Our outlook

We continue to work on strengthening our capabilities to meet our ambitions, and to deploy and improve the systems and metrics that allow us to consistently measure and monitor our portfolios and our alignment against our climate commitments. We aim to continue to adopt industry-wide standards wherever possible in order to allow for comparability across industry peers and process efficiency as much as possible.

Our Client Energy Transition Frameworks have been expanded to cover six carbon-intensive sectors, with additional sectors planned for roll-out in 2022. We will dedicate our further efforts in 2022 to reassess criteria to improve coverage and accuracy, whether through enhanced data gathering or through improved modelling techniques, as well as to liaise with other market stakeholders to define and deliver comparable standards and outputs.

We intend to accelerate our drive in the delivery of net zero trajectories on a sector-by-sector basis, by establishing processes and controls, in an effort to ensure that our metrics will meaningfully drive portfolios towards decarbonization.

We will focus on emerging regulations for our legal entity and branches as we seek to ensure that our climate risk management frameworks remain compliant with requirements and increasingly provide insights to inform business strategy and risk management decisions.

We will also continue to work with our clients and provide them with detailed information on our CETF to support them with their transition, while providing the requisite data we need to accurately assess our own overall portfolio transition.

Through our active involvement in climate-related industry initiatives and forums, we plan to continue to contribute to the development and refinement of good industry practice, encouraging knowledge sharing, and continuing to build resilience across the financial sector.