SOCIÉTÉ GÉNÉRALE 
DATA ON SECTOR-SPECIFIC ALIGNMENT AND TRANSITION TARGETS(1)
Sector | ||
Oil a | ||
Oil and gas | ||
Oil a | Energy | |
Pow | ||
Power | ||
Pow | ||
Cem | industries | Cement |
Steel | ||
Iron | Heavy | |
Alum | Aluminium | |
Auto | Transport | Automotive |
Ship | Shipping | |
Avia | Aviation | |
Estate | Commercial real | |
Com | estate | |
Real | ||
Residential real | ||
Resi | estate (9) | |
Agriculture | Agriculture |
Scope 1&2 Financed | Scope 3 Financed | |||||||||||||||
Emissions associated | Emissions associated | |||||||||||||||
with the value chain | with the value chain | Reduction | New | |||||||||||||
(mtCO2e, Q4-2023)(2) | PCAF Score (3) | (mtCO2e, Q4-2023)(2) | PCAF Score (3) | Sector boundary | Metric | Scenario | Emissions scope | Baseline | Target | target | Progress | Progress in % | target | |||
Exploration, development | Gross commitments (€m, | IEA NZE 2050 | N/A | 100 (2019) | 50 | (2025) | -50% (2025) | 69 | (2022) | -31% (2022) | 2023 | |||||
and production (upstream) | index 100) | (financing target) | 20 | (2030) | -80% (2030) | |||||||||||
16,8 | 3,8 | 26,1 | 3,9 | |||||||||||||
Upstream, midstream, | Absolute GHG emissions (in | Scopes 1 & 2 + Scope 3.11 | 29.6 (2019) | 17.7 | (2022) | |||||||||||
IEA NZE 2050 | (end-use) of the upstream | 8.9 | (2030) | -70% | -40% (2022) | 2023 | ||||||||||
downstream | MtCO2eq.) | PCAF Score 4.7 | PCAF Score 4.9 | |||||||||||||
part of the value chain | ||||||||||||||||
Power generation | GHG emissions intensity | IEA NZE 2050 | Scopes 1 & 2 | 221 (2019) | 125 | (2030) | -43% | 151 | (2022) | -32% (2022) | 2022 | |||||
(gCO2eq./kWh) | ||||||||||||||||
27,9 | 4,3 | 4,0 | 4,4 | Gross commitments (€m, | N/A | 0 by 2030 for OECD | 82 | (2022) | -18% (2022) - | |||||||
Thermal coal value chain | IEA NZE 2050 | 100 (2019) | countries; 0 by | -100% | 2019 | |||||||||||
index 100) | (financing target) | 63 (Q2-23) | 37% (Q2-23) | |||||||||||||
2040 elsewhere (4) | ||||||||||||||||
2,7 | 3,1 | 1,8 | 3,1 | Cement producers | GHG emissions intensity | IEA NZE 2050 | Scopes 1 & 2, calculated on | 671 (2022) | 535 | (2030) | -20% | 671 | (2022) | N/A | 2023 | |
(kgCO2eq./t cement) | a gross basis | |||||||||||||||
0,7 | 3,5 | 2,8 | 3,6 | Crude steel producers | SSP alignment score of GHG | IEA NZE 2050 | Scopes 1 & 2 | (5) | 0.55 (2022) | 0 | (2030) | N/A | 0.55 | (2022) | N/A | 2023 |
emission intensity (5) | MPP TM | |||||||||||||||
0,1 | 4,4 | 0,1 | 4,4 | Aluminium producers | GHG emissions intensity | IAI/MPP STS | Scopes 1 & 2 + Scope 3 | 8 (2022) | 6 | (2030) | -25% | 8 | (2022) | N/A | 2023 | |
(tCO2eq./t aluminium) | upstream | |||||||||||||||
0,7 | 3,7 | 5,5 | 3,7 | Car manufacturers | GHG emissions intensity | IEA NZE 2050 | Scope 3.11 (end use) | 184 (2021) | 90 | (2030) | -51% | 175 | (2022) | -5% (2022) | 2023 | |
(gCO2eq./v-km) | ||||||||||||||||
3,8 | 3,9 | 2,4 | 4,0 | Ship owners and operators | Poseidon Principles | IMO Striving For (7) | Scope 1 and Scope 3.3 (8) | +24.2% (2022) | +15% | (2030) | -43%(6) | +24.2% | (2022) | N/A | 2023 | |
alignment score of AER(6) | ||||||||||||||||
2,1 | 3,8 | 3,5 | 3,9 | Airlines and lessors | GHG emissions intensity | MPP PRU | Scope 1 and Scope 3.3 (8) | 950 (2019) | 775 | (2030) | -18% | N/A | N/A | 2024 | ||
(gCO2eq./RTK) | ||||||||||||||||
0,8 | 4,6 | 2,1 | 4,6 | Real estate professional | GHG emissions intensity | CRREM V2.02 | Scopes 1 & 2, from a real | 49 (2022) | 18 | (2030) | -63% | 49 | (2022) | N/A | 2023 | |
