Vauban Infrastructure Partners (“Vauban”), long term investor in essential infrastructures and Carbone 4, a leading consulting firm specialized in low-carbon strategy and climate resilience, are delighted to announce a new partnership.In a world transitioning to a business resilient and low-carbon economy, it is crucial that the actors of infrastructure financing are equipped with operational and shared tools to contribute to carbon neutrality and controlled climate risks. Following this observation, Vauban and Carbone 4 decided to create a partnership dedicated to developing a methodology for analysing the climate physical risks in North America.This common initiative is based on the existing CIARA methodology (Carbon Impact Analytics for Real Assets), aimed at developing innovative key performance indicators regarding two climate preoccupations:<ol><li>Climate impact: the alignment of infrastructure portfolios to the Paris Agreement.</li><li>Business resilience: the climate risks linked to the assets subject to climate change.</li></ol>Laurent Morel, Associate at Carbone 4 explains: "This methodology benefits from Carbone 4' fifteen years of experience in the field of climate change physical risks. It allows investors to identify potential risks for their portfolios. Infrastructures are particularly exposed to climate change effects due to their long lifetime. Performing a CIARA analysis is the crucial first step for investors wishing to implement a climate change adaptation strategy."Gwenola Chambon, CEO of Vauban Infrastructure Partners added: “Vauban is already committed to being at the forefront of ESG implementation in the European infrastructure sector, through our annual open research with our stakeholders, industrial and academic experts1, and initiatives such as the Infrastructure committee of UN PRI or the initiative for Climate International (iCI). The new development of our partnership with Carbone 4 will allow us to align the calculation methodology of our portfolios’ climate impact globally, a further significant step in advancing our strategic climate plans across our portfolio. This historic partnership will allow Carbone 4 to expand its scope of analysis to all of North America. This represents a significant milestone in the ongoing battle to fight climate change, not just for us; but the whole community.”(1) The Infrastructure impact on climate change in 2021 and The importance the Social License to Operate for the infrastructure sector in 2022About Carbone 4Led by Alain Grandjean, Laurent Morel and Jean-Marc Jancovici, Carbone 4 is an independent consulting firm specializing in the energy transition, which offers its expertise to public and private sector economic players. Convinced that anticipating the climate change constraint is the best possible option, Carbone 4 assists its clients in transforming this constraint into a formidable gas pedal of innovation, a factor of commercial differentiation and an element of motivation for their teams. For the financial sector, Carbone 4 develops methodologies and tools adapted to each business line to enable them to measure and highlight the carbon impact of financing and their contribution to the energy transition.&nbsp;<a href="www.carbone4.com">www.carbone4.com</a><a href="https://ciara.carbone4.com/">https://ciara.carbone4.com/</a>About Vauban Infrastructure PartnersVauban Infrastructure Partners is a leading Infrastructure Asset Manager focused on core infrastructure investments. Headquartered in Paris, the Company employs over 65 professionals, the majority of whom have been working together for over a decade.Vauban targets predominantly European brownfield mid-market assets, and pursues a long-term, yield- driven strategy that matches the underlying nature of the assets &amp; the long-term commitment to all stakeholders’ interests through a strong focus on creating sustainable value. Vauban has raised c.€7.2 billion across 6 funds in core infrastructure from over c.100 investors from 17 different countries and has invested in over 70 assets in the mobility, energy transition, social infrastructure, and digital infrastructure sectors across 13 different geographies.<a href="https://vauban-ip.com/en/">https://vauban-ip.com/en/</a>&nbsp;

CIARA

Vauban Infrastructure Partners and Carbone 4 announce their common initiative to develop a pioneering methodology for analysing physical risks of infrastructure assets in North America

Reaching global carbon neutrality in 2050 will need drastic efforts of decarbonation in all human activities.&nbsp; Mobility represents ~25% of direct worldwide GHG emissions from fuel combustion, and road transport (passenger + freight) accounts for nearly three-quarters of transport CO2 emissions. This sector has to reinvent itself to respond to the climate challenge. All decarbonization levers will have to be activated, through new uses and actions on demand but also through technological developments and especially battery electric vehicles (BEV).&nbsp;A BEV emits less than a conventional internal combustion engine car on its life cycle (source: <a href="(https://www.carbone4.com/en/publication-road-transportation-what-aternative-motorisation-are-suitable-for-the-climate">Carbone 4 study</a>). However, the production emissions of a battery are still significant. Decreasing the carbon footprint of batteries is therefore an important lever to reinforce the decarbonation impact of the BEV everywhere. The currently discussed UE Battery Directive aims to reinforce in the coming years the environmental traceability and carbon performance of the batteries sold in UE.&nbsp;The supply chain of battery manufacturing is also complex and raises many industrial, social, and environmental issues: from the upstream extraction and transformation of metals to cell &amp; pack production and finally its end of life. That supply chain is currently under Asian domination (Korea, China, Japan) and China’s influence is growing quickly. In addition to that context, automotive industry suffers from COVID crisis and supply chain’s disruptions.The development of a sovereign, competitive and low carbon battery industry is now seen as mandatory by most of economic and political players in Europe. &nbsp;Some companies are already developing solutions to decrease batteries' carbon footprint all over its life cycle: lower carbon production of materials, optimized cell and pack production, eco-designed batteries to improve their recyclability and reusability, new recycling processes to valorize most of the materials contained by old batteries. It is therefore key to capture with accuracy those improvements in battery carbon footprint calculation, by using specific values of those innovative processes and materials rather than average values.Therefore, following preliminary studies with Verkor (which is developing battery gigafactories), Carbone 4 is launching an open initiative to improve carbon footprint calculation of batteries, to precisely quantify the emissions related to any battery used in road transportation. It anticipates the upcoming UE regulation, which will ask for such information in the coming years. The carbon footprint calculator will be publicly accessible, to help structure the lowest emissive EU battery industry.&nbsp;That initiative is supported by key players of the EU battery supply chain: EDF, Eramet, Infinity Lithium, InnoEnergy, Plastic Omnium, Tokai COBEX, Verkor and 3 other industrial which will be revealed later.&nbsp;It is still open to additional partners to intensify the development of that initiative for the battery industry.&nbsp;First results will be made public in H2 2022.&nbsp;

Mobility

Carbone 4 launches an open initiative to improve carbon footprint calculation of batteries, supported by key players of the EU battery supply chain

