Rapport om samfundsansvar 2022 godkendt 7. marts 2023 (eng) ny - Flipbook - Side 7
INDUSTRIENS PENSIONSFORSIKRING A/S
In addition to excluding countries, in 2022 we
also developed a customised benchmark for
investments in government bonds in developing
countries to provide even more control of which
countries we invest in – both in the context of
returns and responsibility.
Sustainability with climate as a specific
benchmark
At Industriens Pension, we aim to focus on
sustainability.
In this context, sustainability refers to financial,
environmental and climate as well as social
sustainability. We contribute to financial
sustainability by ensuring members good
pension savings through the highest possible
long-term returns, taking into account the risk.
Furthermore, we want to support sustainable
development by promoting the transition that
can create the best possible conditions for
people in the long term through investments in
all significant sectors of society.
We have a diversified portfolio, with many
different types of assets from investments in
large listed companies and small startups to real
Table 2
INVESTMENT IN A SUSTAINABLE FUTURE
assets such as infrastructure and properties. The
sustainability strategy concerns our entire
investment portfolio, and we therefore focus on
how each class of asset can support the strategy
in the best possible way.
Short-term and long-term climate targets
A central part of Industriens Pension's ambition
of climate sustainable investments is to support
the targets of the Paris Agreement. This means
that the entire investment portfolio must be
climate-neutral by 2050. In 2022, Industriens
Pension joined the global investor network: NetZero Asset Owner Alliance. By joining the
network, we have committed ourselves to
setting specific intermediate targets every five
years to reduce greenhouse gases from
investments and to reporting on progress
annually.
A necessary condition for the gradual reduction
of the climate footprint of our investment
portfolio is that we can measure the footprint
continuously. In 2022, our climate footprint was
10.0 tonnes/DKK mill., which is a drop of approx.
30% compared with 2021, see Table 2 1. The
measurement is based on the listed part of the
portfolio, i.e. for listed shares and corporate
Carbon emissions
2022
2021
Carbon emissions from investments (tonnes)
784,176
1,293,378
Carbon footprint (tonnes/DKK mill. invested)
10
14
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bonds, corresponding to approx. 40% of the
potential carbon-emitting portfolio. The drop in
total emissions can be linked to a drop in
emissions from specific companies and to a
reduction in Industriens Pension's portfolios of
heavily emitting companies. In 2023, we will
continue our efforts to calculate emissions for
the unlisted part of the portfolio.
Supporting a sustainable transition
We assess companies in the listed share
portfolio in relation to their impact on the climate
and their role in the transition to a sustainable
society. Our approach in the climate area is also
active ownership, as we, as active owners, can
help steer businesses towards an environmental
and climate sustainable transition.
For some companies we have assessed that a
sufficient transition of the company's activities is
not possible, and they have therefore been
excluded from our investment universe. This
applies for all coal mining companies, as these
have been assessed to have a significant
negative impact on the environment and
climate, and there may be problems with
employment conditions and basic human rights.
This also applies for oil companies with more
than 5% of their oil production extracted from tar
sand. A total of 115 companies have been
excluded on the basis of their activities within
coal mining and oil extraction from tar sand.
The portfolio also includes companies that
currently have a relatively high climate footprint,
such as fossil oil companies, but where we have
assessed that, as investors, we can make the
greatest positive impact on the climate by
continuing as active owners and influencing the
company to transition to greener production
with lower climate footprint. These are
companies that undertake to transition through
specific objectives and that show continuous
progress.
An example of our active ownership in the
climate area is our ownership of the French oil
and gas company TotalEnergies, which has
undertaken to convert to renewable energy
sources. At the company's annual general
meeting, we voted against TotalEnergies' own
climate strategy plan because we believed that
it should be more ambitious. We have also been
in dialogue with the company via the global
investor initiative Climate Action 100+ that puts
pressure on the world's largest corporate
greenhouse gas emitters to reduce their
emissions.
Another fossil company excluded from our
investment universe for a number of years is
Exxon Mobil Corporate. The company was
excluded due to their lack of willingness to
transition and lack of transparency about climate
impacts, as well as their reluctance to engage in
dialogue. In 2021, we saw signs of progress in
the company. New board members – with a
positive attitude to transitioning the company's
activities – were elected to the board, and the
company invited its investors to engage in
dialogue about climate considerations. In early
2022, the company announced a climate
strategy. The plan is not sufficient, although we
assess that, because the company has now
shown willingness to commence transition,
there is no longer basis for exclusion, but rather
The figures for carbon emissions and carbon footprint from investments in 2021 have been revised so they are comparable with 2022.
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