Mirova and Phitrust put biodiversity on the agenda of CAC 40 general meetings
Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, and Phitrust, a pioneering management company for impact investing, are launching a campaign of written questions ahead of general meetings, focused on high biodiversity stakes CAC40 companies.
This unprecedented action aims to encourage large companies to demonstrate the ambition of their biodiversity strategy, with a dual objective:
- Encourage them to use the nature reporting framework carried out by the Taskforce on Nature-related Financial Disclosures (TNFD), and at least ask them to report on biodiversity as a material subject for their activities under the Corporate Sustainability Reporting Directive (CSRD)1;
- Encourage these companies to realize their ambition to preserve natural ecosystems through science-based objectives (e.g., Science-Based Targets for Nature, or SBTN) in the medium term.
Beyond climate change, the preservation and conservation of biodiversity are structural challenges of sustainable growth on which urgent action is needed. Half of global GDP is dependent on nature and its essential ecosystem services, and their collapse could lead to a $2.7 trillion GDP loss by 20302. According to the European Central Bank, 75% of European loans have been granted to companies highly dependent on nature3.
In order to guide companies in considering the topic, an international nature disclosure framework was published by TNFD in September 20234, a key step positioning “nature” risk at the same level as financial, operational and climate risk and redirecting capital flows to the most responsive companies in the face of biodiversity loss. The TNFD recommendations are intended to be consistent with the regulatory obligations of European companies such as the European Sustainability Reporting Scheme (ESRS)5 of the Sustainability Disclosures Directive (CSRD).
More than 320 companies worldwide have already committed to publishing a report aligned with TNFD recommendations in the next two years, and several companies are already planning to validate their SBTN land and water aligned targets in 2024. Mirova and Phitrust are working to promote these standards to companies, particularly those high biodiversity stakes.
With this first campaign, we expect clear and detailed answers from companies to our questions. Biodiversity must emerge in the communication of companies as well as the remuneration of leaders or climate issues. With this initiative, we hope that the topic will be systematically addressed on the agenda of the next General Meetings and included in the communications of companies.
1 Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending. Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting.
2 The Economic Case for Nature A Global Earth-economy model to assess development policy pathways, World Bank, 2021.
3 The economy and banks need nature to survive, European Central Bank, 2023.
4 Final TNFD Recommendations on nature related issues published and corporates and financial institutions begin adopting, TNFD, 2023.
5 Commission Delegated Regulation (EU) 2023/2772 of 31 July 2023 supplementing Directive 2013/34/EU of the European Parliament and of the Council as regards sustainability reporting standards.
NEWS
Equity investment led by Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, through its Mirova Energy Transition Fund 6 (MET6)1, along with backing from existing shareholders the Clean Energy Finance Corporation, RACV and Kilara Capital.The capital raised will support Melbourne-based JET Charge as it steps up its mission of taking the Australasian region from EV charging pilots to infrastructure at scale. Equity investment to propel JET Charge’s ‘Charging as a Service’ (CaaS) offering and the continued buildout of its proprietary technologies aimed at the operation of EV charging infrastructure at scale.
Elyse Energy, a pioneering French company producing sustainable fuels and low-carbon feedstock, secured c. EUR120 million euros from Hy24, PGGM, Bpifrance and Mirova to accelerate development of its e-methanol and sustainable aviation fuel production projects in France and Spain, addressing the growing demand for decarbonization solutions in the aviation, maritime and chemical sectors.
