REDUCING THE CARBON FOOTPRINT OF SCOR’S INVESTMENTS In 2024, SCOR made significant strides toward reducing the carbon footprint of our investment portfolio. As a member of the Net Zero Asset Owner Alliance (NZAOA), SCOR set ambitious interim targets, including a 27% decrease in carbon intensity by Enterprise Value (EV) of our corporate bonds and equities portfolio from the end of 2019 to the end of 2024 and a 55% decrease by the end of 2029. These targets align with the French Energy Climate law and the Intergovernmental Panel on Climate Change’s (IPCC) recommendations to remain below a 1.5°C global warming scenario. By the end of 2024, our Investment team achieved a 39% decrease in carbon intensity of our corporate bonds and equities portfolio from December 2019 to December 2024, well exceeding the original target of a 27% reduction. This decrease is thanks to an acute focus on proactive portfolio management, including rebalancing the portfolio to less carbon-intensive issuers. Data-driven decision making plays a crucial role in setting informed and realistic targets that promise to have a concrete positive impact. Therefore, SCOR strives to leverage advanced analytical tools and localized assessments to develop tailored investment strategies, ensuring that sustainability efforts are both innovative and effective. PAVING THE WAY FOR SUSTAINABLE BUSINESS SCOR’s Sustainable Investments team has been an active player in the sustainable finance and investment space for years, contributing to research on a variety of important topics ranging from biodiversity and deforestation to the risks posed by plastics and forever chemicals. By engaging with leading experts and participating in industry initiatives, the team is able to stay at the forefront of sustainability conversations. This deep understanding of the sustainability landscape means that our Sustainable Investments team is well-positioned to share best practices and support our business teams as they develop sustainable (re)insurance solutions. By fostering this culture of internal collaboration, the Group is able to contribute to sustainability efforts on multiple fronts. . PIONEERING SUSTAINABLE INVESTMENT STRATEGIES How SCOR is playing our part in the push to reduce carbon emissions At SCOR, we see sustainability as more than just a way of building a resilient portfolio. By acting as a sustainable investor, the Group can better manage risks and generate superior long-term returns while contributing to a brighter future. We believe that our role as an investor can have a concrete impact on our planet and societies, so our investments in the global economy focus on: • Reducing the negative impact of our investees and of our investment portfolio in line with international frameworks by combining exclusions and divestments, best-in-class strategy, and stewardship • Increasing the positive impact of our investments by investing in climate solutions In 2024, we have continued to work toward ambitious carbon reduction targets for our investment portfolios, while also actively seeking out opportunities to improve and innovate in our approach. 92 ACTIVITY REPORT 2024
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