Impact assessment

Carbon footprints and reporting

<h3>Press release</h3><h4>To address coming business disruptions induced by both low carbon and climate change challenges, major European companies join forces with Carbone 4 and its partners to design new strategic foresight tools. Critical decisions will be made in an unstable and disruptive business environment&nbsp;</h4>Both the low-carbon transition and adaptation to climate change are unavoidable challenges to face in the long run. These challenges will arise in a chaotic and uncertain way, and will disrupt both companies’ operations and markets. The president of the French association of large companies, M. Burelle, thus stressed in November 2019 that “companies must build their future by integrating a robust energy-climate foresight analysis in their strategy to&nbsp; better anticipate the potential disruptions on their business environment". This observation, is also outlined by TCFD and has since been widely spread.&nbsp;<h4>Considering a diversified panel of possible futures consistent with physical boundaries&nbsp;</h4>The IRIS initiative addresses to both companies and their stakeholders. Its purpose is to design a new generation of tools and methods to support corporate strategic thinking evolution:&nbsp;<ul><li>Systemic and sectorized "framework" scenarios, suited to the companies’ needs, that will explore different climatic (&lt;2°C and &gt;2°C), technological and sociological pathways. They will also describe the possible transformations along the value chains in coherence with the planetary boundaries (resources availability, environment feedback loop, etc.) and that are now well documented;</li><li>A guidance through the understanding and use of scenarios for strategic thinking via a dedicated skills upgrade platform : “the Scenarios lab”.</li></ul><h4>The time has come for a paradigm shift: transform strategic thinking to build resilient paths for companies&nbsp;</h4>To seize opportunities, manage risks related to this new context and, most importantly, build confidence both within and outside the company, traditional approaches are no longer appropriate. Indeed, they often prove to be focused on short-term and over compartmentalized, carrying results often disconnected to current realities. The strategic thinking of economic players will only be effective (e.g. to prevent investments in potentially stranded assets) only if it includes long term issues, in a global and systemic approach that consider the physical grounds of their businesses.&nbsp;<h4>Systemic approach, consistency with physics laws and relevant data: a basis for a new generation of scenarios dedicated to economic players</h4>Current reference scenarios, initially designed to meet other needs (e.g. public policies assessment or academic researches), present several gaps that reduce their relevance, especially for companies. Beyond the data issue (availability and use), these scenarios often describe transformations whose physical coherence is questionable and do not include a detailed “narratives” which grant meaning to the underlying assumptions. Transformation scenarios must be diversified and shall include the description of the companies’ underlying business activities, as well as ensure their "physical" feasibility, and their overall consistency.&nbsp;<figure class="image"><img src="http://www.carbone4.com/files/wp-content/uploads/2020/11/graph-GDP-Energy_-1024x754.png" alt=""></figure>Regardless of the issuer, almost all current scenarios rely on a decoupling of GDP and energy, while it has never been observed to such an extent. Relying on such scenarios leads to an incomplete understanding of business impacts of low carbon transition by companies<h4>&nbsp; Companies take the lead to think with courage and lucidity about the coming deep transformations of our economy&nbsp;</h4>Several large companies have already joined the IRIS Initiative ; the project team expects to complete the panel in the coming weeks. Such a mobilization of companies will enable us to build a common and opposable framework for reflection in order to rationally and courageously assess the transformations of our society and economy. For any company, it is a matter of sustainability and prosperity. The IRIS initiative is thus an indispensable complement to the normative approaches of "alignment" on a 2°C (or less) pathways. Designed with transparency, all of the IRIS initiative’s deliverables will be freely accessible. The IRIS Initiative partners will join efforts to ensure a wide diffusion and to raise enthusiasm and contributions from both economic and academic players. The target is clear: enable all organizations to embrace and use both tools and methods to reshape their strategy and meet the energy and climate challenges. The project is scheduled to begin early 2021. The first deliverables (scenario narratives, modeling tools, data sets) will be issued in one year later.<h4>Leading international institutions are partners alongside Carbone 4 to take up the challenges of reaching a top academic excellence level while making scenarios easy to read and use by companies</h4>Prestigious institutions have joined forces with Carbone 4 to carry out the work and share their expertise in key areas (modelling; economy and society; corporate strategy and training; environment systems: energy, resources, climate, land use and biodiversity):&nbsp;<ul><li>A leading American university</li><li>An European development bank</li><li>A leading European business schools</li><li>Several leading laboratories from European universities</li></ul>This dream team of partners plus the circle of involved companies will enable to build a bridge between academic excellence and the concrete expectations of the economic players.

Resilience

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IRIS initiative: connecting business strategy and planetary boundaries

Strategy

<h4>The 2-infrachallenge team is glad to announce the support of an international high-level scientific committee all along the project.&nbsp;</h4>The following members of this scientific committee are:&nbsp;<ul><li>Carel Cronenberg – Associate Director, MRV Manager – EBRD&nbsp;</li><li>Stéphane Hallegatte – Lead Economist – World Bank&nbsp;</li><li>Mireille Martini – Policy Analyst, Green Finance and Investments – OECD&nbsp;</li><li>Morgane Nicol – Programs Director – I4CE&nbsp;</li><li>Aurélien Saussay – Responsable du Pôle Environnement – Sciences Po, Observatoire Français des Conjonctures Economiques&nbsp;</li></ul>This scientific committee aims at challenging and enriching the methodology pillars regarding investment scenarios compatible with the Paris Agreement and climate risks. Also, it will ensure the coherence of methodological choices in light with the latest scientific progress.&nbsp;About 2-infrachallenge&nbsp;"2-infra challenge" is a new method led by Carbon 4 will measure the alignment of infrastructure with a 2-degree trajectory and associated climate risks.&nbsp;This project is supported by major players in the infrastructure: Agence Française de Développement (AFD), La Banque Postale Asset Management, Meridiam et l’EIT Climate KIC To achieve the objectives of the Paris climate agreement, it is essential to redirect funding towards resilient and sustainable infrastructure that will enable the low carbon transition. The choices made in terms of infrastructure today are decisive and determine the future emissions related to their use over the decades following construction. In other words, today's infrastructure investment decisions represent a long-term commitment in terms of climate change impact. In addition, infrastructure is highly exposed to the risks raised by climate change, particularly physical risks and transition risks, which can lead to losses in value. To align their investment strategy with a 2-degree trajectory and to manage climate risks, infrastructure finance actors need operational and shared tools.&nbsp;The "2-infra challenge"methodology, will allow infrastructure investors and managers to answer two questions:&nbsp;<ul><li>Is my investment strategy aligned with the 2 degree objective and how to foster the correct trajectory to achieve this goal?&nbsp;</li><li>To what extent are my assets exposed to climate risks including transition risks and physical risks?&nbsp;</li></ul>This methodology, which will be multi-sectoral and multi-geographic, can be used by all actors of investment and infrastructure financing. Launched in October 2018 as part of the Paris InfraWeek, the development of the methodology will run until June 2019.AFD&nbsp;Lou Bachelier-Degras Tel : +33(0)1 53 44 34 24 <a href="mailto:bachelierdegrasl@afd.fr">bachelierdegrasl@afd.fr</a>La Banque Postale Asset Management&nbsp;Céline Guilbert-Bénard Tel :+33(0)1 57 24 21 07 Celine.guilbert-benard @labanquepostale-am.frCarbone 4&nbsp;Alexia Soyeux Tel : +33 (0)1 76 21 10 00 <a href="mailto:alexia.soyeux@carbone4.com">alexia.soyeux@carbone4.com</a>Meridiam&nbsp;Antoine Lenoir Tel&nbsp;: + 33 (0) 6 07 50 75 85 <a href="mailto:a.lenoir@meridiam.com">a.lenoir@meridiam.com</a>EIT Climate KIC&nbsp;Catherine Ouvrard Tel : + 33 (0) 7 62 20 29 15 <a href="mailto:catherine.ouvrard@climate-kic.org">catherine.ouvrard@climate-kic.org</a>&nbsp;About l’Agence Française de Développement&nbsp;A public and solidarity-based financial institution, AFD is the central player in French development policy. It commits itself to projects that concretely improve people's daily lives, in overseas territories as well as in developing and emerging countries, in accordance with the Sustainable Development Goals (SDGs) and the priorities of the region. the external action of France. Present in 109 countries through a network of 85 branches, AFD currently supports more than 3,500 development projects. <a target="_blank" rel="noopener noreferrer" href="http://www.afd.fr">www.afd.fr</a> &nbsp;&nbsp;About Banque Postale Asset Management&nbsp;With aggregated assets under management (LBPAM + Tocqueville Finance) of €220 billion as at 31 December 2018, La Banque Postale Asset Management (LBPAM) is the fifth largest French asset management company. LBPAM became majority shareholder of Tocqueville Finance in June 2018. A subsidiary owned 70% by La Banque Postale, 25% by Aegon AM, and 5% by Malakoff Médéric, LBPAM manages most of the funds offered to individual and wealth management clients of La Banque Postale. To clients that are institutional investors, insurers, mutual insurance companies, large companies, and external distributors, LBPAM offers open-ended funds, dedicated funds, and portfolio management services. As a full-service manager, LBPAM works in all asset classes. In addition to being a credit management and insurance solution specialist, LBPAM also has recognised expertise in private debt fund management (on infrastructure, real estate and corporate sectors). <a target="_blank" rel="noopener noreferrer" href="http://www.labanquepostale-am.fr/">www.labanquepostale-am.fr/</a> &nbsp;&nbsp;About Carbone 4 Led by Alain Grandjean, Jean-Marc Jancovici and Laurent Morel, Carbone 4 is an independent consulting firm, leader in climate strategy, energy transition and adaptation to climate change. Our team supports public and private economic players in the transition to a low-carbon, climate resilient economy. <a target="_blank" rel="noopener noreferrer" href="http://www.carbone4.com">www.carbone4.com</a> &nbsp;&nbsp;About EIT Climate KIC&nbsp;EIT Climate-KIC is a European knowledge and innovation community, working to accelerate the transition to a zero-carbon economy. Supported by the European Institute of Innovation and Technology, EIT Climate KIC identifies and supports innovation that helps society mitigate and adapt to climate change. EIT Climate KIC believes that a decarbonised, sustainable economy is not only necessary to prevent catastrophic climate change, but presents a wealth of opportunities for business and society. <a target="_blank" rel="noopener noreferrer" href="https://www.climate-kic.org/">https://www.climate-kic.org/</a>About Meridiam&nbsp;Meridiam was founded in 2005 by Thierry Déau, with the belief that the alignment of interests between the public and private sector can provide critical solutions to the collective needs of communities. Meridiam is an independent investment firm specializing in the development, financing, and management of long-term and sustainable public infrastructure projects and assets in the mobility, energy transition and social infrastructure sectors. With offices in, Addis Ababa, Amman, Dakar, Istanbul, New York, Luxembourg, Paris, Toronto and Vienna, Meridiam currently manages 7 billion Euros of assets, and more than 70 projects and assets to date. Meridiam is certified ISO 9001: 2015, ISO 26000 Robust by VigeoEiris and operates on a proprietary methodology in relation to ESG and impact based on UNSDGs. Find out more on: <a target="_blank" rel="noopener noreferrer" href="http://www.meridiam.com">www.meridiam.com</a><a target="_blank" rel="noreferrer noopener">"Download the press release here"</a>

