Minimum criteria

Greenhouse Gas Emissions

Hard requirements:

  • Inclusion of scope 1, 2, and relevant scope 3.

  • Inclusion of scope 3 emissions must at a minimum be aligned to the schedule described in the EU benchmark regulation 2019/2089.

Exposure to Fossil Fuel Activities

Hard requirements:

  • The threshold of 5% of revenues applies both to activities directly linked with the exploration and production of fossil fuels and, if data is readily available, activities financing such production (for coal, according to the global coal exit list or similar).

  • The scope of activities includes the whole value chain, ranging from exploration, extraction, and production (upstream) to transportation and storage (midstream) and refining, marketing, and electrification (downstream).

Verified Commitments to Net-Zero

Hard requirements:

  • Companies must have publically communicated a pledge to reach net-zero and have near-term targets be certified by one of the following providers:
    • Science based targets initiative (SBTi).

Management to Net-Zero

Hard requirements:

  • To include portfolios as being part of a third-party verified commitment to net-zero, they must be part of the publicly communicated net-zero targets under one of the sector-specific alliances of the Glasgow Financial Alliance for Net-Zero (GFANZ).

  • If the claim is made that the investment strategy includes a goal to reduce the portfolio’s greenhouse gas emissions, or those of its underlying investments, included scope 3 emissions must at a minimum be aligned to the schedule described in the EU benchmark regulation 2019/2089.

Credible Climate Stewardship

Hard requirements:

  • Votes/proxy votes should be consistent with the ambition of reaching net-zero by 2050.

  • Any linked climate engagement strategy should be consistent with the ambition of reaching net-zero by 2050. An example for a climate engagement initiative is Climate Action 100+.

  • The escalation procedure is clearly defined and made transparent.

Global Warming Alignment (optional)

Last modification 29.06.2022

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