The climate emergency
Anaxis is a determined contributor to the efforts towards transitioning to a more sustainable economy. In particular, Anaxis supports the Paris Agreement objectives, which aim to keep global warming below 2°C by the end of the century. To achieve this, a rapid move away from coal as an energy source appears indispensable. Carbon dioxide generated from the combustion of coal is a significant contributor to global warming and poses a major threat to our planet’s future. Coal-fired power plants produce 41% of the world’s energy but are responsible for more than 70% of the sector’s greenhouse gas emissions.
Considering the above, it therefore seemed natural for us to exclude coal mining and coal-fired power generation from our portfolios. This exclusion policy is part of our commitment to protecting the environment and improving the health of the population.
Within this framework, we pay particular attention to aquatic environments and water resources. Some of the carbon dioxide released by coal-fired power plants dissolves in the oceans and causes their acidification, with serious consequences for ecosystems, fishery resources, fishing yields and, ultimately, the food security of many people.
Anaxis is a member of the IIGCC (Institutional Investors Group on Climate Change) and supports its initiative to promote investment strategies in line with the objectives of the Paris Aligned Investing Initiative (PAII), currently in consultation phase.
Coal should no longer be used as an energy source, and an ambitious policy must be implemented in this area. Therefore, it does not seem fair to us to distinguish between the different actors according to their more or less virtuous character, the degree of efficiency of their processes, or their possible transition programs to other energy sources.
Anaxis operates mainly in the corporate bond market. Here, groups that wish to do so can issue green bonds to finance specific projects that contribute to the ecological transition.
As a result, Anaxis excludes from its portfolios securities without an eco-label, issued by groups with significant activities related to the coal industry, including:
- Coal mining and the extraction of assimilated fossil fuels;
- The production of electricity from coal;
- The construction or maintenance of coal-fired power plants;
- The provision of products, equipment, or services specifically designed to exploit coal as an energy source.
In all cases, the criterion used is the percentage of revenue generated from the activities covered by our exclusion policy, capped at 20%. As this policy applies more broadly (particularly with regard to fossil fuels and nuclear energy), this limit applies globally, so an electricity producer can be excluded if more than 20% of its production uses coal and oil combined.
When a company provides products or services with a wide range of uses, we also exclude it if more than 50% of its turnover is generated from customers using coal.
Exceptions are services deemed legitimate in terms of technical monitoring of installations, health and safety, rescue, fire protection, training in acceptable practices, etc. Such activities do not lead to exclusions, even when customers produce or use coal as fuel. These exceptional cases are submitted to the management committee for review, under the risk manager’s supervision.