29-LEC” Le décret d’application de l’article 29 de la loi énergie-climat (LEC) a pour objet de clarifier et renforcer la transparence extra-financière des acteurs de marché. Le décret d’application définit les modalités pratiques de l’article 29, et complète le droit européen dans trois domaines clefs complémentaires : • Climat (risques et alignement) • Biodiversité (risques et alignement) • Amélioration continue • Gestion des risques • Part « fossile » 161 AXA IM - RESTRICTED II. Zoom sur la Taxonomie Définition et enjeux 162 AXA IM - RESTRICTED c) La Taxonomie européenne • Contexte : plan d’action (Action n°1) / demande des acteurs financiers / limiter la fragmentation • Classification des activités durables sur le plan environnemental (« langage commun »). • Oblige les acteurs à divulguer la part « verte » de leur activité. ⮚ Réorienter les flux financiers vers des activités durables sur le plan environnemental ⮚ Améliorer la transparence et empêcher le greenwashing ⮚ Classification commune et objective ⮚ Meilleur accès au financement (théorique) • Activité doit contribuer à l’un 6 objectifs environnementaux : 1. Atténuation du changement climatique 2. Adaptation au changement climatique Début d’application au 01/01/22 3. Protection de l’eau et des ressources marines 4. Transition à une économie circulaire 5. Prévention et contrôle de la pollution 6. Protection de la biodiversité et des écosystèmes AXA IM - RESTRICTED Début d’application (envisagée) au 01/01/23 c) La Taxonomie européenne La route est (incroyablement !) longue 2018-2020 • Le Groupe d’Experts Technique (TEG) sur la finance durable • Consultations publiques 2018-2020 DÉFINIR LES CRITÈRES TECHNIQUES ELABORER LA REGLEMENTATION • Institutions européennes • Parlement • Etats-membres • Commission européenne • Trilogues AXA IM - RESTRICTED • Les 3 institutions UE • Consultations publiques 2020-2022 (2023 ?) ADOPTER LA REGLEMENTATIO N ET LES CRITERES 164 c) La Taxonomie européenne Qui est impliqué ? Commission Parlement UE Parlement européen Etats-membres UE Taxinomie Sociétécivile civile Société (ONGs, académiques) Experts techniques AXA IM - RESTRICTED Secteur privé Fédérations et (fédérations, acteurs privés entreprises, institutions financières) 165 c) La Taxonomie européenne Les enjeux : quelles obligations légales ? Pour qui ? Entreprises • > 500 employés (250 dès 2025 ?) • CA (statique), CapEx (dynamique), OpEx • Eligibilité : 2022 ; alignement : 2023 Acteurs financiers (produit) • Produits spécifiques (durables, environnementaux) • Communiquer la part "taxonomique" • 2022 Acteurs financiers (entité) • Banques, assurances, gestionnaire d’actifs • Ratio d’actifs / d’investissements verts (GAR/GIR) • Eligibilité : 2022, 2023 ; alignement : 2024 AXA IM - RESTRICTED 166 c) La Taxonomie européenne APPLICATION POUR LES ENTREPRISES 1) Identification des activités - Identification (codes NACE et description) - Certaines activités ne sont pas identifiées dans le périmètre de certains objectifs 1. Identification des activités 2) Contribution substantielle - Critères d’examen techniques (quanti, quali) - Qualifier la performance environnementale de l’activité économique 2. Contribution substantielle 3) Non préjudice important (« DNSH – Do Not Significant Harm » ) - Pas de dommages aux 5 autres objectifs : réponse par oui/non => si non, activité non durable - Critères d’examen techniques (quanti, quali) 4) Respect des garanties minimales S’assurer du respect des Principes directeurs de l’OCDE, Nations unies, Convention de l’OIT, etc. 5) KPIs Pour chaque objectif environnemental : • % des activités éligibles et alignés en fonction des KPIs suivants : • Chiffre d’affaires • CapEx • OpEx (si pertinent) AXA IM - RESTRICTED 3. « DNSH » 4. Respect des garanties minimales 5. KPIs (éligibilité + alignement) c) La Taxonomie européenne APPLICATION POUR LES ACTEURS FINANCIERS (AU NIVEAU DE L’ENTITE) Calculer les Green Asset / Investment Ratios (GAR) : part des actifs (investissements / financements) associée à des activités