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Carbon Impact Analytics (CIA) is a methodology for assessing the full climate impact of portfolios through bottom-up measurement of greenhouse gas (GHG) emissions directly and indirectly induced and saved.
The method also provides an assessment of the alignment of investor and lender portfolios with a climate-focused strategy.
What’s new?
For readers already familiar with the latest edition of the CIA methodological guide (2018), here are the main changes we’ve made to our methodology:
The WWF published in November 2019 its report Aligning finance for one planet, which offers a conceptual framework in order to assess portfolio contributions to Science-Based Sustainability Targets.
","author":null,"style":null},{"__component":"content.body","id":942,"content":"
The proposed framework suggests a structured approach to help financial regulators and institutions assess both (a) environmental impacts on financial portfolios, i.e. financial risks and (b) financial portfolios’ impacts on the environment*, which can be positive or negative.
The Aligning Finance for One Planet Framework brings together:
• Environmental indicators to evaluate investments’ sustainability levels in absolute terms
• Existing methodologies to assess the environmental impacts of financial portfolios
We are proud that Carbon Impact Analytics, Carbon4 Finance’s methodology to measure the carbon impact of portfolios, is identified for its three levels of assessment (asset, corporate and porfolio level), its application to any sector, and its capacity to include a 2°C scenario.
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"},{"id":282,"number":3,"text":"Ambition to become the first Climate neutral continent, and this by 2050. See https://ec.europa.eu/info/strategy/priorities-2019-2024/european-green-deal/delivering-european-green-deal_en
"},{"id":283,"number":4,"text":""},{"id":284,"number":5,"text":"https://twitter.com/vonderleyen/status/1412410637209280517
"},{"id":285,"number":6,"text":"A Technical Expert Group on sustainable finance (TEG) was mandated as to provide recommendations on EU GBS. These were provided through two reports in 2019 and 2020.
"},{"id":286,"number":7,"text":"Carbone 4, La Taxonomie européenne : pièce centrale de la stratégie réglementaire européenne pour une finance durable, https://www.carbone4.com/analyse-taxonomie-europeenne, July 2021.
"},{"id":287,"number":8,"text":"Do No significant harm.
"},{"id":288,"number":9,"text":"https://ec.europa.eu/sustainable-finance-taxonomy/index.htm
"},{"id":289,"number":10,"text":"Carbon4 Finance, the key to facing the energy transition is Scope 3, http://www.carbon4finance.com/article-scope-3/, July 2021.
"}],"external_authors":[],"body":[{"__component":"content.body","id":953,"content":"The EU Green Bond Standard is a concrete application of the EU taxonomy, but a quantitative assessment of the climate impact remains out of investors’ reach. Carbon4 Finance equips investors with a dedicated measurement tool.
The market for green bonds (GB) has steadily developed over the last few years. In 2020 alone, green bonds’ issuance topped close to USD 300 billion (CBI, 2021[1]). However, its issuance barely represents 4% of the total corporate bond issuance in 2020[2], while the European Commission expects green bonds to become one of the largest sources of green investment as to meet the green investment gap in Europe. Until now, the GB landscape was based on market-defined standards, with a possible lack in transparency, consistency, and credibility for investors. Without a proper bottom-up analysis of climate mitigation contribution, greenwashing hinders the transition to a low-carbon economy. But with the European standard for green bonds, this is about to change.
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/visuel_1_1_768x511.png\")
Carbon4 Finance has for years supported investors with assessing the climate impact of 900+ Green Bonds, evaluating their contribution to climate change mitigation. This new regulatory development lays the foundation for a standardized and more transparent process for green bonds issuance, a much-awaited development.
Green bonds will play a critical role in the decarbonization of all sectors of our economy. However, the definition of “green” activities remains fuzzy, relying on market-defined standards (e.g., Green Bond Principles, Climate Bond Initiative), less comprehensive and ambitious than the European Taxonomy. In July 2021, the renewed European Sustainable Finance strategy introduced a long-awaited green bond framework, called the “EU GBS” – or European Green Bond Standard.
With the European Green Deal[3] and its ambition to reduce EU’s emissions by 55% its emissions by 2030 (compared to 1990 levels)[4], substantial investments are needed in all sectors to reach Europe’s climate commitments. For Ursula Von Der Leyen, the President of the Commission, this framework will “set a “gold standard” for how investors can recognize bonds representing real green investments, to help them make the right choice.”[5]
Following the Technical Expert Group’s recommendations[6], the EU GBS addresses the inherent greenwashing and transparency challenges. It will be a voluntary standard, open to any EU and non-EU issuer. Only green projects (green assets and expenditures – OPEX and CAPEX), which are 100% aligned with the EU Taxonomy requirements would be eligible for obtaining the standard (for more background on the taxonomy, read this insightful analysis by Carbone 4[7]). It is therefore a strong and structuring element towards a standardization of the green bonds market.
This “Gold standard” is broken down into four crucial requirements:
These requirements are a major step forward for improving transparency in the green financing market. This high-quality Green Bond standard will provide investors with the assurance to contribute to the low-carbon transition. However, with the daunting process and significant costs associated with issuing an EU GBS, issuers could believe that the advantages of reaching new investors might not outweigh the related costs.
Carbon4 Finance is a recognized carbon data expert, providing an independent climate impact assessment of green bonds and their contribution to a low-carbon economy. For investors, our green bonds solution is a way to ensure a bottom-up analysis of a bond’s climate impact is conducted.
Through our green bonds offer, we quantify the climate impact of green bonds. We provide induced emissions on Scopes 1&2 but also Scope 3 emissions, which are crucial in tackling the climate crisis (as underlined in our recent article[10]).
In addition to understanding that a particular bond is really green, the Carbon4 Finance’s green bonds methodology provides a concrete quantitative measurement of the degree of contribution, via the avoided emissions. For example, it can be emissions avoided thanks to the use of an entity’s products compared to other products available on the market (e.g., EVs compared to thermal engines, or biofuel compared to conventional fossil fuels). A company avoids emissions if there is a gap between the induced emissions of the company and the reference situation, as illustrated in the figure below
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![\"\"](\"http://www.carbon4finance.com/wp-content/uploads/2021/10/visuel-2-1-987x1024.png\")
Building on the two previous indicators, the Carbon Impact Ratio (CIR) provides information on the carbon impact of a company or portfolio to the energy transition. The CIR is the ratio of emissions savings (avoided emissions) to induced emissions. This indicator represents the capacity of a project to reduce GHG emissions compared to emissions induced by its activity.
Our proprietary methodology is based on project analysis: we review each project financed by a green bond, then results are consolidated at the bond level. We focus on renewable energy projects (both generation and T&D), energy efficiency projects in real estate, and low-carbon transport infrastructures (rail, bus and bike) and offerings (EVs). A transparency score provides information on the level of detail in green Bond reporting documents.
Carbon4 Finance green bonds methodology is a five-steps analyst-driven climate assessment
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/visuel_3_1.png\")
If you would like to know more about our Green Bonds database, please contact our team at contact@carbon4finance.com.
This Green Bond (GB), issued in October 2019, is part of the EIB GB program launched in 2007. Bonds are named Climate Awareness Bonds (CAB). Proceeds of this bond finance projects related to renewables energy, T&D, Sustainable transportation, Building construction & Energy efficiency.
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On October 22nd, Carbon4 Finance organized a webinar on the matter.
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"},{"id":317,"number":3,"text":"Double counting – which takes place when the same amount of GHG emissions is counted more than once in a portfolio/industry – is directly addressed by the CIA methodology. Indeed, it reprocesses the total figure of GHG emissions in each sector by allocating one third of emissions to each of the three main categories of actors in the global economy – energy suppliers (1), companies providing equipment and solutions (2), and energy intensive companies using these equipments and solutions (3). For more information, see this article.
"},{"id":318,"number":4,"text":"http://www.carbone4.com/wp-content/uploads/2019/09/CarbonImpactAnalytics_November18.pdf
"},{"id":319,"number":5,"text":"http://www.carbone4.com/wp-content/uploads/2020/04/Carbone-4-Referentiel-NZI-avril-2020.pdf
"}],"external_authors":[{"id":51,"firstname":"Salomé Guichet","lastname":null,"organisation":"Carbon4 Finance","title":"Carbon data analyst"}],"body":[{"__component":"content.body","id":958,"content":"As financial institutions are seeking to understand the underlying risks and opportunities posed by the low-carbon transition, investment strategies have commonly integrated “Scope 1” emissions, i.e., direct emissions from activities, and “Scope 2” emissions, i.e. indirect emissions from the production of electricity, heat, and steam purchased. In contrast, Scope 3 emissions stemming from the entire value chain (from freight, purchase of raw materials to the use of sold products), have not yet been factored in most low-carbon investment strategies. However, when a company’s carbon footprint excludes Scope 3, it does not allow to properly identify risks and opportunities. With the growing policymakers’ interest for its disclosure and the recent ExxonMobil and Shell cases making the headlines, the integration of Scope 3 is not a “why” question for investors anymore, but rather a “when”.
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If Scope 3 emissionshave gained such attention, it is partly due to its massive downstream impact in the Automotive and the Oil & Gas industries. In the Automotive sector, Scope 3 emissions have a considerable influence, as it accounts for 95% of the total induced emissions. In the Oil & Gas industry, Scope 3 alone represents 85% of emissions [1] of the industry. Shell, for instance, has 90% of its emissions stemming from its supply chain and the use of its products.
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/Example_of_Royal_Dutch_Shell_PLC_white_768x977.png\")
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If investors are willing to gain a holistic picture of a company’s carbon footprint, have a credible impact in the fight against climate change, and properly identify the risks that can arise all along the value chain, leaving Scope 3 emissions aside would mean missing out most of the energy transition case. As the study [2] on consistency corporate carbon emissions data notes, it is “only based on the entire life-cycle emissions, [that] investors can capture the full carbon performance and climate responsibility of an individual asset or investment”.
Beyond investors’ willingness to address climate change, Scope 3 adoption could prevent from severe financial impacts caused by stranded assets. Stranded assets are investments that may suffer unanticipated write-downs, devaluations, or conversions to liabilities. Environmental risk factors that could lead to asset impairment include environmental changes (e.g., natural disasters, global warming), heavier regulation (e.g., move to ban diesel cars in Europe, carbon pricing, carbon bubble), technological advances (e.g., increased cost effectiveness of solar panels or wind farms), or changing social norms (e.g., fossil fuel divestment campaigns, consumer behavior). With the integration of value chain emissions (Scope 3) in investment decision making, investors are taking a forward-thinking approach towards the risks of stranded assets, thus avoiding heavy consequences on financial performances.
One could also argue that there is a possible fiduciary risk when not integrating Scope 3. Indeed, ignoring (the largest) part of a company’s emissions means to deliberately decide not to assess the full consequences of climate risks. As a result, not considering Scope 3 emissions in an investment decision is to turn a blind eye to potential financial outcomes, failing to adequately assess the entire spectrum of risks investors are exposed to.
Although a company is not directly responsible for these indirect emissions per se, it relies on the activities triggering these emissions. If some emissions belonging to the value chain become constrained, it will definitely hinder the operations of the company. Symmetrically, through engaging with suppliers and clients, the company can leverage a positive influence towards the reduction of their own emissions, that will in turn lower the transition risk for the global society. In addition to being the largest component in the GHG emissions bill, Scope 3 emissions reflect how closely intertwined the actors are together.
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/graph_3_scope_3_768x716.png\")
Looking at the graph above [3], it is striking that Scope 3 emissions from Financial Institutions (banks, insurers, asset managers, holdings, etc.) make up most of their overall climate impact. Indeed, their Scope 3 emissions embed the Scope 1&2 and Scope 3 emissions from their portfolio. It gives a clear view that institutions have a direct responsibility towards their financed emissions.
As to accurately calculate the Scope 3 within each sector, Carbon4 Finance data are based on bottom-up analyses, and on physical flows (e.g., number of barrels of oil produced for an oil company) [4]. In the Oil and Gas sector for instance, our team calculates Scope 3 downstream emissions from the combustion of sold products –barrels of oil, or cubic meters of gas. This equips investors with a credible tool to identify high stakes sectors in which supply chain GHG emissions cannot be ignored.
Another key reason for adopting the widespread integration of Scope 3 in investment decisions is to help identify risks and opportunities within each sector individually. As value chain emissions adequately reflect the intertwined links of a company with its environment, it can stand as a lever for investors to further embed climate change mitigation in their investment strategy.
The example of the Energy Equipment sector, as a high contributor to the energy transition, illustrates the value of Scope 3 emissions for investors. TechnipFMC (based in UK) and First Solar Inc (based in the US) are both energy equipment manufacturers, supplying equipment to the Oil & Gas, Electricity Generation and Electricity Transmission & Distribution and Storage industries. While the former offers a portfolio of solutions for the production and transformation of hydrocarbons, the latter provides PV solar energy solutions.
When comparing Scope 1&2 emissions, a traditional investor sticking to these two scopes (and only considering carbon credentials), would have a rather similar investment approach for both companies.
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/test_Comparison_Scope_12_induced_emissions_white_768x822.png\")
![\"\"](\"http://www.carbon4finance.com/wp-content/uploads/2021/07/test-Comparison-Scope-12-induced-emissions-white-957x1024.png\")
Looking at the whole value chain of the two manufacturers, the overall carbon performances completely differ. While TechnipFMC Scope 3 downstream emissions mainly result from the combustion of oil and gas extracted and refined using the company’s products, most of First Solar Scope 3 emissions are limited to the upstream emissions associated with the purchase of raw materials needed to manufacture solar panels. TechnipFMC Scope 3 emissions amount to more than 99% of its total induced emissions, while First Solar Scope 3 emissions are 30 times lower and account for 70% of its total induced emissions.
![\"\"](\"http://www.carbon4finance.com/wp-content/uploads/2021/07/Comparison-Scope-3-induced-emissions-white-1024x1022.png\")
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/Comparison_Scope_3_induced_emissions_white.png\")
This simple case study shows that the traditional focus on Scope 1&2 emissions leads to misleading impact and risk assessments. And this is one of many examples, with similar comparisons existing in the Automotive, aeronautical, or even Agrobusiness sectors. Our platform displays insights over thousands of companies’ carbon performances as we provide Scope 3 emissions data most material to each company’s business.
As mentioned in the Net Zero Initiative Report [5], to contribute to global emissions reduction, Scope 1&2 emissions reduction target alone does not demonstrate a company’s level of understanding of the challenges in the transition to a decarbonized economy. As in most sectors the largest sources of emissions on which an activity depends lie in upstream and downstream Scope 3 emissions, companies should address this by setting ambitious reduction targets across their value chain. As a global response to the climate change crisis is more than necessary, setting Scope 3-related targets are determinant to shift to a low carbon economy, and lower the risk of being out of business should a constraint happen upstream or downstream.
Although the Scope 3 is not yet a broadly integrated criteria, its adoption or inclusion by investors demonstrate their understanding over the risks faced by companies with increasing public scrutiny and rising carbon prices. Not only does it allow to assess the risks, but it also pinpoints the opportunities which arise in the low-carbon transition. Companies with lower Scope 1, 2 and 3 emissions, and with ambitious direct and indirect emissions reduction target, will be considered as real climate leaders.
Our clients provided feedback on the use of Scope 3 emissions in their sustainable investment strategy.
David CZUPRYNA, Head of ESG Development at Candriam
“There is a growing realisation amongst investors that, in order to measure a company’s impact on climate, we need to look at its entire value chain and not just the way it operates. Candriam’s ESG analysis already incorporates Scope 3 data in sectors where such data is the most decisive. However, the number of companies providing systematic and comprehensive Scope 3 data is still just a fraction of those reporting on their Scope 1 & 2. Getting companies to fully disclose Scope 3 would enable investors to also integrate them in their reporting, as will become mandatory in the EU under SFDR level 2 for article 8 & 9 financial products.
Systematic disclose of robust Scope 3 data will provide us, investors, with the breadth and depth of data to fully and genuinely integrate climate risks and opportunities within our models.”
Ladislas SMIA, Head of Sustainability Research at Mirova
“The financial sector needs climate data to understand the consequences of climate change on financial performance and to allocate capital towards companies and projects with positive impacts. In both cases, only data that takes into account both positive and negative impacts over the entire life cycle can properly capture the links between the economy and climate. This data exists today. Investors must seize it, to report on their climate performance of course, but above all to integrate it into their investment process.”
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Companies that contribute positively to the climate transition are generally better prepared to face this type of crisis because they position themselves on the most relevant markets and technologies in the long term.
More than ever, going beyond short-term management is becoming a necessity in a world in the midst of physical, economic and regulatory upheavals induced by climate change. Thinking about ruptures is an imperative in the strategic thinking of a company, in order to ensure sustainable performance and resilience of its activity.
The BNP Paribas Easy Low Carbon 100 Europe ETF and its benchmark, the Low Carbon 100 Europe®, have performed very well considering the current health crisis.
"},{"__component":"content.figure","id":66,"title":null,"caption":null,"source":null,"maximum_width":"body_width","image":{"id":2490,"name":"euronext.png","alternativeText":"","caption":"","width":943,"height":468,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_euronext.png","hash":"small_euronext","mime":"image/png","name":"small_euronext.png","path":null,"size":43.64,"width":500,"height":248},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_euronext.png","hash":"medium_euronext","mime":"image/png","name":"medium_euronext.png","path":null,"size":79.2,"width":750,"height":372},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_euronext.png","hash":"thumbnail_euronext","mime":"image/png","name":"thumbnail_euronext.png","path":null,"size":14.85,"width":245,"height":122}},"hash":"euronext","ext":".png","mime":"image/png","size":81.19,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/euronext.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-22T10:18:46.690Z","updated_at":"2021-12-22T10:18:46.704Z"}},{"__component":"content.body","id":962,"content":"These good performances stem from the composition of the benchmark index, the Low Carbon 100 Europe®. The index is made up of 100 very liquid European companies selected according to their environmental approach and based on the Carbon Impact Analytics (CIA) methodology developed by Carbone 4 and the data provided by Carbon4 Finance.
The index is composed of European companies selected as they are considered best placed in relation to the climate issue compared to other companies. Since October 2008 (date of creation of this ETF), the performance of this index has been far superior to that of many European indices which do not have this low carbon filter.
The BNP Paribas Easy Low Carbon 100 Europe ETF stands out with ‘flattering rankings over all periods’, according to Quantalys. Thus, it is part of the first decile of European equity funds over 10 and 3 years, and part of the first quarter over 8 and 5 years. Over the last period, it has beaten its category average by almost 2 points a year. It generally resists downward phases very well, since it also lost only 1.8% in 2011 and 7.6% in 2018. According to Quantalys’ qualitative analysis, it does not show any weakness whatever the market configuration.
Euronext was the first stock exchange operator to launch a pan-European CO2 emission index in 2008, designed specifically with the support of a group of international experts, and in close partnership with NGOs.
Euronext then partnered in 2015 with the firm Carbone4, specializing in low-carbon strategies, to renew the methodology. The latter is based on a more efficient approach to measuring corporate climate performance and offers a unique index solution for investors.
The new version of the index developed with Carbone 4 is based on a more in-depth assessment of the carbon footprint of each company, assessed across the entire value chain. This method has thus made it possible, for the first time, to identify the companies which are making a positive contribution to the climate transition, not only through their operational performance, but also, where appropriate, thanks to the products sold to their customers. Finally, the selection of companies in the index also takes into account the level of emissions avoided thanks to their efforts to innovate products and services.
Several years before the requests of the European Commission on the construction of Climate indices (Climate Transition Benchmark, CTB) and indices “aligned” with the Paris Agreement (Paris-Aligned Benchmark, PAB), the Low Carbon index 100 Europe® was the first in the world built to reflect an investment trajectory compatible with the 2 degrees pathway. It therefore allows investors to already benefit from a very good track record compared to the new indices launched recently. The conformity of the Low Carbon 100 Europe® index with the latest TEG and PAB aligned recommendations will therefore be formalized in the coming weeks.
Drawing on this experience, Carbon4 Finance aims to build numerous climate indices for the new CTB and PAB ranges using its own data.
Launched in 2016, Carbon4 Finance brings to the financial sector the expertise of the consulting firm Carbone 4, which since 2007 has provided services in carbon accounting, scenario analysis and advice in all economic sectors.
Carbon4 Finance offers a complete set of climate risk analyses:
https://cdn.greenpeace.fr/site/uploads/2022/11/Rapport-Greenpeace_Bilan-carbone-Total_VDEF.pdf
"},{"id":384,"number":2,"text":"Les activités peuvent être considérées comme non significatives et être exclues de la comptabilité de l’entreprise si la quantité d’émissions est très faible par rapport aux autres sources d'émissions et/ou si l'exclusion de l'activité ne compromet pas la pertinence de l'inventaire déclaré
"},{"id":385,"number":3,"text":"Le plastique ne subit pas le même sort que la combustion de l’énergie en fin de cycle mais doit être traité comme un déchet (ex : incinération, enfouissement)
"},{"id":386,"number":4,"text":"“reporting emissions from fuel purchased for resale to non-end users is optional” - GHG Protocol Corporate Standard guidance
"},{"id":387,"number":5,"text":"https://www.ipieca.org/
"},{"id":388,"number":6,"text":"https://www.ipieca.org/resources/good-practice/estimating-petroleum-industry-value-chain-scope-3-greenhouse-gas-emissions-overview-of-methodologies/
"},{"id":389,"number":7,"text":"On parle de Scope 3 pour les émissions indirectes et de la Catégorie 11 pour l’utilisation des produits vendus
"},{"id":390,"number":8,"text":"Une différence significative d’émissions directes est également présente : 46 MtCO2e pour TotalEnergies contre 161 pour Greenpeace. Cette différence est intégrée dans les 25%.
"},{"id":391,"number":9,"text":"Carbon4 Finance agit comme un bureau de recherche qui produit des données environnementales à destination des acteurs financiers. Dans ce cadre, sont compilées ou calculées les émissions de gaz à effet de serre des entreprises cotées. Grâce à la méthodologie Carbon Impact Analytics, Carbon4 finance documente un “ordre de mérite” intrasectoriel des entreprises au regard des enjeux climatiques.
"},{"id":392,"number":10,"text":"https://www.carbon4finance.com/publication-the-oil-industry
"}],"external_authors":[{"id":67,"firstname":"Alexandre","lastname":"Joly","organisation":"Carbone 4","title":null}],"body":[{"__component":"content.body","id":1068,"content":"Le rapport de Greenpeace “Bilan Carbone de TotalEnergies : le compte n’y est pas”[1] publié en novembre dernier interroge fortement la comptabilité carbone de TotalEnergies. En effet, l’ONG évalue l’empreinte carbone de TotalEnergies autour de 1 650 MtCO2e, soit près de 4 fois plus que les chiffres déclarés par l’entreprise pour ses activités en 2019.
Comment expliquer une telle différence ?
Le périmètre très différent de comptabilité des émissions indirectes explique l’écart de chiffres entre ceux avancés par TotalEnergies et par Greenpeace : 75% de l’écart provient de la prise en compte des activités de trading ; 25% de toutes les émissions indirectes restantes. Même si compter 100% des émissions associées aux activités de trading peut se justifier, il est pertinent de les pondérer différemment des activités purement « physiques ». C’est ce que propose la méthodologie de Carbon4 finance en pondérant les émissions des différentes activités au prorata de leur contribution à la valeur ajoutée. Les émissions de trading sont ainsi fortement atténuées.
"},{"__component":"content.body","id":1070,"content":"Pour commencer, rappelons que compter les émissions de gaz à effet de serre d’une entreprise a, entre autres, pour objectif de mesurer l’exposition de sa chaîne de valeur aux énergies fossiles, et donc de mettre en lumière une “double matérialité” de ces émissions. C'est-à-dire à la fois une part de responsabilité dans le dérèglement climatique mondial mais aussi un lien de dépendance, facteur de risque dans un monde qui doit réduire drastiquement ses émissions pour respecter l’Accord de Paris.
C’est pour cette raison que le standard international qu’est le GHG Protocol, demande de comptabiliser toutes les sources significatives[2] d’émissions de gaz à effet sur le cycle de vie de l’activité d’une entreprise. Dès lors, il faut compter les émissions directes de l’entreprise (ex : l’énergie consommée dans l’usine ou les bureaux) mais aussi les émissions indirectes amont (ex : extraction et transformation des matières premières) et les émissions indirectes aval (ex : consommation d’énergie des produits vendus).
"},{"__component":"content.figure","id":133,"title":"Principaux postes d’émissions de l’empreinte carbone","caption":"Note : les postes d’émissions suivants ne s’appliquent qu’à des activités très spécifiques et n’ont pas été représentés dans ce schéma : les investissements, les franchises aval et les actifs en leasing amont. L’amont des combustibles n’est pas non plus représenté.","source":null,"maximum_width":"content_width","image":{"id":2766,"name":"graphe1 postes emissions empreinte carbone.png","alternativeText":"","caption":"","width":2090,"height":710,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_graphe1_postes_emissions_empreinte_carbone.png","hash":"large_graphe1_postes_emissions_empreinte_carbone","mime":"image/png","name":"large_graphe1 postes emissions empreinte carbone.png","path":null,"size":144.14,"width":1000,"height":340},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_graphe1_postes_emissions_empreinte_carbone.png","hash":"small_graphe1_postes_emissions_empreinte_carbone","mime":"image/png","name":"small_graphe1 postes emissions empreinte carbone.png","path":null,"size":47.51,"width":500,"height":170},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_graphe1_postes_emissions_empreinte_carbone.png","hash":"medium_graphe1_postes_emissions_empreinte_carbone","mime":"image/png","name":"medium_graphe1 postes emissions empreinte carbone.png","path":null,"size":90.33,"width":750,"height":255},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_graphe1_postes_emissions_empreinte_carbone.png","hash":"thumbnail_graphe1_postes_emissions_empreinte_carbone","mime":"image/png","name":"thumbnail_graphe1 postes emissions empreinte carbone.png","path":null,"size":17.89,"width":245,"height":83}},"hash":"graphe1_postes_emissions_empreinte_carbone","ext":".png","mime":"image/png","size":137.55,"url":"https://carbon4finance.com/files/graphe1_postes_emissions_empreinte_carbone.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2022-12-14T08:21:25.856Z","updated_at":"2022-12-14T08:21:25.864Z"}},{"__component":"content.body","id":1071,"content":"Dans l’industrie pétrogazière, viennent d’abord les émissions liées aux activités “physiques” de l’entreprise : principalement, l’extraction du gaz et du pétrole, son transport, sa transformation (ex : raffinage pour le pétrole), et la combustion du pétrole et du gaz vendu[3]. Certaines entreprises possèdent aussi des activités de trading. Autrement dit, elles vendent et achètent du pétrole et du gaz qu’elles n’ont pas produit. C’est le cas de TotalEnergies.
Dans ce cadre, le GHG Protocol considère différemment les activités de trading et les activités “physiques” de l’entreprise. En effet, est indiqué que le reporting des émissions liées aux activités de trading est optionnel[4] quand celui des activités physiques est obligatoire.
TotalEnergies suit les directives de l’Ipieca[5], association mondiale de l'industrie pétrolière et gazière pour les questions environnementales et sociales, qui sont validées par le GHG Protocol.
La méthodologie[6] proposée par l’Ipieca recommande de reporter, a minima, les émissions indirectes du volume d’énergie le plus important dans sa chaîne de valeur : la quantité d’énergie extraite, la quantité d’énergie transformée (raffinage pour le pétrole, liquéfaction pour le gaz), et la quantité d’énergie vendue. En effet, cela permet d’éviter les doubles-comptages : par exemple, ne pas compter deux fois les émissions de combustion de l’énergie extraite et de cette même énergie quand elle est vendue.
L’Ipieca indique également que le reporting des émissions liées à l’achat et à la vente de combustibles fossiles à des utilisateurs non finaux, soit le trading, est optionnel.
Dans ce cadre, TotalEnergies ne comptabilise pas les émissions liées au trading. Concernant les émissions indirectes de ses activités “physiques” (les émissions générées par d’autres acteurs de sa chaîne de valeur pour permettre la vente de l’ensemble de son pétrole et de son gaz), TotalEnergies ne considère que celles liées à la combustion du pétrole et du gaz[7], en retenant la plus grande quantité d’énergie dans sa chaîne de valeur, à savoir celle correspondant aux ventes de produits pétroliers et gaziers (3,1 Mboe/j), conformément aux recommandations de l’Ipieca. Même si ces émissions de combustion constituent plus de 80% des émissions indirectes “physiques”, les émissions liées à l’achat de produits et de services, au transport ou au traitement de fin de vie des produits vendus comme le plastique restent significatives en valeur absolue et ne sont ainsi pas publiées dans le rapport annuel.
En plus des émissions de combustion du pétrole et du gaz vendu (comptabilisées par TotalEnergies) en utilisant la même méthodologie que celle proposée par l’Ipieca, Greenpeace considère toutes les autres sources d’émissions indirectes (émissions amont du pétrole et du gaz vendu mais non produit, du transport, du traitement de fin de vie des produits vendus, etc.) ainsi que les activités de vente à des tiers, qui s’apparentent à du trading.
Cette différence de périmètre explique l’écart entre les chiffres de TotalEnergies et de Greenpeace : 75% de la différence provient de la prise en compte des activités de trading ; 25% d’un périmètre plus large pour les activités “physiques” avec notamment la prise en compte de toutes les émissions indirectes significatives[8].
Greenpeace met ainsi sur le même plan de responsabilité les activités “physiques” et de trading car “Les émissions de gaz à effet de serre de TotalEnergies sont l’ensemble des émissions auxquelles elle contribue, ou dont elle est responsable”.
Cette dernière interprétation a du sens, dans la mesure où elle qualifie la dépendance aux émissions de gaz à effet de serre d’une entreprise, aussi appelée risque de transition. En revanche, elle manque de nuance car ces deux types d’activités relèvent de logiques physiques et opérationnelles profondément différentes.
Carbon4 Finance[9] capture ces nuances dans sa méthodologie Carbon Impact Analytics. L’approche consiste à pondérer les émissions d’une activité (ex : le trading, l’extraction ou la vente) par sa part de valeur ajoutée dans la chaîne de valeur. Cela offre deux avantages. D’une part, cela permet de comprendre la contribution de chaque activité de l’entreprise à ses émissions, et d’autre part la double matérialité (responsabilité et dépendance) de l’entreprise est mieux représentée car aucune activité n’est ignorée.
A titre d’illustration sur les émissions indirectes liées à la combustion aval du pétrole et du gaz, elles sont calculées de façon intermédiaire sur l’ensemble des postes de la chaîne de valeur : production, trading, transport, raffinage, distribution, stockage, et vente. Les chiffres retenus par Greenpeace sont d'ailleurs en ordre de grandeur similaires à ces calculs intermédiaires utilisés par la méthodologie Carbon Impact Analytics. Ensuite, chaque poste d'émissions est retraité : on module les émissions au prorata de la part de valeur ajoutée de l’activité sous-jacente de l’entreprise au sein de la chaîne de valeur. On obtient alors une contribution représentative des émissions par poste tout en évitant les double-comptes. Les émissions liées à l’activité de trading sont ainsi fortement atténuées.
Cette controverse en témoigne, la comptabilité carbone gagne en importance dans le débat public. Désormais, entreprises, investisseurs, Etats, ONG, toutes les parties prenantes utilisent la même grammaire pour appréhender ces enjeux fondamentaux.
Le premier enjeu est celui de la transparence. Toutes les parties prenantes militent pour que les entreprises communiquent sur leurs activités avec le maximum de précision et de détail. Sur ce plan, les concurrents de TotalEnergies se positionnent encore de diverses manières. D’un côté, ExxonMobil publie de façon très détaillée sa méthodologie de comptabilité des émissions indirectes. De l’autre côté, Shell va beaucoup plus loin que les recommandations de l’Ipieca en publiant 100% de ses émissions liées à la vente de produits dans le cadre de ses activités de trading. Les acteurs de l’industrie pétrogazière ont progressé depuis peu en matière de transparence, mais il existe encore des points d’amélioration comme en atteste la comparaison entre eux.
La disponibilité de chiffres comptables précis, qu’ils soient financiers ou climatiques, n’est que la première partie du travail. Vient ensuite le temps de l’interprétation et du débat pour qualifier le mérite de l’entreprise au regard des enjeux climatiques. C’est bien là le plus important, et il ne faudrait pas que s’instaure un débat technique artificiel sur les périmètres et les ordres de grandeur alors même que les outils communs existent pour s’entendre.
Gardons en tête que compter pour compter n’a aucune utilité. Au-delà de la différence de périmètres qui explique l’écart de chiffres, l’essentiel réside ailleurs. Il s’agit, avant tout, d'adopter une démarche transparente et ambitieuse vis-à-vis du dérèglement climatique. L’Accord de Paris, c’est réduire nos émissions de gaz à effet de serre de -5% par an. Pas de miracle, les énergies fossiles doivent suivre le même chemin. Et le doute est permis pour l’industrie pétrolière comme en témoigne la revue sectorielle de Carbon4 Finance : “The oil industry: is it up to the climate challenge?”[10].
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The European Central Bank (ECB) has added 'nature loss and degradation' to its focus for the next two years, aiming to analyze their connection to climate change and assess economic and financial implications, while also exploring the role of ecosystems.
The Greenfin Label just changed its exclusions criteria and now includes nuclear energy.
Another exception is gas, which benefits from a relaxation of this exclusion, particularly in the areas of transport, distribution, storage and supply services, provided that these activities do not represent more than 30% of the turnover of the companies financed
ESG rating provider regulation
EU agreed on regulating ESG rating providers, requiring authorization and supervision by ESMA. A three-year review is planned to potentially include ESG data providers, aiming to enhance transparency and reliability, requiring disclosure of methodologies.
Investment groups urge EU to delay changes in SFDR. On the 4th of December, the EBAs published in a report their recommendations on updated PAIs in the SFDR.
In that regard, European investment groups advocate delaying changes to the SFDR, cautioning against risks to investor confidence and disclosure reliability, urging coordinated review and holistic reconsideration by the European Commission.
The Nature Restoration law was adopted by the European Parliament. The new law sets the objective of restoring at least 20% of the EU's land and sea areas by 2030 and all the ecosystems that need it by 2050.
EU strict rule on greenwashing
Members of the Parliament agreed on stricter rules to back green claims and labels, and better governance processes for sustainability labels.
The UK's Biodiversity Net Gain legislation, creating the world's first mandatory biodiversity credit market, now applies to small development sites, requiring a 10% net gain in biodiversity achieved through tradeable 'BNG' units.
SBTi announced revisions in its Corporate Net-Zero Standard in 2024, including guidance on scope 3 emissions and extending the use of environmental certificates for abatement for scope 3, though it won't validate carbon credits.
The European Central Bank published a working paper on bank climate commitments, lending, and engagement. Among key findings, the paper finds out that climate-aligned banks, despite increased participation and improved ESG ratings, do not show evidence of divestment from high-emissions sectors compared to non-signers.
On May 6th, the Climate Policy Initiative published a report on Brazilian Sustainable Taxonomy: Inputs for Classifying Land Use Activities. The reports highlights the importance of developing a comprehensive, technically sound Brazilian Sustainable Taxonomy for driving investments aligned with environmental sustainability.
The ESMA published its final report on Greenwashing, following the European Commission’s request for input on “greenwashing risks and the supervision of sustainable finance policies”. The reports contains recommendations for NCAs as well as for the European Commission and actions to be taken by ESMA in order to avoid further greenwashing.
In a statement regarding European Sustainability Reporting Standards (ESRS), the European Securities and Markets Authority (ESMA) emphasized that large public-interest entities will start publishing sustainability statements in 2025 as required by the CSRD. To support this, the ESMA highlighted the importance of establishing strong governance and internal controls, conducting transparent double materiality assessments clearly communicating the use of transitional reliefs.
European banks reported \"very low\" green asset ratios (GAR) in the first year of disclosures, with an average GAR of 2.3%, far below the EBA's 2021 estimate of 7.9%. Barclays highlighted significant data shortcomings impacting comparability, noting that many green assets are excluded from eligibility, skewing the GAR.
According to the Transition Pathway Initiative (TPI) Centre, around 30% of the largest global greenhouse gas emitters have set long-term climate targets aligned with limiting warming to 1.5°C, but none have detailed plans to achieve these goals. While the share of companies with such targets has increased from 7% to 30% since 2020, most lack intermediate targets and actionable strategies.
The UN-convened Net-Zero Asset Owners Alliance (NZAOA) has urged governments to adopt \"systemic\" reforms to limit global warming to 1.5°C, warning that current policies could lead to a 2.4°C–2.6°C temperature rise by century-end. NZAOA calls for reducing demand for oil and gas, increasing clean energy supply, and phasing out fossil fuel subsidies.
The European Central bank (BCE) emphasized that despite progress, the world is failing to meet the Paris Agreement’s goal of limiting warming to 2°C, with projections indicating a 2.9
°C rise if current trends continue. Frank Elderson underlined the need not only for transition investments but also for adaptation to the physical damages caused by climate change.
The European Financial Reporting Advisory Group (EFRAG) released draft guidance to help companies prepare climate transition plans in line with EU regulations. The guidance advises companies on aligning targets with the Paris Agreement’s 1.5°C goal, detailing emissions reduction strategies, and linking plans to investment
The UK government has launched a consultation to assess the value of implementing a Green Taxonomy, aiming to combat greenwashing and support sustainable finance. This follows extensive work initiated in 2021, but questions remain about its prioritization amid the focus on transition finance initiatives.
The ECB published a working paper, Going NUTS: The Regional Impact of Extreme Climate Events Over the Medium Term, analyzing the economic and demographic effects of extreme climate events across 1,160 EU regions. Heatwaves and droughts reduce medium-term output, while the impact of floods depends on regional income levels—high-income regions benefit from reconstruction, but less wealthy areas face lasting losses.
An European Banking Authority (EBA) staff paper evaluates how banks' financing aligns with the Paris Agreement’s target of limiting global warming to well below 2°C. Moving beyond traditional risk assessments, it focuses on banks' contributions to global warming through their corporate lending activities. The analysis finds that the implied temperature rise of non-SME corporate loan portfolios from selected EU banks averages between 3.7°C and 4.1°C — well above the Paris targets.
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This is the only event promoting the French Fintech savoir-faire in Austria and Germany. This presents the opportunity to meet top banks and get to know the local FinTech ecosystem during a tailored-made program between Vienna and Frankfurt! Carbon4 Finance has the honor being part of the French delegation.
","body":"November 5-6 Frankfort ¨November 7-8 Vienna
November 5th ♦ Deutsche Bank Digital Factory
November 6th ♦ TechQuartier
November 7th ♦ Erste Bank
November 8th ♦ Raiffeisen Bank
","contact":null,"start_date":"2021-11-05","start_time":"00:00:00","end_date":"2021-11-08","end_time":"23:30:00","locale":"en","published_at":"2021-12-01T16:57:50.113Z","created_at":"2021-11-30T11:34:12.958Z","updated_at":"2021-12-06T08:46:30.208Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":26,"name":"Find out more on the official website","url":"https://events-export.businessfrance.fr/fintechtour-deat/"}],"featured_image":{"id":2086,"name":"Capture-d%u2019écran-2018-10-01-à-17.19.45.png","alternativeText":"","caption":"","width":968,"height":291,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"small_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"small_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":145.75,"width":500,"height":150},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"medium_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":315.19,"width":750,"height":225},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"thumbnail_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":39.65,"width":245,"height":74}},"hash":"Capture_d_u2019ecran_2018_10_01_a_17_19_45","ext":".png","mime":"image/png","size":453.94,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:30:28.013Z","updated_at":"2021-11-30T11:30:28.031Z"},"download_image":null,"download_file":null}],"news_stories":[{"id":110,"title":"2018 SRI GLOBAL CAPITAL PRIZE: Carbone 4 group praised for its expertise on sustainable bonds evaluation","slug":"2018-sri-global-capital-prize-carbone-4-group-praised-for-its-expertise-on-sustainable-bonds-evaluation","subtitle":null,"body":"Carbone 4 group was awarded the 2018 ‘Most Impressive Environmental Impact Consultant’ Award from Global Capital.
This award, resulting from a vote of investors, banks and issuers of Green & Sustainable Bonds, rewards the work done by Carbone 4 through its consulting activities (impact reportings) and climate ratings (Carbon4 Finance).
Since its creation, Carbone 4 has developed several innovative methods, tools and databases that allow economic players to measure the climate impact of their financing or investments, expressed in terms of avoided emissions or compliance with Paris Agreement’s targets.
Carbon4 Finance’s climate rating teams provide international investors with independent assessments of the climate impact of the green bonds available on the market and provide solutions to calculate the alignment of their portfolios with the Paris Agreement. Investors and institutionnals using Carbon4 Finance datasets now represent € 2.6 trillion in assets under management.
For Alain Grandjean,Chairman of Carbone 4 group, “This is a strong acknowledgment from financial market players who value the innovative and thorough approach implemented by Carbone 4 on climate issues”.
","contact":null,"press_release":true,"publish_at":"2018-09-07T10:00:00.000Z","locale":"en","published_at":"2018-09-07T10:00:00.000Z","created_at":"2021-11-24T15:07:37.224Z","updated_at":"2021-12-16T16:09:25.376Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[],"featured_image":null,"download_image":null,"download_file":null},{"id":111,"title":"Climate impact ratings in the financial sector","slug":"climate-impact-ratings-in-the-financial-sector","subtitle":"Carbon4 Finance helped to elaborate a new rating method for the French corporate and investment bank Natixis.","body":"Natixis just became the first bank to integrate corporate climate impact ratings into capital allocation decisions with a new tool called the “green weighting factor”. Financing deals provided by the bank will now undergo an assessment in order to calculate their potential environmental impacts on the climate.
“It is based on a highly detailed sector-based methodology whereby each financing transaction is assigned an environmental rating on a seven-level color scale ranging from dark brown to dark green. This rating is derived from an assessment of the deal’s climate impact and factors in any significant non-climate-related environmental externalities including water, pollution, waste and biodiversity. The rating applies to either the asset or project being financed, or to the borrower for general purpose financings, whether a corporate or public sector client. Each color corresponds to an adjustment factor that is applied to the risk-weighted assets of each transaction and is used to assess its expected profitability.”
This over a year long project aims to align Natixis’ financing deals with the objectives of the Paris Agreement.
","contact":"alexia.soyeux@carbon4finance.com","press_release":true,"publish_at":"2019-10-01T10:00:00.000Z","locale":"en","published_at":"2019-10-01T10:00:00.000Z","created_at":"2021-11-24T15:10:16.077Z","updated_at":"2021-12-17T16:53:15.120Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":14,"name":"Read the article here","url":"https://pressroom-en.natixis.com/news/natixis-rolls-out-its-green-weighting-factor-and-becomes-the-first-bank-to-actively-manage-its-balance-sheets-climate-impact-2dce-8e037.html"}],"featured_image":{"id":2044,"name":"Natixis-Beyond-Banking.jpg","alternativeText":"","caption":"","width":287,"height":228,"formats":{"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Natixis_Beyond_Banking.jpg","hash":"thumbnail_Natixis_Beyond_Banking","mime":"image/jpeg","name":"thumbnail_Natixis-Beyond-Banking.jpg","path":null,"size":3.19,"width":196,"height":156}},"hash":"Natixis_Beyond_Banking","ext":".jpg","mime":"image/jpeg","size":5.38,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Natixis_Beyond_Banking.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-24T15:10:03.207Z","updated_at":"2021-11-24T15:10:03.249Z"},"download_image":null,"download_file":null},{"id":114,"title":"HSBC Global Asset Management collaborates with Carbon4 Finance to refine its analysis of the climate impact of issuers","slug":"hsbc-global-asset-management-collaborates-with-carbon4-finance-to-refine-its-analysis-of-the-climate-impact-of-issuers","subtitle":null,"body":"Today, the climate impact of companies is assessed through a static indicator: the carbon intensity, which measures, at a given moment, the company’s carbon emissions. To achieve the 2 ° C target of the Paris Climate Agreement, it is also necessary to look at the reality of a company’s strategic and financial commitment to a low carbon transition. The unique metric making possible to quantity this commitment today is the indicator which measures “carbon emission savings”[1] developed by Carbon4 Finance. This is the reason why HSBC Global Asset Management is starting a collaboration with Carbon4 Finance to refine its analysis of the invested companies regarding their climate trajectory.
“While measuring the carbon footprint is now quite common, measuring the real impact of companies in the medium to long term is proving difficult. However, we believe that the measurement of “avoided carbon emissions” developed by Carbon4 Finance is an excellent way to assess the climate trajectory of companies and that is why we have chosen to integrate it. This new climate metric may over time play a significant role in our overall process of integrating ESG factors, covering all geographies and all asset classes. “explains Xavier Desmadryl, Global Head of ESG Research & PRI, at HSBC Global Asset Management
Marie-Anne Vincent, Head of Business Development at Carbon4 Finance, says: “Identifying the real actors towards a low-carbon economy is a key challenge for all investors and we are proud to have been chosen by HSBC Global Asset Management in this initiative, that we hope is illustrative of a new way to manage investments.”
What are ‘carbon emission savings’ and why are they so important to consider?
In order to evaluate the alignment of a portfolio with the low-carbon transition, it is necessary to look beyond the carbon footprint and identify the opportunities and real actors of the climate transition: for example, by evaluating a company’s capacity to reduce its emissions, by enabling its customers or suppliers to decarbonize theirs, etc.
Carbon4 Finance developed an additional indicator within its transition risk methodology, Carbon Impact Analytics, to calculate the emissions savings (scopes 1, 2 and 3) of a company to steer investments towards solutions for a decarbonized economy.
Jean-Marc Jancovici, one of Carbon4 Finance partners, says: “to appreciate to what extent a company is resilient, or even favoured by, a low carbon transition, calculating avoided emissions is unavoidable”.
A company operating in a highly carbon intensive sector could contribute significantly to decreasing emissions by creating a disruptive product or process. For example, an insulation manufacturer or a bicycle manufacturer can emit a massive volume of greenhouse gas when looking only at the direct emissions, but nevertheless have a very positive contribution to the climate transition over the whole lifetime of their products.
The inclusion of emissions savings is crucial in order to help understand how disruptive a company is, either through more efficient processes, or through low carbon products or services.
Emissions savings are calculated by adding up the “avoided emissions” (comparing the company to the trajectory of its sector) and the “reduced emissions” of a company (comparing the company with itself over 5 years):
The “emission savings” indicator is key to understand the real impact of a company. This indicator is a powerful tool in order to identify the companies that have already entered into the climate transition and to measure the company’s action for the low carbon transition, providing figures that are much more meaningful and tangible than all the companies statements that claim carbon neutrality.
[1] Emissions savings are calculated by adding up the “avoided emissions” (comparing the company to the trajectory of its sector) and the “reduced emissions” of a company (comparing the company with itself over 5 years)
————————————–
Media enquiries to:
| Charles Clarke | +44(0) 207 991 8805 | charleswclarke@hsbc.com |
| Sophie Ricord | +33 1 40 70 33 05 | sophie.ricord@hsbc.fr |
| Alexia Soyeux | +33 1 76 21 10 00 | Alexia.soyeux@carbone4.com |
This press release is produced by HSBC Global Asset Management and Carbon4 Finance
---
The information contained herein is subject to change without notice. All non-authorised reproduction or use of this commentary and analysis will be the responsibility of the user and will be likely to lead to legal proceedings. This press release has no contractual value and is not by any means intended as a solicitation, nor an investment advice for the purchase or sale of any financial instrument in any jurisdiction in which such an offer is not lawful. Tax treatment depends on The individual circumstances of each client and may be subject to change in The future. Capital is not guaranteed. It is important to remember that the value of investments and any income from them can go down as well as up and is not guaranteed.
The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management on the markets, according to the information available to date. They do not constitute any kind of commitment from HSBC Global Asset Management.
Consequently, HSBC Global Asset Management will not be held responsible for any investment or disinvestment decision taken on the basis of the commentary and/or analysis in this document.
All data from HSBC Global Asset Management unless otherwise specified. Any third party information has been obtained from sources we believe to be reliable, but which we have not independently verified.
HSBC Global Asset Management
HSBC Global Asset Management should be referred to in full at all times to avoid confusion with any other financial services firms.
HSBC Global Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Global Asset Management connects HSBC’s clients with investment opportunities around the world through an international network of offices in 25 countries and territories, delivering global capabilities with local market insight. As at 30 June 2020, HSBC Global Asset Management managed assets totalling US$525bn on behalf of its clients. For more information, see www.global.assetmanagement.hsbc.com/
HSBC Global Asset Management is the marketing name for the asset management businesses of HSBC Holdings plc.
——————————————-
The HSBC Group
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,923bn at 30 June 2020, HSBC is one of the world’s largest banking and financial services organisations.
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About Carbon4 Finance
Launched in 2016 and based in Paris, Carbon4 Finance brings to the financial sector the expertise of the consulting firm Carbone 4, which since 2007 has provided services in carbon accounting, scenario analysis and advice in all economic sectors.
Carbon4 Finance offers a complete set of climate data solutions covering both physical risk (CRIS Methodology: Climate Risk Impact Screening) and transition risk (CIA Methodology: Carbon Impact Analytics). These proprietary methodologies allow financial organisations to measure the carbon footprint of their portfolio, assess the alignment with a 2°C-compatible scenario and measure the level of risks that arise from events related to climate change.
Carbon4 Finance applies a rigorous “bottom-up” research-based approach, which means that each asset is analysed individually and in a discriminating manner. For more information, please visit https://carbon4-finance-app-git-trunk-koji-sas.vercel.app/
","contact":"","press_release":true,"publish_at":"2020-10-07T10:00:00.000Z","locale":"en","published_at":"2020-10-07T10:00:00.000Z","created_at":"2021-11-24T15:26:07.523Z","updated_at":"2022-01-12T11:15:53.853Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":16,"name":"Download the press release","url":"http://www.carbon4finance.com/wp-content/uploads/2020/10/HSBC-GAM_C4F-_-Press-release.pdf"}],"featured_image":null,"download_image":null,"download_file":null},{"id":117,"title":"Carbon4 Finance on tour in London and Dublin with Business France","slug":"carbon4-finance-on-tour-in-london-and-dublin-with-business-france","subtitle":"Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.","body":"
Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.
The tour, which aims to promote solutions provided by French fintech companies in the British and Irish markets, is an opportunity for Carbon4 Finance to present its solutions to banks, insurers, and asset managers.
Carbon4 Finance provides carbon data to enable asset managers, pension funds, banks and index providers to develop and implement investment and financing solutions which are aligned to a 2-degree world.
Our solutions:
For more information, or to meet us, please feel free to reach out : contact@carbon4finance.com
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What exactly is the GreenTech Hub? Find out more on the website
","contact":null,"press_release":null,"publish_at":"2019-01-09T11:00:00.000Z","locale":"en","published_at":"2019-01-09T11:00:00.000Z","created_at":"2021-11-30T11:37:04.363Z","updated_at":"2021-12-17T16:50:51.983Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":27,"name":"What exactly is the GreenTech Hub? Find out more on the website","url":"https://techquartier.com/greentechhub/"}],"featured_image":{"id":2087,"name":"GreenTech-Hub-carbon-4-600x286.png","alternativeText":"","caption":"","width":600,"height":286,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_Green_Tech_Hub_carbon_4_600x286.png","hash":"small_Green_Tech_Hub_carbon_4_600x286","mime":"image/png","name":"small_GreenTech-Hub-carbon-4-600x286.png","path":null,"size":330.97,"width":500,"height":238},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Green_Tech_Hub_carbon_4_600x286.png","hash":"thumbnail_Green_Tech_Hub_carbon_4_600x286","mime":"image/png","name":"thumbnail_GreenTech-Hub-carbon-4-600x286.png","path":null,"size":84.36,"width":245,"height":117}},"hash":"Green_Tech_Hub_carbon_4_600x286","ext":".png","mime":"image/png","size":350.3,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Green_Tech_Hub_carbon_4_600x286.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:37:00.737Z","updated_at":"2021-11-30T11:37:00.750Z"},"download_image":null,"download_file":null},{"id":119,"title":"Latest collaboration","slug":"latest-collaboration","subtitle":"January 2020","body":"Carbon4 Finance is proud to start its collaboration with UnipolSai.
UnipolSai Assicurazioni S.p.A. is the insurance company of the Unipol Group, the Italian leader in Non-Life business and motor vehicle TPL in particular.
UnipolSai becomes our first italian client using Carbon Impact Analytics (CIA).
CIA is a methodology for assessing the full climate impact of portfolios through bottom-up measurement of greenhouse gas (GHG) emissions directly and indirectly induced and saved. The method also provides an assessment of the alignment of investor and lender portfolios with a climate-focused strategy.
This methodology can be used to :
Read more about our CIA methodology
","contact":"contact@carbon4finance.com","press_release":null,"publish_at":"2020-01-09T11:00:00.000Z","locale":"en","published_at":"2020-01-09T11:00:00.000Z","created_at":"2021-11-30T11:46:40.765Z","updated_at":"2021-12-21T10:42:03.817Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[],"featured_image":{"id":2088,"name":"UnipolSai.jpg","alternativeText":"","caption":"","width":287,"height":228,"formats":{"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Unipol_Sai.jpg","hash":"thumbnail_Unipol_Sai","mime":"image/jpeg","name":"thumbnail_UnipolSai.jpg","path":null,"size":5.15,"width":196,"height":156}},"hash":"Unipol_Sai","ext":".jpg","mime":"image/jpeg","size":8.16,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Unipol_Sai.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:46:07.368Z","updated_at":"2021-11-30T11:46:07.380Z"},"download_image":null,"download_file":null},{"id":125,"title":"USA & Germany set new ambitious CO2 reduction targets","slug":"usa-and-germany-set-new-ambitious-co2-reduction-targets","subtitle":"USA and Germany have set new ambitious CO2 reduction targets. What are the impacts on Carbon4 Finance’s ratings for these countries ?","body":"USA
With the USA rejoining the Paris Agreement, the country updated its Nationally Determined Contribution (NDC) to hold the global average temperature increase well-below 2°C above pre-industrial levels. After having no set emissions reduction target followed by its withdrawal from the Paris Agreement in 2017, the US has set a rather ambitious target: to reduce its net greenhouse gas (GHG) emissions by 50-52 % below 2005 levels by 2030 and achieve net-zero emissions by 2050, with net GHG emissions including carbon sources as well as sinks, such as sequestration from land use change and forestation. Action to achieve this target include a 100% carbon free electricity sector by 2035, policies to promote “zero emission” passenger vehicles, incentivization of carbon capturing and alternative sources of hydrogen, and investments in reforestation and forest management.
Germany
Meanwhile, Germany’s Constitutional Court ruled Germany’s NDC to be insufficient to hold the increase in global temperature to well-below 2°C above pre-industrial levels. The German government responded to the ruling by announcing to cut GHG emissions by at least 65% below 1990 levels by 2030[2] and achieve net-zero emissions by 2040 (compared to the previous target of a 55% reduction from 1990 to 2030 and net-zero emissions by 2050). The country’s NDC is yet to be updated and details on how this will be achieved are yet to be presented but will surely include similar efforts as in the case of the USA.
Impact on Carbon4 Finance’s overall rating for these countries
These announcements impact the two countries’ Carbon Impact Analytics (CIA) ratings. CIA is a methodology to measure the carbon footprint and assess the contribution to climate change mitigation of companies as well as sovereigns. For sovereigns, the CIA overall rating (ranging from 1 = best to 15 = worst) consists of four indicators:
Thanks to the US’ updated NDC, it significantly improved its climate pledge score from the worst possible to the best possible score, which results in an improved overall rating from and an improved ranking compared to its OECD peers (improving its rank from 31 to 20 of 37 OECD countries) [1]. Considering the more ambitious emission target for Germany, also results in the best possible climate pledge score. However, the update has a less significant impact on the country’s overall rating and none on its ranking among its OECD peers (7 out of 37 before and after the update), as the country did already have a relatively ambitious NDC.
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/index.png\")
There is still work to do:
While the updated emission reduction targets do improve the countries’ overall ratings (and in the case of the US the ranking among other industrialized countries), there is still plenty of room for improvement regarding the other indicators, most notably the dependency on fossil fuels and current performance trend (especially in case of the US).
This becomes clear when comparing the US and Germany to Sweden, a country with a similarly ambitious emission reduction target, and a country that significantly reduced its emissions since its first commitment to the Paris Agreement and is less dependent on fossil fuels. Sweden is currently ranked on top of all OECD countries.
Whether the US and Germany will be able to fulfill their ambitious commitments to mitigate climate change is still in the open, so for now, it remains important to keep track of the countries’ emission evolution and other indicators, namely the current decarbonization trend, the carbon intensity relative to a country’s GDP, and the dependency on fossil fuels. A more detailed view publication on the climate change related performance of counties, based on the CIA methodology is intended to be published at the end of 2021.
Note written by Théophile Anquetin and Paul-Simon Glade, carbon data analysts.
Sources :
[2] https://www.bundesregierung.de/breg-en/issues/climate-action
","contact":null,"press_release":null,"publish_at":"2021-05-12T10:00:00.000Z","locale":"en","published_at":"2021-05-12T10:00:00.000Z","created_at":"2021-11-30T14:21:07.358Z","updated_at":"2021-12-21T09:17:00.902Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[],"featured_image":null,"download_image":null,"download_file":null},{"id":127,"title":"Carbon4 Finance wins the Eagle Alpha ESG Hackathon","slug":"carbon4-finance-wins-the-eagle-alpha-esg-hackathon","subtitle":null,"body":"A few days ago, Carbon4 Finance attended the Eagle Alpha ESG Day US Hackathon, which featured discussions on the 3 misconceptions of ESG – ratings, greenwashing, social washing – by critvocates (critics and advocates) of the corporate and investment industries.
The event gathered about 150 companies worldwide and 15 data providers were challenged to demonstrate the value and accuracy of their calculations.
Carbon4 Finance was thrilled to present its Scope 3 analysis and prove its importance. We were able to take the exemple of Exxon and demonstrate that the Scope 3 carbone emissions count for 85% of the total emissions.
It is absolutely imperative to integrate Scope 3 carbon emissions into a company’s climate performance, in order not to miss the challenges of climate change.
We were also also asked to present the « avoided emissions » indicator, which is currently only provided by Carbon4 Finance. In comparison with a regular sector-specific scenario, this indicator gave a more precise calculation of Toyota’s avoided emissions and proved its added value.
Working within small teams, we were glad to be part of the Ottoquant team (in collaboration with Accern, Axiomatic Data, AZA-Soyul, Covalence, GlobalData, LinkUp and S·Factor) and win the ESG Data Hackathon !
Find mot more about the Hackathon : https://eaglealpha.com/virtual-data-conference-may-2021/
Find out more about our solutions : https://www.carbon4finance.com/
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Carbon4 Finance welcomes the opportunity to provide feedback on the Securities and Exchange Commission’s (SEC’s) request for public input on climate-related financial disclosures. As specialists in the low-carbon transition, we applaud SEC’s growing interest for climate change-related challenges, and we strongly support the development of sustainability disclosures to equip investors in their investment decisions.
Greenhouse gases emissions linked to human activity will induce a climate change that experts agree will have major consequences on our economy and society. Knowledge of exposure to these risks but also to potential opportunities related to climate change is therefore an issue at stake for investors, for the future of financial performances and its preservation.
It is undeniable that climate change poses a systemic risk to financial investments. Investors need to assess and monitor physical risks and transition risks, and the assessment and measure of these risks are based on company disclosures. Back in 2015, the landmark Paris Climate Agreement identified and encouraged ESG disclosures as a key tool to support the low-carbon transition.
In this context, reliable disclosures of risks, financial impacts, and opportunities related to climate change is crucial as to inform investors for decision-making purposes. Climate change mandatory reporting provides an initial quantitative assessment of each company’s climate data and its related challenges, an understanding of their carbon performances related to benchmarks, and whether they are aligned with international objectives in the fight against climate change. A real-world example comes from France, where the implementation of climate change reporting for large companies provided investors with the tools to activate financing towards companies tackling climate change. It is therefore key for investors, regulators and data providers to access differentiating data as to understand a company’s awareness of its climate change impact. With future sustainable disclosures from the SEC, investors will own the appropriate tool to become actor in the climate transition.
Created in 2016, Carbon4 Finance (C4F) provides institutional investors with comprehensive and reliable climate data to assess the climate risks and opportunities of their investment portfolios and build environmental investment strategies. Our clients are asset managers, asset owners, banks and index providers willing to report their climate performances or develop climate investment tools and policies based on custom climate data solutions.
Carbon4 Finance offers a complete analysis of climate risks:
• A bottom-up analysis that goes beyond sectoral analysis, enabling the identification of the climate-related best performing companies within each sector;
• An exhaustive analysis of the carbon footprint, identifying both risks and opportunities, including the calculation of induced emissions and emissions savings (scope 1, 2 and scope 3 emissions upstream and downstream).
Carbon4 Finance climate methodologies build on the 13 years of experience of our consulting entity Carbone 4, in performing life-cycle GHG assessments. These methodologies were designed by consulting engineers, specialized by economic sector. Carbone 4’s co-founder Jean-Marc Jancovici developed the Bilan Carbone® (known as Carbon Footprint) method for the ADEME, reference accounting methodology in France which went on to influence international standards. Carbone 4 strongly contributed to the working group for the ISO 14069 and associated guide which specifies rules for GHG emissions accounting. Carbone 4 was also involved in the Finance for Tomorrow working group to support the construction of the 50 ClimActs launched on the One Planet Summit in December 2017. Finally, Carbon4 Finance is represented among the TEG (Technical Expert Group) of the EU that is establishing EU-wide standards on green taxonomy.
