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AP4

PRI reporting framework 2020

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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

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 。 AP4 conducted its first climate scenario analysis in 2018, and the analysis was further developed in 2019, was integrated in the medium-term scenarios for the economic macro analysis.

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

          Allocation to low-carbon strategies and thematic sustaibility investments and allocation to sustainable alternative investments.
        

13.3. 補足情報 [任意]


SG 13 CC.

13.4 CC. 貴社組織が気候関連のリスクおよび機会を管理するためにどのようにシナリオ分析を利用しているかについて(分析がどのように解釈されているか、その結果、将来の計画等)、記述してください。

500語以内で自由に記載

AP4 conducted a climate scenario analysis in 2018 (Please see annual report 2018 pages 28-29) which was further developed in 2019 (Please see annual report 2019 pages 29-31), when the analysis was integrated in the medium- term scenarios for the economic macro analysis, which is then used as a basis for decisions on overarching portfolio allocation, among other things. The starting premise for AP4’s climate scenario analysis is achievement of the Paris Agreement’s goals, which entails a comparatively rapid and proactive climate transition. This transition can take place in several different ways. AP4’s overarching scenario analysis evaluates the transition’s potential impact on supply and demand, and by extension, also on anticipated growth and inflation. In the base scenario, the climate transition is expected to accelerate over the coming ten years through a gradual sharpening of climate policies. In part this will entail more and stricter climate laws and in part a higher and more widespread CO2 price along with new technology that promotes the transition. In the alternative scenarios, a faster and slower climate transition is modelled as well as the degree of political and technological drivers. 

500語以内で自由に記載

An important conclusion of climate scenario analysis is that a slower initial transition should not be interpreted to mean that it will not take place, but rather that it will be more intense once it takes place. Fossil assets and the value chains that deliver into fossil energy production will be affected first and foremost. The transition will also entail extensive shifts in value within all sectors that are large energy consumers through production processes, in transportation, steel and metal production, agriculture and food, and construction and real estate. AP4 believes that the climate transition on the whole constitutes an asymmetric force that will have a varying impact between and within various sectors. Some existing companies within a given sector will be negatively affected while others may be part of the solution at the same time that new companies and technologies will take market shares. AP4 is therefore working actively with a combination of quantitative and fundamental analyses at the portfolio and sector levels to identify potential winners and losers.

AP4’s conclusion is that the risks of being late in the transition are assumed to outweigh the risks of being too early. The upside for resource-intensive assets is limited by the emergence of climate-friendlier alternatives – which are gradually winning support through technology, policies and reputation – at the same time that the risk in these investments is great, as assets could become stranded due to regulatory and technical risks combined with market and reputation risks. Short-term market movements, such as changes in oil prices, can hit in both directions, but over time the market is expected to move in this direction given the strong focus on sustainability

13.5 CC. この分析をだれが利用するか記述してください。

13.6 CC. 貴社組織がその投資戦略について、投資期間を超えて、気候関連リスクの影響を評価しているか記述してください。

その根拠を説明してください。 500語以内で自由に記載してください。

Investment horizon is long, up to 40 years. It is not possible to make predictions beyond that time horizon.

13.7 CC. 一定の範囲の気候シナリオを利用しているか記述してください。

13.8 CC. 貴社組織が用いる気候シナリオについて記述してください。

提供者
使用するシナリオ
IEA
IEA
IEA
IEA
IEA
IRENA
グリーンピース
持続的発展研究所
ブルームバーグ
IPCC
IPCC
IPCC
IPCC
その他
その他
その他

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

Internal models, low carbon strategies are managed as an active position based on internally developed investment strategies.

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。

14.4. 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。

AP4 measures the portfolio’s carbon footprint and has been publishing information about it in its annual reports since 2014. Together with other AP Funds, AP4 has standardised how the AP Funds conduct their carbon footprint reporting by introducing three joint metrics in 2015 that describe the carbon footprint of its investments. In 2017 the AP Funds’ carbon footprint reporting was complemented with the TCFD’s metrics for CO2 intensity. In 2019 the AP Funds further developed their reporting to also include an account of changes over time. These measures are aimed to report changes in a portfolio’s carbon footprint owing in part to the changes that the AP Fund makes in the portfolio and in part to the work conducted by the underlying portfolio companies to reduce their emissions. Please see annual report 2019 page 32 for more details. In 2019 we also started to include measuement and reporting of carbon emissions of our unlisted real estate portfolio.

