La Banque Postale Asset Management
La Banque Postale Asset Management is a multi-specialist socially responsible investment asset manager serving French clients. It joined the Net Zero Asset Managers Initiative on 29 March 2021 and its initial target disclosure was published on 1 May 2022.
Percentage of assets covered by the Net Zero Asset Managers Commitment Statement
80% of total AUM (USD $48 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
Target(s):
Portfolio decarbonisation reference target
80% of total assets will have decarbonisation targets by 2030
GHG scopes included:
The latest SBTi criteria for companies to set Scope 1 and 2 targets, as well as Scope 3 targets where their Scope 3 emissions are material, are applied where possible.
Methodology:
Science Based Target initiative for Financial Institutions
Scenario(s):
IPCC special report on global warming of 1.5°C
Additional information
Proportion of AUM committed:
The target 80% of total AUM corresponds to a target of 90% applied to our ‘required and operational activities’ as defined by Financial Sector Science-Based Target Guidance.
Our initial ambition of achieving 100% faces certain constraints such as: feasibility due to availability of methodologies and data; investments which are characterised by limited influence and engagement capacity; countries and regions with varying decarbonisation pathways, dynamics and predictability; varying type and size of issues with different access and capacity to set and validate targets; and variation in asset class, geographical and sectoral breakdown of investments in 2030 when compared to the target setting year.
Policy on coal and other fossil fuel investments:
LBP AM’s coal policy is based on exclusion and engagement. 100% of open-end funds (USD 30.6 bn) covered by the policy.
Oil & gas policy is currently under development and applicable to integrated, upstream, downstream oil & gas companies as well as project finance. Using the IEA Net Zero by 2050 scenario as a reference for the sector transition pathway, our policy will include a specific focus on unconventional resources, combining exclusions based on revenue exposure, engagement on transparency and the development of new capacities, and E&S risk management, and develop a robust engagement framework with specific requirements on all GHG emissions reductions, exclude companies that have no demonstrable transition strategy. Based on our engagement practices we will expand environmental analysis and stock picking with a qualitative analysis encompassing reduction targets, capex plans, long-term production outlook and energy mix.
Further information:
LBP AM’s voting policy, engagement policy and exclusion policy.