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The projects resulting from its five core businesses will be conducted with regard to five simultaneous levers of action: TEE financing in the territories, climate risk assessment and management, decarbonisation of the portfolios, shareholder engagement in favor of strategic alignment with objective 2 ° and the policy of exclusion of thermal coal.
Bpifrance and the Bank of the Territories will mobilize € 16 billion in dedicated TEE financing by 2020.
Caisse des Dépôts will continue its low carbon strategy by drastically reducing the exposure of its financial investment portfolios and tending towards a definitive exit from coal.
Finally, in the first half of 2019, the CDC will launch a major new survey of companies in which it is a shareholder and, in particular, those operating in sectors related to the production or major consumption of fossil fuels. CDC believes it has more impact at this stage on business transformation and the real economy by remaining committed to these companies to develop a demanding shareholder dialogue and incentive.
Eric Lombard, Managing Director of Caisse des Dépôts states: "The recent IPCC report recalls the urgency of intervening to contain global warming. Financial institutions must take responsibility and help companies develop an activity consistent with the objectives of the Paris Agreement. Caisse des Dépôts will provide them with support and an operational framework via the Ademe's ACT methodology.
Our institution, precursor as a financial institution on the subject of climate finance and also the first public asset manager of the Place, must be exemplary.
The dedicated offer built by Banque des Territoires will be a major lever to accelerate the development of TEE projects in all regions, from globalized metropolises to rural areas. The mastery of the urban extension materialized by the artificialisation of the agricultural and forest lands is a good example illustrating this challenge ".
TEE financing: massive deployment of Bpifrance and the Bank of the Territories
In the form of loans and equity investments, Banque des Territoires and Bpifrance will mobilize € 16 billion by 2020 to support projects with a positive impact on the climate. This represents 22% of their total consolidated loan commitments over the period.
In this regard, the share of the collection of the Sustainable Development and Solidarity Booklet which is centralized for 59% in the savings fund of the Caisse des Dépôts has been fully allocated since the end of 2017 to the financing of these projects.
The Banque des Territoires, launched last May, is particularly committed to supporting the territories in a fair and inclusive transition. This will translate very concretely in the offer of dedicated support to the service of its customers concerned about biodiversity and adaptation to climate change
In addition, Caisse des Dépôts, which launched its first green bond in 2017, continues its policy of responsible bond financing through the issuance in 2019 of a "sustainability bond" which will be backed by real assets with a social dimension and strong performance in favor of the climate.
Thermal coal: Caisse des Dépôts on the road to total disengagement
The Institution will put in place by 2019 a more drastic exclusion policy. It will no longer invest – directly or via funds – in companies whose coal business exposure exceeds 10% of sales. The implementation of this commitment, the information of which will be made systematically available in the context of our reports, will always be certified by the statutory auditors.
Decarbonation of financial investment portfolios: outdated goals
Since 2014, the carbon footprint of Caisse des Dépôts' listed share portfolio has been reduced by 37% and that of corporate bonds by 54%. Regarding real estate investment, the target – a 38% reduction in energy consumption by 2030 – has already been reached by 50%. Caisse des Dépôts will actively pursue its reduction efforts on all its financial investment portfolios, which amount to € 150 billion.
The answers to the challenges of global warming must be built with portfolio companies as part of a relationship of high standards and transparency.
This in-depth dialogue, conducted throughout the year by the managers, will be informed by the results of the major survey that Caisse des Dépôts will launch in 2019, targeting in particular the companies most sensitive to transition issues. Management decisions and the definition of Caisse des Dépôts' positions in their governing bodies will be based on the results of the survey, the summary of which will be made public.
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