AXA, Barclays, Federated Hermes and ERAFP take top prizes at the International Climate Reporting Awards

This year’s criteria was updated to consider advances in climate reporting

A jury of 13 sustainable finance experts has chosen AXA, Barclays and Federated Hermes as the winners of this year’s International Climate Reporting Awards while French pension fund ERAFP was awarded the Jury’s Prize. 

Building on global standards, including the Task Force on Climate-related Financial Disclosures (TCFD) and the EU Non-Financial Reporting Directive, the awards aim to highlight financial institutions that integrate climate-related considerations into their reporting and business practices. 

The awards are organised by the French Ministry for the Ecological and Inclusive Transition, the French Ecological Transition Agency (ADEME) and the 2° Investing Initiative (2DII) think tank with support from the Sustainability Accounting Standards Board and the Global Reporting Initiative.

This was the first time that Barclays, Federated Hermes and ERAFP were recognised, and the third time for AXA.

Barclays was cited for its impact strategies’ capacity to mobilise funds for innovation and economic transformation. AXA had “one of the most robust reporting exercises” and won plaudits for its commitment to improving climate reporting methodologies and indicators. 

Federated Hermes was recognised for its efforts to address climate analysis issues, particularly through the development of propriety tools. 

ERAFP distinguished itself for the quality of its climate reporting, especially given its status as a relatively small entity in comparison with the other candidates.

Robin Edme, President of the Board at 2DII France, said, “We are proud to see this third edition of the International Climate Reporting Awards come full circle this year. Congratulations to this year’s winners, and we look forward to continuing working with industry experts and financial institutions to drive ambitious new improvements in the climate reporting field for next year.”

In 2019, the top prizes went to six financial institutions from the US, France and Australia: Aviva France, Citi, Allianz France, Ircantec and AXA. Australian Ethical won the Jury’s Special Prize, having been shortlisted under two categories.

The awards were announced during a virtual roundtable discussion during Paris for Tomorrow Week; this third edition saw the criteria and scoring system modified to take into account the latest advances in climate reporting, including for the first time how institutions perform climate stress-testing.

They come ahead of the launch of the Climate Transparency Hub (CTH); this will be an online platform for monitoring, identifying, and promoting best climate reporting practices for French financial institutions. 

It is being developed as part of the Finance ClimAct project; this aims to align the French and EU sustainable finance action plans, as well as implement the French national low-carbon strategy. The hub is slated to go live in January 2021.

Edme added: “The CTH promises to be a rich and enhanced resource center for French financial institutions.”