欧洲央行非货币政策组合的气候相关金融披露（英）

June2024 Climate-relatedfinancialdisclosuresoftheECB’snon-monetarypolicy portfolios Contents Foreword2 1Introduction3 2Governance5 3Strategy6 4Riskmanagement8 5Metricsandtargets10 5.1Staffpensionfund10 5.2Ownfundsportfolio23 5.3Targets30 Annexes31 Foreword Climatechangeiscausingevermoredevastationandhumansufferingacrossourplanet,withEuropewarmingatafasterratethantherestoftheworld.Takingurgentactiontotacklethisglobalcrisisistheonlywaytoavoidtheworstoftheirreversibleandlong-termdamage.AsaEuropeaninstitution,theECBisdeterminedtocontributewithinitsmandatetosolutionsaddressingthismajorchallenge. Thisreportprovidesthesecondaccountofclimate-relatedinformationabouttheECB’sstaffpensionfundandownfundsportfolios,followingourfirstpublicationlastyear.IttracksoureffortstodecarboniseourbalancesheetinlinewiththegoalsoftheParisAgreementandtheEU’sclimateneutralityobjectives.Theinterimtargetsforourcorporateinvestmentsinourpensionfunds,whichwepresentforthefirsttimeinthisreport,representimportantmilestonesagainstwhichwewillmeasureourprogressovertime. 2023markedseveralpositivedevelopmentsonourdecarbonisationjourney.WeadoptedEUParis-alignedbenchmarksforallequityinvestmentsinourstaffpensionfund.Thishalvedthecarbonfootprintofourcorporateinvestments,whichcomprisesomethree-quartersoftheECB’sstaffpensionfund.Intheownfundsportfolio,weaddedanexplicitclimateobjective,whichisofequalprioritytoourfinancialreturnobjective.Weincreasedtheshareofgreenbondsinourownfundsportfolioto20%(from13%in2022),whichmeanswenowprovideover€4.5billioninfundingfortheassetsthatwilldrivethetransitiontoanet-zeroeconomy.Lookingahead,weplantoincreasetheshareofgreenbondsinourownfundsportfolioto25%in2024. Atthesametime,weareclearlystillatthebeginningofourjourney.Forthefirsttime,wehavepublishedscope3emissionsforournon-sovereigninvestments.However,duetodataqualitychallengeswehavepresentedtheseresultsinanannextothisreportonastand-alone,best-effortbasisonly.Datacoverageonassetclassessuchascoveredbondsalsoremainslimited,whichiswhyweactivelysupporttheongoingeffortsbytherelevantinternationalandEuropeanauthoritiesinthisfield.Finally,thereductionincarbonemissionsofourownfunds,whicharecurrentlypredominantlyinvestedinsovereignbonds,continuestodependlargelyongovernments’actionsassignatoriestotheParisAgreementandadoptersoftheEuropeanClimateLaw. Bypublishingclimate-relatedinformationinlinewithacommonframework,thecentralbanksoftheEurosystemcollectivelyaimtohelpharmonisedisclosurepractices,fosterabetterunderstandingofclimaterisks,andcontributetothetransitiontoa net-zeroeconomyandEUclimategoals.Wewillcontinuetoreviewandimprovethescopeandqualityofourclimate-relateddisclosuresandweremaincommittedtotransparencyandaccountability. FrankfurtamMain,June2024IsabelSchnabel ExecutiveBoardMember,EuropeanCentralBank 1Introduction LastyeartheECBforthefirsttimedisclosedclimate-relatedfinancialinformationaboutitseuro-denominatednon-monetarypolicyportfolios(NMPPs).ThisistheECB’ssecondannualreporttodisclosethisinformation,coveringtheinvestmentsinitsstaffpensionfundandownfundsportfolio. ThedisclosuresfollowtherecommendationsoftheFinancialStabilityBoard’sTaskForceonClimate-relatedFinancialDisclosures(TCFD)anditssupplementalguidanceforassetowners.Disclosuresinthe“Metricsandtargets”categoryadheretotheupdatedEurosystemcommondisclosureframework,whichinadditionconsiderstherecommendationsofthePartnershipforCarbonAccountingFinancials(PCAF)andtheNetworkofCentralBanksandSupervisorsforGreeningtheFinancialSystem(NGFS).1 Thedisclosuresarerefinedovertime,inlinewiththeincreasingavailabilityandqualityofclimate-relateddata,evolvingdisclosuremethodologiesandpractices,aswellasgrowingexpertiseinhandlingclimate-relatedrisks.Byincreasingthetransparencyofitsowninvestments,theECBaimstoimprovetheavailabilityofclimate-relatedinformationandtheunderstandingofclimate-relatedrisks.Theintentionisalsotofosterwideraction,whichisoneoftheECB’sthreemainobjectivesforitsworkonclimatechange.Thisyear’sreportexpandsthescopeoftheECB’sdisclosuresto: sovereignproductionemissionsincludingtheeffectsoflanduse,land-usechangeandforestry(LULUCF)andsovereignportfolios’energymix; metricsbasedonscope3emissionsfornon-sovereignissuers; newmetrics,suchastheshareofgreenbondsinthestaffpensionfund; interimtargetsforthestaffpensionfund. In2023theECBmadeconsiderableprogressonintegratingclimateconsiderationsintothestaffpensionfundandownfundsportfolio.AllcorporateinvestmentsinthestaffpensionfundnowtrackEUbenchmarksalignedwiththeParisAgreementandhaveloweredemissionsbyaround50%.Estimatesshowthattheseinvestmentsarenowinlinewithascenariotolimitglobalwarmingtoapproximately1.8ºCabove pre-industriallevels.Theshareofgreenbondsintheownfundsportfoliohasincreasedto20%in2023,whichmeansthattheportfolionowprovidesover€4.5billioninfundingforthelow-carbontransition.Over90%ofthisfundingisallocatedtoissuersbasedintheEuropeanUnion. Thereportisstructuredasfollows:Section2summarisestheorganisationalset-upandthedecision-makingresponsibilitiesunderlyingtheECB’sstaffpensionfundand