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Cometa Pension Fund

PRI reporting framework 2020

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ESG issues in asset allocation

SG 13. ESG issues in strategic asset allocation

13.1. Indicate whether the organisation carries out scenario analysis and/or modelling, and if it does, provide a description of the scenario analysis (by asset class, sector, strategic asset allocation, etc.).

13.3. Additional information. [OPTIONAL]

SG 13 CC.

SG 14. Long term investment risks and opportunity

14.1. Some investment risks and opportunities arise as a result of long term trends. Indicate which of the following are considered.

14.2. Indicate which of the following activities you have undertaken to respond to climate change risk and opportunity

14.3. Indicate which of the following tools the organisation uses to manage climate-related risks and opportunities.

14.4. If you selected disclosure on emissions risks, list any specific climate related disclosure tools or frameworks that you used.

Cometa discloses the data of Carbon Footprint analysis and the corporates positioning in terms of tow carbon economy transition, identifying the weakest companies, which are those issuers that are far from the adoption of an enrivonmental policy mitigating the core emissions.

14.5. Additional information [Optional]

SG 14 CC.

14.6 CC. Provide further details on the key metric(s) used to assess climate-related risks and opportunities.

Metric Type
Coverage
Purpose
Metric Unit
Metric Methodology
Weighted average carbon intensity
Carbon footprint (scope 1 and 2)
Portfolio carbon footprint 
          It represents the normalized emissions of a portfolio per million euro invested. In other words, it shows the carbon footprint of each million of euro invested.
        
          t CO2eq/€M
        
          For Equity portfolio Scope 1 and Scope 2 GHG emissions are allocated using the equity ownership approach.

For Bond portfolio emissions are allocated to the total issuer’s outstanding debt (emissions are allocated to lenders) - the ownership approach is applied but from the debt/lender perspective. 

∑(M€ invested / Total Assets)*CF/Total portfolio investment = t CO2eq/€M
Total carbon emissions 
          The absolute greenhouse gas emissions associated with a portfolio, expressed in tons
CO2e.
It is used to communicate the carbon footprint of a portfolio, to track changes in GHG emissions in the portfolio and for portfolio decomposition and attribution analysis.
        
          t CO2eq
        
          For Equity portfolio Scope 1 and Scope 2 GHG emissions are allocated using the equity ownership approach.

For Bond portfolio emissions are allocated to the total issuer’s outstanding debt (emissions are allocated to lenders) - the ownership approach is applied but from the debt/lender perspective. 

∑(M€ invested / Total Assets)*CF = t CO2eq
Exposure to carbon-related assets 
          Assessment of the exposure in fossil fuel activities such as tar sands and oil shale, coal mining, coal fuelled powered generation etc.
        
          % of investments
        
          This metric focuses on a portfolio’s exposure to sectors and industries considered the
most GHG emissions intensive

(∑current value of investments in companies with fossil fuel exposure/
current value of the portfolio) *100
Other emissions metrics 
          This measure represents the absolute emissions of the average company financed by the investor
        
          t CO2eq
        
          Scope 1 and Scope 2 GHG emissions are allocated
based on portfolio weights.

∑weight in portfolio*CF = t CO2eq

14.8 CC. Indicate whether climate-related risks are integrated into overall risk management and explain the risk management processes used for identifying, assessing and managing climate-related risks.

Please describe

Cometa does not integrate climate-related risks into the overall risk management.

14.9 CC. Indicate whether your organisation, and/or external investment manager or service providers acting on your behalf, undertake active ownership activities to encourage TCFD adoption.

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

15.1. Indicate if your organisation allocates assets to, or manages, funds based on specific environmental and social themed areas.

15.4. Please attach any supporting information you wish to include. [OPTIONAL]


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