Within the agency’s 2022 Local weather Motion report printed at present (17 October), AXA IM revealed that this consequence was “greater than our preliminary estimate” as a result of its Scope 3 emissions for its provide chain have been included for the primary time.
Scope 3 emissions account for 96% of the agency’s complete greenhouse gasoline emissions.
The Scope 3 emissions sat at 30,020 tonnes of CO2 equal, coming principally from suppliers, comparable to “enterprise journey, the acquisition of providers, the acquisition of products together with IT materials, cloud utilization, commuting, catering and residential working”.
Investments have been excluded from the research.
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Scope 1, with 830 tonnes of CO2 equal (or 3% of complete emissions), got here instantly from AXA IM, by way of sources comparable to “gasoline combustion for heating buildings or fuelling its automotive fleet”.
In the meantime, Scope 2 emissions, at 340 tonnes of CO2 equal (or 1% of complete emissions), got here from “from bought electrical energy or from the consumption of steam, warmth or cooling” for AXA IM’s buildings.
Consultants informed Funding Week that these figures have been arduous to contextualise, given how in another way companies report its local weather and carbon impacts.
Future plans
AXA IM plans to cut back carbon emissions to web zero by 2050, with an interim goal of a 26% drop by 2025.
The asset supervisor laid out plans to chop emissions over the following three years, stating that it’s going to report progress towards targets yearly.
The targets embody slicing enterprise journey by 12% per 12 months by way of implementing stricter guidelines for air journey and growing rail utilization, in addition to slicing automobile emissions by 15% by 2025 by way of transitioning to utilizing e-vehicles.
It additionally deliberate to cut back vitality consumption by 36% throughout all workplaces globally and goal for all European workplaces to be equipped by 100% renewable vitality by 2025.
Amongst different varied smaller targets, AXA additionally mentioned it might “finish the follow of handing out company and seasonal items from 2023, and cash will as an alternative be donated to charity”.
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Marco Morelli, government chairman at AXA IM, mentioned: “It’s not sufficient to be an lively participant in accountable funding, we should additionally stroll the discuss and be absolutely clear.
“At AXA IM, we maintain ourselves to the identical excessive requirements that we ask of others and have taken this further step in order that we are able to begin to take motion on our complete carbon footprint and since we anticipate it of the businesses we spend money on.”
He commented that not solely a rise in regulation however a rise within the expectations round reporting and bettering carbon footprint is heightening the accountability of particular person corporations, like AXA IM, to “lead by instance in measuring and reporting carbon emissions with the best accuracy”.
Morelli mentioned: “The info we offer needs to be full, clear and accessible for scrutiny which is why we’re proud to report our total world carbon footprint together with our Scope 3 emissions for the primary time.”
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