BankInvest Asset Management Fondsmæglerselskab A/S
BankInvest Asset Management Fondsmæglerselskab A/S is a Danish asset management and investment fund providing services to clients in Denmark. It joined the Net Zero Asset Managers Initiative on 20 April 2021, and its initial target disclosure was published on 1 May 2022. This is an update to their initial target disclosure.
Percentage of assets covered by the Net Zero Asset Managers Commitment Statement
61.7% of total AUM (USD $10.5 billion)
Information on interim target(s) covering the proportion of assets to be managed in line with net zero
Baseline(s):
Portfolio decarbonisation reference baseline
94tCO2e/$mn invested
Target(s):
Portfolio decarbonisation reference target
-55%
Target year 2030 as measured on 31 December 2029
GHG scopes included:
Scope 1 & 2. Scope 3 will be incorporated once data availability and quality reach sufficient levels
Methodology:
Net Zero Investment Framework
Scenario(s):
The IPCC special report on global warming of 1.5°C has guided our target setting. A 55% reduction by 2030 corresponds to approx. 7.5% yearly reduction based on the benchmarks for the committed funds. Combined, the benchmarks associated with the committed strategies are broad-based and global in nature and thus considered applicable for the global reduction requirement as specified by the IPCC special report.
Additional information
Proportion of AUM committed:
Some strategies have been excluded from our initial commitment due to insufficient data. Data availability and quality will be monitored and expected to improve over time.
Our initial commitment represents AUM only in asset classes for which there are well established methodologies with data access from third party data providers. BankInvest applies PCAF models.
For segregated mandates, client approval is required. BankInvest has initiated dialogue with our clients to grant this approval.
Lastly, we believe it is critical that our net-zero targets and action plans are well supported by data, tools, and internal systems. We will continue working towards expanding our committed AUM to reach 100% asset coverage by 2040.
Policy on coal and other fossil fuel investments:
BankInvest has a general ban on investing in companies in which more than 5% of the revenue comes from coal mining, production of tar sands as well as oil- and gas exploration in offshore Arctic regions.
Further information:
Target-setting: Data and methodology on companies’ net zero alignment is deemed immature for target setting purposes. BankInvest intend to set targets for Portfolio Coverage and Engagement Thresholds when data and metrics become more mature. We are continuously looking into data coverage and frameworks that will enable us to set an asset alignment target in the future.
The same applies to metrics and data for climate solutions. Targets for the allocation on these are work in progress and expectedly dependent on the evolution of the EU Taxonomy as the new classification system for investments in climate solutions. We expect the data availability and quality to increase significantly in the coming years as companies become subject to the reporting obligations of the EU Taxonomy and Corporate Sustainability and Reporting Directive (CSRD). BankInvest collaborates with external data providers on the provision of data.
Operational emissions: BankInvest is committed to act in an environmentally responsible manner and will continuously take action to minimize and reduce our environmental impact. BankInvest has formulated a CO2e target on a reduction of our scope 1 and 2 emissions by a minimum of 70% during 2021, from 111 tons CO2e in 2019. Due to BankInvest moving to a new building as per the 1st of March, new reduction targets will be formulated later in 2022. BankInvest will increase the share of renewable energy for electricity consumption to 100% and will offset our scope 1 and 2 CO2e emissions with the use of VCS or Gold Standard credits with co-benefits. Furthermore, BankInvest will establish measurement of scope 3 CO2e to gain a greater understanding of our total environmental impact, as well as insight into opportunities for reduction.