investors | (kgCO2eq./m2/y) | estate asset's perspective | ||||||||||||||
N/A | N/A | N/A | N/A | |||||||||||||
2,0 | 4,0 | 8,0 | 4,0 |
- The reduction targets are supported by origination guidelines to keep the Group on track. Applicable at either client or transaction level, separate guidelines exist for each sector, to take into account specific constraints.
- While our targets focus on the sector boundaries disclosed in this table, known to be the most material parts of their respective value chains, the calculation of Financed Emissions cover the sector's full value chain. It consists in aggregating the financed emissions of all companies classified within activity sectors from the NACE classification identified and disclosedhereby Societe Generale as being part of the same comprehensive value chain. Financed Emissions are then calculated according to the PCAF methodology whereby we account for a portion of the annual emissions of our clients by determining the ratio between the outstanding debt and the total equity and debt of the client.
- The PCAF Score measures the data quality used to calculate Financed Emissions. When available, we have used data reported by clients and collected via Bloomberg or clients' annual reports (PCAF Score of 1 for verified data or 2 for unverified data). Otherwise, we have used revenue-based or asset-based emissions factors to estimate clients' emissions, with PCAF Scores of 4 and 5 respectively. We plan to improve the overall quality of our calculations in the future as client data becomes available or by using better quality physical activity-based emissions factors.
- Target applying to both thermal coal power and thermal coal mining.
- This target is an alignment score. A positive alignment score means that the steel portfolio is not aligned with the IEA NZE 2050 scenario. Conversely, a negative or zero alignment score means that the steel portfolio is aligned with the IEA NZE 2050 scenario.
- of- emissions, a fixed-boundary system as per the SSP is used where the indicator covers Scopes 1, 2 and a portion (depending on the level of vertical integration) of Scope 3 emissions (specifically category 1 and 10).
- This target is an alignment score. A positive alignment score means that the shipping portfolio is not aligned (i.e. that it exceeds the decarbonisation trajectory). Conversely, a negative or zero alignment score means that the shipping portfolio is aligned. The -43% reduction target applies to the intensity metric (AER).
- Excluding cruise ships, until such time as the IMO's carbon intensity indicator can be adapted to take into account the specificities involved.
- Or "Well to Wake" emissions corresponding to (i) operational activities (i.e., Scope 1, or tank-to-wake emissions for shipowners/airlines) from fuel combustion on board of a vessel/aircraft and (ii) upstream activities (i.e., Scope 3 category 3, or well-to-tank emissions for shipowners/airlines) including extraction, cultivation, production, processing, storage, transport and bunkering of fuels.
- Societe Generale is currently finalising the calculation of absolute emissions for the residential real estate sector based on the surface of the residential assets.For the scope
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Société Générale SA published this content on 19 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2024 15:48:01 UTC.
