Baseline date: 31 December 2019 (where available – otherwise end of 2020)

Baseline performance: 61 tC02e/$mn invested (EVIC allocation based)

Target year(s): 2025, 2030, 2050

Target(s):

• -30% CO2e/$mn invested by 2025,
• -50% CO2e/$mn invested by 2030,
• -100% CO2e/$mn invested by 2050

GHG scopes included: Present emission data covers scope 1 & 2 of approx. 70 percent of our total AUM. We intend to include scope 3 emissions in 2023 in our calculation of financed emissions.

Asset classes in scope: Reduction targets cover the whole portfolio. Baseline emission calculations include listed equity and corporate bonds, Green bonds, direct owned real estate and listed real estate. Illiquid credit and sovereign bonds are not included.

Net zero scenarios: IPCC 1.5 degree Celsius. P2

Quantitative target

Baseline date: 2019/2020

Baseline performance: 1 billion USD ~ 7,8% of AUM

Target date: 2030

Target year: 2,8 billion USD ~ 15% of AUM

Methodology: Alternative green classification system from Danish Insurance & Pension Association (IPA)

Baseline date: 31 December 2019

Baseline performance: PBU plans to undertake a baselining assessment of asset alignment according to the Framework and set targets in due course.

As a preliminary step, PBU has gathered data on the proportion of companies that have set carbon reduction targets and companies that use cleaner energy sources.

Asset classes in scope: Listed equity, corporate bonds

Data sources: Planned:

Listed equity & corporate fixed income: CA100+ benchmark, Transition Pathway Initiative (SBTi)

Real estate: CRREM

Work in progress: As a first step, we have assessed companies present alignment with the Paris Agreement, and we have selectively divested companies within fossil fuels that we do not believe will be aligned with the Net Zero pathway. As a second avenue, we direct bilateral (external engagement service provider) and collaborative engagement (CA 100+) at the most carbon intensive companies.