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CDC - Caisse des dépôts et consignations

PRI reporting framework 2018

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Pre-investment (selection)

INF 05. Incorporating ESG issues when selecting investments

05.1. Indicate if your organisation typically incorporates ESG issues when selecting infrastructure investments.

05.2. Describe your organisation's approach to incorporating ESG issues in infrastructure investment selection.

The approach is mostly thematic for part of the portfolio: assets are assessed for the consistency with the environmental and energy transition investment axes (renewable energy, sustainable transport and mobility solutions, equipping local territories with digital infrastructure and related services).

For the other part of the portfolio, the approach is mostly integration. The investment team identifies and analyses some major ESG issues, which is mainly undertaken on an individual project basis (i.e. not fully generalised yet at this stage). The examples of aspects that are considered depending on the scale and type of transport infrastructure assets include:

-GHG emissions
-Putting in place action plans aimed at HSE improvement and the annual monitoring of implementation.
-Energy consumption.
-Safety at work (number of accidents).

This analysis is included in the investment files presented to the Investment Committee.

To ensure a more consistent approach between the two portfolios, a new investment scoring tool has been developed in 2017 to be introduced in 2018 as part of the Investment Committee decision-making process and, in the future, asset performance monitoring, including tailored ESG criteria for different types of investment portfolio and an analysis of principal ESG risks.

In addition, infrastructure assets that are financed through Green Bond proceeds (6.7% of total infrastructure AUM) are subject to a sustainability eligibility analysis prior to the investment, as well as to a final arbitration by the decision committee that confirms the conformity of an asset with the Green Bond framework. The occurrence of a potential controversy (political, environmental, social) can lead to a retraction, temporary or permanent, of a project from the list of eligible assets. A new asset would then be suggested as a substitute.

INF 06. ESG advice and research when selecting investments

06.1. Indicate whether your organisation typically uses ESG advice and research sourced internally and/or externally when incorporating ESG issues into the infrastructure investment selection process.

06.2. Additional information.

INF 07. Examples of ESG issues in investment selection process

07.1. Indicate which E, S and/or G issues are typically considered by your organisation in the investment selection process and list up to three typical examples per issue.

ESG issues

List up to three typical examples of environmental issues

          Avoided CO2 emissions for assets financed through Green Bond proceeds (6,7% total infrastructure
          Number of households equiped with green power (electricity generated from renewable sources) in
metropolitan France and in French overseas territories (6,7% total infrastructure AUM)

List up to three typical examples of social issues

          Estimated number of jobs supported in the sector (equipment manufacturing, infrastructure
construction, energy generation and distribution)

07.2. Additional information. [Optional]

INF 08. Types of ESG information considered in investment selection

08.1. Indicate what type of ESG information your organisation typically considers during your infrastructure investment selection process.

08.2. Additional information.

For Green Bond assets, Caisse des Dépôts is considering : 

-Raw data from the target infrastructure asset/company

-Benchmarks/ratings against similar infrastructure asset

-Sector level data/benchmarks

-Country level data/benchmarks

-Reporting standards, infrastructure sector codes and certifications

INF 09. ESG issues impact in selection process

09.1. Indicate if ESG issues impacted your infrastructure investment selection processes during the reporting year.

09.2. Indicate how ESG issues impacted your infrastructure investment deal structuring processes during the reporting year.

09.3. Additional information.