UNCTAD, OECD, CDSB and GRI Workshop on
Climate Change Reporting
16 March 2012, Room XXV
Palais des Nations, Geneva
SESSION II
INFORMATION NEEDS OF A GREEN ECONOMY:
PROMOTING NEW PRACTICES, ALIGNING EXISTING
PRACTICES
PRESENTED BY
Eric Borremans
Vice Chairman, Institutional Investors Group on
Climate Change
Head of SRI Development at BNP Paribas Investment Partners
This material has been reproduced in the language and form as it was provided.
The views expressed are those of the author and do not necessarily reflect the views of UNCTAD.
IIGCC Mission/Purpose
IIGCC’s ambition is to provide European investors with a voice on climate change,
to engage with government and investors on addressing long-term risks and
opportunities associated with climate change and to improve the disclosure,
reporting and management of investments.
IIGCC’s approach
• IIGCC encourages policymakers to provide policy frameworks that facilitate the move to a low
carbon economy and are consistent with the long term investment objectives.
• IIGCC encourages investors to take on a pro-active approach on climate change through
adapting their own investment activities and processes in order to enhance and preserve long-
term investment values.
• IIGCC seeks to improve the disclosure, reporting and management of climate-related risks and
opportunities by companies.
IIGCC Members
IIGCC currently has 77 members with over €7.5 trillion assets under management
Amundi
Environment Agency Pension Fund
Mn Service
AP1 (First Swedish National Pension Fund)
Environmental Technologies Fund
Northern Trust
AP2 (Second Swedish National Pension Fund)
Ethos Foundation
Nordea Investment Funds
AP3 (Third Swedish National Pension Fund)
F&C Management Ltd
Osmosis Investment Management
AP4 (Fourth Swedish National Pension Fund)
Five Oceans Asset Management
PGGM Investments
APG Asset Management
Generation Investment Management LLP
PKA
ATP
Greater Manchester Pension Fund
Platina Partners
Aviva Investors
Grosvenor Fund Management Limited
PRUPIM
Baptist Union of Great Britain
Henderson Global Investors
Railpen Investments
BBC Pension Trust
Hermes
Robeco
Bedfordshire Pension Fund
HgCapital
Sampension
BlackRock
HSBC Investments
Sarasin & Partners LLP
BMS World Mission
Hudson Clean Energy Partners
Scottish Widows Investment Partnership
BNP Paribas Investment Partners
Impax Asset Management
South Yorkshire Pensions Authority
BT Pension Scheme
Insight Investment
Temporis Capital
CB Richard Ellis
Joseph Rowntree Charitable Trust
The Church of England Pensions Board
CCLA Investment Management
Kent County Council Pension Fund
The Church in Wales
Central Finance Board of the Methodist Church
Kleinwort Benson Investors
The Roman Catholic Diocese of Plymouth
CF Partners (UK) LLP
Legal & General Investment Management
The Roman Catholic Diocese of Portsmouth
Church Commissioners for England
London Borough of Hounslow Pension Fund
The Roman Catholic Diocese of Salford
Church of Sweden
London Borough of Islington Pension Fund
United Reformed Church
Climate Change Capital
London Borough of Newham Pension Fund
Universities Superannuation Scheme
Co-operative Asset Management
London Pensions Fund Authority
West Midlands Pension Fund
Corporation of London Pension Fund
Low Carbon Investors Pte Ltd
West Yorkshire Pension Fund
Dragon Capital Group Ltd.
Merseyside Pension Fund
William Leech Charitable Trust
Earth Capital Partners
Mercer Global Investments Europe Limited
IIGCC action with Companies
Improving disclosure and reporting
• Aim to provide investors with data essential to making informed investment decisions, and provide
a basis for engaging with companies that do not report adequately.
• Focus on carbon intensive sectors
1. Electric Utilities 2. Automotive 3. Oil & Gas 4. Mining
• Global project conducted in collaboration with INCR (US) and IGCC Australia/New Zealand
• Disclosure frameworks have been adopted by the Carbon Disclosure Project in “sector modules”
Case Study 1. Electric Utilities
• Focus on European utilities
• Commissioned by IIGCC
• Conducted by CA Cheuvreux
• Based on CDP data and
annual/sustainability reports
• “The level of transparency on basic
carbon data has dramatically
increased in the sector since the
publication of the IIGCC framework
in 2007”
• Areas for improvement remain
– Consolidation method of CO2
emissions and allowances
– Portfolios of carbon offsets
– Emission reduction targets
Case Study 2. Oil & Gas
Climate change responsibility, strategy and performance
Risks and opportunities identified
Oil & gas specific questions
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Where is the highest level of
responsibility for climate
change?
Please specify who is
responsible.
Do you provide incentives for
the management of climate
change issues?
Please describe how your
overall group business
strategy links with climate
change actions
Do you have a current
emissions reduction target?
Please give your total gross
global Scope 1 GHG emissions
Please give the total amount
of fuel consumed
Please give your total gross
global Scope 2 GHG emissions
Do your goods and services
result in emissions reductions
by users?
Do you participate in any
emission trading schemes?
What is your strategy for
complying with the schemes
in which you participate?
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Do regulatory requirements
present significant risks?
What are those risks?
Do physical impacts of
climate change present
significant risks?
What are those risks?
Does climate change present
other significant risks?
What are those risks?
Do regulatory requirements
present significant
opportunities?
What are those
opportunities?
Do physical impacts of
climate change present
significant opportunities?
What are those
opportunities?
Does climate change present
other significant
opportunities?
What are those
opportunities?
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Group GHG emissions by
value chain stage
GHG emissions from flaring
of gas
Production by hydrocarbon
type (BOE)
Assumed emissions intensity
associated with each
hydrocarbon
2009 proven reserves by
hydrocarbon type
Value of net asset exposure
to extreme weather events
2009 proven reserves (in
BOE) for key countries
Do you have a strategy for
non-fossil fuels product
development?
Financial contribution of
clean energy technologies
(Sales)
Financial contribution of
clean energy technologies
(Capex + R&D)
Financial contribution of
clean energy technologies
(EBITDA)
Financial contribution of
clean energy technologies
(Net Assets)
Financial contribution of
clean energy technologies
(Short description)
• Covers 25 largest O&G companies globally
• Research financed by IIGCC member APG
• Based on public data and Goldman Sachs research
• Report to be released Q2 2012
