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CDC - Caisse des dépôts et consignations

PRI reporting framework 2018

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You are in Strategy and Governance » ESG issues in asset allocation

資産配分におけるESG問題

SG 13. ESG issues in strategic asset allocation

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。

13.1. ポートフォリオレベルで将来のESGトレンドのリスクプロファイルを計算するシナリオ分析やモデリングを組織が実施しているかどうかについて明示してください。

このシナリオ分析は、2℃以下のシナリオに基づいていますか?

SG 13.1a CC. さまざまな将来の気候シナリオを考慮して、組織の戦略の回復力を説明してください。

影響を受ける戦略
戦略の変更
シナリオと時間軸の説明
分析がどのように使われたか
          Owing to methodological issues, the top down climate-related stress test performed by CDC is not
accurate enough to be used to form significant conclusions on the materiality of climate scenarios.
Estimated VaR due to climate risks over a 5 year horizon appears below 5%, and does not take into
account the environmental quality of individual assets. This analysis does not take into account
Caisse des Dépôts' forward looking strategy and allocation, but only its current asset allocation.
        
          Due to methodology issues, the first climate-related stress test of CDC can not yet be used to change
it's strategy.
        
          We used the extreme scenarios proposed by the consultancy Mercer in its report "Investing in a
Time of Climate Change": a scenario where global warming is limited to 2 ° C and a warming
scenario of 4°C.
The time horizon of this first climate related-stress test is 5 year.
        
          The analysis enabled us to raise the teams' awareness of this issue and to refine our tools as part of
the Group's 2°C roadmap. New developments are planned in order to overcome the methodological
limits which have been identified with current model.
        

13.2. 組織が戦略的な資産配分やセクターまたは地理的な市場間での資産の配分においてESG問題を考慮しているかどうかを記載してください。

以下を行っている

          The contribution to the general interest and French economic and regional development ( climate change, job creation, health and education...) is a key input for the definition of the strategic allocation for the local investment division.
        

13.3. 補足情報 [任意]


SG 14. Long term investment risks and opportunity

14.1. 貴社と貴社の事業活動にとって重要な影響を及ぼしうる短・中・長期的なリスクや機会を決定するプロセスを説明してください。

The Group global sustainabilibity policy is based on a materiality matrix ( see business and sustainability review) .

ESG risks for financial divisions and subsidiaries are included in the risk map, with exposures being defined  qualitatively by teams and incidents being reported to feed the matrix.   

14.1 CC. 気候に関連した短期、中期および長期のリスクと機会が、貴社の活動に重大な影響を及ぼす可能性があるかどうかを判断するためのプロセスを説明してください。

For instance, this process includes a permanent watch on the subject of climate change, the purchase of data, the financing of research work, the contribution to the Task Force on Climate Related Financial Disclosure and the European High Level Expert Group on sustainable finance work.

14.2. 一部の投資リスクと機会は長期トレンドの結果として発生します。貴社では、以下のどの項目について取り組んでいるか明示してください。

14.2a cc. 「短」、「中」、「長期」をどのように定義するかを記述し、これらの期間にわたる重要な気候関連の問題を説明して下さい。

定義
気候関連の問題の説明
Short term
          1 year
        
          Reputationnal risks, fines or sanctions
        
Medium term
          1 to 5 year
        
          Operational and market risks
        
Long term
          More than 5 yeras
        
          Operational and market risks. Long term risks also include physical risks.
        

14.3. 気候に関するリスクと機会に対応して組織で実施されている活動を選択してください。

14.4. 気候に関するリスクと機会の管理に際して採用している手段を選択してください。

14.4a CC. 気候に関連するリスクと機会を評価するために使用されるこれらの重要な指標についての詳細を記入してください。

指標の種類
カバレッジ
目的
指標の単位
方法
動向
制限・弱み
気候関連の目標
          
        
          
        
          
        
          
        
          
        
          
        
カーボンフットプリント(スコープ1と2)
          listed equity and corporate bonds
        
          reduce portfolio emissions, inasmuch
 as possible by incentivising companies to reduce own footprints
        
          tequCO2/k€ invested
        
          in house
        
          positive
        
          data published by companies subject to quality issues ( change of scope, change in methodologies)
        
ポートフォリオのカーボンフットプリント
          100% listed equity and corporate bonds
        
          This metric provide a proxy tool to manage the exposition to transition risk related to carbon
emission.
        
          tequCO2/k€ invested
        
          Scope 1 & 2. Data are provided by CDP, Bloomberg and MSCI.
        
          
        
          This tool is only a proxy to identify riskier allocations, which then require in depths sector and asset
research in order to assess specific applicable and foreseable regulation ( eg change in tarifs) ,
market (eg shift in consumer demand, ability to pass on costs through prices) and technological
shifts.
        

14.4b CC. 主要目標についてさらに詳しく記入してください。

目標の種類
期間
基準年度
KPI
方法
制限・弱み
添付資料
          5 years
        
          2014
        
          -20%by tequCO2/k€ invested (scope 1 & 2) for listed equity and corporate bonds
        
          see above
        
          The carbon footprint remains an incomplete indicator because it does not reveal companies’
exposure to and management of climate change risks
        

          20 years
        
          2010
        
          To reduce by 38% our fully owned real-estate portfolio’s energy consumption between 2010 and
2030
        
          Mix of ambitious retrofits, acquisition of labelled assets and sale of less efficient asset
        
          This target is limited to about 37,5% of CDC's total Real Estate portfolio.
        

