In 2020, ICMIF member MAIF (France) adopted a proactive climate strategy aimed at bringing its investment portfolios as close as possible to the trajectory set by the Paris Agreement to limit global warming to +1.5°C by 2030. After having validated a strategy for exiting from fossil fuels (the total exit from coal and non-conventional fossil fuels by 2030 and from oil by 2040), the Board of Directors of MAIF has ratified new objectives as part of its membership of the UN-convened Net Zero Asset Owner Alliance (NZAOA).
With the ambition of contributing to the global goal of carbon neutrality by 2050, MAIF has set itself three priority objectives between now and 2025 (ie from 31/12/2020 to 31/12/2024): to reduce the carbon footprint of its investments; to finance the green energy and ecological transition; and to mobilise its stakeholders around the climate objectives of the Paris Agreement.
Objective 1: Reduce the carbon footprint of its investments
MAIF is committed to reducing the carbon footprint (tonnes of CO2 equivalent per million Euros invested) of its investments in listed shares, corporate bonds and real estate assets by 25% by 2025. This target applies to the MAIF Group’s investments in listed equities and corporate bonds under direct and delegated management, as well as to dedicated real estate funds.
This commitment to reduce the carbon footprint concerns all greenhouse gas emissions from the companies’ activities (scope 1), their energy consumption (scope 2) and their direct suppliers (upstream scope 3). MAIF will annually monitor the greenhouse gas (GHG) emissions of the portfolios concerned (in tonnes of CO2 equivalent per million Euros invested and in absolute terms) and will strengthen the climate dimension when selecting funds and direct investments.
Objective 2: Increase financing for the green energy and ecological transition
MAIF is accelerating the financing of the clean energy and ecological transition by committing to achieving at least a 15% green share* for the group by 2025.
To reach its objective, MAIF will continue to invest in green bonds and solutions for the energy and ecological transition.
Objective 3: Mobilise its stakeholders around the global objective of net-zero
MAIF will engage with the 20 companies with the highest GHG emissions in its directly managed bond portfolio. Its approach will also be to involve the 20 main companies to which it delegates the management of part of its assets.
In concrete terms, it will continue its action within the Climate Action 100+ initiative and the dialogue with issuers and management companies.
“In a society facing major challenges, our role as a responsible investor is to contribute to the necessary acceleration of transitions. By joining NZAOA in 2021, we have taken a further step in the deployment of our investment climate strategy. The definition of interim targets provides a new framework for our approach, with the aim of contributing to the ambitious goal of limiting global warming to no more than +1.5°C” said Carole Zacchéo, Chief Investment Officer of MAIF.
*MAIF uses the Greenfin Label as a reference and includes in its green share projects exclusively dedicated to activities contributing to the energy and ecological transition, buildings that have been labelled for less than five years and companies that generate more than 50% of their turnover from these activities.
Image: © Mélanie CHAIGNEAU/MAIF