In our recent reports on the Oil & Gas1 and Power2 sectors, Carbon4 Finance analyzed companies’ degree of exposure to transition risk, observed the historical trends of their absolute emissions (Scope 1, 2 and 3), and assessed the strategies activated to align with the global objective of decarbonizing the economy. These results where collected based on CIA (Carbon Impact Analytics)3 analysis campaigns conducted in 2020 and measured the exposure of companies to transition risk via an overall rating (from A+ to E-) and various sectoral indicators. We believe these results may guide the Commission in assessing the materiality of climate-related disclosures related to the Oil & Gas and Power sectors. Those reports are enclosed to this Public Consultation feedback.
Besides climate data, Carbon4 Finance together with CDC Biodiversité (French actor on biodiversity protection), will launch the Biodiversity Impact Analytics (BIA) Database powered by the GBS®. Combining experiences on climate data and biodiversity footprint methodology, this database will allow investors to assess the impact on biodiversity of their portfolio with a large coverage in terms of assets and markets.
As providers of climate risk data for the financial sector, we welcome the opportunity to provide our input on the selected questions below.
Question 1
How can the Commission best regulate, monitor, review, and guide climate change disclosures in order to provide more consistent, comparable, and reliable information for investors while also providing greater clarity to registrants as to what is expected of them? Where and how should such disclosures be provided? Should any such disclosures be included in annual reports, other periodic filings, or otherwise be furnished?
We strongly support the Commission’s willingness to enhance reporting guidelines as to provide more consistent, comparable and reliable information for investors. As we mentioned earlier, investors need to access actionable climate data, as climate change poses a systemic risk to financial investments.
Question 2
What information related to climate risks can be quantified and measured? How are markets currently using quantified information? Are there specific metrics on which all registrants should report (such as, for example, scopes 1, 2, and 3 greenhouse gas emissions, and greenhouse gas reduction goals)? What quantified and measured information or metrics should be disclosed because it may be material to an investment or voting decision? Should disclosures be tiered or scaled based on the size and/or type of registrant)? If so, how? Should disclosures be phased in over time? If so, how? How are markets evaluating and pricing externalities of contributions to climate change? Do climate change related impacts affect the cost of capital, and if so, how and in what ways? How have registrants or investors analyzed risks and costs associated with climate change? What are registrants doing internally to evaluate or project climate scenarios, and what information from or about such internal evaluations should be disclosed to investors to inform investment and voting decisions? How does the absence or presence of robust carbon markets impact firms’ analysis of the risks and costs associated with climate change?
In accordance with Marc Carney’s discourse on the “Tragedy of the horizon”, three main climate risks categories are identified: transition risks, physical risks and liability risks. In terms of disclosure, we believe both transition and physical risks should be evaluated by the Commission.
Climate transition risks are the risks involved with the adjustment process towards a low carbon economy (regulatory development, technological breakthrough, etc.). As to enable an energy transition, it is necessary to shift away from carbon-intensive investments and to mitigate climate change. Beyond the carbon footprint, it is essential to consider the capacity of a company to contribute to the energy and climate transition.
We identify several metrics which registrants should report on as to enable investors embedding transition risks in their investment strategy.
First, reporting should contain induced emissions, comprising the Scope 1, Scope 2 and Scope 3 emissions most material to their activities, by business segment. All scopes’ consistency should be transparent, and calculation methodology should be subject to comprehensive explanations. Historical data should be reported as to comprehend the registrant’s ability to reduce its emissions over time. As activity data is key as to back up the emissions reported by companies, physical data on energy consumption would provide higher granularity and consistency of data.
Focusing on emissions savings, it is a climate metric which we believe the Commission should carefully assess, as it helps investors to steer investments towards solutions for a decarbonized economy. Today, the climate impact of companies is assessed through a static indicator: the carbon intensity, which measures, at a given moment, a company’s carbon emissions. To achieve the 2° C target of the Paris Climate Agreement, it is also necessary to look at the reality of a company’s strategic and financial commitment to a low carbon transition. A metric providing the means to quantity this commitment is the “carbon emission savings” indicator, which was developed by Carbon4 Finance, and successfully applied by investors, i.e., our clients, in their sustainable investment strategy.
Emissions savings are calculated by adding up the “avoided emissions” (comparing the company to the trajectory of its sector) and the “reduced emissions” of a company (comparing the company with itself over 5 years):
•avoided emissions are the emissions that are avoided by the company’s products and services; they are calculated by comparing the emissions with a sectorial baseline scenario (i.e. an IEA scenario 2°), or with the substitution by low-carbon solutions. A company avoids emissions if there is a positive gain between the induced emissions of the company on the one hand, and the baseline sectoral emissions scenario on the other hand.
•reduced emissions are the volume of emissions lowered through a process efficiency over time: an emission reduction is a real decrease of the company’s carbon intensity over 5 years.
The “emission savings” indicator is key to understand the real impact of a company. This indicator is a powerful tool as to identify companies that have already entered the climate transition and to measure the companies’ action for the low carbon transition, providing figures that are more meaningful and tangible than all the companies statements that claim carbon neutrality.
While induced and emissions savings can be used to report on a company’s current performance, it is important to have a forward-looking view of the company. Extra-financial disclosures should contain the detailed climate change mitigation strategy of the registrants, with targeted emissions reduction as well as the intermediary actions to achieve the target(s). In accordance with the Paris Climate Agreement, a strategy towards a 2° aligned economy should be set out. Governance and oversight of climate change-related challenges should also be disclosed as to ensure management is involved in the monitoring of the climate change forward-looking strategy. We will further tackle this point in the Question 8.
Lastly, as to demonstrate companies’ willingness to shift their business towards climate change mitigation, they should disclose their investment and R&D in low-carbon projects. It is indeed by reporting low-carbon investments that companies show investors they are equipped with the necessary resources as to mitigate the climate transition risks. Investors need to ensure that issuers align consistent resources as to tackle climate risks.
The other category of risk which should be addressed in companies’ disclosures, are the physical risks. It represents the exposure and vulnerability of registrants to physical consequences of climate change (see our CRIS Methodology4).
To enable investors to understand and manage company risks and to engage in dialogue with registrants, companies should identify in their reporting acute and chronic climate hazards as well as adaptation strategies to withstand these risks.
Registrants should disclose the geographical area of their activities, and the location of assets in sectors most affected to physical risks. This would provide investors with accurate data as to identify the companies most subject to natural disasters.
Question 4
What are the advantages and disadvantages of establishing different climate change reporting standards for different industries, such as the financial sector, oil and gas, transportation, etc.? How should any such industry-focused standards be developed and implemented?
The challenges arising from climate change vary by economic sector, both in terms of levers for reducing emissions and in terms of innovations. Roughly 80% of worldwide GHG emissions are generated by some sectors, on which climate disclosure efforts should be prioritized.
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/SEC_1.png\")
We recommend the SEC to concentrate its efforts on assets that have a material impact on the carbon performance of investee companies.
Carbon4 Finance develops sector-specific indicators and calculation modules to factor in the specificities of each sector. This in-depth assessment of the portfolio constituents covers all operating segments and is based on several operational and company-specific data: production volumes (tons of steel, MWh per source, etc.), production or sales locations, energy efficiency of the process, sources of supply, etc. This operational data is collected from various reports made publicly available by the company (annual, CSR and ESG reports). The disclosure of these consistent, comparable, and reliable data would inform investors on the most material risks to consider for each sector.
The graph below, retrieved from our database, illustrates the breakdown of induced Scope 1&2 and Scope 3 emissions by sector, for the S&P 500 index. It shows that the Commission should first tackle the industries which have a stronger impact on climate change via their Scope 1&2, and Scope 3 emissions.
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/Breakdown_of_induced_Scope_1_and_2_and_Scope_3_emissions_by_sector.png\")
Question 8
How, if at all, should registrants disclose their internal governance and oversight of climate-related issues? For example, what are the advantages and disadvantages of requiring disclosure concerning the connection between executive or employee compensation and climate change risks and impacts?
As governance on climate change is crucial as to monitor the achievement of related targets, registrants should clearly and transparently define the bodies in charge of tackling climate change starting from the highest-level positions in the management (including the Executive Committee). Companies should define the Board-level oversight and responsibility over carbon performances. Governance on climate change is key for investors as to verify the consistency of reported quantitative data on transition and physical risks. An appropriate governance strengthens a registrant’s capability to address this challenge.
Additionally, registrants should disclose if any (financial) incentives linked to the achievement of climate change-related metrics are provided by the management. With that disclosed information, investors would understand if the achievement of the climate change mitigation strategy is more likely to succeed.
As to raise awareness of individuals within issuers’ entity, disclosure on whether the company encourage employees to pay attention to climate change or provide trainings on that matter should be provided.
Question 14
What climate-related information is available with respect to private companies, and how should the Commission’s rules address private companies’ climate disclosures, such as through exempt offerings, or its oversight of certain investment advisers and funds?
The Commission should address private companies’ disclosures by integrating induced emissions (Scopes 1&2 and Scope 3) as a mandatory metric. Without activity and emissions data, it prevents investors from making an initial quantitative screening on carbon performances, major orders of magnitudes and the associated climate risks as to understand their origin (sector, activities, value chain, location, etc.).
Both private and public companies should be actors in the fight against climate change, which should be demonstrated by appropriate climate change disclosures.
Footnotes
Depuis six ans, les équipes de LITA.co militent pour une finance durable et citoyenne à travers l’investissement. Aujourd’hui, elles vont plus loin en lançant Rift, l’application qui permet à chacun de découvrir l’impact de son épargne et dont Carbon4 Finance est fier d’être partenaire !
Projet ambitieux, Rift est pourtant né d’un point de départ simple : la finance est une boîte noire. Pourtant notre argent, et plus particulièrement notre épargne, ne dort jamais. L’heure est désormais à la transparence !
L’idée de l’application : permettre au plus grand nombre de comprendre ce qui est financé avec leur épargne et voir quels en sont les impacts environnementaux et sociétaux. Mais c’est aussi un outil pour s’informer sur la finance pour pouvoir agir pour une transformation d’un secteur dont l’opacité actuelle ne permettra aucune transition.
Carbon4 Finance a participé à cette initiative en mettant à disposition ses données pour calculer l’empreinte carbone de l’épargne.
À retrouver sur App Store et Google Play.
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En 2020, Carbon4 Finance a continué de se développer et de proposer ses données pour les mettre au service d’un monde financier aligné avec les accords de Paris.
L’année a été marquée par :
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Une publication choc – “L’industrie pétrolière : à la hauteur des enjeux climatiques ?”
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Dans le cadre de sa campagne d’analyse du secteur pétrolier selon la méthodologie Carbon Impact Analytics (CIA), Carbon4 Finance a pu établir le classement des entreprises de l’industrie pétrolière selon leur degré d’exposition au risque de transition, mais aussi observer les tendances historiques de leurs émissions absolues (Scope 1, 2 et 3), et évaluer les stratégies mises en place pour s’aligner avec les objectifs de décarbonation de l’économie mondiale.
Cette note synthétise les résultats de la campagne d’analyse CIA menée des mois de juin à septembre 2020 sur un échantillon d’une centaine d’entreprises de l’industrie pétrolière et gazière. La méthode CIA vise à mesurer l’exposition des entreprises au risque de transition via une note globale (de A+ à E-) et différents indicateurs sectoriels.
Cette publication est la première d’une série d’analyses des acteurs de différents secteurs !
De nouveaux partenariats
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Des collaborations et partage de données pour la rédaction de publications
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En décembre 2015, après d’intenses négociations sur la reconnaissance des responsabilités de chacun et le partage des efforts à consentir, les États adoptaient l’accord de Paris. À la clé, une feuille de route et un engagement commun à tout faire pour limiter le réchauffement à 1,5 °C. Cinq ans plus tard, la France accumule les retards à l’allumage et ne parvient pas à respecter les objectifs, pourtant limités, de sa « Stratégie nationale bas carbone ». Un échec que l’exécutif aime expliquer par le défaut d’acceptabilité sociale de la transition écologique, et qui s’est notamment traduit par le gel de la taxe carbone consécutif au mouvement des gilets jaunes.
Après avoir proposé d’assujettir les grandes entreprises à l’accord de Paris en régulant leurs dividendes dans le cadre du plan de relance, Greenpeace interroge la responsabilité des ménages à travers l’empreinte carbone de leur patrimoine financier et leur contribution à l’effort, au moment où débute l’examen du projet de loi de finances pour 2021. Les lois de finances successives sont en effet le principal levier pour construire les bases du consentement social à un nouveau projet de société.
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/Banques_4_degres_600x851.png\")
Le rapport intitulé « Banques : des engagements climat à prendre au 4ème degré » lève le voile sur l’empreinte carbone colossale des banques françaises en analysant les émissions de gaz à effet de serre issues des activités de financement et d’investissement des six principales banques françaises, et en leur attribuant une « température ».
Le rapport révèle ainsi que l’empreinte carbone de ces 6 banques françaises (BNP Paribas, Crédit Agricole, Société Générale, Banque Populaire Caisse d’Epargne, Crédit Mutuel et la Banque Postale)
-représente près de 8 fois les émissions de gaz à effet de serre de la France entière
-nous amène vers une trajectoire à + de 4°C.
Des collaborations et partage de données pour des projets innovants
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/Rift_600x333.png\")
Carbon4 Finance est fier d’avoir participé au projet Rift, l’application qui permet à chacun de découvrir l’impact de son épargne. Projet ambitieux, Rift est pourtant né d’un point de départ simple : la finance est une boîte noire. Pourtant notre argent, et plus particulièrement notre épargne, ne dort jamais. L’heure est désormais à la transparence !
L’idée de l’application : permettre au plus grand nombre de comprendre ce qui est financé avec leur épargne et voir quels en sont les impacts environnementaux et sociétaux. Mais c’est aussi un outil pour s’informer sur la finance pour pouvoir agir pour une transformation d’un secteur dont l’opacité actuelle ne permettra aucune transition.
Des webinaires pour sensibiliser et rendre les enjeux accessibles à tous
![\"\"](\"http://www.carbon4finance.com/wp-content/uploads/2021/01/Capture-d’écran-2021-01-10-à-21.39.41-300x150.png\")
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The Covid-19 crisis and its multiple and cascading worldwide impacts warns us that we are definitely not prepared for the unexpected.
Regarding climate change, we are aware that the world will face brutal consequences in the near future. We need to address climate action urgently, by reducing massively CO2 emissions and by anticipating both physical climate risks and transition risks.
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/Capture_d_ecran_2021_01_10_a_21_40_43_1.png\")
Marie-Anne Vincent (Head of Business Development), Jean-Yves Willmotte (Manager) and Florian Gallo (Consultant Senior) took part in the IIF ESG Webinar Series, to talk about climate data and the methodologies that are commonly used to assess institutions’ carbon footprint, and to take action.
![](\"https://strapipreprod.s3.eu-west-3.amazonaws.com/webinair_C4_F_HSBC.png\")
HSBC Global Asset Management et Carbon4 Finance ont présenté le nouvel indicateur climatique développé par Carbon4 Finance lors d’un webinar le 3 novembre 2020 : les “émissions économisées”.
Les émissions économisées correspondent à la sommes des émissions évitées et des émissions réduites et quantifient ce que les clients d’un produit ou service vont émettre en moins par rapport à un scénario de référence. Le plus souvent cela correspondra à la différence entre émissions après et avant achat.
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A l’occasion du salon Patrimonia, Marie-Anne Vincent, (Head of Business Development) a parlé de l’importance, pour faire face au changement climatique, de proposer aux investisseurs financiers de nouveaux indicateurs qui leurs permettent de faire les bons investissements pour aligner leurs portefeuilles avec les accords de Paris.
","contact":null,"press_release":null,"publish_at":"2021-01-11T11:00:00.000Z","locale":"en","published_at":"2021-01-11T11:00:00.000Z","created_at":"2021-12-16T11:09:34.039Z","updated_at":"2021-12-21T10:38:02.913Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[],"featured_image":null,"download_image":null,"download_file":null},{"id":153,"title":"Carbon4 Finance selected by the Eurosystem to supply climate-change related investment data","slug":"eurosystem-climate-related-data-provider","subtitle":null,"body":"Carbon4 Finance, a leading provider of climate- and biodiversity-related data for the financial community, announced today that it was chosen through a competitive selection process by Deutsche Bundesbank acting on behalf of all ESCB (European System of Central Banks) central banks for the supply, usage and disclosure of sustainable and responsible investment (SRI) data. Within this framework agreement, all central banks of the ESCB like the European Central Bank (ECB) and each of the 19 National Central Banks of the euro area forming the Eurosystem, are now given the opportunity to use Carbon4 Finance comprehensive data.
A key step in bringing to life the common stance adopted by the Eurosystem on climate-change
The assignment of Carbon4 Finance follows the announcement in 2021 of a common approach by the Eurosystem Central Banks to apply sustainable and responsible investment principles in the euro-denominated non-monetary policy portfolios[1] that they each manage under their own responsibility. Within this common stance, the Eurosystem aims to start climate-related disclosures beginning of 2023 including the measurement and disclosure of greenhouse gas (GHG) emissions and other SRI metrics of these portfolios consistent with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and potentially other portfolios in the future. By improving the awareness and understanding of climate-related risks, the common endeavor will help all Eurosystem members to contribute to the transition to a low-carbon economy and to EU climate goals.
Carbon4 Finance data enables to assess exposure of central banks assets
Carbone4 Finance provides data covering both physical risks caused by global warming and transition risks supported by assets as the world shifts to a low-carbon economy. It comprises data and/or methodologies on Scope 1, Scope 2 and Scope 3 GHG emissions, GHG intensity data, avoided emissions and forward-looking elements. These data allow to follow main economic sectors and issuer-types with data relating to securities/asset classes such as sovereign and sub-sovereign bonds, supranational and agency bonds, corporate bonds, covered bonds, green bonds and equity. Carbon4 Finance has a worldwide coverage with more than 124,000 ISINs and 8,000 entities.
A framework contract signed with Deutsche Bundesbank
Deutsche Bundesbank, which acted as Lead Central Bank during the procurement process entered into a contract with Carbon4 Finance and will be one of the first central banks that will obtain the data from Carbon4 Finance. All other ESCB central banks have the opportunity to join this framework agreement for using climate-related data from Carbon4 Finance for regulatory tasks and activities being necessary for the performance of its missions and responsibilities.
“The availability of comprehensive, consistent and timely data is the key to everything we do,” says Sabine Mauderer, the member of the Bundesbank’s Executive Board responsible for markets. “The better the data situation, the more targeted our actions can be.”
“From the very beginning, Carbon4 Finance's strategy has been to produce data that allow corporates, asset managers, banks to understand how the underlying assets in their portfolios are exposed to the risks of climate change, but also how they can contribute to the transition to a low carbon world. We follow rigorous scientific criteria and approaches, stemming from the Carbone 4 group's extensive experience in strategic consultancy and proven expertise in delivering leading-edge methodologies. At a time when the IPCC warns of irreversible impacts of global warming and increasing business and societal disruption, with an urgent call to action to the business community, we are delighted to see that the Eurosystem embraces this point of view.” said the partners of Carbone 4.
“Climate change is a challenge not just to the global economy and the societies but also to the financial system. To support the finance sector in rapidly and massively addressing climate issues, our mission is to provide financial institutions with relevant data to help them better integrate related risks in their portfolio strategy as well as in their reporting. We are happy to have been selected by the Deutsche Bundesbank as Lead Central Bank in this procurement procedure on behalf of the whole ESCB/Eurosystem. Our strong methodologies and data quality on transition and physical risks as well as our team expertise on the different sectors and on the different assets and green bonds were instrumental for this recognition.” added the partners..
The three partners of Carbone 4 are Alain Grandjean, Jean-Marc Jancovici and Laurent Morel.
[1] Euro-denominated non-monetary policy portfolios contain the assets held by Eurosystem central banks that are not related to monetary policy operations. They include euro-denominated investment portfolios and staff pension funds.
About Carbon4 Finance
Carbon4 Finance is part of Carbone 4, a Paris-based group comprising the first independent consultancy firm specialized in low-carbon strategy and adaptation to climate change.
Created in 2016, Carbon4 Finance provides institutional investors with comprehensive and reliable climate, carbon, and biodiversity data, in order to assess the risks and opportunities of their investment portfolios and build environmental investment strategies. Its clients are asset managers, asset owners, banks and index providers willing to report their climate and environmental performances or develop investment tools and policies based on custom data solutions.
Carbon4 Finance offers a complete analysis of climate and environmental risks:
• Carbon Impact Analytics (CIA) offers a bottom-up analysis that goes beyond sectoral analysis, enabling the identification of the climate-related best performing companies within each sector; it provides an exhaustive analysis of the carbon footprint, identifying both risks and opportunities, including the calculation of induced emissions and emissions savings (scope 1, 2 and scope 3 emissions upstream and downstream).
• Climate Risk Impact Screening (CRIS) is a method developed for financial service providers to assess the exposure of their asset portfolio to physical risks (heat waves, droughts, sea level rise, storms …) CRIS provides indicators that allow us to obtain several levels of detail on physical risks: from an overall assessment for reporting purposes to a detailed assessment to engage with underlying companies.
• Launched in 2021, Biodiversity Impact Analytics Database powered by the GBS® (BIA-GBS) is an integrated impact database that provides an overall and integrated vision of the biodiversity footprint at the issuer and portfolio level, considering the full value chains of the underlying companies.
For more information, visit www.carbon4finance.com
Media contact:
Alexia Soyeux - Communication and marketing manager
+ 33 1 1 76 21 10 00
Isabelle Laurent - OPRG Financial
+ 33 6 42 37 54 17
isabelle.laurent@oprgfinancial.fr
Victor Morelle - OmnicomPRGroup
+ 33 6 18 83 59 55
victor.morelle@omnicomprgroup.com
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Join us on October 5 at 4PM for the panel discussion during the event #BuildingBridges22, that aims to contribute to a more #sustainable #future and to the fair and just transition of our economies.
Our event will explore the crucial role the finance industry may play in making capital available for the energy transition with Virginie Wauquiez and Melissa Evelyne PEREZ from Carbon4 Finance, Peter Michaelis from Liontrust Asset Management PLC, Catharina Hillenbrand from Carbon Tracker, and Damien Contamin, CIIA, CFA ESG from BCGE - Banque Cantonale de Genève
Register now
🇲🇽 Exciting News!
We’re proud to announce our partnership with Banco Central de Mexico to support its climate risk integration. As their chosen climate data provider, Carbon4 Finance will deliver advanced analytics, benchmark-alignment analysis, and sectoral insights to enhance climate data for financials.
💡Key contributions:
- High-quality climate data
- Research on sectoral trends
- Science-based methodologies
🗣️“Reliable climate data is essential for informed decisions. This collaboration ensures Banco Central de Mexico has the tools to address climate risks effectively.” – Virginie Wauquiez, General Director, Carbon4 Finance
A major step towards a more sustainable financial system!
The Covid-19 crisis and its multiple and cascading worldwide impacts warns us that we are definitely not prepared for the unexpected.
Regarding climate change, we are aware that the world will face brutal consequences in the near future. We need to address climate action urgently, by reducing massively CO2 emissions and by anticipating both physical climate risks and transition risks.
Such climate risks mean that some sectors will face major shifts in their asset values.
The financial sector, which will be increasingly exposed to those risks, is also on the front line when it comes to tackling climate action and redirect investments.
Therefore, in order to develop a forward looking view or those risks and opportunities, it needs reliable and relevant climate data to integrate transition risks into investment or credit decision-making.
– What are exactly physical and transition climate-related risks?
– How carbon and climate data can help financial actors avoid and prevent those risks?
– What lessons can we learn from the coronavirus crisis for the anticipation of climate change impacts?
We answered those questions during a webinar on May 7th – 4 to 5 PM (UTC+2) with:
Jean-Marc Jancovici, founding partner of Carbone 4 and Carbon4 Finance,
Jean-Yves Wilmotte, leader of the Finance practice at Carbone 4,
and Marie-Anne Vincent, head of business development at Carbon4 Finance
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Marie-Anne Vincent (Head of Business Development), Jean-Yves Willmotte (Manager) and Florian Gallo (Consultant Senior) took part in the IIF ESG Webinar Series, to talk about climate data and the methodologies that are commonly used to assess institutions’ carbon footprint, and to take action.
The IIF ESG Webinar Series is designed to promote understanding of the rapidly evolving landscape for ESG disclosure and to align efforts to measure and track climate finance. During these webinars we looked at key policy and regulatory initiatives, disclosure frameworks like TCFD, SASB and GRI, methodologies for measuring climate risk and portfolio alignment, ESG data providers and new academic research. We also offered case studies from our member firms.
Contenu disponible en français
HSBC Global Asset Management et Carbon4 Finance ont présenté le nouvel indicateur climatique développé par Carbon4 Finance lors d’un webinar le 3 novembre 2020 : les “émissions économisées”.
De quoi s’agit-il ? Les émissions économisées correspondent à la sommes des émissions évitées et des émissions réduites.
Les émissions évitées quantifient ce que les clients d’un produit ou service vont émettre en moins par rapport à un scénario de référence. Le plus souvent cela correspondra à la différence entre émissions après et avant achat. Par exemple, si vous vendez de la laine de verre pour isoler un logement chauffé au gaz ou au fioul, les émissions du logement après achat sont inférieures à celles avant. Ici, les émissions évitées correspondent à la différence sur la durée de vie du produit. Les émissions réduites quant à elles correspondent à l’amélioration de l’efficacité d’un processus de production d’une entreprise sur une période donnée.
Ces émissions économisées illustrent donc l’avantage concurrentiel de l’activité dans un monde où les émissions de CO2 sont globalement contraintes à la baisse.
A l’occasion du lancement de la collaboration entre HSBC Global Asset Management et Carbon4 Finance, Xavier Desmadryl a expliqué comment cet indicateur innovant permet d’affiner l’analyse des entreprises dans lesquelles HSBC investit ou souhaite investir au regard de leur trajectoire climatique.
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Carbon4 Finance was glad to present the building industry’s results.
During this webinar, we presented the Carbon Impact Methodology applied to the real estate and construction sector, and the results of our analyses.
Real estate companies, as financial players, play a key role in the building ecosystem. As such, they are witnesses to the ecological challenges of this sector, but also players in the transition of the building industry.
Worldwide, the building sector (existing buildings and construction combined) consumes 36% of the final energy consumed and emits 37% of the world's CO2 emissions. The transition of the sector is therefore a necessity, which is increasingly reflected in regulations: in France alone, the tertiary sector decree imposes energy savings on part of the existing stock, and the environmental regulation, applied from January 2022, will impose thresholds throughout the life cycle of construction projects.
Real estate companies, as managers of a portfolio but also as property developers, have a major role to play in this transition, especially as their economic weight is considerable.
The webinar was the occasion to understand the stakes of the sector in terms of climate transition, the sector being both a witness and an actor of these stakes.
Watch the replay (in French)
Download the presentation (in French)
Read the publication (in French)
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In January, Carbon4 Finance published a report to summarize the results of the CIA (Carbon Impact Analytics) campaign, to identify the carbon performance and climate transition risk of 95 food and beverage companies.
Together, these companies amount to about 2 000 billion euros in market capitalization, representing approximately half of the sector’s total market capitalization.
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February 15th
Organized by CFA Society France and Natixis, the finance industry's carbon footprint Conference was an opportunity to talk about carbon accounting, and what financial institutions can do regarding the climate issues
A panel of experts discussed the challenges of carbon emissions and how the banking industry could/should take them into account.
The Covid-19 crisis and the Russo-Ukrainian war - and their cascading worldwide impacts - are two of the latest illustration that we are definitely not prepared for the unexpected.
Regarding climate change, we are well aware that the world will face brutal consequences in the near future. The physical impacts have already started to get real, with heat waves, fires, floods, storms and drought now in everyone's mind.
We need to address climate action urgently, by reducing massively CO2 emissions and by anticipating both physical climate risks and transition risks.
Such climate risks mean that some sectors will face major shifts in their asset values.
The financial sector, which will be increasingly exposed to those risks, is also on the front line when it comes to tackling climate action and redirect investments.
Therefore, in order to develop a forward looking view or those risks and opportunities, it needs reliable and relevant climate data to integrate transition risks into investment or credit decision-making.
- What are the key facts and figures to know about climate change?
- What are exactly physical and transition climate-related risks?
- How carbon and climate data can help financial actors understand and prevent those risks?
Join our webinar - October 19th from 10 AM to 12PM
Speakers:
- Jean-Marc Jancovici: founding partner of Carbone 4, he is the lead author of the GHG accounting method, Bilan Carbone. He is a member of the French High Council on Climate.
- Virginie Wauquiez, CEO at Carbon4 Finance, ex-Risk COO Continental Europe at HSBC
- Melissa Perez, Head of Business Development and Sales at. Carbon4 Finance
On May 28, our experts from Carbon4 Finance presented the CIA methodology as part of their latest analytical campaign on the energy sector.
The oil and gas sector, though still central and profitable, is hindering the energy transition by continuing to heavily invest in hydrocarbons, disregarding climate goals. Most companies studied are increasing production, with few concrete commitments to reduce emissions, particularly methane.
Financial actors are urged to support companies genuinely engaged in the energy transition.
Thomas Van Den Plas, Julie Courtehoux and Adriaan Rademaker addressed these issues and introduced the CIA methodology, which they used to identify the companies most committed to climate action.
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This methodology calculates greenhouse gas (GHG) emissions induced by an activity. However, the emissions associated with the banking sector were so far not calculated by this method : the CIA method concentrated on high-stakes sectors – sectors whose activities have a high impact on emissions – and the banking sector was considered as a low-stakes sector, which implied only scopes 1&2 emissions were assessed.
But for the last four years, the finance sector has been getting a lot of attention due to the major role it plays in global warming and the energy transition. Whether it was at the COP21 or through the TCFD (Task Force on Climate-related Financial Disclosures), players in the finance world are becoming much more aware of their exposure to these risks. Thus, it has become a necessity to develop a methodology that calculates emissions associated with banking activities. Even if the banks’ main emission sources were known before this acknowledgment by the financial sector, the lack of data in this field did not allow us to quantify the banks’ emissions with a high degree of accuracy.
As a first step, the method developed below is only being applied to private banks. It will be necessary to carry out further testing to see whether it is possible to use the methodology for the entire financial sector, insurers or international financial institutions for example.
Télécharger la version française
"}],"annex":[],"footnotes":[],"sources_groups":[],"links":[{"id":29,"name":"Download English version","url":"https://carbon4finance.com/files/CIA_methodology_for_banks_EN.pdf"},{"id":30,"name":"Télécharger la version française","url":"https://www.carbon4finance.com/files/Carbon4_Finance_Methodologie_banques_FR.pdf"}],"external_authors":[],"external_contributors":[],"custom_pdf":null,"featured_image":{"id":2497,"name":"jonathan-borba-BjNXpLGnJI0-unsplash.jpg","alternativeText":"","caption":"","width":1920,"height":2880,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash.jpg","hash":"large_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash","mime":"image/jpeg","name":"large_jonathan-borba-BjNXpLGnJI0-unsplash.jpg","path":null,"size":236.38,"width":667,"height":1000},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash.jpg","hash":"small_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash","mime":"image/jpeg","name":"small_jonathan-borba-BjNXpLGnJI0-unsplash.jpg","path":null,"size":54.17,"width":333,"height":500},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash.jpg","hash":"medium_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash","mime":"image/jpeg","name":"medium_jonathan-borba-BjNXpLGnJI0-unsplash.jpg","path":null,"size":131.3,"width":500,"height":750},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash.jpg","hash":"thumbnail_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash","mime":"image/jpeg","name":"thumbnail_jonathan-borba-BjNXpLGnJI0-unsplash.jpg","path":null,"size":5.09,"width":104,"height":156}},"hash":"jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash","ext":".jpg","mime":"image/jpeg","size":1839.86,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-22T10:28:43.536Z","updated_at":"2021-12-22T10:28:43.550Z"},"pdf":{"id":2634,"name":"278-methodology-note-bank-emissions-calculations.pdf","alternativeText":null,"caption":null,"width":null,"height":null,"formats":null,"hash":"278_methodology_note_bank_emissions_calculations","ext":".pdf","mime":"application/pdf","size":1497.15,"url":"https://carbon4finance.com/files/278_methodology_note_bank_emissions_calculations.pdf","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2022-09-08T10:41:41.658Z","updated_at":"2022-09-08T10:41:41.658Z"},"download_image":null,"download_file":null},{"id":281,"title":"The resilience of the Euronext Low Carbon 100® index towards the Coronavirus crisis","slug":"the-resilience-of-the-euronext-low-carbon-100-index-towards-the-coronavirus-crisis","subtitle":null,"contact":"contact@carbon4finance.com","about":null,"publish_at":"2020-05-06T10:00:00.000Z","color":null,"header_style":null,"body_font":null,"locale":"en","published_at":"2020-05-06T10:00:00.000Z","created_at":"2021-11-30T13:25:09.152Z","updated_at":"2025-03-04T09:51:05.555Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"body":[{"__component":"content.body","id":909,"content":"
The Coronavirus crisis has shown in a very material way how the interconnection between extra-financial and financial risks is more decisive than ever to build the next world. In particular the integration of ESG dimensions and climate policies has become both a case for environmental and financial stability. “The authorization for a company to exist in tomorrow’s world will depend on its ability to find a business model compatible with the finite resources of the planet,” said Fabrice Bonnifet, President of the College of Directors of Sustainable Development.
Companies that contribute positively to the climate transition are generally better prepared to face this type of crisis because they position themselves on the most relevant markets and technologies in the long term.
More than ever, going beyond short-term management is becoming a necessity in a world in the midst of physical, economic and regulatory upheavals induced by climate change. Thinking about ruptures is an imperative in the strategic thinking of a company, in order to ensure sustainable performance and resilience of its activity.
"},{"__component":"content.body","id":910,"content":"The BNP Paribas Easy Low Carbon 100 Europe ETF and its benchmark, the Low Carbon 100 Europe®, have performed very well considering the current health crisis.
"},{"__component":"content.figure","id":65,"title":null,"caption":null,"source":null,"maximum_width":"body_width","image":{"id":2091,"name":"graphe.png","alternativeText":"","caption":"","width":943,"height":468,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_graphe.png","hash":"small_graphe","mime":"image/png","name":"small_graphe.png","path":null,"size":47.81,"width":500,"height":248},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_graphe.png","hash":"medium_graphe","mime":"image/png","name":"medium_graphe.png","path":null,"size":86.63,"width":750,"height":372},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_graphe.png","hash":"thumbnail_graphe","mime":"image/png","name":"thumbnail_graphe.png","path":null,"size":16.72,"width":245,"height":122}},"hash":"graphe","ext":".png","mime":"image/png","size":83.71,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/graphe.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T13:09:02.827Z","updated_at":"2021-11-30T13:09:02.838Z"}},{"__component":"content.body","id":911,"content":"These good performances stem from the composition of the benchmark index, the Low Carbon 100 Europe®. The index is made up of 100 very liquid European companies selected according to their environmental approach and based on the Carbon Impact Analytics (CIA) methodology developed by Carbone 4 and the data provided by Carbon4 Finance.
The index is composed of European companies selected as they are considered best placed in relation to the climate issue compared to other companies. Since October 2008 (date of creation of this ETF), the performance of this index has been far superior to that of many European indices which do not have this low carbon filter.
The BNP Paribas Easy Low Carbon 100 Europe ETF stands out with ‘flattering rankings over all periods’, according to Quantalys. Thus, it is part of the first decile of European equity funds over 10 and 3 years, and part of the first quarter over 8 and 5 years. Over the last period, it has beaten its category average by almost 2 points a year. It generally resists downward phases very well, since it also lost only 1.8% in 2011 and 7.6% in 2018. According to Quantalys’ qualitative analysis, it does not show any weakness whatever the market configuration.
Euronext was the first stock exchange operator to launch a pan-European CO2 emission index in 2008, designed specifically with the support of a group of international experts, and in close partnership with NGOs.
Euronext then partnered in 2015 with the firm Carbone4, specializing in low-carbon strategies, to renew the methodology. The latter is based on a more efficient approach to measuring corporate climate performance and offers a unique index solution for investors.
The new version of the index developed with Carbone 4 is based on a more in-depth assessment of the carbon footprint of each company, assessed across the entire value chain. This method has thus made it possible, for the first time, to identify the companies which are making a positive contribution to the climate transition, not only through their operational performance, but also, where appropriate, thanks to the products sold to their customers. Finally, the selection of companies in the index also takes into account the level of emissions avoided thanks to their efforts to innovate products and services.
Several years before the requests of the European Commission on the construction of Climate indices (Climate Transition Benchmark, CTB) and indices “aligned” with the Paris Agreement (Paris-Aligned Benchmark, PAB), the Low Carbon index 100 Europe® was the first in the world built to reflect an investment trajectory compatible with the 2 degrees pathway. It therefore allows investors to already benefit from a very good track record compared to the new indices launched recently. The conformity of the Low Carbon 100 Europe® index with the latest TEG and PAB aligned recommendations will therefore be formalized in the coming weeks.
Drawing on this experience, Carbon4 Finance aims to build numerous climate indices for the new CTB and PAB ranges using its own data.
"},{"__component":"content.body","id":913,"content":"Launched in 2016, Carbon4 Finance brings to the financial sector the expertise of the consulting firm Carbone 4, which since 2007 has provided services in carbon accounting, scenario analysis and advice in all economic sectors.
Carbon4 Finance offers a complete set of climate risk analyses:
This note summarizes the results of the CIA (Carbon Impact Analytics) analysis campaign conducted in the last quarter of 2020 on a sample of 140 listed transport industry companies. The CIA method seeks to measure a company’s exposure to transition risk via an overall rating (from A+ to E-) and different sector indicators. Using our data, we ranked the analyzed companies in the transport sector according to their degree of exposure, but also observed the historical trends of their absolute emissions (Scope 1, 2 and 3), and assessed strategies pursued to align them – or not – with the world economy’s decarbonization targets and reduce their exposure to transition risk. Note that the analyses were mostly conducted based on 2019 data, before the impact of the pandemic.
The transport sector stands out due to the wide range of stakeholders involved: equipment manufacturers, (e.g. car, truck, ship and airplane manufacturers), infrastructure operators, and transport operators. Analysing automotive equipment manufacturers provides a close-up view of the individual behaviour for use of cars (or LDV: Light Duty Vehicle). Contrastingly, analysing transport operators provides a general view of emissions from freight, and then from collective transport, (rail, urban, air).
Download the report in english
"}],"annex":[],"footnotes":[],"sources_groups":[],"links":[{"id":36,"name":"Download the report in english","url":"http://www.carbon4finance.com/wp-content/uploads/2021/09/Carbon-Impact-Analytics-2020-report-on-the-transport-sector-public-1.pdf"},{"id":37,"name":"Download the report in french","url":"http://www.carbon4finance.com/wp-content/uploads/2021/09/Carbon-Impact-Analytics-Bilan-2020-Transports-version-publique-1.pdf"}],"external_authors":[],"external_contributors":[],"custom_pdf":{"id":2403,"name":"Carbon Impact Analytics - 2020 report on the transport sector - public.pdf","alternativeText":"","caption":"","width":null,"height":null,"formats":null,"hash":"Carbon_Impact_Analytics_2020_report_on_the_transport_sector_public","ext":".pdf","mime":"application/pdf","size":3122.83,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Carbon_Impact_Analytics_2020_report_on_the_transport_sector_public.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-17T11:19:45.949Z","updated_at":"2021-12-17T11:19:45.960Z"},"featured_image":{"id":2130,"name":"deniz-altindas-4-KfFh2eIU-unsplash-4-1110x550.jpg","alternativeText":"","caption":"","width":1110,"height":550,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550.jpg","hash":"large_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550","mime":"image/jpeg","name":"large_deniz-altindas-4-KfFh2eIU-unsplash-4-1110x550.jpg","path":null,"size":24,"width":1000,"height":495},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550.jpg","hash":"small_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550","mime":"image/jpeg","name":"small_deniz-altindas-4-KfFh2eIU-unsplash-4-1110x550.jpg","path":null,"size":8.46,"width":500,"height":248},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550.jpg","hash":"medium_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550","mime":"image/jpeg","name":"medium_deniz-altindas-4-KfFh2eIU-unsplash-4-1110x550.jpg","path":null,"size":15.55,"width":750,"height":372},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550.jpg","hash":"thumbnail_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550","mime":"image/jpeg","name":"thumbnail_deniz-altindas-4-KfFh2eIU-unsplash-4-1110x550.jpg","path":null,"size":3.19,"width":245,"height":121}},"hash":"deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550","ext":".jpg","mime":"image/jpeg","size":28.86,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T14:56:15.150Z","updated_at":"2021-11-30T14:56:15.173Z"},"pdf":{"id":2504,"name":"286-2020-report-on-the-transport-sector.pdf","alternativeText":null,"caption":null,"width":null,"height":null,"formats":null,"hash":"286_2020_report_on_the_transport_sector","ext":".pdf","mime":"application/pdf","size":356.83,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/286_2020_report_on_the_transport_sector.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-23T14:21:43.081Z","updated_at":"2021-12-23T14:21:43.081Z"},"download_image":null,"download_file":null},{"id":297,"title":"The oil industry: is it up to the climate challenge?","slug":"publication-the-oil-industry","subtitle":"","contact":"contact@carbon4finance.com","about":null,"publish_at":"2020-12-18T11:00:00.000Z","color":null,"header_style":null,"body_font":null,"locale":"en","published_at":"2020-12-18T11:00:00.000Z","created_at":"2021-12-16T08:26:24.573Z","updated_at":"2022-12-15T14:50:46.514Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"body":[{"__component":"content.body","id":934,"content":"
Using the Carbon Impact Analytics (CIA) methodology, Carbon4 Finance established a ranking of companies within the O&G industry depending on their level of exposure to transition risks. Based on our data and analysis, we observed historical trends in GHG absolute emissions (Scope 1, 2 & 3) and appreciated the strategies implemented to align – or not – with decarbonation objectives for the world economy. This briefing note summarizes the results of the CIA (Carbon Impact Analytics) campaign led between June and September 2020 on a sample of a hundred companies of the Oil & Gas (O&G) industry. The CIA methodology aims at measuring stakeholders’ exposure to transition risks with a rating scheme (from A+ to E-) and sector-specific KPIs. et différents indicateurs sectoriels.
"}],"annex":[],"footnotes":[],"sources_groups":[],"links":[{"id":58,"name":"Télécharger la publication en français","url":"http://www.carbon4finance.com/wp-content/uploads/2020/12/L%E2%80%99industrie-Pe%CC%81trolie%CC%80re-Publication-Carbon4-Finance.pdf"},{"id":59,"name":"Download the publication","url":"https://www.carbon4finance.com/files/The_Oil_Industry_Publication_Carbon4_Finance.pdf"}],"external_authors":[],"external_contributors":[],"custom_pdf":{"id":2511,"name":"The-Oil-Industry-Publication-Carbon4-Finance.pdf","alternativeText":"","caption":"","width":null,"height":null,"formats":null,"hash":"The_Oil_Industry_Publication_Carbon4_Finance","ext":".pdf","mime":"application/pdf","size":3289.17,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/The_Oil_Industry_Publication_Carbon4_Finance.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-23T14:38:01.357Z","updated_at":"2021-12-23T14:38:01.380Z"},"featured_image":{"id":2419,"name":"oilrigflare.jpg","alternativeText":"","caption":"","width":1600,"height":1067,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_oilrigflare.jpg","hash":"large_oilrigflare","mime":"image/jpeg","name":"large_oilrigflare.jpg","path":null,"size":88.64,"width":1000,"height":667},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_oilrigflare.jpg","hash":"small_oilrigflare","mime":"image/jpeg","name":"small_oilrigflare.jpg","path":null,"size":24.95,"width":500,"height":333},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_oilrigflare.jpg","hash":"medium_oilrigflare","mime":"image/jpeg","name":"medium_oilrigflare.jpg","path":null,"size":51.74,"width":750,"height":500},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_oilrigflare.jpg","hash":"thumbnail_oilrigflare","mime":"image/jpeg","name":"thumbnail_oilrigflare.jpg","path":null,"size":6.48,"width":234,"height":156}},"hash":"oilrigflare","ext":".jpg","mime":"image/jpeg","size":211.32,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/oilrigflare.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-17T14:20:07.290Z","updated_at":"2021-12-17T14:20:07.308Z"},"pdf":{"id":2770,"name":"297-publication-the-oil-industry.pdf","alternativeText":null,"caption":null,"width":null,"height":null,"formats":null,"hash":"297_publication_the_oil_industry","ext":".pdf","mime":"application/pdf","size":287.78,"url":"https://carbon4finance.com/files/297_publication_the_oil_industry.pdf","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2022-12-15T14:50:53.950Z","updated_at":"2022-12-15T14:50:53.950Z"},"download_image":null,"download_file":null},{"id":298,"title":"Review of the electricity sector","slug":"publication-electricity-sector-2021","subtitle":null,"contact":"contact@carbon4finance.com","about":null,"publish_at":"2021-04-19T10:00:00.000Z","color":null,"header_style":null,"body_font":null,"locale":"en","published_at":"2021-04-19T10:00:00.000Z","created_at":"2021-12-16T08:27:25.822Z","updated_at":"2022-01-07T09:13:50.787Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"body":[{"__component":"content.body","id":945,"content":"This report summarises the results of an analysis of around 100 companies in the electricity sector. The analyses were carried out using the Carbon Impact Analytics (CIA) method. The CIA methodology aims to measure the companies' exposure to transition risk, with an overall score based on sectoral indicators and ranging from A+ to E-.
Thanks to the data collected and calculated during this campaign, we established the companies' ranking in the electricity sector according to their degree of exposure. We also looked at their ability to minimise this exposure, and assessed the strategies put in place to see whether they are aligned with the decarbonisation objectives of the global economy.
TÉLÉCHARGER LA PUBLICATION EN FRANÇAIS
DOWNLOAD THE PUBLICATION IN ENGLISH
"}],"annex":[],"footnotes":[],"sources_groups":[],"links":[{"id":72,"name":"TÉLÉCHARGER LA PUBLICATION EN FRANÇAIS","url":"http://www.carbon4finance.com/wp-content/uploads/2021/04/Publication-Bilan-Secteur-Electricite-Carbon4Finance.pdf"},{"id":73,"name":"DOWNLOAD THE PUBLICATION IN ENGLISH","url":"http://www.carbon4finance.com/wp-content/uploads/2021/05/EN-Publication-A-Review-of-the-Electricity-Sector-Carbon4finance-1.pdf"}],"external_authors":[],"external_contributors":[],"custom_pdf":{"id":2509,"name":"EN - Publication A Review of the Electricity Sector - Carbon4finance.pdf","alternativeText":"","caption":"","width":null,"height":null,"formats":null,"hash":"EN_Publication_A_Review_of_the_Electricity_Sector_Carbon4finance","ext":".pdf","mime":"application/pdf","size":6203.88,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/EN_Publication_A_Review_of_the_Electricity_Sector_Carbon4finance.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-23T14:31:27.949Z","updated_at":"2021-12-23T14:31:40.057Z"},"featured_image":null,"pdf":{"id":2529,"name":"298-publication-electricity-sector-2021.pdf","alternativeText":null,"caption":null,"width":null,"height":null,"formats":null,"hash":"298_publication_electricity_sector_2021","ext":".pdf","mime":"application/pdf","size":123.42,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/298_publication_electricity_sector_2021.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2022-01-07T09:13:54.903Z","updated_at":"2022-01-07T09:13:54.903Z"},"download_image":null,"download_file":null},{"id":300,"title":"Review of the real estate sector","slug":"publication-real-estate-2021","subtitle":"","contact":"contact@carbon4finance.com","about":null,"publish_at":"2021-11-19T11:00:00.000Z","color":null,"header_style":null,"body_font":null,"locale":"en","published_at":"2021-11-19T11:00:00.000Z","created_at":"2021-12-16T08:28:58.613Z","updated_at":"2022-02-25T15:45:35.053Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"body":[{"__component":"content.body","id":946,"content":"EXECUTIVE SUMMARY
Real estate companies, as financial actors, play a key role in the building ecosystem. As such, they are witnesses to the ecological challenges of this sector, but also players in the transition of the building industry.
Worldwide, the building sector (existing buildings and construction combined) consumes 36% of the final energy consumed and emits 37% of the world's CO2 emissions. The transition of the sector is therefore a necessity, which is increasingly reflected in regulations: in France alone, the tertiary sector decree imposes energy savings on part of the existing stock, and the environmental regulation, applied from January 2022, will impose thresholds throughout the life cycle of construction projects.
Real estate companies, as managers of property assets but also as property developers, have a major role to play in this transition, especially since their economic weight is considerable.
The climate performance of real estate companies as managers is highly dependent on their portfolio of real estate assets. Indeed, the uses of each building, as well as their location, largely determine the performance of real estate companies. However, this should not take the responsibility away from the managers, who can and should activate several levers to reduce the intensity of their portfolio. Real estate companies can act on the energy efficiency of their portfolio (through energy efficiency in use or through renovation), but also on the energy mix used by their buildings.
As for their real estate development activities, real estate companies do not seem to be aware of the major role they could play as project managers. They are not transparent enough about the energy performance of the buildings they promote, nor about the materials and construction methods used in the buildings. Yet builders - and therefore the real estate developers who place the orders - can act as levers of transition in the three dimensions of reducing induced emissions, increasing emissions avoided by customers and sequestering emissions.
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"}],"annex":[],"footnotes":[],"sources_groups":[],"links":[{"id":74,"name":"Télécharger la publication","url":"http://www.carbon4finance.com/wp-content/uploads/2021/12/Publication-Real-Estate-Carbon4-Finance.pdf"}],"external_authors":[],"external_contributors":[],"custom_pdf":{"id":2397,"name":"Publication Real Estate - Carbon4 Finance.pdf","alternativeText":"","caption":"","width":null,"height":null,"formats":null,"hash":"Publication_Real_Estate_Carbon4_Finance","ext":".pdf","mime":"application/pdf","size":4097.56,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Publication_Real_Estate_Carbon4_Finance.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-17T11:07:16.016Z","updated_at":"2021-12-17T11:07:16.029Z"},"featured_image":{"id":2148,"name":"joel-filipe-RFDP7_80v5A-unsplash-1-1110x550.jpg","alternativeText":"","caption":"","width":1110,"height":550,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_joel_filipe_RFDP_7_80v5_A_unsplash_1_1110x550.jpg","hash":"large_joel_filipe_RFDP_7_80v5_A_unsplash_1_1110x550","mime":"image/jpeg","name":"large_joel-filipe-RFDP7_80v5A-unsplash-1-1110x550.jpg","path":null,"size":52.41,"width":1000,"height":495},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_joel_filipe_RFDP_7_80v5_A_unsplash_1_1110x550.jpg","hash":"small_joel_filipe_RFDP_7_80v5_A_unsplash_1_1110x550","mime":"image/jpeg","name":"small_joel-filipe-RFDP7_80v5A-unsplash-1-1110x550.jpg","path":null,"size":16.7,"width":500,"height":248},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_joel_filipe_RFDP_7_80v5_A_unsplash_1_1110x550.jpg","hash":"medium_joel_filipe_RFDP_7_80v5_A_unsplash_1_1110x550","mime":"image/jpeg","name":"medium_joel-filipe-RFDP7_80v5A-unsplash-1-1110x550.jpg","path":null,"size":33.22,"width":750,"height":372},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_joel_filipe_RFDP_7_80v5_A_unsplash_1_1110x550.jpg","hash":"thumbnail_joel_filipe_RFDP_7_80v5_A_unsplash_1_1110x550","mime":"image/jpeg","name":"thumbnail_joel-filipe-RFDP7_80v5A-unsplash-1-1110x550.jpg","path":null,"size":5.61,"width":245,"height":121}},"hash":"joel_filipe_RFDP_7_80v5_A_unsplash_1_1110x550","ext":".jpg","mime":"image/jpeg","size":62.78,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/joel_filipe_RFDP_7_80v5_A_unsplash_1_1110x550.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T15:24:36.843Z","updated_at":"2021-11-30T15:24:36.858Z"},"pdf":{"id":2566,"name":"300-publication-real-estate-2021.pdf","alternativeText":null,"caption":null,"width":null,"height":null,"formats":null,"hash":"300_publication_real_estate_2021","ext":".pdf","mime":"application/pdf","size":167.91,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/300_publication_real_estate_2021.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2022-02-25T15:45:44.398Z","updated_at":"2022-02-25T15:45:44.398Z"},"download_image":null,"download_file":null},{"id":301,"title":"Rapport Oxfam ","slug":"rapport-oxfam-banques","subtitle":"Banques : des engagements climat à prendre à prendre au 4ème degré”","contact":"contact@carbon4finance.com","about":null,"publish_at":"2021-11-01T11:00:00.000Z","color":null,"header_style":null,"body_font":null,"locale":"en","published_at":"2021-11-01T11:00:00.000Z","created_at":"2021-12-16T08:30:37.295Z","updated_at":"2022-01-07T15:13:15.588Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"body":[{"__component":"content.body","id":938,"content":"Oxfam publie un nouveau rapport intitulé « Banques : des engagements climat à prendre au 4ème degré » et lève le voile sur l’empreinte carbone colossale des banques françaises en analysant les émissions de gaz à effet de serre issues des activités de financement et d’investissement des six principales banques françaises, et en leur attribuant une « température ».
Le rapport révèle ainsi que l’empreinte carbone de ces 6 banques françaises (BNP Paribas, Crédit Agricole, Société Générale, Banque Populaire Caisse d’Epargne, Crédit Mutuel et la Banque Postale)
En savoir plus sur la méthodologie de Carbon4 Finance
"}],"annex":[],"footnotes":[],"sources_groups":[],"links":[{"id":63,"name":"Découvrir le rapport","url":"https://www.oxfamfrance.org/rapports/banques-des-engagements-climat-a-prendre-au-4eme-degre/"},{"id":64,"name":"En savoir plus sur la méthodologie de Carbon4 Finance","url":"https://www.oxfamfrance.org/wp-content/uploads/2020/10/Methodologie-complete-Carbon4Finance.pdf"}],"external_authors":[],"external_contributors":[],"custom_pdf":null,"featured_image":{"id":471,"name":"annie-spratt-b0XSjnITSoA-unsplash.jpg","alternativeText":null,"caption":null,"width":2807,"height":1741,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_annie_spratt_b0_X_Sjn_IT_So_A_unsplash.jpg","hash":"large_annie_spratt_b0_X_Sjn_IT_So_A_unsplash","mime":"image/jpeg","name":"large_annie-spratt-b0XSjnITSoA-unsplash.jpg","path":null,"size":52.97,"width":1000,"height":620},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_annie_spratt_b0_X_Sjn_IT_So_A_unsplash.jpg","hash":"small_annie_spratt_b0_X_Sjn_IT_So_A_unsplash","mime":"image/jpeg","name":"small_annie-spratt-b0XSjnITSoA-unsplash.jpg","path":null,"size":15.28,"width":500,"height":310},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_annie_spratt_b0_X_Sjn_IT_So_A_unsplash.jpg","hash":"medium_annie_spratt_b0_X_Sjn_IT_So_A_unsplash","mime":"image/jpeg","name":"medium_annie-spratt-b0XSjnITSoA-unsplash.jpg","path":null,"size":30.98,"width":750,"height":465},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_annie_spratt_b0_X_Sjn_IT_So_A_unsplash.jpg","hash":"thumbnail_annie_spratt_b0_X_Sjn_IT_So_A_unsplash","mime":"image/jpeg","name":"thumbnail_annie-spratt-b0XSjnITSoA-unsplash.jpg","path":null,"size":5.41,"width":245,"height":152}},"hash":"annie_spratt_b0_X_Sjn_IT_So_A_unsplash","ext":".jpg","mime":"image/jpeg","size":547.83,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/annie_spratt_b0_X_Sjn_IT_So_A_unsplash.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-07-09T16:01:07.493Z","updated_at":"2021-07-09T16:01:07.493Z"},"pdf":{"id":2538,"name":"301-rapport-oxfam-banques.pdf","alternativeText":null,"caption":null,"width":null,"height":null,"formats":null,"hash":"301_rapport_oxfam_banques","ext":".pdf","mime":"application/pdf","size":406.86,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/301_rapport_oxfam_banques.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2022-01-07T15:13:32.494Z","updated_at":"2022-01-11T17:56:42.882Z"},"download_image":null,"download_file":null},{"id":306,"title":"2020 report on the food & beverage sector","slug":"publication-food-and-beverage-2022","subtitle":null,"contact":null,"about":null,"publish_at":"2022-01-13T10:00:00.000Z","color":"darkblue","header_style":"split_vertical","body_font":null,"locale":"en","published_at":"2022-01-13T10:00:00.000Z","created_at":"2022-01-13T10:13:31.162Z","updated_at":"2022-06-07T13:26:32.572Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"body":[{"__component":"content.body","id":971,"content":"The food and beverage sector (including pre- and post-production activities) is one of the most emissive economic sectors, as it is responsible for about a third of total anthropogenic emissions, while agriculture alone produced more than 18% of global emissions in 2016. This report summarizes the results of the CIA (Carbon Impact Analytics) campaign, to identify the carbon performance and climate transition risk of 95 food and beverage companies. Together, these companies amount to about 2 000 billion euros in market capitalization, representing approximately half of the sector’s total market capitalization.
Download the report in english
Ce rapport synthétise les résultats de la campagne d’analyse de la performance carbone des entreprises du secteur des Technologies de l’Information et de la Communication, réalisée en appliquant la méthodologie de Carbon4 Finance, nommée Carbon Impact Analytics, de juin à août 2021.
L’origine anthropique du changement climatique faisant consensus dans la communauté scientifique[2] la réduction les émissions mondiales de gaz à effet de serre (GES) pour limiter le réchauffement de la planète est une nécessité. Les actions à mener sont d’autant plus pressantes que les effets du changement climatiques sont déjà perceptibles[3], avec des projections de température atteignant des paliers plus tôt que prévu[4]. Il est donc urgent d'œuvrer pour une transition efficace vers une économie peu émissive en carbone, avec des trajectoires de réduction des émissions dans tous les secteurs. Le secteur numérique, qui représente une part non marginale et toujours croissante des émissions mondiales de GES (3,5% des émissions mondiales de GES en 2019, soit plus que les voyages en avion dans le monde[5] avec un taux d'augmentation de +8%/an[6]), devient un secteur à fort enjeu dans cette transition, dont il faut déterminer la place et rôle.
"},{"__component":"content.figure","id":227,"title":"Figure 1 - Ordres de grandeur des émissions du numérique[7][8]","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2837,"name":"ICT00.png","alternativeText":"","caption":"","width":1888,"height":643,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_ICT_00.png","hash":"large_ICT_00","mime":"image/png","name":"large_ICT00.png","path":null,"size":96.97,"width":1000,"height":341},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_00.png","hash":"small_ICT_00","mime":"image/png","name":"small_ICT00.png","path":null,"size":37.34,"width":500,"height":170},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_00.png","hash":"medium_ICT_00","mime":"image/png","name":"medium_ICT00.png","path":null,"size":64.66,"width":750,"height":255},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_00.png","hash":"thumbnail_ICT_00","mime":"image/png","name":"thumbnail_ICT00.png","path":null,"size":14.48,"width":245,"height":83}},"hash":"ICT_00","ext":".png","mime":"image/png","size":167.2,"url":"https://carbon4finance.com/files/ICT_00.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-02T14:14:00.907Z","updated_at":"2023-05-02T14:14:00.982Z"}},{"__component":"content.body","id":1183,"content":"Les entreprises du secteur des Technologies de l'Information et des Communications (TIC) ont longtemps été perçues comme des entreprises non polluantes, car la nature digitale de leurs produits et services les dissociait en apparence de la consommation de ressources physiques nécessaires au maintien de leur activité. En d'autres termes, la numérisation permet de remplacer des produits physiques – papier – par des produits « immatériels » (des données sur un écran), créant ainsi l'illusion d'une production sans ressources. Par exemple, alors que l'on pensait faire de économies de matières en remplaçant les lettres papier par des courriers électroniques, il s’avère que la réalité est plus complexe[9]. En effet, le numérique s'appuie sur un système physique :
À cet égard, plusieurs études ont commencé à tenter de quantifier les émissions de GES liées au numérique (rapports Lean-ICT, The Shift Project ; The environmental footprint of the digital world, GreenIT). Les résultats sont univoques : le secteur des TIC émet une grande part des émissions mondiales de GES et présente une croissance inquiétante, qui semble incompatible avec les accords de Paris de 2015 (limiter le réchauffement climatique en dessous de +2°C par rapport à l'ère préindustrielle).
Par ailleurs, bien que certaines technologies numériques puissent potentiellement améliorer l’efficacité énergétiques de certains processus, les économies d’énergies attendues sont rarement observées, voire aboutissent à des surconsommations, à cause d’une modification des comportements et d’une démultiplication des usages (effets rebond). En 2018, The Shift Project, (un think-tank français sur la transition bas-carbone), dans son rapport Lean-ICT (2018)[11], a introduit la notion de sobriété numérique : « passer d'un monde numérique instinctif, voire compulsif, à un monde numérique maîtrisé, qui sait choisir ses orientations au regard des opportunités, mais aussi des risques ». Ce concept illustre parfaitement l'équilibre que doit trouver le secteur numérique pour contribuer positivement à la transition bas-carbone.
