Decarbonisation
We know that mitigating the effects of climate change, and doing more to reduce our own impacts on the planet, are critical priorities for our clients, our employees and the wider global community of which we are a part. Decarbonisation plays a critical role in this.
Decarbonising our portfolios
We are committed to achieving net zero by 2050 - actively working to decarbonise our portfolios; and continuously engaging with the companies in which we invest to influence and support their paths to net zero.
We identify companies with credible net zero transition plans and use our in-house framework to assess their climate strategies. This allows us to track progress towards net zero, guiding our engagement and informing divestment decisions when necessary.
Our asset exclusion policies play an important role in preventing investments in heavily polluting sectors. Our Climate Risks Policy focuses on reducing exposure to carbon-intensive sectors - excluding companies exposed to unconventional oil and gas activities, and coal.
Divesting from coal
We are committed to divesting from coal in the OECD by 2030 and globally by 2040. Our approach to exclusion is strict - even $1 of revenue from coal activities is an indicator of exposure.
In 2022, we began excluding all companies involved in new coal projects or expansion plans, and since 2023, we do not invest in companies making over 15% of revenue from thermal coal mining or power generation.
Looking ahead, we will further reduce our OECD exclusion threshold from 15% to 10% by 2026.
Decarbonising Real Estate
Real estate accounts for nearly 40% of global GHG emissions. As Europe’s number one real estate manager, we have a key role to play in decarbonising the sector.
In 2023, we launched a program to holistically integrate our decarbonisation goals into our real estate investment activities, establishing a clear GHG reduction roadmap aligned with the Paris Agreement.
Our aim is to actively reduce portfolio emissions through optimising energy use, refurbishing buildings, transitioning to decarbonised heat and fuel sources, and engaging tenants in sustainability efforts.
We work with global and local sustainability certification schemes to ensure our real estate assets are regularly certified - indicating long-term performance and raising awareness among stakeholders.
Decarbonising our operations
It is important that we apply the same standards to ourselves as we do to the companies in which we invest.
We track and report our carbon footprint across all locations and all emissions scopes, using the GHG Protocol Corporate Standard. We have set ambitious targets to reduce our emissions and consumption of natural resources, aiming to deliver tangible results, with progress measured and reported annually. And carbon offsetting helps address unavoidable emissions.
We want to translate the pandemic-linked reduction in business travel into lasting change. We’ll do this mainly by leveraging enhanced digital tools and increased remote work – as well as by communicating more about why it matters.
Our six largest offices use 100% renewable electricity – and we have further reduced our overall energy consumption by moving to sustainable buildings, optimising workspace usage, and implementing energy sobriety plans. Now, we want to ensure more of our facilities can use renewable electricity and find other energy saving opportunities across the company.
In 2023, our French operations adopted a new car fleet policy prioritising lower-emission vehicles and mandating hybrid or electric vehicles for all new company cars. And we will continue to further reduce the company fleet.
