Swiss Life Asset Managers
Swiss Life Asset Managers is a leading European asset manager and institutional real estate asset manager with locations in Switzerland, France, Germany, Luxembourg, the UK and Nordics. Swiss Life Asset Managers joined the Net Zero Asset Managers Initiative in December 2022 and made its Initial Target Disclosure in June 2023.
Percentage of assets covered by the Net Zero Asset Managers Commitment Statement
15% of total AUM (USD $44.884 billion)
Information on interim target(s) covering the proportion of assets to be managed in line with net zero
Baseline(s):
Portfolio Decarbonization Reference Target baseline (PAII Net Zero Investment Framework): Real estate portfolios in scope have a carbon intensity baseline of 20 kgCO2e/m2/annum in 2019, as disclosed in the TCFD report 2022.
Sub-portfolio Decarbonization Target baseline (NZAOA Target Setting Protocol): Fixed income portfolios in scope have a carbon footprint baseline of 499 tCO2e/ MEUR invested using EVIC in 2021.
Baseline year 2019 for real estate portfolios, 2021 for fixed income portfolios.
Target(s):
Portfolio Decarbonization Reference Target (PAII Net Zero Investment Framework): Swiss Life Asset Managers has set emissions reduction targets of -20% in carbon intensity (kgCO2e/m2/annum) by 2030 for its real estate portfolios in scope, compared to the 2019 baseline. This target is consistent with the original CRREM pathway.
Sub-portfolio Decarbonization Target (NZAOA Target Setting Protocol): Swiss Life Asset Managers has set emissions reduction targets of -22% by 2025, and -49% by 2030 in carbon footprint (tCO2e/ MEUR invested using EVIC) for fixed income portfolios in scope, compared to the 2021 baseline.
Engagement target (NZAOA Target Setting Protocol): Swiss Life Asset Managers aims to engage on climate goals with 20 of its high emitters by 2025.
Target year 2030 for real estate portfolios, 2025 and 2030 for fixed income portfolios.
GHG scopes included:
For real estate portfolios, Scope 1 and 2, and partially downstream Scope 3 emissions are covered. Particularly, tenant energy is taken into account.
For fixed income portfolios, Scope 1, 2 and 3 emissions are covered, using industry and company-level estimates where companies do not disclose data.
Methodology:
Net Zero Asset Owner Alliance Target Setting Protocol
Net Zero Investment Framework
Scenario(s):
The CRREM trajectories were used for real estate. The NZAOA TSP-endorsed scenarios were used for fixed income. These net zero pathways are aligned on the IPCC Special Report on Global Warming 1.5°C (no and low overshoot scenarios).
Additional information
Proportion of AUM committed:
Swiss Life Asset Managers included the assets that are seen as suitable considering the robustness of methodologies, data availability and client preferences. We aim to expand our proportion of assets in line with net zero as data availability and methodologies improve. Furthermore, we plan to continuously engage with our clients to increase the proportion of AuM in scope.
Policy on coal and other fossil fuel investments:
As disclosed in the TCFD report 2022 and the Responsible Investment Policy, a thermal coal phase-out policy for the PAM Corporate bonds portfolio has been formalized at the Swiss Life Group level, which is also adopted by Swiss Life Assets Managers. The policy outlines a plan to refrain from making new investments and reduce exposure in companies where more than 10% of revenues are derived from the extraction and sale of thermal coal to third parties. (Please refer to the Swiss Life Group’s TCFD report 2022 or the Swiss Life Asset Managers’ Responsible Investment Policy for details).