"},{"__component":"content.figure","id":228,"title":"Figure 2 - L'infrastructure du numérique et ses différents usages (non-exhaustifs)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2838,"name":"ICT0001.png","alternativeText":"","caption":"","width":1246,"height":713,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_ICT_0001.png","hash":"large_ICT_0001","mime":"image/png","name":"large_ICT0001.png","path":null,"size":178.5,"width":1000,"height":572},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_0001.png","hash":"small_ICT_0001","mime":"image/png","name":"small_ICT0001.png","path":null,"size":67.69,"width":500,"height":286},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_0001.png","hash":"medium_ICT_0001","mime":"image/png","name":"medium_ICT0001.png","path":null,"size":119.26,"width":750,"height":429},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_0001.png","hash":"thumbnail_ICT_0001","mime":"image/png","name":"thumbnail_ICT0001.png","path":null,"size":25.44,"width":245,"height":140}},"hash":"ICT_0001","ext":".png","mime":"image/png","size":133.96,"url":"https://carbon4finance.com/files/ICT_0001.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-02T16:29:13.381Z","updated_at":"2023-05-02T16:29:13.391Z"}},{"__component":"content.body","id":1184,"content":"Nous présenterons dans un premier temps les défis liés à la transition vers une économie bas-carbone pour les entreprises du numérique. Ensuite, nous détaillerons les principes méthodologiques de la notation Carbon Impact Analytics utilisée pour ce secteur. Puis nous passerons en revue les résultats de cette campagne et les différentes difficultés rencontrées. Enfin, nous conclurons ce rapport sur l’état d’avancement global du secteur dans sa transition.
Les technologies du numérique, qui permettent les ordinateurs portables, les smartphones, les réseaux sociaux, les services de paiements en ligne, les services de télécommunication, etc., sont devenues centrales et essentielles dans le fonctionnement de notre société. Il est par conséquent important de garder à l'esprit qu’elles ne sont pas des outils virtuels, car elles reposent sur des ressources physiques, bien que nous ne percevions pas directement leur matérialité à travers les actions qu'elles permettent. En effet, tous les appareils électroniques (smartphones, ordinateurs portables, câbles, fibres optiques, antennes de réseaux, datacenters, ...) ont besoin d'énergie dans leurs phases de production et d'utilisation. Par conséquent, tous les logiciels, applications et médias qui fonctionnent sur ces appareils s'appuient également sur la même infrastructure physique, qui consomme de l'énergie et émet des GES. De ce fait, le monde numérique et les entreprises du secteur des TIC sont très exposés aux contraintes qui s'appliquent à cette infrastructure physique.
Néanmoins, certains usages numériques ont également le potentiel de contribuer à la transition, via l'optimisation/la réduction des déplacements[12], l'optimisation de la consommation énergétique des bâtiments/villes[13], et plus généralement en contribuant à l'efficacité énergétique. Ainsi, certaines applications du numérique peuvent offrir des solutions à la réduction des émissions, pendant que d’autres (usages de la vidéo notamment) contribuent de plus en plus aux émissions humaines. Il convient donc de s'interroger sur la place du secteur des TIC dans une économie bas-carbone, car il peut représenter un potentiel d'optimisation mais également des impacts négatifs sur l'environnement.
En outre, il est complexe de quantifier la réduction de la consommation d'énergie permise par les gains d'efficacité énergétique grâce à la technologie numérique, car il y a souvent des effets rebond. Par exemple, concernant les services numériques qui permettent de réduire les déplacements (télétravail, téléconférence), une part importante des économies de déplacements professionnels est compensée par l'augmentation des autres trajets (principalement des déplacements non professionnels) ou des dépenses de chauffage à domicile. Falch (2012)[14] montre, par exemple, que le Danemark a l'effet rebond le plus élevé pour le télétravail (73 %) (réduction de 105 km/semaine des déplacements professionnels, augmentation de 77 km/semaine des déplacements personnels).
Ainsi, dans un monde aux ressources limitées (énergie, matières premières, ...), la pertinence de chaque outil et service numérique doit être questionnée quant à sa contribution à la transition bas-carbone. Les développements et usages actuels du numérique sont incontrôlés, c'est-à-dire qu'ils ne prennent pas en compte leurs conséquences physiques. Il est nécessaire de s'orienter vers des pratiques numériques plus conscientes, réfléchies, en identifiant les technologies et services qui sont bénéfiques à la population, d’un point de vue social (ex : communication), culturel (ex : accès et partage des connaissances) et environnemental (ex : meilleure gestion des ressources), qui doivent être préservés et développés, afin de pouvoir leur allouer en priorité les ressources disponibles.
Les émissions de GES du secteur des TIC peuvent être divisées en trois catégories, faisant écho à la décomposition en chaîne de valeur du secteur :
Quelques exemples pour illustrer ces deux catégories :
The Shift Project (un think-tank français sur la transition bas-carbone), dans sa série de publications Lean-ICT (commencée en 2018), en s'appuyant sur une étude d'Andrae & Edler[17] sur la consommation énergétique du numérique, a estimé les émissions totales de GES du secteur des TIC à 1,84 GtCO2e en 2019. Concernant la consommation finale d'énergie générant ces émissions, 45% étaient attribués à la production de l'infrastructure et 55% à son utilisation.
La communauté GreenIT, qui regroupe des acteurs du numérique qui œuvrent pour des pratiques digitales durables, dans son étude de 2019 Empreinte environnementale du numérique mondial, attribuait 35% de la consommation d'énergie primaire à la fabrication des infrastructures et 65% à leur utilisation, le total représentant 3,8% des émissions mondiales de GES. Ces chiffres confirment ceux du Shift Project.
"},{"__component":"content.figure","id":230,"title":"Figure 4 – Répartition de la consommation d’énergie primaire du secteur du numérique (GreenIT, 2019)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2840,"name":"ICT0003.png","alternativeText":"","caption":"","width":469,"height":442,"formats":{"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_0003.png","hash":"thumbnail_ICT_0003","mime":"image/png","name":"thumbnail_ICT0003.png","path":null,"size":9.37,"width":166,"height":156}},"hash":"ICT_0003","ext":".png","mime":"image/png","size":33.12,"url":"https://carbon4finance.com/files/ICT_0003.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-02T16:41:13.643Z","updated_at":"2023-05-02T16:41:13.654Z"}},{"__component":"content.body","id":1186,"content":"De plus, les émissions du secteur des TIC suivent une tendance inquiétante. Selon The Shift Project (2020), la croissance des émissions mondiales de GES dues au numérique n'a cessé d'augmenter au cours des dix dernières années, avec une moyenne de +8 % par an entre 2014 et 2019. Cette tendance pourrait amener le secteur à représenter environ 7,5 % des émissions mondiales de GES en 2025. La figure ci-dessous illustre l'évolution possible des émissions de GES des technologies numériques dans le monde, selon différents scénarios (les détails des différents scénarios[18] être trouvés dans The Shift Project, Lean-ICT, 2018) :
"},{"__component":"content.figure","id":231,"title":"Figure 5: Évolution entre 2013 et 2025 de la part du numérique dans les émissions mondiales de GES (Lean ICT - The Shift Project, 2018]","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2841,"name":"ICT004.png","alternativeText":"","caption":"","width":929,"height":631,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_004.png","hash":"small_ICT_004","mime":"image/png","name":"small_ICT004.png","path":null,"size":43.86,"width":500,"height":340},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_004.png","hash":"medium_ICT_004","mime":"image/png","name":"medium_ICT004.png","path":null,"size":82.16,"width":750,"height":509},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_004.png","hash":"thumbnail_ICT_004","mime":"image/png","name":"thumbnail_ICT004.png","path":null,"size":13.86,"width":230,"height":156}},"hash":"ICT_004","ext":".png","mime":"image/png","size":84.48,"url":"https://carbon4finance.com/files/ICT_004.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-02T16:44:13.351Z","updated_at":"2023-05-02T16:44:13.362Z"}},{"__component":"content.body","id":1187,"content":"Cette dynamique peut s'expliquer par plusieurs facteurs, notamment (GreenIT, 2019) :
La figure ci-dessous représente l’évolution de 4 de ces indicateurs, avec une projection à l’horizon 2025 :
"},{"__component":"content.figure","id":232,"title":"Figure 6 – Évolution de certains indicateurs du secteur du numérique par rapport à l’année de référence 2010 (GreenIt, 2019)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2842,"name":"ICT005.png","alternativeText":"","caption":"","width":1099,"height":813,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_ICT_005.png","hash":"large_ICT_005","mime":"image/png","name":"large_ICT005.png","path":null,"size":143.91,"width":1000,"height":740},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_005.png","hash":"small_ICT_005","mime":"image/png","name":"small_ICT005.png","path":null,"size":45.22,"width":500,"height":370},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_005.png","hash":"medium_ICT_005","mime":"image/png","name":"medium_ICT005.png","path":null,"size":88.56,"width":750,"height":555},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_005.png","hash":"thumbnail_ICT_005","mime":"image/png","name":"thumbnail_ICT005.png","path":null,"size":12.37,"width":211,"height":156}},"hash":"ICT_005","ext":".png","mime":"image/png","size":142.69,"url":"https://carbon4finance.com/files/ICT_005.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-02T16:48:15.935Z","updated_at":"2023-05-02T16:48:15.947Z"}},{"__component":"content.body","id":1188,"content":"Le fait que l'empreinte écologique globale du numérique soit en constante augmentation peut être contre-intuitif, car on pourrait penser que l'amélioration de l'efficacité énergétique et la réduction de la masse des appareils (pour des services équivalents) limiteraient l'augmentation de la consommation d'énergie et la quantité de matières premières extraites. Cependant, des études montrent que l’augmentation de l'efficacité énergétique unitaire est contrebalancée par une augmentation de la puissance/capacité des équipements. Les effets rebond identifiés par l’analyse de la littérature existante sont les suivants :
Pour évaluer l’état d’avancement du secteur du numérique dans la transition vers une économie bas-carbone, Carbon4 Finance a analysé 67 grandes entreprises du secteur des TIC, avec sa méthodologie Carbon Impact Analytics (CIA), déclinée pour ce secteur.
Ces 67 entreprises sont classées selon 6 sous-secteurs ayant chacun une approche méthodologique spécifique, listés dans le tableau ci-dessous :
"},{"__component":"content.figure","id":233,"title":"Table 1 – Périmètre d’analyse par type d’activité","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2913,"name":"ICTTableau000001.png","alternativeText":"","caption":"","width":799,"height":783,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_Tableau000001.png","hash":"small_ICT_Tableau000001","mime":"image/png","name":"small_ICTTableau000001.png","path":null,"size":92.87,"width":500,"height":490},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_Tableau000001.png","hash":"medium_ICT_Tableau000001","mime":"image/png","name":"medium_ICTTableau000001.png","path":null,"size":167.46,"width":750,"height":735},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_Tableau000001.png","hash":"thumbnail_ICT_Tableau000001","mime":"image/png","name":"thumbnail_ICTTableau000001.png","path":null,"size":16.83,"width":159,"height":156}},"hash":"ICT_Tableau000001","ext":".png","mime":"image/png","size":96.12,"url":"https://carbon4finance.com/files/ICT_Tableau000001.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-09T17:42:51.244Z","updated_at":"2023-05-09T17:42:51.258Z"}},{"__component":"content.body","id":1189,"content":"Ces 67 entreprises représentaient environ 11 % de la capitalisation boursière mondiale en 2020, ainsi que plus de 80 % de la capitalisation boursière globale du secteur des TIC.
"},{"__component":"content.figure","id":234,"title":"Figure 7 – Distribution de l’échantillon d’entreprises par sous-secteurs selon le nombre d’entités (à gauche) et la capitalisation boursière (à droite) (Source : base de données Carbon4 Finance)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2856,"name":"ICT0006.png","alternativeText":"","caption":"","width":977,"height":394,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_0006.png","hash":"small_ICT_0006","mime":"image/png","name":"small_ICT0006.png","path":null,"size":55.84,"width":500,"height":202},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_0006.png","hash":"medium_ICT_0006","mime":"image/png","name":"medium_ICT0006.png","path":null,"size":111.77,"width":750,"height":302},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_0006.png","hash":"thumbnail_ICT_0006","mime":"image/png","name":"thumbnail_ICT0006.png","path":null,"size":17.53,"width":245,"height":99}},"hash":"ICT_0006","ext":".png","mime":"image/png","size":151.02,"url":"https://carbon4finance.com/files/ICT_0006.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-03T13:13:20.156Z","updated_at":"2023-05-03T13:13:20.170Z"}},{"__component":"content.body","id":1190,"content":"En ce qui concerne les plus fortes capitalisations boursières du secteur, les 5 premières sont sans surprise les GAFAM (Google – via sa maison mère Alphabet Inc. –, Apple, Facebook, Amazon, Microsoft), comme le montre le graphique ci-dessous. Ils représentent plus de 50% de l'échantillon en termes de capitalisation boursière.
"},{"__component":"content.figure","id":235,"title":"Figure 8 – Top 10 des capitalisations boursières du secteur des TIC (2020) (Source : base de données Carbon4 Finance)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2857,"name":"ICT0007.png","alternativeText":"","caption":"","width":1272,"height":663,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_ICT_0007.png","hash":"large_ICT_0007","mime":"image/png","name":"large_ICT0007.png","path":null,"size":75.71,"width":1000,"height":521},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_0007.png","hash":"small_ICT_0007","mime":"image/png","name":"small_ICT0007.png","path":null,"size":29.45,"width":500,"height":261},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_0007.png","hash":"medium_ICT_0007","mime":"image/png","name":"medium_ICT0007.png","path":null,"size":50.89,"width":750,"height":391},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_0007.png","hash":"thumbnail_ICT_0007","mime":"image/png","name":"thumbnail_ICT0007.png","path":null,"size":10.32,"width":245,"height":128}},"hash":"ICT_0007","ext":".png","mime":"image/png","size":83.45,"url":"https://carbon4finance.com/files/ICT_0007.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-03T13:14:58.688Z","updated_at":"2023-05-03T13:14:58.702Z"}},{"__component":"content.body","id":1191,"content":"Ce rapport présente les résultats de la première campagne CIA menée de juin à août 2021, sur cet échantillon d'entreprises. La méthodologie CIA cherche à mesurer l'exposition d'une entreprise au risque de transition, ainsi que son impact sur le climat (double matérialité), à travers un score global (de A+ à E-) et divers indicateurs sectoriels. À partir de nos données, nous avons classé les entreprises analysées en fonction de leur contribution à la transition et de leur degré d'exposition au risque de transition. La méthodologie tient compte notamment des stratégies adoptées par les entreprises pour s'aligner - ou non - sur les objectifs de décarbonation de l'économie mondiale et réduire leur exposition au risque. Il s'agit de la première étude de ce type, à notre connaissance et à ce jour (Greenpeace a publié en 2017 un classement[22] les acteurs du numérique fournissant les services internet les plus « verts », en fonction du mix énergétique des entreprises).
Le risque de transition d'une entreprise est le risque associé aux effets d'un changement sociétal et/ou économique lié à la transition bas-carbone, qui peut avoir un impact sur le modèle économique d'un acteur tout au long de sa chaîne de valeur.
Le risque réglementaire peut être compris comme le risque qu'un changement dans les lois et réglementations liées au climat (de la part d'un gouvernement ou d'un organisme de réglementation) ait un impact significatif sur une entreprise. Concernant les acteurs du numérique, le principal risque réside dans la mise en place de mesures incitant, voire obligeant, à la sobriété numérique, ce qui forcerait les acteurs à repenser leur business-model. Voici quelques exemples non-exhaustifs de mesures identifiées :
Par ailleurs, étant donné que des acteurs des TIC s'appuient très souvent sur de la « compensation carbone » pour atteindre leurs objectifs de « neutralité », un risque important réside dans la tarification du carbone, car acheter des crédits ne protège pas contre les conséquences économiques de la mise en place d’une taxe. Ce risque englobe également les fournisseurs. Par ailleurs, de nombreuses entités du secteur ont recours à des garanties d’origine (parfois des Power Purchase Agreements ou PPA, qui sont moins fragiles sur le plan méthodologique) pour réduire en apparence leurs émissions du scope 2. Or ce mécanisme n’est pas considéré comme légitime par le GHG Protocol (ni par Carbone 4), ce qui expose à un risque de réputation, voire de déclassement en cas d’interdiction de cette pratique, ou de durcissement des modalités de recours aux GO.
Les sociétés du numérique sont également soumises à un risque réglementaire qui concerne potentiellement tout secteur d’activité : celui de se retrouver incluses dans les systèmes de quotas négociables. Cela est arrivé à AT&T lorsque l'État de Californie a adopté en 2013 un mécanisme de plafonnement et d'échange (“cap-and-trade”) pour réduire ses émissions de carbone. En effet, AT&T s'est vu attribuer un plafond sur ses émissions maximales autorisées[23] prenant place dans l'État, ce qui l'a incité à améliorer l'efficacité énergétique de son réseau et à augmenter la part d'électricité renouvelable dans son mix (afin de diminuer ses émissions)[24] De même, Visa Inc. a été encouragé à acheter de l'électricité renouvelable pour ses activités en Virginie, suite à l'adhésion de l'État à l'initiative régionale sur les gaz à effet de serre (“RGGI”) au début de l'année 2021. Visa Inc. s’est donc engagé à couvrir 100 % de la demande d'électricité de son plus grand datacenter à partir de fermes solaires situées dans l'État[25]. Malheureusement, la RGGI autorise l’achat de garanties d’origine, ce qui n’est (souvent) pas une façon pertinente de réduire les émissions (voir 3.2.3 – objectifs de réduction).
Le risque juridique est le risque de pertes découlant d'un manquement involontaire ou d'une négligence à une obligation professionnelle (légale), liée à l'atténuation du changement climatique, à l'égard des clients, de l'environnement de travail, ou de la nature ou de la conception d'un produit. En ce qui concerne les acteurs du secteur des TIC, il s'agit principalement de risques de litiges dus à l'incitation à la consommation effrénée de produits à forte intensité de carbone. Cela concerne notamment les entreprises dont les revenus dépendent de la publicité en ligne, car elle crée des besoins artificiels et favorise la consommation, et les fabricants de matériel informatique accusés d'obsolescence programmée. Bien que non directement lié au carbone, on peut noter également le Risque juridique sur l’attribution des responsabilités des immenses pollutions du numérique, comme la décharge d’Agbogbloshie au Ghana.
Nous n’avons pas trouvé, à date, d’exemple illustratif de ce risque, qui est considéré comme faible par l’étude.
Les risques de marché au niveau de l'entreprise résident principalement dans le changement de comportement des clients (marché final). L'impact du secteur des TIC sur le climat étant de plus en plus reconnu, les clients pourraient s'adapter et modifier leur comportement pour une utilisation plus consciente des produits numériques. Enfin, les datacenters et réseaux de télécommunication consommant beaucoup d’électricité, leurs exploitants et opérateurs sont soumis aux risques liés au marché de l'électricité, dont les prix sont très fluctuants.
Certaines entreprises n'hésitent pas à user de leur influence pour faire levier sur les réglementations et les prix du marché. Par exemple, en janvier 2018, la Commission fédérale de régulation de l'énergie (Etats-Unis) a annulé des règles qui aidaient à subventionner les combustibles fossiles, en partie parce que des acteurs qui dépendent beaucoup de l'électricité renouvelable - majoritairement par l’achat de Garanties d’Origine, minoritairement par l’achat de Power Purchase Agreements (notamment Apple) - ont déposé des commentaires sur la manière dont ces règles limiteraient la capacité des énergies renouvelables à être compétitives sur le marché de l'électricité[26]
Le risque technologique peut se définir comme le risque de substitution des produits et services existants par des options à plus faibles émissions. Il peut aussi être lié à des impasses technologiques empêchant de réaliser les objectifs de réduction d’émissions. En ce qui concerne l'infrastructure physique du secteur des TIC, ce risque se matérialise d’abord par l'effort d'investissement important nécessaire pour décarboner les équipements, notamment les réseaux et les datacenters.
Aussi, comme dans les catégories précédentes, le risque réside également dans l’approvisionnement en énergie :
De manière générale, la transition bas-carbone sera très intensive en métaux (déploiement des ENR), ce qui entrainera des arbitrages sur l’allocation des ressources qui sont limitées. Le secteur des TIC n'est pas garanti d’être considéré comme prioritaire pour bénéficier des métaux nécessaires à la transition.
Concernant les entreprises de fabrication de semi-conducteurs, un risque réside également dans la nécessité de travailler dans des salles aseptisées, avec des contraintes strictes de température et de qualité de l'air. En effet, cela implique de s'appuyer sur des tours de refroidissement ou des refroidisseurs de réfrigérant, qui sont soumis à la réglementation sur les HFC. Ainsi, si les HFC étaient interdits sur le marché, des acteurs tels que STMicroelectronics devraient trouver de nouveaux moyens de refroidissement et de fabrication.
Les entreprises du secteur des TIC pourraient voir leur réputation mise en péril en raison de leur manque d'intérêt affiché pour le changement climatique. En effet, la montée de la conscience climatique chez les parties prenantes (clients, actionnaires, ...) rend ces dernières plus demandeurs d’un secteur sobre en émissions, ce qui n'est pas compatible avec les activités de certaines grandes entreprises. Par ailleurs, les grandes entreprises du numérique compromettent leur réputation en lançant des segments d'activité intensifs en carbone (e.g., le « Metaverse » de Meta, anciennement Facebook), parfois par le biais de filiales. En outre, les PDG des GAFAM ont acquis une grande notoriété, qui peut être assimilée par les consommateurs à la réputation de l’entreprise. Par conséquent, leurs activités émissives peuvent affecter la réputation de leur entreprise (par exemple, Jeff Bezos, patron d’Amazon.com Inc., qui lance une entreprise de tourisme spatial, Blue Origin). Globalement, une surmédiatisation génère une surexposition. À terme, les entreprises qui ne parviennent pas à atteindre leurs objectifs de réduction des émissions se mettent en danger. Par exemple, en 2019, l'Ohio a ramené son objectif de part d'énergie renouvelable dans son portefeuille de 12,5 % en 2025 à 8,5 % en 2026, ce qui a interféré avec la revendication de neutralité d'Alphabet en raison de son site de datacenters dans l'Ohio[27].
La conscience climatique s’éveille également chez les employés et les cibles de recrutement des grandes entreprises du numérique. Si les sociétés n’entreprennent pas d’actions pertinentes pour amorcer leur transition bas-carbone, elles risquent de rencontrer des difficultés de rétention de ses employés et de recrutement.
Le schéma ci-dessous synthétise les différents de transition identifiés (les risques règlementaires et juridiques sont regroupés dans « Régulation » et les risques liées aux ressources humaines sont inclus dans « réputation ») :
"},{"__component":"content.figure","id":236,"title":"Figure 9 - Les différents risques de transition identifiés","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2859,"name":"ICT0008.png","alternativeText":"","caption":"","width":1087,"height":878,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_ICT_0008.png","hash":"large_ICT_0008","mime":"image/png","name":"large_ICT0008.png","path":null,"size":492.68,"width":1000,"height":808},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_0008.png","hash":"small_ICT_0008","mime":"image/png","name":"small_ICT0008.png","path":null,"size":176.32,"width":500,"height":404},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_0008.png","hash":"medium_ICT_0008","mime":"image/png","name":"medium_ICT0008.png","path":null,"size":328,"width":750,"height":606},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_0008.png","hash":"thumbnail_ICT_0008","mime":"image/png","name":"thumbnail_ICT0008.png","path":null,"size":39.29,"width":193,"height":156}},"hash":"ICT_0008","ext":".png","mime":"image/png","size":222.46,"url":"https://carbon4finance.com/files/ICT_0008.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-03T14:18:59.798Z","updated_at":"2023-05-03T14:18:59.815Z"}},{"__component":"content.body","id":1192,"content":"La méthodologie CIA calcule (ou extrait) les émissions scopes 1, 2 et 3, ainsi que les indicateurs de performance clés spécifiques au secteur analysé, permettant ainsi de calculer une note globale pour évaluer la contribution d'une entité à une transition bas-carbone et son exposition au risque de transition.
Cette section présente un bref aperçu de la manière dont la méthodologie CIA est appliquée au secteur des TIC. Une explication plus approfondie de la méthodologie CIA spécifique aux TIC est disponible à l'annexe 1. Pour plus de détails sur la méthodologie de CIA en général, il est possible de se référer à notre guide méthodologique CIA[28]
En ce qui concerne le secteur des TIC, la méthodologie CIA calcule (ou extrait) les émissions (par convention « émissions » sans précision signifie « émissions de gaz à effet de serre ») induites scopes 1&2 et 3, ainsi que la baisse des émissions unitaires scope 1&2 si applicable (cette baisse reflète l'amélioration de l'intensité carbone scope 1&2, si elle existe, en utilisant un dénominateur physique).
Les émissions induites scopes 1 et 2 sont soit publiées par l'entreprise analysée, soit calculées par la méthodologie CIA. Nous reprenons les émissions publiées lorsque les émissions déclarées du scope 2 sont calculées avec des facteurs d’émission « location-based » (le facteur d’émission reflète le mix électrique de la zone géographique) et que l'entreprise divulgue suffisamment de données pour permettre un contrôle de cohérence avec nos ratios (consommation d'énergie, ratios vie de bureaux, ...). Sinon, nous attribuons à l'entreprise les émissions calculées scopes 1 et 2, en nous basant sur la consommation d'énergie (bonne précision) ou des ratios financiers (précision moyenne) et en utilisant nos propres facteurs d’émission.
La méthodologie CIA identifie deux sources principales d'émissions scope 3 pour le secteur des TIC :
Pour la première catégorie ci-dessus, le scope 3 est calculé en segmentant le chiffre d'affaires de l'entreprise par marchés finaux, puis en multipliant, pour chaque segment de marché, le CA concerné de l’entreprise par l'intensité carbone du marché concerné (i.e., les émissions scope 1, 2 et 3 par dollar de chiffre d’affaires dans le secteur concerné). Ces intensités sont calculées à partir de notre base de données bottom-up CIA.
Pour la deuxième catégorie ci-dessus, nous utilisons une méthodologie top-down en appliquant à toutes les sociétés le même facteur d’émission monétaire global. Ce dernier est obtenu en divisant les émissions mondiales du numérique (1,84 GtCO2e - source The Shift Project) par la valeur ajoutée globale du secteur des TIC (N.B. : les émissions scope 1&2 sont retirées de ce résultat pour éviter un double comptage).
Pourquoi se concentrer sur ces deux postes d'émissions du scope 3 ?
Principales limites :
Pour obtenir la valeur ajoutée globale du secteur des TIC, seules les sociétés cotées – qui fournissent l’essentiel de la valeur ajoutée du secteur - sont prises en compte. Les émissions globales du secteur des TIC sont donc réparties entre ces sociétés cotées uniquement, mais cela suffit à avoir une bonne approximation de la réalité.
L’idéal serait d’utiliser une approche bottom-up pour chaque acteur du secteur. Mais cela nécessiterait une large base de facteurs d’émission physiques (par exemple des kgCO2e/téléphone_produit pour chaque type de téléphone commercialisé, ou des kgCO2e/MO transporté selon chaque type de réseau) qui n’est actuellement pas disponible, et d’autre part les données nécessaires à de tels calculs sont rarement disponibles (les opérateurs télécoms ne publient pas les trafics détaillés par nature de réseau ou le nombre de smartphones vendus dans l’année, et encore moins par marque et modèle !).
Les émissions de GES ne suffisent pas à rendre compte de la contribution d'une entreprise à la transition bas-carbone et de son exposition au risque de transition. Pour évaluer cette contribution à la transition et cette exposition au risque, Carbon4 Finance calcule une note, allant de 1 (A+, meilleur) à 15 (E-, pire), qui résulte de l'agrégation de 3 piliers (eux-mêmes notés entre 1 et 15) :
En outre, pour chaque secteur nous fixons de manière conventionnelle la note la plus élevée et la plus basse pouvant être atteintes pour un acteur de ce secteur. Ces maxima et minima reflètent la compatibilité du secteur avec une transition bas-carbone. Par exemple, dans le secteur ferroviaire la note des entreprises est comprise entre 1 et 8 – ce qui reflète un secteur globalement compatible avec la décarbonation - alors que dans le secteur Oil&Gas les notes possibles sont comprises entre 8 et 15 – au mieux une entreprise y est « neutre » vis à vis de la transition. Cela permet une comparaison plus équitable entre les entreprises de différents secteurs.
Pour plus de détails sur la notation CIA, consultez notre guide méthodologique.
La performance Passé correspond à l’amélioration constatée – ou pas - de l’intensité carbone de l’acteur sur les 5 dernières années. Pour le secteur des TIC, ce score passé agrège 2 composantes :
La performance Présent permet de comparer l'intensité carbone actuelle de l'acteur avec celle de ses pairs du secteur. Les indicateurs sous-jacents sont :
La performance Futur de la note CIA est basée sur une analyse approfondie de sous-indicateurs qualitatifs, afin d'évaluer les efforts de l'entité pour prendre en compte les risques climatiques dans sa stratégie, et pour atténuer son impact sur le changement climatique. Les indicateurs sous-jacents sont les suivants :
Le tableau ci-dessous précise les critères pris en compte :
"},{"__component":"content.figure","id":238,"title":"Table 4 – Principaux leviers d’action par sous-secteur, pour contribuer à la transition bas-carbone","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2863,"name":"ICTTableau3.png","alternativeText":"","caption":"","width":552,"height":585,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_Tableau3.png","hash":"small_ICT_Tableau3","mime":"image/png","name":"small_ICTTableau3.png","path":null,"size":111.47,"width":472,"height":500},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_Tableau3.png","hash":"thumbnail_ICT_Tableau3","mime":"image/png","name":"thumbnail_ICTTableau3.png","path":null,"size":19.26,"width":147,"height":156}},"hash":"ICT_Tableau3","ext":".png","mime":"image/png","size":81.41,"url":"https://carbon4finance.com/files/ICT_Tableau3.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-03T15:26:07.725Z","updated_at":"2023-05-03T15:26:07.737Z"}},{"__component":"content.body","id":1194,"content":"N.B. : pour obtenir un score élevé, l'entreprise doit quantifier la part de ces mesures bas-carbone dans son activité globale, avec des économies d'énergie ou d'émissions quantifiées, afin de comprendre si ces mesures sont significatives ou non.
Objectifs de réduction : pour évaluer l'alignement des entreprises par rapport à des scénarios de réduction des émissions, nous comparons la trajectoire des émissions impliquée par les objectifs de réduction des acteurs (scope 1&2 et 3) avec un scénario sectoriel adéquat. En ce qui concerne le secteur des TIC, il n’existe pas à date de scénario spécifique disponible. Ainsi, nous nous sommes appuyés sur les scénarios d'émissions mondiales de l'AIE, 2017.
N.B. 1 : Nous considérons comme non pertinentes les réductions d’émissions revendiquées via des certificats d'électricité verte (Garantie d’Origine). En effet, ces achats ne changent ni la réalité physique de la consommation – l’entreprise utilise les mêmes électrons venant du même réseau - ni la réalité physique de la production : l’essentiel de ces garanties vient d’actifs qui ont déjà été construits ou qui bénéficient déjà de subventions publiques[29], et ne contribuent en rien à financer de nouvelles installations. Cependant, si l'entreprise mentionne des contrats d’achat d’électricité (PPAs) bas-carbone tracée, de l'efficacité énergétique et la réduction de la consommation d'énergie, elle peut tout de même être performante dans les critères d'objectifs de réduction scope 1&2.
N.B. 2 : Les déclarations de neutralité sont considérées comme non pertinentes par la méthodologie CIA car elles n'ont pas de sens quand elles sont définies au niveau d’une entreprise (pour plus d'informations, voir notre référentiel Net Zero Initiative[30], qui fournit des conseils pour se positionner par rapport à la neutralité).
Structure de gouvernance : nous évaluons l'existence de structures internes dédiées aux questions énergie-climat (généralement le département RSE), avec leur lien avec le comité exécutif, ainsi que la mise en place de formations et d'incitations pour aider et encourager les employés à intégrer les enjeux liés au climat.
La note globale CIA résulte de la moyenne pondérée des performances Passé, Présent et Futur. Pour le secteur des TIC, la performance Futur est la plus fortement pondérée, car :
Enfin, comme mentionné dans l'introduction du point 3.2, nous appliquons une transformation affine pour obtenir une note globale CIA allant d'un maximum théorique (majoration) à un minimum théorique (minoration). Les seuils pour le secteur des TIC sont spécifiés dans le tableau ci-dessous :
"},{"__component":"content.figure","id":240,"title":"Table 6 – Notes CIA atteignables par sous-secteurs","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2866,"name":"ICTTableau5.png","alternativeText":"","caption":"","width":864,"height":365,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_Tableau5.png","hash":"small_ICT_Tableau5","mime":"image/png","name":"small_ICTTableau5.png","path":null,"size":31,"width":500,"height":211},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_Tableau5.png","hash":"medium_ICT_Tableau5","mime":"image/png","name":"medium_ICTTableau5.png","path":null,"size":50.11,"width":750,"height":317},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_Tableau5.png","hash":"thumbnail_ICT_Tableau5","mime":"image/png","name":"thumbnail_ICTTableau5.png","path":null,"size":14.15,"width":245,"height":104}},"hash":"ICT_Tableau5","ext":".png","mime":"image/png","size":42.19,"url":"https://carbon4finance.com/files/ICT_Tableau5.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-03T16:06:39.081Z","updated_at":"2023-05-03T16:06:39.090Z"}},{"__component":"content.body","id":1196,"content":"Certaines entreprises sont impliquées dans plusieurs sous-secteurs ICT. Par exemple, il est fréquent qu’une partie minoritaire des revenus des services de télécommunications provienne de la vente d’équipements numériques (box internet, …), ce qui correspond à un segment analysable avec la méthodologie Hardware. Pour ces entreprises comprenant plusieurs segments d’activité, la note globale CIA correspond à la moyenne pondérée des notes CIA de chaque segment. Les poids de pondération sont la part du segment dans le revenu total de l’entreprise.
"},{"__component":"content.figure","id":241,"title":"Figure 10 – Exemple de calcul de la note CIA pour une entreprise multi-sectorielle","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2867,"name":"ICT0009.png","alternativeText":"","caption":"","width":1357,"height":700,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_ICT_0009.png","hash":"large_ICT_0009","mime":"image/png","name":"large_ICT0009.png","path":null,"size":108.39,"width":1000,"height":516},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_0009.png","hash":"small_ICT_0009","mime":"image/png","name":"small_ICT0009.png","path":null,"size":44.67,"width":500,"height":258},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_0009.png","hash":"medium_ICT_0009","mime":"image/png","name":"medium_ICT0009.png","path":null,"size":74.67,"width":750,"height":387},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_0009.png","hash":"thumbnail_ICT_0009","mime":"image/png","name":"thumbnail_ICT0009.png","path":null,"size":18.77,"width":245,"height":126}},"hash":"ICT_0009","ext":".png","mime":"image/png","size":78.49,"url":"https://carbon4finance.com/files/ICT_0009.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-03T16:08:21.086Z","updated_at":"2023-05-03T16:08:21.108Z"}},{"__component":"content.body","id":1197,"content":"Concernant l’échantillon d’entreprises analysées, la majeure partie est mono-sectorielle (ou avec un segment majoritaire représentant plus de 90% du revenu). Parmi les entreprises opérant plusieurs segments d’activités, on note notamment :
Cette section présente le classement général des notes CIA pour le secteur des TIC, ainsi que la distribution des principaux indicateurs qui composent les performances Passé, Présent et Futur.
Les notes CIA vont de 6,8 (C+) à 11,9 (D-), avec une moyenne de 9,5 (C-). Les notes ne sont pas très dispersées, à cause de l’application à toutes les entreprises du risque systémique évoqué plus haut (à l'exception des sociétés de conseil[32]). Une note moyenne de C- pour le secteur correspond à une contribution faiblement négative à l'atténuation du changement climatique.
Le classement général est présenté dans la figure ci-dessous, de la note CIA la plus basse (meilleure) à la plus haute (pire).
"},{"__component":"content.figure","id":242,"title":"Figure 11 – Classement global des notes CIA par sous-secteurs du numérique [33]","caption":"[33] Certaines entreprises peuvent sembler être catégorisées dans un secteur inattendu. Il s’agit en réalité du secteur majoritaire en termes de revenus, mais pas forcément le secteur historique de l’entreprise (cf. point méthodologique 3.2.5)","source":null,"maximum_width":"body_width","image":{"id":2869,"name":"ICT00010.png","alternativeText":"","caption":"","width":817,"height":1168,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_ICT_00010.png","hash":"large_ICT_00010","mime":"image/png","name":"large_ICT00010.png","path":null,"size":116.75,"width":699,"height":1000},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_00010.png","hash":"small_ICT_00010","mime":"image/png","name":"small_ICT00010.png","path":null,"size":45.09,"width":350,"height":500},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_00010.png","hash":"medium_ICT_00010","mime":"image/png","name":"medium_ICT00010.png","path":null,"size":76.72,"width":525,"height":750},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_00010.png","hash":"thumbnail_ICT_00010","mime":"image/png","name":"thumbnail_ICT00010.png","path":null,"size":11.64,"width":109,"height":156}},"hash":"ICT_00010","ext":".png","mime":"image/png","size":93.88,"url":"https://carbon4finance.com/files/ICT_00010.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-03T16:21:45.731Z","updated_at":"2023-05-03T16:21:45.759Z"}},{"__component":"content.body","id":1198,"content":"Une analyse approfondie de la répartition des notes au sein de chaque sous-secteur permet d’observer certaines tendances :
La performance Passé reflète l’évolution de l’intensité carbone de l’acteur sur 5 ans. Comme indiqué au point 3.2.1, la performance Passé dépend de la performance individuelle pour les services de télécommunication, les logiciels B2B et les services de conseil. Pour les autres acteurs du domaine elle reflète uniquement la dynamique du secteur dans son ensemble.
En ce qui concerne les services de télécommunication, les résultats sont très dispersés : les émissions scope 1&2 par abonné ont baissé de 40% pour les meilleurs élèves et augmenté de +90% pour les plus mauvais, avec une grande majorité d'acteurs fluctuant entre +20% et -20%. Ces émissions scope 1&2 sont principalement liées à la consommation d'énergie des réseaux de télécommunication. Par conséquent, l'évolution de l'intensité des émissions scope 1&2 peut résulter soit d'une amélioration (respectivement d'une diminution) de l'efficacité énergétique du réseau, soit de la vente (respectivement de l'acquisition) de réseaux dans des pays dont le mix électrique est peu (respectivement très) intensif en carbone. Le recours à la production d'électricité renouvelable sur site pourrait également être un moyen pertinent d'améliorer son intensité carbone, bien qu'il soit difficile à mettre en œuvre sur un réseau à grande échelle (plus adapté aux datacenters par exemple).
"},{"__component":"content.figure","id":244,"title":"Figure 13 – Performance Passé pour les Télécoms (indicateur : évolution de l’intensité scope 1&2)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2875,"name":"ICT00012.png","alternativeText":"","caption":"","width":825,"height":611,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_00012.png","hash":"small_ICT_00012","mime":"image/png","name":"small_ICT00012.png","path":null,"size":40,"width":500,"height":370},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_00012.png","hash":"medium_ICT_00012","mime":"image/png","name":"medium_ICT00012.png","path":null,"size":76.95,"width":750,"height":555},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_00012.png","hash":"thumbnail_ICT_00012","mime":"image/png","name":"thumbnail_ICT00012.png","path":null,"size":11.24,"width":211,"height":156}},"hash":"ICT_00012","ext":".png","mime":"image/png","size":70.28,"url":"https://carbon4finance.com/files/ICT_00012.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-04T13:29:49.703Z","updated_at":"2023-05-04T13:29:49.716Z"}},{"__component":"content.body","id":1200,"content":"Pour les services de conseil et de logiciels B2B, les performances Passé résultent de l'évolution de la décomposition par secteur de la clientèle de l'entreprise. Comme les acteurs n'ont pour la plupart pas changé de clients, la distribution sectorielle de leur portefeuille de clients n'a pas changé sur une période de 5 ans, et les évolutions sont donc proches de 0%. Ceci engendre une performance Passé moyenne (8/15), synonyme de statu quo.
La performance Présent reflète la position actuelle de l'acteur parmi ses pairs, en termes d'intensité carbone. De même que pour la performance Passé, l'analyse des résultats se concentrera sur les entreprises de services de télécommunication, de logiciels B2B et de conseil, car ce sont les seuls sous-secteurs disposant d'un indicateur de performance Présent (aucun indicateur pertinent n'ayant été identifié pour les autres sous-secteurs).
En ce qui concerne les services de télécommunication, les émissions scope 1&2 vont de 2 à 32 kg de CO2/abonné/an, la plupart des acteurs se situant entre 15 et 25. Ces différences s'expliquent en grande partie par les pays où l'acteur exploite son réseau. En effet, les acteurs opérant dans des pays où le mix électrique est peu carboné (par exemple, la France) auront une bien meilleure intensité carbone que ceux opérant dans des pays où le mix électrique est très carboné (par exemple, les Etats-Unis).
"},{"__component":"content.figure","id":245,"title":"Figure 14 - Performance Présent pour les Télécoms (indicateur : intensité scope 1&2)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2876,"name":"ICT00013.png","alternativeText":"","caption":"","width":810,"height":613,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_00013.png","hash":"small_ICT_00013","mime":"image/png","name":"small_ICT00013.png","path":null,"size":32.27,"width":500,"height":378},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_00013.png","hash":"medium_ICT_00013","mime":"image/png","name":"medium_ICT00013.png","path":null,"size":61.03,"width":750,"height":568},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_00013.png","hash":"thumbnail_ICT_00013","mime":"image/png","name":"thumbnail_ICT00013.png","path":null,"size":8.9,"width":206,"height":156}},"hash":"ICT_00013","ext":".png","mime":"image/png","size":55.81,"url":"https://carbon4finance.com/files/ICT_00013.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-04T13:32:45.894Z","updated_at":"2023-05-04T13:32:45.909Z"}},{"__component":"content.body","id":1201,"content":"En ce qui concerne les logiciels et les services de conseil B2B, les résultats sont centrés autour de 8, qui est une note reflétant un scénario “business-as-usual” (c'est-à-dire une activité alignée avec une augmentation de +3,5°C de la température moyenne mondiale d'ici 2100, par rapport aux niveaux préindustriels), avec une faible variance. Cela s'explique par le fait que les entreprises analysées ont des clients dans tous les secteurs, car leurs services sont transversaux. Il est donc normal que leurs performances Présent reflètent à peu près celles de l'économie actuelle.
La performance Futur de la méthodologie CIA repose sur une analyse qualitative, qui permet une évaluation approfondie de la stratégie de décarbonation de l'entreprise.
Une première observation est que la distribution des scores de performance Futur par sous-secteur est très hétérogène. Les sous-secteurs des logiciels et des médias B2C sont les moins performants, car la plupart des acteurs ne communiquent pas sur leurs émissions ni sur les leviers de réduction. Une des raisons de ce manque de compréhension est que certains acteurs considèrent leur activité comme non matérielle et non émissive, sans tenir compte de leur dépendance à l'infrastructure physique des TIC (voir 2.2). Ils ne voient pas d'exposition aux risques liés au changement climatique[34].
Les logiciels B2B, le hardware, ainsi que les services de télécommunications présentent une performance Futur moyenne globalement meilleure, avec des notes plus dispersées, certains acteurs ayant identifié et entrepris des mesures clés soutenant une transition bas-carbone pertinente, et d'autres ne portant pas d’attention aux risques et opportunités liés au climat.
Finalement, les entreprises de services de conseil semblent avoir une meilleure compréhension de la transition bas-carbone. Il n'y a aucun acteur qui ne mentionne pas le changement climatique dans son rapport de durabilité. En outre, écoutant les besoins exprimés par les sociétés clientes, de nombreuses entités ont lancé des unités commerciales spécialisées dans les missions de conseil à impact, qui visent à réduire les émissions de leurs clients.
"},{"__component":"content.figure","id":246,"title":"Figure 15 – Distribution des notes de performance Futur par sous-secteur","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2877,"name":"ICT00014.png","alternativeText":"","caption":"","width":929,"height":634,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_00014.png","hash":"small_ICT_00014","mime":"image/png","name":"small_ICT00014.png","path":null,"size":44.7,"width":500,"height":341},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_00014.png","hash":"medium_ICT_00014","mime":"image/png","name":"medium_ICT00014.png","path":null,"size":75.14,"width":750,"height":512},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_00014.png","hash":"thumbnail_ICT_00014","mime":"image/png","name":"thumbnail_ICT00014.png","path":null,"size":16.54,"width":229,"height":156}},"hash":"ICT_00014","ext":".png","mime":"image/png","size":72.23,"url":"https://carbon4finance.com/files/ICT_00014.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-04T13:37:29.439Z","updated_at":"2023-05-04T13:37:29.450Z"}},{"__component":"content.body","id":1202,"content":"Il est également intéressant d’examiner la répartition des scores de performance Futur en fonction de la capitalisation boursière. En effet, alors que les entreprises aux capitalisations boursières « élevées » (supérieures à 100 milliards d’euros) et « moyennes » (entre 100 et 10 milliards d’euros) ont une performance Futur moyenne similaire, les acteurs aux petites capitalisations et ceux non-cotés ont une performance Futur moyenne légèrement plus basse, et semblent donc moins prendre en compte le risque de transition dans leur stratégie. Cela pourrait s'expliquer par la pression exercée par les parties prenantes (clients et actionnaires) sur les entreprises à forte capitalisation pour qu’elles jouent un rôle de premier plan dans l'atténuation du changement climatique. L'absence de stratégie bas-carbone entraînerait un risque important pour la réputation de ces entreprises (voir 2.4.5). Par ailleurs, les entreprises non-cotées n’ont pas les mêmes contraintes règlementaires ni les mêmes exigences de transparence dans leurs rapports annuels et cela peut affaiblir leur capacité d’introspection.
Les grandes entreprises du numérique semblent avoir une assez bonne connaissance des émissions liées à leur propre consommation d’énergie (scopes 1&2). En effet, 80 % des entités de l'échantillon déclarent des émissions scope 1&2, 62 % d'entre elles s'appuyant sur des facteurs d’émission location-based[35] pour l’électricité (au moins, car certaines entreprises s'appuient à la fois sur des approches location-based et market-based).
En revanche, la majorité des entreprises analysées ne tient pas compte des émissions indirectes liées à leurs activités (scope 3), qui représentent pourtant plus de 90 % des émissions dont dépendent les entreprises de ce secteur.
Cela peut provenir des points suivants :
Certains fabricants de matériel informatique font figure d’exception et publie des émissions scope 3 pertinentes, car ils comprennent mieux où sont leurs principaux postes d'émissions : la consommation d'énergie en amont pour extraire, transporter et assembler les matériaux, ainsi que la consommation d'énergie en aval pendant la phase d'utilisation des appareils vendus. Certains acteurs engagent des discussions avec leurs fournisseurs pour utiliser des matériaux à faible teneur en carbone et travaillent à améliorer l'efficacité énergétique des appareils.
L'un des indicateurs les plus mauvais est l’évaluation de la stratégie globale d'atténuation du changement climatique et de contribution à la transition. Seuls 26% des acteurs estiment que la décarbonation est potentiellement dommageable pour leurs activités, et ont identifié leurs principaux leviers d'atténuation du changement climatique (listés en 3.2.3). La plupart des acteurs (47%) ont entrepris des actions marginales ou non pertinentes, généralement centrées sur la vie de bureau et les émissions des employés, ou basées sur l'achat de certificats d'électricité renouvelable (Garantie d’Origine). Beaucoup mentionnent que leur activité n'est pas en danger étant donné que leurs produits n'émettent pas de GES (ce qui est cohérent avec leur calcul minimaliste, voir 4.3.1). Finalement, 27% des acteurs ne divulguent aucune mesure de réduction de leurs émissions ou de leur consommation d'énergie.
"},{"__component":"content.figure","id":247,"title":"Figure 16 – Niveaux de compréhension des entreprises face aux risques de transition et à leurs principaux leviers de réduction des risques (Source : base de données Carbon4 Finance)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2878,"name":"ICT00015.png","alternativeText":"","caption":"","width":621,"height":308,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_00015.png","hash":"small_ICT_00015","mime":"image/png","name":"small_ICT00015.png","path":null,"size":61.38,"width":500,"height":248},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_00015.png","hash":"thumbnail_ICT_00015","mime":"image/png","name":"thumbnail_ICT00015.png","path":null,"size":18.65,"width":245,"height":122}},"hash":"ICT_00015","ext":".png","mime":"image/png","size":74.16,"url":"https://carbon4finance.com/files/ICT_00015.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-04T13:48:13.952Z","updated_at":"2023-05-04T13:48:13.970Z"}},{"__component":"content.body","id":1203,"content":"Les objectifs de réduction des émissions de gaz à effet de serre d’une entreprise sont révélateurs de son ambition d’alignement avec une économie bas-carbone et de sa compréhension de ses émissions de GES.
En ce qui concerne les émissions scope 1&2, 14% n'ont déclaré aucun objectif de réduction. 36% de l’échantillon a uniquement recours à de la compensation pour baisser en apparence ses émissions (en pratique le risque de transition reste inchangé et l’impact des activités aussi) ou à l'achat de certificats d'électricité verte, sans mesures opérationnelles pour diminuer les émissions, par exemple via de l'efficacité énergétique. En pareil cas, la méthode CIA ne crédite l’acteur d’aucun bénéfice pour cette action. 38 % des sociétés analysées ont un objectif d’alignement des émissions de leur scope 1&2 sur un scénario inférieur à 2 degrés (B2DS) ou sur un scénario à 2 degrés (2DS)[37].
"},{"__component":"content.figure","id":248,"title":"Figure 17 – Évaluation des objectifs de réduction d’émissions scope 1&2 des entreprises (Source : base de données Carbon4 Finance)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2879,"name":"ICT00016.png","alternativeText":"","caption":"","width":861,"height":346,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_00016.png","hash":"small_ICT_00016","mime":"image/png","name":"small_ICT00016.png","path":null,"size":25.96,"width":500,"height":201},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_00016.png","hash":"medium_ICT_00016","mime":"image/png","name":"medium_ICT00016.png","path":null,"size":49.09,"width":750,"height":301},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_00016.png","hash":"thumbnail_ICT_00016","mime":"image/png","name":"thumbnail_ICT00016.png","path":null,"size":9.64,"width":245,"height":98}},"hash":"ICT_00016","ext":".png","mime":"image/png","size":48.34,"url":"https://carbon4finance.com/files/ICT_00016.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-04T13:54:23.888Z","updated_at":"2023-05-04T13:54:23.901Z"}},{"__component":"content.body","id":1204,"content":"En ce qui concerne les émissions scope 3, 42% des acteurs n'ont fixé aucun objectif de réduction ; 20 % ont fixé un objectif non pertinent, ce qui signifie qu'il n'englobe pas les principaux postes d'émission du scope 3 ou qu'il repose sur la compensation carbone. Seuls 17 % des objectifs de réduction des émissions scope 3 sont alignés sur un scénario inférieur à 2 degrés (B2DS) ou sur un scénario à 2 degrés (2DS).
"},{"__component":"content.figure","id":249,"title":"Figure 18 – Évaluation des objectifs de réduction d’émissions scope 3 des entreprises (Source : base de données Carbon4 Finance)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2880,"name":"ICT00017.png","alternativeText":"","caption":"","width":894,"height":357,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_00017.png","hash":"small_ICT_00017","mime":"image/png","name":"small_ICT00017.png","path":null,"size":52.02,"width":500,"height":200},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_00017.png","hash":"medium_ICT_00017","mime":"image/png","name":"medium_ICT00017.png","path":null,"size":107.6,"width":750,"height":299},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_00017.png","hash":"thumbnail_ICT_00017","mime":"image/png","name":"thumbnail_ICT00017.png","path":null,"size":15.83,"width":245,"height":98}},"hash":"ICT_00017","ext":".png","mime":"image/png","size":119.77,"url":"https://carbon4finance.com/files/ICT_00017.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-04T13:57:31.017Z","updated_at":"2023-05-04T13:57:31.033Z"}},{"__component":"content.body","id":1205,"content":"Les investissements bas-carbone font partie des efforts que les entreprises doivent faire pour assurer leur transition. Leur montant peut relever de l’arbitrage suivant : s’ils visent à éviter un risque de transition, la limite supérieure sera la perte potentielle qui n’aura pas lieu, et s’il s’agit de saisir une opportunité, cette limite sera le gain potentiel qui en résultera. Nos analyses montrent que 18% des entreprises n'ont déclaré aucun investissement bas-carbone (ni R&D bas-carbone), 47 % déclarent des investissements marginaux et non pertinents, qui ne contribuent pas à réduire les principales émissions de l’acteur, et 29 % mentionnent des investissements pertinents mais partiels pour réduire leur empreinte carbone et celle de leurs clients/prestataires[38]. Seuls 6 % de l'échantillon consacrent des efforts d'investissement significatifs[28] et cohérents avec la transition bas-carbone.
"},{"__component":"content.figure","id":250,"title":"Figure 19 – Part des investissements bas-carbone des entreprises (Source : base de données Carbon4 Finance)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2881,"name":"ICT00018.png","alternativeText":"","caption":"","width":867,"height":335,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_00018.png","hash":"small_ICT_00018","mime":"image/png","name":"small_ICT00018.png","path":null,"size":58.25,"width":500,"height":193},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_00018.png","hash":"medium_ICT_00018","mime":"image/png","name":"medium_ICT00018.png","path":null,"size":119.87,"width":750,"height":290},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_00018.png","hash":"thumbnail_ICT_00018","mime":"image/png","name":"thumbnail_ICT00018.png","path":null,"size":17.23,"width":245,"height":95}},"hash":"ICT_00018","ext":".png","mime":"image/png","size":123.73,"url":"https://carbon4finance.com/files/ICT_00018.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-04T14:04:05.940Z","updated_at":"2023-05-04T14:04:05.960Z"}},{"__component":"content.body","id":1206,"content":"L’évaluation de l'implication de la gouvernance (c'est-à-dire du conseil d'administration et du comité exécutif) dans la stratégie bas-carbone de l'entreprise permet de mesurer l’intégration des impacts du changement climatique sur l'entreprise dans les choix d’orientation stratégique de l’acteur, avec une possibilité de changement en profondeur de la stratégie globale de l'entreprise. Il est également important d'examiner les formations et les incitations offertes aux employés pour réduire leur empreinte carbone, car cela favorise une culture bas-carbone dans toute l'entreprise. Les résultats sont plutôt positifs puisque 45% de l'échantillon a une structure de gouvernance pertinente pour atténuer les risques de transition et implique fortement ses employés dans la transition bas-carbone. Le rapprochement avec les observations précédentes montre cependant qu’un engagement fort affiché par la direction générale ne suffit pas pour qu’il existe une stratégie de transition bas-carbone pertinente, et des objectifs ambitieux en matière d'investissements et de réduction des émissions. Une explication à cette dissonance pourrait être un manque de compréhension globale des enjeux de transition par la Direction, ou du greenwashing.
"},{"__component":"content.figure","id":251,"title":"Figure 20 – Implication de la gouvernance dans la transition bas-carbone des entreprises (Source : base de données Carbon4 Finance)","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2882,"name":"ICT00019.png","alternativeText":"","caption":"","width":950,"height":345,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_00019.png","hash":"small_ICT_00019","mime":"image/png","name":"small_ICT00019.png","path":null,"size":46.96,"width":500,"height":182},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_00019.png","hash":"medium_ICT_00019","mime":"image/png","name":"medium_ICT00019.png","path":null,"size":96.11,"width":750,"height":272},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_00019.png","hash":"thumbnail_ICT_00019","mime":"image/png","name":"thumbnail_ICT00019.png","path":null,"size":14.26,"width":245,"height":89}},"hash":"ICT_00019","ext":".png","mime":"image/png","size":110.46,"url":"https://carbon4finance.com/files/ICT_00019.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-04T14:07:51.103Z","updated_at":"2023-05-04T14:07:51.138Z"}},{"__component":"content.body","id":1207,"content":"Orange SA et AT&T Inc sont deux grands opérateurs de services de télécommunications. Orange SA est le principal opérateur français (capitalisation boursière de 25,9 milliards d'euros et ventes de 42,3 milliards d'euros en 2020), tandis qu'AT&T Inc est le principal opérateur américain (capitalisation boursière de 181,4 milliards d'euros et ventes de 152,1 milliards d'euros en 2020). Orange SA comptait 259 millions d'abonnés (avec des opérations non seulement en France mais aussi en Europe, en Afrique et au Moyen-Orient) en 2020, tandis qu'AT&T Inc avait 212 millions d'abonnés. Une part non marginale des revenus d'AT&T Inc résulte des médias et de la vidéo en ligne, principalement par le biais de sa filiale Warner Media (propriétaire de HBO).
Rappelons que la performance Présent est basée sur les émissions scopes 1&2 par abonné. Orange SA, dont une grande partie du réseau est situé en France (moins de 100 g de CO2 par kWh électrique en moyenne), a émis 1,3 mtCO2e pour ses émissions scope 1&2 en 2020. En revanche, AT&T Inc., dont la majeure partie du réseau est située aux États-Unis (de l’ordre de 400g de CO2 par kWh électrique) a émis 7,1 mtCO2e scope 1&2 en 2020. Par conséquent, en 2020, et sur les scopes 1&2, Orange SA émettait 4,7 kgCO2e/abonné contre 28,6 pour AT&T. Néanmoins, une partie de la différence ne vient pas du contenu carbone de l’électricité : la moitié des clients d'Orange SA accèdent au réseau via des cartes prépayées[39], alors que les clients d'AT&T accèdent au réseau en majorité par abonnements. Par conséquent, les clients d'AT&T passeront plus de temps en moyenne (sur une année) à utiliser le réseau que les clients d'Orange SA, engendrant potentiellement une consommation électrique supérieure.
Les deux acteurs ont réussi à réduire leurs émissions scope 1&2 par abonné sur les 5 dernières années, grâce à l’amélioration de l'efficacité énergétique des réseaux pour l’essentiel. Orange SA a baissé de 13% cet indicateur, contre 5% pour AT&T. Concernant Orange SA, cette diminution résulte notamment de la mise en œuvre d’un programme intitulé Green ITN, qui vise à réduire la consommation d'énergie de ses réseaux. Cependant, pour les deux acteurs la performance Passé incorpore aussi celle du secteur des TIC dans son ensemble (voir § 3.2.1), ce qui vient amoindrir la différence.
La comparaison entre Orange SA et AT&T Inc est présentée ci-dessous, avec le score obtenu pour chaque critère.
"},{"__component":"content.figure","id":252,"title":"Table 6 – Comparaison des performances Futur d’Orange SA et AT&T Inc","caption":"Mesures de gouvernance [40]","source":null,"maximum_width":"body_width","image":{"id":2885,"name":"ICTTableau06.png","alternativeText":"","caption":"","width":583,"height":935,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_Tableau06.png","hash":"small_ICT_Tableau06","mime":"image/png","name":"small_ICTTableau06.png","path":null,"size":97.32,"width":312,"height":500},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_Tableau06.png","hash":"medium_ICT_Tableau06","mime":"image/png","name":"medium_ICTTableau06.png","path":null,"size":167.8,"width":468,"height":750},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_Tableau06.png","hash":"thumbnail_ICT_Tableau06","mime":"image/png","name":"thumbnail_ICTTableau06.png","path":null,"size":19.85,"width":97,"height":156}},"hash":"ICT_Tableau06","ext":".png","mime":"image/png","size":125.2,"url":"https://carbon4finance.com/files/ICT_Tableau06.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-04T15:36:10.529Z","updated_at":"2023-05-04T15:36:10.543Z"}},{"__component":"content.body","id":1208,"content":"Dans l’ensemble, Orange SA semble prendre davantage en compte la transition bas-carbone dans sa stratégie. La différence avec AT&T Inc résulte principalement de leur approche de réduction des émissions scope 1&2, qui manque de précision concernant l'opérateur américain.
Globalement, Orange SA a une meilleure note CIA qu’AT&T Inc. Elle a un impact neutre sur l'atténuation du changement climatique, alors qu’AT&T Inc a un impact légèrement négatif.
Comme toute méthode d’évaluation, celle utilisée pour la présente évaluation comporte nécessairement des limites. La profondeur d’analyse est avant tout restreinte par le manque de données publiques permettant de recalculer des émissions ou des trajectoires. Cela conduit à traiter pour partie de manière indifférenciée les différents acteurs des TIC, même parmi les sous-secteurs tels que les fabricants de hardware (car ils englobent l’IoT qui comprend une trop grande variété d’équipements).
Nous récapitulons ci-dessous les points qui restent à améliorer :
Pour les logiciels B2B et les services de conseil, nous ne sommes pas en mesure d'évaluer correctement combien l'entreprise a ou aurait aidé ses clients dans leur transition, mais juste dans quelle mesure elle a modifié son portefeuille de clients finaux pour privilégier des secteurs moins intensifs en carbone. Nous évaluons donc dans quelle mesure l'entreprise a atténué ses risques, mais pas dans quelle mesure elle contribue à la transition.