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The 2-infra challenge methodology is supported by an high-level international scientific committee

The “2-infra challenge” project aiming at providing to infrastructure investors and managers tools to tackle climate change related issues, now counts EIT Climate-KIC as a new sponsor!&nbsp;EIT Climate-KIC is the EU’s largest public private partnership addressing climate change through innovation to build a zero carbon economy.EIT Climate KIC addresses climate change across four priority themes: urban areas, land use, production systems, climate metrics and finance.&nbsp;Climate-KIC is supported by the European Institute of Innovation and Technology (EIT), a body of the European Union.&nbsp;&nbsp;About 2infrachallenge&nbsp;To achieve the objectives of the Paris climate agreement, it is essential to redirect funding towards infrastructure that will enable the low carbon transition. The choices made in terms of infrastructure today are decisive for the amount of greenhouse gases that will be emitted by their use over decades after their construction.&nbsp;In addition, infrastructure is highly exposed to the risks raised by climate change, particularly physical risks and transition risks, which can lead to losses in value. To align their investment strategy with a 2-degree trajectory and to manage climate risks, infrastructure finance actors need operational and shared tools. In this context and with its rich experience, Carbone 4 has launched the "2-infra challenge" methodology, which will allow infrastructure investors and managers to answer two questions:&nbsp;<ul><li>Is my investment strategy aligned with the 2 degree objective and how to foster the correct trajectory to achieve this goal?</li><li>To what extent are my assets exposed to climate risks including transition risks and physical risks?</li></ul>This methodology, which will be multi-sectoral and multi-geographic, can be used by all actors of investment and infrastructure financing. Launched in October 2018 as part of the Paris InfraWeek, the development of the methodology will run until June 2019.&nbsp;Our sponsors&nbsp;This project is supported by important companies in the domain of infrastructure: Agence Française de Développement (AFD), La Banque Postale Asset Management, EIT Climate KIC and Meridiam.AFD&nbsp;Lou Bachelier-Degras Tel : +33(0)1 53 44 34 24 bachelierdegrasl@afd.frLa Banque Postale Asset ManagementCéline Guilbert-Bénard Tel :+33(0)1 57 24 21 07 Celine.guilbert-benard @labanquepostale-am.frCarbone 4&nbsp;Alexia Soyeux Tel : +33 (0)1 76 21 10 00 <a href="mailto:alexia.soyeux@carbone4.com">alexia.soyeux@carbone4.com</a>EIT Climate KIC&nbsp;Catherine Ouvrard Tel : + 33 (0)&nbsp;7 62 20 29 15 <a href="mailto:catherine.ouvrard@climate-kic.org">catherine.ouvrard@climate-kic.org</a>Meridiam&nbsp;Armelle de Selancy Tel : + 33 (0) 1 44 51 72 41 <a href="mailto:a.deselancy@meridiam.com">a.deselancy@meridiam.com</a>About l’Agence Française de Développement&nbsp;A public and solidarity-based financial institution, AFD is the central player in French development policy. It commits itself to projects that concretely improve people's daily lives, in overseas territories as well as in developing and emerging countries, in accordance with <a target="_blank" rel="noopener noreferrer" href="https://www.un.org/sustainabledevelopment/sustainable-development-goals/">the Sustainable Development Goals (SDGs)</a>and the priorities of the region. the external action of France. Present in 109 countries through a network of 85 branches, AFD currently supports more than 3,500 development projects.<a target="_blank" rel="noopener noreferrer" href="http://www.afd.fr/">www.afd.fr</a>&nbsp;About Banque Postale Asset Management&nbsp;With assets under management of €220&nbsp;billion as at 30 June&nbsp;2018, La Banque Postale Asset Management (LBPAM) is the fifth largest French asset management company.&nbsp; A subsidiary owned 70% by La Banque Postale, 25% by Aegon AM, and 5% by Malakoff Médéric, LBPAM manages most of the funds offered to individual and wealth management clients of La Banque Postale. To clients that are institutional investors, insurers, mutual insurance companies, large companies, and external distributors, LBPAM offers open-ended funds, dedicated funds, and portfolio management services. As a full-service manager, LBPAM works in all asset classes. In addition to being a credit management and insurance solution specialist, LBPAM also has recognised expertise in private debt fund management (on infrastructure, real estate and corporate sectors). <a target="_blank" rel="noopener noreferrer" href="http://www.labanquepostale-am.fr/">www.labanquepostale-am.fr/</a>&nbsp;&nbsp;About Carbone 4&nbsp;Led by Alain Grandjean, Jean-Marc Jancovici and Laurent Morel, Carbone 4 is an independent consulting firm, leader in climate strategy, energy transition and adaptation to climate change. Our team supports public and private economic players in the transition to a low-carbon, climate resilient economy.<a target="_blank" rel="noopener noreferrer" href="http://www.carbone4.com/">www.carbone4.com</a>&nbsp;About EIT Climate-KIC&nbsp;EIT Climate-KIC is the EU’s largest public private partnership addressing climate change through innovation to build a zero carbon economy. We address climate change across four priority themes: urban areas, land use, production systems, climate metrics and finance. Education is at the heart of these themes to inspire and empower the next generation of climate leaders. We run programmes for students, start-ups and innovators across Europe via centres in major cities, convening a community of the best people and organisations. Our approach starts with improving the way people live in cities. Our focus on industry creates the products required for a better living environment, and we look to optimise land use to produce the food people need. Climate-KIC is supported by the European Institute of Innovation and Technology (EIT), a body of the European Union.&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.climate-kic.org">www.climate-kic.org</a> &nbsp;&nbsp;About Meridiam&nbsp;Created in 2005 by Thierry Déau, Meridiam is an independent investment firm specialising in the development, financing and management of long-term, sustainable public infrastructure projects. Its business&nbsp;model is underpinned by the belief that the alignment of interests between the public and the private sector can provide key solutions to the needs of the community. With offices in Paris, New York, Toronto,&nbsp;Luxembourg, Istanbul, Vienna, Addis Ababa and Dakar, Meridiam manages assets worth €6 billion and has more than 70 projects under development, construction or operation to date. Find out more on:&nbsp;<a target="_blank" rel="noopener noreferrer" href="http://www.meridiam.com/">www.meridiam.com</a>

EIT Climate-KIC supports 2-infra challenge!

