AXA, Barclays, Federated Hermes, and ERAFP take top prizes at the 2020 International Climate Reporting Awards
A jury composed of 13 sustainable finance experts has chosen AXA, Barclays, and Federated Hermes as the winners of this year’s International Climate Reporting Awards. The Jury’s Prize was awarded to ERAFP (the French public service additional pension scheme).
This third edition of the Awards was organized by the French Ministry for the Ecological Transition (CGDD), the French Agency for Ecological Transition (ADEME), and 2° Investing Initiative, with support from a standard-setters advisory board composed of the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI). The awards were announced during a virtual prize ceremony, which took place in the context of Paris for Tomorrow week.
Building on leading global standards, including the Task force on Climate-related Financial Disclosures (TCFD) and the EU Non-Financial Reporting Directive, the Awards aim to recognize financial institutions that integrate climate-related considerations into their reporting and business practices.
Winners:
- Banks Category: Barclays
- Asset Owners Category: AXA
- Asset Managers Category: Federated Hermes
- Jury’s Prize: ERAFP
It was the first time that Barclays, Federated Hermes and ERAFP were recognized at the International Climate Reporting Awards, and the third time for AXA, the global insurance giant.
In a presentation of the winners, the jury highlighted Barclays’ impact strategies for their capacity to mobilize funds for innovation and economic transformation. AXA presented “one of the most robust reporting exercises” with a high score under each pillar, and won plaudits from the jury for its commitment to improving climate analysis methodologies and indicators. The jury recognized Federated Hermes for its efforts to address climate analysis issues, particularly through the development of propriety tools. Meanwhile, ERAFP distinguished itself for the quality of its climate reporting, particularly given its status as a relatively small entity in comparison with the other candidates.
Building the foundation for the new Climate Transparency Hub
The awards announcement comes ahead of the launch of the Climate Transparency Hub (CTH), slated to go live in January 2021. The CTH is an online platform for monitoring, identifying, and promoting best climate reporting practices for French financial institutions, developed as part of the Finance ClimAct project coordinated by ADEME, with the support of 2DII and the other members of the consortium (the CGDD, l’Autorité des Marchés Financiers, l’Autorité de Contrôle Prudentiel et de Résolution and I4CE).
The CTH builds on the Climate Reporting Awards’ assessment grid developed by 2DII with the support of ADEME and CGDD. Additionally, it incorporates the best practices identified by the Awards Jury. The CTH thus aims to equip French financial institutions with the resources they need to anticipate regulatory reforms at the broader European level.