La méthodologie d’analyse CIA n’intègre pas le recyclage et le traitement en fin de vie des équipements numériques (infrastructures, datacenters, appareils des utilisateurs finaux). En effet, du point de vue de la comptabilité carbone, l’impact est marginal par rapport aux émissions induites pendant la phase de production et d'utilisation de ces équipements. Les déchets numériques ont d’autres impacts négatifs sur l'environnement et la biodiversité (pollution de l’air, du sol et des eaux à cause de l’incinération ou l’enfouissement), ainsi que des conséquences sociales (pollution portant atteinte à la santé humaine, décharges gérées par des filières illégales). Seule une part très marginale de ces déchets est recyclée. Ces aspects ne doivent pas être négligés par les entreprises, mais la méthodologie CIA se concentre sur les enjeux de transition et n’en tient pas compte dans la note.
La méthodologie CIA - pour les entreprises du secteur des TIC comme pour les autres activités non financières - se base sur les activités productives et l’organisation pour attribuer une note. Elle ne prend pas en compte les investissements financiers de l'entreprise. Pourtant, lorsqu'une entreprise dispose de liquidités, ces dernières sont placées, et les placements financent des activités qui vont elles-mêmes engendrer des émissions de GES[42] (cf. le module sectoriel de CIA pour les banques[43]). Les plus grosses capitalisations boursières du secteur des TIC disposant de liquidités colossales, leurs émissions financées sont à priori significatives.
Les entreprises dont une partie des revenus provient de la publicité en ligne voient leur note CIA légèrement impactée négativement au moment de l’évaluation de la performance Futur (analyse qualitative). L’absence d’informations sur les marchés finaux des publicités et les revenus associés limitent l’analyse ; de même les émissions (potentiellement conséquentes) liées à la production et l’utilisation des biens et services vendus grâce à cette incitation publicitaire ne peuvent être captées.
Les revenus des services d'achat en ligne ne sont pas analysés avec la méthodologie CIA, car la plupart des émissions associées proviennent de la consommation d'énergie pendant la phase de fabrication et d'utilisation des produits vendus sur la plateforme en ligne. Les datacenters et l'infrastructure informatique nécessaires à la maintenance de ces plateformes représentent une part marginale de leurs émissions[44] (≈15%). Par conséquent, une entreprise comme Amazon n'a été évaluée que sur son segment commercial Amazon Web Services (24 % de ses revenus). Similairement, bien que nous analysions l’aspect digital des services de paiements en ligne, nous ne pouvons leur attribuer les émissions des achats engendrés par leurs services (la donnée nécessaire n’étant pas disponible).
La méthodologie CIA se concentre sur le risque de transition et ne prend pas en compte le risque physique lié au changement climatique. Comme mentionné au chapitre 2.2, le monde numérique est basé sur une infrastructure physique qui dépend de l'extraction de matières premières. Les aléas climatiques peuvent mettre en péril l'approvisionnement en matières premières pour les entreprises TIC et leurs fournisseurs.
La numérisation a grandement modifié le rôle du consommateur dans le processus d’achat : il jouit d’un plus grand pouvoir de décision (plus de choix, plus d’information), il peut acheter n’importe quand et n’importe où, il peut renvoyer son produit et communiquer avec les autres acheteurs sur la qualité du produit. On observe aussi un impact dans les étapes de la production d’un produit : meilleure connaissance des attentes des consommateurs, détection de nouveau segment de marché (avec l’aide du big data), efficacité de production accrue, plus de possibilités de marketing, personnalisation des produits. Tous ses facteurs ont tendance à accroître la consommation et la production de manière incontrôlée, ce qui n’est pas souhaitable dans un monde contraint physiquement. On peut néanmoins noter aussi des pratiques de consommation potentiellement plus sobres, notamment le passage à une économie de partage (il n’est plus nécessaire de posséder un bien pour l’utiliser).
"},{"__component":"content.figure","id":253,"title":"Figure 21 - Impacts de la digitalisation sur les achats et la production de biens (CaixaBank Research, 2017[45])","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2886,"name":"ICT20.png","alternativeText":"","caption":"","width":664,"height":392,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_20.png","hash":"small_ICT_20","mime":"image/png","name":"small_ICT20.png","path":null,"size":134.48,"width":500,"height":295},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_20.png","hash":"thumbnail_ICT_20","mime":"image/png","name":"thumbnail_ICT20.png","path":null,"size":40.09,"width":245,"height":145}},"hash":"ICT_20","ext":".png","mime":"image/png","size":192.51,"url":"https://carbon4finance.com/files/ICT_20.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-04T15:51:13.970Z","updated_at":"2023-05-04T15:51:13.987Z"}},{"__component":"content.body","id":1209,"content":"L'analyse d'un échantillon de 67 grandes entreprises du numérique, en s'appuyant sur une approche bottom-up, a permis d'identifier les principales tendances, dynamiques et voies de décarbonation du secteur des TIC.
Bien que le secteur représente une part non négligeable des émissions de Gaz à Effet de Serre mondiales, il affiche une faible maturité sur les enjeux climatiques : absence d’analyse exhaustive et sur toute la chaîne de valeur des risques liés au climat, communication volontairement axée sur quelques opportunités isolées, absence d’investissements bas-carbone significatifs, maintien d’une activité statu quo (« business-as-usual ») émissive et en croissance, avec des effets rebonds importants.
Un premier pas est souvent amorcé avec la création de comités internes dédiés au changement climatique dont le directeur siège au comité exécutif, mais la marge de progression reste significative.
En effet, la plupart des acteurs ne mesurent pas leurs émissions scope 3 (qui constitue le poste d’émission le plus important) et visent souvent à réduire seulement leurs émissions scope 1&2 par le biais de la compensation carbone ou d’achats de certificats d’électricité renouvelable (Garanties d’Origine, qui sont sans effet sur les émissions).
Enfin, certaines entreprises sont promptes à déclarer une neutralité carbone sur leur activité ou leurs produits, ce qui est incorrect et ne repose sur aucun fondement scientifique (la neutralité carbone n’est valable qu’à l’échelle planétaire, et non au niveau d’une entreprise ou d’un produit).
Afin d’accompagner les entreprises du secteur des TIC vers un monde bas-carbone, Carbon4 Finance propose, pour chaque type d’acteur, des préconisations permettant de réduire leurs émissions et celles de leur chaine de valeur en amont et aval (« Green for IT »), ainsi que les mesures permettant de décarboner les autres secteurs (« Green by IT »). Elles sont présentées dans le tableau ci-dessous :
NB : les intitulés de colonnes concernent, de gauche à droite : les émissions liées à la production de l’infrastructure numérique, celles liées à son utilisation, et les émissions liées à des changements d’usages.
"},{"__component":"content.figure","id":254,"title":"Table 8 - Préconisations identifiées pour la transition des acteurs du numérique (en vert les recommandations, en rouge les actions à cesser).","caption":null,"source":null,"maximum_width":"body_width","image":{"id":2891,"name":"ICTTableau07.png","alternativeText":"","caption":"","width":694,"height":941,"formats":{"small":{"ext":".png","url":"https://carbon4finance.com/files/small_ICT_Tableau07.png","hash":"small_ICT_Tableau07","mime":"image/png","name":"small_ICTTableau07.png","path":null,"size":154.47,"width":369,"height":500},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_ICT_Tableau07.png","hash":"medium_ICT_Tableau07","mime":"image/png","name":"medium_ICTTableau07.png","path":null,"size":316.93,"width":553,"height":750},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_ICT_Tableau07.png","hash":"thumbnail_ICT_Tableau07","mime":"image/png","name":"thumbnail_ICTTableau07.png","path":null,"size":21.3,"width":115,"height":156}},"hash":"ICT_Tableau07","ext":".png","mime":"image/png","size":144.81,"url":"https://carbon4finance.com/files/ICT_Tableau07.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-05T08:26:46.086Z","updated_at":"2023-05-05T08:26:46.099Z"}},{"__component":"content.body","id":1210,"content":"
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Dragan, Dejan & Kramberger, Tomaž & Prah, Klemen. 2014. The reduction of CO2 emissions: Transport optimization approach to decrease the Vehicle Miles Travelled.
Eco2 Greetings. 2022. The Carbon Footprint of Email vs Postal Mail. [online] Available at: <https://www.eco2greetings.com/News/The-Carbon-Footprint-of-Email-vs-Postal-Mail.html> [Accessed 6 September 2022].
Engie.fr. 2018. Tout savoir sur la consommation de votre réfrigérateur. [online] Available at: <https://particuliers.engie.fr/depannages-services/conseils-equipements-chauffage/conseils-equipements/tout-savoir-sur-la-consommation-de-votre-refrigerateur.html> [Accessed 8 September 2022].
Falch, 2012. Environmental Impact of ICT on the Transport Sector. Telecommunication Economics. A. Hadjiantonis et B. Stiller (Eds.), Springer Berlin Heidelberg. 7216: 126-137.
GeSI, Carbon Trust, 2017. ICT Sector Guidance built on the GHG Protocol Product Life Cycle Accounting and Reporting Standard. [online] Available at: <https://ghgprotocol.org/sites/default/files/GHGP-ICTSG%20-%20ALL%20Chapters.pdf>
GreenIT, 2019. The environmental footprint of the digital world. [online] Available at: <https://www.greenit.fr/environmental-footprint-of-the-digital-world/> [Accessed 6 September 2022].
Greenpeace, 2017. Clicking Clean: Who is Winning the Race to Build a Green Internet?
Hilbert, M. et P. López. 2011. The World’s Technological Capacity to Store, Communicate, and Compute Information. Science 332(6025): 60-65.
IEA, 2022. Buildings. [online] Available at: <https://www.iea.org/reports/buildings> [Accessed 13 March 2023].
IPCC, 2021. Climate change widespread, rapid, and intensifying – IPCC — IPCC. [online] Available at: <https://www.ipcc.ch/2021/08/09/ar6-wg1-20210809-pr/> [Accessed 6 September 2022].
Orange SA. 2021. 2021 Universal Registration Document. [online] Available at: <https://newsroom.orange.com/publication-of-the-2021-universal-registration-document/> [Accessed 23 September 2022].
Nature.com, 2022. Climate change is hitting the planet faster than scientists originally thought. [online] Nature.com. Available at: <https://www.nature.com/articles/d41586-022-00585-7> [Accessed 6 September 2022].
The Carbon Bankroll, 2022. The Climate Impact and Untapped Power of Corporate Cash. [online] Available at: <https://www.carbonbankroll.com/> [Accessed 23 September 2022].
The Shift Project, 2018. Lean ICT. [online] Available at: <https://theshiftproject.org/en/article/lean-ict-our-new-report/> [Accessed 6 September 2022].
The Shift Project, 2020. Implementing digital sufficiency. [online] Available at: <https://theshiftproject.org/en/article/implementing-digital-sufficiency/> [Accessed 6 September 2022].
Toma, Ana & Gheorghe, Cristina & Neacşu, Floriana & Dumitrescu, A.M.. 2017. Conversion of smart meter data in user-intuitive carbon footprint information. 10.1109/ISEEE.2017.8170644.
United Nations, 2022. Causes and Effects of Climate Change | United Nations. [online] United Nations. Available at: <https://www.un.org/en/climatechange/science/causes-effects-climate-change> [Accessed 6 September 2022].
US EPA. 2022. Scope 3 Inventory Guidance | US EPA. [online] Available at: <https://www.epa.gov/climateleadership/scope-3-inventory-guidance#:~:text=According%20to%20the%20GHG%20Corporate,GHG%20impact%20of%20their%20operations.> [Accessed 23 September 2022].
World Resources Institute, 2023. [online] Available at: <https://www.wri.org/insights/interactive-chart-shows-changes-worlds-top-10-emitters> [Accessed 13 March 2023].
"}],"annex":[],"footnotes":[{"id":577,"number":1,"text":"La forte interdépendance des acteurs du secteur induit un risque systémique, définit en 3.1.2 et 3.2.1.
"},{"id":578,"number":2,"text":"IPCC, 2021. Climate change widespread, rapid, and intensifying – IPCC — IPCC.
Available at: <https://www.ipcc.ch/2021/08/09/ar6-wg1-20210809-pr/>
"},{"id":579,"number":3,"text":"United Nations, 2022. Causes and Effects of Climate Change | United Nations, United Nations.
Available at: <https://www.un.org/en/climatechange/science/causes-effects-climate-change>
"},{"id":580,"number":4,"text":"Nature.com, 2022. Climate change is hitting the planet faster than scientists originally thought. Nature.com.
Available at: https://www.nature.com/articles/d41586-022-00585-7
"},{"id":581,"number":5,"text":"L’aviation commerciale représentait 2,6 % des émissions de gaz à effet de serre dans le monde en 2018, et 5,1 % du réchauffement climatique anthropique entre 2000 et 2018 quand on intègre les effets hors CO2 (trainées de condensation).
Carbone 4, 2022. Les idées reçues sur l’aviation et le climat.
Available at: <https://www.carbone4.com/analyse-faq-aviation-climat>
"},{"id":582,"number":6,"text":"The Shift Project, 2020. Implementing digital sufficiency.
Available at: <https://theshiftproject.org/en/article/implementing-digital-sufficiency>
"},{"id":583,"number":7,"text":"En 2019, les émissions directs et indirects des bâtiments résidentiels s’élevaient à 5.8 GtCO2 (utilisation de combustibles fossiles dans les bâtiments et production d'électricité et de chaleur utilisée dans les bâtiments).
IEA, 2022. Buildings.
Available at: <https://www.iea.org/reports/buildings>
"},{"id":584,"number":8,"text":"World Resources Institute, 2023.
Available at: <https://www.wri.org/insights/interactive-chart-shows-changes-worlds-top-10-emitters>
"},{"id":585,"number":9,"text":"Eco2 Greetings. 2022. The Carbon Footprint of Email vs Postal Mail.
Available at: <https://www.eco2greetings.com/News/The-Carbon-Footprint-of-Email-vs-Postal-Mail.html>
"},{"id":586,"number":10,"text":"GreenIT, 2019. The environmental footprint of the digital world.
Available at: <https://www.greenit.fr/environmental-footprint-of-the-digital-world/>
"},{"id":587,"number":11,"text":"The Shift Project, 2018. Lean ICT.
Available at: <https://theshiftproject.org/en/article/lean-ict-our-new-report/>
"},{"id":588,"number":12,"text":"Dragan, Dejan & Kramberger, Tomaž & Prah, Klemen. 2014. The reduction of CO2 emissions: Transport optimization approach to decrease the Vehicle Miles Travelled.
"},{"id":589,"number":13,"text":"Toma, Ana & Gheorghe, Cristina & Neacşu, Floriana & Dumitrescu, A.M.. 2017. Conversion of smart meter data in user-intuitive carbon footprint information. 10.1109/ISEEE.2017.8170644.
"},{"id":590,"number":14,"text":"Falch, 2012. Environmental Impact of ICT on the Transport Sector. Telecommunication Economics. A. Hadjiantonis et B. Stiller (Eds.), Springer Berlin Heidelberg. 7216: 126-137.
"},{"id":591,"number":15,"text":"ADEME, 2019. La Face Cachée du Numérique.
Available at: <https://librairie.ademe.fr/cadic/2351/guide-pratique-face-cachee-numerique.pdf?modal=false>
"},{"id":592,"number":16,"text":"Engie.fr. 2018. Tout savoir sur la consommation de votre réfrigérateur.
"},{"id":593,"number":17,"text":"Andrae, Anders S. G., and Tomas Edler. 2015. On Global Electricity Usage of Communication Technology: Trends to 2030. Challenges 6, no. 1: 117-157. <https://doi.org/10.3390/challe6010117>
"},{"id":594,"number":18,"text":"Le scénario « sufficiency » s’appelle dans les travaux de The Shift Project « sobriety ». Nous l’avons renommé pour plus de clarté. Il est le seul scénario à comprendre des mesures de sobriété énergétique.
"},{"id":595,"number":19,"text":"« utilisateurs » désigne ici les personnes ayant accès à un terminal du monde numérique.
"},{"id":596,"number":20,"text":"Cédric Gossart. 2016. Rebound effects and ICT: a review of the literature. ICT innovations for sustainability, 310, Springer, pp.435 - 448, 2015, Advances in intelligent systems and computing, 978-3-319-09227-0. ff10.1007/978-3-319-09228-7_26ff. ffhal-01258112f
"},{"id":597,"number":21,"text":"Hilbert, M. et P. López. 2011. The World’s Technological Capacity to Store, Communicate, and Compute Information. Science 332(6025): 60-65.
"},{"id":598,"number":22,"text":"Greenpeace, 2017. Clicking Clean: Who is Winning the Race to Build a Green Internet?
"},{"id":599,"number":23,"text":"Il n’est pas précisé si les émissions maximales autorisées couvrent le scope 3. En 2013, il est probable que cela ne soit que sur le scope 1&2.
"},{"id":600,"number":24,"text":"CDP 2021. – Climate Change Disclosure 2021 – AT&T.
Available at: <https://about.att.com/ecms/dam/csr/2019/library/corporate-responsibility/CDP-Climate-Change-Disclosure-2021.pdf.>
"},{"id":601,"number":25,"text":"datacenterdynamics.com. 2021. Visa to Power Virginia Data Center with 100 Percent Solar Energy.
Available at: <www.datacenterdynamics.com/en/news/visa-power-virginia-data-center-100-percent-solar-energy/>
"},{"id":602,"number":26,"text":"Apple 2019. – Environmental Responsability Report 2018
Available at: <https://www.apple.com/environment/pdf/Apple_Environmental_Responsibility_Report_2018.pdf>
"},{"id":603,"number":27,"text":"Colorado State University, 2022. Center for the New Energy Economy. State Brief: Ohio.
"},{"id":604,"number":28,"text":"Available at: <https://www.carbon4finance.com/our-latest-carbon-impact-analytics-methodological-guide2>
"},{"id":605,"number":29,"text":"L’étude n’a pas identifié d’acteurs au sein de l’échantillon ayant recourt à cette mesure.
"},{"id":606,"number":30,"text":"Carbone 4. 2018. Electricité “verte” : un outil pertinent pour les entreprises ?
Available at: <https://www.carbone4.com/electricite-verte-outil-pertinent-entreprises>
"},{"id":607,"number":31,"text":"Available at: <https://www.carbone4.com/publication-referentiel-nzi>
"},{"id":608,"number":32,"text":"Les sociétés de conseil sont dépendantes de l’infrastructure du numérique au sens que les outils du numériques leurs permettent d’optimiser leurs services, mais elles ne contribuent pas directement à l’utilisation ou la production de l’infrastructure du numérique, contrairement aux autres sous-secteurs à l’étude.
"},{"id":609,"number":33,"text":"Certaines entreprises peuvent sembler être catégorisées dans un secteur inattendu. Il s’agit en réalité du secteur majoritaire en termes de revenus, mais pas forcément le secteur historique de l’entreprise (cf. point méthodologique 3.2.5)
"},{"id":610,"number":34,"text":"Quelques exemples :
Netflix, dans son rapport ESG de 2021, après avoir effectué une analyse de son exposition aux risques climatiques de transition et physique, dit explicitement : « There were no material climate risks that were identified for Netflix through this analysis. » (available at: <https://about.netflix.com/en/sustainability>)
Meta, société détentrice du réseau social Facebook, dans son rapport de durabilité de 2021, place les risques liés au changement climatique (transition et physique) dans la catégorie « critique » pour les parties prenantes (actionnaires et clients) mais « marginale » en termes d’impacts potentiels sur ses activités. (available at: <https://sustainability.fb.com/2021-sustainability-report/>)
(actionnaires et clients) mais « marginale » en termes d’impacts potentiels sur ses activités. (available at: <https://sustainability.fb.com/2021-sustainability-report/>)
"},{"id":611,"number":35,"text":"Pour rappel, une définition de ce qu’est un facteur « location-based » est donnée en 3.1.1
"},{"id":612,"number":36,"text":"Inclure les émissions des appareils permettant d’accéder aux services (même s’ils ne sont pas vendus par l’acteur lui-même) est pourtant recommandé par le GHG Protocol (qui sert de référence à la plupart des entreprises), cf. l’étude de Carbon Trust et du GeSI (2017) « ICT Sector Guidance built on the GHG Protocol Product Life Cycle Accounting and Reporting Standard ». (Exemple pour les Télécoms table 2.2 p.47 de l’étude)
Available at: <https://ghgprotocol.org/sites/default/files/GHGP-ICTSG%20-%20ALL%20Chapters.pdf>
"},{"id":613,"number":37,"text":"Ces 38% englobent des acteurs ayant également recours à la compensation carbone. Nous pénalisons les acteurs qui ont uniquement recours à ce procédé, mais pas ceux ayant aussi un objectif de réduction pertinent (comme définit en 3.2.3).
"},{"id":614,"number":38,"text":"Comme nous ne disposons pas de scénario des investissements nécessaires à la transition pour le secteur des TIC, il fut difficile de trancher du caractère marginal ou significatif d’un investissement. Sont considérés comme significatifs les investissements dont la destination est précisément détaillée, le montant quantifié et représentant une part non-négligeable (>5%) des investissements totaux de l’entreprise.
"},{"id":615,"number":39,"text":"Bien qu’en France la majeure partie des clients d’Orange SA accède au réseau via un abonnement, dans d’autres régions l’accès se fait principalement par cartes prépayées (notamment en Afrique et Moyen-Orient). In fine, plus de 52% des utilisateurs du réseau utilisent des cartes prépayées.
Orange SA. 2021. 2021 Universal Registration Document.
Available at: <https://newsroom.orange.com/publication-of-the-2021-universal-registration-document/>
"},{"id":616,"number":40,"text":"Bien que Orange SA semble meilleur qu’AT&T Inc sur ce critère, le fait qu’aucune formation aux employés sur le changement climatique ne soit mentionnée par l’acteur Français le ramène à égalité avec l’Américain.
"},{"id":617,"number":41,"text":"Les scénarios mondiaux utilisés sont ceux de l’AIE (rapport ETP) : En dessous de 2°C (« B2DS ») et 2°C (2DS).
"},{"id":618,"number":42,"text":"Parmi les investissements polluants on note notamment la cryptomonnaie (dans laquelle les grandes entreprises du numérique investissent massivement) et les grandes institutions bancaires, dont les portefeuilles sont encore très carbonés.
"},{"id":619,"number":43,"text":"Available at: <https://www.carbon4finance.com/methodology-note-bank-emissions-calculations>
"},{"id":620,"number":44,"text":"Pour comprendre les émissions de carbone du e-commerce, consulter l’article « le e-commerce est-il vraiment un élément clé de la décarbonation du transport de marchandises ? ».
Available at : <https://www.carbone4.com/decryptage-e-commerce-decarbonation-transport>
"},{"id":621,"number":45,"text":"CaixaBank Research. 2017. Consumption in the digital era. Consumption: New Trends pp.36-37, 2017.
Available at <https://www.caixabankresearch.com/en/economics-markets/activity-growth/consumption-digital-era>
"}],"sources_groups":[],"links":[],"external_authors":[],"external_contributors":[],"custom_pdf":{"id":2938,"name":"Publication Carbon4 Finance ICT - Publique.pdf","alternativeText":"","caption":"","width":null,"height":null,"formats":null,"hash":"Publication_Carbon4_Finance_ICT_Publique","ext":".pdf","mime":"application/pdf","size":4110.71,"url":"https://carbon4finance.com/files/Publication_Carbon4_Finance_ICT_Publique.pdf","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-31T09:42:26.054Z","updated_at":"2023-05-31T09:42:26.062Z"},"featured_image":{"id":2895,"name":"jonathan-marchal-xIzNVnnK1Vw-unsplash.jpg","alternativeText":"","caption":"","width":3978,"height":5967,"formats":{"large":{"ext":".jpg","url":"https://carbon4finance.com/files/large_jonathan_marchal_x_Iz_N_Vnn_K1_Vw_unsplash.jpg","hash":"large_jonathan_marchal_x_Iz_N_Vnn_K1_Vw_unsplash","mime":"image/jpeg","name":"large_jonathan-marchal-xIzNVnnK1Vw-unsplash.jpg","path":null,"size":39.05,"width":667,"height":1000},"small":{"ext":".jpg","url":"https://carbon4finance.com/files/small_jonathan_marchal_x_Iz_N_Vnn_K1_Vw_unsplash.jpg","hash":"small_jonathan_marchal_x_Iz_N_Vnn_K1_Vw_unsplash","mime":"image/jpeg","name":"small_jonathan-marchal-xIzNVnnK1Vw-unsplash.jpg","path":null,"size":11.06,"width":333,"height":500},"medium":{"ext":".jpg","url":"https://carbon4finance.com/files/medium_jonathan_marchal_x_Iz_N_Vnn_K1_Vw_unsplash.jpg","hash":"medium_jonathan_marchal_x_Iz_N_Vnn_K1_Vw_unsplash","mime":"image/jpeg","name":"medium_jonathan-marchal-xIzNVnnK1Vw-unsplash.jpg","path":null,"size":23.13,"width":500,"height":750},"thumbnail":{"ext":".jpg","url":"https://carbon4finance.com/files/thumbnail_jonathan_marchal_x_Iz_N_Vnn_K1_Vw_unsplash.jpg","hash":"thumbnail_jonathan_marchal_x_Iz_N_Vnn_K1_Vw_unsplash","mime":"image/jpeg","name":"thumbnail_jonathan-marchal-xIzNVnnK1Vw-unsplash.jpg","path":null,"size":1.78,"width":104,"height":156}},"hash":"jonathan_marchal_x_Iz_N_Vnn_K1_Vw_unsplash","ext":".jpg","mime":"image/jpeg","size":1049.91,"url":"https://carbon4finance.com/files/jonathan_marchal_x_Iz_N_Vnn_K1_Vw_unsplash.jpg","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-05-05T13:29:14.157Z","updated_at":"2023-05-05T13:29:14.174Z"},"pdf":{"id":2947,"name":"314-numerique-deconnecte-climat.pdf","alternativeText":null,"caption":null,"width":null,"height":null,"formats":null,"hash":"314_numerique_deconnecte_climat","ext":".pdf","mime":"application/pdf","size":10169.97,"url":"https://carbon4finance.com/files/314_numerique_deconnecte_climat.pdf","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-06-19T16:07:28.266Z","updated_at":"2023-06-19T16:07:28.266Z"},"download_image":null,"download_file":null},{"id":317,"title":"Métaux et climat : on touche le fond, mais on creuse encore","slug":"publication-mines-and-metals","subtitle":null,"contact":null,"about":null,"publish_at":"2023-07-27T10:00:00.000Z","color":null,"header_style":"full_image_text_centered","body_font":null,"locale":"en","published_at":"2023-07-27T10:00:00.000Z","created_at":"2023-07-27T14:03:37.558Z","updated_at":"2023-11-20T17:00:03.150Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"body":[{"__component":"content.body","id":1215,"content":"Télécharger la publication en français
Download the report in english
"}],"annex":[],"footnotes":[{"id":624,"number":1,"text":"Par rapport à l’année 2100 - scénarios de l’AIE
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Télécharger notre publication en ligne ici.
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To achieve zero net emissions worldwide by 2050 (NZE 2050 scenario), the International Energy Agency (IEA) estimates that by 2030, worldwide, $4.5 trillion must be allocated annually for the development of decarbonized energies. Even in the less ambitious Announced Pledges Scenario (APS), clean energy investment is expected to double in advanced economies and China, and triple for developing economies by 2035[1]. Added to this is the cost of restructuring transport, food systems, industry, shipping and, more generally, the low-carbon transformation of the entire economy. This transition requires investments that far exceed the financial capacities of public entities: the mobilization of private players, and banks in particular, is necessary
In addition to accelerating the transition, it is also necessary to reduce fossil fuel consumption to meet the targets set by the Paris Agreement. However, projected fossil fuel emissions from existing infrastructures could take the world above 2°C warming in a few decades. New funding for such infrastructure is therefore incompatible with the objectives of the Paris Agreement, and current funding must be phased out in line with decarbonization trajectories aligned with the 1.5°C target. Banks play a major role in financing fossil fuels, as such their responsibility to transition into a low-carbon economy is at the heart of the climate debate[2].
In recent years, the banking sector has attempted to align its activities with climate objectives through voluntary actions such as the Net Zero Banking Alliance (NZBA), launched by the UN in 2021. However, several studies[3] reveal that they are not on track to meet their targets.
This study, based on quantitative and qualitative data, assesses banks on the current contribution of their financing to the transition, and on the reliability and consistency of their decarbonization strategy.
Download the publication in english
Download the publication in french
"}],"annex":[],"footnotes":[{"id":944,"number":1,"text":"[1] (International Energy Agency, 2024)
"},{"id":945,"number":2,"text":"[2] (Rickman, Falkenberg, & Kothari, 2024)
"},{"id":946,"number":3,"text":"[3] (World Resources Institute, 2024)
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This method, designed to flag potential risks and inform investment strategy, is a function of location-specific climate hazards and sector-specific vulnerability.
This is the only event promoting the French Fintech savoir-faire in Austria and Germany. This presents the opportunity to meet top banks and get to know the local FinTech ecosystem during a tailored-made program between Vienna and Frankfurt! Carbon4 Finance has the honor being part of the French delegation.
","body":"November 5-6 Frankfort ¨November 7-8 Vienna
November 5th ♦ Deutsche Bank Digital Factory
November 6th ♦ TechQuartier
November 7th ♦ Erste Bank
November 8th ♦ Raiffeisen Bank
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The tour, which aims to promote solutions provided by French fintech companies in the British and Irish markets, is an opportunity for Carbon4 Finance to present its solutions to banks, insurers, and asset managers.
Carbon4 Finance provides carbon data to enable asset managers, pension funds, banks and index providers to develop and implement investment and financing solutions which are aligned to a 2-degree world.
Our solutions:
For more information, or to meet us, please feel free to reach out : contact@carbon4finance.com
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What exactly is the GreenTech Hub? Find out more on the website
","contact":null,"press_release":null,"publish_at":"2019-01-09T11:00:00.000Z","locale":"en","published_at":"2019-01-09T11:00:00.000Z","created_at":"2021-11-30T11:37:04.363Z","updated_at":"2021-12-17T16:50:51.983Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":27,"name":"What exactly is the GreenTech Hub? Find out more on the website","url":"https://techquartier.com/greentechhub/"}],"featured_image":{"id":2087,"name":"GreenTech-Hub-carbon-4-600x286.png","alternativeText":"","caption":"","width":600,"height":286,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_Green_Tech_Hub_carbon_4_600x286.png","hash":"small_Green_Tech_Hub_carbon_4_600x286","mime":"image/png","name":"small_GreenTech-Hub-carbon-4-600x286.png","path":null,"size":330.97,"width":500,"height":238},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Green_Tech_Hub_carbon_4_600x286.png","hash":"thumbnail_Green_Tech_Hub_carbon_4_600x286","mime":"image/png","name":"thumbnail_GreenTech-Hub-carbon-4-600x286.png","path":null,"size":84.36,"width":245,"height":117}},"hash":"Green_Tech_Hub_carbon_4_600x286","ext":".png","mime":"image/png","size":350.3,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Green_Tech_Hub_carbon_4_600x286.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:37:00.737Z","updated_at":"2021-11-30T11:37:00.750Z"},"download_image":null,"download_file":null},{"id":128,"title":"Carbon4 Finance response to the SEC’s Public Consultation on Climate Change Disclosures","slug":"carbon4-finance-response-to-the-sec-s-public-consultation-on-climate-change-disclosures","subtitle":null,"body":"Carbon4 Finance welcomes the opportunity to provide feedback on the Securities and Exchange Commission’s (SEC’s) request for public input on climate-related financial disclosures. As specialists in the low-carbon transition, we applaud SEC’s growing interest for climate change-related challenges, and we strongly support the development of sustainability disclosures to equip investors in their investment decisions.
Greenhouse gases emissions linked to human activity will induce a climate change that experts agree will have major consequences on our economy and society. Knowledge of exposure to these risks but also to potential opportunities related to climate change is therefore an issue at stake for investors, for the future of financial performances and its preservation.
It is undeniable that climate change poses a systemic risk to financial investments. Investors need to assess and monitor physical risks and transition risks, and the assessment and measure of these risks are based on company disclosures. Back in 2015, the landmark Paris Climate Agreement identified and encouraged ESG disclosures as a key tool to support the low-carbon transition.
In this context, reliable disclosures of risks, financial impacts, and opportunities related to climate change is crucial as to inform investors for decision-making purposes. Climate change mandatory reporting provides an initial quantitative assessment of each company’s climate data and its related challenges, an understanding of their carbon performances related to benchmarks, and whether they are aligned with international objectives in the fight against climate change. A real-world example comes from France, where the implementation of climate change reporting for large companies provided investors with the tools to activate financing towards companies tackling climate change. It is therefore key for investors, regulators and data providers to access differentiating data as to understand a company’s awareness of its climate change impact. With future sustainable disclosures from the SEC, investors will own the appropriate tool to become actor in the climate transition.
Created in 2016, Carbon4 Finance (C4F) provides institutional investors with comprehensive and reliable climate data to assess the climate risks and opportunities of their investment portfolios and build environmental investment strategies. Our clients are asset managers, asset owners, banks and index providers willing to report their climate performances or develop climate investment tools and policies based on custom climate data solutions.
Carbon4 Finance offers a complete analysis of climate risks:
• A bottom-up analysis that goes beyond sectoral analysis, enabling the identification of the climate-related best performing companies within each sector;
• An exhaustive analysis of the carbon footprint, identifying both risks and opportunities, including the calculation of induced emissions and emissions savings (scope 1, 2 and scope 3 emissions upstream and downstream).
Carbon4 Finance climate methodologies build on the 13 years of experience of our consulting entity Carbone 4, in performing life-cycle GHG assessments. These methodologies were designed by consulting engineers, specialized by economic sector. Carbone 4’s co-founder Jean-Marc Jancovici developed the Bilan Carbone® (known as Carbon Footprint) method for the ADEME, reference accounting methodology in France which went on to influence international standards. Carbone 4 strongly contributed to the working group for the ISO 14069 and associated guide which specifies rules for GHG emissions accounting. Carbone 4 was also involved in the Finance for Tomorrow working group to support the construction of the 50 ClimActs launched on the One Planet Summit in December 2017. Finally, Carbon4 Finance is represented among the TEG (Technical Expert Group) of the EU that is establishing EU-wide standards on green taxonomy.
In our recent reports on the Oil & Gas1 and Power2 sectors, Carbon4 Finance analyzed companies’ degree of exposure to transition risk, observed the historical trends of their absolute emissions (Scope 1, 2 and 3), and assessed the strategies activated to align with the global objective of decarbonizing the economy. These results where collected based on CIA (Carbon Impact Analytics)3 analysis campaigns conducted in 2020 and measured the exposure of companies to transition risk via an overall rating (from A+ to E-) and various sectoral indicators. We believe these results may guide the Commission in assessing the materiality of climate-related disclosures related to the Oil & Gas and Power sectors. Those reports are enclosed to this Public Consultation feedback.
Besides climate data, Carbon4 Finance together with CDC Biodiversité (French actor on biodiversity protection), will launch the Biodiversity Impact Analytics (BIA) Database powered by the GBS®. Combining experiences on climate data and biodiversity footprint methodology, this database will allow investors to assess the impact on biodiversity of their portfolio with a large coverage in terms of assets and markets.
As providers of climate risk data for the financial sector, we welcome the opportunity to provide our input on the selected questions below.
Question 1
How can the Commission best regulate, monitor, review, and guide climate change disclosures in order to provide more consistent, comparable, and reliable information for investors while also providing greater clarity to registrants as to what is expected of them? Where and how should such disclosures be provided? Should any such disclosures be included in annual reports, other periodic filings, or otherwise be furnished?
We strongly support the Commission’s willingness to enhance reporting guidelines as to provide more consistent, comparable and reliable information for investors. As we mentioned earlier, investors need to access actionable climate data, as climate change poses a systemic risk to financial investments.
Question 2
What information related to climate risks can be quantified and measured? How are markets currently using quantified information? Are there specific metrics on which all registrants should report (such as, for example, scopes 1, 2, and 3 greenhouse gas emissions, and greenhouse gas reduction goals)? What quantified and measured information or metrics should be disclosed because it may be material to an investment or voting decision? Should disclosures be tiered or scaled based on the size and/or type of registrant)? If so, how? Should disclosures be phased in over time? If so, how? How are markets evaluating and pricing externalities of contributions to climate change? Do climate change related impacts affect the cost of capital, and if so, how and in what ways? How have registrants or investors analyzed risks and costs associated with climate change? What are registrants doing internally to evaluate or project climate scenarios, and what information from or about such internal evaluations should be disclosed to investors to inform investment and voting decisions? How does the absence or presence of robust carbon markets impact firms’ analysis of the risks and costs associated with climate change?
In accordance with Marc Carney’s discourse on the “Tragedy of the horizon”, three main climate risks categories are identified: transition risks, physical risks and liability risks. In terms of disclosure, we believe both transition and physical risks should be evaluated by the Commission.
Climate transition risks are the risks involved with the adjustment process towards a low carbon economy (regulatory development, technological breakthrough, etc.). As to enable an energy transition, it is necessary to shift away from carbon-intensive investments and to mitigate climate change. Beyond the carbon footprint, it is essential to consider the capacity of a company to contribute to the energy and climate transition.
We identify several metrics which registrants should report on as to enable investors embedding transition risks in their investment strategy.
First, reporting should contain induced emissions, comprising the Scope 1, Scope 2 and Scope 3 emissions most material to their activities, by business segment. All scopes’ consistency should be transparent, and calculation methodology should be subject to comprehensive explanations. Historical data should be reported as to comprehend the registrant’s ability to reduce its emissions over time. As activity data is key as to back up the emissions reported by companies, physical data on energy consumption would provide higher granularity and consistency of data.
Focusing on emissions savings, it is a climate metric which we believe the Commission should carefully assess, as it helps investors to steer investments towards solutions for a decarbonized economy. Today, the climate impact of companies is assessed through a static indicator: the carbon intensity, which measures, at a given moment, a company’s carbon emissions. To achieve the 2° C target of the Paris Climate Agreement, it is also necessary to look at the reality of a company’s strategic and financial commitment to a low carbon transition. A metric providing the means to quantity this commitment is the “carbon emission savings” indicator, which was developed by Carbon4 Finance, and successfully applied by investors, i.e., our clients, in their sustainable investment strategy.
Emissions savings are calculated by adding up the “avoided emissions” (comparing the company to the trajectory of its sector) and the “reduced emissions” of a company (comparing the company with itself over 5 years):
•avoided emissions are the emissions that are avoided by the company’s products and services; they are calculated by comparing the emissions with a sectorial baseline scenario (i.e. an IEA scenario 2°), or with the substitution by low-carbon solutions. A company avoids emissions if there is a positive gain between the induced emissions of the company on the one hand, and the baseline sectoral emissions scenario on the other hand.
•reduced emissions are the volume of emissions lowered through a process efficiency over time: an emission reduction is a real decrease of the company’s carbon intensity over 5 years.
The “emission savings” indicator is key to understand the real impact of a company. This indicator is a powerful tool as to identify companies that have already entered the climate transition and to measure the companies’ action for the low carbon transition, providing figures that are more meaningful and tangible than all the companies statements that claim carbon neutrality.
While induced and emissions savings can be used to report on a company’s current performance, it is important to have a forward-looking view of the company. Extra-financial disclosures should contain the detailed climate change mitigation strategy of the registrants, with targeted emissions reduction as well as the intermediary actions to achieve the target(s). In accordance with the Paris Climate Agreement, a strategy towards a 2° aligned economy should be set out. Governance and oversight of climate change-related challenges should also be disclosed as to ensure management is involved in the monitoring of the climate change forward-looking strategy. We will further tackle this point in the Question 8.
Lastly, as to demonstrate companies’ willingness to shift their business towards climate change mitigation, they should disclose their investment and R&D in low-carbon projects. It is indeed by reporting low-carbon investments that companies show investors they are equipped with the necessary resources as to mitigate the climate transition risks. Investors need to ensure that issuers align consistent resources as to tackle climate risks.
The other category of risk which should be addressed in companies’ disclosures, are the physical risks. It represents the exposure and vulnerability of registrants to physical consequences of climate change (see our CRIS Methodology4).
To enable investors to understand and manage company risks and to engage in dialogue with registrants, companies should identify in their reporting acute and chronic climate hazards as well as adaptation strategies to withstand these risks.
Registrants should disclose the geographical area of their activities, and the location of assets in sectors most affected to physical risks. This would provide investors with accurate data as to identify the companies most subject to natural disasters.
Question 4
What are the advantages and disadvantages of establishing different climate change reporting standards for different industries, such as the financial sector, oil and gas, transportation, etc.? How should any such industry-focused standards be developed and implemented?
The challenges arising from climate change vary by economic sector, both in terms of levers for reducing emissions and in terms of innovations. Roughly 80% of worldwide GHG emissions are generated by some sectors, on which climate disclosure efforts should be prioritized.
We recommend the SEC to concentrate its efforts on assets that have a material impact on the carbon performance of investee companies.
Carbon4 Finance develops sector-specific indicators and calculation modules to factor in the specificities of each sector. This in-depth assessment of the portfolio constituents covers all operating segments and is based on several operational and company-specific data: production volumes (tons of steel, MWh per source, etc.), production or sales locations, energy efficiency of the process, sources of supply, etc. This operational data is collected from various reports made publicly available by the company (annual, CSR and ESG reports). The disclosure of these consistent, comparable, and reliable data would inform investors on the most material risks to consider for each sector.
The graph below, retrieved from our database, illustrates the breakdown of induced Scope 1&2 and Scope 3 emissions by sector, for the S&P 500 index. It shows that the Commission should first tackle the industries which have a stronger impact on climate change via their Scope 1&2, and Scope 3 emissions.
Question 8
How, if at all, should registrants disclose their internal governance and oversight of climate-related issues? For example, what are the advantages and disadvantages of requiring disclosure concerning the connection between executive or employee compensation and climate change risks and impacts?
As governance on climate change is crucial as to monitor the achievement of related targets, registrants should clearly and transparently define the bodies in charge of tackling climate change starting from the highest-level positions in the management (including the Executive Committee). Companies should define the Board-level oversight and responsibility over carbon performances. Governance on climate change is key for investors as to verify the consistency of reported quantitative data on transition and physical risks. An appropriate governance strengthens a registrant’s capability to address this challenge.
Additionally, registrants should disclose if any (financial) incentives linked to the achievement of climate change-related metrics are provided by the management. With that disclosed information, investors would understand if the achievement of the climate change mitigation strategy is more likely to succeed.
As to raise awareness of individuals within issuers’ entity, disclosure on whether the company encourage employees to pay attention to climate change or provide trainings on that matter should be provided.
Question 14
What climate-related information is available with respect to private companies, and how should the Commission’s rules address private companies’ climate disclosures, such as through exempt offerings, or its oversight of certain investment advisers and funds?
The Commission should address private companies’ disclosures by integrating induced emissions (Scopes 1&2 and Scope 3) as a mandatory metric. Without activity and emissions data, it prevents investors from making an initial quantitative screening on carbon performances, major orders of magnitudes and the associated climate risks as to understand their origin (sector, activities, value chain, location, etc.).
Both private and public companies should be actors in the fight against climate change, which should be demonstrated by appropriate climate change disclosures.
Footnotes
Depuis six ans, les équipes de LITA.co militent pour une finance durable et citoyenne à travers l’investissement. Aujourd’hui, elles vont plus loin en lançant Rift, l’application qui permet à chacun de découvrir l’impact de son épargne et dont Carbon4 Finance est fier d’être partenaire !
Projet ambitieux, Rift est pourtant né d’un point de départ simple : la finance est une boîte noire. Pourtant notre argent, et plus particulièrement notre épargne, ne dort jamais. L’heure est désormais à la transparence !
L’idée de l’application : permettre au plus grand nombre de comprendre ce qui est financé avec leur épargne et voir quels en sont les impacts environnementaux et sociétaux. Mais c’est aussi un outil pour s’informer sur la finance pour pouvoir agir pour une transformation d’un secteur dont l’opacité actuelle ne permettra aucune transition.
Carbon4 Finance a participé à cette initiative en mettant à disposition ses données pour calculer l’empreinte carbone de l’épargne.
À retrouver sur App Store et Google Play.
En 2020, Carbon4 Finance a continué de se développer et de proposer ses données pour les mettre au service d’un monde financier aligné avec les accords de Paris.
L’année a été marquée par :
Une publication choc – “L’industrie pétrolière : à la hauteur des enjeux climatiques ?”
Dans le cadre de sa campagne d’analyse du secteur pétrolier selon la méthodologie Carbon Impact Analytics (CIA), Carbon4 Finance a pu établir le classement des entreprises de l’industrie pétrolière selon leur degré d’exposition au risque de transition, mais aussi observer les tendances historiques de leurs émissions absolues (Scope 1, 2 et 3), et évaluer les stratégies mises en place pour s’aligner avec les objectifs de décarbonation de l’économie mondiale.
Cette note synthétise les résultats de la campagne d’analyse CIA menée des mois de juin à septembre 2020 sur un échantillon d’une centaine d’entreprises de l’industrie pétrolière et gazière. La méthode CIA vise à mesurer l’exposition des entreprises au risque de transition via une note globale (de A+ à E-) et différents indicateurs sectoriels.
Cette publication est la première d’une série d’analyses des acteurs de différents secteurs !
De nouveaux partenariats
Des collaborations et partage de données pour la rédaction de publications
En décembre 2015, après d’intenses négociations sur la reconnaissance des responsabilités de chacun et le partage des efforts à consentir, les États adoptaient l’accord de Paris. À la clé, une feuille de route et un engagement commun à tout faire pour limiter le réchauffement à 1,5 °C. Cinq ans plus tard, la France accumule les retards à l’allumage et ne parvient pas à respecter les objectifs, pourtant limités, de sa « Stratégie nationale bas carbone ». Un échec que l’exécutif aime expliquer par le défaut d’acceptabilité sociale de la transition écologique, et qui s’est notamment traduit par le gel de la taxe carbone consécutif au mouvement des gilets jaunes.
Après avoir proposé d’assujettir les grandes entreprises à l’accord de Paris en régulant leurs dividendes dans le cadre du plan de relance, Greenpeace interroge la responsabilité des ménages à travers l’empreinte carbone de leur patrimoine financier et leur contribution à l’effort, au moment où débute l’examen du projet de loi de finances pour 2021. Les lois de finances successives sont en effet le principal levier pour construire les bases du consentement social à un nouveau projet de société.
Le rapport intitulé « Banques : des engagements climat à prendre au 4ème degré » lève le voile sur l’empreinte carbone colossale des banques françaises en analysant les émissions de gaz à effet de serre issues des activités de financement et d’investissement des six principales banques françaises, et en leur attribuant une « température ».
Le rapport révèle ainsi que l’empreinte carbone de ces 6 banques françaises (BNP Paribas, Crédit Agricole, Société Générale, Banque Populaire Caisse d’Epargne, Crédit Mutuel et la Banque Postale)
-représente près de 8 fois les émissions de gaz à effet de serre de la France entière
-nous amène vers une trajectoire à + de 4°C.
Des collaborations et partage de données pour des projets innovants
Carbon4 Finance est fier d’avoir participé au projet Rift, l’application qui permet à chacun de découvrir l’impact de son épargne. Projet ambitieux, Rift est pourtant né d’un point de départ simple : la finance est une boîte noire. Pourtant notre argent, et plus particulièrement notre épargne, ne dort jamais. L’heure est désormais à la transparence !
L’idée de l’application : permettre au plus grand nombre de comprendre ce qui est financé avec leur épargne et voir quels en sont les impacts environnementaux et sociétaux. Mais c’est aussi un outil pour s’informer sur la finance pour pouvoir agir pour une transformation d’un secteur dont l’opacité actuelle ne permettra aucune transition.
Des webinaires pour sensibiliser et rendre les enjeux accessibles à tous
The Covid-19 crisis and its multiple and cascading worldwide impacts warns us that we are definitely not prepared for the unexpected.
Regarding climate change, we are aware that the world will face brutal consequences in the near future. We need to address climate action urgently, by reducing massively CO2 emissions and by anticipating both physical climate risks and transition risks.
Marie-Anne Vincent (Head of Business Development), Jean-Yves Willmotte (Manager) and Florian Gallo (Consultant Senior) took part in the IIF ESG Webinar Series, to talk about climate data and the methodologies that are commonly used to assess institutions’ carbon footprint, and to take action.
HSBC Global Asset Management et Carbon4 Finance ont présenté le nouvel indicateur climatique développé par Carbon4 Finance lors d’un webinar le 3 novembre 2020 : les “émissions économisées”.
Les émissions économisées correspondent à la sommes des émissions évitées et des émissions réduites et quantifient ce que les clients d’un produit ou service vont émettre en moins par rapport à un scénario de référence. Le plus souvent cela correspondra à la différence entre émissions après et avant achat.
A l’occasion du salon Patrimonia, Marie-Anne Vincent, (Head of Business Development) a parlé de l’importance, pour faire face au changement climatique, de proposer aux investisseurs financiers de nouveaux indicateurs qui leurs permettent de faire les bons investissements pour aligner leurs portefeuilles avec les accords de Paris.
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Regarding climate change, we are aware that the world will face brutal consequences in the near future. We need to address climate action urgently, by reducing massively CO2 emissions and by anticipating both physical climate risks and transition risks.
Such climate risks mean that some sectors will face major shifts in their asset values.
The financial sector, which will be increasingly exposed to those risks, is also on the front line when it comes to tackling climate action and redirect investments.
Therefore, in order to develop a forward looking view or those risks and opportunities, it needs reliable and relevant climate data to integrate transition risks into investment or credit decision-making.
– What are exactly physical and transition climate-related risks?
– How carbon and climate data can help financial actors avoid and prevent those risks?
– What lessons can we learn from the coronavirus crisis for the anticipation of climate change impacts?
We answered those questions during a webinar on May 7th – 4 to 5 PM (UTC+2) with:
Jean-Marc Jancovici, founding partner of Carbone 4 and Carbon4 Finance,
Jean-Yves Wilmotte, leader of the Finance practice at Carbone 4,
and Marie-Anne Vincent, head of business development at Carbon4 Finance
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Marie-Anne Vincent (Head of Business Development), Jean-Yves Willmotte (Manager) and Florian Gallo (Consultant Senior) took part in the IIF ESG Webinar Series, to talk about climate data and the methodologies that are commonly used to assess institutions’ carbon footprint, and to take action.
The IIF ESG Webinar Series is designed to promote understanding of the rapidly evolving landscape for ESG disclosure and to align efforts to measure and track climate finance. During these webinars we looked at key policy and regulatory initiatives, disclosure frameworks like TCFD, SASB and GRI, methodologies for measuring climate risk and portfolio alignment, ESG data providers and new academic research. We also offered case studies from our member firms.
Biodiversity Impact Analytics powered by the Global Biodiversity Score™ (BIA-GBS) allows to measure the biodiversity impact of companies. Investors can identify biodiversity hotspots in their portfolios and use biodiversity impact data for decision making and to engage with key stakeholders. By offering large-scale biodiversity data, BIA-GBS™ supports the transition of the financial sector to align with international targets and reduce the impact from multiple pressures on biodiversity, including Climate Change.
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Nous sommes des pionniers historiques de l'intégration de la science du climat dans les mesures pertinentes pour les activités financières et nous avons développé des méthodologies robustes et précises, basées sur notre expertise sectorielle unique et approfondie.
Le groupe Carbone 4 est un pionnier dans le domaine des métriques climatiques en France depuis 2007, et certains de ses partenaires depuis 2000. Carbone 4 est une société indépendante de 150 experts hautement qualifiés, dirigée par Alain Grandjean, Jean-Marc Jancovici et Laurent Morel.
En réaction au décret d'application de l'Article 29 de la Loi Energie et Climat, nous attirons l'attention sur les risques de l'utilisation de la quantification financière dans l'évaluation de l'impact des risques physiques et de transition des institutions financières. Nous proposons également deux pistes de réflexion afin de permettre aux institutions financières sujettes à l'Article 29 de répondre aux exigences de publication d'informations tout en adoptant une approche pertinente et robuste.
Mis en lumière par Mark Carney dès 2015, les risques climatiques, physiques et de transition, doivent indéniablement être pris en compte - mesurés et gérés - par les institutions financières et les régulateurs, car ils sont partie prenante du risque systémique que le régulateur doit prendre en considération.
Si des risques très divers sont aujourd'hui pris en compte par le secteur financier, ces nouvelles familles de risques apportent un grand degré de complexité : des phénomènes climatiques de très grande ampleur anticipés mais non encore connus, un rapport au long terme nouveau, des effets sur toute la chaîne de valeur, une mobilisation pour la lutte contre le changement climatique qui nécessite des ruptures dans tous les secteurs. Les questions posées par l'érosion de la biodiversité sont encore plus complexes et les mesures de l'impact et des dépendances des agents économiques aux services écosytémiques sont émergentes. Dans tous les cas, on essaye de mesurer comment le système économique va être contraint par les limites planétaires (le physique et le vivant), alors même que le système économique est régi par des règles et modelé par des indicateurs qui n'intègrent absolument pas ces limites (l'économie et la comptabilité financière). L'enjeu est donc de taille et la complexité et la multiplicité des phénomènes en jeu ne peuvent pas s'approcher par un modèle simple.
En France, l'Article 29 de la Loi Énergie Climat établit de nouvelles obligations de publication pour les investisseurs. Ce dispositif se veut plus ambitieux que le règlement Disclosure Européen (SFDR), avec une mise en avant explicite des enjeux liés au climat et à la biodiversité. Concrètement, l'Article 29 impose aux acteurs financiers de publier, d'une part, les impacts de leur portefeuille sur le changement climatique et sur l'érosion de la biodiversité et, d'autre part, la vulnérabilité de leurs portefeuilles sur ces deux thématiques (concept de double matérialité). De plus, les acteurs financiers doivent désormais expliciter la politique mise en place pour prendre en compte ces risques ESG dans leur stratégie d'investissement.
Le sujet de l'impact financier lié aux risques environnementaux (i.e. biodiversité et climat) est explicitement mentionné dans le paragraphe 8.e) de l'alinéa III de l'Article 1er du décret d'application de l'Article 29. Il est mentionné comme suit :
\"En cohérence avec l'article 3 du règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019, la publication d'informations sur la prise en compte des critères environnementaux, sociaux et de qualité de gouvernance dans la gestion des risques comprend notamment les risques physiques, de transition et de responsabilité liés au changement climatique et à la biodiversité et, en particulier :
[...] e) Une estimation quantitative de l'impact financier des principaux risques en matière environnementale, sociale et de qualité de gouvernance identifies et de la proportion des actifs exposés, ainsi que l'horizon de temps associé à ces impacts, au niveau de l'entité et des actifs concernés, comprenant notamment l'impact sur la valorisation du portefeuille. Dans le cas où une déclaration d'ordre qualitatif est publiée, l'entité décrit les difficultés rencontrées et les mesures envisagées pour apprécier quantitativement l'impact financier de ces risques [...]\"
Demander aux institutions financières la publication de l'estimation de cet impact financier à court terme (soit un horizon de 6 mois) provoquera l'émergence de méthodologies mises en place dans un laps de temps trop restreint pour en assurer un fondement scientifique, une fiabilité et une robustesse suffisants. Ces méthodologies seraient ensuite installées par un effet de verrouillage, dont les institutions financières peineront à s'éloigner avant plusieurs décennies.
Les modélisations existantes pour mesurer l'impact financier des risques climatiques ne prennent généralement en compte qu'une part partielle de ces risques.
Par exemple, nombreuses sont les méthodologies qui se focalisent uniquement sur la taxe carbone. La taxe carbone permet en effet d'intégrer simplement l'externalité CO2 dans les modèles de calculs financiers. Pour autant cela restreint la cartographie des impacts financiers qui peuvent survenir, et on sait que si le prix du carbone est utile pour certains secteurs, ce sont d'autres risques de transition qui peuvent survenir et mettre en cause le modèle d'affaire des entreprises, comme les interdictions (plus de véhicules fossiles après 2035) ou les effets de marché. Une approche simpliste qui ne valoriserait qu'une partie des risques engendrerait un effet lampadaire : on sait que le problème peut surgir de l'ombre, mais on se rassure par la partie éclairée.
Si l'on se concentre uniquement sur le risque de transition climatique par exemple, nous observons 4 risques majeurs, comme indiqué sur le schéma ci-dessous.
Si l'on se concentre uniquement sur le risque de transition climatique par exemple, nous observons 4 risques majeurs, comme indiqué sur le schéma ci-dessous.
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L'utilisation de la seule taxe carbone pour calculer l'impact financier des risques climatiques mettrait donc en place des œillères qui iraient à l'encontre de l'estimation et de l'atténuation réelles de ces risques.
Il en va de même pour les risques physiques : nous savons que les aléas climatiques sont de nature très diverse, avec des amplitudes sans précédent qui rendent impossible la construction de fonctions de dommages fiables (fonctions qui convertissent l'ampleur d'un aléa en dommages financiers). En outre, il existe des effets potentiels tout au long d'une chaîne de valeur, ce qui signifie qu'au-delà des sites exploités par une entreprise, les analyses doivent également couvrir les fournisseurs et les clients (par exemple : le fait qu'une usine soit touchée par une catastrophe naturelle ne nous renseigne pas sur l'impact sur ses fournisseurs ou ses clients et sur les chaînes logistiques associées). Il existe également des effets en cascade, dont les probabilités d'occurrence sont inconnues et dont l'ampleur peut être considérable, qui échappent à toute analyse probabiliste ex ante.
Un autre écueil est l'utilisation de scénarios optimistes, basés sur des modèles macro-économiques qui ne modélisent pas les limites planétaires, et qui supposent un découplage massif et \"facile\" entre CO2 et PIB. Les entreprises pourront ainsi obtenir de bons résultats financiers tout en respectant leurs objectifs climatiques, alors qu'en réalité, ces réductions de CO2 devront être obtenues par des actions de sobriété (par exemple, retrait de certains marchés, réduction de la production) qui auront un impact sur leurs états financiers, ou par toute autre action difficile et coûteuse à mettre en œuvre.
Au vu de ces inconvénients, on constate qu'inciter les acteurs financiers à utiliser aujourd'hui des métriques financières pour quantifier les risques d'érosion du climat et de la biodiversité risque d'avoir un effet contre-productif, c'est-à-dire d'habituer le secteur à des métriques qui au minimum mesurent mal ces risques, et plus vraisemblablement les sous-estiment fortement. De plus, un chiffre absolu en euros peut donner l'impression d'une grande précision dans la mesure, alors que cela n'est tout simplement pas possible, compte tenu des points évoqués ici.
Nous recommandons la mise en place de garde-fous pour garantir que les méthodes de calcul de l'impact financier utilisées respectent les lignes directrices/principes pertinents. Cela garantirait la solidité des méthodologies proposées sur le marché.
Ces garanties doivent comprendre :
Nous pensons que les garanties proposées dans le point précédent ne peuvent être respectées que par une lecture physique des activités des entreprises, ce qui permet aujourd'hui une approche relative : un score peut être utilisé pour discriminer l'exposition des différentes entreprises aux risques climatiques. Notre recommandation est donc de s'éloigner de l'obligation de publier sur une métrique monétaire (M€, M$), mais de proposer qu'une analyse physique soit autorisée pour évaluer - et derrière gérer - l'impact financier des risques liés au changement climatique et à l'érosion de la biodiversité.
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During all the last year, Carbon4 Finance selected the three or four main news per week in sustainable finance and submitted it with a poll on Linkedin. In order to make this summary, Carbon4 Finance selected the one news which has got the maximum of votes among the others per week and summarised it all per month in this document. This paper does not take into consideration the entire amount of news in the sustainable finance ecosystem and should not be considered as the only source of information. To read more about 2025 news, follow us on Linkedin.
The European Central Bank (ECB) has added 'nature loss and degradation' to its focus for the next two years, aiming to analyze their connection to climate change and assess economic and financial implications, while also exploring the role of ecosystems.
The Greenfin Label just changed its exclusions criteria and now includes nuclear energy.
Another exception is gas, which benefits from a relaxation of this exclusion, particularly in the areas of transport, distribution, storage and supply services, provided that these activities do not represent more than 30% of the turnover of the companies financed
ESG rating provider regulation
EU agreed on regulating ESG rating providers, requiring authorization and supervision by ESMA. A three-year review is planned to potentially include ESG data providers, aiming to enhance transparency and reliability, requiring disclosure of methodologies.
Investment groups urge EU to delay changes in SFDR. On the 4th of December, the EBAs published in a report their recommendations on updated PAIs in the SFDR.
In that regard, European investment groups advocate delaying changes to the SFDR, cautioning against risks to investor confidence and disclosure reliability, urging coordinated review and holistic reconsideration by the European Commission.
The Nature Restoration law was adopted by the European Parliament. The new law sets the objective of restoring at least 20% of the EU's land and sea areas by 2030 and all the ecosystems that need it by 2050.
EU strict rule on greenwashing
Members of the Parliament agreed on stricter rules to back green claims and labels, and better governance processes for sustainability labels.
The UK's Biodiversity Net Gain legislation, creating the world's first mandatory biodiversity credit market, now applies to small development sites, requiring a 10% net gain in biodiversity achieved through tradeable 'BNG' units.