<h4>How to channel funding towards infrastructures that meets the needs of the low carbon transition and that are resilient to climate change</h4>Carbone 4 is launching the "2-infra challenge", a new method that will measure the alignment of infrastructure with a 2 degrees trajectory and associated climate risks. This project is supported by important actors in the domain of infrastructure: Agence Française de Développement (AFD), La Banque Postale Asset Management and Meridiam.&nbsp;To achieve the objectives of the Paris climate agreement, it is essential to redirect funding towards infrastructure that will enable the low carbon transition. The choices made in terms of infrastructures today are decisive for the amount of greenhouse gases that will be emitted by their use over decades after their construction. In addition, infrastructures are highly exposed to the risks posed by climate change, particularly physical risks and transition risks, which can lead to losses in value. To align their investment strategy with a 2-degrees trajectory and to manage climate risks, infrastructure finance actors need operational and shared tools. In this context and with its rich experience, the Carbone 4 launch of the "2-infra challenge"methodology, will allow infrastructure investors to answer two questions:&nbsp;<ul><li>Is my investment strategy aligned with the 2 degrees objective and how to foster the correct trajectory to achieve this goal?</li><li>To what extent are my assets exposed to climate risks including transition risks and physical risks?This methodology, which will be multi-sectoral and multi-geographic, can be used by all actors of investment and infrastructure financing.Launched in October 2018 as part of the Paris InfraWeek, the development of the methodology will run until June 2019.</li></ul>AFD&nbsp;Lou Bachelier-Degras Tel : +33(0)1 53 44 34 24 bachelierdegrasl@afd.frLa Banque Postale Asset ManagementCéline Guilbert-Bénard Tel :+33(0)1 57 24 21 07 Celine.guilbert-benard @labanquepostale-am.fr&nbsp;Carbone 4&nbsp;Dorothée Coloby Tel : +33 (0)1 76 21 10 00 dorothee.coloby@carbone4.com&nbsp;Meridiam&nbsp;Armelle de Selancy Tel : + 33 (0) 1 44 51 72 41 a.deselancy@meridiam.com&nbsp;About l’Agence Française de Développement&nbsp;A public and solidarity-based financial institution, AFD is the central player in French development policy. It commits itself to projects that concretely improve people's daily lives, in overseas territories as well as in developing and emerging countries, in accordance with <a target="_blank" rel="noopener noreferrer" href="https://www.un.org/sustainabledevelopment/sustainable-development-goals/">the Sustainable Development Goals (SDGs)</a>and the priorities of the region. the external action of France. Present in 109 countries through a network of 85 branches, AFD currently supports more than 3,500 development projects.<a target="_blank" rel="noopener noreferrer" href="http://www.afd.fr/">www.afd.fr</a> &nbsp;&nbsp;About Banque Postale Asset Management&nbsp;With assets under management of €220&nbsp;billion as at 30 June&nbsp;2018, La Banque Postale Asset Management (LBPAM) is the fifth largest French asset management company.&nbsp; A subsidiary owned 70% by La Banque Postale, 25% by Aegon AM, and 5% by Malakoff Médéric, LBPAM manages most of the funds offered to individual and wealth management clients of La Banque Postale. To clients that are institutional investors, insurers, mutual insurance companies, large companies, and external distributors, LBPAM offers open-ended funds, dedicated funds, and portfolio management services. As a full-service manager, LBPAM works in all asset classes. In addition to being a credit management and insurance solution specialist, LBPAM also has recognised expertise in private debt fund management (on infrastructure, real estate and corporate sectors). <a target="_blank" rel="noopener noreferrer" href="http://www.labanquepostale-am.fr/">www.labanquepostale-am.fr/</a> &nbsp;&nbsp;&nbsp;About Carbone 4&nbsp;Led by Alain Grandjean, Jean-Marc Jancovici and Laurent Morel, Carbone 4 is an independent consulting firm, leader in climate strategy, energy transition and adaptation to climate change. Our team supports public and private economic players in the transition to a low-carbon, climate resilient economy.<a target="_blank" rel="noopener noreferrer" href="http://www.carbone4.com/">www.carbone4.com</a> &nbsp;&nbsp;About Meridiam&nbsp;Created in 2005 by Thierry Déau, Meridiam is an independent investment firm specialising in the development, financing and management of long-term, sustainable public infrastructure projects. Its business&nbsp;model is underpinned by the belief that the alignment of interests between the public and the private sector can provide key solutions to the needs of the community. With offices in Paris, New York, Toronto,&nbsp;Luxembourg, Istanbul, Vienna, Addis Ababa and Dakar, Meridiam manages assets worth €6 billion and has more than 70 projects under development, construction or operation to date. Find out more on:&nbsp;<a target="_blank" rel="noopener noreferrer" href="http://www.meridiam.com/">www.meridiam.com</a>

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Offical Launch of the methodology « 2-infra challenge »

<h4>Official mycris launch :&nbsp;An innovative tool to give you a preliminary analysis of your risks related to climate change &nbsp; Carbone 4 has launched an innovative online tool to help you understand your company’s physical risks related to climate change.&nbsp;</h4><h4>mycriscalculates preliminary risk scores based on your company’s exposure and vulnerability&nbsp;towards climate hazards.&nbsp;&nbsp;&nbsp;</h4>Storms, heat waves, droughts and floods are increasing in frequency and intensity globally. The economic consequences of these hazards are forcing companies to take climate risks seriously. According to the National Oceanic and Atmospheric Administration, in 2017, extreme climate events cost over 400 billion USD! In response to the knowledge gap concerning climate risks, mycrisprovides companies with an immediate pedagogical screening of their climate risk profile without the need for any confidential or sensitive information. mycrisfeatures include:&nbsp;<ul><li>A free trial demo of the tool</li><li>A risk cartography map for a given company</li><li>Risk ratings for seven distinct climate hazards</li><li>Risk scores for both low-emission and high-emission climate scenarios</li><li>Tailored climate change impact examples for a given company’s sector</li><li>A detailed methodology guide</li><li>A company-specific risk report</li></ul>mycris is accessible here: www.my-cris.com&nbsp;<figure class="image"><img src="http://www.carbone4.com/files/wp-content/uploads/2018/09/Sans-titre-300x231.png" alt=""></figure>The development of mycriswas supported by beta users including 6 international companies from the industrial, chemical and energy sectors, as well as the tourism and transport sectors thanks to Club Med and Fundaciòn Valencia Port. mycris&nbsp;is based on the scientific CRIS methodology, which stands for Climate Risk Impact Screening. This method has been developed by Carbone 4 and sponsored by major financial players thanks to the support of a high-level scientific expert committee. The risk scores calculated by mycrisare normalised and scaled between 0 and 99, with 99 representing the sector/country couple most vulnerable and most exposed to climate hazards.&nbsp;This scoring method enables you to quickly identify where your most vulnerable and exposed activities lie. For example, in the event of sea level rise, the electricity sector is most at risk, and even more so in insular states such as Hong Kong, North and South Korea, Australia and New-Zealand. Indeed, these countries are the most exposed to sea level rise (risk score of 99). As the electricity production sector heavily relies on long-term, specific and complex infrastructure that is most often located on the coast, sea level rise indeed affects this particular sector dramatically.&nbsp;A detailed explanation on mycris’s functionalitiescan be found here: <a href="https://youtu.be/DN9iTbiZ4Os">https://youtu.be/DN9iTbiZ4Os</a>&nbsp;The climate branch of the European Institute of Technology (EIT), Climate-KIC, has financed this innovative project, which enabled the development of the mycris tool. &nbsp;&nbsp;Press contact&nbsp;Dorothée Coloby Phone: +33 (0)1 76 21 10 00 dorothee.coloby@carbone4.com&nbsp;&nbsp;&nbsp;About Carbone 4&nbsp;Founded by Alain Grandjean and Jean-Marc Jancovici, Carbone 4 is a consulting firm specialized in climate change and the energy transition, accompanying public and private economic players thanks to its expertise. <a href="http://www.carbone4.com/">www.carbone4.com</a> <a href="http://www.carbon4finance.com">www.carbon4finance.com</a>

