Trucost has opened a Paris office and hired a new, Paris-based, head of business development for France in response to growing demand for portfolio carbon footprinting and decarbonization in the country.
France recently became the first country in the world to introduce a mandatory carbon reporting obligation on financial institutions such as pension funds and insurers. It will require investors to consider the environmental impacts of their investments and the risks to their businesses of failing to do so. Carbon-intensive companies face severe challenges to their valuations and ability to repay loans as a result of carbon taxes, emissions trading schemes and other legislation to reduce greenhouse gas emissions. For many financial institutions, the first step on the road to understanding these risks is to commission a carbon footprint of their investment portfolios or loan books.
Several French investors already recognize these risks and disclose how they are managing them on a voluntary basis. Etablissement du Régime Additionnel de la Fonction Publique (ERAFP), Fonds de Réserve pour les Retraites (FRR), Caisse des Dépôts, CNP Assurances, Mirova, BNP Paribas Investment Partners and Sycomore Asset Management are among some 50 investors signed up to the Montréal Pledge which commits them to measuring and publicly disclosing the carbon footprint of their investment portfolios on an annual basis.
As part of Trucost’s expansion, Jean-Florent Helfre has been appointed to head business development in France, Switzerland, Belgium and Luxembourg. He joins from Sustainalytics where he was a responsible investment manager and he will be based in Paris. Helfre said: “The introduction in France of mandatory carbon reporting for institutional investors marks a real turning point for the market. Investors can benefit from identifying carbon-intensive assets, understanding their exposure, and developing strategies to reduce it. Investors can also identify opportunities to invest in green and renewable technologies which businesses need to continue to grow and prosper. Through its Eboard platform and dedicated services, Trucost can help investors measure, monitor and interpret the carbon and environmental footprint of their portfolios across all asset classes.”
Jean-Florent Helfre, Head of Business Development, 18 Rue Pasquier, 75008 Paris, France, +33 (0) 6 52 11 89 01, firstname.lastname@example.org
James Richens, +44 (0)20 7160 9804, email@example.com