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European Climate Pact

Overview

Location

France

Sector

Banking, Financial and Insurance Services

Organisation type
Business

North Star Pledges

Emissions

Join the NetZero Asset Owner Alliance

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Yes*

*Pledging organisation has publically reported to be commited to the Net-Zero Asset Owner Alliance. The organisation has been verified as a signatory on the net-zero asset owner alliance website (https://www.unepfi.org/net-zero-alliance/alliance-members)

Energy

Have a target for 100% renewable electricity consumption by no later than 2050, in line with the RE100 technical criteria

AXA Group has a company-wide target to consume 100% of electricity from renewable sources by 2025 from a baseline of 53.0% renewable electricity consumption in 2016.

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Yes*

*Reported electricity consumption target data is checked for completeness. The level of ambition of the target is checked by assessing that the target year is no later than 2050 and the coverage of the target includes the whole company operations. Finally, organisations are checked to be publicly commited to the RE100 campaign.

 

Pathway Pledges

Emissions

Have an absolute/intensity emissions reduction target (scope 1+2) with a 5-15 years’ time frame and a 2.1% year-on-year reduction at a minimum

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Yes*

*Reported data is checked for completeness. Pledger must provide the minimum required data, the targets must be reported to include both Scopes 1 and 2 emissions, have a linear annual reduction rate of at least 2.1% per year. The target year must be greater than 5 years, but less than 15 years from the year the target was set.

Take action to align your portfolio to a well  below 2-degree world

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Publicly announced

Assess if clients/investees’ business strategies are aligned to a well below 2-degree world

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Publicly announced

Encourage your clients/investees to set a science-based targets

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Publicly announced

Conduct analysis to understand the impact of your investment portfolio on the planet

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Yes*

*Reported data is checked for completeness. Pledger must provide either: Scope 3 Category 15 “Investments” total absolute emissions (emissions that occur in the investment chain, in relation to financial products and services and/or investments) or details any other common carbon footprinting and/or exposure metrics calculated for a portfolio (Please note that this acknowledges that currently there is no single, globally approved methodology for measuring portfolio impact that applies to all financial services sector companies and all financing activities. Thus, allowing analysis of portfolio impact in several metrics, including, but not limited to Scope 3 GHG emissions accounting.)

Publicly disclose to investors TCFD-compliant environmental data (including scope 3 emissions) by responding to CDP’s questionnaire for Financial Institutions on a yearly basis

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Yes*

*Reported data is checked for completeness. Pledger must provide at a minimum: an Absolute total of Scope 3 portfolio emissions (metric tons CO2e), the portfolio coverage, the percentage calculated using data obtained from clients/investees, and the emissions calculation methodology (ideally a standardised one e.g. GHG protocol, PCAF, but otherwise should include a short description of the types and sources of data used to calculate emissions (e.g. activity data, emission factors or GWP values).

Have an internal price on carbon

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Yes*

*Reported data is checked to gather details on how the organisation uses the price on carbon. Pledger must provide at minimum: the Scope(s) of emissions covered by the internal carbon pricing mechanism, the application of the price on carbon (i.e. the part(s) of the business decision-making process that the internal carbon pricing mechanism applies to), the actual carbon price level(s) used (Currency/metric ton), the variance of price(s) used, the type of internal price (e.g a shadow price or internal fee). Finally this pledge requires details on the impact and implication of setting a price on carbon (i.e a company-specific description of how the organization uses the internal price on carbon).

Energy

Have a target to increase renewable energy consumption

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Yes*

*Reported data is checked for completeness. Pledger must provide at a minimum: a base year, target year, figure or percentage in the base year, and figure or percentage in the target year. Check that duration of target is not beyond 2035.

Multi-topic

Publicly disclose climate and environmental data to investors and customers through a public platform

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Yes*

*Pledging organisation is confirmed to have disclosed publicly on their climate and environmental impact. For example by responding publicly to the CDP Climate Change Questionnaire.

Implement climate scenario analysis as part of your business strategy setting

Status date: Submitted (28/07/2021)

Data source: CDP Climate Change 2021

MRV: Yes*

*Pledging organisation has reported they use climate-related scenario analysis to inform its strategy. Pledger must provide at a minimum: details on the climate-related scenarios and models applied (e.g. 2DS, IEA 450, Greenpeace, DDPP, IRENA etc.) as well as additional information such as how the selected scenario(s) were identified, with reference to the inputs, assumptions and analytical methods used.

 

Read more about their stories:

Now for nature - The decade of delivery - AXA
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