14.5. 補足情報 [任意]


SG 14 CC.

14.6 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
気候関連の目標
          To be aligned with the Paris agreement and Swedish climate goals
        
          Relative emissions, change in emissions, share of portfolio
        
          Relative emissions and change of emissions based on total emissions and TCFD intensity. Share of portfolio based on market values.
        
加重平均炭素濃度
          Measure climate risk of portfolio
        
          Million ton CO2e/MSEK
        
          Please see common AP Funds reporting standard.
        
カーボンフットプリント(スコープ1と2)
          We measure and report Scope 1+2 emissions from listed equities portfolio as well as unlisted real estate portfolio.
        
          Million ton CO2e
        
          Please see common AP Funds reporting standard.
        
ポートフォリオのカーボンフットプリント
          Measure climate risk of portfolio
        
          Million ton CO2e
        
          Please see common AP Funds reporting standard.
        
総炭素排出量
          Measure climate risk of portfolio
        
          Million ton CO2e
        
          Please see common AP Funds reporting standard.
        
炭素濃度
          Measure climate risk of portfolio
        
          Million ton CO2e/MSEK
        
          Please see common AP Funds reporting standard.
        
炭素関連資産へのエクスポージャー
          
        
          
        
          
        
その他の排出量指標
          
        
          
        
          
        

14.7 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
基準年度
目標年度
内容
添付書類
          Continuously
        
          
        
          Decrease emissions and increase share of investments that lower climate risk in the asset portfolio.
        

          Continuously
        
          
        
          Decrease emissions and increase share of investments that lower climate risk in the asset portfolio.
        

          
        
          
        
          
        

          
        
          
        
          
        

          
        
          
        
          
        

14.8 CC. 気候関連のリスクが全体のリスク管理に組み込まれているかどうか記述してください。また、気候関連リスクを特定、評価、管理するために利用されたリスク管理プロセスについて説明してください。

500語以内で自由に記述。

AP4 conducted its first climate scenario analysis in 2018, and summarized results of the analysis were presented in the 2018 Annual Report. Work with the climate scenario analysis was further developed in 2019, and the analysis was integrated in the medium-term scenarios for the economic macro analysis, which is then used as a basis for decisions on overarching portfolio allocation, among other things. Based on the climate scenario analysis, AP4 has identified a number of themes that are essential for the climate transition. These are considered to be investable and have impact on the portfolio today. Among these themes are the energy shift including mobility, resource efficiency and renewable energy.AP4 searches for, evaluates and makes thematic, proactive investments in specific sustainability areas. Examples of such investments are green bonds, alternative investment funds with a pronounced sustainability focus, and directly owned companies with a distinct sustainability focus as part of their business strategies, such as in real estate and infrastructure.

14.9 CC. 貴社組織がTCFD採用を促すアクティブオーナーシップ活動を行うか記述してください。

説明してください。

In cooperation with other institutional investors through for exmple the Climate Action 100+ initiative as well as in dialogues with Swedish companies and with our external managers.


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

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. 環境および社会をテーマとする分野に投資された合計運用資産(AUM)の割合を明示してください。

50 %

15.3. 貴社が投資しているテーマ分野を明示のうえ、AUMに対する特定の資産クラスの割合を記載し、その内容を簡潔に説明してください。

分野

          Specific mandates to reduce the carbon footprint. Specific green bond investments. Specialized ESG managers.
        

投資している資産クラス

35 % (AUMの)
1 % (AUMの)
44 % (AUMの)

簡潔な説明および投資尺度

AP4 invests in low-carbon equity strategies and in green bonds if there is a real strategy for the use of the bond funding, and if the bonds are competitively priced. AP4 also invests in infrastructure companies and entities focusing on sustainable infrastructure. We also invest in corporate entities that focus on sustainable real estate, however we are not able to report on the proportion of the underlying assets that are defines as sustainable.

 

15.4. 含めたい補足情報があれば、添付してください。 [任意] 



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