SBTi announced revisions in its Corporate Net-Zero Standard in 2024, including guidance on scope 3 emissions and extending the use of environmental certificates for abatement for scope 3, though it won't validate carbon credits.
The European Central Bank published a working paper on bank climate commitments, lending, and engagement. Among key findings, the paper finds out that climate-aligned banks, despite increased participation and improved ESG ratings, do not show evidence of divestment from high-emissions sectors compared to non-signers.
On May 6th, the Climate Policy Initiative published a report on Brazilian Sustainable Taxonomy: Inputs for Classifying Land Use Activities. The reports highlights the importance of developing a comprehensive, technically sound Brazilian Sustainable Taxonomy for driving investments aligned with environmental sustainability.
The ESMA published its final report on Greenwashing, following the European Commission’s request for input on “greenwashing risks and the supervision of sustainable finance policies”. The reports contains recommendations for NCAs as well as for the European Commission and actions to be taken by ESMA in order to avoid further greenwashing.
In a statement regarding European Sustainability Reporting Standards (ESRS), the European Securities and Markets Authority (ESMA) emphasized that large public-interest entities will start publishing sustainability statements in 2025 as required by the CSRD. To support this, the ESMA highlighted the importance of establishing strong governance and internal controls, conducting transparent double materiality assessments clearly communicating the use of transitional reliefs.
European banks reported \"very low\" green asset ratios (GAR) in the first year of disclosures, with an average GAR of 2.3%, far below the EBA's 2021 estimate of 7.9%. Barclays highlighted significant data shortcomings impacting comparability, noting that many green assets are excluded from eligibility, skewing the GAR.
According to the Transition Pathway Initiative (TPI) Centre, around 30% of the largest global greenhouse gas emitters have set long-term climate targets aligned with limiting warming to 1.5°C, but none have detailed plans to achieve these goals. While the share of companies with such targets has increased from 7% to 30% since 2020, most lack intermediate targets and actionable strategies.
The UN-convened Net-Zero Asset Owners Alliance (NZAOA) has urged governments to adopt \"systemic\" reforms to limit global warming to 1.5°C, warning that current policies could lead to a 2.4°C–2.6°C temperature rise by century-end. NZAOA calls for reducing demand for oil and gas, increasing clean energy supply, and phasing out fossil fuel subsidies.
The European Central bank (BCE) emphasized that despite progress, the world is failing to meet the Paris Agreement’s goal of limiting warming to 2°C, with projections indicating a 2.9
°C rise if current trends continue. Frank Elderson underlined the need not only for transition investments but also for adaptation to the physical damages caused by climate change.
The European Financial Reporting Advisory Group (EFRAG) released draft guidance to help companies prepare climate transition plans in line with EU regulations. The guidance advises companies on aligning targets with the Paris Agreement’s 1.5°C goal, detailing emissions reduction strategies, and linking plans to investment
The UK government has launched a consultation to assess the value of implementing a Green Taxonomy, aiming to combat greenwashing and support sustainable finance. This follows extensive work initiated in 2021, but questions remain about its prioritization amid the focus on transition finance initiatives.
The ECB published a working paper, Going NUTS: The Regional Impact of Extreme Climate Events Over the Medium Term, analyzing the economic and demographic effects of extreme climate events across 1,160 EU regions. Heatwaves and droughts reduce medium-term output, while the impact of floods depends on regional income levels—high-income regions benefit from reconstruction, but less wealthy areas face lasting losses.
An European Banking Authority (EBA) staff paper evaluates how banks' financing aligns with the Paris Agreement’s target of limiting global warming to well below 2°C. Moving beyond traditional risk assessments, it focuses on banks' contributions to global warming through their corporate lending activities. The analysis finds that the implied temperature rise of non-SME corporate loan portfolios from selected EU banks averages between 3.7°C and 4.1°C — well above the Paris targets.
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This is the only event promoting the French Fintech savoir-faire in Austria and Germany. This presents the opportunity to meet top banks and get to know the local FinTech ecosystem during a tailored-made program between Vienna and Frankfurt! Carbon4 Finance has the honor being part of the French delegation.
","body":"November 5-6 Frankfort ¨November 7-8 Vienna
November 5th ♦ Deutsche Bank Digital Factory
November 6th ♦ TechQuartier
November 7th ♦ Erste Bank
November 8th ♦ Raiffeisen Bank
","contact":null,"start_date":"2021-11-05","start_time":"00:00:00","end_date":"2021-11-08","end_time":"23:30:00","locale":"en","published_at":"2021-12-01T16:57:50.113Z","created_at":"2021-11-30T11:34:12.958Z","updated_at":"2021-12-06T08:46:30.208Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":26,"name":"Find out more on the official website","url":"https://events-export.businessfrance.fr/fintechtour-deat/"}],"featured_image":{"id":2086,"name":"Capture-d%u2019écran-2018-10-01-à-17.19.45.png","alternativeText":"","caption":"","width":968,"height":291,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"small_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"small_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":145.75,"width":500,"height":150},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"medium_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":315.19,"width":750,"height":225},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"thumbnail_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":39.65,"width":245,"height":74}},"hash":"Capture_d_u2019ecran_2018_10_01_a_17_19_45","ext":".png","mime":"image/png","size":453.94,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:30:28.013Z","updated_at":"2021-11-30T11:30:28.031Z"},"download_image":null,"download_file":null},{"id":118,"title":"Carbon4 Finance took part in the \"Measuring biodiversity impacts and dependencies as a financial institution” conference","slug":"event-conference-measuring-biodiversity-impacts-and-depedencies","subtitle":null,"organised":false,"place":null,"body":"Carbon4 Finance was pleased to take part, with CDC BIODIVERSITÉ, in the “Measuring biodiversity impacts and dependencies as a financial institution” conference, hosted today by Rathbone Greenbank Investments and the British Ecological Society.
We were glad to present our methodology to measure portfolios' impacts on biodiversity, and discuss with other actors working on similar challenges. \"We believe that providing data is not enough, we need to help each financial instituions to better understand the methodology and their results. This is the reason why all our clients have a direct contact with the analyst team\" say Melissa Evelyne PEREZ, Head of Sales and Business Development at Carbon4 Finance.
To learn more about our methodology, visit https://www.carbon4finance.com/product/biodiversity-impacts
Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.
The tour, which aims to promote solutions provided by French fintech companies in the British and Irish markets, is an opportunity for Carbon4 Finance to present its solutions to banks, insurers, and asset managers.
Carbon4 Finance provides carbon data to enable asset managers, pension funds, banks and index providers to develop and implement investment and financing solutions which are aligned to a 2-degree world.
Our solutions:
For more information, or to meet us, please feel free to reach out : contact@carbon4finance.com
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What exactly is the GreenTech Hub? Find out more on the website
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Combining Carbon4 Finance’s recognized experience with climate data and the robustness of the GBS® biodiversity footprint methodology developed by CDC Biodiversité, this database allows companies like Vontobel to assess the biodiversity impact of its portfolio with a broad global coverage of the listed assets.
The partnership comes at a moment when financial actors need better information to incorporate nature-related risks and opportunities into their strategic planning, risk management and asset allocation decisions.
2021 is a pivotal year for taking action to protect nature and biodiversity with the launch of the Taskforce on Nature-related Financial Disclosures (TNFD) and the upcoming COP15 (Part 2) on Biodiversity in China in Spring 2022. The involvement of the financial sector, which represents broad ownership interests, will play a central role as investment is a powerful driver of corporate practices. Finance and ownership need to ensure the sustainability of nature’s biodiversity where possible, just as it does in the fight against climate change. To be effective, reliable data are necessary to link the impact of individual companies and portfolios to their real world impact on biodiversity.
Marie-Anne Vincent, CEO at Carbon4 Finance, said, “we are thrilled to start this new partnership with Vontobel’s Quality Growth Boutique to extend our biodiversity expertise in the US. We believe that climate change and biodiversity loss must be addressed together, which is why Carbon4 Finance strives to provide investors with robust climate and biodiversity impact data, in order to build ambitious biodiversity strategy and engagement with corporates”.
“We are delighted that Vontobel’s Quality Growth Boutique decided to use the BIA-GBS database. This is a great mark of confidence for us and a major step forward in the international commitment to biodiversity. The protection of biodiversity will have to be global, and we are pleased that Vontobel is moving in this direction.”, says Marc Abadie, Chairman of CDC Biodiversité.
Sudhir Roc-Sennett, Head of ESG and Thought Leadership at the Vontobel Quality Growth Boutique said, “We are excited that Carbon4 Finance and CDC Biodiversité have built this important database. It provides us a lay of the land of biodiversity impact across countries and sectors, as well as at the company-specific level. We are delighted to facilitate their entry into the United States.”
Find out more about Biodiversity Impact Analytics
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The revised Corporate Sustainability Due Diligence Directive has been approved by a key European parliamentary committee, but further votes are required in the full parliament and European Council due to significant changes in the text.
Annual report of the Cour des Comptes - role of banking and financial institutions: In its latest annual report, the Court of Auditors pointed out that the financial sector still had some progress to make in the sustainable transition area, particularly with regard to the methods used to avoid greenwashing.
In its \"Footprints of Investments\" report, Amundi called on investors to use MSA to better monitor their impact on biodiversity.
They point out that :
- MSA can help investors better understand their impact on a habitat over time
- aggregate the performance of their portfolio
- it is a easy-to-understand metric - a good starting point for non-experts
2021 is a pivotal year for taking action to protect nature and biodiversity with the launch of the Taskforce on Nature-related Financial Disclosures (TNFD) and the upcoming COP15 on Biodiversity in China in October.
The involvement of the financial sector will play a central role as investment is a powerful incentive, and it must serve the preservation of biodiversity, just as it has served the fight against climate change. To do so, reliable data are necessary to measure the impact of companies and portfolios on biodiversity.
Reglementary framework quickly evolves to take into account biodiversity risks and opportunities and a growing number of investors are now commiting to report biodiversity impacts of their portfolios.
Carbon4 Finance together with CDC Biodiversité, launches the Biodiversity Impact Analytics (BIA) Database powered by the GBS®. Combining experiences on climate data and biodiversity footprint methodology, this database will allow investors to assess the impact on biodiversity of their portfolio with a large coverage in terms of assets and markets.
"}],"external_speaker":[{"id":27,"firstname":"Marc","lastname":"Abadie","organisation":"CDC Biodiversité","title":"Chairman"},{"id":29,"firstname":"Antoine","lastname":"Vallier","organisation":"CDC Biodiversité","title":"Biodiversity footprint expert"},{"id":33,"firstname":"Valentin ","lastname":"Vigier","organisation":"La Financière de l’Echiquier","title":"ESG Analyst"},{"id":34,"firstname":"Léo ","lastname":"Garnier","organisation":"Rift","title":"CEO"},{"id":35,"firstname":"Laurent","lastname":"Deborde","organisation":" Groupe Caisse des Dépôts’ Asset Management Division","title":"Head of Equity Portfolio Management & Fund Selection at"},{"id":36,"firstname":"Antoine","lastname":"Cadi","organisation":"CDC Biodiversité","title":"Head of Research and Innovation department"}],"featured_image":{"id":2049,"name":"visuel-page-site-3-1110x550.png","alternativeText":"","caption":"","width":1110,"height":550,"formats":{"large":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_visuel_page_site_3_1110x550.png","hash":"large_visuel_page_site_3_1110x550","mime":"image/png","name":"large_visuel-page-site-3-1110x550.png","path":null,"size":1122.03,"width":1000,"height":495},"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_visuel_page_site_3_1110x550.png","hash":"small_visuel_page_site_3_1110x550","mime":"image/png","name":"small_visuel-page-site-3-1110x550.png","path":null,"size":292.93,"width":500,"height":248},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_visuel_page_site_3_1110x550.png","hash":"medium_visuel_page_site_3_1110x550","mime":"image/png","name":"medium_visuel-page-site-3-1110x550.png","path":null,"size":642.61,"width":750,"height":372},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_visuel_page_site_3_1110x550.png","hash":"thumbnail_visuel_page_site_3_1110x550","mime":"image/png","name":"thumbnail_visuel-page-site-3-1110x550.png","path":null,"size":73.56,"width":245,"height":121}},"hash":"visuel_page_site_3_1110x550","ext":".png","mime":"image/png","size":1133.12,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/visuel_page_site_3_1110x550.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-25T15:40:16.330Z","updated_at":"2021-11-25T15:40:16.347Z"},"download_image":null,"download_file":{"id":2440,"name":"BIA_Launch_Presentation(1).pdf","alternativeText":"","caption":"","width":null,"height":null,"formats":null,"hash":"BIA_Launch_Presentation_1","ext":".pdf","mime":"application/pdf","size":4320.87,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/BIA_Launch_Presentation_1.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-17T17:04:52.342Z","updated_at":"2021-12-17T17:04:56.132Z"}},{"id":42,"title":"Comply with the article 29 with BIA-GBS","slug":"webinar-article-29","subtitle":null,"video_url":"https://youtu.be/Ure4k4te_RQ","publish_at":"2021-12-02T11:00:00.000Z","webinar_date":"2021-12-02","color":"green","body_font":null,"start_date":"2021-12-02","start_time":"11:00:00","end_date":"2021-12-02","end_time":"12:00:00","publication":null,"locale":"en","published_at":"2021-12-02T11:00:00.000Z","created_at":"2021-12-20T18:16:01.727Z","updated_at":"2022-01-07T08:34:56.110Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[],"external_authors":[],"body":[{"__component":"content.body","id":952,"content":"Content available in French
L'article 29 de la Loi énergie climat introduit des obligations pour les institutions financières sur la biodiversité. Ainsi, il sera nécessaire dès 2022 de produire un reporting important sur les risques physiques, les risques de transition et l'alignement des portefeuilles.
Carbon4 Finance et CDC Biodiversité vous proposent de répondre à ces obligations facilement, à l'aide de la base de données BIA-GBS. Ce webinaire avait pour objectif de vous permettre de mieux comprendre comment procéder, à quels coûts et grâce à quelles méthodologies.
Déroulé de l'évènement :
- Mesurer ses risques de transition avec BIA-GBS
- Mesurer ses risques physiques avec BIA-GBS
- Mesurer l'alignement de ses portefeuilles avec BIA-GBS
- Démarche & contact
- Questions
Watch the replay of the webinar (in French)
Discover the presentations (in French) of WeeFin, Carbon4 Finance and CDC Biodiversité
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The Article 29 of the Energy and Climate French Act is a pioneer in the introduction of new requirements for financial organisations concerning biodiversity, going beyond SFDR.
3 months after the first results, Carbon4 Finance and CDC Biodiversité organized a webinar to analyse the feedbacks of the reporting exercice in practice.
We were thrilled to welcome Andrea Sekularac, from Rothshild, to give a client’s testimony, as well as Arthur Campredon, member of the French \"Trésor Public\" to present their inputs on the law and its applications.
This webinar was also the chance for us to look into the Taskforce on Nature-Related Financial Disclosure (TNFD).
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"},{"__component":"content.heading","id":221,"content":"Introduction","type":"normal","image":{"id":5842,"name":"getty-images-AM3wYIikxO4-unsplash.jpg","alternativeText":"","caption":"","width":1920,"height":1166,"formats":{"large":{"ext":".jpg","url":"https://carbon4finance.com/files/large_getty_images_AM_3w_Y_Iikx_O4_unsplash.jpg","hash":"large_getty_images_AM_3w_Y_Iikx_O4_unsplash","mime":"image/jpeg","name":"large_getty-images-AM3wYIikxO4-unsplash.jpg","path":null,"size":69.32,"width":1000,"height":607},"small":{"ext":".jpg","url":"https://carbon4finance.com/files/small_getty_images_AM_3w_Y_Iikx_O4_unsplash.jpg","hash":"small_getty_images_AM_3w_Y_Iikx_O4_unsplash","mime":"image/jpeg","name":"small_getty-images-AM3wYIikxO4-unsplash.jpg","path":null,"size":24.96,"width":500,"height":304},"medium":{"ext":".jpg","url":"https://carbon4finance.com/files/medium_getty_images_AM_3w_Y_Iikx_O4_unsplash.jpg","hash":"medium_getty_images_AM_3w_Y_Iikx_O4_unsplash","mime":"image/jpeg","name":"medium_getty-images-AM3wYIikxO4-unsplash.jpg","path":null,"size":44.89,"width":750,"height":455},"thumbnail":{"ext":".jpg","url":"https://carbon4finance.com/files/thumbnail_getty_images_AM_3w_Y_Iikx_O4_unsplash.jpg","hash":"thumbnail_getty_images_AM_3w_Y_Iikx_O4_unsplash","mime":"image/jpeg","name":"thumbnail_getty-images-AM3wYIikxO4-unsplash.jpg","path":null,"size":8.73,"width":245,"height":149}},"hash":"getty_images_AM_3w_Y_Iikx_O4_unsplash","ext":".jpg","mime":"image/jpeg","size":192.36,"url":"https://carbon4finance.com/files/getty_images_AM_3w_Y_Iikx_O4_unsplash.jpg","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2025-06-24T12:44:41.710Z","updated_at":"2025-06-24T12:44:41.728Z"}},{"__component":"content.body","id":1833,"content":"
To achieve zero net emissions worldwide by 2050 (NZE 2050 scenario), the International Energy Agency (IEA) estimates that by 2030, worldwide, $4.5 trillion must be allocated annually for the development of decarbonized energies. Even in the less ambitious Announced Pledges Scenario (APS), clean energy investment is expected to double in advanced economies and China, and triple for developing economies by 2035[1]. Added to this is the cost of restructuring transport, food systems, industry, shipping and, more generally, the low-carbon transformation of the entire economy. This transition requires investments that far exceed the financial capacities of public entities: the mobilization of private players, and banks in particular, is necessary
In addition to accelerating the transition, it is also necessary to reduce fossil fuel consumption to meet the targets set by the Paris Agreement. However, projected fossil fuel emissions from existing infrastructures could take the world above 2°C warming in a few decades. New funding for such infrastructure is therefore incompatible with the objectives of the Paris Agreement, and current funding must be phased out in line with decarbonization trajectories aligned with the 1.5°C target. Banks play a major role in financing fossil fuels, as such their responsibility to transition into a low-carbon economy is at the heart of the climate debate[2].
In recent years, the banking sector has attempted to align its activities with climate objectives through voluntary actions such as the Net Zero Banking Alliance (NZBA), launched by the UN in 2021. However, several studies[3] reveal that they are not on track to meet their targets.
This study, based on quantitative and qualitative data, assesses banks on the current contribution of their financing to the transition, and on the reliability and consistency of their decarbonization strategy.
Download the publication in english
Download the publication in french
"}],"annex":[],"footnotes":[{"id":944,"number":1,"text":"[1] (International Energy Agency, 2024)
"},{"id":945,"number":2,"text":"[2] (Rickman, Falkenberg, & Kothari, 2024)
"},{"id":946,"number":3,"text":"[3] (World Resources Institute, 2024)
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The proposed framework suggests a structured approach to help financial regulators and institutions assess both (a) environmental impacts on financial portfolios, i.e. financial risks and (b) financial portfolios’ impacts on the environment*, which can be positive or negative.
The Aligning Finance for One Planet Framework brings together:
• Environmental indicators to evaluate investments’ sustainability levels in absolute terms
• Existing methodologies to assess the environmental impacts of financial portfolios
We are proud that Carbon Impact Analytics, Carbon4 Finance’s methodology to measure the carbon impact of portfolios, is identified for its three levels of assessment (asset, corporate and porfolio level), its application to any sector, and its capacity to include a 2°C scenario.
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"},{"id":317,"number":3,"text":"Double counting – which takes place when the same amount of GHG emissions is counted more than once in a portfolio/industry – is directly addressed by the CIA methodology. Indeed, it reprocesses the total figure of GHG emissions in each sector by allocating one third of emissions to each of the three main categories of actors in the global economy – energy suppliers (1), companies providing equipment and solutions (2), and energy intensive companies using these equipments and solutions (3). For more information, see this article.
"},{"id":318,"number":4,"text":"http://www.carbone4.com/wp-content/uploads/2019/09/CarbonImpactAnalytics_November18.pdf
"},{"id":319,"number":5,"text":"http://www.carbone4.com/wp-content/uploads/2020/04/Carbone-4-Referentiel-NZI-avril-2020.pdf
"}],"external_authors":[{"id":51,"firstname":"Salomé Guichet","lastname":null,"organisation":"Carbon4 Finance","title":"Carbon data analyst"}],"body":[{"__component":"content.body","id":958,"content":"As financial institutions are seeking to understand the underlying risks and opportunities posed by the low-carbon transition, investment strategies have commonly integrated “Scope 1” emissions, i.e., direct emissions from activities, and “Scope 2” emissions, i.e. indirect emissions from the production of electricity, heat, and steam purchased. In contrast, Scope 3 emissions stemming from the entire value chain (from freight, purchase of raw materials to the use of sold products), have not yet been factored in most low-carbon investment strategies. However, when a company’s carbon footprint excludes Scope 3, it does not allow to properly identify risks and opportunities. With the growing policymakers’ interest for its disclosure and the recent ExxonMobil and Shell cases making the headlines, the integration of Scope 3 is not a “why” question for investors anymore, but rather a “when”.
If Scope 3 emissionshave gained such attention, it is partly due to its massive downstream impact in the Automotive and the Oil & Gas industries. In the Automotive sector, Scope 3 emissions have a considerable influence, as it accounts for 95% of the total induced emissions. In the Oil & Gas industry, Scope 3 alone represents 85% of emissions [1] of the industry. Shell, for instance, has 90% of its emissions stemming from its supply chain and the use of its products.
If investors are willing to gain a holistic picture of a company’s carbon footprint, have a credible impact in the fight against climate change, and properly identify the risks that can arise all along the value chain, leaving Scope 3 emissions aside would mean missing out most of the energy transition case. As the study [2] on consistency corporate carbon emissions data notes, it is “only based on the entire life-cycle emissions, [that] investors can capture the full carbon performance and climate responsibility of an individual asset or investment”.
Beyond investors’ willingness to address climate change, Scope 3 adoption could prevent from severe financial impacts caused by stranded assets. Stranded assets are investments that may suffer unanticipated write-downs, devaluations, or conversions to liabilities. Environmental risk factors that could lead to asset impairment include environmental changes (e.g., natural disasters, global warming), heavier regulation (e.g., move to ban diesel cars in Europe, carbon pricing, carbon bubble), technological advances (e.g., increased cost effectiveness of solar panels or wind farms), or changing social norms (e.g., fossil fuel divestment campaigns, consumer behavior). With the integration of value chain emissions (Scope 3) in investment decision making, investors are taking a forward-thinking approach towards the risks of stranded assets, thus avoiding heavy consequences on financial performances.
One could also argue that there is a possible fiduciary risk when not integrating Scope 3. Indeed, ignoring (the largest) part of a company’s emissions means to deliberately decide not to assess the full consequences of climate risks. As a result, not considering Scope 3 emissions in an investment decision is to turn a blind eye to potential financial outcomes, failing to adequately assess the entire spectrum of risks investors are exposed to.
Although a company is not directly responsible for these indirect emissions per se, it relies on the activities triggering these emissions. If some emissions belonging to the value chain become constrained, it will definitely hinder the operations of the company. Symmetrically, through engaging with suppliers and clients, the company can leverage a positive influence towards the reduction of their own emissions, that will in turn lower the transition risk for the global society. In addition to being the largest component in the GHG emissions bill, Scope 3 emissions reflect how closely intertwined the actors are together.
Looking at the graph above [3], it is striking that Scope 3 emissions from Financial Institutions (banks, insurers, asset managers, holdings, etc.) make up most of their overall climate impact. Indeed, their Scope 3 emissions embed the Scope 1&2 and Scope 3 emissions from their portfolio. It gives a clear view that institutions have a direct responsibility towards their financed emissions.
As to accurately calculate the Scope 3 within each sector, Carbon4 Finance data are based on bottom-up analyses, and on physical flows (e.g., number of barrels of oil produced for an oil company) [4]. In the Oil and Gas sector for instance, our team calculates Scope 3 downstream emissions from the combustion of sold products –barrels of oil, or cubic meters of gas. This equips investors with a credible tool to identify high stakes sectors in which supply chain GHG emissions cannot be ignored.
Another key reason for adopting the widespread integration of Scope 3 in investment decisions is to help identify risks and opportunities within each sector individually. As value chain emissions adequately reflect the intertwined links of a company with its environment, it can stand as a lever for investors to further embed climate change mitigation in their investment strategy.
The example of the Energy Equipment sector, as a high contributor to the energy transition, illustrates the value of Scope 3 emissions for investors. TechnipFMC (based in UK) and First Solar Inc (based in the US) are both energy equipment manufacturers, supplying equipment to the Oil & Gas, Electricity Generation and Electricity Transmission & Distribution and Storage industries. While the former offers a portfolio of solutions for the production and transformation of hydrocarbons, the latter provides PV solar energy solutions.
When comparing Scope 1&2 emissions, a traditional investor sticking to these two scopes (and only considering carbon credentials), would have a rather similar investment approach for both companies.
Looking at the whole value chain of the two manufacturers, the overall carbon performances completely differ. While TechnipFMC Scope 3 downstream emissions mainly result from the combustion of oil and gas extracted and refined using the company’s products, most of First Solar Scope 3 emissions are limited to the upstream emissions associated with the purchase of raw materials needed to manufacture solar panels. TechnipFMC Scope 3 emissions amount to more than 99% of its total induced emissions, while First Solar Scope 3 emissions are 30 times lower and account for 70% of its total induced emissions.
This simple case study shows that the traditional focus on Scope 1&2 emissions leads to misleading impact and risk assessments. And this is one of many examples, with similar comparisons existing in the Automotive, aeronautical, or even Agrobusiness sectors. Our platform displays insights over thousands of companies’ carbon performances as we provide Scope 3 emissions data most material to each company’s business.
As mentioned in the Net Zero Initiative Report [5], to contribute to global emissions reduction, Scope 1&2 emissions reduction target alone does not demonstrate a company’s level of understanding of the challenges in the transition to a decarbonized economy. As in most sectors the largest sources of emissions on which an activity depends lie in upstream and downstream Scope 3 emissions, companies should address this by setting ambitious reduction targets across their value chain. As a global response to the climate change crisis is more than necessary, setting Scope 3-related targets are determinant to shift to a low carbon economy, and lower the risk of being out of business should a constraint happen upstream or downstream.
Although the Scope 3 is not yet a broadly integrated criteria, its adoption or inclusion by investors demonstrate their understanding over the risks faced by companies with increasing public scrutiny and rising carbon prices. Not only does it allow to assess the risks, but it also pinpoints the opportunities which arise in the low-carbon transition. Companies with lower Scope 1, 2 and 3 emissions, and with ambitious direct and indirect emissions reduction target, will be considered as real climate leaders.
Our clients provided feedback on the use of Scope 3 emissions in their sustainable investment strategy.
David CZUPRYNA, Head of ESG Development at Candriam
“There is a growing realisation amongst investors that, in order to measure a company’s impact on climate, we need to look at its entire value chain and not just the way it operates. Candriam’s ESG analysis already incorporates Scope 3 data in sectors where such data is the most decisive. However, the number of companies providing systematic and comprehensive Scope 3 data is still just a fraction of those reporting on their Scope 1 & 2. Getting companies to fully disclose Scope 3 would enable investors to also integrate them in their reporting, as will become mandatory in the EU under SFDR level 2 for article 8 & 9 financial products.
Systematic disclose of robust Scope 3 data will provide us, investors, with the breadth and depth of data to fully and genuinely integrate climate risks and opportunities within our models.”
Ladislas SMIA, Head of Sustainability Research at Mirova
“The financial sector needs climate data to understand the consequences of climate change on financial performance and to allocate capital towards companies and projects with positive impacts. In both cases, only data that takes into account both positive and negative impacts over the entire life cycle can properly capture the links between the economy and climate. This data exists today. Investors must seize it, to report on their climate performance of course, but above all to integrate it into their investment process.”
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Le groupe Carbone 4 est un pionnier dans le domaine des métriques climatiques en France depuis 2007, et certains de ses partenaires depuis 2000. Carbone 4 est une société indépendante de 150 experts hautement qualifiés, dirigée par Alain Grandjean, Jean-Marc Jancovici et Laurent Morel.
En réaction au décret d'application de l'Article 29 de la Loi Energie et Climat, nous attirons l'attention sur les risques de l'utilisation de la quantification financière dans l'évaluation de l'impact des risques physiques et de transition des institutions financières. Nous proposons également deux pistes de réflexion afin de permettre aux institutions financières sujettes à l'Article 29 de répondre aux exigences de publication d'informations tout en adoptant une approche pertinente et robuste.
Mis en lumière par Mark Carney dès 2015, les risques climatiques, physiques et de transition, doivent indéniablement être pris en compte - mesurés et gérés - par les institutions financières et les régulateurs, car ils sont partie prenante du risque systémique que le régulateur doit prendre en considération.
Si des risques très divers sont aujourd'hui pris en compte par le secteur financier, ces nouvelles familles de risques apportent un grand degré de complexité : des phénomènes climatiques de très grande ampleur anticipés mais non encore connus, un rapport au long terme nouveau, des effets sur toute la chaîne de valeur, une mobilisation pour la lutte contre le changement climatique qui nécessite des ruptures dans tous les secteurs. Les questions posées par l'érosion de la biodiversité sont encore plus complexes et les mesures de l'impact et des dépendances des agents économiques aux services écosytémiques sont émergentes. Dans tous les cas, on essaye de mesurer comment le système économique va être contraint par les limites planétaires (le physique et le vivant), alors même que le système économique est régi par des règles et modelé par des indicateurs qui n'intègrent absolument pas ces limites (l'économie et la comptabilité financière). L'enjeu est donc de taille et la complexité et la multiplicité des phénomènes en jeu ne peuvent pas s'approcher par un modèle simple.
En France, l'Article 29 de la Loi Énergie Climat établit de nouvelles obligations de publication pour les investisseurs. Ce dispositif se veut plus ambitieux que le règlement Disclosure Européen (SFDR), avec une mise en avant explicite des enjeux liés au climat et à la biodiversité. Concrètement, l'Article 29 impose aux acteurs financiers de publier, d'une part, les impacts de leur portefeuille sur le changement climatique et sur l'érosion de la biodiversité et, d'autre part, la vulnérabilité de leurs portefeuilles sur ces deux thématiques (concept de double matérialité). De plus, les acteurs financiers doivent désormais expliciter la politique mise en place pour prendre en compte ces risques ESG dans leur stratégie d'investissement.
Le sujet de l'impact financier lié aux risques environnementaux (i.e. biodiversité et climat) est explicitement mentionné dans le paragraphe 8.e) de l'alinéa III de l'Article 1er du décret d'application de l'Article 29. Il est mentionné comme suit :
\"En cohérence avec l'article 3 du règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019, la publication d'informations sur la prise en compte des critères environnementaux, sociaux et de qualité de gouvernance dans la gestion des risques comprend notamment les risques physiques, de transition et de responsabilité liés au changement climatique et à la biodiversité et, en particulier :
[...] e) Une estimation quantitative de l'impact financier des principaux risques en matière environnementale, sociale et de qualité de gouvernance identifies et de la proportion des actifs exposés, ainsi que l'horizon de temps associé à ces impacts, au niveau de l'entité et des actifs concernés, comprenant notamment l'impact sur la valorisation du portefeuille. Dans le cas où une déclaration d'ordre qualitatif est publiée, l'entité décrit les difficultés rencontrées et les mesures envisagées pour apprécier quantitativement l'impact financier de ces risques [...]\"
Demander aux institutions financières la publication de l'estimation de cet impact financier à court terme (soit un horizon de 6 mois) provoquera l'émergence de méthodologies mises en place dans un laps de temps trop restreint pour en assurer un fondement scientifique, une fiabilité et une robustesse suffisants. Ces méthodologies seraient ensuite installées par un effet de verrouillage, dont les institutions financières peineront à s'éloigner avant plusieurs décennies.
Les modélisations existantes pour mesurer l'impact financier des risques climatiques ne prennent généralement en compte qu'une part partielle de ces risques.
Par exemple, nombreuses sont les méthodologies qui se focalisent uniquement sur la taxe carbone. La taxe carbone permet en effet d'intégrer simplement l'externalité CO2 dans les modèles de calculs financiers. Pour autant cela restreint la cartographie des impacts financiers qui peuvent survenir, et on sait que si le prix du carbone est utile pour certains secteurs, ce sont d'autres risques de transition qui peuvent survenir et mettre en cause le modèle d'affaire des entreprises, comme les interdictions (plus de véhicules fossiles après 2035) ou les effets de marché. Une approche simpliste qui ne valoriserait qu'une partie des risques engendrerait un effet lampadaire : on sait que le problème peut surgir de l'ombre, mais on se rassure par la partie éclairée.
Si l'on se concentre uniquement sur le risque de transition climatique par exemple, nous observons 4 risques majeurs, comme indiqué sur le schéma ci-dessous.
Si l'on se concentre uniquement sur le risque de transition climatique par exemple, nous observons 4 risques majeurs, comme indiqué sur le schéma ci-dessous.
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L'utilisation de la seule taxe carbone pour calculer l'impact financier des risques climatiques mettrait donc en place des œillères qui iraient à l'encontre de l'estimation et de l'atténuation réelles de ces risques.
Il en va de même pour les risques physiques : nous savons que les aléas climatiques sont de nature très diverse, avec des amplitudes sans précédent qui rendent impossible la construction de fonctions de dommages fiables (fonctions qui convertissent l'ampleur d'un aléa en dommages financiers). En outre, il existe des effets potentiels tout au long d'une chaîne de valeur, ce qui signifie qu'au-delà des sites exploités par une entreprise, les analyses doivent également couvrir les fournisseurs et les clients (par exemple : le fait qu'une usine soit touchée par une catastrophe naturelle ne nous renseigne pas sur l'impact sur ses fournisseurs ou ses clients et sur les chaînes logistiques associées). Il existe également des effets en cascade, dont les probabilités d'occurrence sont inconnues et dont l'ampleur peut être considérable, qui échappent à toute analyse probabiliste ex ante.
Un autre écueil est l'utilisation de scénarios optimistes, basés sur des modèles macro-économiques qui ne modélisent pas les limites planétaires, et qui supposent un découplage massif et \"facile\" entre CO2 et PIB. Les entreprises pourront ainsi obtenir de bons résultats financiers tout en respectant leurs objectifs climatiques, alors qu'en réalité, ces réductions de CO2 devront être obtenues par des actions de sobriété (par exemple, retrait de certains marchés, réduction de la production) qui auront un impact sur leurs états financiers, ou par toute autre action difficile et coûteuse à mettre en œuvre.
Au vu de ces inconvénients, on constate qu'inciter les acteurs financiers à utiliser aujourd'hui des métriques financières pour quantifier les risques d'érosion du climat et de la biodiversité risque d'avoir un effet contre-productif, c'est-à-dire d'habituer le secteur à des métriques qui au minimum mesurent mal ces risques, et plus vraisemblablement les sous-estiment fortement. De plus, un chiffre absolu en euros peut donner l'impression d'une grande précision dans la mesure, alors que cela n'est tout simplement pas possible, compte tenu des points évoqués ici.
Nous recommandons la mise en place de garde-fous pour garantir que les méthodes de calcul de l'impact financier utilisées respectent les lignes directrices/principes pertinents. Cela garantirait la solidité des méthodologies proposées sur le marché.
Ces garanties doivent comprendre :
Nous pensons que les garanties proposées dans le point précédent ne peuvent être respectées que par une lecture physique des activités des entreprises, ce qui permet aujourd'hui une approche relative : un score peut être utilisé pour discriminer l'exposition des différentes entreprises aux risques climatiques. Notre recommandation est donc de s'éloigner de l'obligation de publier sur une métrique monétaire (M€, M$), mais de proposer qu'une analyse physique soit autorisée pour évaluer - et derrière gérer - l'impact financier des risques liés au changement climatique et à l'érosion de la biodiversité.
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This is the only event promoting the French Fintech savoir-faire in Austria and Germany. This presents the opportunity to meet top banks and get to know the local FinTech ecosystem during a tailored-made program between Vienna and Frankfurt! Carbon4 Finance has the honor being part of the French delegation.
","body":"November 5-6 Frankfort ¨November 7-8 Vienna
November 5th ♦ Deutsche Bank Digital Factory
November 6th ♦ TechQuartier
November 7th ♦ Erste Bank
November 8th ♦ Raiffeisen Bank
","contact":null,"start_date":"2021-11-05","start_time":"00:00:00","end_date":"2021-11-08","end_time":"23:30:00","locale":"en","published_at":"2021-12-01T16:57:50.113Z","created_at":"2021-11-30T11:34:12.958Z","updated_at":"2021-12-06T08:46:30.208Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":26,"name":"Find out more on the official website","url":"https://events-export.businessfrance.fr/fintechtour-deat/"}],"featured_image":{"id":2086,"name":"Capture-d%u2019écran-2018-10-01-à-17.19.45.png","alternativeText":"","caption":"","width":968,"height":291,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"small_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"small_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":145.75,"width":500,"height":150},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"medium_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":315.19,"width":750,"height":225},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"thumbnail_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":39.65,"width":245,"height":74}},"hash":"Capture_d_u2019ecran_2018_10_01_a_17_19_45","ext":".png","mime":"image/png","size":453.94,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:30:28.013Z","updated_at":"2021-11-30T11:30:28.031Z"},"download_image":null,"download_file":null},{"id":118,"title":"Carbon4 Finance took part in the \"Measuring biodiversity impacts and dependencies as a financial institution” conference","slug":"event-conference-measuring-biodiversity-impacts-and-depedencies","subtitle":null,"organised":false,"place":null,"body":"Carbon4 Finance was pleased to take part, with CDC BIODIVERSITÉ, in the “Measuring biodiversity impacts and dependencies as a financial institution” conference, hosted today by Rathbone Greenbank Investments and the British Ecological Society.
We were glad to present our methodology to measure portfolios' impacts on biodiversity, and discuss with other actors working on similar challenges. \"We believe that providing data is not enough, we need to help each financial instituions to better understand the methodology and their results. This is the reason why all our clients have a direct contact with the analyst team\" say Melissa Evelyne PEREZ, Head of Sales and Business Development at Carbon4 Finance.
To learn more about our methodology, visit https://www.carbon4finance.com/product/biodiversity-impacts
Natixis just became the first bank to integrate corporate climate impact ratings into capital allocation decisions with a new tool called the “green weighting factor”. Financing deals provided by the bank will now undergo an assessment in order to calculate their potential environmental impacts on the climate.
“It is based on a highly detailed sector-based methodology whereby each financing transaction is assigned an environmental rating on a seven-level color scale ranging from dark brown to dark green. This rating is derived from an assessment of the deal’s climate impact and factors in any significant non-climate-related environmental externalities including water, pollution, waste and biodiversity. The rating applies to either the asset or project being financed, or to the borrower for general purpose financings, whether a corporate or public sector client. Each color corresponds to an adjustment factor that is applied to the risk-weighted assets of each transaction and is used to assess its expected profitability.”
This over a year long project aims to align Natixis’ financing deals with the objectives of the Paris Agreement.
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The tour, which aims to promote solutions provided by French fintech companies in the British and Irish markets, is an opportunity for Carbon4 Finance to present its solutions to banks, insurers, and asset managers.
Carbon4 Finance provides carbon data to enable asset managers, pension funds, banks and index providers to develop and implement investment and financing solutions which are aligned to a 2-degree world.
Our solutions:
For more information, or to meet us, please feel free to reach out : contact@carbon4finance.com
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What exactly is the GreenTech Hub? Find out more on the website
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Combining Carbon4 Finance’s recognized experience with climate data and the robustness of the GBS® biodiversity footprint methodology developed by CDC Biodiversité, this database allows companies like Vontobel to assess the biodiversity impact of its portfolio with a broad global coverage of the listed assets.
The partnership comes at a moment when financial actors need better information to incorporate nature-related risks and opportunities into their strategic planning, risk management and asset allocation decisions.
2021 is a pivotal year for taking action to protect nature and biodiversity with the launch of the Taskforce on Nature-related Financial Disclosures (TNFD) and the upcoming COP15 (Part 2) on Biodiversity in China in Spring 2022. The involvement of the financial sector, which represents broad ownership interests, will play a central role as investment is a powerful driver of corporate practices. Finance and ownership need to ensure the sustainability of nature’s biodiversity where possible, just as it does in the fight against climate change. To be effective, reliable data are necessary to link the impact of individual companies and portfolios to their real world impact on biodiversity.
Marie-Anne Vincent, CEO at Carbon4 Finance, said, “we are thrilled to start this new partnership with Vontobel’s Quality Growth Boutique to extend our biodiversity expertise in the US. We believe that climate change and biodiversity loss must be addressed together, which is why Carbon4 Finance strives to provide investors with robust climate and biodiversity impact data, in order to build ambitious biodiversity strategy and engagement with corporates”.
“We are delighted that Vontobel’s Quality Growth Boutique decided to use the BIA-GBS database. This is a great mark of confidence for us and a major step forward in the international commitment to biodiversity. The protection of biodiversity will have to be global, and we are pleased that Vontobel is moving in this direction.”, says Marc Abadie, Chairman of CDC Biodiversité.
Sudhir Roc-Sennett, Head of ESG and Thought Leadership at the Vontobel Quality Growth Boutique said, “We are excited that Carbon4 Finance and CDC Biodiversité have built this important database. It provides us a lay of the land of biodiversity impact across countries and sectors, as well as at the company-specific level. We are delighted to facilitate their entry into the United States.”
Find out more about Biodiversity Impact Analytics
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Projet ambitieux, Rift est pourtant né d’un point de départ simple : la finance est une boîte noire. Pourtant notre argent, et plus particulièrement notre épargne, ne dort jamais. L’heure est désormais à la transparence !
L’idée de l’application : permettre au plus grand nombre de comprendre ce qui est financé avec leur épargne et voir quels en sont les impacts environnementaux et sociétaux. Mais c’est aussi un outil pour s’informer sur la finance pour pouvoir agir pour une transformation d’un secteur dont l’opacité actuelle ne permettra aucune transition.
Carbon4 Finance a participé à cette initiative en mettant à disposition ses données pour calculer l’empreinte carbone de l’épargne.
À retrouver sur App Store et Google Play.
For over five years, Carbone 4 has been developing a methodology which assesses the transition risk: The Carbon Impact Analytics (CIA) methodology.
This methodology calculates greenhouse gas (GHG) emissions induced by an activity. However, the emissions associated with the banking sector were so far not calculated by this method : the CIA method concentrated on high-stakes sectors – sectors whose activities have a high impact on emissions – and the banking sector was considered as a low-stakes sector, which implied only scopes 1&2 emissions were assessed.
But for the last four years, the finance sector has been getting a lot of attention due to the major role it plays in global warming and the energy transition. Whether it was at the COP21 or through the TCFD (Task Force on Climate-related Financial Disclosures), players in the finance world are becoming much more aware of their exposure to these risks. Thus, it has become a necessity to develop a methodology that calculates emissions associated with banking activities. Even if the banks’ main emission sources were known before this acknowledgment by the financial sector, the lack of data in this field did not allow us to quantify the banks’ emissions with a high degree of accuracy.
As a first step, the method developed below is only being applied to private banks. It will be necessary to carry out further testing to see whether it is possible to use the methodology for the entire financial sector, insurers or international financial institutions for example.
Télécharger la version française
"}],"annex":[],"footnotes":[],"sources_groups":[],"links":[{"id":29,"name":"Download English version","url":"https://carbon4finance.com/files/CIA_methodology_for_banks_EN.pdf"},{"id":30,"name":"Télécharger la version française","url":"https://www.carbon4finance.com/files/Carbon4_Finance_Methodologie_banques_FR.pdf"}],"external_authors":[],"external_contributors":[],"custom_pdf":null,"featured_image":{"id":2497,"name":"jonathan-borba-BjNXpLGnJI0-unsplash.jpg","alternativeText":"","caption":"","width":1920,"height":2880,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash.jpg","hash":"large_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash","mime":"image/jpeg","name":"large_jonathan-borba-BjNXpLGnJI0-unsplash.jpg","path":null,"size":236.38,"width":667,"height":1000},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash.jpg","hash":"small_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash","mime":"image/jpeg","name":"small_jonathan-borba-BjNXpLGnJI0-unsplash.jpg","path":null,"size":54.17,"width":333,"height":500},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash.jpg","hash":"medium_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash","mime":"image/jpeg","name":"medium_jonathan-borba-BjNXpLGnJI0-unsplash.jpg","path":null,"size":131.3,"width":500,"height":750},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash.jpg","hash":"thumbnail_jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash","mime":"image/jpeg","name":"thumbnail_jonathan-borba-BjNXpLGnJI0-unsplash.jpg","path":null,"size":5.09,"width":104,"height":156}},"hash":"jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash","ext":".jpg","mime":"image/jpeg","size":1839.86,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/jonathan_borba_Bj_N_Xp_L_Gn_JI_0_unsplash.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-22T10:28:43.536Z","updated_at":"2021-12-22T10:28:43.550Z"},"pdf":{"id":2634,"name":"278-methodology-note-bank-emissions-calculations.pdf","alternativeText":null,"caption":null,"width":null,"height":null,"formats":null,"hash":"278_methodology_note_bank_emissions_calculations","ext":".pdf","mime":"application/pdf","size":1497.15,"url":"https://carbon4finance.com/files/278_methodology_note_bank_emissions_calculations.pdf","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2022-09-08T10:41:41.658Z","updated_at":"2022-09-08T10:41:41.658Z"},"download_image":null,"download_file":null},{"id":422,"title":"Equipment manufacturers: key cogs to drive transition","slug":"equipment-manufacturers-key-cogs-to-drive-transition","subtitle":"Study of the industrial, transport, energy and building sectors","contact":null,"about":null,"publish_at":"2025-03-06T08:30:00.000Z","color":"darkblue","header_style":"full_image_text_centered","body_font":"serif","locale":"en","published_at":"2025-03-06T08:30:00.000Z","created_at":"2025-03-06T08:58:41.815Z","updated_at":"2025-04-15T12:47:51.559Z","migrated":false,"download_title":"","download_short_label":null,"download_long_label":null,"body":[{"__component":"content.heading","id":118,"content":"Summary","type":"normal","image":{"id":4425,"name":"homa-appliances-pWUyHVJgLhg-unsplash (1).jpg","alternativeText":"","caption":"","width":6000,"height":4002,"formats":{"large":{"ext":".jpg","url":"https://carbon4finance.com/files/large_homa_appliances_p_W_Uy_HV_Jg_Lhg_unsplash_1.jpg","hash":"large_homa_appliances_p_W_Uy_HV_Jg_Lhg_unsplash_1","mime":"image/jpeg","name":"large_homa-appliances-pWUyHVJgLhg-unsplash (1).jpg","path":null,"size":147.6,"width":1000,"height":667},"small":{"ext":".jpg","url":"https://carbon4finance.com/files/small_homa_appliances_p_W_Uy_HV_Jg_Lhg_unsplash_1.jpg","hash":"small_homa_appliances_p_W_Uy_HV_Jg_Lhg_unsplash_1","mime":"image/jpeg","name":"small_homa-appliances-pWUyHVJgLhg-unsplash (1).jpg","path":null,"size":47.71,"width":500,"height":334},"medium":{"ext":".jpg","url":"https://carbon4finance.com/files/medium_homa_appliances_p_W_Uy_HV_Jg_Lhg_unsplash_1.jpg","hash":"medium_homa_appliances_p_W_Uy_HV_Jg_Lhg_unsplash_1","mime":"image/jpeg","name":"medium_homa-appliances-pWUyHVJgLhg-unsplash 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Download our publication in english here
Download our publication in french here
"}],"annex":[],"footnotes":[{"id":741,"number":1,"text":"This publication covers suppliers and manufacturers of transport equipment, as well as manufacturers of energy, industry and building equipment (see detailed scope in section 1.2.1 Activities covered). This sector is referred to by the acronym TEBISM for the purposes of this publication.
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Regarding climate change, we are aware that the world will face brutal consequences in the near future. We need to address climate action urgently, by reducing massively CO2 emissions and by anticipating both physical climate risks and transition risks.
Such climate risks mean that some sectors will face major shifts in their asset values.
The financial sector, which will be increasingly exposed to those risks, is also on the front line when it comes to tackling climate action and redirect investments.
Therefore, in order to develop a forward looking view or those risks and opportunities, it needs reliable and relevant climate data to integrate transition risks into investment or credit decision-making.
– What are exactly physical and transition climate-related risks?
– How carbon and climate data can help financial actors avoid and prevent those risks?
– What lessons can we learn from the coronavirus crisis for the anticipation of climate change impacts?
We answered those questions during a webinar on May 7th – 4 to 5 PM (UTC+2) with:
Jean-Marc Jancovici, founding partner of Carbone 4 and Carbon4 Finance,
Jean-Yves Wilmotte, leader of the Finance practice at Carbone 4,
and Marie-Anne Vincent, head of business development at Carbon4 Finance
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Contenu disponible en français
HSBC Global Asset Management et Carbon4 Finance ont présenté le nouvel indicateur climatique développé par Carbon4 Finance lors d’un webinar le 3 novembre 2020 : les “émissions économisées”.
De quoi s’agit-il ? Les émissions économisées correspondent à la sommes des émissions évitées et des émissions réduites.
Les émissions évitées quantifient ce que les clients d’un produit ou service vont émettre en moins par rapport à un scénario de référence. Le plus souvent cela correspondra à la différence entre émissions après et avant achat. Par exemple, si vous vendez de la laine de verre pour isoler un logement chauffé au gaz ou au fioul, les émissions du logement après achat sont inférieures à celles avant. Ici, les émissions évitées correspondent à la différence sur la durée de vie du produit. Les émissions réduites quant à elles correspondent à l’amélioration de l’efficacité d’un processus de production d’une entreprise sur une période donnée.
Ces émissions économisées illustrent donc l’avantage concurrentiel de l’activité dans un monde où les émissions de CO2 sont globalement contraintes à la baisse.
A l’occasion du lancement de la collaboration entre HSBC Global Asset Management et Carbon4 Finance, Xavier Desmadryl a expliqué comment cet indicateur innovant permet d’affiner l’analyse des entreprises dans lesquelles HSBC investit ou souhaite investir au regard de leur trajectoire climatique.
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June 13th - 1:30pm to 3pm
The Article 29 of the Energy and Climate French Act is a pioneer in the introduction of new requirements for financial organisations concerning biodiversity, going beyond SFDR.
3 months after the first results, Carbon4 Finance and CDC Biodiversité organized a webinar to analyse the feedbacks of the reporting exercice in practice.
We were thrilled to welcome Andrea Sekularac, from Rothshild, to give a client’s testimony, as well as Arthur Campredon, member of the French \"Trésor Public\" to present their inputs on the law and its applications.
This webinar was also the chance for us to look into the Taskforce on Nature-Related Financial Disclosure (TNFD).
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For investors, our green bonds solution is a way to ensure a bottom-up analysis of a bond’s climate impact.\n","track_record_subtitle":null,"published_at":"2021-12-03T20:07:18.764Z","created_at":"2021-12-03T20:03:50.302Z","updated_at":"2021-12-16T11:55:00.762Z","slug":"green-bonds","index":2,"locale":"en","key_features_cards":[{"id":212,"title":"Bottom-up at bond level","subtitle":null,"description":"Analysis done by a carbon analyst at bond level using a specific methodology developed by climate experts for each use of proceeds.\n","title_second_line":null,"icon":{"id":2053,"name":"Loupe-1.svg","alternativeText":"","caption":"","width":92,"height":92,"formats":null,"hash":"Loupe_1","ext":".svg","mime":"image/svg+xml","size":1.08,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Loupe_1.svg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-26T12:29:32.918Z","updated_at":"2021-11-26T12:29:32.930Z"},"image":null},{"id":213,"title":"Carbon Impact Ratio","subtitle":null,"description":"Easy-to-read indicator of the carbon impact of the bonds, enabling as well comparison between investments.\n","title_second_line":null,"icon":{"id":2054,"name":"platform-4.svg","alternativeText":"","caption":"","width":60,"height":103,"formats":null,"hash":"platform_4","ext":".svg","mime":"image/svg+xml","size":4.09,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/platform_4.svg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-26T12:29:52.384Z","updated_at":"2021-11-26T12:29:52.393Z"},"image":null},{"id":214,"title":"Green Bond detailed indicators ","subtitle":null,"description":"As emissions saving, induced emissions, transparency and more sectorial-specific indicators at the bond-level and consistent with our other assessments for an aggregation at portfolio level.\n","title_second_line":null,"icon":{"id":2055,"name":"platform-2.svg","alternativeText":"","caption":"","width":90,"height":78,"formats":null,"hash":"platform_2","ext":".svg","mime":"image/svg+xml","size":4.28,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/platform_2.svg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-26T12:30:08.102Z","updated_at":"2021-11-26T12:30:08.113Z"},"image":null}],"your_needs_cards":[{"id":215,"title":"For asset ","subtitle":null,"description":"Investing in Green Bonds and willing to quantify the positive impact of their investment but as well have details on the induced emissions and emission saving at green bond-level.\n","title_second_line":"managers","icon":null,"image":null},{"id":216,"title":"For asset ","subtitle":null,"description":"Having a diversified portfolio including green bonds,sovereign and corporate and willing to have a portfolio analysis of their emissions and temperature alignment.\n","title_second_line":"owners","icon":null,"image":null},{"id":217,"title":"For platforms ","subtitle":null,"description":"Offering access to data provider and willing to propose qualitative specialized offer on green bonds. \n","title_second_line":null,"icon":null,"image":null}],"track_records":[{"id":10,"description":"Franklin Templeton has grown from being recognized as one of the best small companies in America to being considered a premier global investment management organization. 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https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52021PC0391
"},{"id":282,"number":3,"text":"Ambition to become the first Climate neutral continent, and this by 2050. See https://ec.europa.eu/info/strategy/priorities-2019-2024/european-green-deal/delivering-european-green-deal_en
"},{"id":283,"number":4,"text":""},{"id":284,"number":5,"text":"https://twitter.com/vonderleyen/status/1412410637209280517
"},{"id":285,"number":6,"text":"A Technical Expert Group on sustainable finance (TEG) was mandated as to provide recommendations on EU GBS. These were provided through two reports in 2019 and 2020.
"},{"id":286,"number":7,"text":"Carbone 4, La Taxonomie européenne : pièce centrale de la stratégie réglementaire européenne pour une finance durable, https://www.carbone4.com/analyse-taxonomie-europeenne, July 2021.
"},{"id":287,"number":8,"text":"Do No significant harm.
"},{"id":288,"number":9,"text":"https://ec.europa.eu/sustainable-finance-taxonomy/index.htm
"},{"id":289,"number":10,"text":"Carbon4 Finance, the key to facing the energy transition is Scope 3, http://www.carbon4finance.com/article-scope-3/, July 2021.
"}],"external_authors":[],"body":[{"__component":"content.body","id":953,"content":"The EU Green Bond Standard is a concrete application of the EU taxonomy, but a quantitative assessment of the climate impact remains out of investors’ reach. Carbon4 Finance equips investors with a dedicated measurement tool.
The market for green bonds (GB) has steadily developed over the last few years. In 2020 alone, green bonds’ issuance topped close to USD 300 billion (CBI, 2021[1]). However, its issuance barely represents 4% of the total corporate bond issuance in 2020[2], while the European Commission expects green bonds to become one of the largest sources of green investment as to meet the green investment gap in Europe. Until now, the GB landscape was based on market-defined standards, with a possible lack in transparency, consistency, and credibility for investors. Without a proper bottom-up analysis of climate mitigation contribution, greenwashing hinders the transition to a low-carbon economy. But with the European standard for green bonds, this is about to change.
Carbon4 Finance has for years supported investors with assessing the climate impact of 900+ Green Bonds, evaluating their contribution to climate change mitigation. This new regulatory development lays the foundation for a standardized and more transparent process for green bonds issuance, a much-awaited development.
Green bonds will play a critical role in the decarbonization of all sectors of our economy. However, the definition of “green” activities remains fuzzy, relying on market-defined standards (e.g., Green Bond Principles, Climate Bond Initiative), less comprehensive and ambitious than the European Taxonomy. In July 2021, the renewed European Sustainable Finance strategy introduced a long-awaited green bond framework, called the “EU GBS” – or European Green Bond Standard.
With the European Green Deal[3] and its ambition to reduce EU’s emissions by 55% its emissions by 2030 (compared to 1990 levels)[4], substantial investments are needed in all sectors to reach Europe’s climate commitments. For Ursula Von Der Leyen, the President of the Commission, this framework will “set a “gold standard” for how investors can recognize bonds representing real green investments, to help them make the right choice.”[5]
Following the Technical Expert Group’s recommendations[6], the EU GBS addresses the inherent greenwashing and transparency challenges. It will be a voluntary standard, open to any EU and non-EU issuer. Only green projects (green assets and expenditures – OPEX and CAPEX), which are 100% aligned with the EU Taxonomy requirements would be eligible for obtaining the standard (for more background on the taxonomy, read this insightful analysis by Carbone 4[7]). It is therefore a strong and structuring element towards a standardization of the green bonds market.
This “Gold standard” is broken down into four crucial requirements:
These requirements are a major step forward for improving transparency in the green financing market. This high-quality Green Bond standard will provide investors with the assurance to contribute to the low-carbon transition. However, with the daunting process and significant costs associated with issuing an EU GBS, issuers could believe that the advantages of reaching new investors might not outweigh the related costs.
Carbon4 Finance is a recognized carbon data expert, providing an independent climate impact assessment of green bonds and their contribution to a low-carbon economy. For investors, our green bonds solution is a way to ensure a bottom-up analysis of a bond’s climate impact is conducted.
Through our green bonds offer, we quantify the climate impact of green bonds. We provide induced emissions on Scopes 1&2 but also Scope 3 emissions, which are crucial in tackling the climate crisis (as underlined in our recent article[10]).
In addition to understanding that a particular bond is really green, the Carbon4 Finance’s green bonds methodology provides a concrete quantitative measurement of the degree of contribution, via the avoided emissions. For example, it can be emissions avoided thanks to the use of an entity’s products compared to other products available on the market (e.g., EVs compared to thermal engines, or biofuel compared to conventional fossil fuels). A company avoids emissions if there is a gap between the induced emissions of the company and the reference situation, as illustrated in the figure below
Building on the two previous indicators, the Carbon Impact Ratio (CIR) provides information on the carbon impact of a company or portfolio to the energy transition. The CIR is the ratio of emissions savings (avoided emissions) to induced emissions. This indicator represents the capacity of a project to reduce GHG emissions compared to emissions induced by its activity.
Our proprietary methodology is based on project analysis: we review each project financed by a green bond, then results are consolidated at the bond level. We focus on renewable energy projects (both generation and T&D), energy efficiency projects in real estate, and low-carbon transport infrastructures (rail, bus and bike) and offerings (EVs). A transparency score provides information on the level of detail in green Bond reporting documents.
Carbon4 Finance green bonds methodology is a five-steps analyst-driven climate assessment
If you would like to know more about our Green Bonds database, please contact our team at contact@carbon4finance.com.
This Green Bond (GB), issued in October 2019, is part of the EIB GB program launched in 2007. Bonds are named Climate Awareness Bonds (CAB). Proceeds of this bond finance projects related to renewables energy, T&D, Sustainable transportation, Building construction & Energy efficiency.
On October 22nd, Carbon4 Finance organized a webinar on the matter.
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"},{"id":317,"number":3,"text":"Double counting – which takes place when the same amount of GHG emissions is counted more than once in a portfolio/industry – is directly addressed by the CIA methodology. Indeed, it reprocesses the total figure of GHG emissions in each sector by allocating one third of emissions to each of the three main categories of actors in the global economy – energy suppliers (1), companies providing equipment and solutions (2), and energy intensive companies using these equipments and solutions (3). For more information, see this article.
"},{"id":318,"number":4,"text":"http://www.carbone4.com/wp-content/uploads/2019/09/CarbonImpactAnalytics_November18.pdf
"},{"id":319,"number":5,"text":"http://www.carbone4.com/wp-content/uploads/2020/04/Carbone-4-Referentiel-NZI-avril-2020.pdf
"}],"external_authors":[{"id":51,"firstname":"Salomé Guichet","lastname":null,"organisation":"Carbon4 Finance","title":"Carbon data analyst"}],"body":[{"__component":"content.body","id":958,"content":"As financial institutions are seeking to understand the underlying risks and opportunities posed by the low-carbon transition, investment strategies have commonly integrated “Scope 1” emissions, i.e., direct emissions from activities, and “Scope 2” emissions, i.e. indirect emissions from the production of electricity, heat, and steam purchased. In contrast, Scope 3 emissions stemming from the entire value chain (from freight, purchase of raw materials to the use of sold products), have not yet been factored in most low-carbon investment strategies. However, when a company’s carbon footprint excludes Scope 3, it does not allow to properly identify risks and opportunities. With the growing policymakers’ interest for its disclosure and the recent ExxonMobil and Shell cases making the headlines, the integration of Scope 3 is not a “why” question for investors anymore, but rather a “when”.
If Scope 3 emissionshave gained such attention, it is partly due to its massive downstream impact in the Automotive and the Oil & Gas industries. In the Automotive sector, Scope 3 emissions have a considerable influence, as it accounts for 95% of the total induced emissions. In the Oil & Gas industry, Scope 3 alone represents 85% of emissions [1] of the industry. Shell, for instance, has 90% of its emissions stemming from its supply chain and the use of its products.
