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Eurizon Capital SGR S.p.A.

Eurizon Capital SGR S.p.A. is the company heading the Asset Management Division of the Intesa Sanpaolo Group. Eurizon joined the Net Zero Asset Managers Initiative in November 2021 and made its initial Target Disclosure in November 2022

Initial Target Disclosure: November 2022

15.39% of total AUM

initially committed to be managed in line with net zero

USD $76.8 billion

currently committed to be managed in line with net zero

Information on interim target(s) covering the proportion of assets to be managed in line with net zero

Baseline(s):

2019

Portfolio coverage baseline

At baseline year, we estimate that 14.53% of AUM in material sectors is “Aligned to a Net Zero pathway” or “Aligning towards a Net Zero pathway”. We believe that no company in our portfolio is already “Achieving Net Zero”.

2019

Portfolio decarbonisation reference baseline

The portfolio emission intensity is calculated as the weighted average carbon intensity of investee companies expressed as tCO2e/$m revenue. At baseline year, the intensity of our portfolio in scope is 166.47 tCO2e/$m revenue.

2019

Engagement threshold baseline

5.83% of financed emission in material sectors are associated to companies assessed as “Aligned to Net Zero Pathway”. Since we believe that no company in our portfolio is already “Achieving Net Zero”, there are no financed emissions in material sector associated to this bucket.

0% of financed emissions in material sectors were associated to companies subject to direct or collective engagement and stewardship actions concerning the Net Zero topic in the baseline year.

2019

Allocation to climate solutions baseline

Pending further availability of data disclosure on taxonomy alignment of issuers’ revenues, investments in “climate solutions” refers to assets financed through Green Bonds. At the baseline year, 1.53% of the total AUM of Eurizon Capital SGR S.p.A. and the subsidiaries of the Asset Management Division is allocated to Climate Solutions.

Target(s):

2040

Portfolio coverage target

We estimate that about 50% of AUM in material sectors is considered “Achieving Net Zero”, “Aligned to a Net Zero pathway” or “Aligning towards a Net Zero pathway” by 2030. We target 100% of AUM in material sectors to be “Achieving Net Zero” and “Aligned to a Net Zero pathway” by 2040.

2030

Portfolio decarbonisation reference target

We aim for a reduction of -50% of our portfolio emissions in intensity terms by 2030 (Scope 1 and Scope 2 only), equivalent to a weighted average carbon intensity of our portfolio in scope of 83.23 tCO2e/$m revenue by 2030.

2030

Engagement threshold target

42.38% of financed emission in material sector will be associated to companies assessed as “Achieving Net Zero” or “Aligned to Net Zero Pathway” by 2030.

47.65% of financed emissions in material sectors are associated to companies subject to direct or collective engagement and stewardship actions concerning the Net Zero topic by 2030. These companies are assessed as “Aligning to Net Zero pathway” or “Committed to Align”.

2025

Allocation to climate solutions target

We estimate that about 4% of the total AUM of Eurizon Capital SGR S.p.A. and of the subsidiaries of Asset Management Division will be allocated to Climate Solutions by 2025.

GHG scopes included:

Our Portfolio decarbonization reference target is based on Scope 1 and 2 emissions of our portfolio holdings. Currently, Scope 3 emissions are not included, due to the lack of data coverage. However, the ambition is to include Scope 3 emissions as both companies’ reporting and estimation models improve.

Methodology:

Net Zero Investment Framework

Scenario(s):

Our portfolio decarbonization reference target is based on IEA NZE scenario.

Additional information

Proportion of AUM committed:

Our initial target disclosure includes active funds with over 95% invested in Corporate Fixed Income and/or Listed Equity. The ultimate goal is that all asset classes shall be included and that our target shall cover 100% of our AUM overtime. Additional asset classes will be included subject to both robust methodologies being developed and data availability (for example Sovereign bonds). Depending on the additional asset classes included, we will also aim to expand the scope of our target to mandates, delegated funds, passive funds, funds of funds and other alternative investments. We plan to add individual, institutional, and alternative mandates to our target upon approval by our clients.

Policy on coal and other fossil fuel investments:

Yes. The Sustainability Policy of Eurizon Capital SGR S.p.A. describes SRI exclusions applicable to issuers that: (i) derive more than 25% of their turnover from mining or electricity production activities linked to thermal coal or (ii) derive more than 10% of their revenues from oil sand extraction. For issuers with an exposure to the thermal coal and oil sands extraction below the prescribed thresholds, specific escalation processes, to ensure that no new thermal coal generation or oil sands exploitation projects are developed, as well as to verify the gradual phase-out of such activities, are triggered and may result in restrictions and/or exclusions with respect to the Investment Universe of individual managed assets. The policy applies to all of Eurizon’s AUM. More information can be found at the following link.