Corporate news

AXA IM has made material contribution towards its goal of becoming net zero as a business and investor by 2050


AXA Investment Managers (AXA IM) today unveils the first reporting of the AXA IM For Progress Monitor, a set of indicators that track the company’s progress against its net-zero targets as a business and investor.

Announced in 20231 , the AXA IM for Progress Monitor is comprised of eight metrics with interim targets, selected for their strategic importance and material contribution towards AXA IM’s sustainability related goals.

  • U2VlOiBodHRwczovL3d3dy5heGEtaW0uY29tL21lZGlhLWNlbnRyZS9heGEtaW0tYWxpZ25zLWNvbXBlbnNhdGlvbi1zZW5pb3ItZXhlY3V0aXZlcy1pdHMtZXNnLWFtYml0aW9ucyBodHRwczovL3d3dy5heGEtaW0uY29tL21lZGlhLWNlbnRyZS9heGEtaW0tYWxpZ25zLWNvbXBlbnNhdGlvbi1zZW5pb3ItZXhlY3V0aXZlcy1pdHMtZXNnLWFtYml0aW9ucw==

- Active internal engagement: objective to reach 100% of employees attending a learning and awareness session on ESG & Sustainability by end of 2022.

  • Objective achieved: 100% of employees2  attended learning and awareness sessions as of end 2022.
  • This achievement can be attributed to the AXA Climate Academy awareness programme for employees and new joiners, who are offered introductory and deeper-dive ESG and Climate e-learning modules.
  • In 2023, the target is for at least 70% of employees to attend additional awareness sessions.
  • QWxsIGFjdGl2ZSBwZXJtYW5lbnQgZW1wbG95ZWVzIGV4Y2x1LiBKVnMgYXMgb2YgMzAvMTEvMjAyMi4=

- Corporate porfolio carbon intensity: objective to reduce by 25% by 2025 (vs 2019).

  • Objective achieved: down 28.7% at the end of 2022.
  • This achievement is attributable3  to an increased exposure to low-emitting sectors as well as a decreased exposure in the average carbon intensity of high-emitting sectors.
  • VGhlIFV0aWxpdGllcyBzZWN0b3LigJlzIGNhcmJvbiBpbnRlbnNpdHkgbWVhc3VyZW1lbnQgd2FzIGJvb3N0ZWQgYnkgaW5mbGF0aW9uIGJldHdlZW4gMjAyMSBhbmQgMjAyMiBhcyBpdCBpcyBjYWxjdWxhdGVkIGJhc2VkIG9uIHJldmVudWVzLiBSZWdhcmRsZXNzLCB0aGUgY29tcGFuaWVzIEFYQSBJTSBob2xkcyBpbiB0aGlzIHNlY3RvciBoYXZlIGFjaGlldmVkIHNpZ25pZmljYW50IHJlZHVjdGlvbnMgaW4gR0hHIGVtaXNzaW9ucy4mbmJzcDsmbmJzcDs=

- Real Estate carbon intensity: objective to reduce by 20% landlord operational carbon intensity of directly managed real estate equity AUM of ca. €64bn4 by 2025 (vs 2019).

  • 95% progress toward our target: 19% reduction as of the end of 2022.
  • Investment into new building systems, increased interaction with the property managers and new building certifications, as well as portfolio turnover contributed to this progress.
  • We note that this is not a ‘like for like’ metric, but an absolute portfolio intensity metric taking into account a changing underlying asset base and while this is significant progress, portfolios are not static. Acquiring lower performing assets with the aim of improving their performance, and potentially disposing of high performing assets, could affect this metric in the future.
  • 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

- Real Estate assets under management (AUM) CRREM5 aligned6 : objective to maintain 50% of direct real estate AUM7 in line with the CRREM trajectory by 2025.

  • 50% of AUM is maintained as of the end of 2021, based on the reference portfolio8  described below.
  • Progress is defined as maintaining a defined proportion (50%) of AUM to be aligned to the CRREM pathway by 2025, knowing that every year CRREM trajectory becomes more ambitious and harder to align with and considering the portfolio turnover.
  • For 2021 and 2022, we refer to the performance of a reference model portfolio, representing ca. 19% of in-scope assets, where the performance remains aligned with the expected performance threshold in 2025, for more than 50% of the portfolio.
  • Following changes to the CRREM methodology in Q2 2023, a refined methodology is being tested with results anticipated by the end of Q4 2023.
  • Q2FyYm9uIFJpc2sgUmVhbCBFc3RhdGUgTW9uaXRvci4=
  • VGFyZ2V0IHNldCBhZ2FpbnN0IDIwMjIgdmVyc2lvbiBvZiBDUlJFTSBwYXRod2F5cy4gQ1JSRU0gbWV0aG9kb2xvZ3kgbWF5IGV2b2x2ZSBvdmVyIHRpbWUu
  • SW4tc2NvcGUgYXNzZXRzIG9mIGNhLiDigqw0OGJuIGluIDIwMjIgKOKCrDY0Ym4gZGlyZWN0bHkgbWFuYWdlZCByZWFsIGVzdGF0ZSBlcXVpdHkgYXMgZGVzY3JpYmVkIGFib3ZlLCBsZXNzIFN3aXNzIGFzc2V0cyBvZiDigqwxNkJuIHdoaWNoIGFyZSBhc3Nlc3NlZCBvbiBhIGRpZmZlcmVudCBtZXRob2RvbG9neSku
  • UmVmZXJlbmNlIG1vZGVsIHBvcnRmb2xpbyB2YWx1ZSBjIOKCrDlibiAoYzE5JSkgb2YgaW4tc2NvcGUgYXNzZXRzLg==

- AXA IM carbon footprint: objective to reduce by 26% by 2025 (vs 2019).