If investors are willing to gain a holistic picture of a company’s carbon footprint, have a credible impact in the fight against climate change, and properly identify the risks that can arise all along the value chain, leaving Scope 3 emissions aside would mean missing out most of the energy transition case. As the study [2] on consistency corporate carbon emissions data notes, it is “only based on the entire life-cycle emissions, [that] investors can capture the full carbon performance and climate responsibility of an individual asset or investment”.
Beyond investors’ willingness to address climate change, Scope 3 adoption could prevent from severe financial impacts caused by stranded assets. Stranded assets are investments that may suffer unanticipated write-downs, devaluations, or conversions to liabilities. Environmental risk factors that could lead to asset impairment include environmental changes (e.g., natural disasters, global warming), heavier regulation (e.g., move to ban diesel cars in Europe, carbon pricing, carbon bubble), technological advances (e.g., increased cost effectiveness of solar panels or wind farms), or changing social norms (e.g., fossil fuel divestment campaigns, consumer behavior). With the integration of value chain emissions (Scope 3) in investment decision making, investors are taking a forward-thinking approach towards the risks of stranded assets, thus avoiding heavy consequences on financial performances.
One could also argue that there is a possible fiduciary risk when not integrating Scope 3. Indeed, ignoring (the largest) part of a company’s emissions means to deliberately decide not to assess the full consequences of climate risks. As a result, not considering Scope 3 emissions in an investment decision is to turn a blind eye to potential financial outcomes, failing to adequately assess the entire spectrum of risks investors are exposed to.
Although a company is not directly responsible for these indirect emissions per se, it relies on the activities triggering these emissions. If some emissions belonging to the value chain become constrained, it will definitely hinder the operations of the company. Symmetrically, through engaging with suppliers and clients, the company can leverage a positive influence towards the reduction of their own emissions, that will in turn lower the transition risk for the global society. In addition to being the largest component in the GHG emissions bill, Scope 3 emissions reflect how closely intertwined the actors are together.
Looking at the graph above [3], it is striking that Scope 3 emissions from Financial Institutions (banks, insurers, asset managers, holdings, etc.) make up most of their overall climate impact. Indeed, their Scope 3 emissions embed the Scope 1&2 and Scope 3 emissions from their portfolio. It gives a clear view that institutions have a direct responsibility towards their financed emissions.
As to accurately calculate the Scope 3 within each sector, Carbon4 Finance data are based on bottom-up analyses, and on physical flows (e.g., number of barrels of oil produced for an oil company) [4]. In the Oil and Gas sector for instance, our team calculates Scope 3 downstream emissions from the combustion of sold products –barrels of oil, or cubic meters of gas. This equips investors with a credible tool to identify high stakes sectors in which supply chain GHG emissions cannot be ignored.
Another key reason for adopting the widespread integration of Scope 3 in investment decisions is to help identify risks and opportunities within each sector individually. As value chain emissions adequately reflect the intertwined links of a company with its environment, it can stand as a lever for investors to further embed climate change mitigation in their investment strategy.
The example of the Energy Equipment sector, as a high contributor to the energy transition, illustrates the value of Scope 3 emissions for investors. TechnipFMC (based in UK) and First Solar Inc (based in the US) are both energy equipment manufacturers, supplying equipment to the Oil & Gas, Electricity Generation and Electricity Transmission & Distribution and Storage industries. While the former offers a portfolio of solutions for the production and transformation of hydrocarbons, the latter provides PV solar energy solutions.
When comparing Scope 1&2 emissions, a traditional investor sticking to these two scopes (and only considering carbon credentials), would have a rather similar investment approach for both companies.
Looking at the whole value chain of the two manufacturers, the overall carbon performances completely differ. While TechnipFMC Scope 3 downstream emissions mainly result from the combustion of oil and gas extracted and refined using the company’s products, most of First Solar Scope 3 emissions are limited to the upstream emissions associated with the purchase of raw materials needed to manufacture solar panels. TechnipFMC Scope 3 emissions amount to more than 99% of its total induced emissions, while First Solar Scope 3 emissions are 30 times lower and account for 70% of its total induced emissions.
This simple case study shows that the traditional focus on Scope 1&2 emissions leads to misleading impact and risk assessments. And this is one of many examples, with similar comparisons existing in the Automotive, aeronautical, or even Agrobusiness sectors. Our platform displays insights over thousands of companies’ carbon performances as we provide Scope 3 emissions data most material to each company’s business.
As mentioned in the Net Zero Initiative Report [5], to contribute to global emissions reduction, Scope 1&2 emissions reduction target alone does not demonstrate a company’s level of understanding of the challenges in the transition to a decarbonized economy. As in most sectors the largest sources of emissions on which an activity depends lie in upstream and downstream Scope 3 emissions, companies should address this by setting ambitious reduction targets across their value chain. As a global response to the climate change crisis is more than necessary, setting Scope 3-related targets are determinant to shift to a low carbon economy, and lower the risk of being out of business should a constraint happen upstream or downstream.
Although the Scope 3 is not yet a broadly integrated criteria, its adoption or inclusion by investors demonstrate their understanding over the risks faced by companies with increasing public scrutiny and rising carbon prices. Not only does it allow to assess the risks, but it also pinpoints the opportunities which arise in the low-carbon transition. Companies with lower Scope 1, 2 and 3 emissions, and with ambitious direct and indirect emissions reduction target, will be considered as real climate leaders.
Our clients provided feedback on the use of Scope 3 emissions in their sustainable investment strategy.
David CZUPRYNA, Head of ESG Development at Candriam
“There is a growing realisation amongst investors that, in order to measure a company’s impact on climate, we need to look at its entire value chain and not just the way it operates. Candriam’s ESG analysis already incorporates Scope 3 data in sectors where such data is the most decisive. However, the number of companies providing systematic and comprehensive Scope 3 data is still just a fraction of those reporting on their Scope 1 & 2. Getting companies to fully disclose Scope 3 would enable investors to also integrate them in their reporting, as will become mandatory in the EU under SFDR level 2 for article 8 & 9 financial products.
Systematic disclose of robust Scope 3 data will provide us, investors, with the breadth and depth of data to fully and genuinely integrate climate risks and opportunities within our models.”
Ladislas SMIA, Head of Sustainability Research at Mirova
“The financial sector needs climate data to understand the consequences of climate change on financial performance and to allocate capital towards companies and projects with positive impacts. In both cases, only data that takes into account both positive and negative impacts over the entire life cycle can properly capture the links between the economy and climate. This data exists today. Investors must seize it, to report on their climate performance of course, but above all to integrate it into their investment process.”
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","body":"November 5-6 Frankfort ¨November 7-8 Vienna
November 5th ♦ Deutsche Bank Digital Factory
November 6th ♦ TechQuartier
November 7th ♦ Erste Bank
November 8th ♦ Raiffeisen Bank
","contact":null,"start_date":"2021-11-05","start_time":"00:00:00","end_date":"2021-11-08","end_time":"23:30:00","locale":"en","published_at":"2021-12-01T16:57:50.113Z","created_at":"2021-11-30T11:34:12.958Z","updated_at":"2021-12-06T08:46:30.208Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":26,"name":"Find out more on the official website","url":"https://events-export.businessfrance.fr/fintechtour-deat/"}],"featured_image":{"id":2086,"name":"Capture-d%u2019écran-2018-10-01-à-17.19.45.png","alternativeText":"","caption":"","width":968,"height":291,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"small_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"small_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":145.75,"width":500,"height":150},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"medium_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":315.19,"width":750,"height":225},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"thumbnail_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":39.65,"width":245,"height":74}},"hash":"Capture_d_u2019ecran_2018_10_01_a_17_19_45","ext":".png","mime":"image/png","size":453.94,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:30:28.013Z","updated_at":"2021-11-30T11:30:28.031Z"},"download_image":null,"download_file":null}],"news_stories":[{"id":110,"title":"2018 SRI GLOBAL CAPITAL PRIZE: Carbone 4 group praised for its expertise on sustainable bonds evaluation","slug":"2018-sri-global-capital-prize-carbone-4-group-praised-for-its-expertise-on-sustainable-bonds-evaluation","subtitle":null,"body":"Carbone 4 group was awarded the 2018 ‘Most Impressive Environmental Impact Consultant’ Award from Global Capital.
This award, resulting from a vote of investors, banks and issuers of Green & Sustainable Bonds, rewards the work done by Carbone 4 through its consulting activities (impact reportings) and climate ratings (Carbon4 Finance).
Since its creation, Carbone 4 has developed several innovative methods, tools and databases that allow economic players to measure the climate impact of their financing or investments, expressed in terms of avoided emissions or compliance with Paris Agreement’s targets.
Carbon4 Finance’s climate rating teams provide international investors with independent assessments of the climate impact of the green bonds available on the market and provide solutions to calculate the alignment of their portfolios with the Paris Agreement. Investors and institutionnals using Carbon4 Finance datasets now represent € 2.6 trillion in assets under management.
For Alain Grandjean,Chairman of Carbone 4 group, “This is a strong acknowledgment from financial market players who value the innovative and thorough approach implemented by Carbone 4 on climate issues”.
","contact":null,"press_release":true,"publish_at":"2018-09-07T10:00:00.000Z","locale":"en","published_at":"2018-09-07T10:00:00.000Z","created_at":"2021-11-24T15:07:37.224Z","updated_at":"2021-12-16T16:09:25.376Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[],"featured_image":null,"download_image":null,"download_file":null},{"id":117,"title":"Carbon4 Finance on tour in London and Dublin with Business France","slug":"carbon4-finance-on-tour-in-london-and-dublin-with-business-france","subtitle":"Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.","body":"Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.
The tour, which aims to promote solutions provided by French fintech companies in the British and Irish markets, is an opportunity for Carbon4 Finance to present its solutions to banks, insurers, and asset managers.
Carbon4 Finance provides carbon data to enable asset managers, pension funds, banks and index providers to develop and implement investment and financing solutions which are aligned to a 2-degree world.
Our solutions:
For more information, or to meet us, please feel free to reach out : contact@carbon4finance.com
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"},{"id":317,"number":3,"text":"Double counting – which takes place when the same amount of GHG emissions is counted more than once in a portfolio/industry – is directly addressed by the CIA methodology. Indeed, it reprocesses the total figure of GHG emissions in each sector by allocating one third of emissions to each of the three main categories of actors in the global economy – energy suppliers (1), companies providing equipment and solutions (2), and energy intensive companies using these equipments and solutions (3). For more information, see this article.
"},{"id":318,"number":4,"text":"http://www.carbone4.com/wp-content/uploads/2019/09/CarbonImpactAnalytics_November18.pdf
"},{"id":319,"number":5,"text":"http://www.carbone4.com/wp-content/uploads/2020/04/Carbone-4-Referentiel-NZI-avril-2020.pdf
"}],"external_authors":[{"id":51,"firstname":"Salomé Guichet","lastname":null,"organisation":"Carbon4 Finance","title":"Carbon data analyst"}],"body":[{"__component":"content.body","id":958,"content":"As financial institutions are seeking to understand the underlying risks and opportunities posed by the low-carbon transition, investment strategies have commonly integrated “Scope 1” emissions, i.e., direct emissions from activities, and “Scope 2” emissions, i.e. indirect emissions from the production of electricity, heat, and steam purchased. In contrast, Scope 3 emissions stemming from the entire value chain (from freight, purchase of raw materials to the use of sold products), have not yet been factored in most low-carbon investment strategies. However, when a company’s carbon footprint excludes Scope 3, it does not allow to properly identify risks and opportunities. With the growing policymakers’ interest for its disclosure and the recent ExxonMobil and Shell cases making the headlines, the integration of Scope 3 is not a “why” question for investors anymore, but rather a “when”.
If Scope 3 emissionshave gained such attention, it is partly due to its massive downstream impact in the Automotive and the Oil & Gas industries. In the Automotive sector, Scope 3 emissions have a considerable influence, as it accounts for 95% of the total induced emissions. In the Oil & Gas industry, Scope 3 alone represents 85% of emissions [1] of the industry. Shell, for instance, has 90% of its emissions stemming from its supply chain and the use of its products.
If investors are willing to gain a holistic picture of a company’s carbon footprint, have a credible impact in the fight against climate change, and properly identify the risks that can arise all along the value chain, leaving Scope 3 emissions aside would mean missing out most of the energy transition case. As the study [2] on consistency corporate carbon emissions data notes, it is “only based on the entire life-cycle emissions, [that] investors can capture the full carbon performance and climate responsibility of an individual asset or investment”.
Beyond investors’ willingness to address climate change, Scope 3 adoption could prevent from severe financial impacts caused by stranded assets. Stranded assets are investments that may suffer unanticipated write-downs, devaluations, or conversions to liabilities. Environmental risk factors that could lead to asset impairment include environmental changes (e.g., natural disasters, global warming), heavier regulation (e.g., move to ban diesel cars in Europe, carbon pricing, carbon bubble), technological advances (e.g., increased cost effectiveness of solar panels or wind farms), or changing social norms (e.g., fossil fuel divestment campaigns, consumer behavior). With the integration of value chain emissions (Scope 3) in investment decision making, investors are taking a forward-thinking approach towards the risks of stranded assets, thus avoiding heavy consequences on financial performances.
One could also argue that there is a possible fiduciary risk when not integrating Scope 3. Indeed, ignoring (the largest) part of a company’s emissions means to deliberately decide not to assess the full consequences of climate risks. As a result, not considering Scope 3 emissions in an investment decision is to turn a blind eye to potential financial outcomes, failing to adequately assess the entire spectrum of risks investors are exposed to.
Although a company is not directly responsible for these indirect emissions per se, it relies on the activities triggering these emissions. If some emissions belonging to the value chain become constrained, it will definitely hinder the operations of the company. Symmetrically, through engaging with suppliers and clients, the company can leverage a positive influence towards the reduction of their own emissions, that will in turn lower the transition risk for the global society. In addition to being the largest component in the GHG emissions bill, Scope 3 emissions reflect how closely intertwined the actors are together.
Looking at the graph above [3], it is striking that Scope 3 emissions from Financial Institutions (banks, insurers, asset managers, holdings, etc.) make up most of their overall climate impact. Indeed, their Scope 3 emissions embed the Scope 1&2 and Scope 3 emissions from their portfolio. It gives a clear view that institutions have a direct responsibility towards their financed emissions.
As to accurately calculate the Scope 3 within each sector, Carbon4 Finance data are based on bottom-up analyses, and on physical flows (e.g., number of barrels of oil produced for an oil company) [4]. In the Oil and Gas sector for instance, our team calculates Scope 3 downstream emissions from the combustion of sold products –barrels of oil, or cubic meters of gas. This equips investors with a credible tool to identify high stakes sectors in which supply chain GHG emissions cannot be ignored.
Another key reason for adopting the widespread integration of Scope 3 in investment decisions is to help identify risks and opportunities within each sector individually. As value chain emissions adequately reflect the intertwined links of a company with its environment, it can stand as a lever for investors to further embed climate change mitigation in their investment strategy.
The example of the Energy Equipment sector, as a high contributor to the energy transition, illustrates the value of Scope 3 emissions for investors. TechnipFMC (based in UK) and First Solar Inc (based in the US) are both energy equipment manufacturers, supplying equipment to the Oil & Gas, Electricity Generation and Electricity Transmission & Distribution and Storage industries. While the former offers a portfolio of solutions for the production and transformation of hydrocarbons, the latter provides PV solar energy solutions.
When comparing Scope 1&2 emissions, a traditional investor sticking to these two scopes (and only considering carbon credentials), would have a rather similar investment approach for both companies.
Looking at the whole value chain of the two manufacturers, the overall carbon performances completely differ. While TechnipFMC Scope 3 downstream emissions mainly result from the combustion of oil and gas extracted and refined using the company’s products, most of First Solar Scope 3 emissions are limited to the upstream emissions associated with the purchase of raw materials needed to manufacture solar panels. TechnipFMC Scope 3 emissions amount to more than 99% of its total induced emissions, while First Solar Scope 3 emissions are 30 times lower and account for 70% of its total induced emissions.
This simple case study shows that the traditional focus on Scope 1&2 emissions leads to misleading impact and risk assessments. And this is one of many examples, with similar comparisons existing in the Automotive, aeronautical, or even Agrobusiness sectors. Our platform displays insights over thousands of companies’ carbon performances as we provide Scope 3 emissions data most material to each company’s business.
As mentioned in the Net Zero Initiative Report [5], to contribute to global emissions reduction, Scope 1&2 emissions reduction target alone does not demonstrate a company’s level of understanding of the challenges in the transition to a decarbonized economy. As in most sectors the largest sources of emissions on which an activity depends lie in upstream and downstream Scope 3 emissions, companies should address this by setting ambitious reduction targets across their value chain. As a global response to the climate change crisis is more than necessary, setting Scope 3-related targets are determinant to shift to a low carbon economy, and lower the risk of being out of business should a constraint happen upstream or downstream.
Although the Scope 3 is not yet a broadly integrated criteria, its adoption or inclusion by investors demonstrate their understanding over the risks faced by companies with increasing public scrutiny and rising carbon prices. Not only does it allow to assess the risks, but it also pinpoints the opportunities which arise in the low-carbon transition. Companies with lower Scope 1, 2 and 3 emissions, and with ambitious direct and indirect emissions reduction target, will be considered as real climate leaders.
Our clients provided feedback on the use of Scope 3 emissions in their sustainable investment strategy.
David CZUPRYNA, Head of ESG Development at Candriam
“There is a growing realisation amongst investors that, in order to measure a company’s impact on climate, we need to look at its entire value chain and not just the way it operates. Candriam’s ESG analysis already incorporates Scope 3 data in sectors where such data is the most decisive. However, the number of companies providing systematic and comprehensive Scope 3 data is still just a fraction of those reporting on their Scope 1 & 2. Getting companies to fully disclose Scope 3 would enable investors to also integrate them in their reporting, as will become mandatory in the EU under SFDR level 2 for article 8 & 9 financial products.
Systematic disclose of robust Scope 3 data will provide us, investors, with the breadth and depth of data to fully and genuinely integrate climate risks and opportunities within our models.”
Ladislas SMIA, Head of Sustainability Research at Mirova
“The financial sector needs climate data to understand the consequences of climate change on financial performance and to allocate capital towards companies and projects with positive impacts. In both cases, only data that takes into account both positive and negative impacts over the entire life cycle can properly capture the links between the economy and climate. This data exists today. Investors must seize it, to report on their climate performance of course, but above all to integrate it into their investment process.”
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Companies that contribute positively to the climate transition are generally better prepared to face this type of crisis because they position themselves on the most relevant markets and technologies in the long term.
More than ever, going beyond short-term management is becoming a necessity in a world in the midst of physical, economic and regulatory upheavals induced by climate change. Thinking about ruptures is an imperative in the strategic thinking of a company, in order to ensure sustainable performance and resilience of its activity.
The BNP Paribas Easy Low Carbon 100 Europe ETF and its benchmark, the Low Carbon 100 Europe®, have performed very well considering the current health crisis.
"},{"__component":"content.figure","id":66,"title":null,"caption":null,"source":null,"maximum_width":"body_width","image":{"id":2490,"name":"euronext.png","alternativeText":"","caption":"","width":943,"height":468,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_euronext.png","hash":"small_euronext","mime":"image/png","name":"small_euronext.png","path":null,"size":43.64,"width":500,"height":248},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_euronext.png","hash":"medium_euronext","mime":"image/png","name":"medium_euronext.png","path":null,"size":79.2,"width":750,"height":372},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_euronext.png","hash":"thumbnail_euronext","mime":"image/png","name":"thumbnail_euronext.png","path":null,"size":14.85,"width":245,"height":122}},"hash":"euronext","ext":".png","mime":"image/png","size":81.19,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/euronext.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-22T10:18:46.690Z","updated_at":"2021-12-22T10:18:46.704Z"}},{"__component":"content.body","id":962,"content":"These good performances stem from the composition of the benchmark index, the Low Carbon 100 Europe®. The index is made up of 100 very liquid European companies selected according to their environmental approach and based on the Carbon Impact Analytics (CIA) methodology developed by Carbone 4 and the data provided by Carbon4 Finance.
The index is composed of European companies selected as they are considered best placed in relation to the climate issue compared to other companies. Since October 2008 (date of creation of this ETF), the performance of this index has been far superior to that of many European indices which do not have this low carbon filter.
The BNP Paribas Easy Low Carbon 100 Europe ETF stands out with ‘flattering rankings over all periods’, according to Quantalys. Thus, it is part of the first decile of European equity funds over 10 and 3 years, and part of the first quarter over 8 and 5 years. Over the last period, it has beaten its category average by almost 2 points a year. It generally resists downward phases very well, since it also lost only 1.8% in 2011 and 7.6% in 2018. According to Quantalys’ qualitative analysis, it does not show any weakness whatever the market configuration.
Euronext was the first stock exchange operator to launch a pan-European CO2 emission index in 2008, designed specifically with the support of a group of international experts, and in close partnership with NGOs.
Euronext then partnered in 2015 with the firm Carbone4, specializing in low-carbon strategies, to renew the methodology. The latter is based on a more efficient approach to measuring corporate climate performance and offers a unique index solution for investors.
The new version of the index developed with Carbone 4 is based on a more in-depth assessment of the carbon footprint of each company, assessed across the entire value chain. This method has thus made it possible, for the first time, to identify the companies which are making a positive contribution to the climate transition, not only through their operational performance, but also, where appropriate, thanks to the products sold to their customers. Finally, the selection of companies in the index also takes into account the level of emissions avoided thanks to their efforts to innovate products and services.
Several years before the requests of the European Commission on the construction of Climate indices (Climate Transition Benchmark, CTB) and indices “aligned” with the Paris Agreement (Paris-Aligned Benchmark, PAB), the Low Carbon index 100 Europe® was the first in the world built to reflect an investment trajectory compatible with the 2 degrees pathway. It therefore allows investors to already benefit from a very good track record compared to the new indices launched recently. The conformity of the Low Carbon 100 Europe® index with the latest TEG and PAB aligned recommendations will therefore be formalized in the coming weeks.
Drawing on this experience, Carbon4 Finance aims to build numerous climate indices for the new CTB and PAB ranges using its own data.
Launched in 2016, Carbon4 Finance brings to the financial sector the expertise of the consulting firm Carbone 4, which since 2007 has provided services in carbon accounting, scenario analysis and advice in all economic sectors.
Carbon4 Finance offers a complete set of climate risk analyses:
This is the only event promoting the French Fintech savoir-faire in Austria and Germany. This presents the opportunity to meet top banks and get to know the local FinTech ecosystem during a tailored-made program between Vienna and Frankfurt! Carbon4 Finance has the honor being part of the French delegation.
","body":"November 5-6 Frankfort ¨November 7-8 Vienna
November 5th ♦ Deutsche Bank Digital Factory
November 6th ♦ TechQuartier
November 7th ♦ Erste Bank
November 8th ♦ Raiffeisen Bank
","contact":null,"start_date":"2021-11-05","start_time":"00:00:00","end_date":"2021-11-08","end_time":"23:30:00","locale":"en","published_at":"2021-12-01T16:57:50.113Z","created_at":"2021-11-30T11:34:12.958Z","updated_at":"2021-12-06T08:46:30.208Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":26,"name":"Find out more on the official website","url":"https://events-export.businessfrance.fr/fintechtour-deat/"}],"featured_image":{"id":2086,"name":"Capture-d%u2019écran-2018-10-01-à-17.19.45.png","alternativeText":"","caption":"","width":968,"height":291,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"small_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"small_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":145.75,"width":500,"height":150},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"medium_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":315.19,"width":750,"height":225},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"thumbnail_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":39.65,"width":245,"height":74}},"hash":"Capture_d_u2019ecran_2018_10_01_a_17_19_45","ext":".png","mime":"image/png","size":453.94,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:30:28.013Z","updated_at":"2021-11-30T11:30:28.031Z"},"download_image":null,"download_file":null}],"news_stories":[{"id":117,"title":"Carbon4 Finance on tour in London and Dublin with Business France","slug":"carbon4-finance-on-tour-in-london-and-dublin-with-business-france","subtitle":"Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.","body":"Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.
The tour, which aims to promote solutions provided by French fintech companies in the British and Irish markets, is an opportunity for Carbon4 Finance to present its solutions to banks, insurers, and asset managers.
Carbon4 Finance provides carbon data to enable asset managers, pension funds, banks and index providers to develop and implement investment and financing solutions which are aligned to a 2-degree world.
Our solutions:
For more information, or to meet us, please feel free to reach out : contact@carbon4finance.com
","contact":"contact@carbon4finance.com","press_release":null,"publish_at":"2018-06-12T10:00:00.000Z","locale":"en","published_at":"2018-06-12T10:00:00.000Z","created_at":"2021-11-30T11:26:12.750Z","updated_at":"2021-12-16T08:54:58.549Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[],"featured_image":{"id":2085,"name":"12_Fintechs5FPage5F1-1024x767.jpg","alternativeText":"","caption":"","width":1024,"height":767,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"large_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"large_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":108.43,"width":1000,"height":749},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"small_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"small_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":35.12,"width":500,"height":375},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"medium_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"medium_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":69.28,"width":750,"height":562},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"thumbnail_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"thumbnail_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":8.42,"width":208,"height":156}},"hash":"12_Fintechs5_F_Page5_F1_1024x767","ext":".jpg","mime":"image/jpeg","size":112.98,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/12_Fintechs5_F_Page5_F1_1024x767.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:25:15.073Z","updated_at":"2021-11-30T11:25:15.095Z"},"download_image":null,"download_file":null},{"id":118,"title":"Carbon4 Finance is excited to be a part of GreenTech Hub","slug":"carbon4-finance-is-excited-to-be-a-part-of-greentech-hub","subtitle":"Carbon4 Finance is excited to be a part of ‘GreenTech Hub : Frankfurt’s dedicated platform for startups in the green tech, clean energy and sustainable development sectors’","body":"Located in the heart of Frankfurt, TechQuartier provides access to a valuable network of startups, corporates, investors, talents and mentors. TQ not only offers an inspiring place to work and collaborate, but also represents a large community of forward-thinking professionals eager to connect and learn. With its numerous programs and events, TQ’s mission is to provide the tools and resources to innovators so that they can change the world.
What exactly is the GreenTech Hub? Find out more on the website
","contact":null,"press_release":null,"publish_at":"2019-01-09T11:00:00.000Z","locale":"en","published_at":"2019-01-09T11:00:00.000Z","created_at":"2021-11-30T11:37:04.363Z","updated_at":"2021-12-17T16:50:51.983Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":27,"name":"What exactly is the GreenTech Hub? Find out more on the website","url":"https://techquartier.com/greentechhub/"}],"featured_image":{"id":2087,"name":"GreenTech-Hub-carbon-4-600x286.png","alternativeText":"","caption":"","width":600,"height":286,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_Green_Tech_Hub_carbon_4_600x286.png","hash":"small_Green_Tech_Hub_carbon_4_600x286","mime":"image/png","name":"small_GreenTech-Hub-carbon-4-600x286.png","path":null,"size":330.97,"width":500,"height":238},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Green_Tech_Hub_carbon_4_600x286.png","hash":"thumbnail_Green_Tech_Hub_carbon_4_600x286","mime":"image/png","name":"thumbnail_GreenTech-Hub-carbon-4-600x286.png","path":null,"size":84.36,"width":245,"height":117}},"hash":"Green_Tech_Hub_carbon_4_600x286","ext":".png","mime":"image/png","size":350.3,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Green_Tech_Hub_carbon_4_600x286.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:37:00.737Z","updated_at":"2021-11-30T11:37:00.750Z"},"download_image":null,"download_file":null},{"id":129,"title":"Carbon4 Finance and CDC Biodiversité partner with Vontobel’s Quality Growth Boutique","slug":"carbon4-finance-and-cdc-biodiversite-partner-with-vontobel-s-quality-growth-boutique","subtitle":null,"body":"Carbon4 Finance and CDC Biodiversité announced a partnership with Vontobel’s Quality Growth Boutique in the United States to measure the biodiversity impact of its assets, based on the Biodiversity Impact Analytics database powered by the Global Biodiversity Score® (BIA-GBS).
Combining Carbon4 Finance’s recognized experience with climate data and the robustness of the GBS® biodiversity footprint methodology developed by CDC Biodiversité, this database allows companies like Vontobel to assess the biodiversity impact of its portfolio with a broad global coverage of the listed assets.
The partnership comes at a moment when financial actors need better information to incorporate nature-related risks and opportunities into their strategic planning, risk management and asset allocation decisions.
2021 is a pivotal year for taking action to protect nature and biodiversity with the launch of the Taskforce on Nature-related Financial Disclosures (TNFD) and the upcoming COP15 (Part 2) on Biodiversity in China in Spring 2022. The involvement of the financial sector, which represents broad ownership interests, will play a central role as investment is a powerful driver of corporate practices. Finance and ownership need to ensure the sustainability of nature’s biodiversity where possible, just as it does in the fight against climate change. To be effective, reliable data are necessary to link the impact of individual companies and portfolios to their real world impact on biodiversity.
Marie-Anne Vincent, CEO at Carbon4 Finance, said, “we are thrilled to start this new partnership with Vontobel’s Quality Growth Boutique to extend our biodiversity expertise in the US. We believe that climate change and biodiversity loss must be addressed together, which is why Carbon4 Finance strives to provide investors with robust climate and biodiversity impact data, in order to build ambitious biodiversity strategy and engagement with corporates”.
“We are delighted that Vontobel’s Quality Growth Boutique decided to use the BIA-GBS database. This is a great mark of confidence for us and a major step forward in the international commitment to biodiversity. The protection of biodiversity will have to be global, and we are pleased that Vontobel is moving in this direction.”, says Marc Abadie, Chairman of CDC Biodiversité.
Sudhir Roc-Sennett, Head of ESG and Thought Leadership at the Vontobel Quality Growth Boutique said, “We are excited that Carbon4 Finance and CDC Biodiversité have built this important database. It provides us a lay of the land of biodiversity impact across countries and sectors, as well as at the company-specific level. We are delighted to facilitate their entry into the United States.”
Find out more about Biodiversity Impact Analytics
","contact":null,"press_release":true,"publish_at":"2021-11-16T11:00:00.000Z","locale":"en","published_at":"2021-11-16T11:00:00.000Z","created_at":"2021-11-30T15:20:42.404Z","updated_at":"2021-12-21T10:35:05.781Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":39,"name":"Find out more about Biodiversity Impact Analytics","url":"https://carbon4-finance-app-git-trunk-koji-sas.vercel.app/product/biodiversity-impacts"}],"featured_image":{"id":2068,"name":"danist-n-3Pn7Ybe-s-unsplash-1110x550.jpg","alternativeText":"","caption":"","width":1110,"height":550,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_danist_n_3_Pn7_Ybe_s_unsplash_1110x550.jpg","hash":"large_danist_n_3_Pn7_Ybe_s_unsplash_1110x550","mime":"image/jpeg","name":"large_danist-n-3Pn7Ybe-s-unsplash-1110x550.jpg","path":null,"size":105.41,"width":1000,"height":495},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_danist_n_3_Pn7_Ybe_s_unsplash_1110x550.jpg","hash":"small_danist_n_3_Pn7_Ybe_s_unsplash_1110x550","mime":"image/jpeg","name":"small_danist-n-3Pn7Ybe-s-unsplash-1110x550.jpg","path":null,"size":30.31,"width":500,"height":248},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_danist_n_3_Pn7_Ybe_s_unsplash_1110x550.jpg","hash":"medium_danist_n_3_Pn7_Ybe_s_unsplash_1110x550","mime":"image/jpeg","name":"medium_danist-n-3Pn7Ybe-s-unsplash-1110x550.jpg","path":null,"size":65.13,"width":750,"height":372},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_danist_n_3_Pn7_Ybe_s_unsplash_1110x550.jpg","hash":"thumbnail_danist_n_3_Pn7_Ybe_s_unsplash_1110x550","mime":"image/jpeg","name":"thumbnail_danist-n-3Pn7Ybe-s-unsplash-1110x550.jpg","path":null,"size":8.34,"width":245,"height":121}},"hash":"danist_n_3_Pn7_Ybe_s_unsplash_1110x550","ext":".jpg","mime":"image/jpeg","size":128.94,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/danist_n_3_Pn7_Ybe_s_unsplash_1110x550.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-29T10:08:24.864Z","updated_at":"2021-11-29T10:08:24.881Z"},"download_image":null,"download_file":null},{"id":160,"title":"Building Bridges - Energy Transition: From Global to Local","slug":"event-buildingbridges2022","subtitle":null,"body":"[Event - Building Bridges - Geneva]
Join us on October 5 at 4PM for the panel discussion during the event #BuildingBridges22, that aims to contribute to a more #sustainable #future and to the fair and just transition of our economies.
Our event will explore the crucial role the finance industry may play in making capital available for the energy transition with Virginie Wauquiez and Melissa Evelyne PEREZ from Carbon4 Finance, Peter Michaelis from Liontrust Asset Management PLC, Catharina Hillenbrand from Carbon Tracker, and Damien Contamin, CIIA, CFA ESG from BCGE - Banque Cantonale de Genève
Register now
The Coronavirus crisis has shown in a very material way how the interconnection between extra-financial and financial risks is more decisive than ever to build the next world. In particular the integration of ESG dimensions and climate policies has become both a case for environmental and financial stability. “The authorization for a company to exist in tomorrow’s world will depend on its ability to find a business model compatible with the finite resources of the planet,” said Fabrice Bonnifet, President of the College of Directors of Sustainable Development.
Companies that contribute positively to the climate transition are generally better prepared to face this type of crisis because they position themselves on the most relevant markets and technologies in the long term.
More than ever, going beyond short-term management is becoming a necessity in a world in the midst of physical, economic and regulatory upheavals induced by climate change. Thinking about ruptures is an imperative in the strategic thinking of a company, in order to ensure sustainable performance and resilience of its activity.
"},{"__component":"content.body","id":910,"content":"The BNP Paribas Easy Low Carbon 100 Europe ETF and its benchmark, the Low Carbon 100 Europe®, have performed very well considering the current health crisis.
"},{"__component":"content.figure","id":65,"title":null,"caption":null,"source":null,"maximum_width":"body_width","image":{"id":2091,"name":"graphe.png","alternativeText":"","caption":"","width":943,"height":468,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_graphe.png","hash":"small_graphe","mime":"image/png","name":"small_graphe.png","path":null,"size":47.81,"width":500,"height":248},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_graphe.png","hash":"medium_graphe","mime":"image/png","name":"medium_graphe.png","path":null,"size":86.63,"width":750,"height":372},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_graphe.png","hash":"thumbnail_graphe","mime":"image/png","name":"thumbnail_graphe.png","path":null,"size":16.72,"width":245,"height":122}},"hash":"graphe","ext":".png","mime":"image/png","size":83.71,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/graphe.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T13:09:02.827Z","updated_at":"2021-11-30T13:09:02.838Z"}},{"__component":"content.body","id":911,"content":"These good performances stem from the composition of the benchmark index, the Low Carbon 100 Europe®. The index is made up of 100 very liquid European companies selected according to their environmental approach and based on the Carbon Impact Analytics (CIA) methodology developed by Carbone 4 and the data provided by Carbon4 Finance.
The index is composed of European companies selected as they are considered best placed in relation to the climate issue compared to other companies. Since October 2008 (date of creation of this ETF), the performance of this index has been far superior to that of many European indices which do not have this low carbon filter.
The BNP Paribas Easy Low Carbon 100 Europe ETF stands out with ‘flattering rankings over all periods’, according to Quantalys. Thus, it is part of the first decile of European equity funds over 10 and 3 years, and part of the first quarter over 8 and 5 years. Over the last period, it has beaten its category average by almost 2 points a year. It generally resists downward phases very well, since it also lost only 1.8% in 2011 and 7.6% in 2018. According to Quantalys’ qualitative analysis, it does not show any weakness whatever the market configuration.
Euronext was the first stock exchange operator to launch a pan-European CO2 emission index in 2008, designed specifically with the support of a group of international experts, and in close partnership with NGOs.
Euronext then partnered in 2015 with the firm Carbone4, specializing in low-carbon strategies, to renew the methodology. The latter is based on a more efficient approach to measuring corporate climate performance and offers a unique index solution for investors.
The new version of the index developed with Carbone 4 is based on a more in-depth assessment of the carbon footprint of each company, assessed across the entire value chain. This method has thus made it possible, for the first time, to identify the companies which are making a positive contribution to the climate transition, not only through their operational performance, but also, where appropriate, thanks to the products sold to their customers. Finally, the selection of companies in the index also takes into account the level of emissions avoided thanks to their efforts to innovate products and services.
Several years before the requests of the European Commission on the construction of Climate indices (Climate Transition Benchmark, CTB) and indices “aligned” with the Paris Agreement (Paris-Aligned Benchmark, PAB), the Low Carbon index 100 Europe® was the first in the world built to reflect an investment trajectory compatible with the 2 degrees pathway. It therefore allows investors to already benefit from a very good track record compared to the new indices launched recently. The conformity of the Low Carbon 100 Europe® index with the latest TEG and PAB aligned recommendations will therefore be formalized in the coming weeks.
Drawing on this experience, Carbon4 Finance aims to build numerous climate indices for the new CTB and PAB ranges using its own data.
"},{"__component":"content.body","id":913,"content":"Launched in 2016, Carbon4 Finance brings to the financial sector the expertise of the consulting firm Carbone 4, which since 2007 has provided services in carbon accounting, scenario analysis and advice in all economic sectors.
Carbon4 Finance offers a complete set of climate risk analyses:
The food and beverage sector (including pre- and post-production activities) is one of the most emissive economic sectors, as it is responsible for about a third of total anthropogenic emissions, while agriculture alone produced more than 18% of global emissions in 2016.
In January, Carbon4 Finance published a report to summarize the results of the CIA (Carbon Impact Analytics) campaign, to identify the carbon performance and climate transition risk of 95 food and beverage companies.
Together, these companies amount to about 2 000 billion euros in market capitalization, representing approximately half of the sector’s total market capitalization.
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transition?","slug":"the-eu-green-bond-standard-a-game-changer-in-the-low-carbon-transition","subtitle":null,"publish_at":"2021-10-19T10:00:00.000Z","color":null,"body_font":null,"locale":"en","published_at":"2021-10-19T10:00:00.000Z","created_at":"2021-12-22T09:37:13.826Z","updated_at":"2021-12-22T09:37:13.959Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"sources_group":[],"links":[],"footnotes":[{"id":280,"number":1,"text":""},{"id":281,"number":2,"text":"
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52021PC0391
"},{"id":282,"number":3,"text":"Ambition to become the first Climate neutral continent, and this by 2050. See https://ec.europa.eu/info/strategy/priorities-2019-2024/european-green-deal/delivering-european-green-deal_en
"},{"id":283,"number":4,"text":""},{"id":284,"number":5,"text":"https://twitter.com/vonderleyen/status/1412410637209280517
"},{"id":285,"number":6,"text":"A Technical Expert Group on sustainable finance (TEG) was mandated as to provide recommendations on EU GBS. These were provided through two reports in 2019 and 2020.
"},{"id":286,"number":7,"text":"Carbone 4, La Taxonomie européenne : pièce centrale de la stratégie réglementaire européenne pour une finance durable, https://www.carbone4.com/analyse-taxonomie-europeenne, July 2021.
"},{"id":287,"number":8,"text":"Do No significant harm.
"},{"id":288,"number":9,"text":"https://ec.europa.eu/sustainable-finance-taxonomy/index.htm
"},{"id":289,"number":10,"text":"Carbon4 Finance, the key to facing the energy transition is Scope 3, http://www.carbon4finance.com/article-scope-3/, July 2021.
"}],"external_authors":[],"body":[{"__component":"content.body","id":953,"content":"The EU Green Bond Standard is a concrete application of the EU taxonomy, but a quantitative assessment of the climate impact remains out of investors’ reach. Carbon4 Finance equips investors with a dedicated measurement tool.
The market for green bonds (GB) has steadily developed over the last few years. In 2020 alone, green bonds’ issuance topped close to USD 300 billion (CBI, 2021[1]). However, its issuance barely represents 4% of the total corporate bond issuance in 2020[2], while the European Commission expects green bonds to become one of the largest sources of green investment as to meet the green investment gap in Europe. Until now, the GB landscape was based on market-defined standards, with a possible lack in transparency, consistency, and credibility for investors. Without a proper bottom-up analysis of climate mitigation contribution, greenwashing hinders the transition to a low-carbon economy. But with the European standard for green bonds, this is about to change.
Carbon4 Finance has for years supported investors with assessing the climate impact of 900+ Green Bonds, evaluating their contribution to climate change mitigation. This new regulatory development lays the foundation for a standardized and more transparent process for green bonds issuance, a much-awaited development.
Green bonds will play a critical role in the decarbonization of all sectors of our economy. However, the definition of “green” activities remains fuzzy, relying on market-defined standards (e.g., Green Bond Principles, Climate Bond Initiative), less comprehensive and ambitious than the European Taxonomy. In July 2021, the renewed European Sustainable Finance strategy introduced a long-awaited green bond framework, called the “EU GBS” – or European Green Bond Standard.
With the European Green Deal[3] and its ambition to reduce EU’s emissions by 55% its emissions by 2030 (compared to 1990 levels)[4], substantial investments are needed in all sectors to reach Europe’s climate commitments. For Ursula Von Der Leyen, the President of the Commission, this framework will “set a “gold standard” for how investors can recognize bonds representing real green investments, to help them make the right choice.”[5]
Following the Technical Expert Group’s recommendations[6], the EU GBS addresses the inherent greenwashing and transparency challenges. It will be a voluntary standard, open to any EU and non-EU issuer. Only green projects (green assets and expenditures – OPEX and CAPEX), which are 100% aligned with the EU Taxonomy requirements would be eligible for obtaining the standard (for more background on the taxonomy, read this insightful analysis by Carbone 4[7]). It is therefore a strong and structuring element towards a standardization of the green bonds market.
This “Gold standard” is broken down into four crucial requirements:
These requirements are a major step forward for improving transparency in the green financing market. This high-quality Green Bond standard will provide investors with the assurance to contribute to the low-carbon transition. However, with the daunting process and significant costs associated with issuing an EU GBS, issuers could believe that the advantages of reaching new investors might not outweigh the related costs.
Carbon4 Finance is a recognized carbon data expert, providing an independent climate impact assessment of green bonds and their contribution to a low-carbon economy. For investors, our green bonds solution is a way to ensure a bottom-up analysis of a bond’s climate impact is conducted.
Through our green bonds offer, we quantify the climate impact of green bonds. We provide induced emissions on Scopes 1&2 but also Scope 3 emissions, which are crucial in tackling the climate crisis (as underlined in our recent article[10]).
In addition to understanding that a particular bond is really green, the Carbon4 Finance’s green bonds methodology provides a concrete quantitative measurement of the degree of contribution, via the avoided emissions. For example, it can be emissions avoided thanks to the use of an entity’s products compared to other products available on the market (e.g., EVs compared to thermal engines, or biofuel compared to conventional fossil fuels). A company avoids emissions if there is a gap between the induced emissions of the company and the reference situation, as illustrated in the figure below
Building on the two previous indicators, the Carbon Impact Ratio (CIR) provides information on the carbon impact of a company or portfolio to the energy transition. The CIR is the ratio of emissions savings (avoided emissions) to induced emissions. This indicator represents the capacity of a project to reduce GHG emissions compared to emissions induced by its activity.
Our proprietary methodology is based on project analysis: we review each project financed by a green bond, then results are consolidated at the bond level. We focus on renewable energy projects (both generation and T&D), energy efficiency projects in real estate, and low-carbon transport infrastructures (rail, bus and bike) and offerings (EVs). A transparency score provides information on the level of detail in green Bond reporting documents.
Carbon4 Finance green bonds methodology is a five-steps analyst-driven climate assessment
If you would like to know more about our Green Bonds database, please contact our team at contact@carbon4finance.com.
This Green Bond (GB), issued in October 2019, is part of the EIB GB program launched in 2007. Bonds are named Climate Awareness Bonds (CAB). Proceeds of this bond finance projects related to renewables energy, T&D, Sustainable transportation, Building construction & Energy efficiency.
On October 22nd, Carbon4 Finance organized a webinar on the matter.
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"},{"id":317,"number":3,"text":"Double counting – which takes place when the same amount of GHG emissions is counted more than once in a portfolio/industry – is directly addressed by the CIA methodology. Indeed, it reprocesses the total figure of GHG emissions in each sector by allocating one third of emissions to each of the three main categories of actors in the global economy – energy suppliers (1), companies providing equipment and solutions (2), and energy intensive companies using these equipments and solutions (3). For more information, see this article.
"},{"id":318,"number":4,"text":"http://www.carbone4.com/wp-content/uploads/2019/09/CarbonImpactAnalytics_November18.pdf
"},{"id":319,"number":5,"text":"http://www.carbone4.com/wp-content/uploads/2020/04/Carbone-4-Referentiel-NZI-avril-2020.pdf
"}],"external_authors":[{"id":51,"firstname":"Salomé Guichet","lastname":null,"organisation":"Carbon4 Finance","title":"Carbon data analyst"}],"body":[{"__component":"content.body","id":958,"content":"As financial institutions are seeking to understand the underlying risks and opportunities posed by the low-carbon transition, investment strategies have commonly integrated “Scope 1” emissions, i.e., direct emissions from activities, and “Scope 2” emissions, i.e. indirect emissions from the production of electricity, heat, and steam purchased. In contrast, Scope 3 emissions stemming from the entire value chain (from freight, purchase of raw materials to the use of sold products), have not yet been factored in most low-carbon investment strategies. However, when a company’s carbon footprint excludes Scope 3, it does not allow to properly identify risks and opportunities. With the growing policymakers’ interest for its disclosure and the recent ExxonMobil and Shell cases making the headlines, the integration of Scope 3 is not a “why” question for investors anymore, but rather a “when”.
If Scope 3 emissionshave gained such attention, it is partly due to its massive downstream impact in the Automotive and the Oil & Gas industries. In the Automotive sector, Scope 3 emissions have a considerable influence, as it accounts for 95% of the total induced emissions. In the Oil & Gas industry, Scope 3 alone represents 85% of emissions [1] of the industry. Shell, for instance, has 90% of its emissions stemming from its supply chain and the use of its products.
If investors are willing to gain a holistic picture of a company’s carbon footprint, have a credible impact in the fight against climate change, and properly identify the risks that can arise all along the value chain, leaving Scope 3 emissions aside would mean missing out most of the energy transition case. As the study [2] on consistency corporate carbon emissions data notes, it is “only based on the entire life-cycle emissions, [that] investors can capture the full carbon performance and climate responsibility of an individual asset or investment”.
Beyond investors’ willingness to address climate change, Scope 3 adoption could prevent from severe financial impacts caused by stranded assets. Stranded assets are investments that may suffer unanticipated write-downs, devaluations, or conversions to liabilities. Environmental risk factors that could lead to asset impairment include environmental changes (e.g., natural disasters, global warming), heavier regulation (e.g., move to ban diesel cars in Europe, carbon pricing, carbon bubble), technological advances (e.g., increased cost effectiveness of solar panels or wind farms), or changing social norms (e.g., fossil fuel divestment campaigns, consumer behavior). With the integration of value chain emissions (Scope 3) in investment decision making, investors are taking a forward-thinking approach towards the risks of stranded assets, thus avoiding heavy consequences on financial performances.
One could also argue that there is a possible fiduciary risk when not integrating Scope 3. Indeed, ignoring (the largest) part of a company’s emissions means to deliberately decide not to assess the full consequences of climate risks. As a result, not considering Scope 3 emissions in an investment decision is to turn a blind eye to potential financial outcomes, failing to adequately assess the entire spectrum of risks investors are exposed to.
Although a company is not directly responsible for these indirect emissions per se, it relies on the activities triggering these emissions. If some emissions belonging to the value chain become constrained, it will definitely hinder the operations of the company. Symmetrically, through engaging with suppliers and clients, the company can leverage a positive influence towards the reduction of their own emissions, that will in turn lower the transition risk for the global society. In addition to being the largest component in the GHG emissions bill, Scope 3 emissions reflect how closely intertwined the actors are together.
Looking at the graph above [3], it is striking that Scope 3 emissions from Financial Institutions (banks, insurers, asset managers, holdings, etc.) make up most of their overall climate impact. Indeed, their Scope 3 emissions embed the Scope 1&2 and Scope 3 emissions from their portfolio. It gives a clear view that institutions have a direct responsibility towards their financed emissions.
As to accurately calculate the Scope 3 within each sector, Carbon4 Finance data are based on bottom-up analyses, and on physical flows (e.g., number of barrels of oil produced for an oil company) [4]. In the Oil and Gas sector for instance, our team calculates Scope 3 downstream emissions from the combustion of sold products –barrels of oil, or cubic meters of gas. This equips investors with a credible tool to identify high stakes sectors in which supply chain GHG emissions cannot be ignored.
Another key reason for adopting the widespread integration of Scope 3 in investment decisions is to help identify risks and opportunities within each sector individually. As value chain emissions adequately reflect the intertwined links of a company with its environment, it can stand as a lever for investors to further embed climate change mitigation in their investment strategy.
The example of the Energy Equipment sector, as a high contributor to the energy transition, illustrates the value of Scope 3 emissions for investors. TechnipFMC (based in UK) and First Solar Inc (based in the US) are both energy equipment manufacturers, supplying equipment to the Oil & Gas, Electricity Generation and Electricity Transmission & Distribution and Storage industries. While the former offers a portfolio of solutions for the production and transformation of hydrocarbons, the latter provides PV solar energy solutions.
When comparing Scope 1&2 emissions, a traditional investor sticking to these two scopes (and only considering carbon credentials), would have a rather similar investment approach for both companies.
Looking at the whole value chain of the two manufacturers, the overall carbon performances completely differ. While TechnipFMC Scope 3 downstream emissions mainly result from the combustion of oil and gas extracted and refined using the company’s products, most of First Solar Scope 3 emissions are limited to the upstream emissions associated with the purchase of raw materials needed to manufacture solar panels. TechnipFMC Scope 3 emissions amount to more than 99% of its total induced emissions, while First Solar Scope 3 emissions are 30 times lower and account for 70% of its total induced emissions.
This simple case study shows that the traditional focus on Scope 1&2 emissions leads to misleading impact and risk assessments. And this is one of many examples, with similar comparisons existing in the Automotive, aeronautical, or even Agrobusiness sectors. Our platform displays insights over thousands of companies’ carbon performances as we provide Scope 3 emissions data most material to each company’s business.
As mentioned in the Net Zero Initiative Report [5], to contribute to global emissions reduction, Scope 1&2 emissions reduction target alone does not demonstrate a company’s level of understanding of the challenges in the transition to a decarbonized economy. As in most sectors the largest sources of emissions on which an activity depends lie in upstream and downstream Scope 3 emissions, companies should address this by setting ambitious reduction targets across their value chain. As a global response to the climate change crisis is more than necessary, setting Scope 3-related targets are determinant to shift to a low carbon economy, and lower the risk of being out of business should a constraint happen upstream or downstream.
Although the Scope 3 is not yet a broadly integrated criteria, its adoption or inclusion by investors demonstrate their understanding over the risks faced by companies with increasing public scrutiny and rising carbon prices. Not only does it allow to assess the risks, but it also pinpoints the opportunities which arise in the low-carbon transition. Companies with lower Scope 1, 2 and 3 emissions, and with ambitious direct and indirect emissions reduction target, will be considered as real climate leaders.
Our clients provided feedback on the use of Scope 3 emissions in their sustainable investment strategy.
David CZUPRYNA, Head of ESG Development at Candriam
“There is a growing realisation amongst investors that, in order to measure a company’s impact on climate, we need to look at its entire value chain and not just the way it operates. Candriam’s ESG analysis already incorporates Scope 3 data in sectors where such data is the most decisive. However, the number of companies providing systematic and comprehensive Scope 3 data is still just a fraction of those reporting on their Scope 1 & 2. Getting companies to fully disclose Scope 3 would enable investors to also integrate them in their reporting, as will become mandatory in the EU under SFDR level 2 for article 8 & 9 financial products.
Systematic disclose of robust Scope 3 data will provide us, investors, with the breadth and depth of data to fully and genuinely integrate climate risks and opportunities within our models.”
Ladislas SMIA, Head of Sustainability Research at Mirova
“The financial sector needs climate data to understand the consequences of climate change on financial performance and to allocate capital towards companies and projects with positive impacts. In both cases, only data that takes into account both positive and negative impacts over the entire life cycle can properly capture the links between the economy and climate. This data exists today. Investors must seize it, to report on their climate performance of course, but above all to integrate it into their investment process.”
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","body":"November 5-6 Frankfort ¨November 7-8 Vienna
November 5th ♦ Deutsche Bank Digital Factory
November 6th ♦ TechQuartier
November 7th ♦ Erste Bank
November 8th ♦ Raiffeisen Bank
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“It is based on a highly detailed sector-based methodology whereby each financing transaction is assigned an environmental rating on a seven-level color scale ranging from dark brown to dark green. This rating is derived from an assessment of the deal’s climate impact and factors in any significant non-climate-related environmental externalities including water, pollution, waste and biodiversity. The rating applies to either the asset or project being financed, or to the borrower for general purpose financings, whether a corporate or public sector client. Each color corresponds to an adjustment factor that is applied to the risk-weighted assets of each transaction and is used to assess its expected profitability.”
This over a year long project aims to align Natixis’ financing deals with the objectives of the Paris Agreement.
","contact":"alexia.soyeux@carbon4finance.com","press_release":true,"publish_at":"2019-10-01T10:00:00.000Z","locale":"en","published_at":"2019-10-01T10:00:00.000Z","created_at":"2021-11-24T15:10:16.077Z","updated_at":"2021-12-17T16:53:15.120Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":14,"name":"Read the article here","url":"https://pressroom-en.natixis.com/news/natixis-rolls-out-its-green-weighting-factor-and-becomes-the-first-bank-to-actively-manage-its-balance-sheets-climate-impact-2dce-8e037.html"}],"featured_image":{"id":2044,"name":"Natixis-Beyond-Banking.jpg","alternativeText":"","caption":"","width":287,"height":228,"formats":{"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Natixis_Beyond_Banking.jpg","hash":"thumbnail_Natixis_Beyond_Banking","mime":"image/jpeg","name":"thumbnail_Natixis-Beyond-Banking.jpg","path":null,"size":3.19,"width":196,"height":156}},"hash":"Natixis_Beyond_Banking","ext":".jpg","mime":"image/jpeg","size":5.38,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Natixis_Beyond_Banking.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-24T15:10:03.207Z","updated_at":"2021-11-24T15:10:03.249Z"},"download_image":null,"download_file":null},{"id":117,"title":"Carbon4 Finance on tour in London and Dublin with Business France","slug":"carbon4-finance-on-tour-in-london-and-dublin-with-business-france","subtitle":"Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.","body":"Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.
The tour, which aims to promote solutions provided by French fintech companies in the British and Irish markets, is an opportunity for Carbon4 Finance to present its solutions to banks, insurers, and asset managers.
Carbon4 Finance provides carbon data to enable asset managers, pension funds, banks and index providers to develop and implement investment and financing solutions which are aligned to a 2-degree world.
Our solutions:
For more information, or to meet us, please feel free to reach out : contact@carbon4finance.com
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What exactly is the GreenTech Hub? Find out more on the website
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UnipolSai Assicurazioni S.p.A. is the insurance company of the Unipol Group, the Italian leader in Non-Life business and motor vehicle TPL in particular.
UnipolSai becomes our first italian client using Carbon Impact Analytics (CIA).
CIA is a methodology for assessing the full climate impact of portfolios through bottom-up measurement of greenhouse gas (GHG) emissions directly and indirectly induced and saved. The method also provides an assessment of the alignment of investor and lender portfolios with a climate-focused strategy.
This methodology can be used to :
Read more about our CIA methodology
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With the USA rejoining the Paris Agreement, the country updated its Nationally Determined Contribution (NDC) to hold the global average temperature increase well-below 2°C above pre-industrial levels. After having no set emissions reduction target followed by its withdrawal from the Paris Agreement in 2017, the US has set a rather ambitious target: to reduce its net greenhouse gas (GHG) emissions by 50-52 % below 2005 levels by 2030 and achieve net-zero emissions by 2050, with net GHG emissions including carbon sources as well as sinks, such as sequestration from land use change and forestation. Action to achieve this target include a 100% carbon free electricity sector by 2035, policies to promote “zero emission” passenger vehicles, incentivization of carbon capturing and alternative sources of hydrogen, and investments in reforestation and forest management.
Germany
Meanwhile, Germany’s Constitutional Court ruled Germany’s NDC to be insufficient to hold the increase in global temperature to well-below 2°C above pre-industrial levels. The German government responded to the ruling by announcing to cut GHG emissions by at least 65% below 1990 levels by 2030[2] and achieve net-zero emissions by 2040 (compared to the previous target of a 55% reduction from 1990 to 2030 and net-zero emissions by 2050). The country’s NDC is yet to be updated and details on how this will be achieved are yet to be presented but will surely include similar efforts as in the case of the USA.
Impact on Carbon4 Finance’s overall rating for these countries
These announcements impact the two countries’ Carbon Impact Analytics (CIA) ratings. CIA is a methodology to measure the carbon footprint and assess the contribution to climate change mitigation of companies as well as sovereigns. For sovereigns, the CIA overall rating (ranging from 1 = best to 15 = worst) consists of four indicators:
Thanks to the US’ updated NDC, it significantly improved its climate pledge score from the worst possible to the best possible score, which results in an improved overall rating from and an improved ranking compared to its OECD peers (improving its rank from 31 to 20 of 37 OECD countries) [1]. Considering the more ambitious emission target for Germany, also results in the best possible climate pledge score. However, the update has a less significant impact on the country’s overall rating and none on its ranking among its OECD peers (7 out of 37 before and after the update), as the country did already have a relatively ambitious NDC.
There is still work to do:
While the updated emission reduction targets do improve the countries’ overall ratings (and in the case of the US the ranking among other industrialized countries), there is still plenty of room for improvement regarding the other indicators, most notably the dependency on fossil fuels and current performance trend (especially in case of the US).
This becomes clear when comparing the US and Germany to Sweden, a country with a similarly ambitious emission reduction target, and a country that significantly reduced its emissions since its first commitment to the Paris Agreement and is less dependent on fossil fuels. Sweden is currently ranked on top of all OECD countries.
Whether the US and Germany will be able to fulfill their ambitious commitments to mitigate climate change is still in the open, so for now, it remains important to keep track of the countries’ emission evolution and other indicators, namely the current decarbonization trend, the carbon intensity relative to a country’s GDP, and the dependency on fossil fuels. A more detailed view publication on the climate change related performance of counties, based on the CIA methodology is intended to be published at the end of 2021.
Note written by Théophile Anquetin and Paul-Simon Glade, carbon data analysts.
Sources :
[2] https://www.bundesregierung.de/breg-en/issues/climate-action
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Greenhouse gases emissions linked to human activity will induce a climate change that experts agree will have major consequences on our economy and society. Knowledge of exposure to these risks but also to potential opportunities related to climate change is therefore an issue at stake for investors, for the future of financial performances and its preservation.
It is undeniable that climate change poses a systemic risk to financial investments. Investors need to assess and monitor physical risks and transition risks, and the assessment and measure of these risks are based on company disclosures. Back in 2015, the landmark Paris Climate Agreement identified and encouraged ESG disclosures as a key tool to support the low-carbon transition.
In this context, reliable disclosures of risks, financial impacts, and opportunities related to climate change is crucial as to inform investors for decision-making purposes. Climate change mandatory reporting provides an initial quantitative assessment of each company’s climate data and its related challenges, an understanding of their carbon performances related to benchmarks, and whether they are aligned with international objectives in the fight against climate change. A real-world example comes from France, where the implementation of climate change reporting for large companies provided investors with the tools to activate financing towards companies tackling climate change. It is therefore key for investors, regulators and data providers to access differentiating data as to understand a company’s awareness of its climate change impact. With future sustainable disclosures from the SEC, investors will own the appropriate tool to become actor in the climate transition.
Created in 2016, Carbon4 Finance (C4F) provides institutional investors with comprehensive and reliable climate data to assess the climate risks and opportunities of their investment portfolios and build environmental investment strategies. Our clients are asset managers, asset owners, banks and index providers willing to report their climate performances or develop climate investment tools and policies based on custom climate data solutions.
Carbon4 Finance offers a complete analysis of climate risks:
• A bottom-up analysis that goes beyond sectoral analysis, enabling the identification of the climate-related best performing companies within each sector;
• An exhaustive analysis of the carbon footprint, identifying both risks and opportunities, including the calculation of induced emissions and emissions savings (scope 1, 2 and scope 3 emissions upstream and downstream).
Carbon4 Finance climate methodologies build on the 13 years of experience of our consulting entity Carbone 4, in performing life-cycle GHG assessments. These methodologies were designed by consulting engineers, specialized by economic sector. Carbone 4’s co-founder Jean-Marc Jancovici developed the Bilan Carbone® (known as Carbon Footprint) method for the ADEME, reference accounting methodology in France which went on to influence international standards. Carbone 4 strongly contributed to the working group for the ISO 14069 and associated guide which specifies rules for GHG emissions accounting. Carbone 4 was also involved in the Finance for Tomorrow working group to support the construction of the 50 ClimActs launched on the One Planet Summit in December 2017. Finally, Carbon4 Finance is represented among the TEG (Technical Expert Group) of the EU that is establishing EU-wide standards on green taxonomy.
