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BNP Paribas Asset Management

PRI reporting framework 2020

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資産配分におけるESG問題

SG 13. ESG issues in strategic asset allocation

13.1. 貴社組織がシナリオ分析および/またはモデリングを実施するか記述してください。実施する場合、 シナリオ分析について説明してください(資産クラス別、セクター別、戦略的資産配分等)。

25語以内で説明してください 。 At the core of our investment processes, analysts and managers integrate considerations of ESG factors into their company, asset and sovereign evaluation and investment decision-making processes. This allows them to identify and assess areas of risk or opportunity – e.g. relating to topics such as EV penetration or carbonpricing.
25語以内で説明してください 。 We are able to assess Climate related risks on a qualitative and quantitative basis. We take into account both transitional and physical risk. Our methodology focuses on a sector-based approach.

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

13.3. 補足情報 [任意]

An example is that of our Emerging Markets fixed income team that incorporates country level performance on a range of environmental, social and governance criteria (such as renewables to energy ratio, school enrolment gender parity index or the index on corruption perception or press freedom), alongside economic factors.

They use the ESG rating of the 90 EM countries to influence position sizing for investments in our portfolios, by blending the country's alpha opportunity with their ESG rating in portfolio construction. They prioritise high ESG countries, and while they might invest in low ESG countries where the alpha conviction is high, they will invest less in such countries than would otherwise be the case. We also include in our assessment the climate strategies and NDCs so we integrate that into our investment decisions.

The result is an overall ESG-tilted portfolio that neither limits diversification nor truncates the alpha set.


SG 13 CC.


SG 14. Long term investment risks and opportunity

14.1. 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考慮するか明示してください。

14.2. 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。

低炭素関連および気候変動に強いポートフォリオ、ファンド、戦略または資産クラスに投資されている運用資産(AUM)を明示してください

Total AUM
10億 100万
Currency
Assets in USD
10億 100万

使用された枠組みまたは分類法を明示してください

For green investments (and here for low carbon assets) we use our own taxonomy according to our Sustainability Handbook. However we have committed to start using the European taxonomy as soon as it is available.

14.3. 次のツールの中から気候関連リスクと機会の管理に組織が用いているものを選択してください。

その他(具体的に記入してください)

          Green Revenues
        

14.5. 補足情報 [任意]

Within our Global Sustainability Strategy (GSS) we have set key targets related to the energy transition, we will measure primary energy mix & electricity energy mix vs. IEA Sustainable Development Scenario (SDS). We also commit to measure carbon intensity (gCO2/kWh) vs. IEA SDS.

As a KPI to measure and reports we will use CO2 emission per portfolio and the Green Share (which represents green investments in sustainable economic activities such as those defined by the forthcoming EU taxonomy, in % of AUM) of our portfolios

As an investor, BNPP AM recognises the role it has to play in contributing to a sustainable future, as outlined by the Paris Agreement.

This in why in 2016 we formalised a climate change strategy of gradually moving our portfolio holdings towards a below 2 degree scenario in line with the Paris agreement. The strategy is three-fold, translating into actions and initiatives on allocation of capital, responsible stewardship as well as commitment and transparency. With the release of this strategy, we highlighted the depth of our long-term commitment to contribute to limiting the adverse impacts of global warming.

Our strategy includes all of our actions and policies geared to helping tackle climate change, providing a conceptual and an operating framework. Our climate change strategy is an integral part of our long-term approach to business and investment. We believe that exceeding 2 degrees Celsius of global warming above pre-industrial levels will seriously affect humanity and the global economy. This, in turn, might affect the value of investments in the long run. We therefore believe that it is our duty to better understand, assess and manage climate change risks. We are working towards measuring, disclosing and reducing carbon risks in our portfolios; and encouraging companies to report and reduce their carbon footprints. Our climate change strategy is based on three pillars:

ALLOCATION OF CAPITAL:

·       The first and most important step is to fully understand, identify and evaluate carbon risks. Only then can we work towards adapting our investments. Therefore, we are firstly working towards identifying and measuring carbon risks in our portfolios. We are now measuring the carbon footprint of both equity and fixed income portfolios. In May 2015, we were one of the first signatories of the Montreal Carbon Pledge, by signing, we committed to progressively measuring and publicly reporting the carbon footprint of our open-ended funds in an informative and explanatory way. From 26 equity funds in 2015 to more than 200 fixed income and equity open ended funds in 2018.

·       Following our signature of the Montréal Carbon Pledge, we signed the Portfolio Decarbonization Coalition (PDC). By signing the PDC, members commit to measuring and disclosing, via the Montréal Carbon Pledge, the carbon footprint of their portfolios on an annual basis and taking action to decarbonise their investments.

·       We commit to continue working on widening and prioritising our low-carbon product offer, encompassing a complete range of investment solutions in mandates, dedicated and open-ended fund through thematic or best-in-class funds, and low carbon ETF.

RESPONSIBLE STEWARDSHIP

·       Addressing climate change in our voting at AGMs: We believe that voting at Annual General Meetings is a crucial component of our shareholder duties and our investment process. Equally important for us, as part of our ongoing dialogue with the companies in which we invest, is to promote good environmental (including climate change), social and governance practices.

·       Engaging in dialogue with companies: In relation to climate change, our engagement strategy with the companies we invest in aims to improve:

- Companies’ carbon disclosure in line with our duty and commitment to report publicly the carbon footprint of our portfolios

- Companies’ overall environmental performance

- Our understanding of what actions companies are taking to align themselves with the goal of a below 2 degree scenario

A significant part of our engagement is conducted in conjunction with other investors and through our memberships of the Institutional Investor Group on Climate Change (IIGCC), the Principles for Responsible Investment (PRI) and the United Nations Environmental Programme (UNEP). We are active members of three working groups within the IIGCC – the Property working group, Corporate programme and the Policy group; in addition to the UNEP FI Property working group.

TRANSPARENCY AND COMMITMENT

We are committed to monitoring and reporting annually on our activities and progress. We will report on the progress made in relation to our policy and, in particular, public commitments:

- Through the Montréal Carbon Pledge and our commitment to report the carbon footprint of our open-end funds every year

- Through the Portfolio Decarbonization Coalition and our commitment to report annually to UNEP FI on our progress in decarbonising our portfolios

 

 

 

 


SG 14 CC.


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


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