  • 58.4% reduction from 8,493 tons of CO2e in 2019 to 3,532 tons of CO2e equivalent (double the reduction hoped to be achieved by 2025).
  • The progress can be attributed to new work habits post pandemic, quality of digital tools and a reinforced business travel policy that reinforces the need for sustainable travel choices.
  • While we expect business travel continuing to increase to return to pre pandemic levels, further efforts are now expected to be able to maintain this reduction over the coming years.

- Financed emissions under engagement: 70% of financed emissions in material sectors subject to engagement by 2025.

  • 82% progress towards our target: 57.4% of financed emissions were under engagement as at the end of 2022.
  • Increased engagement with investee companies (individually or collectively) notably with climate laggards as defined in the “Three strikes and you’re out” mechanism  in AXA IM’s engagement policy9 . Additional carbon-intensive issuers will be added to the engagement list.
  • U2VlOiBodHRwczovL3d3dy5heGEtaW0uY29tL3NpdGVzL2NvcnBvcmF0ZS9maWxlcy8yMDIyLTA0L2F4YS1pbS1lbmdhZ2VtZW50LXBvbGljeS0wNC0yMDIyLnBkZg==

- Natural capital solutions: $500 million targeted to Natural Capital Solutions by 2028.

  • 30% progress: $150 million committed to the Natural Capital Strategy in 2022.
  • Continued capital commitment to support a large range of natural capital activities.

- Exit from coal: objective to exit all coal investment in OECD countries by 2030.

  • 11,5% progress: coal exposure down to 0.247% of total direct investments in listed corporate assets10  at the end of 2022.
  • This reduction follows the implementation of new exclusion criteria within our updated climate risks policy in 202211 , as well as continuous engagement with some of the companies still held regarding their climate transition plans12 .
  • 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
  • U2VlJm5ic3A7OiAyMDIyMDIyNS1BWEEtSU0tQ2xpbWF0ZS1SaXNrcy1Qb2xpY3kucGRm
  • 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

“We are proud to report on our first edition of the AXA IM For Progress Monitor, as we are committed to hold ourselves to account on our journey to net zero with all our stakeholders. These metrics complement our financial targets as significant indicators of our successes and challenges  as an investor and a business. Steady progress has been made towards our targets. We must continue to drive meaningful progress.” said Marco Morelli, Executive Chairman of AXA IM.

“These targets are part of our company’s strategic roadmap and will be reviewed on an annual basis to ensure they are suitably ambitious and are reflective of our broader business objectives.” added Marco Morelli.

More information on the metrics and methodologies used here.

    About AXA Investment Managers

    AXA Investment Managers (AXA IM) is a responsible asset manager, actively investing for the long term to help its clients, its people and the world to prosper. Our high conviction approach enables us to uncover what we believe to be the best global investment opportunities across alternative and traditional asset classes, managing approximately €842* billion in assets as at the end of September 2023.

    AXA IM is a leading investor in green, social and sustainable markets, managing €489 billion of ESG-integrated, sustainable and impact assets as at the end of December 2022. We are committed to reaching net zero greenhouse gas emissions by 2050 across all our assets, and integrating ESG principles into our business, from stock selection to our corporate actions and culture. Our goal is to provide clients with a true value responsible investment solution, while driving meaningful change for society and the environment.

    At end of December 2022, AXA IM employs over 2,600 employees around the world, operates out of 24 offices across 18 countries and is part of the AXA Group, a worldwide leader in insurance and asset management.

    * Includes the contribution from Architas and AXA IM Prime, net of intercompany elimination.

     

    Important information:

    Climate or sustainability-related metrics and underlying emissions data are subject to measurement uncertainties resulting from limitations inherent in the nature and the methods used to determine them. There is a limited availability of relevant data: such data is not yet systematically disclosed by issuers, or, when disclosed by issuers or collected from third-party data providers, it may be incorrect, incomplete or follow various reporting methodologies. The data sources and methodologies are expected to evolve and improve over time and may materially impact targets and the achievement of targets.

    Targets noted above reflect management’s current expectations, and are subject to a number of assumptions, variables and uncertainties, including actions of issuers in which we invest, suppliers and other third parties, as well as a variety of political, economic, regulatory, civil society and scientific developments beyond AXA IM’s control. There can be no assurances that our targets and the timetable for any transition will be achieved in whole or in part .

    This press release does not constitute on the part of AXA Investment Managers S.A. (together with its affiliates “AXA IM” or “AXA Investment Managers”) a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision.

    It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date.

    AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document.

    Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited.

    Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ

    In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries.

    Back to top