In our recent reports on the Oil & Gas1 and Power2 sectors, Carbon4 Finance analyzed companies’ degree of exposure to transition risk, observed the historical trends of their absolute emissions (Scope 1, 2 and 3), and assessed the strategies activated to align with the global objective of decarbonizing the economy. These results where collected based on CIA (Carbon Impact Analytics)3 analysis campaigns conducted in 2020 and measured the exposure of companies to transition risk via an overall rating (from A+ to E-) and various sectoral indicators. We believe these results may guide the Commission in assessing the materiality of climate-related disclosures related to the Oil & Gas and Power sectors. Those reports are enclosed to this Public Consultation feedback.
Besides climate data, Carbon4 Finance together with CDC Biodiversité (French actor on biodiversity protection), will launch the Biodiversity Impact Analytics (BIA) Database powered by the GBS®. Combining experiences on climate data and biodiversity footprint methodology, this database will allow investors to assess the impact on biodiversity of their portfolio with a large coverage in terms of assets and markets.
As providers of climate risk data for the financial sector, we welcome the opportunity to provide our input on the selected questions below.
Question 1
How can the Commission best regulate, monitor, review, and guide climate change disclosures in order to provide more consistent, comparable, and reliable information for investors while also providing greater clarity to registrants as to what is expected of them? Where and how should such disclosures be provided? Should any such disclosures be included in annual reports, other periodic filings, or otherwise be furnished?
We strongly support the Commission’s willingness to enhance reporting guidelines as to provide more consistent, comparable and reliable information for investors. As we mentioned earlier, investors need to access actionable climate data, as climate change poses a systemic risk to financial investments.
Question 2
What information related to climate risks can be quantified and measured? How are markets currently using quantified information? Are there specific metrics on which all registrants should report (such as, for example, scopes 1, 2, and 3 greenhouse gas emissions, and greenhouse gas reduction goals)? What quantified and measured information or metrics should be disclosed because it may be material to an investment or voting decision? Should disclosures be tiered or scaled based on the size and/or type of registrant)? If so, how? Should disclosures be phased in over time? If so, how? How are markets evaluating and pricing externalities of contributions to climate change? Do climate change related impacts affect the cost of capital, and if so, how and in what ways? How have registrants or investors analyzed risks and costs associated with climate change? What are registrants doing internally to evaluate or project climate scenarios, and what information from or about such internal evaluations should be disclosed to investors to inform investment and voting decisions? How does the absence or presence of robust carbon markets impact firms’ analysis of the risks and costs associated with climate change?
In accordance with Marc Carney’s discourse on the “Tragedy of the horizon”, three main climate risks categories are identified: transition risks, physical risks and liability risks. In terms of disclosure, we believe both transition and physical risks should be evaluated by the Commission.
Climate transition risks are the risks involved with the adjustment process towards a low carbon economy (regulatory development, technological breakthrough, etc.). As to enable an energy transition, it is necessary to shift away from carbon-intensive investments and to mitigate climate change. Beyond the carbon footprint, it is essential to consider the capacity of a company to contribute to the energy and climate transition.
We identify several metrics which registrants should report on as to enable investors embedding transition risks in their investment strategy.
First, reporting should contain induced emissions, comprising the Scope 1, Scope 2 and Scope 3 emissions most material to their activities, by business segment. All scopes’ consistency should be transparent, and calculation methodology should be subject to comprehensive explanations. Historical data should be reported as to comprehend the registrant’s ability to reduce its emissions over time. As activity data is key as to back up the emissions reported by companies, physical data on energy consumption would provide higher granularity and consistency of data.
Focusing on emissions savings, it is a climate metric which we believe the Commission should carefully assess, as it helps investors to steer investments towards solutions for a decarbonized economy. Today, the climate impact of companies is assessed through a static indicator: the carbon intensity, which measures, at a given moment, a company’s carbon emissions. To achieve the 2° C target of the Paris Climate Agreement, it is also necessary to look at the reality of a company’s strategic and financial commitment to a low carbon transition. A metric providing the means to quantity this commitment is the “carbon emission savings” indicator, which was developed by Carbon4 Finance, and successfully applied by investors, i.e., our clients, in their sustainable investment strategy.
Emissions savings are calculated by adding up the “avoided emissions” (comparing the company to the trajectory of its sector) and the “reduced emissions” of a company (comparing the company with itself over 5 years):
•avoided emissions are the emissions that are avoided by the company’s products and services; they are calculated by comparing the emissions with a sectorial baseline scenario (i.e. an IEA scenario 2°), or with the substitution by low-carbon solutions. A company avoids emissions if there is a positive gain between the induced emissions of the company on the one hand, and the baseline sectoral emissions scenario on the other hand.
•reduced emissions are the volume of emissions lowered through a process efficiency over time: an emission reduction is a real decrease of the company’s carbon intensity over 5 years.
The “emission savings” indicator is key to understand the real impact of a company. This indicator is a powerful tool as to identify companies that have already entered the climate transition and to measure the companies’ action for the low carbon transition, providing figures that are more meaningful and tangible than all the companies statements that claim carbon neutrality.
While induced and emissions savings can be used to report on a company’s current performance, it is important to have a forward-looking view of the company. Extra-financial disclosures should contain the detailed climate change mitigation strategy of the registrants, with targeted emissions reduction as well as the intermediary actions to achieve the target(s). In accordance with the Paris Climate Agreement, a strategy towards a 2° aligned economy should be set out. Governance and oversight of climate change-related challenges should also be disclosed as to ensure management is involved in the monitoring of the climate change forward-looking strategy. We will further tackle this point in the Question 8.
Lastly, as to demonstrate companies’ willingness to shift their business towards climate change mitigation, they should disclose their investment and R&D in low-carbon projects. It is indeed by reporting low-carbon investments that companies show investors they are equipped with the necessary resources as to mitigate the climate transition risks. Investors need to ensure that issuers align consistent resources as to tackle climate risks.
The other category of risk which should be addressed in companies’ disclosures, are the physical risks. It represents the exposure and vulnerability of registrants to physical consequences of climate change (see our CRIS Methodology4).
To enable investors to understand and manage company risks and to engage in dialogue with registrants, companies should identify in their reporting acute and chronic climate hazards as well as adaptation strategies to withstand these risks.
Registrants should disclose the geographical area of their activities, and the location of assets in sectors most affected to physical risks. This would provide investors with accurate data as to identify the companies most subject to natural disasters.
Question 4
What are the advantages and disadvantages of establishing different climate change reporting standards for different industries, such as the financial sector, oil and gas, transportation, etc.? How should any such industry-focused standards be developed and implemented?
The challenges arising from climate change vary by economic sector, both in terms of levers for reducing emissions and in terms of innovations. Roughly 80% of worldwide GHG emissions are generated by some sectors, on which climate disclosure efforts should be prioritized.
We recommend the SEC to concentrate its efforts on assets that have a material impact on the carbon performance of investee companies.
Carbon4 Finance develops sector-specific indicators and calculation modules to factor in the specificities of each sector. This in-depth assessment of the portfolio constituents covers all operating segments and is based on several operational and company-specific data: production volumes (tons of steel, MWh per source, etc.), production or sales locations, energy efficiency of the process, sources of supply, etc. This operational data is collected from various reports made publicly available by the company (annual, CSR and ESG reports). The disclosure of these consistent, comparable, and reliable data would inform investors on the most material risks to consider for each sector.
The graph below, retrieved from our database, illustrates the breakdown of induced Scope 1&2 and Scope 3 emissions by sector, for the S&P 500 index. It shows that the Commission should first tackle the industries which have a stronger impact on climate change via their Scope 1&2, and Scope 3 emissions.
Question 8
How, if at all, should registrants disclose their internal governance and oversight of climate-related issues? For example, what are the advantages and disadvantages of requiring disclosure concerning the connection between executive or employee compensation and climate change risks and impacts?
As governance on climate change is crucial as to monitor the achievement of related targets, registrants should clearly and transparently define the bodies in charge of tackling climate change starting from the highest-level positions in the management (including the Executive Committee). Companies should define the Board-level oversight and responsibility over carbon performances. Governance on climate change is key for investors as to verify the consistency of reported quantitative data on transition and physical risks. An appropriate governance strengthens a registrant’s capability to address this challenge.
Additionally, registrants should disclose if any (financial) incentives linked to the achievement of climate change-related metrics are provided by the management. With that disclosed information, investors would understand if the achievement of the climate change mitigation strategy is more likely to succeed.
As to raise awareness of individuals within issuers’ entity, disclosure on whether the company encourage employees to pay attention to climate change or provide trainings on that matter should be provided.
Question 14
What climate-related information is available with respect to private companies, and how should the Commission’s rules address private companies’ climate disclosures, such as through exempt offerings, or its oversight of certain investment advisers and funds?
The Commission should address private companies’ disclosures by integrating induced emissions (Scopes 1&2 and Scope 3) as a mandatory metric. Without activity and emissions data, it prevents investors from making an initial quantitative screening on carbon performances, major orders of magnitudes and the associated climate risks as to understand their origin (sector, activities, value chain, location, etc.).
Both private and public companies should be actors in the fight against climate change, which should be demonstrated by appropriate climate change disclosures.
Footnotes
Carbon4 Finance and CDC Biodiversité announced a partnership with Vontobel’s Quality Growth Boutique in the United States to measure the biodiversity impact of its assets, based on the Biodiversity Impact Analytics database powered by the Global Biodiversity Score® (BIA-GBS).
Combining Carbon4 Finance’s recognized experience with climate data and the robustness of the GBS® biodiversity footprint methodology developed by CDC Biodiversité, this database allows companies like Vontobel to assess the biodiversity impact of its portfolio with a broad global coverage of the listed assets.
The partnership comes at a moment when financial actors need better information to incorporate nature-related risks and opportunities into their strategic planning, risk management and asset allocation decisions.
2021 is a pivotal year for taking action to protect nature and biodiversity with the launch of the Taskforce on Nature-related Financial Disclosures (TNFD) and the upcoming COP15 (Part 2) on Biodiversity in China in Spring 2022. The involvement of the financial sector, which represents broad ownership interests, will play a central role as investment is a powerful driver of corporate practices. Finance and ownership need to ensure the sustainability of nature’s biodiversity where possible, just as it does in the fight against climate change. To be effective, reliable data are necessary to link the impact of individual companies and portfolios to their real world impact on biodiversity.
Marie-Anne Vincent, CEO at Carbon4 Finance, said, “we are thrilled to start this new partnership with Vontobel’s Quality Growth Boutique to extend our biodiversity expertise in the US. We believe that climate change and biodiversity loss must be addressed together, which is why Carbon4 Finance strives to provide investors with robust climate and biodiversity impact data, in order to build ambitious biodiversity strategy and engagement with corporates”.
“We are delighted that Vontobel’s Quality Growth Boutique decided to use the BIA-GBS database. This is a great mark of confidence for us and a major step forward in the international commitment to biodiversity. The protection of biodiversity will have to be global, and we are pleased that Vontobel is moving in this direction.”, says Marc Abadie, Chairman of CDC Biodiversité.
Sudhir Roc-Sennett, Head of ESG and Thought Leadership at the Vontobel Quality Growth Boutique said, “We are excited that Carbon4 Finance and CDC Biodiversité have built this important database. It provides us a lay of the land of biodiversity impact across countries and sectors, as well as at the company-specific level. We are delighted to facilitate their entry into the United States.”
Find out more about Biodiversity Impact Analytics
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Join us on October 5 at 4PM for the panel discussion during the event #BuildingBridges22, that aims to contribute to a more #sustainable #future and to the fair and just transition of our economies.
Our event will explore the crucial role the finance industry may play in making capital available for the energy transition with Virginie Wauquiez and Melissa Evelyne PEREZ from Carbon4 Finance, Peter Michaelis from Liontrust Asset Management PLC, Catharina Hillenbrand from Carbon Tracker, and Damien Contamin, CIIA, CFA ESG from BCGE - Banque Cantonale de Genève
Register now
For over five years, Carbone 4 has been developing a methodology which assesses the transition risk: The Carbon Impact Analytics (CIA) methodology.
This methodology calculates greenhouse gas (GHG) emissions induced by an activity. However, the emissions associated with the banking sector were so far not calculated by this method : the CIA method concentrated on high-stakes sectors – sectors whose activities have a high impact on emissions – and the banking sector was considered as a low-stakes sector, which implied only scopes 1&2 emissions were assessed.
But for the last four years, the finance sector has been getting a lot of attention due to the major role it plays in global warming and the energy transition. Whether it was at the COP21 or through the TCFD (Task Force on Climate-related Financial Disclosures), players in the finance world are becoming much more aware of their exposure to these risks. Thus, it has become a necessity to develop a methodology that calculates emissions associated with banking activities. Even if the banks’ main emission sources were known before this acknowledgment by the financial sector, the lack of data in this field did not allow us to quantify the banks’ emissions with a high degree of accuracy.
As a first step, the method developed below is only being applied to private banks. It will be necessary to carry out further testing to see whether it is possible to use the methodology for the entire financial sector, insurers or international financial institutions for example.
Télécharger la version française
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This note summarizes the results of the CIA (Carbon Impact Analytics) analysis campaign conducted in the last quarter of 2020 on a sample of 140 listed transport industry companies. The CIA method seeks to measure a company’s exposure to transition risk via an overall rating (from A+ to E-) and different sector indicators. Using our data, we ranked the analyzed companies in the transport sector according to their degree of exposure, but also observed the historical trends of their absolute emissions (Scope 1, 2 and 3), and assessed strategies pursued to align them – or not – with the world economy’s decarbonization targets and reduce their exposure to transition risk. Note that the analyses were mostly conducted based on 2019 data, before the impact of the pandemic.
The transport sector stands out due to the wide range of stakeholders involved: equipment manufacturers, (e.g. car, truck, ship and airplane manufacturers), infrastructure operators, and transport operators. Analysing automotive equipment manufacturers provides a close-up view of the individual behaviour for use of cars (or LDV: Light Duty Vehicle). Contrastingly, analysing transport operators provides a general view of emissions from freight, and then from collective transport, (rail, urban, air).
Download the report in english
"}],"annex":[],"footnotes":[],"sources_groups":[],"links":[{"id":36,"name":"Download the report in english","url":"http://www.carbon4finance.com/wp-content/uploads/2021/09/Carbon-Impact-Analytics-2020-report-on-the-transport-sector-public-1.pdf"},{"id":37,"name":"Download the report in french","url":"http://www.carbon4finance.com/wp-content/uploads/2021/09/Carbon-Impact-Analytics-Bilan-2020-Transports-version-publique-1.pdf"}],"external_authors":[],"external_contributors":[],"custom_pdf":{"id":2403,"name":"Carbon Impact Analytics - 2020 report on the transport sector - public.pdf","alternativeText":"","caption":"","width":null,"height":null,"formats":null,"hash":"Carbon_Impact_Analytics_2020_report_on_the_transport_sector_public","ext":".pdf","mime":"application/pdf","size":3122.83,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Carbon_Impact_Analytics_2020_report_on_the_transport_sector_public.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-17T11:19:45.949Z","updated_at":"2021-12-17T11:19:45.960Z"},"featured_image":{"id":2130,"name":"deniz-altindas-4-KfFh2eIU-unsplash-4-1110x550.jpg","alternativeText":"","caption":"","width":1110,"height":550,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550.jpg","hash":"large_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550","mime":"image/jpeg","name":"large_deniz-altindas-4-KfFh2eIU-unsplash-4-1110x550.jpg","path":null,"size":24,"width":1000,"height":495},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550.jpg","hash":"small_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550","mime":"image/jpeg","name":"small_deniz-altindas-4-KfFh2eIU-unsplash-4-1110x550.jpg","path":null,"size":8.46,"width":500,"height":248},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550.jpg","hash":"medium_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550","mime":"image/jpeg","name":"medium_deniz-altindas-4-KfFh2eIU-unsplash-4-1110x550.jpg","path":null,"size":15.55,"width":750,"height":372},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550.jpg","hash":"thumbnail_deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550","mime":"image/jpeg","name":"thumbnail_deniz-altindas-4-KfFh2eIU-unsplash-4-1110x550.jpg","path":null,"size":3.19,"width":245,"height":121}},"hash":"deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550","ext":".jpg","mime":"image/jpeg","size":28.86,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/deniz_altindas_4_Kf_Fh2e_IU_unsplash_4_1110x550.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T14:56:15.150Z","updated_at":"2021-11-30T14:56:15.173Z"},"pdf":{"id":2504,"name":"286-2020-report-on-the-transport-sector.pdf","alternativeText":null,"caption":null,"width":null,"height":null,"formats":null,"hash":"286_2020_report_on_the_transport_sector","ext":".pdf","mime":"application/pdf","size":356.83,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/286_2020_report_on_the_transport_sector.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-23T14:21:43.081Z","updated_at":"2021-12-23T14:21:43.081Z"},"download_image":null,"download_file":null},{"id":298,"title":"Review of the electricity sector","slug":"publication-electricity-sector-2021","subtitle":null,"contact":"contact@carbon4finance.com","about":null,"publish_at":"2021-04-19T10:00:00.000Z","color":null,"header_style":null,"body_font":null,"locale":"en","published_at":"2021-04-19T10:00:00.000Z","created_at":"2021-12-16T08:27:25.822Z","updated_at":"2022-01-07T09:13:50.787Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"body":[{"__component":"content.body","id":945,"content":"
This report summarises the results of an analysis of around 100 companies in the electricity sector. The analyses were carried out using the Carbon Impact Analytics (CIA) method. The CIA methodology aims to measure the companies' exposure to transition risk, with an overall score based on sectoral indicators and ranging from A+ to E-.
Thanks to the data collected and calculated during this campaign, we established the companies' ranking in the electricity sector according to their degree of exposure. We also looked at their ability to minimise this exposure, and assessed the strategies put in place to see whether they are aligned with the decarbonisation objectives of the global economy.
TÉLÉCHARGER LA PUBLICATION EN FRANÇAIS
DOWNLOAD THE PUBLICATION IN ENGLISH
"}],"annex":[],"footnotes":[],"sources_groups":[],"links":[{"id":72,"name":"TÉLÉCHARGER LA PUBLICATION EN FRANÇAIS","url":"http://www.carbon4finance.com/wp-content/uploads/2021/04/Publication-Bilan-Secteur-Electricite-Carbon4Finance.pdf"},{"id":73,"name":"DOWNLOAD THE PUBLICATION IN ENGLISH","url":"http://www.carbon4finance.com/wp-content/uploads/2021/05/EN-Publication-A-Review-of-the-Electricity-Sector-Carbon4finance-1.pdf"}],"external_authors":[],"external_contributors":[],"custom_pdf":{"id":2509,"name":"EN - Publication A Review of the Electricity Sector - Carbon4finance.pdf","alternativeText":"","caption":"","width":null,"height":null,"formats":null,"hash":"EN_Publication_A_Review_of_the_Electricity_Sector_Carbon4finance","ext":".pdf","mime":"application/pdf","size":6203.88,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/EN_Publication_A_Review_of_the_Electricity_Sector_Carbon4finance.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-12-23T14:31:27.949Z","updated_at":"2021-12-23T14:31:40.057Z"},"featured_image":null,"pdf":{"id":2529,"name":"298-publication-electricity-sector-2021.pdf","alternativeText":null,"caption":null,"width":null,"height":null,"formats":null,"hash":"298_publication_electricity_sector_2021","ext":".pdf","mime":"application/pdf","size":123.42,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/298_publication_electricity_sector_2021.pdf","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2022-01-07T09:13:54.903Z","updated_at":"2022-01-07T09:13:54.903Z"},"download_image":null,"download_file":null},{"id":300,"title":"Review of the real estate sector","slug":"publication-real-estate-2021","subtitle":"","contact":"contact@carbon4finance.com","about":null,"publish_at":"2021-11-19T11:00:00.000Z","color":null,"header_style":null,"body_font":null,"locale":"en","published_at":"2021-11-19T11:00:00.000Z","created_at":"2021-12-16T08:28:58.613Z","updated_at":"2022-02-25T15:45:35.053Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"body":[{"__component":"content.body","id":946,"content":"EXECUTIVE SUMMARY
Real estate companies, as financial actors, play a key role in the building ecosystem. As such, they are witnesses to the ecological challenges of this sector, but also players in the transition of the building industry.
Worldwide, the building sector (existing buildings and construction combined) consumes 36% of the final energy consumed and emits 37% of the world's CO2 emissions. The transition of the sector is therefore a necessity, which is increasingly reflected in regulations: in France alone, the tertiary sector decree imposes energy savings on part of the existing stock, and the environmental regulation, applied from January 2022, will impose thresholds throughout the life cycle of construction projects.
Real estate companies, as managers of property assets but also as property developers, have a major role to play in this transition, especially since their economic weight is considerable.
The climate performance of real estate companies as managers is highly dependent on their portfolio of real estate assets. Indeed, the uses of each building, as well as their location, largely determine the performance of real estate companies. However, this should not take the responsibility away from the managers, who can and should activate several levers to reduce the intensity of their portfolio. Real estate companies can act on the energy efficiency of their portfolio (through energy efficiency in use or through renovation), but also on the energy mix used by their buildings.
As for their real estate development activities, real estate companies do not seem to be aware of the major role they could play as project managers. They are not transparent enough about the energy performance of the buildings they promote, nor about the materials and construction methods used in the buildings. Yet builders - and therefore the real estate developers who place the orders - can act as levers of transition in the three dimensions of reducing induced emissions, increasing emissions avoided by customers and sequestering emissions.
Télécharger la publication en français
Watch the replay of the webinaire
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Regarding climate change, we are aware that the world will face brutal consequences in the near future. We need to address climate action urgently, by reducing massively CO2 emissions and by anticipating both physical climate risks and transition risks.
Such climate risks mean that some sectors will face major shifts in their asset values.
The financial sector, which will be increasingly exposed to those risks, is also on the front line when it comes to tackling climate action and redirect investments.
Therefore, in order to develop a forward looking view or those risks and opportunities, it needs reliable and relevant climate data to integrate transition risks into investment or credit decision-making.
– What are exactly physical and transition climate-related risks?
– How carbon and climate data can help financial actors avoid and prevent those risks?
– What lessons can we learn from the coronavirus crisis for the anticipation of climate change impacts?
We answered those questions during a webinar on May 7th – 4 to 5 PM (UTC+2) with:
Jean-Marc Jancovici, founding partner of Carbone 4 and Carbon4 Finance,
Jean-Yves Wilmotte, leader of the Finance practice at Carbone 4,
and Marie-Anne Vincent, head of business development at Carbon4 Finance
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Contenu disponible en français
HSBC Global Asset Management et Carbon4 Finance ont présenté le nouvel indicateur climatique développé par Carbon4 Finance lors d’un webinar le 3 novembre 2020 : les “émissions économisées”.
De quoi s’agit-il ? Les émissions économisées correspondent à la sommes des émissions évitées et des émissions réduites.
Les émissions évitées quantifient ce que les clients d’un produit ou service vont émettre en moins par rapport à un scénario de référence. Le plus souvent cela correspondra à la différence entre émissions après et avant achat. Par exemple, si vous vendez de la laine de verre pour isoler un logement chauffé au gaz ou au fioul, les émissions du logement après achat sont inférieures à celles avant. Ici, les émissions évitées correspondent à la différence sur la durée de vie du produit. Les émissions réduites quant à elles correspondent à l’amélioration de l’efficacité d’un processus de production d’une entreprise sur une période donnée.
Ces émissions économisées illustrent donc l’avantage concurrentiel de l’activité dans un monde où les émissions de CO2 sont globalement contraintes à la baisse.
A l’occasion du lancement de la collaboration entre HSBC Global Asset Management et Carbon4 Finance, Xavier Desmadryl a expliqué comment cet indicateur innovant permet d’affiner l’analyse des entreprises dans lesquelles HSBC investit ou souhaite investir au regard de leur trajectoire climatique.
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The WWF published in November 2019 its report Aligning finance for one planet, which offers a conceptual framework in order to assess portfolio contributions to Science-Based Sustainability Targets.
","author":null,"style":null},{"__component":"content.body","id":942,"content":"
The proposed framework suggests a structured approach to help financial regulators and institutions assess both (a) environmental impacts on financial portfolios, i.e. financial risks and (b) financial portfolios’ impacts on the environment*, which can be positive or negative.
The Aligning Finance for One Planet Framework brings together:
• Environmental indicators to evaluate investments’ sustainability levels in absolute terms
• Existing methodologies to assess the environmental impacts of financial portfolios
We are proud that Carbon Impact Analytics, Carbon4 Finance’s methodology to measure the carbon impact of portfolios, is identified for its three levels of assessment (asset, corporate and porfolio level), its application to any sector, and its capacity to include a 2°C scenario.
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"},{"id":282,"number":3,"text":"Ambition to become the first Climate neutral continent, and this by 2050. See https://ec.europa.eu/info/strategy/priorities-2019-2024/european-green-deal/delivering-european-green-deal_en
"},{"id":283,"number":4,"text":""},{"id":284,"number":5,"text":"https://twitter.com/vonderleyen/status/1412410637209280517
"},{"id":285,"number":6,"text":"A Technical Expert Group on sustainable finance (TEG) was mandated as to provide recommendations on EU GBS. These were provided through two reports in 2019 and 2020.
"},{"id":286,"number":7,"text":"Carbone 4, La Taxonomie européenne : pièce centrale de la stratégie réglementaire européenne pour une finance durable, https://www.carbone4.com/analyse-taxonomie-europeenne, July 2021.
"},{"id":287,"number":8,"text":"Do No significant harm.
"},{"id":288,"number":9,"text":"https://ec.europa.eu/sustainable-finance-taxonomy/index.htm
"},{"id":289,"number":10,"text":"Carbon4 Finance, the key to facing the energy transition is Scope 3, http://www.carbon4finance.com/article-scope-3/, July 2021.
"}],"external_authors":[],"body":[{"__component":"content.body","id":953,"content":"The EU Green Bond Standard is a concrete application of the EU taxonomy, but a quantitative assessment of the climate impact remains out of investors’ reach. Carbon4 Finance equips investors with a dedicated measurement tool.
The market for green bonds (GB) has steadily developed over the last few years. In 2020 alone, green bonds’ issuance topped close to USD 300 billion (CBI, 2021[1]). However, its issuance barely represents 4% of the total corporate bond issuance in 2020[2], while the European Commission expects green bonds to become one of the largest sources of green investment as to meet the green investment gap in Europe. Until now, the GB landscape was based on market-defined standards, with a possible lack in transparency, consistency, and credibility for investors. Without a proper bottom-up analysis of climate mitigation contribution, greenwashing hinders the transition to a low-carbon economy. But with the European standard for green bonds, this is about to change.
Carbon4 Finance has for years supported investors with assessing the climate impact of 900+ Green Bonds, evaluating their contribution to climate change mitigation. This new regulatory development lays the foundation for a standardized and more transparent process for green bonds issuance, a much-awaited development.
Green bonds will play a critical role in the decarbonization of all sectors of our economy. However, the definition of “green” activities remains fuzzy, relying on market-defined standards (e.g., Green Bond Principles, Climate Bond Initiative), less comprehensive and ambitious than the European Taxonomy. In July 2021, the renewed European Sustainable Finance strategy introduced a long-awaited green bond framework, called the “EU GBS” – or European Green Bond Standard.
With the European Green Deal[3] and its ambition to reduce EU’s emissions by 55% its emissions by 2030 (compared to 1990 levels)[4], substantial investments are needed in all sectors to reach Europe’s climate commitments. For Ursula Von Der Leyen, the President of the Commission, this framework will “set a “gold standard” for how investors can recognize bonds representing real green investments, to help them make the right choice.”[5]
Following the Technical Expert Group’s recommendations[6], the EU GBS addresses the inherent greenwashing and transparency challenges. It will be a voluntary standard, open to any EU and non-EU issuer. Only green projects (green assets and expenditures – OPEX and CAPEX), which are 100% aligned with the EU Taxonomy requirements would be eligible for obtaining the standard (for more background on the taxonomy, read this insightful analysis by Carbone 4[7]). It is therefore a strong and structuring element towards a standardization of the green bonds market.
This “Gold standard” is broken down into four crucial requirements:
These requirements are a major step forward for improving transparency in the green financing market. This high-quality Green Bond standard will provide investors with the assurance to contribute to the low-carbon transition. However, with the daunting process and significant costs associated with issuing an EU GBS, issuers could believe that the advantages of reaching new investors might not outweigh the related costs.
Carbon4 Finance is a recognized carbon data expert, providing an independent climate impact assessment of green bonds and their contribution to a low-carbon economy. For investors, our green bonds solution is a way to ensure a bottom-up analysis of a bond’s climate impact is conducted.
Through our green bonds offer, we quantify the climate impact of green bonds. We provide induced emissions on Scopes 1&2 but also Scope 3 emissions, which are crucial in tackling the climate crisis (as underlined in our recent article[10]).
In addition to understanding that a particular bond is really green, the Carbon4 Finance’s green bonds methodology provides a concrete quantitative measurement of the degree of contribution, via the avoided emissions. For example, it can be emissions avoided thanks to the use of an entity’s products compared to other products available on the market (e.g., EVs compared to thermal engines, or biofuel compared to conventional fossil fuels). A company avoids emissions if there is a gap between the induced emissions of the company and the reference situation, as illustrated in the figure below
Building on the two previous indicators, the Carbon Impact Ratio (CIR) provides information on the carbon impact of a company or portfolio to the energy transition. The CIR is the ratio of emissions savings (avoided emissions) to induced emissions. This indicator represents the capacity of a project to reduce GHG emissions compared to emissions induced by its activity.
Our proprietary methodology is based on project analysis: we review each project financed by a green bond, then results are consolidated at the bond level. We focus on renewable energy projects (both generation and T&D), energy efficiency projects in real estate, and low-carbon transport infrastructures (rail, bus and bike) and offerings (EVs). A transparency score provides information on the level of detail in green Bond reporting documents.
Carbon4 Finance green bonds methodology is a five-steps analyst-driven climate assessment
If you would like to know more about our Green Bonds database, please contact our team at contact@carbon4finance.com.
This Green Bond (GB), issued in October 2019, is part of the EIB GB program launched in 2007. Bonds are named Climate Awareness Bonds (CAB). Proceeds of this bond finance projects related to renewables energy, T&D, Sustainable transportation, Building construction & Energy efficiency.
On October 22nd, Carbon4 Finance organized a webinar on the matter.
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"},{"__component":"content.figure","id":67,"title":null,"caption":null,"source":null,"maximum_width":"body_width","image":{"id":2643,"name":"C4F article 29 - 1.png","alternativeText":"","caption":"","width":4134,"height":2163,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_C4_F_article_29_1.png","hash":"large_C4_F_article_29_1","mime":"image/png","name":"large_C4F article 29 - 1.png","path":null,"size":214.56,"width":1000,"height":523},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_C4_F_article_29_1.png","hash":"small_C4_F_article_29_1","mime":"image/png","name":"small_C4F article 29 - 1.png","path":null,"size":81.1,"width":500,"height":262},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_C4_F_article_29_1.png","hash":"medium_C4_F_article_29_1","mime":"image/png","name":"medium_C4F article 29 - 1.png","path":null,"size":143.48,"width":750,"height":392},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_C4_F_article_29_1.png","hash":"thumbnail_C4_F_article_29_1","mime":"image/png","name":"thumbnail_C4F article 29 - 1.png","path":null,"size":30.22,"width":245,"height":128}},"hash":"C4_F_article_29_1","ext":".png","mime":"image/png","size":526.52,"url":"https://carbon4finance.com/files/C4_F_article_29_1.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2022-10-24T15:58:02.547Z","updated_at":"2022-10-24T15:58:02.569Z"}},{"__component":"content.body","id":981,"content":"En France, l’Article 29 de la Loi Énergie Climat établit de nouvelles obligations de publication pour les investisseurs. Ce dispositif se veut plus ambitieux que le règlement Disclosure Européen (SFDR), avec une mise en avant explicite des enjeux liés au climat et à la biodiversité. Concrètement, l’Article 29 impose aux acteurs financiers de publier, d'une part, les impacts de leur portefeuille sur le changement climatique et sur l'érosion de la biodiversité et, d'autre part, la vulnérabilité de leurs portefeuilles sur ces deux thématiques. De plus, les acteurs financiers doivent désormais expliciter la politique mise en place pour prendre en compte ces risques dans leur stratégie d'investissement.
"},{"__component":"content.figure","id":68,"title":null,"caption":null,"source":null,"maximum_width":"body_width","image":{"id":2644,"name":"C4F article 29 - 2.png","alternativeText":"","caption":"","width":4111,"height":1947,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_C4_F_article_29_2.png","hash":"large_C4_F_article_29_2","mime":"image/png","name":"large_C4F article 29 - 2.png","path":null,"size":126.11,"width":1000,"height":474},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_C4_F_article_29_2.png","hash":"small_C4_F_article_29_2","mime":"image/png","name":"small_C4F article 29 - 2.png","path":null,"size":46.48,"width":500,"height":237},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_C4_F_article_29_2.png","hash":"medium_C4_F_article_29_2","mime":"image/png","name":"medium_C4F article 29 - 2.png","path":null,"size":83.76,"width":750,"height":355},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_C4_F_article_29_2.png","hash":"thumbnail_C4_F_article_29_2","mime":"image/png","name":"thumbnail_C4F article 29 - 2.png","path":null,"size":17.91,"width":245,"height":116}},"hash":"C4_F_article_29_2","ext":".png","mime":"image/png","size":296.31,"url":"https://carbon4finance.com/files/C4_F_article_29_2.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2022-10-24T15:59:28.121Z","updated_at":"2022-10-24T15:59:28.132Z"}},{"__component":"content.body","id":982,"content":"Sur le volet climatique, les acteurs financiers sont soumis à une obligation de communiquer sur l’alignement de leurs portefeuilles avec les objectifs de l’Accord de Paris et/ou la mise en place d’objectifs de réduction des émissions ; l’alignement de leurs portefeuilles avec la Taxonomie Européenne ; et la part des encours investis dans des entreprises actives dans le secteur des combustibles fossiles.
En ce qui concerne le volet biodiversité, l’Article 29 ambitionne de sensibiliser aux sujets liés à l’érosion de la biodiversité chez les acteurs financiers. Les sociétés de gestion sont donc tenues de mesurer l’impact de leurs portefeuilles, ainsi que leur exposition aux risques liés à la biodiversité. Celles-ci devront également développer une stratégie d’alignement avec les objectifs de long terme.
De plus, les sociétés de gestion ont l’obligation de communiquer sur leur prise en compte des caractéristiques ESG dans leurs processus décisionnels, sur les moyens mis en œuvre en interne pour traiter les sujets ESG, et sur leur politique d’engagement en matière de vote chez les sociétés dans lesquelles elles investissent.
Le décret portant la mise en application de cet article a été publié le 27 mai 2021, avec une première obligation de reporting en 2022 pour l’année fiscale 2021.
Les obligations de reporting de l’Article 29 s'appliquent à l’ensemble des acteurs financiers dont les actifs sous gestion dépassent les 500 millions d’euros. La première salve de reporting de l’Article 29 était attendue en 2022, au plus tard en juin 2022. Selon le Climate Transparency Hub de l’ADEME, ce sont plus de 400 entités financières qui ont publié un rapport la première année.
En 2023, l’obligation de reporting sera étendue à l'ensemble des indicateurs requis par l’Article 29, notamment la part des encours provenant d’activités fossiles.
Carbon4 Finance, la branche du groupe Carbone 4 spécialisée dans la fourniture de données sur le climat et la biodiversité, s'appuie sur 15 années d'expertise approfondie des enjeux du changement climatique et de la transition énergétique dans tous les secteurs économiques. Le groupe Carbone 4 est un pionnier dans le domaine de la mesure climatique en France depuis 2007, et certains de ses partenaires travaillent sur le sujet depuis 2000. Carbon4 Finance travaille également de concert avec CDC Biodiversité, l’entité ayant développé le Global Biodiversity Score (GBS), qui permet aux entreprises et aux institutions financières de mesurer leur empreinte biodiversité.
"},{"__component":"content.figure","id":69,"title":null,"caption":null,"source":null,"maximum_width":"body_width","image":{"id":2645,"name":"C4F article 29 - 3.png","alternativeText":"","caption":"","width":2424,"height":1214,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_C4_F_article_29_3.png","hash":"large_C4_F_article_29_3","mime":"image/png","name":"large_C4F article 29 - 3.png","path":null,"size":222.36,"width":1000,"height":501},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_C4_F_article_29_3.png","hash":"small_C4_F_article_29_3","mime":"image/png","name":"small_C4F article 29 - 3.png","path":null,"size":77.82,"width":500,"height":250},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_C4_F_article_29_3.png","hash":"medium_C4_F_article_29_3","mime":"image/png","name":"medium_C4F article 29 - 3.png","path":null,"size":143.03,"width":750,"height":376},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_C4_F_article_29_3.png","hash":"thumbnail_C4_F_article_29_3","mime":"image/png","name":"thumbnail_C4F article 29 - 3.png","path":null,"size":27.1,"width":245,"height":123}},"hash":"C4_F_article_29_3","ext":".png","mime":"image/png","size":217.36,"url":"https://carbon4finance.com/files/C4_F_article_29_3.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2022-10-24T16:01:31.807Z","updated_at":"2022-10-24T16:01:31.822Z"}},{"__component":"content.body","id":983,"content":"De par son expertise environnementale et sa connaissance des réglementations financières, Carbon4 Finance est le partenaire idéal pour aider les institutions financières à évaluer et comprendre l’impact de leurs portefeuilles sur le climat et sur la biodiversité. Nous fournissons les données nécessaires et apportons un support méthodologique pour aider les acteurs financiers à rédiger leur rapport. Nos clients sont accompagnés tout au long de la rédaction de leur rapport par des analystes dédiés. Ces derniers apportent une expertise permettant de mieux appréhender les résultats des portefeuilles, et d’intégrer ces données dans le rapport Article 29.
Une cellule de veille réglementaire est en place chez Carbon4 Finance, qui permet de suivre de près les décisions des régulateurs français et européens ainsi que les développements législatifs. Nous nous entretenons régulièrement avec le régulateur, afin d’assurer une bonne compréhension des évolutions réglementaires à venir et d’équiper nos clients avec les meilleures solutions pour la rédaction de leur rapport Article 29.
Vous trouverez ci-dessous l’exemple d’un rapport fourni par Carbon4 Finance, répondant aux exigences de publication d’informations dans le cadre de l’alinéa III de l’article 1er de l’Article 29 LEC.
"},{"__component":"content.figure","id":70,"title":null,"caption":null,"source":null,"maximum_width":"body_width","image":{"id":2646,"name":"C4F article 29 - 4.png","alternativeText":"","caption":"","width":4065,"height":1911,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_C4_F_article_29_4.png","hash":"large_C4_F_article_29_4","mime":"image/png","name":"large_C4F article 29 - 4.png","path":null,"size":165.1,"width":1000,"height":470},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_C4_F_article_29_4.png","hash":"small_C4_F_article_29_4","mime":"image/png","name":"small_C4F article 29 - 4.png","path":null,"size":59.31,"width":500,"height":235},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_C4_F_article_29_4.png","hash":"medium_C4_F_article_29_4","mime":"image/png","name":"medium_C4F article 29 - 4.png","path":null,"size":106.55,"width":750,"height":353},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_C4_F_article_29_4.png","hash":"thumbnail_C4_F_article_29_4","mime":"image/png","name":"thumbnail_C4F article 29 - 4.png","path":null,"size":22.19,"width":245,"height":115}},"hash":"C4_F_article_29_4","ext":".png","mime":"image/png","size":373.76,"url":"https://carbon4finance.com/files/C4_F_article_29_4.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2022-10-24T16:03:14.622Z","updated_at":"2022-10-24T16:03:14.638Z"}},{"__component":"content.body","id":984,"content":"Pour vous faire accompagner en 2023 dans la rédaction de votre rapport Article 29 grâce à l’expertise environnementale reconnue de Carbon4 Finance, n’hésitez pas à nous contacter à l'adresses suivante :
melissa.perez@carbon4finance.com
Lors du premier exercice de publication en 2022, Carbon4 Finance a accompagné plus d’une dizaine d’institutions financières directement, représentant un total d’environ 350 milliards d’euros d’actifs sous gestion. De nombreux clients utilisant nos bases de données ont également pu conduire leur propre rapport en autonomie.
Pour plus d’informations sur les méthodologies de Carbon4 Finance et son application concrète, le webinaire réalisé en partenariat avec CDC Biodiversité et la Direction Générale du Trésor Français en juin 2022 revient sur le premier exercice de reporting en 2022.
Andrea Sekularac, Analyste ESG en charge du reporting Article 29 chez Rothschild & Co Asset Management Europe, parle de son expérience avec Carbon4 Finance lors d’un webinaire organisé en juin 2022 :
« Carbon4 Finance nous a donné davantage de perspectives sur nos challenges et la manière de les intégrer dans notre reporting, basé sur chaque secteur et chaque méthodologie. »
« La clé du succès de notre partenariat tenait dans le temps et l’honnêteté de nos discussions. En tant que fournisseur de données, Carbon4 Finance offre une perspective différente sur ces enjeux. »
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"},{"id":384,"number":2,"text":"Les activités peuvent être considérées comme non significatives et être exclues de la comptabilité de l’entreprise si la quantité d’émissions est très faible par rapport aux autres sources d'émissions et/ou si l'exclusion de l'activité ne compromet pas la pertinence de l'inventaire déclaré
"},{"id":385,"number":3,"text":"Le plastique ne subit pas le même sort que la combustion de l’énergie en fin de cycle mais doit être traité comme un déchet (ex : incinération, enfouissement)
"},{"id":386,"number":4,"text":"“reporting emissions from fuel purchased for resale to non-end users is optional” - GHG Protocol Corporate Standard guidance
"},{"id":387,"number":5,"text":"https://www.ipieca.org/
"},{"id":388,"number":6,"text":"https://www.ipieca.org/resources/good-practice/estimating-petroleum-industry-value-chain-scope-3-greenhouse-gas-emissions-overview-of-methodologies/
"},{"id":389,"number":7,"text":"On parle de Scope 3 pour les émissions indirectes et de la Catégorie 11 pour l’utilisation des produits vendus
"},{"id":390,"number":8,"text":"Une différence significative d’émissions directes est également présente : 46 MtCO2e pour TotalEnergies contre 161 pour Greenpeace. Cette différence est intégrée dans les 25%.
"},{"id":391,"number":9,"text":"Carbon4 Finance agit comme un bureau de recherche qui produit des données environnementales à destination des acteurs financiers. Dans ce cadre, sont compilées ou calculées les émissions de gaz à effet de serre des entreprises cotées. Grâce à la méthodologie Carbon Impact Analytics, Carbon4 finance documente un “ordre de mérite” intrasectoriel des entreprises au regard des enjeux climatiques.
"},{"id":392,"number":10,"text":"https://www.carbon4finance.com/publication-the-oil-industry
"}],"external_authors":[{"id":67,"firstname":"Alexandre","lastname":"Joly","organisation":"Carbone 4","title":null}],"body":[{"__component":"content.body","id":1068,"content":"Le rapport de Greenpeace “Bilan Carbone de TotalEnergies : le compte n’y est pas”[1] publié en novembre dernier interroge fortement la comptabilité carbone de TotalEnergies. En effet, l’ONG évalue l’empreinte carbone de TotalEnergies autour de 1 650 MtCO2e, soit près de 4 fois plus que les chiffres déclarés par l’entreprise pour ses activités en 2019.
Comment expliquer une telle différence ?
Le périmètre très différent de comptabilité des émissions indirectes explique l’écart de chiffres entre ceux avancés par TotalEnergies et par Greenpeace : 75% de l’écart provient de la prise en compte des activités de trading ; 25% de toutes les émissions indirectes restantes. Même si compter 100% des émissions associées aux activités de trading peut se justifier, il est pertinent de les pondérer différemment des activités purement « physiques ». C’est ce que propose la méthodologie de Carbon4 finance en pondérant les émissions des différentes activités au prorata de leur contribution à la valeur ajoutée. Les émissions de trading sont ainsi fortement atténuées.
"},{"__component":"content.body","id":1070,"content":"Pour commencer, rappelons que compter les émissions de gaz à effet de serre d’une entreprise a, entre autres, pour objectif de mesurer l’exposition de sa chaîne de valeur aux énergies fossiles, et donc de mettre en lumière une “double matérialité” de ces émissions. C'est-à-dire à la fois une part de responsabilité dans le dérèglement climatique mondial mais aussi un lien de dépendance, facteur de risque dans un monde qui doit réduire drastiquement ses émissions pour respecter l’Accord de Paris.
C’est pour cette raison que le standard international qu’est le GHG Protocol, demande de comptabiliser toutes les sources significatives[2] d’émissions de gaz à effet sur le cycle de vie de l’activité d’une entreprise. Dès lors, il faut compter les émissions directes de l’entreprise (ex : l’énergie consommée dans l’usine ou les bureaux) mais aussi les émissions indirectes amont (ex : extraction et transformation des matières premières) et les émissions indirectes aval (ex : consommation d’énergie des produits vendus).
"},{"__component":"content.figure","id":133,"title":"Principaux postes d’émissions de l’empreinte carbone","caption":"Note : les postes d’émissions suivants ne s’appliquent qu’à des activités très spécifiques et n’ont pas été représentés dans ce schéma : les investissements, les franchises aval et les actifs en leasing amont. L’amont des combustibles n’est pas non plus représenté.","source":null,"maximum_width":"content_width","image":{"id":2766,"name":"graphe1 postes emissions empreinte carbone.png","alternativeText":"","caption":"","width":2090,"height":710,"formats":{"large":{"ext":".png","url":"https://carbon4finance.com/files/large_graphe1_postes_emissions_empreinte_carbone.png","hash":"large_graphe1_postes_emissions_empreinte_carbone","mime":"image/png","name":"large_graphe1 postes emissions empreinte carbone.png","path":null,"size":144.14,"width":1000,"height":340},"small":{"ext":".png","url":"https://carbon4finance.com/files/small_graphe1_postes_emissions_empreinte_carbone.png","hash":"small_graphe1_postes_emissions_empreinte_carbone","mime":"image/png","name":"small_graphe1 postes emissions empreinte carbone.png","path":null,"size":47.51,"width":500,"height":170},"medium":{"ext":".png","url":"https://carbon4finance.com/files/medium_graphe1_postes_emissions_empreinte_carbone.png","hash":"medium_graphe1_postes_emissions_empreinte_carbone","mime":"image/png","name":"medium_graphe1 postes emissions empreinte carbone.png","path":null,"size":90.33,"width":750,"height":255},"thumbnail":{"ext":".png","url":"https://carbon4finance.com/files/thumbnail_graphe1_postes_emissions_empreinte_carbone.png","hash":"thumbnail_graphe1_postes_emissions_empreinte_carbone","mime":"image/png","name":"thumbnail_graphe1 postes emissions empreinte carbone.png","path":null,"size":17.89,"width":245,"height":83}},"hash":"graphe1_postes_emissions_empreinte_carbone","ext":".png","mime":"image/png","size":137.55,"url":"https://carbon4finance.com/files/graphe1_postes_emissions_empreinte_carbone.png","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2022-12-14T08:21:25.856Z","updated_at":"2022-12-14T08:21:25.864Z"}},{"__component":"content.body","id":1071,"content":"Dans l’industrie pétrogazière, viennent d’abord les émissions liées aux activités “physiques” de l’entreprise : principalement, l’extraction du gaz et du pétrole, son transport, sa transformation (ex : raffinage pour le pétrole), et la combustion du pétrole et du gaz vendu[3]. Certaines entreprises possèdent aussi des activités de trading. Autrement dit, elles vendent et achètent du pétrole et du gaz qu’elles n’ont pas produit. C’est le cas de TotalEnergies.
Dans ce cadre, le GHG Protocol considère différemment les activités de trading et les activités “physiques” de l’entreprise. En effet, est indiqué que le reporting des émissions liées aux activités de trading est optionnel[4] quand celui des activités physiques est obligatoire.
TotalEnergies suit les directives de l’Ipieca[5], association mondiale de l'industrie pétrolière et gazière pour les questions environnementales et sociales, qui sont validées par le GHG Protocol.
La méthodologie[6] proposée par l’Ipieca recommande de reporter, a minima, les émissions indirectes du volume d’énergie le plus important dans sa chaîne de valeur : la quantité d’énergie extraite, la quantité d’énergie transformée (raffinage pour le pétrole, liquéfaction pour le gaz), et la quantité d’énergie vendue. En effet, cela permet d’éviter les doubles-comptages : par exemple, ne pas compter deux fois les émissions de combustion de l’énergie extraite et de cette même énergie quand elle est vendue.
L’Ipieca indique également que le reporting des émissions liées à l’achat et à la vente de combustibles fossiles à des utilisateurs non finaux, soit le trading, est optionnel.
Dans ce cadre, TotalEnergies ne comptabilise pas les émissions liées au trading. Concernant les émissions indirectes de ses activités “physiques” (les émissions générées par d’autres acteurs de sa chaîne de valeur pour permettre la vente de l’ensemble de son pétrole et de son gaz), TotalEnergies ne considère que celles liées à la combustion du pétrole et du gaz[7], en retenant la plus grande quantité d’énergie dans sa chaîne de valeur, à savoir celle correspondant aux ventes de produits pétroliers et gaziers (3,1 Mboe/j), conformément aux recommandations de l’Ipieca. Même si ces émissions de combustion constituent plus de 80% des émissions indirectes “physiques”, les émissions liées à l’achat de produits et de services, au transport ou au traitement de fin de vie des produits vendus comme le plastique restent significatives en valeur absolue et ne sont ainsi pas publiées dans le rapport annuel.
En plus des émissions de combustion du pétrole et du gaz vendu (comptabilisées par TotalEnergies) en utilisant la même méthodologie que celle proposée par l’Ipieca, Greenpeace considère toutes les autres sources d’émissions indirectes (émissions amont du pétrole et du gaz vendu mais non produit, du transport, du traitement de fin de vie des produits vendus, etc.) ainsi que les activités de vente à des tiers, qui s’apparentent à du trading.
Cette différence de périmètre explique l’écart entre les chiffres de TotalEnergies et de Greenpeace : 75% de la différence provient de la prise en compte des activités de trading ; 25% d’un périmètre plus large pour les activités “physiques” avec notamment la prise en compte de toutes les émissions indirectes significatives[8].
Greenpeace met ainsi sur le même plan de responsabilité les activités “physiques” et de trading car “Les émissions de gaz à effet de serre de TotalEnergies sont l’ensemble des émissions auxquelles elle contribue, ou dont elle est responsable”.
Cette dernière interprétation a du sens, dans la mesure où elle qualifie la dépendance aux émissions de gaz à effet de serre d’une entreprise, aussi appelée risque de transition. En revanche, elle manque de nuance car ces deux types d’activités relèvent de logiques physiques et opérationnelles profondément différentes.
Carbon4 Finance[9] capture ces nuances dans sa méthodologie Carbon Impact Analytics. L’approche consiste à pondérer les émissions d’une activité (ex : le trading, l’extraction ou la vente) par sa part de valeur ajoutée dans la chaîne de valeur. Cela offre deux avantages. D’une part, cela permet de comprendre la contribution de chaque activité de l’entreprise à ses émissions, et d’autre part la double matérialité (responsabilité et dépendance) de l’entreprise est mieux représentée car aucune activité n’est ignorée.
A titre d’illustration sur les émissions indirectes liées à la combustion aval du pétrole et du gaz, elles sont calculées de façon intermédiaire sur l’ensemble des postes de la chaîne de valeur : production, trading, transport, raffinage, distribution, stockage, et vente. Les chiffres retenus par Greenpeace sont d'ailleurs en ordre de grandeur similaires à ces calculs intermédiaires utilisés par la méthodologie Carbon Impact Analytics. Ensuite, chaque poste d'émissions est retraité : on module les émissions au prorata de la part de valeur ajoutée de l’activité sous-jacente de l’entreprise au sein de la chaîne de valeur. On obtient alors une contribution représentative des émissions par poste tout en évitant les double-comptes. Les émissions liées à l’activité de trading sont ainsi fortement atténuées.
Cette controverse en témoigne, la comptabilité carbone gagne en importance dans le débat public. Désormais, entreprises, investisseurs, Etats, ONG, toutes les parties prenantes utilisent la même grammaire pour appréhender ces enjeux fondamentaux.
Le premier enjeu est celui de la transparence. Toutes les parties prenantes militent pour que les entreprises communiquent sur leurs activités avec le maximum de précision et de détail. Sur ce plan, les concurrents de TotalEnergies se positionnent encore de diverses manières. D’un côté, ExxonMobil publie de façon très détaillée sa méthodologie de comptabilité des émissions indirectes. De l’autre côté, Shell va beaucoup plus loin que les recommandations de l’Ipieca en publiant 100% de ses émissions liées à la vente de produits dans le cadre de ses activités de trading. Les acteurs de l’industrie pétrogazière ont progressé depuis peu en matière de transparence, mais il existe encore des points d’amélioration comme en atteste la comparaison entre eux.
La disponibilité de chiffres comptables précis, qu’ils soient financiers ou climatiques, n’est que la première partie du travail. Vient ensuite le temps de l’interprétation et du débat pour qualifier le mérite de l’entreprise au regard des enjeux climatiques. C’est bien là le plus important, et il ne faudrait pas que s’instaure un débat technique artificiel sur les périmètres et les ordres de grandeur alors même que les outils communs existent pour s’entendre.
Gardons en tête que compter pour compter n’a aucune utilité. Au-delà de la différence de périmètres qui explique l’écart de chiffres, l’essentiel réside ailleurs. Il s’agit, avant tout, d'adopter une démarche transparente et ambitieuse vis-à-vis du dérèglement climatique. L’Accord de Paris, c’est réduire nos émissions de gaz à effet de serre de -5% par an. Pas de miracle, les énergies fossiles doivent suivre le même chemin. Et le doute est permis pour l’industrie pétrolière comme en témoigne la revue sectorielle de Carbon4 Finance : “The oil industry: is it up to the climate challenge?”[10].
"}],"featured_image":{"id":2764,"name":"hugo-clement-ltqEvNCxzlE-unsplash.jpg","alternativeText":"","caption":"","width":1920,"height":1281,"formats":{"large":{"ext":".jpg","url":"https://carbon4finance.com/files/large_hugo_clement_ltq_Ev_N_Cxzl_E_unsplash.jpg","hash":"large_hugo_clement_ltq_Ev_N_Cxzl_E_unsplash","mime":"image/jpeg","name":"large_hugo-clement-ltqEvNCxzlE-unsplash.jpg","path":null,"size":80.98,"width":1000,"height":667},"small":{"ext":".jpg","url":"https://carbon4finance.com/files/small_hugo_clement_ltq_Ev_N_Cxzl_E_unsplash.jpg","hash":"small_hugo_clement_ltq_Ev_N_Cxzl_E_unsplash","mime":"image/jpeg","name":"small_hugo-clement-ltqEvNCxzlE-unsplash.jpg","path":null,"size":22.93,"width":500,"height":334},"medium":{"ext":".jpg","url":"https://carbon4finance.com/files/medium_hugo_clement_ltq_Ev_N_Cxzl_E_unsplash.jpg","hash":"medium_hugo_clement_ltq_Ev_N_Cxzl_E_unsplash","mime":"image/jpeg","name":"medium_hugo-clement-ltqEvNCxzlE-unsplash.jpg","path":null,"size":46.47,"width":750,"height":500},"thumbnail":{"ext":".jpg","url":"https://carbon4finance.com/files/thumbnail_hugo_clement_ltq_Ev_N_Cxzl_E_unsplash.jpg","hash":"thumbnail_hugo_clement_ltq_Ev_N_Cxzl_E_unsplash","mime":"image/jpeg","name":"thumbnail_hugo-clement-ltqEvNCxzlE-unsplash.jpg","path":null,"size":6.44,"width":234,"height":156}},"hash":"hugo_clement_ltq_Ev_N_Cxzl_E_unsplash","ext":".jpg","mime":"image/jpeg","size":269.08,"url":"https://carbon4finance.com/files/hugo_clement_ltq_Ev_N_Cxzl_E_unsplash.jpg","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2022-12-14T08:18:54.069Z","updated_at":"2022-12-14T08:18:54.084Z"},"download_image":null,"download_file":null},{"id":475,"title":"Breaking news of 2024","slug":"the-breaking-news-2024","subtitle":null,"publish_at":null,"color":"orange","body_font":"serif","locale":"en","published_at":"2025-01-27T10:03:59.120Z","created_at":"2025-01-27T10:03:28.322Z","updated_at":"2025-01-27T10:06:37.091Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"sources_group":[],"links":[],"footnotes":[],"external_authors":[],"body":[{"__component":"content.body","id":1399,"content":"During all the last year, Carbon4 Finance selected the three or four main news per week in sustainable finance and submitted it with a poll on Linkedin. In order to make this summary, Carbon4 Finance selected the one news which has got the maximum of votes among the others per week and summarised it all per month in this document. This paper does not take into consideration the entire amount of news in the sustainable finance ecosystem and should not be considered as the only source of information. To read more about 2025 news, follow us on Linkedin.
The European Central Bank (ECB) has added 'nature loss and degradation' to its focus for the next two years, aiming to analyze their connection to climate change and assess economic and financial implications, while also exploring the role of ecosystems.
The Greenfin Label just changed its exclusions criteria and now includes nuclear energy.
Another exception is gas, which benefits from a relaxation of this exclusion, particularly in the areas of transport, distribution, storage and supply services, provided that these activities do not represent more than 30% of the turnover of the companies financed
ESG rating provider regulation
EU agreed on regulating ESG rating providers, requiring authorization and supervision by ESMA. A three-year review is planned to potentially include ESG data providers, aiming to enhance transparency and reliability, requiring disclosure of methodologies.
Investment groups urge EU to delay changes in SFDR. On the 4th of December, the EBAs published in a report their recommendations on updated PAIs in the SFDR.
In that regard, European investment groups advocate delaying changes to the SFDR, cautioning against risks to investor confidence and disclosure reliability, urging coordinated review and holistic reconsideration by the European Commission.
The Nature Restoration law was adopted by the European Parliament. The new law sets the objective of restoring at least 20% of the EU's land and sea areas by 2030 and all the ecosystems that need it by 2050.
EU strict rule on greenwashing
Members of the Parliament agreed on stricter rules to back green claims and labels, and better governance processes for sustainability labels.
The UK's Biodiversity Net Gain legislation, creating the world's first mandatory biodiversity credit market, now applies to small development sites, requiring a 10% net gain in biodiversity achieved through tradeable 'BNG' units.
SBTi announced revisions in its Corporate Net-Zero Standard in 2024, including guidance on scope 3 emissions and extending the use of environmental certificates for abatement for scope 3, though it won't validate carbon credits.
The European Central Bank published a working paper on bank climate commitments, lending, and engagement. Among key findings, the paper finds out that climate-aligned banks, despite increased participation and improved ESG ratings, do not show evidence of divestment from high-emissions sectors compared to non-signers.
On May 6th, the Climate Policy Initiative published a report on Brazilian Sustainable Taxonomy: Inputs for Classifying Land Use Activities. The reports highlights the importance of developing a comprehensive, technically sound Brazilian Sustainable Taxonomy for driving investments aligned with environmental sustainability.
The ESMA published its final report on Greenwashing, following the European Commission’s request for input on “greenwashing risks and the supervision of sustainable finance policies”. The reports contains recommendations for NCAs as well as for the European Commission and actions to be taken by ESMA in order to avoid further greenwashing.
In a statement regarding European Sustainability Reporting Standards (ESRS), the European Securities and Markets Authority (ESMA) emphasized that large public-interest entities will start publishing sustainability statements in 2025 as required by the CSRD. To support this, the ESMA highlighted the importance of establishing strong governance and internal controls, conducting transparent double materiality assessments clearly communicating the use of transitional reliefs.
European banks reported \"very low\" green asset ratios (GAR) in the first year of disclosures, with an average GAR of 2.3%, far below the EBA's 2021 estimate of 7.9%. Barclays highlighted significant data shortcomings impacting comparability, noting that many green assets are excluded from eligibility, skewing the GAR.
According to the Transition Pathway Initiative (TPI) Centre, around 30% of the largest global greenhouse gas emitters have set long-term climate targets aligned with limiting warming to 1.5°C, but none have detailed plans to achieve these goals. While the share of companies with such targets has increased from 7% to 30% since 2020, most lack intermediate targets and actionable strategies.
The UN-convened Net-Zero Asset Owners Alliance (NZAOA) has urged governments to adopt \"systemic\" reforms to limit global warming to 1.5°C, warning that current policies could lead to a 2.4°C–2.6°C temperature rise by century-end. NZAOA calls for reducing demand for oil and gas, increasing clean energy supply, and phasing out fossil fuel subsidies.
The European Central bank (BCE) emphasized that despite progress, the world is failing to meet the Paris Agreement’s goal of limiting warming to 2°C, with projections indicating a 2.9
°C rise if current trends continue. Frank Elderson underlined the need not only for transition investments but also for adaptation to the physical damages caused by climate change.
