Climate
As a Dutch Climate Agreement signatory, our net-zero ambition reflects our commitment to climate action.
We hope to achieve our goal to be net-zero across all investments by 2040.
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Setting a net-zero ambition
If 2021 was the year we set our target, 2022 was the year to embed that target across our entire investment platform. In a year where global emissions levels increased and energy prices soared, the financial risks associated with decarbonisation were brought to the fore.
Despite this, we pushed on with our net-zero ambition. Moving from concept to consolidation, we sought to cover more assets in our carbon modelling, to define specific pathways for each portfolio, and we started to use our levers of influence to enact change more meaningfully.
We provide a summary of our targets, principles guiding those targets, and developments in emissions for 2022 below. A detailed look at how we measure carbon emissions, assess climate-related risks and opportunities and set targets to manage performance against these can be found in our Taskforce for Climate-related Disclosures (TCFD) report. We will be publishing our second TCFD report in 2023.
We have set the following net-zero ambition targets
To be net-zero across all investments by 2040
25% reduction in emissions by 2025*
*Based on 2019 baseline.
50% reduction in emissions for each asset class by 2030*
*Based on 2019 baseline.
Our target-setting principles
The principles governing our net-zero ambition and implementation plan are:
1
Leverage on our multi-asset expertise and positioning across the whole capital spectrum (equity, debt, private markets, alternatives) to realise our ambitions
The level of insight we’ll gain from our unique position across all asset classes is something we intend to share broadly to help drive climate action.
2
Recognise the difference in transition pathways across asset classes
Use a common approach and framework across all asset classes, but one which also allows for pragmatic asset class-specific implementation.
3
Pursue a beyond-exclusions strategy, rooted in engagement
Prioritise engagement with the heaviest emitters within our portfolios.
4
Approach the low carbon transition through managing climate risk and investing in climate solutions
We see the transition through a double materiality lens: it poses both additional financial risks for the portfolio as negative impact on all stakeholders; we also acknowledge that climate action presents portfolio opportunities for active investors, both in financial returns and in generating positive impact.
Carbon emissions for 2022
As at 31 December 2022.
Carbon metrics ©2022 MSCI ESG Research LLC. Reproduced by permission.
Our climate commitment in action
For the total portfolios emissions that are known, we track the path since 2019 and assessed how this fares versus our net-zero ambition pathway.
Anthos net-zero ambition pathway carbon emissions
(Ton CO2e/€ m Inv):
As at 31 December 2022.
Carbon metrics ©2022 MSCI ESG Research LLC.
Reproduced by permission.
Bastiaan Pluijmers
Head of Investment
& Strategy Research
In 2019 Anthos signed the Dutch Climate Agreement, thereby signalling we are serious about decarbonisation. Since then, we have come a long way in developing an ambitious net-zero framework that makes sense for a fund-of-fund investor like us. This year has been all about consolidation of the development work done.
This was also clearly the case for the broader industry, illustrated by the progress report published on the Dutch Climate Agreement towards the end of last year by KPMG. We have been actively contributing to this progress report through our work for DUFAS, and happily can say the conclusion of the report tentatively confirmed that we (and the industry) are on the right track.
Our corporate carbon footprint
| Scope 1 | ||||
| Year | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Fuel combustion | 7.0 | 12.1 | 16.5 | 11.6 |
| Company vehicles (Investments/ downstream leased assets in direct control) | 50.0 | 5.5 | 13.9 | 18.0 |
| Total Scope 1 | 57.0 | 17.5 | 30.3 | 29.5 |
| Scope 2 | ||||
| Year | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Purchased electricity Purchased heating or cooling Investments/ downstream leased assets in direct control | 35.0 | 5.6 | 11.7 | 17.0 |
| Total Scope 2 | 35.0 | 5.6 | 11.7 | 17.0 |
| Scope 3 Direct | ||||
| Year | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Fuel- and energy- related activities | 8.0 | 22.0 | 13.5 | 10.9 |
| Waste generation in operations | 0.0 | |||
| Business travel | 424.4 | 30.9 | 58.8 | 280.2 |
| Employee commuting | 64.1 | 25.2 | 32.4 | 26.9 |
| Total Scope 3 Direct | 496.6 | 78.1 | 104.7 | 318.0 |
| Total Direct | 588.6 | 101.3 | 146.7 | 364.5 |
|---|
| Scope 3 Indirect | ||||
| Year | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Purchased goods and services | - | - | - | - |
| Capital goods | - | - | - | - |
| Upstream transportation and distribution | - | - | - | - |
| Upstream leased assets | - | - | - | - |
| Downstream transportation and distribution | - | - | - | - |
| Processing of sold products | - | - | - | - |
| Use of sold products | - | - | - | - |
| End-of-life treatment of sold products | - | - | - | - |
| Downstream leased assets | - | - | - | - |
| Franchises | - | - | - | - |
| Investments | - | - | - | - |
| Total Scope 3 Indirect | - | - | - | - |
As at 31 December 2022.
Carbon metrics ©2022 MSCI ESG Research LLC. Reproduced by permission.
Carbon emission offsetting
Anthos has set out to compensate for its directly-controlled emissions. The carbon emissions for Anthos over 2022 are not yet finalised, so the compensation has not yet taken place.
About our emissions data, metrics and models
In general, Anthos follows the PCAF standard, the MSCI carbon metrics and GRESB datasets for its analysis. A detailed look at how we measure carbon emissions for our portfolios including how and why we chose those metrics, the importance of data quality, forward-looking climate metrics, and much more can be found in our TCFD report.
A detailed look at how we measure carbon emissions for our portfolios can be found in our TCFD report.
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Human rights
How to read this table
The ‘Anthos emissions’ dots represent Anthos’ reported emissions which make up 40% of total assets under management and encompass listed equities and listed corporate debt (European investment grade and global high yield). The ‘budgeting line’ represents the maximum threshold of emissions to enable these portfolios to reach net zero. The ‘compensation area’ from 2040 onwards represents the expectation that we will need to offset any remaining emissions using natural capital solutions. ‘Benchmarks’ represents the total emissions of the respective benchmarks for the equities and listed debt portfolios: MSCI World ACWI, Bloomberg Barclays Euro agg, and Bloomberg Barclays Global high yield, respectively.
How to read this chart
The first column indicates the % of assets under management represented by a particular asset class. We show this to signify the materiality of each portfolio, which goes someway to explaining the levels of carbon emissions.
The middle column expresses the level of data quality for these emissions measurements. This is important to a) assess how reliable the emissions data is b) know if the measurements are good enough to ‘steer’ the portfolio and actively engage. Our data quality emissions measurement is based on PCAF guidance. As the table shows, data quality is high in listed asset classes, and nascent in private markets and alternatives although we are encouraged to see things changing.
The right column shows one of the carbon emissions metrics we look at: we measure and actively use the economic intensity (tCO2e per euro million invested). We also report on absolute emissions in terms of ‘tCO2e’ (metric tons) to our clients.
Good corporate citizenship
| Partnership or alliance | Activity and rationale |
| SFDR working group organised by the Dutch Fund and Asset Management Association | We actively participate in the SFDR expert sessions and initiated an expert group for SFDR implementation for funds of funds. We also contribute via DUFAS in the industry relevant consultations regarding EU policy developments. |
|---|---|
| Impact Frontiers | Over 2022, we participate in a working group with other funds and fund-of-funds to share best practices in integrating the IMP norms in investing, determining investor contribution, sharing knowledge, etc. |
| Global Impact Investing Network (GIIN) | We took part in their annual conference, speaking about investing for systemic change. We are also members of their investor advisory council. |