As a member of the Net Zero Asset Owner Alliance, SCOR has committed to setting targets for the decarbonization of its portfolio. The baseline is end of year 2019 and the target is set over a five year time horizon, running until the end of 2024. SCOR believes that the carbon footprint is more meaningful when taking scope 3 (other indirect emissions(3)) into account and that carbon intensive sectors are the ones for which scope 3 matters most. For these reasons and despite some weaknesses in the current data, SCOR has decided to set Carbon Intensity targets including scope 3 for its corporate bond and equities sub-portfolio based on the Enterprise Value of issuers. SCOR commits to reducing its carbon intensity by 27% by end of 2024 for corporate bonds and equities sub-portfolios. This will be achieved by combining a best- in- class selection with active engagement with investees, in order to impact the real economy. The decarbonization path cannot be achieved by rebalancing the highest emitting sectors to the least emitting ones; with no consideration in terms of supporting companies with credible paths to decarbonization. Progress should be measured globally over the period, bearing in mind the lag of data and the time it takes for companies to show visible results in their own decarbonization path. As mentioned in section 3.2.2 – Management of transition risks, the Group does not offer facultative insurance or reinsurance that would specifically encourage the development of new thermal coal or lignite mines or new plants. The policy also excludes the construction of new coal-fired power plants, irrespective of the technologies, the construction, and quality of the coal
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