Official mycris launch

Adaptation

Carbone 4 was awarded the 2018 ‘Most Impressive Environmental Impact Consultant' Award from Global Capital. &nbsp;This award, resulting from a vote of investors, banks and issuers of Green &amp; Sustainable Bonds, rewards the work done by Carbone 4 through its consulting activities (impact reportings) and climate ratings (<a target="_blank" rel="noopener noreferrer" href="http://www.carbon4finance.com/">Carbon4 Finance</a>).&nbsp;Since its creation, Carbone 4 has developed several innovative methods, tools and databases that allow economic players to measure the climate impact of their financing or investments, expressed in terms of avoided emissions or compliance with Paris Agreement’s targets. Carbone 4 consulting teams have worked for institutional or corporate clients such as the Agence France Trésor on the evaluation of the allocation of funds of the French Sovereign green bond or for the SNCF, the French national railways network, for whom Carbone 4 has developed an innovative methodology for calculating emissions induced and avoided by its renovation projects.Carbone 4 is pleased to note that many of its clients and partners were also recognized with awards by Global Capital during the same ceremony. Carbon4 Finance's climate rating teams provide international investors with independent assessments of the climate impact of the green bonds available on the market and provide solutions to calculate the alignment of their portfolios with the Paris Agreement. Investors and institutionnals using Carbon4 Finance datasets now represent € 2,6 trillion in assets under management.&nbsp;<blockquote>"This is a strong acknowledgment from financial market players who value the innovative and thorough approach implemented by Carbone 4 on climate issues", Alain Grandjean, Chairman of Carbone 4</blockquote><h4>Press contact</h4>Dorothée Coloby Phone: +33 (0)1 76 21 10 00 <a href="mailto:dorothee.coloby@carbone4.com">dorothee.coloby@carbone4.com</a><h4>About Carbone 4</h4>Founded by Alain Grandjean and Jean-Marc Jancovici, the Carbone 4 group supports economic and financial players in their transition to a low-carbon economy that is resilient to climate change. <a target="_blank" rel="noopener noreferrer" href="http://www.carbone4.com">www.carbone4.com</a> <a target="_blank" rel="noopener noreferrer" href="http://www.carbon4finance.com">www.carbon4finance.com</a><a target="_blank" rel="noreferrer noopener">"Download the presse release"</a>

2018 SRI Global Capital Prize:  Carbone 4 praised for its Expertise on Sustainable Bonds Evaluation

<a href="http://www.carbone4.com/files/wp-content/uploads/2018/04/PR-Carbone-4-Green-bond-award-2018-impact-report-SNCF-Reseau.pdf">Download the press release here</a>&nbsp;<h4>The 2018 Green Bond Awards, issued by Environmental Finance, has chosen SNCF Réseau as the winner for best impact report of the year. As Carbone 4 co-developed this reference methodology to assess the carbon impact of rail infrastructure investments with SNCF’s subsidiary, it shares and promotes the distinction and associated merit of this award.&nbsp;</h4>SNCF Réseau’s aim to highlight the positive consequences of its Green Bonds* program resulted in the development of this methodology. The program was primarily created to finance the sustainable modernization of its rail network: for both renovation and new-build projects. In particular, the innovative <a target="_blank" rel="noopener noreferrer" href="http://www.carbone4.com/files/wp-content/uploads/2017/10/impact_carbone_GB_page_a_page.pdf">methodology</a> developed by Carbone 4 and SNCF Réseau enables the assessment of the carbon footprint of the entire Green Bonds program, as well as the avoided emissions related to these funds compared with a reference baseline scenario.&nbsp;This approach was initially launched in order to improve transparency between investors and the civil society and aims to become a reference for all rail infrastructure stakeholders.&nbsp;Jean-Marc Jancovici, founding partner of Carbone 4, explains, "Alongside SNCF Réseau, we have co-developed a rigorous and innovative calculation methodology. It provides emissions comparisons between, on the one hand the renovation of an existing rail line or the construction of a new infrastructure and on the other hand, the emissions that would have occurred without these projects. By sharing this methodology in complete transparency, SNCF Réseau contributes to the creation of a standard for calculating the impact of transport infrastructure projects, which integrates both the carbon footprint of the building sites and the avoided emissions related to the use of this infrastructure, which itself avoids a shift in transport mode".&nbsp;&nbsp;* A Green Bonds program refers to a bond issued by a company on the financial market in order to finance a project or an activity with an environmental benefit. Rail transport falls into the category of activities eligible for Green Bonds.<h4>&nbsp;</h4>Press contactDorothée Coloby Tel: +33 (0)1 76 21 10 00 <a target="_blank" rel="noopener noreferrer" href="mailto:dorothee.coloby@carbone4.com">dorothee.coloby@carbone4.com</a>About Carbone 4Founded by Alain Grandjean and Jean-Marc Jancovici, Carbone 4 is a consulting firm specialized in climate change and the energy transition, accompanying public and private economic players thanks to its expertise. www.carbone4.com

Green Bond Awards 2018 : SNCF Réseau has been rewarded for its impact report, developed in collaboration with Carbone 4

<a href="http://www.carbone4.com/files/wp-content/uploads/2017/11/PressRelease_Carbone4-CRIS-08112017.pdf">Download the press release</a>&nbsp;Carbone 4 presents the Climate Risk Impact Screening - CRIS, a method for analyzing the physical risks of climate change for financial actors.&nbsp;The development of CRIS was made possible thanks to the support of the AFD, Caisse des Dépôts, FRR, Natixis et Mirova, CCR, CDG Capital, ERAFP, EDF, and BNP Paribas. A high-level scientific committee supported its development. The year 2017 was marked by increasingly intense extreme weather events, such as the hurricanes Harvey, Irma and Maria, as well as by severe droughts in Europe, California, Canada and a deadly monsoon in Asia. This climate change destabilizes economic activities and translates into increasing risks of financial instability. The regulatory environment is therefore becoming more demanding, following the TCFD conclusions or the Article 173. The CRIS method is intended to respond to the emerging demand for information on the potential impacts of climate change on financial assets. CRIS aims to provide physical risk indices at the issuer and portfolio level based on 7 direct and 9 indirect climate hazards, 60 sectoral vulnerability profiles and 210 sovereign vulnerability profiles. The method is applicable to multi-asset investment portfolios (stocks and corporate bonds, infrastructure and sovereign bonds). One year since the launching of the development of this method, Carbone 4 is now in a position to present its first results. With an average warming scenario of 4°C at the end of the century and taking into account the 7 direct climate hazards of the CRIS method, the countries most at risk account for 11% of the world economy. Mainly located in Asia, the Pacific and the Indian Ocean, they are exposed and vulnerable to the intensification of flooding, sea level rise and storms. On the business side, on the basis of an initial sample of 308 companies, 19% of multinational companies are assessed at high-risk. The sectors most exposed are industry (production of consumer goods, especially electronic goods), utilities (electricity and water), the chemical industry, the agri-food sector and transportation (especially airports, ports) due to the many elements of vulnerability along their value chain (exposed production assets, dependency on vulnerable supplies, etc.). The location of their production activities is an important differentiating factor. A methodological guide is available at http://www.crisforfinance.com. With the publication of CRIS, Carbone 4 and all of its sponsors intend to help the financial world make progress on these key issues. Carbone 4 is also launching a new product called CRIS, which can provide detailed analyses for many financial assets and for which an operational version will be made available at the end of 2017. With both the CRIS service and the Carbon Impact Analytics tool, which deals with transition risks, Carbone 4 now offers investors the first full-range climate risk analysis service.&nbsp;For Carbone 4 founding partners, Alain Grandjean and Jean-Marc Jancovici, "with CRIS, we are taking a new step forward in the operational consideration of climate risks for the financial world, which is now capable of providing a high level response to the Article 173".Press contactDorothée Coloby Tel: +33 (0)1 76 21 10 00 dorothee.coloby@carbone4.comAbout Carbone 4Founded by Alain Grandjean and Jean-Marc Jancovici, Carbone&nbsp;4 is a consulting firm specialized in climate change and the energy transition, accompanying public and private economic players thanks to its expertise.

Carbone 4 presents the Climate Risk Impact Screening - CRIS

<a href="http://www.carbone4.com/files/wp-content/uploads/2017/10/Nomination-of-Matthieu-Maurin-Managing-Director-of-Carbon4-Finance.pdf" target="_blank" rel="noopener noreferrer">Download the press release</a>

Carbone 4, leading advisory firm focused on climate and energy transition, is pleased to announce the appointment of the new Managing Director of its subsidiary, Carbon4 Finance.

Matthieu Maurin joins Carbone 4 and is appointed Managing Director of Carbon4 Finance.

Matthieu was previously Director within the Sustainable Finance team of BNP Paribas Corporate and Institutional Banking, where he participated in the development of innovative sustainable financing solutions.

At the head of Carbon4 Finance, Matthieu will accelerate the development of carbon data solutions based on the widely recognized Carbon Impact Analytics methodology developed by Carbone 4. Thanks to Matthieu’s knowledge of the financial sector and the unique know-how of Carbone 4, which has assessed the carbon footprint of major companies in all sectors over the last 10 years, Carbon4 Finance is well positioned to serve the growing needs of financing institutions for reliable climate data.

