Today, Natixis and Groupe BPCE publish their first TCFD climate reports, which follows the recommendations of the TCFD (Task Force on Climate-Related Financial Disclosures). They thereby specify the actions they are taking to support the transition to a low-carbon economy and the adaptation to the impacts of climate change.
TCFD is a working group set up at the end of 2015, under COP21, by the G20 through the Financial Stability Board (FSB), which aims to promote a detailed and transparent communication related to climate risks. It specifies the expected elements of climate reporting and focuses on 4 pillars: governance, strategy, risk management and metric & targets.
In this first TCFD report, Natixis has set ambitious targets, such as reducing its financing of oil and gas exploration-production activities by 15% between 2020 and 2024, and laying out € 9 billion in new financing for renewable energy over the same period.
It also provides a very high level of transparency. For example, it is the first asset manager to disclose its carbon footprint and the amount of its investments in the fossil fuel sector, out of more than € 500 billion in assets under management.
“This first TCFD report reflects both our ambition to share our tools and practices and our commitment to measuring our progress. This report is also a tool for engaging our teams. Moreover, it provides an additional opportunity to interact with our stakeholders.”
Louis Douady, Global Head of ESR, Natixis