14.5. 排出量リスクの開示を選択した場合、採用している開示方法またはそのフレームワークの中で気候関連のものを挙げてください。

CDC uses corporate data and questionnaires from the CDP.

14.6. 補足情報 [任意]

14.7 CC. 気候関連のリスクを特定、評価、管理するためのリスク管理プロセスを挙げてください。

説明してください。

Climate change is now incorporated in the Group risk policy and risk framework, as well as the financial risk policies and frameworks.

The investment teams are encouraged to perform climate risk and opportunity analyses on a given security and use this information, either definitively or as a guide, when building up the portfolio.

A project rating matrix is has been designed for the due diligence phase of local investment
projects, integrating climate climate change into the broader project assessment.

 

14.8 CC. 気候関連のリスクを優先させるためのプロセスを説明してください。

Caisse des Dépôts measures its carbon footprint on a monthly basis. It analyses how the footprint is changing so that it can distinguish the impact of its own portfolio security reallocation decisions
from intrinsic changes in the footprint of investee companies.
Moreover, since the adoption of the Group’s climate change policy, the consistency of investments with the objectives of the Paris Agreement has been subjected to qualitative analysis.

14.9 CC. 気候関連のリスクに関するより良い情報開示と実践を促すために、投資先企業とのエンゲージメント活動を行っていますか?

説明してください。

Energy and climate performance is one of the Caisse des Dépôts Group’s priority issues in
shareholder engagement. The analysis mentionned above (SG 14.08 CC) encourages shareholder engagement with investee companies, notably to ensure that climate change issues are examined
and discussed by the governance bodies of these companies.

14.10 CC. 気候関連の開示データをどのように使用するかを説明してください。

Climate-related information disclosed by companies is part of the data that CDC is using to
calculate the carbon footprint of its portfolios.
As mentionned above (SG 14.09 CC) energy and climate performance is one of the Caisse des
Dépôts Group’s priority issues in shareholder engagement. The aim is to encourage companies to
deliver greater environmental transparency and performance. CDC therefore expects its investee
companies to formalise an ambitious medium-term energy transition strategy, regularly publish
detailed and audited information on how this strategy is being implemented, and establish a
realistic and ambitious quantitative GHG emission reduction target. This final target must be
consistent with national or international energy transition scenarios and must pertain to a
significant scope of the business. The Group also expects its investee companies to implement a
governance structure that is suited to managing this challenge.
To this end, the Group aims to analyse the environmental and climate change-related issues of each
of its investment decisions. It regularly monitors these issues throughout the lifetime of the
investment for assets for which the energy and climate change transition represents a significant
challenge.


SG 15. Allocation of assets to environmental and social themed areas

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。

15.1. 貴社にて、特定の環境および社会をテーマとする分野に基づいてファンドに資産を配分したり、ファンドを運用しているかどうかについて明示してください。

15.2. Indicate the percentage of your total AUM invested in environmental and social themed areas.

4.1 %

15.3. 貴社にて投資しているのはどのテーマ別分野かを明示のうえ、AUMに占める当該資産クラスのパーセンテージを記載するとともに、その内容を簡潔に説明してください。

分野

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

Parts of our infrastructure debt funds or of our infrastructure and private equity funds are invested in renewable energy schemes ( solar, wind, biomass, hydro), water and waste management,  public rail transportation (highspeed trains, trams).
Direct infrastructures include renewable energies, waste and water plants, low carbon public transportation (highspeed trains, trams)

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

The Group invested in major green building projects. Moreover most of the recent buildings and assets in development buildings have en environmental certification, some are positive energy buildings.

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

All our forests are managed according to sustainable principles. Iconic projects include reforestation projects in Landes province and in New Caledonia for nickel mine wasteland.

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

Support to agricultural short-cycle and organic agriculture and agro-industry in France.

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

CDC develops and finances French microfinance networks and platforms. It manages the French Social Cohesion Fund, providing access to micro-credit and facilitating synergies between associative networks and the banking sector.

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

Sponsor of fixed income funds invested in loans or private bonds for SMEs, private equity funds.

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

CDC finances digital platforms for facilitating contacts between enterpreneurs, to stimulate and fund social innovation, to train and assist micor-entrepreneurs. 

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

Equity stakes in social housing and intermediary housing operators, and medico-social sector (including specialised residences for students, the elderly, homeless shelters). 

Direct low rates loans to social housing :>135 billion Euros (2016) in Affordable housing and urban renewal projects (mostly through credit, hence not included in asset under management in this or in under other sections of this report).

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

loans to universities and highschools for property and IT development and refurbishment

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

The Caisse des Dépôts invested amongst other things in healthcare properties and clinic operators

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

stakes in operators and water plants

          Public transportation
        

投資している資産クラス

% of AUM

簡潔な説明および投資尺度

Trams, subways


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