The appointment of this new Managing Director is a milestone in the strengthening of Carbon4 Finance’s business capacity and international focus.

For Matthieu, “It is an honor to join Carbone 4 at a time when TCFD recommendations underline the growing need for measuring the climate impact of the financial sector. The carbon data solutions developed by Carbon4 Finance will allow financial players to satisfy these obligations and use climate strategy as a value creation tool.”

For the founding partners of Carbone 4, Alain Grandjean and Jean-Marc Jancovici, this appointment “will strengthen Carbone 4 in its climate data offer and position Carbon4 Finance as the reference provider in its sector.”
<h4>Press contact</h4>
Dorothée Coloby

Tel: +33 (0)1 76 21 10 00

dorothee.coloby@carbone4.com
<h4>About Carbon4 Finance</h4>
Carbon4 Finance is a subsidiary created in 2015 which is dedicated to the sale of climate data based on the tools developed by Carbone 4, notably Carbon Impact Analytics. This proprietary methodology allows financial organizations to measure the carbon footprint of their securities portfolio and position it against a 2°C-compatible scenario.
<h4>ABOUT CARBONE 4</h4>
Founded by Alain Grandjean and Jean-Marc Jancovici, Carbone 4 is a leading French independent advisory company specialized in climate strategy, energy transition, and adaptation to climate change. Our team assists Private Corporate or Public Sector entities in the transition to a low-carbon and resilient economy.

Finance

Nomination of Matthieu Maurin, Managing Director of Carbon4 Finance

<a target="_blank" href="http://www.carbone4.com/files/wp-content/uploads/2016/12/Press-release_Carbone-4-in-line-with-the-recommendations-of-the-TCFD.pdf">Download the press release</a>On December 14th, the Task Force on Climate-related Financial Disclosures (TCFD) released a <a target="_blank" href="https://www.fsb-tcfd.org/wp-content/uploads/2016/12/TCFD-Recommendations-Report-A4-14-Dec-2016.pdf">report</a>&nbsp;addressed to Mark Carney – Financial Stability Board president – putting forward recommendations on the disclosure of climate risks information for companies and financial actors. These recommendations confirm the methodological choices made by Carbone 4 during the past ten years.Indeed, <a target="_blank" href="http://www.carbone4.com/services/climate-impact-of-portfolios/?lang=en">Carbon Impact Analytics</a>, Carbone 4’s methodology for assessing the carbon impact of portfolios, offers an assessment of the main topics the TCFD suggests companies and investors to report on :<ul><li>companies’ climate strategy ;</li><li>GHG emissions’ reduction targets ;</li><li>induced and avoided GHG emissions associated with sold products and services ;</li><li>scopes 1, 2 and 3 carbon footprint.</li></ul>Besides, Carbon Impact Analytics’ sectorial breakdown with a focus on “high-stake” sectors matches those for which the Task Force makes additional recommendations: energy, transportation, materials and buildings, agriculture, food and forest products.Along with this portfolio carbon impact assessment methodology, Carbone 4 is leading the C.R.I.S project – Climate Risk Impact Screening – which will in the end enable assessment of climate change-related physical risks for a portfolio (droughts, heat waves, etc.).Through these two innovative methodologies, Carbone 4 offers an exhaustive approach of risks and opportunities associated with climate change.On top of this, Carbone 4 is aligned with TCFD’s recommendations as it also offers its services to companies, to help them understand and analyse the impacts of different scenarios on the long-run, especially a 2°C scenario.Taking into account and fighting climate change is one of the biggest challenges the economic and financial world is facing today. Carbone 4 welcomes the conclusions of the Task Force on Climate-related Financial Disclosures and hopes its recommendations will help both companies and investors to engage in substantial dialogue in order to better take into account climate change, in terms of risks and opportunities.Press contactDorothée Coloby Tel : +33 (0)1 76 21 10 00 dorothee.coloby@carbone4.comAbout Carbone 4Founded by Jean-Marc Jancovici and Alain Grandjean, Carbone 4 is an independent French consulting firm, specialized in the low-carbon transition, operating for both the public and private sectors. We are convinced that anticipating the climate change constraint is our best possible option, and that’s why we help our clients to transform this constraint into an innovation accelerator, a differentiating factor in marketing, and a motivational initiative for team members. <a target="_blank" href="http://www.carbone4.com">www.carbone4.com</a>

Carbone 4’s climate assessment methodologies for portfolios are in line with the recommendations of the Michael Bloomberg-led task force of the Financial Stability Board

4 November 2016 – Alstom and Carbone 4, a leading consulting company specialised in climate-resilient and low-carbon strategy presented today the results of a study demonstrating that tramways have a smaller footprint than Bus Rapid Transit (BRT) systems. This occurred in the lead up to COP22 that will be held in Marrakech, Morocco, in which Alstom participates.With global urban transport emissions expected to double to nearly 1 billion tonnes of CO2 equivalent per year by 2025, favouring transport modes with the lowest carbon footprints is crucial. Rail can be a key contributor in the fight to reduce greenhouse gases (GHGs) and reach the target set at COP21 in 2015 to keep global warming below 2°C.The tram, for example, has been identified as one of the greenest urban transport modes[1]&nbsp;due to its low environmental impact when in operation. The study conducted by Alstom and Carbone 4 compares the carbon footprint of tramways and BRT systems, enabling a better understanding of their comparative performance over the entire lifecycle including construction, operation and maintenance of the two systems. An analysis conducted on a typical 10 km line operated in Belgium demonstrated that for equivalent transport capacity, over a 30-year lifetime, a tramway system emits about half as much CO2 as a BRT system operated with diesel buses, and about 30% less CO2 than a BRT system operated with hybrid buses.Julien Blanc, associate director of Carbone 4, declared «&nbsp;Reducing greenhouse gas emissions from transportation is both a key issue and an exciting challenge. It should be achieved through relevant urban planning, energy efficiency, clean energy and of course modal shift. Tramways are of course part of the solution and these infrastructures will benefit from all the improvements in «&nbsp;cleaning&nbsp;» the electricity mix.&nbsp;»Cécile Texier, Sustainable Development Director at Alstom, said: “At Alstom, we are constantly working to promote sustainable mobility, striving to reduce the operational cost from energy for the benefit of our customers and committed to reducing the carbon footprint of transport. The survey conducted with Carbone 4 illustrates that rail systems have a lower carbon footprint that other motorised modes. It also shows that optimised system like Attractis, an innovative integrated tramway system that is simpler to operate and cost-effective[2], can significantly reduce CO2 emissions from the construction phase.”Alstom contributes to the visibility of transportation issues and the promotion of sustainable transport in international negotiations on climate change through its support of the Paris Process on Mobility and Climate (PPMC). Alstom will participate in the PPMC’s Transport Day on 13 November at COP22 in Morocco where its Citadis trams have been adopted by Casablanca and Rabat since 2011. In Rabat, up to 120,000 people travel every day aboard the trams, a great success which has led the city to decide to extend the network. Studies[3]&nbsp;have shown that two tramway lines should lead to a CO2 emissions reduction of about 30,000 tonnes per year.To find out more about Alstom’s commitments to sustainable mobility and read the synthesis of the report, click <a target="_blank" href="http://www.slideshare.net/AlstomGroup/tramways-or-bus-rapid-transit-which-is-greener">here</a><h3>About Alstom</h3>As a promoter of sustainable mobility, Alstom develops and markets systems, equipment and services for the railway sector. Alstom manages the widest range of solutions in the market – from high-speed trains to metros and tramways – customised services (maintenance, modernisation,…) and infrastructure and signalling solutions. Alstom is a world leader in integrated railway systems. It recorded sales of €6.9 billion and booked €10.6 billion of orders in the 2015/16 fiscal year. Headquartered in France, Alstom is present in over 60 countries and employs 31,000 people today. <a target="_blank" href="http://www.alstom.com">www.alstom.com</a>&nbsp;Press contacts Alstom Linda Huguet – Tel. + 33 1 57 06 10 42 <a target="_blank" href="mailto:linda.huguet@alstom.com">linda.huguet@alstom.com</a>Justine Rohée – Tel. + 33 1 57 06 18 81 <a target="_blank" href="mailto:justine.rohee@alstom.com">justine.rohee@alstom.com</a><h3>About Carbone 4</h3>Founded by Alain Grandjean and Jean-Marc Jancovici, Carbone 4 is a leading independent consulting firm specialized in energy transition that offers its expertise to private or public players. In the course of over 600 missions carried out in France and around the world, Carbone&nbsp;4 has developed several innovative analytical methods, and has compiled some 10 sectoral methods for measuring carbon footprints. Convinced that anticipation of the constraints of climate change is the best option, Carbone 4 assists its clients to help them transform these constraints into a tremendous innovation accelerator, a commercial differentiator and a motivation for teams.Press contact Carbone 4 Dorothée Coloby - Tel : +33 (0)1 76 21 10 00 <a target="_blank" href="mailto:dorothee.coloby@carbone4.com">dorothee.coloby@carbone4.com</a><a target="_blank" href="http://www.carbone4.com/files/wp-content/uploads/2016/11/PR_-Alstom-and-Carbone-4_Nov.-4-2016.docx">Download the press release</a>&nbsp;Notes[1]&nbsp;Excluding bicycles[2] Thanks to optimised project management and construction methods, Attractis is available in the record time of 30 months from the design phase[3]&nbsp;Source: CODATU/Agence Française de Développement (AFD)