The European Financial Reporting Advisory Group (EFRAG) released draft guidance to help companies prepare climate transition plans in line with EU regulations. The guidance advises companies on aligning targets with the Paris Agreement’s 1.5°C goal, detailing emissions reduction strategies, and linking plans to investment
The UK government has launched a consultation to assess the value of implementing a Green Taxonomy, aiming to combat greenwashing and support sustainable finance. This follows extensive work initiated in 2021, but questions remain about its prioritization amid the focus on transition finance initiatives.
The ECB published a working paper, Going NUTS: The Regional Impact of Extreme Climate Events Over the Medium Term, analyzing the economic and demographic effects of extreme climate events across 1,160 EU regions. Heatwaves and droughts reduce medium-term output, while the impact of floods depends on regional income levels—high-income regions benefit from reconstruction, but less wealthy areas face lasting losses.
An European Banking Authority (EBA) staff paper evaluates how banks' financing aligns with the Paris Agreement’s target of limiting global warming to well below 2°C. Moving beyond traditional risk assessments, it focuses on banks' contributions to global warming through their corporate lending activities. The analysis finds that the implied temperature rise of non-SME corporate loan portfolios from selected EU banks averages between 3.7°C and 4.1°C — well above the Paris targets.
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This is the only event promoting the French Fintech savoir-faire in Austria and Germany. This presents the opportunity to meet top banks and get to know the local FinTech ecosystem during a tailored-made program between Vienna and Frankfurt! Carbon4 Finance has the honor being part of the French delegation.
","body":"November 5-6 Frankfort ¨November 7-8 Vienna
November 5th ♦ Deutsche Bank Digital Factory
November 6th ♦ TechQuartier
November 7th ♦ Erste Bank
November 8th ♦ Raiffeisen Bank
","contact":null,"start_date":"2021-11-05","start_time":"00:00:00","end_date":"2021-11-08","end_time":"23:30:00","locale":"en","published_at":"2021-12-01T16:57:50.113Z","created_at":"2021-11-30T11:34:12.958Z","updated_at":"2021-12-06T08:46:30.208Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":26,"name":"Find out more on the official website","url":"https://events-export.businessfrance.fr/fintechtour-deat/"}],"featured_image":{"id":2086,"name":"Capture-d%u2019écran-2018-10-01-à-17.19.45.png","alternativeText":"","caption":"","width":968,"height":291,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"small_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"small_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":145.75,"width":500,"height":150},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"medium_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":315.19,"width":750,"height":225},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"thumbnail_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":39.65,"width":245,"height":74}},"hash":"Capture_d_u2019ecran_2018_10_01_a_17_19_45","ext":".png","mime":"image/png","size":453.94,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:30:28.013Z","updated_at":"2021-11-30T11:30:28.031Z"},"download_image":null,"download_file":null}],"news_stories":[{"id":114,"title":"HSBC Global Asset Management collaborates with Carbon4 Finance to refine its analysis of the climate impact of issuers","slug":"hsbc-global-asset-management-collaborates-with-carbon4-finance-to-refine-its-analysis-of-the-climate-impact-of-issuers","subtitle":null,"body":"Today, the climate impact of companies is assessed through a static indicator: the carbon intensity, which measures, at a given moment, the company’s carbon emissions. To achieve the 2 ° C target of the Paris Climate Agreement, it is also necessary to look at the reality of a company’s strategic and financial commitment to a low carbon transition. The unique metric making possible to quantity this commitment today is the indicator which measures “carbon emission savings”[1] developed by Carbon4 Finance. This is the reason why HSBC Global Asset Management is starting a collaboration with Carbon4 Finance to refine its analysis of the invested companies regarding their climate trajectory.
“While measuring the carbon footprint is now quite common, measuring the real impact of companies in the medium to long term is proving difficult. However, we believe that the measurement of “avoided carbon emissions” developed by Carbon4 Finance is an excellent way to assess the climate trajectory of companies and that is why we have chosen to integrate it. This new climate metric may over time play a significant role in our overall process of integrating ESG factors, covering all geographies and all asset classes. “explains Xavier Desmadryl, Global Head of ESG Research & PRI, at HSBC Global Asset Management
Marie-Anne Vincent, Head of Business Development at Carbon4 Finance, says: “Identifying the real actors towards a low-carbon economy is a key challenge for all investors and we are proud to have been chosen by HSBC Global Asset Management in this initiative, that we hope is illustrative of a new way to manage investments.”
What are ‘carbon emission savings’ and why are they so important to consider?
In order to evaluate the alignment of a portfolio with the low-carbon transition, it is necessary to look beyond the carbon footprint and identify the opportunities and real actors of the climate transition: for example, by evaluating a company’s capacity to reduce its emissions, by enabling its customers or suppliers to decarbonize theirs, etc.
Carbon4 Finance developed an additional indicator within its transition risk methodology, Carbon Impact Analytics, to calculate the emissions savings (scopes 1, 2 and 3) of a company to steer investments towards solutions for a decarbonized economy.
Jean-Marc Jancovici, one of Carbon4 Finance partners, says: “to appreciate to what extent a company is resilient, or even favoured by, a low carbon transition, calculating avoided emissions is unavoidable”.
A company operating in a highly carbon intensive sector could contribute significantly to decreasing emissions by creating a disruptive product or process. For example, an insulation manufacturer or a bicycle manufacturer can emit a massive volume of greenhouse gas when looking only at the direct emissions, but nevertheless have a very positive contribution to the climate transition over the whole lifetime of their products.
The inclusion of emissions savings is crucial in order to help understand how disruptive a company is, either through more efficient processes, or through low carbon products or services.
Emissions savings are calculated by adding up the “avoided emissions” (comparing the company to the trajectory of its sector) and the “reduced emissions” of a company (comparing the company with itself over 5 years):
The “emission savings” indicator is key to understand the real impact of a company. This indicator is a powerful tool in order to identify the companies that have already entered into the climate transition and to measure the company’s action for the low carbon transition, providing figures that are much more meaningful and tangible than all the companies statements that claim carbon neutrality.
[1] Emissions savings are calculated by adding up the “avoided emissions” (comparing the company to the trajectory of its sector) and the “reduced emissions” of a company (comparing the company with itself over 5 years)
————————————–
Media enquiries to:
| Charles Clarke | +44(0) 207 991 8805 | charleswclarke@hsbc.com |
| Sophie Ricord | +33 1 40 70 33 05 | sophie.ricord@hsbc.fr |
| Alexia Soyeux | +33 1 76 21 10 00 | Alexia.soyeux@carbone4.com |
This press release is produced by HSBC Global Asset Management and Carbon4 Finance
---
The information contained herein is subject to change without notice. All non-authorised reproduction or use of this commentary and analysis will be the responsibility of the user and will be likely to lead to legal proceedings. This press release has no contractual value and is not by any means intended as a solicitation, nor an investment advice for the purchase or sale of any financial instrument in any jurisdiction in which such an offer is not lawful. Tax treatment depends on The individual circumstances of each client and may be subject to change in The future. Capital is not guaranteed. It is important to remember that the value of investments and any income from them can go down as well as up and is not guaranteed.
The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management on the markets, according to the information available to date. They do not constitute any kind of commitment from HSBC Global Asset Management.
Consequently, HSBC Global Asset Management will not be held responsible for any investment or disinvestment decision taken on the basis of the commentary and/or analysis in this document.
All data from HSBC Global Asset Management unless otherwise specified. Any third party information has been obtained from sources we believe to be reliable, but which we have not independently verified.
HSBC Global Asset Management
HSBC Global Asset Management should be referred to in full at all times to avoid confusion with any other financial services firms.
HSBC Global Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Global Asset Management connects HSBC’s clients with investment opportunities around the world through an international network of offices in 25 countries and territories, delivering global capabilities with local market insight. As at 30 June 2020, HSBC Global Asset Management managed assets totalling US$525bn on behalf of its clients. For more information, see www.global.assetmanagement.hsbc.com/
HSBC Global Asset Management is the marketing name for the asset management businesses of HSBC Holdings plc.
——————————————-
The HSBC Group
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,923bn at 30 June 2020, HSBC is one of the world’s largest banking and financial services organisations.
——————————————-
About Carbon4 Finance
Launched in 2016 and based in Paris, Carbon4 Finance brings to the financial sector the expertise of the consulting firm Carbone 4, which since 2007 has provided services in carbon accounting, scenario analysis and advice in all economic sectors.
Carbon4 Finance offers a complete set of climate data solutions covering both physical risk (CRIS Methodology: Climate Risk Impact Screening) and transition risk (CIA Methodology: Carbon Impact Analytics). These proprietary methodologies allow financial organisations to measure the carbon footprint of their portfolio, assess the alignment with a 2°C-compatible scenario and measure the level of risks that arise from events related to climate change.
Carbon4 Finance applies a rigorous “bottom-up” research-based approach, which means that each asset is analysed individually and in a discriminating manner. For more information, please visit https://carbon4-finance-app-git-trunk-koji-sas.vercel.app/
","contact":"","press_release":true,"publish_at":"2020-10-07T10:00:00.000Z","locale":"en","published_at":"2020-10-07T10:00:00.000Z","created_at":"2021-11-24T15:26:07.523Z","updated_at":"2022-01-12T11:15:53.853Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":16,"name":"Download the press release","url":"http://www.carbon4finance.com/wp-content/uploads/2020/10/HSBC-GAM_C4F-_-Press-release.pdf"}],"featured_image":null,"download_image":null,"download_file":null},{"id":117,"title":"Carbon4 Finance on tour in London and Dublin with Business France","slug":"carbon4-finance-on-tour-in-london-and-dublin-with-business-france","subtitle":"Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.","body":"
Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.
The tour, which aims to promote solutions provided by French fintech companies in the British and Irish markets, is an opportunity for Carbon4 Finance to present its solutions to banks, insurers, and asset managers.
Carbon4 Finance provides carbon data to enable asset managers, pension funds, banks and index providers to develop and implement investment and financing solutions which are aligned to a 2-degree world.
Our solutions:
For more information, or to meet us, please feel free to reach out : contact@carbon4finance.com
","contact":"contact@carbon4finance.com","press_release":null,"publish_at":"2018-06-12T10:00:00.000Z","locale":"en","published_at":"2018-06-12T10:00:00.000Z","created_at":"2021-11-30T11:26:12.750Z","updated_at":"2021-12-16T08:54:58.549Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[],"featured_image":{"id":2085,"name":"12_Fintechs5FPage5F1-1024x767.jpg","alternativeText":"","caption":"","width":1024,"height":767,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"large_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"large_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":108.43,"width":1000,"height":749},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"small_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"small_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":35.12,"width":500,"height":375},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"medium_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"medium_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":69.28,"width":750,"height":562},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"thumbnail_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"thumbnail_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":8.42,"width":208,"height":156}},"hash":"12_Fintechs5_F_Page5_F1_1024x767","ext":".jpg","mime":"image/jpeg","size":112.98,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/12_Fintechs5_F_Page5_F1_1024x767.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:25:15.073Z","updated_at":"2021-11-30T11:25:15.095Z"},"download_image":null,"download_file":null},{"id":118,"title":"Carbon4 Finance is excited to be a part of GreenTech Hub","slug":"carbon4-finance-is-excited-to-be-a-part-of-greentech-hub","subtitle":"Carbon4 Finance is excited to be a part of ‘GreenTech Hub : Frankfurt’s dedicated platform for startups in the green tech, clean energy and sustainable development sectors’","body":"Located in the heart of Frankfurt, TechQuartier provides access to a valuable network of startups, corporates, investors, talents and mentors. TQ not only offers an inspiring place to work and collaborate, but also represents a large community of forward-thinking professionals eager to connect and learn. With its numerous programs and events, TQ’s mission is to provide the tools and resources to innovators so that they can change the world.
What exactly is the GreenTech Hub? Find out more on the website
","contact":null,"press_release":null,"publish_at":"2019-01-09T11:00:00.000Z","locale":"en","published_at":"2019-01-09T11:00:00.000Z","created_at":"2021-11-30T11:37:04.363Z","updated_at":"2021-12-17T16:50:51.983Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":27,"name":"What exactly is the GreenTech Hub? Find out more on the website","url":"https://techquartier.com/greentechhub/"}],"featured_image":{"id":2087,"name":"GreenTech-Hub-carbon-4-600x286.png","alternativeText":"","caption":"","width":600,"height":286,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_Green_Tech_Hub_carbon_4_600x286.png","hash":"small_Green_Tech_Hub_carbon_4_600x286","mime":"image/png","name":"small_GreenTech-Hub-carbon-4-600x286.png","path":null,"size":330.97,"width":500,"height":238},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Green_Tech_Hub_carbon_4_600x286.png","hash":"thumbnail_Green_Tech_Hub_carbon_4_600x286","mime":"image/png","name":"thumbnail_GreenTech-Hub-carbon-4-600x286.png","path":null,"size":84.36,"width":245,"height":117}},"hash":"Green_Tech_Hub_carbon_4_600x286","ext":".png","mime":"image/png","size":350.3,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Green_Tech_Hub_carbon_4_600x286.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:37:00.737Z","updated_at":"2021-11-30T11:37:00.750Z"},"download_image":null,"download_file":null},{"id":119,"title":"Latest collaboration","slug":"latest-collaboration","subtitle":"January 2020","body":"Carbon4 Finance is proud to start its collaboration with UnipolSai.
UnipolSai Assicurazioni S.p.A. is the insurance company of the Unipol Group, the Italian leader in Non-Life business and motor vehicle TPL in particular.
UnipolSai becomes our first italian client using Carbon Impact Analytics (CIA).
CIA is a methodology for assessing the full climate impact of portfolios through bottom-up measurement of greenhouse gas (GHG) emissions directly and indirectly induced and saved. The method also provides an assessment of the alignment of investor and lender portfolios with a climate-focused strategy.
This methodology can be used to :
Read more about our CIA methodology
","contact":"contact@carbon4finance.com","press_release":null,"publish_at":"2020-01-09T11:00:00.000Z","locale":"en","published_at":"2020-01-09T11:00:00.000Z","created_at":"2021-11-30T11:46:40.765Z","updated_at":"2021-12-21T10:42:03.817Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[],"featured_image":{"id":2088,"name":"UnipolSai.jpg","alternativeText":"","caption":"","width":287,"height":228,"formats":{"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Unipol_Sai.jpg","hash":"thumbnail_Unipol_Sai","mime":"image/jpeg","name":"thumbnail_UnipolSai.jpg","path":null,"size":5.15,"width":196,"height":156}},"hash":"Unipol_Sai","ext":".jpg","mime":"image/jpeg","size":8.16,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Unipol_Sai.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:46:07.368Z","updated_at":"2021-11-30T11:46:07.380Z"},"download_image":null,"download_file":null},{"id":128,"title":"Carbon4 Finance response to the SEC’s Public Consultation on Climate Change Disclosures","slug":"carbon4-finance-response-to-the-sec-s-public-consultation-on-climate-change-disclosures","subtitle":null,"body":"Carbon4 Finance welcomes the opportunity to provide feedback on the Securities and Exchange Commission’s (SEC’s) request for public input on climate-related financial disclosures. As specialists in the low-carbon transition, we applaud SEC’s growing interest for climate change-related challenges, and we strongly support the development of sustainability disclosures to equip investors in their investment decisions.
Greenhouse gases emissions linked to human activity will induce a climate change that experts agree will have major consequences on our economy and society. Knowledge of exposure to these risks but also to potential opportunities related to climate change is therefore an issue at stake for investors, for the future of financial performances and its preservation.
It is undeniable that climate change poses a systemic risk to financial investments. Investors need to assess and monitor physical risks and transition risks, and the assessment and measure of these risks are based on company disclosures. Back in 2015, the landmark Paris Climate Agreement identified and encouraged ESG disclosures as a key tool to support the low-carbon transition.
In this context, reliable disclosures of risks, financial impacts, and opportunities related to climate change is crucial as to inform investors for decision-making purposes. Climate change mandatory reporting provides an initial quantitative assessment of each company’s climate data and its related challenges, an understanding of their carbon performances related to benchmarks, and whether they are aligned with international objectives in the fight against climate change. A real-world example comes from France, where the implementation of climate change reporting for large companies provided investors with the tools to activate financing towards companies tackling climate change. It is therefore key for investors, regulators and data providers to access differentiating data as to understand a company’s awareness of its climate change impact. With future sustainable disclosures from the SEC, investors will own the appropriate tool to become actor in the climate transition.
Created in 2016, Carbon4 Finance (C4F) provides institutional investors with comprehensive and reliable climate data to assess the climate risks and opportunities of their investment portfolios and build environmental investment strategies. Our clients are asset managers, asset owners, banks and index providers willing to report their climate performances or develop climate investment tools and policies based on custom climate data solutions.
Carbon4 Finance offers a complete analysis of climate risks:
• A bottom-up analysis that goes beyond sectoral analysis, enabling the identification of the climate-related best performing companies within each sector;
• An exhaustive analysis of the carbon footprint, identifying both risks and opportunities, including the calculation of induced emissions and emissions savings (scope 1, 2 and scope 3 emissions upstream and downstream).
Carbon4 Finance climate methodologies build on the 13 years of experience of our consulting entity Carbone 4, in performing life-cycle GHG assessments. These methodologies were designed by consulting engineers, specialized by economic sector. Carbone 4’s co-founder Jean-Marc Jancovici developed the Bilan Carbone® (known as Carbon Footprint) method for the ADEME, reference accounting methodology in France which went on to influence international standards. Carbone 4 strongly contributed to the working group for the ISO 14069 and associated guide which specifies rules for GHG emissions accounting. Carbone 4 was also involved in the Finance for Tomorrow working group to support the construction of the 50 ClimActs launched on the One Planet Summit in December 2017. Finally, Carbon4 Finance is represented among the TEG (Technical Expert Group) of the EU that is establishing EU-wide standards on green taxonomy.
In our recent reports on the Oil & Gas1 and Power2 sectors, Carbon4 Finance analyzed companies’ degree of exposure to transition risk, observed the historical trends of their absolute emissions (Scope 1, 2 and 3), and assessed the strategies activated to align with the global objective of decarbonizing the economy. These results where collected based on CIA (Carbon Impact Analytics)3 analysis campaigns conducted in 2020 and measured the exposure of companies to transition risk via an overall rating (from A+ to E-) and various sectoral indicators. We believe these results may guide the Commission in assessing the materiality of climate-related disclosures related to the Oil & Gas and Power sectors. Those reports are enclosed to this Public Consultation feedback.
Besides climate data, Carbon4 Finance together with CDC Biodiversité (French actor on biodiversity protection), will launch the Biodiversity Impact Analytics (BIA) Database powered by the GBS®. Combining experiences on climate data and biodiversity footprint methodology, this database will allow investors to assess the impact on biodiversity of their portfolio with a large coverage in terms of assets and markets.
As providers of climate risk data for the financial sector, we welcome the opportunity to provide our input on the selected questions below.
Question 1
How can the Commission best regulate, monitor, review, and guide climate change disclosures in order to provide more consistent, comparable, and reliable information for investors while also providing greater clarity to registrants as to what is expected of them? Where and how should such disclosures be provided? Should any such disclosures be included in annual reports, other periodic filings, or otherwise be furnished?
We strongly support the Commission’s willingness to enhance reporting guidelines as to provide more consistent, comparable and reliable information for investors. As we mentioned earlier, investors need to access actionable climate data, as climate change poses a systemic risk to financial investments.
Question 2
What information related to climate risks can be quantified and measured? How are markets currently using quantified information? Are there specific metrics on which all registrants should report (such as, for example, scopes 1, 2, and 3 greenhouse gas emissions, and greenhouse gas reduction goals)? What quantified and measured information or metrics should be disclosed because it may be material to an investment or voting decision? Should disclosures be tiered or scaled based on the size and/or type of registrant)? If so, how? Should disclosures be phased in over time? If so, how? How are markets evaluating and pricing externalities of contributions to climate change? Do climate change related impacts affect the cost of capital, and if so, how and in what ways? How have registrants or investors analyzed risks and costs associated with climate change? What are registrants doing internally to evaluate or project climate scenarios, and what information from or about such internal evaluations should be disclosed to investors to inform investment and voting decisions? How does the absence or presence of robust carbon markets impact firms’ analysis of the risks and costs associated with climate change?
In accordance with Marc Carney’s discourse on the “Tragedy of the horizon”, three main climate risks categories are identified: transition risks, physical risks and liability risks. In terms of disclosure, we believe both transition and physical risks should be evaluated by the Commission.
Climate transition risks are the risks involved with the adjustment process towards a low carbon economy (regulatory development, technological breakthrough, etc.). As to enable an energy transition, it is necessary to shift away from carbon-intensive investments and to mitigate climate change. Beyond the carbon footprint, it is essential to consider the capacity of a company to contribute to the energy and climate transition.
We identify several metrics which registrants should report on as to enable investors embedding transition risks in their investment strategy.
First, reporting should contain induced emissions, comprising the Scope 1, Scope 2 and Scope 3 emissions most material to their activities, by business segment. All scopes’ consistency should be transparent, and calculation methodology should be subject to comprehensive explanations. Historical data should be reported as to comprehend the registrant’s ability to reduce its emissions over time. As activity data is key as to back up the emissions reported by companies, physical data on energy consumption would provide higher granularity and consistency of data.
Focusing on emissions savings, it is a climate metric which we believe the Commission should carefully assess, as it helps investors to steer investments towards solutions for a decarbonized economy. Today, the climate impact of companies is assessed through a static indicator: the carbon intensity, which measures, at a given moment, a company’s carbon emissions. To achieve the 2° C target of the Paris Climate Agreement, it is also necessary to look at the reality of a company’s strategic and financial commitment to a low carbon transition. A metric providing the means to quantity this commitment is the “carbon emission savings” indicator, which was developed by Carbon4 Finance, and successfully applied by investors, i.e., our clients, in their sustainable investment strategy.
Emissions savings are calculated by adding up the “avoided emissions” (comparing the company to the trajectory of its sector) and the “reduced emissions” of a company (comparing the company with itself over 5 years):
•avoided emissions are the emissions that are avoided by the company’s products and services; they are calculated by comparing the emissions with a sectorial baseline scenario (i.e. an IEA scenario 2°), or with the substitution by low-carbon solutions. A company avoids emissions if there is a positive gain between the induced emissions of the company on the one hand, and the baseline sectoral emissions scenario on the other hand.
•reduced emissions are the volume of emissions lowered through a process efficiency over time: an emission reduction is a real decrease of the company’s carbon intensity over 5 years.
The “emission savings” indicator is key to understand the real impact of a company. This indicator is a powerful tool as to identify companies that have already entered the climate transition and to measure the companies’ action for the low carbon transition, providing figures that are more meaningful and tangible than all the companies statements that claim carbon neutrality.
While induced and emissions savings can be used to report on a company’s current performance, it is important to have a forward-looking view of the company. Extra-financial disclosures should contain the detailed climate change mitigation strategy of the registrants, with targeted emissions reduction as well as the intermediary actions to achieve the target(s). In accordance with the Paris Climate Agreement, a strategy towards a 2° aligned economy should be set out. Governance and oversight of climate change-related challenges should also be disclosed as to ensure management is involved in the monitoring of the climate change forward-looking strategy. We will further tackle this point in the Question 8.
Lastly, as to demonstrate companies’ willingness to shift their business towards climate change mitigation, they should disclose their investment and R&D in low-carbon projects. It is indeed by reporting low-carbon investments that companies show investors they are equipped with the necessary resources as to mitigate the climate transition risks. Investors need to ensure that issuers align consistent resources as to tackle climate risks.
The other category of risk which should be addressed in companies’ disclosures, are the physical risks. It represents the exposure and vulnerability of registrants to physical consequences of climate change (see our CRIS Methodology4).
To enable investors to understand and manage company risks and to engage in dialogue with registrants, companies should identify in their reporting acute and chronic climate hazards as well as adaptation strategies to withstand these risks.
Registrants should disclose the geographical area of their activities, and the location of assets in sectors most affected to physical risks. This would provide investors with accurate data as to identify the companies most subject to natural disasters.
Question 4
What are the advantages and disadvantages of establishing different climate change reporting standards for different industries, such as the financial sector, oil and gas, transportation, etc.? How should any such industry-focused standards be developed and implemented?
The challenges arising from climate change vary by economic sector, both in terms of levers for reducing emissions and in terms of innovations. Roughly 80% of worldwide GHG emissions are generated by some sectors, on which climate disclosure efforts should be prioritized.
We recommend the SEC to concentrate its efforts on assets that have a material impact on the carbon performance of investee companies.
Carbon4 Finance develops sector-specific indicators and calculation modules to factor in the specificities of each sector. This in-depth assessment of the portfolio constituents covers all operating segments and is based on several operational and company-specific data: production volumes (tons of steel, MWh per source, etc.), production or sales locations, energy efficiency of the process, sources of supply, etc. This operational data is collected from various reports made publicly available by the company (annual, CSR and ESG reports). The disclosure of these consistent, comparable, and reliable data would inform investors on the most material risks to consider for each sector.
The graph below, retrieved from our database, illustrates the breakdown of induced Scope 1&2 and Scope 3 emissions by sector, for the S&P 500 index. It shows that the Commission should first tackle the industries which have a stronger impact on climate change via their Scope 1&2, and Scope 3 emissions.
Question 8
How, if at all, should registrants disclose their internal governance and oversight of climate-related issues? For example, what are the advantages and disadvantages of requiring disclosure concerning the connection between executive or employee compensation and climate change risks and impacts?
As governance on climate change is crucial as to monitor the achievement of related targets, registrants should clearly and transparently define the bodies in charge of tackling climate change starting from the highest-level positions in the management (including the Executive Committee). Companies should define the Board-level oversight and responsibility over carbon performances. Governance on climate change is key for investors as to verify the consistency of reported quantitative data on transition and physical risks. An appropriate governance strengthens a registrant’s capability to address this challenge.
Additionally, registrants should disclose if any (financial) incentives linked to the achievement of climate change-related metrics are provided by the management. With that disclosed information, investors would understand if the achievement of the climate change mitigation strategy is more likely to succeed.
As to raise awareness of individuals within issuers’ entity, disclosure on whether the company encourage employees to pay attention to climate change or provide trainings on that matter should be provided.
Question 14
What climate-related information is available with respect to private companies, and how should the Commission’s rules address private companies’ climate disclosures, such as through exempt offerings, or its oversight of certain investment advisers and funds?
The Commission should address private companies’ disclosures by integrating induced emissions (Scopes 1&2 and Scope 3) as a mandatory metric. Without activity and emissions data, it prevents investors from making an initial quantitative screening on carbon performances, major orders of magnitudes and the associated climate risks as to understand their origin (sector, activities, value chain, location, etc.).
Both private and public companies should be actors in the fight against climate change, which should be demonstrated by appropriate climate change disclosures.
Footnotes
Carbon4 Finance and CDC Biodiversité announced a partnership with Vontobel’s Quality Growth Boutique in the United States to measure the biodiversity impact of its assets, based on the Biodiversity Impact Analytics database powered by the Global Biodiversity Score® (BIA-GBS).
Combining Carbon4 Finance’s recognized experience with climate data and the robustness of the GBS® biodiversity footprint methodology developed by CDC Biodiversité, this database allows companies like Vontobel to assess the biodiversity impact of its portfolio with a broad global coverage of the listed assets.
The partnership comes at a moment when financial actors need better information to incorporate nature-related risks and opportunities into their strategic planning, risk management and asset allocation decisions.
2021 is a pivotal year for taking action to protect nature and biodiversity with the launch of the Taskforce on Nature-related Financial Disclosures (TNFD) and the upcoming COP15 (Part 2) on Biodiversity in China in Spring 2022. The involvement of the financial sector, which represents broad ownership interests, will play a central role as investment is a powerful driver of corporate practices. Finance and ownership need to ensure the sustainability of nature’s biodiversity where possible, just as it does in the fight against climate change. To be effective, reliable data are necessary to link the impact of individual companies and portfolios to their real world impact on biodiversity.
Marie-Anne Vincent, CEO at Carbon4 Finance, said, “we are thrilled to start this new partnership with Vontobel’s Quality Growth Boutique to extend our biodiversity expertise in the US. We believe that climate change and biodiversity loss must be addressed together, which is why Carbon4 Finance strives to provide investors with robust climate and biodiversity impact data, in order to build ambitious biodiversity strategy and engagement with corporates”.
“We are delighted that Vontobel’s Quality Growth Boutique decided to use the BIA-GBS database. This is a great mark of confidence for us and a major step forward in the international commitment to biodiversity. The protection of biodiversity will have to be global, and we are pleased that Vontobel is moving in this direction.”, says Marc Abadie, Chairman of CDC Biodiversité.
Sudhir Roc-Sennett, Head of ESG and Thought Leadership at the Vontobel Quality Growth Boutique said, “We are excited that Carbon4 Finance and CDC Biodiversité have built this important database. It provides us a lay of the land of biodiversity impact across countries and sectors, as well as at the company-specific level. We are delighted to facilitate their entry into the United States.”
Find out more about Biodiversity Impact Analytics
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A key step in bringing to life the common stance adopted by the Eurosystem on climate-change
The assignment of Carbon4 Finance follows the announcement in 2021 of a common approach by the Eurosystem Central Banks to apply sustainable and responsible investment principles in the euro-denominated non-monetary policy portfolios[1] that they each manage under their own responsibility. Within this common stance, the Eurosystem aims to start climate-related disclosures beginning of 2023 including the measurement and disclosure of greenhouse gas (GHG) emissions and other SRI metrics of these portfolios consistent with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and potentially other portfolios in the future. By improving the awareness and understanding of climate-related risks, the common endeavor will help all Eurosystem members to contribute to the transition to a low-carbon economy and to EU climate goals.
Carbon4 Finance data enables to assess exposure of central banks assets
Carbone4 Finance provides data covering both physical risks caused by global warming and transition risks supported by assets as the world shifts to a low-carbon economy. It comprises data and/or methodologies on Scope 1, Scope 2 and Scope 3 GHG emissions, GHG intensity data, avoided emissions and forward-looking elements. These data allow to follow main economic sectors and issuer-types with data relating to securities/asset classes such as sovereign and sub-sovereign bonds, supranational and agency bonds, corporate bonds, covered bonds, green bonds and equity. Carbon4 Finance has a worldwide coverage with more than 124,000 ISINs and 8,000 entities.
A framework contract signed with Deutsche Bundesbank
Deutsche Bundesbank, which acted as Lead Central Bank during the procurement process entered into a contract with Carbon4 Finance and will be one of the first central banks that will obtain the data from Carbon4 Finance. All other ESCB central banks have the opportunity to join this framework agreement for using climate-related data from Carbon4 Finance for regulatory tasks and activities being necessary for the performance of its missions and responsibilities.
“The availability of comprehensive, consistent and timely data is the key to everything we do,” says Sabine Mauderer, the member of the Bundesbank’s Executive Board responsible for markets. “The better the data situation, the more targeted our actions can be.”
“From the very beginning, Carbon4 Finance's strategy has been to produce data that allow corporates, asset managers, banks to understand how the underlying assets in their portfolios are exposed to the risks of climate change, but also how they can contribute to the transition to a low carbon world. We follow rigorous scientific criteria and approaches, stemming from the Carbone 4 group's extensive experience in strategic consultancy and proven expertise in delivering leading-edge methodologies. At a time when the IPCC warns of irreversible impacts of global warming and increasing business and societal disruption, with an urgent call to action to the business community, we are delighted to see that the Eurosystem embraces this point of view.” said the partners of Carbone 4.
“Climate change is a challenge not just to the global economy and the societies but also to the financial system. To support the finance sector in rapidly and massively addressing climate issues, our mission is to provide financial institutions with relevant data to help them better integrate related risks in their portfolio strategy as well as in their reporting. We are happy to have been selected by the Deutsche Bundesbank as Lead Central Bank in this procurement procedure on behalf of the whole ESCB/Eurosystem. Our strong methodologies and data quality on transition and physical risks as well as our team expertise on the different sectors and on the different assets and green bonds were instrumental for this recognition.” added the partners..
The three partners of Carbone 4 are Alain Grandjean, Jean-Marc Jancovici and Laurent Morel.
[1] Euro-denominated non-monetary policy portfolios contain the assets held by Eurosystem central banks that are not related to monetary policy operations. They include euro-denominated investment portfolios and staff pension funds.
About Carbon4 Finance
Carbon4 Finance is part of Carbone 4, a Paris-based group comprising the first independent consultancy firm specialized in low-carbon strategy and adaptation to climate change.
Created in 2016, Carbon4 Finance provides institutional investors with comprehensive and reliable climate, carbon, and biodiversity data, in order to assess the risks and opportunities of their investment portfolios and build environmental investment strategies. Its clients are asset managers, asset owners, banks and index providers willing to report their climate and environmental performances or develop investment tools and policies based on custom data solutions.
Carbon4 Finance offers a complete analysis of climate and environmental risks:
• Carbon Impact Analytics (CIA) offers a bottom-up analysis that goes beyond sectoral analysis, enabling the identification of the climate-related best performing companies within each sector; it provides an exhaustive analysis of the carbon footprint, identifying both risks and opportunities, including the calculation of induced emissions and emissions savings (scope 1, 2 and scope 3 emissions upstream and downstream).
• Climate Risk Impact Screening (CRIS) is a method developed for financial service providers to assess the exposure of their asset portfolio to physical risks (heat waves, droughts, sea level rise, storms …) CRIS provides indicators that allow us to obtain several levels of detail on physical risks: from an overall assessment for reporting purposes to a detailed assessment to engage with underlying companies.
• Launched in 2021, Biodiversity Impact Analytics Database powered by the GBS® (BIA-GBS) is an integrated impact database that provides an overall and integrated vision of the biodiversity footprint at the issuer and portfolio level, considering the full value chains of the underlying companies.
For more information, visit www.carbon4finance.com
Media contact:
Alexia Soyeux - Communication and marketing manager
+ 33 1 1 76 21 10 00
Isabelle Laurent - OPRG Financial
+ 33 6 42 37 54 17
isabelle.laurent@oprgfinancial.fr
Victor Morelle - OmnicomPRGroup
+ 33 6 18 83 59 55
victor.morelle@omnicomprgroup.com
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The revised Corporate Sustainability Due Diligence Directive has been approved by a key European parliamentary committee, but further votes are required in the full parliament and European Council due to significant changes in the text.
Annual report of the Cour des Comptes - role of banking and financial institutions: In its latest annual report, the Court of Auditors pointed out that the financial sector still had some progress to make in the sustainable transition area, particularly with regard to the methods used to avoid greenwashing.
In its \"Footprints of Investments\" report, Amundi called on investors to use MSA to better monitor their impact on biodiversity.
They point out that :
- MSA can help investors better understand their impact on a habitat over time
- aggregate the performance of their portfolio
- it is a easy-to-understand metric - a good starting point for non-experts
Every week, Carbon4 Finance shares the latest headlines in sustainable finance.
The TPT has published sector guidance to complement the TPT Disclosure Framework. This document offers transition plan guidance for 30 financial and real economy sectors, providing a concise overview including recognized decarbonization levers, metrics, targets, and key guidance sources. Seven sectors lack a Sector Summary, as they are covered by deep-dive guidance from the Transition Plan Taskforce (TPT): Asset Managers, Asset Owners, Banks, Electric Utilities & Power Generators, Food & Beverage, Metals & Mining, and Oil & Gas.
Finance Watch advises insurers to create transparent transition plans addressing climate risks. With the Solvency II revision mandating such plans, Finance Watch stresses the importance of reducing emissions and ensuring long-term sustainability. Insurers face societal pressure to stop backing high-risk projects, emphasizing the need for comprehensive risk assessment for financial stability amid climate challenges.
Clarification statement to the SBTi Board of Trustees Statement on use of environmental attribute certificates, including but not limited to voluntary carbon markets, for abatement purpose limited to scope 3 - April 12 2024
Oxfam publie un nouveau rapport intitulé « Banques : des engagements climat à prendre au 4ème degré » et lève le voile sur l’empreinte carbone colossale des banques françaises en analysant les émissions de gaz à effet de serre issues des activités de financement et d’investissement des six principales banques françaises, et en leur attribuant une « température ».
Le rapport révèle ainsi que l’empreinte carbone de ces 6 banques françaises (BNP Paribas, Crédit Agricole, Société Générale, Banque Populaire Caisse d’Epargne, Crédit Mutuel et la Banque Postale)
En savoir plus sur la méthodologie de Carbon4 Finance
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Download the report in english
"}],"annex":[],"footnotes":[{"id":624,"number":1,"text":"Par rapport à l’année 2100 - scénarios de l’AIE
"}],"sources_groups":[],"links":[],"external_authors":[],"external_contributors":[],"custom_pdf":null,"featured_image":{"id":2965,"name":"andrew-kliatskyi-P46Fz8onsbs-unsplash.jpg","alternativeText":"","caption":"","width":1920,"height":2880,"formats":{"large":{"ext":".jpg","url":"https://carbon4finance.com/files/large_andrew_kliatskyi_P46_Fz8onsbs_unsplash.jpg","hash":"large_andrew_kliatskyi_P46_Fz8onsbs_unsplash","mime":"image/jpeg","name":"large_andrew-kliatskyi-P46Fz8onsbs-unsplash.jpg","path":null,"size":158.49,"width":667,"height":1000},"small":{"ext":".jpg","url":"https://carbon4finance.com/files/small_andrew_kliatskyi_P46_Fz8onsbs_unsplash.jpg","hash":"small_andrew_kliatskyi_P46_Fz8onsbs_unsplash","mime":"image/jpeg","name":"small_andrew-kliatskyi-P46Fz8onsbs-unsplash.jpg","path":null,"size":47.22,"width":333,"height":500},"medium":{"ext":".jpg","url":"https://carbon4finance.com/files/medium_andrew_kliatskyi_P46_Fz8onsbs_unsplash.jpg","hash":"medium_andrew_kliatskyi_P46_Fz8onsbs_unsplash","mime":"image/jpeg","name":"medium_andrew-kliatskyi-P46Fz8onsbs-unsplash.jpg","path":null,"size":93.91,"width":500,"height":750},"thumbnail":{"ext":".jpg","url":"https://carbon4finance.com/files/thumbnail_andrew_kliatskyi_P46_Fz8onsbs_unsplash.jpg","hash":"thumbnail_andrew_kliatskyi_P46_Fz8onsbs_unsplash","mime":"image/jpeg","name":"thumbnail_andrew-kliatskyi-P46Fz8onsbs-unsplash.jpg","path":null,"size":7.81,"width":104,"height":156}},"hash":"andrew_kliatskyi_P46_Fz8onsbs_unsplash","ext":".jpg","mime":"image/jpeg","size":1300.59,"url":"https://carbon4finance.com/files/andrew_kliatskyi_P46_Fz8onsbs_unsplash.jpg","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-07-27T14:01:54.762Z","updated_at":"2023-07-27T14:01:54.773Z"},"pdf":{"id":3016,"name":"317-publication-mines-and-metals.pdf","alternativeText":null,"caption":null,"width":null,"height":null,"formats":null,"hash":"317_publication_mines_and_metals","ext":".pdf","mime":"application/pdf","size":1180.32,"url":"https://carbon4finance.com/files/317_publication_mines_and_metals.pdf","previewUrl":null,"provider":"aws-s3-plus-cdn","provider_metadata":null,"created_at":"2023-11-20T17:00:11.087Z","updated_at":"2023-11-20T17:00:11.087Z"},"download_image":null,"download_file":null}],"webinars":[{"id":36,"title":"Webinar: How to anticipate climate-related risks with data","slug":"webinar-how-to-anticipate-climate-related-risks-with-data","subtitle":null,"video_url":"https://youtu.be/2KjWG2OYZ5U","publish_at":"2020-04-28T10:00:00.000Z","webinar_date":"2020-05-07","color":"orange","body_font":null,"start_date":"2020-05-07","start_time":"16:00:00","end_date":"2020-05-07","end_time":"17:00:00","publication":null,"locale":"en","published_at":"2020-04-28T10:00:00.000Z","created_at":"2021-11-24T16:29:18.355Z","updated_at":"2022-01-12T17:58:29.964Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":19,"name":"Download Slides","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Climate_Risk_Data_Webinar_Carbon4_Finance.pdf"}],"external_authors":[],"body":[{"__component":"content.body","id":892,"content":"The Covid-19 crisis and its multiple and cascading worldwide impacts warns us that we are definitely not prepared for the unexpected.
Regarding climate change, we are aware that the world will face brutal consequences in the near future. We need to address climate action urgently, by reducing massively CO2 emissions and by anticipating both physical climate risks and transition risks.
Such climate risks mean that some sectors will face major shifts in their asset values.
The financial sector, which will be increasingly exposed to those risks, is also on the front line when it comes to tackling climate action and redirect investments.
Therefore, in order to develop a forward looking view or those risks and opportunities, it needs reliable and relevant climate data to integrate transition risks into investment or credit decision-making.
– What are exactly physical and transition climate-related risks?
– How carbon and climate data can help financial actors avoid and prevent those risks?
– What lessons can we learn from the coronavirus crisis for the anticipation of climate change impacts?
We answered those questions during a webinar on May 7th – 4 to 5 PM (UTC+2) with:
Jean-Marc Jancovici, founding partner of Carbone 4 and Carbon4 Finance,
Jean-Yves Wilmotte, leader of the Finance practice at Carbone 4,
and Marie-Anne Vincent, head of business development at Carbon4 Finance
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Contenu disponible en français
HSBC Global Asset Management et Carbon4 Finance ont présenté le nouvel indicateur climatique développé par Carbon4 Finance lors d’un webinar le 3 novembre 2020 : les “émissions économisées”.
De quoi s’agit-il ? Les émissions économisées correspondent à la sommes des émissions évitées et des émissions réduites.
Les émissions évitées quantifient ce que les clients d’un produit ou service vont émettre en moins par rapport à un scénario de référence. Le plus souvent cela correspondra à la différence entre émissions après et avant achat. Par exemple, si vous vendez de la laine de verre pour isoler un logement chauffé au gaz ou au fioul, les émissions du logement après achat sont inférieures à celles avant. Ici, les émissions évitées correspondent à la différence sur la durée de vie du produit. Les émissions réduites quant à elles correspondent à l’amélioration de l’efficacité d’un processus de production d’une entreprise sur une période donnée.
Ces émissions économisées illustrent donc l’avantage concurrentiel de l’activité dans un monde où les émissions de CO2 sont globalement contraintes à la baisse.
A l’occasion du lancement de la collaboration entre HSBC Global Asset Management et Carbon4 Finance, Xavier Desmadryl a expliqué comment cet indicateur innovant permet d’affiner l’analyse des entreprises dans lesquelles HSBC investit ou souhaite investir au regard de leur trajectoire climatique.
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The food and beverage sector (including pre- and post-production activities) is one of the most emissive economic sectors, as it is responsible for about a third of total anthropogenic emissions, while agriculture alone produced more than 18% of global emissions in 2016.
In January, Carbon4 Finance published a report to summarize the results of the CIA (Carbon Impact Analytics) campaign, to identify the carbon performance and climate transition risk of 95 food and beverage companies.
Together, these companies amount to about 2 000 billion euros in market capitalization, representing approximately half of the sector’s total market capitalization.
"}],"external_speaker":[],"featured_image":{"id":2563,"name":"bence-balla-schottner-b1FS5jQrsLo-unsplash.jpg","alternativeText":"","caption":"","width":1920,"height":1920,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_bence_balla_schottner_b1_FS_5j_Qrs_Lo_unsplash.jpg","hash":"large_bence_balla_schottner_b1_FS_5j_Qrs_Lo_unsplash","mime":"image/jpeg","name":"large_bence-balla-schottner-b1FS5jQrsLo-unsplash.jpg","path":null,"size":501.42,"width":1000,"height":1000},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_bence_balla_schottner_b1_FS_5j_Qrs_Lo_unsplash.jpg","hash":"small_bence_balla_schottner_b1_FS_5j_Qrs_Lo_unsplash","mime":"image/jpeg","name":"small_bence-balla-schottner-b1FS5jQrsLo-unsplash.jpg","path":null,"size":115.56,"width":500,"height":500},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_bence_balla_schottner_b1_FS_5j_Qrs_Lo_unsplash.jpg","hash":"medium_bence_balla_schottner_b1_FS_5j_Qrs_Lo_unsplash","mime":"image/jpeg","name":"medium_bence-balla-schottner-b1FS5jQrsLo-unsplash.jpg","path":null,"size":270.46,"width":750,"height":750},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_bence_balla_schottner_b1_FS_5j_Qrs_Lo_unsplash.jpg","hash":"thumbnail_bence_balla_schottner_b1_FS_5j_Qrs_Lo_unsplash","mime":"image/jpeg","name":"thumbnail_bence-balla-schottner-b1FS5jQrsLo-unsplash.jpg","path":null,"size":7.55,"width":156,"height":156}},"hash":"bence_balla_schottner_b1_FS_5j_Qrs_Lo_unsplash","ext":".jpg","mime":"image/jpeg","size":1618.16,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/bence_balla_schottner_b1_FS_5j_Qrs_Lo_unsplash.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2022-02-24T10:14:54.740Z","updated_at":"2022-02-24T10:14:54.782Z"},"download_image":null,"download_file":null},{"id":53,"title":"The finance industry's carbon footprint","slug":"webinar-carbon-footprint-finance","subtitle":null,"video_url":"https://www.youtube.com/watch?v=06Kfc2UrLiE","publish_at":"2022-03-23T11:00:00.000Z","webinar_date":"2022-02-22","color":null,"body_font":null,"start_date":null,"start_time":null,"end_date":null,"end_time":null,"publication":null,"locale":"en","published_at":"2022-03-23T11:00:00.000Z","created_at":"2022-03-23T16:11:16.131Z","updated_at":"2022-04-26T11:54:29.752Z","migrated":false,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[],"external_authors":[],"body":[{"__component":"content.body","id":973,"content":"
February 15th
Organized by CFA Society France and Natixis, the finance industry's carbon footprint Conference was an opportunity to talk about carbon accounting, and what financial institutions can do regarding the climate issues
A panel of experts discussed the challenges of carbon emissions and how the banking industry could/should take them into account.
This is the only event promoting the French Fintech savoir-faire in Austria and Germany. This presents the opportunity to meet top banks and get to know the local FinTech ecosystem during a tailored-made program between Vienna and Frankfurt! Carbon4 Finance has the honor being part of the French delegation.
","body":"November 5-6 Frankfort ¨November 7-8 Vienna
November 5th ♦ Deutsche Bank Digital Factory
November 6th ♦ TechQuartier
November 7th ♦ Erste Bank
November 8th ♦ Raiffeisen Bank
","contact":null,"start_date":"2021-11-05","start_time":"00:00:00","end_date":"2021-11-08","end_time":"23:30:00","locale":"en","published_at":"2021-12-01T16:57:50.113Z","created_at":"2021-11-30T11:34:12.958Z","updated_at":"2021-12-06T08:46:30.208Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[{"id":26,"name":"Find out more on the official website","url":"https://events-export.businessfrance.fr/fintechtour-deat/"}],"featured_image":{"id":2086,"name":"Capture-d%u2019écran-2018-10-01-à-17.19.45.png","alternativeText":"","caption":"","width":968,"height":291,"formats":{"small":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"small_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"small_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":145.75,"width":500,"height":150},"medium":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"medium_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"medium_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":315.19,"width":750,"height":225},"thumbnail":{"ext":".png","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","hash":"thumbnail_Capture_d_u2019ecran_2018_10_01_a_17_19_45","mime":"image/png","name":"thumbnail_Capture-d%u2019écran-2018-10-01-à-17.19.45.png","path":null,"size":39.65,"width":245,"height":74}},"hash":"Capture_d_u2019ecran_2018_10_01_a_17_19_45","ext":".png","mime":"image/png","size":453.94,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/Capture_d_u2019ecran_2018_10_01_a_17_19_45.png","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:30:28.013Z","updated_at":"2021-11-30T11:30:28.031Z"},"download_image":null,"download_file":null}],"news_stories":[{"id":117,"title":"Carbon4 Finance on tour in London and Dublin with Business France","slug":"carbon4-finance-on-tour-in-london-and-dublin-with-business-france","subtitle":"Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.","body":"Carbon4 Finance is among the start-ups selected by Business France to join the “French Fintech tour”, from 3rd to 5th July 2018.
The tour, which aims to promote solutions provided by French fintech companies in the British and Irish markets, is an opportunity for Carbon4 Finance to present its solutions to banks, insurers, and asset managers.
Carbon4 Finance provides carbon data to enable asset managers, pension funds, banks and index providers to develop and implement investment and financing solutions which are aligned to a 2-degree world.
Our solutions:
For more information, or to meet us, please feel free to reach out : contact@carbon4finance.com
","contact":"contact@carbon4finance.com","press_release":null,"publish_at":"2018-06-12T10:00:00.000Z","locale":"en","published_at":"2018-06-12T10:00:00.000Z","created_at":"2021-11-30T11:26:12.750Z","updated_at":"2021-12-16T08:54:58.549Z","migrated":true,"download_title":null,"download_short_label":null,"download_long_label":null,"links":[],"featured_image":{"id":2085,"name":"12_Fintechs5FPage5F1-1024x767.jpg","alternativeText":"","caption":"","width":1024,"height":767,"formats":{"large":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/large_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"large_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"large_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":108.43,"width":1000,"height":749},"small":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/small_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"small_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"small_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":35.12,"width":500,"height":375},"medium":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/medium_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"medium_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"medium_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":69.28,"width":750,"height":562},"thumbnail":{"ext":".jpg","url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/thumbnail_12_Fintechs5_F_Page5_F1_1024x767.jpg","hash":"thumbnail_12_Fintechs5_F_Page5_F1_1024x767","mime":"image/jpeg","name":"thumbnail_12_Fintechs5FPage5F1-1024x767.jpg","path":null,"size":8.42,"width":208,"height":156}},"hash":"12_Fintechs5_F_Page5_F1_1024x767","ext":".jpg","mime":"image/jpeg","size":112.98,"url":"https://strapipreprod.s3.eu-west-3.amazonaws.com/12_Fintechs5_F_Page5_F1_1024x767.jpg","previewUrl":null,"provider":"aws-s3","provider_metadata":null,"created_at":"2021-11-30T11:25:15.073Z","updated_at":"2021-11-30T11:25:15.095Z"},"download_image":null,"download_file":null},{"id":118,"title":"Carbon4 Finance is excited to be a part of GreenTech Hub","slug":"carbon4-finance-is-excited-to-be-a-part-of-greentech-hub","subtitle":"Carbon4 Finance is excited to be a part of ‘GreenTech Hub : Frankfurt’s dedicated platform for startups in the green tech, clean energy and sustainable development sectors’","body":"Located in the heart of Frankfurt, TechQuartier provides access to a valuable network of startups, corporates, investors, talents and mentors. TQ not only offers an inspiring place to work and collaborate, but also represents a large community of forward-thinking professionals eager to connect and learn. With its numerous programs and events, TQ’s mission is to provide the tools and resources to innovators so that they can change the world.
What exactly is the GreenTech Hub? Find out more on the website
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Combining Carbon4 Finance’s recognized experience with climate data and the robustness of the GBS® biodiversity footprint methodology developed by CDC Biodiversité, this database allows companies like Vontobel to assess the biodiversity impact of its portfolio with a broad global coverage of the listed assets.
The partnership comes at a moment when financial actors need better information to incorporate nature-related risks and opportunities into their strategic planning, risk management and asset allocation decisions.
2021 is a pivotal year for taking action to protect nature and biodiversity with the launch of the Taskforce on Nature-related Financial Disclosures (TNFD) and the upcoming COP15 (Part 2) on Biodiversity in China in Spring 2022. The involvement of the financial sector, which represents broad ownership interests, will play a central role as investment is a powerful driver of corporate practices. Finance and ownership need to ensure the sustainability of nature’s biodiversity where possible, just as it does in the fight against climate change. To be effective, reliable data are necessary to link the impact of individual companies and portfolios to their real world impact on biodiversity.
Marie-Anne Vincent, CEO at Carbon4 Finance, said, “we are thrilled to start this new partnership with Vontobel’s Quality Growth Boutique to extend our biodiversity expertise in the US. We believe that climate change and biodiversity loss must be addressed together, which is why Carbon4 Finance strives to provide investors with robust climate and biodiversity impact data, in order to build ambitious biodiversity strategy and engagement with corporates”.
“We are delighted that Vontobel’s Quality Growth Boutique decided to use the BIA-GBS database. This is a great mark of confidence for us and a major step forward in the international commitment to biodiversity. The protection of biodiversity will have to be global, and we are pleased that Vontobel is moving in this direction.”, says Marc Abadie, Chairman of CDC Biodiversité.
Sudhir Roc-Sennett, Head of ESG and Thought Leadership at the Vontobel Quality Growth Boutique said, “We are excited that Carbon4 Finance and CDC Biodiversité have built this important database. It provides us a lay of the land of biodiversity impact across countries and sectors, as well as at the company-specific level. We are delighted to facilitate their entry into the United States.”
Find out more about Biodiversity Impact Analytics
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A key step in bringing to life the common stance adopted by the Eurosystem on climate-change
The assignment of Carbon4 Finance follows the announcement in 2021 of a common approach by the Eurosystem Central Banks to apply sustainable and responsible investment principles in the euro-denominated non-monetary policy portfolios[1] that they each manage under their own responsibility. Within this common stance, the Eurosystem aims to start climate-related disclosures beginning of 2023 including the measurement and disclosure of greenhouse gas (GHG) emissions and other SRI metrics of these portfolios consistent with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and potentially other portfolios in the future. By improving the awareness and understanding of climate-related risks, the common endeavor will help all Eurosystem members to contribute to the transition to a low-carbon economy and to EU climate goals.
Carbon4 Finance data enables to assess exposure of central banks assets
Carbone4 Finance provides data covering both physical risks caused by global warming and transition risks supported by assets as the world shifts to a low-carbon economy. It comprises data and/or methodologies on Scope 1, Scope 2 and Scope 3 GHG emissions, GHG intensity data, avoided emissions and forward-looking elements. These data allow to follow main economic sectors and issuer-types with data relating to securities/asset classes such as sovereign and sub-sovereign bonds, supranational and agency bonds, corporate bonds, covered bonds, green bonds and equity. Carbon4 Finance has a worldwide coverage with more than 124,000 ISINs and 8,000 entities.
A framework contract signed with Deutsche Bundesbank
Deutsche Bundesbank, which acted as Lead Central Bank during the procurement process entered into a contract with Carbon4 Finance and will be one of the first central banks that will obtain the data from Carbon4 Finance. All other ESCB central banks have the opportunity to join this framework agreement for using climate-related data from Carbon4 Finance for regulatory tasks and activities being necessary for the performance of its missions and responsibilities.
“The availability of comprehensive, consistent and timely data is the key to everything we do,” says Sabine Mauderer, the member of the Bundesbank’s Executive Board responsible for markets. “The better the data situation, the more targeted our actions can be.”
“From the very beginning, Carbon4 Finance's strategy has been to produce data that allow corporates, asset managers, banks to understand how the underlying assets in their portfolios are exposed to the risks of climate change, but also how they can contribute to the transition to a low carbon world. We follow rigorous scientific criteria and approaches, stemming from the Carbone 4 group's extensive experience in strategic consultancy and proven expertise in delivering leading-edge methodologies. At a time when the IPCC warns of irreversible impacts of global warming and increasing business and societal disruption, with an urgent call to action to the business community, we are delighted to see that the Eurosystem embraces this point of view.” said the partners of Carbone 4.
“Climate change is a challenge not just to the global economy and the societies but also to the financial system. To support the finance sector in rapidly and massively addressing climate issues, our mission is to provide financial institutions with relevant data to help them better integrate related risks in their portfolio strategy as well as in their reporting. We are happy to have been selected by the Deutsche Bundesbank as Lead Central Bank in this procurement procedure on behalf of the whole ESCB/Eurosystem. Our strong methodologies and data quality on transition and physical risks as well as our team expertise on the different sectors and on the different assets and green bonds were instrumental for this recognition.” added the partners..
The three partners of Carbone 4 are Alain Grandjean, Jean-Marc Jancovici and Laurent Morel.
[1] Euro-denominated non-monetary policy portfolios contain the assets held by Eurosystem central banks that are not related to monetary policy operations. They include euro-denominated investment portfolios and staff pension funds.
About Carbon4 Finance
Carbon4 Finance is part of Carbone 4, a Paris-based group comprising the first independent consultancy firm specialized in low-carbon strategy and adaptation to climate change.
Created in 2016, Carbon4 Finance provides institutional investors with comprehensive and reliable climate, carbon, and biodiversity data, in order to assess the risks and opportunities of their investment portfolios and build environmental investment strategies. Its clients are asset managers, asset owners, banks and index providers willing to report their climate and environmental performances or develop investment tools and policies based on custom data solutions.
Carbon4 Finance offers a complete analysis of climate and environmental risks:
• Carbon Impact Analytics (CIA) offers a bottom-up analysis that goes beyond sectoral analysis, enabling the identification of the climate-related best performing companies within each sector; it provides an exhaustive analysis of the carbon footprint, identifying both risks and opportunities, including the calculation of induced emissions and emissions savings (scope 1, 2 and scope 3 emissions upstream and downstream).
• Climate Risk Impact Screening (CRIS) is a method developed for financial service providers to assess the exposure of their asset portfolio to physical risks (heat waves, droughts, sea level rise, storms …) CRIS provides indicators that allow us to obtain several levels of detail on physical risks: from an overall assessment for reporting purposes to a detailed assessment to engage with underlying companies.
• Launched in 2021, Biodiversity Impact Analytics Database powered by the GBS® (BIA-GBS) is an integrated impact database that provides an overall and integrated vision of the biodiversity footprint at the issuer and portfolio level, considering the full value chains of the underlying companies.
For more information, visit www.carbon4finance.com
Media contact:
Alexia Soyeux - Communication and marketing manager
+ 33 1 1 76 21 10 00
Isabelle Laurent - OPRG Financial
+ 33 6 42 37 54 17
isabelle.laurent@oprgfinancial.fr
Victor Morelle - OmnicomPRGroup
+ 33 6 18 83 59 55
victor.morelle@omnicomprgroup.com
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Join us on October 5 at 4PM for the panel discussion during the event #BuildingBridges22, that aims to contribute to a more #sustainable #future and to the fair and just transition of our economies.
Our event will explore the crucial role the finance industry may play in making capital available for the energy transition with Virginie Wauquiez and Melissa Evelyne PEREZ from Carbon4 Finance, Peter Michaelis from Liontrust Asset Management PLC, Catharina Hillenbrand from Carbon Tracker, and Damien Contamin, CIIA, CFA ESG from BCGE - Banque Cantonale de Genève
Register now
This note summarizes the results of the CIA (Carbon Impact Analytics) analysis campaign conducted in the last quarter of 2020 on a sample of 140 listed transport industry companies. The CIA method seeks to measure a company’s exposure to transition risk via an overall rating (from A+ to E-) and different sector indicators. Using our data, we ranked the analyzed companies in the transport sector according to their degree of exposure, but also observed the historical trends of their absolute emissions (Scope 1, 2 and 3), and assessed strategies pursued to align them – or not – with the world economy’s decarbonization targets and reduce their exposure to transition risk. Note that the analyses were mostly conducted based on 2019 data, before the impact of the pandemic.
The transport sector stands out due to the wide range of stakeholders involved: equipment manufacturers, (e.g. car, truck, ship and airplane manufacturers), infrastructure operators, and transport operators. Analysing automotive equipment manufacturers provides a close-up view of the individual behaviour for use of cars (or LDV: Light Duty Vehicle). Contrastingly, analysing transport operators provides a general view of emissions from freight, and then from collective transport, (rail, urban, air).
Download the report in english
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This report summarises the results of an analysis of around 100 companies in the electricity sector. The analyses were carried out using the Carbon Impact Analytics (CIA) method. The CIA methodology aims to measure the companies' exposure to transition risk, with an overall score based on sectoral indicators and ranging from A+ to E-.
Thanks to the data collected and calculated during this campaign, we established the companies' ranking in the electricity sector according to their degree of exposure. We also looked at their ability to minimise this exposure, and assessed the strategies put in place to see whether they are aligned with the decarbonisation objectives of the global economy.
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Real estate companies, as financial actors, play a key role in the building ecosystem. As such, they are witnesses to the ecological challenges of this sector, but also players in the transition of the building industry.
Worldwide, the building sector (existing buildings and construction combined) consumes 36% of the final energy consumed and emits 37% of the world's CO2 emissions. The transition of the sector is therefore a necessity, which is increasingly reflected in regulations: in France alone, the tertiary sector decree imposes energy savings on part of the existing stock, and the environmental regulation, applied from January 2022, will impose thresholds throughout the life cycle of construction projects.
Real estate companies, as managers of property assets but also as property developers, have a major role to play in this transition, especially since their economic weight is considerable.
The climate performance of real estate companies as managers is highly dependent on their portfolio of real estate assets. Indeed, the uses of each building, as well as their location, largely determine the performance of real estate companies. However, this should not take the responsibility away from the managers, who can and should activate several levers to reduce the intensity of their portfolio. Real estate companies can act on the energy efficiency of their portfolio (through energy efficiency in use or through renovation), but also on the energy mix used by their buildings.
As for their real estate development activities, real estate companies do not seem to be aware of the major role they could play as project managers. They are not transparent enough about the energy performance of the buildings they promote, nor about the materials and construction methods used in the buildings. Yet builders - and therefore the real estate developers who place the orders - can act as levers of transition in the three dimensions of reducing induced emissions, increasing emissions avoided by customers and sequestering emissions.
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