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CDC - Caisse des dépôts et consignations

PRI reporting framework 2018

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投資前(投資対象の選定)

PR 04. Incorporating ESG issues when selecting investments

この指標には新たな設問が追加されています。既に回答されている設問も精査してください。

04.1. 組織が不動産投資先を選択する際、通常ESG問題を組み入れているかどうかを記載してください。

04.2. ESG問題を不動産投資の選択に組み入れる際のアプローチを説明してください。

Caisse des Dépôts prioritises the acquisition of highly energy-efficient buildings that meet new
building and insulation standards and of high environmental quality. A particular effort is made to
acquire buildings that anticipate changes in the regulations, especially in terms of greenhouse gas
emissions.

In addition, the financial property investment team (75% of AUM) focuses on acquiring assets that
are well served by public transport, and where the rent is high enough to offset the costs of works
aimed at improving their energy efficiency. This policy is divided into several stages:
• The identification of new investment opportunity focuses on labelled or certified assets;
• Environmental, technical and energy due diligence are carried prior to each acquisition;
• The conclusions of this audit are presented at the Investment Committee, and taken into
consideration in investment decisions. They specifically enable an estimate to be provided for the
capital expenditures that needs to be performed in order to improve the asset'senergy efficiency
following its acquisition, which is integrated into the investment valuation.

In addition, assets that are eligible for financing through Green Bond proceeds (1% property AUM) are identified through a matrix of Green Bond eligibility analysis, including a minimum required
level of label/ certification (BBC Effinergie, HQE, E+C-, etc.), reduction the energy consumption
and the volume of CO2 emissions.

04.3. 貴社の不動産投資選定プロセスにおいて、どのESG問題が主に考慮されているかを記載し、問題毎に事例を3つまで挙げてください。

ESG問題

説明 [任意]

          Caisse des Dépôts prioritises the acquisition of highly energy-efficient buildings that meet new building and insulation standards and of high environmental quality. A particular effort is made to acquire buildings that anticipate changes in the regulations, especially in terms of greenhouse gas emissions.
        

説明 [任意]

          The real-estate investment team focuses on acquiring assets that are well served by public transport, and where the rent is high enough to offset the costs of works aimed at improving their energy efficiency.
        

説明 [任意]

          Total avoided CO2 emissions for Green Bond assets: calculated on the basis of maximum energy
consumption of a building, theoretical energy consumption, and theoretical value of CO2 emissions.
        

説明 [任意]

          For assets that are eligible to Green Bond funding (1%), estimated number of direct jobs sustained during construction or renovation works.
        

説明 [任意]

          
        

説明 [任意]

          
        

04.4. 補足情報 [任意]


PR 05. Types of ESG information considered in investment selection

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

 

05.1. 不動産の投資選定プロセスにおいて組織が主にどのような種類のESG情報を考慮しているかを明示してください。

05.2. これらのESG情報をどのように投資対象選定プロセスに組み込んでいるかについて簡潔に説明して下さい。

ESG information is primarily collected and analyzed during the due diligence process:
- data provided by the seller
- possible request for additionnal information addressed to the seller
- analysis of the information and/or the asset by CDC and external specialists


Required level of label/certification to be obtained for a Green Bond -financed asset is stipulated in the contractual documentation.

Specific details are provided in the construction permit (dynamic thermal simulation, energy consumption) for Green Bond assets. The minimul required level of label/certification for the Green Bond assets are : LEED Gold (min) BREEAM Very Good (min) BBC Effinergie+ HQE Excellent NF Habitat et Environnement Compliance E+C- Bâtiment Durable Méditerranéen Qualité Environnement Calédonienne EcoLabel Européen


PR 06. ESG issues impact in selection process

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

 

06.1. 報告年度において、ESG問題が不動産投資の選択プロセスに影響を及ぼしたかどうかを明示してください。

          This process is particularly pertinent for identifying and confirming the eligibility of assets financed through Green Bond proceeds.
        

06.2. 報告年度に、ESG問題が不動産投資の取引構造化プロセスに影響したかどうかを記載してください。

06.3. 補足情報 [任意]

A minimum level of environmental certification is required when a real estate investment is undertaken.


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