Alstom and Carbone 4 measured the carbon footprints of the tramway versus Bus Rapid Transit systems

Paris – 30 November 2015Euronext, the eurozone’s leading exchange, today announced a major change in the methodology used for its Low Carbon 100 Europe Index®, revolutionising the traditional approach to assessing companies’ CO2 emissions. This new method is based on a more efficient means of measuring the energy performance of businesses, and offers investors a unique index-based solution. In 2008, Euronext was the first exchange to launch a pan-European index focusing on CO2emissions, designed withinternational experts and in close collaboration with NGOs. The Low Carbon 100 Europe Index® measures the performance of Europe’s 100 largest blue chips with the lowest CO2 emissions in their respective sectors or sub-sectors. The new version of the index, designed with Carbone 4* and Carbon Disclosure Project (CDP), is based on a more in-depth and relevant assessment of each company’s carbon footprint. This identifies, for the first time, businesses making a positive contribution to the transition process—not only through their own day-to-day performance, but also through the products they sell. &nbsp;Selection of index component companies will also reflect the emissions avoided as a result of their innovative approach to products and services. In parallel, non-carbon intensive players are selected based on their CDP performance score. &nbsp;The CDP performance score assesses the level of action taken on climate change evidenced by the company's CDP response. Anthony Attia, Chairman and CEO of Euronext Paris, said: “As market operator, Euronext has an important role to play in channeling savings and investment into energy transition. This new methodology confirms our commitment to offering investors an increasingly relevant standard for portfolio management, and an underlying asset suitable for different index-linked products.” Pascal Canfin, who chairs the Expert Committee of the Low Carbon 100 Europe Index®, said: “The financial sector needs new compasses to guide its course and shift the focus to investments that comply with the 2° target for global warming. This new index is the first in the world designed to reflect an arc of investments that do just that.” Frédéric Janbon, CEO, BNP Paribas Investment Partners, said: “In keeping with our ground-breaking role in SRI, BNP Paribas Investment Partners teamed up with Euronext to launch the first low carbon trackerin 2008, in the run-up to COP15 in Copenhagen. Today, as the COP21 Climate Change conference opens in Paris, we are particularly pleased to see changes to the index that will allow our clients, both institutional and retail, to continue to benefit from research and innovation in an area that is shaping our future.” <a target="_blank" href="https://www.euronext.com/sites/www.euronext.com/files/pr_euronext_low_carbon_301115.pdf">Low Carbon 100 Europe Index® component stocks</a>&nbsp;The frame of reference used to build the Low Carbon 100 Europe Index® is available <a target="_blank" href="http://www.carbone4.com/files/wp-content/uploads/2016/10/201512_Methode_LC100_C4.pdf">here</a>.&nbsp;&nbsp;* Carbone 4 is the leading consulting firm specialised in carbon strategy &nbsp;&nbsp;About CDP&nbsp;Europe  CDP is an international, not-for-profit organization providing the only global system for companies and cities to measure, disclose, manage and share vital environmental information. CDP works with market forces, including 822 institutional investors with assets of over €86 trillion, to motivate companies to disclose their impacts on the environment and natural resources and take action to reduce them. More than 5,500 companies worldwide, of which nearly 1,800 in Europe, disclosed environmental information through CDP in 2015. CDP now holds the largest collection globally of primary climate change, water and forest risk commodities information and puts these insights at the heart of strategic business, investment and policy decisions. Please visit<a target="_blank" href="http://www.cdp.net/europe">www.cdp.net/europe</a> or follow us @CDP to find out more.&nbsp;About Euronext Euronext is the primary exchange in the Euro zone with more than 1 300 issuers worth €3.2 trillion in market capitalisation, an unmatched blue-chip franchise consisting of 24 issuers in the EURO STOXX 50® benchmark and a strong, diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets. Its total product offering includes Equities, Exchange Traded Funds, Warrants &amp; Certificates, Bonds, Derivatives, Commodities and Indices. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. Euronext operates regulated markets, Alternext and the Free Market; in addition it offers EnterNext, which facilitates SMEs’ access to capital markets.&nbsp;Disclaimer This press release is for information purposes only and is not a recommendation to engage in investment activities. This press release is provided “as is” without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is located at&nbsp;<a target="_blank" href="https://www.euronext.com/terms-use">www.euronext.com/terms-use.</a> © 2015, Euronext N.V. - All rights reserved.

Press release - Euronext pursues commitment to SRI with new version of its Low Carbon 100 Europe Index®

For an investor or an asset manager, measuring the impact of financial investments on climate change is a vital stage of portfolio construction which contributes to the transition towards a low- carbon economy.&nbsp;Carbon Impact Analytics is an innovative methodology which measures the carbon impact of an investment portfolio, by:&nbsp;<ul><li>Measuring greenhouse gas emissions produced or avoided by the companies held in a portfolio, throughout their entire value chain (scope 1, 2 and 3). Carbon Impact Analytics also measures emissions produced or avoided by products and services sold;&nbsp;</li><li>Assessing a portfolio’s contribution to energy and climate transition.&nbsp;</li></ul>Carbon Impact Analytics thus measures greenhouse gas emissions associated with investment assets and their contribution to emission-reduction, which is now a regulatory requirement under article 173 of the Energy Transition for Green Growth law. It is also a decision-making tool which can be used to rotate investments towards companies which are contributing to energy and climate transition, via their “green” business activities. Asset managers are provided with a detailed analysis of the carbon impact of the companies held in their portfolio and the results can be consolidated across the entire portfolio. The methodology used in the initial version, covers global equities and bonds issued by listed companies.&nbsp;The analysis, which is carried out on a company-by-company basis, aims to encourage dialogue with the companies over time. Carbon Impact Analytics has been developed in partnership with Mirova, the responsible investment subsidiary of Natixis Asset Management and with the support of MAIF.&nbsp;<h3>Carbon Impact Analytics methodology “Bottom-up” analysis&nbsp;</h3>The carbon impact analysis of a portfolio begins with a detailed assessment of each individual investment. An aggregate weighting of the results is then established for the entire portfolio. The Carbon Impact Analytics evaluation thus differentiates between companies within the same business sector and assesses the efforts they have undertaken to integrate climate issues into their strategies, in order to implement a stock-picking approach based on carbon impact criteria.&nbsp;<h3>Sectorial approach with specific insights for “high stakes” sectors&nbsp;</h3>The challenges for low-carbon transition vary according to economic sector, both in terms of leverage to reduce emissions and also in terms of innovation. For this reason, Carbon Impact Analytics proposes a specific approach for the most challenging sectors, using a different methodology adapted to each sector.&nbsp;<figure class="image"><img src="http://www.carbone4.com/files/wp-content/uploads/2016/10/Sans-titre.png" alt="sans-titre"></figure>The quantitative emission assessment (produced or avoided) is complemented by a qualitative trend score. On the basis of these elements, a global score is attributed to each company, providing an evaluation of its contribution to climate transition. A detailed presentation of the Carbon Impact Analytics results feeding through to reporting and investment strategy&nbsp;The results of the Carbon Impact Analytics evaluation are consolidated across the entire portfolio and provided for each company. The results include a range of quantitative and qualitative indicators, as well as statistical data for the entire portfolio.&nbsp;&nbsp;Press contact Carbone 4&nbsp;Coralie Malbet - Tel : +33 (0)1 76 21 10 00 <a target="_blank" href="mailto:coralie.malbet@carbone4.com">coralie.malbet@carbone4.com</a>&nbsp;About Carbone 4&nbsp;Founded by Alain Grandjean and Jean-Marc Jancovici, Carbone 4 is a leading independent consulting firm specialized in energy transition that offers its expertise to private or public players. Convinced that anticipation of the constraints of climate change is the best option, Carbone 4 assists its clients to help them transform these constraints into a tremendous innovation accelerator, a commercial differentiator and a motivation for teams. In the financial sector, Carbone 4 develops methodologies and tools adapted to each business to enable them to measure and highlight the carbon impact of investments and their contribution to the energy transition. <a href="http://www.carbone4.com">www.carbone4.com</a>&nbsp;About Mirova&nbsp;Mirova offers a global responsible investing approach involving Equities, Fixed Income, General and Renewable Energy Infrastructure, Impact Investing, and Voting and Engagement. It has €5.6 billion in assets under management and €42.9 billion in Voting and Engagement. Its team of 50 multidisciplinary experts include specialists in thematic investment management, engineers, financial and environmental, social and governance analysts, project financing specialists and experts in solidarity finance.&nbsp;<a target="_blank" href="http://www.mirova.com%C2%A0">www.mirova.com&nbsp;</a>&nbsp;About Natixis Asset Management&nbsp;Natixis Asset Management ranks among the leading European asset managers (1) with €328.6 billion in assets under management and 649 employees (2). Natixis Asset Management offers its clients tailored, innovative and efficient solutions organised into six investment divisions: Fixed income, European equities, Investment and client solutions, Structured products and volatility developed by Seeyond, Global emerging developed by Emerise, and Responsible Investing developed by Mirova.&nbsp;(1) Source: IPE Top 400 Asset Managers 2015 ranked Natixis Asset Management as the 46th largest asset manager based on global assets under management, and by the country of the main headquarters and/or main European domicile, as of 31 December 2014.&nbsp;(2) Source: Natixis Asset Management - Natixis Asset Management Asia Limited as of 30 June 2015. Reference to a ranking does not indicate the future performance of the fund manager. Seeyond is a brand of Natixis Asset Management. Emerise is a brand of Natixis Asset Management and Natixis Asset Management Asia Limited with teams in Paris and Singapore. Natixis Asset Management Asia Limited is an asset manager, 100% subsidiary of Natixis Asset Management. Mirova is a subsidiary of Natixis Asset Management.&nbsp;About Natixis&nbsp;&nbsp;Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France with 36 million clients spread over two retail banking networks, Banque Populaire and Caisse d’Epargne. With more than 16,000 employees, Natixis has a number of areas of expertise that are organized into three main business lines: Corporate &amp; Investment Banking, Investment Solutions &amp; Insurance, and Specialized Financial Services.&nbsp; A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of Groupe BPCE’s banking networks. Figures as at June 30, 2015&nbsp; &nbsp;

Carbone 4 launches Carbon Impact Analytics, an innovating method to measure the carbon impact of an investment portfolio

Mirova, Natixis Asset Management’s subsidiary for responsible investment, will draw on the expertise of Carbone 4 to jointly develop a methodology and decision-making tool that can measure companies’ contribution to the reduction in global greenhouse gas (GHG) emissions. Mirova’s fundamental ambition is to place sustainable development issues at the core of its investment process in order to generate a positive impact on the economy and attractive and sustainable returns for its clients. Naturally, the company has therefore joined the "Montreal Carbon Pledge" and "Portfolio Decarbonization Coalition" initiatives, launched in parallel by the Principles for Responsible Investment (PRI) and the United Nations Environment Programme Finance (UNEP-fi) in the run-up to the COP 21 (2015 Climate Change Conference in Paris).&nbsp;These commitments include carbon footprint measurement for Mirova’s investments in listed equities, with a view to reaching a level compatible with the target set by the international community, i.e. to limit global warming to +2°C. Reaching this climate target will first and foremost require significant investments in the areas of carbon-free energy and energy-efficient solutions. In addition to the need to estimate the carbon footprint of its investments, Mirova has therefore felt the need to introduce a methodology to measure their contribution to the desired energy transition scenario.&nbsp;With this in mind, Mirova has joined forces with Carbone 4, a consulting firm that has notably developed the carbon inventory method and the method for carbon analysis of projects financed by the French Agency for Development (AFD). The joint development of this methodology will enable Carbone 4 to freely assist all investors that want to take into account the risks and opportunities linked to climate change issues in their investment decisions.&nbsp;The methodological principles will be published in September 2015 and will be shared with all financial actors that are interested in this approach.&nbsp;Press contacts&nbsp;Natixis - Barbara Durand Tél. +33 (0)1 19 47 41 58 <a href="mailto:barbara.durand@natixis.com">barbara.durand@natixis.com</a>&nbsp;Carbone 4 - Dorothée Coloby Tel : +33 (0)1 76 21 10 00 <a href="mailto:dorothee.coloby@carbone4.com">dorothee.coloby@carbone4.com</a>&nbsp;Mirova - Fany de Villeneuve Tél. +33 (0)1 42 86 82 39 <a href="mailto:fany.devilleneuve@shan.fr">fany.devilleneuve@shan.fr</a>&nbsp;About Carbone 4&nbsp;Founded by Alain Grandjean and Jean-Marc Jancovici, Carbone 4 is a leading independent consulting firm, specialized in energy transition, that offers its expertise to private or public players. Convinced that anticipation of the constraints of climate change is the best option, Carbone 4 assists its clients to help them transform these constraints into a tremendous innovation accelerator, a commercial differentiator and a motivation for teams. In the financial sector, Carbone 4 develops methodologies and tools adapted to each business to enable them to measure and highlight the carbon impact of investments and their contribution to the energy transition. <a href="http://www.carbone4.com">www.carbone4.com</a>&nbsp;About Mirova&nbsp;Mirova offers a global responsible investing approach involving Equities, Fixed Income, Infrastructure, Impact Investing, and Voting and Engagement. It has €4.5 billion in assets under management and €38.3 billion in Voting and Engagement. It has a team of some 40 multidisciplinary experts (specialists in thematic investment management, engineers, financial and environmental, social and governance analysts, project financing specialists and experts in solidarity finance). <a href="http://www.mirova.com">www.mirova.com</a> @Mirova_RI&nbsp;About Natixis Asset Management&nbsp;With assets under management of €313.3 billion and 648 employees (1), Natixis Asset Management ranks among the leading European asset managers. Natixis Asset Management offers its clients (institutional investors, companies, private banks, retail banks and other distribution networks) tailored, innovative and efficient solutions organized into 6 investment divisions: Fixed Income, European Equities, Investment and Client Solutions, Structured and Volatility (developed by Seeyond(2)), Global Emerging Equities, and Responsible Investing (developed by Mirova(3)). <a href="http://www.nam.natixis.com">www.nam.natixis.com</a>&nbsp;(1) Source: Natixis Asset Management – 31/12/2014.&nbsp;(2) Seeyond is a brand of Natixis Asset Management.&nbsp;(3) Mirova is a subsidiary of Natixis Asset Management.&nbsp;About Natixis&nbsp;Natixis is the corporate, investment, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France with 36 million clients spread over two retail banking networks, Banque Populaire and Caisse d’Epargne. With more than 16,000 employees, Natixis has a number of areas of expertise that are organized into three main business lines: Wholesale Banking, Investment Solutions &amp; Insurance, and Specialized Financial Services. A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of Groupe BPCE’s banking networks. <a href="http://www.natixis.com">www.natixis.com</a>&nbsp;Figures as at December 31, 2014 <a target="_blank" href="http://www.carbone4.com/files/wp-content/uploads/2016/10/CP-Mirova-Carbone-4_-EN_V4.pdf">Download the press release</a>

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