Our Climate Action Plan

“It is our fiduciary responsibility to play an active role in accelerating the transition of the global economy towards a net-zero emissions future in line with the climate science.”

— Renaud de Planta, Senior Managing Partner

Commitments and convictions

Our convictions reflected in our Climate Investment Principles, referred to throughout this plan, underpin our commitments to the Net Zero Asset Managers and Science Based Targets initiatives.

1.

Climate change will have a material impact on asset prices and investment returns.

2.

The investment decisions taken today will have a strong bearing on how climate change and its consequences ultimately unfold.

3.

No economic system will be immune to the impacts of severe climate change, therefore such a risk cannot be easily diversified or hedged.

4.

Our governance and risk management systems must be fit to enable the delivery of this climate action plan.

Pictet's estimated GHG emissions footprint, 2021 (1,000 tonnes CO2e)1

As climate change is a financial risk that will affect all of our assets, it is our fiduciary responsibility to play an active role in reducing global emissions. Given the magnitude of our financed emissions through our investments, we must help accelerate the transition of the global economy towards net zero emissions in line with 1.5°C. We also have a direct responsibility to reduce our operational footprint.

1 CO2e, or carbon dioxide equivalent, is a metric used to compare different greenhouse gases depending on their global warming potential. It is calculated by converting emissions from other gases into the equivalent amount of CO2 in terms of global warming potential.

2 Scope 3 category 15 includes financed scope 1 and 2 emissions of issuers and excludes financed emissions from our advisory mandates and from asset classes beyond real estate and listed equity & corporate fixed income, (single line investments only).

3 Scope 1

4 Scope 2

5 Scope 3 categories 1 – 14, pre-pandemic levels closer to 18.4

Low-carbon transition targets for our investments

Pictet’s target for listed equity and fixed income

The current baseline and expected future progress will differ by asset class and geography.
SBTi validated

How we will achieve these targets

Active ownership

Engage with the companies and funds we invest in to set science-based targets.

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Responsible products and solutions

Grow existing strategies and launch innovative solutions focused on the low-carbon transition.

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Advocacy and partnerships

Motivate other stakeholders to be part of the transition to achieve a just low-carbon economy.

Learn more

Our target for real estate

SBTi validated

Across our direct investments and co-investments in real estate, Pictet commits to reducing its baseline portfolio emissions intensity (in tCO2eq per square meter) by 67% by 2030 (from 2021 levels).

The inclusion of clear actions to reduce embodied and operational GHG emissions in business plans and the retrofitting of buildings to improve energy efficiency are examples of how we plan to achieve our target.

How we will achieve these targets

ESG integration

Integration of climate considerations into the investment and asset management cycle to create value and offer attractive returns.

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Active ownership

Engage with key stakeholders including GPs, developers, occupiers and facilities managers to enable the low-carbon transition.

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Responsible products and solutions

Increase product offering focused on value-added strategies supporting the low-carbon transition.

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Assets covered by current and future targets1

For 2022, we have set targets on our balance sheet and 56% of our managed assets, or CHF 253.1 billion. Over time, we plan to include targets covering 100% of our managed assets, as methodologies and guidance from SBTi become available.

These numbers exclude our execution-only and custody-businesses, which are not directly managed by us. They are therefore excluded from any current or future targets, as we cannot materially influence the investment decision. We nonetheless aim to provide leading transparency and disclosure on climate metrics to these clients.

1The percentage shown for today is conditional on our asset class allocation remaining the same

2Includes private equity fund selection, hedge funds, private debt, real estate fund selection, personal loans, structured products and derivatives, cash & money markets



Percentage of assets covered by managed target

0
  • today
  • future

Low-carbon transition targets for our operations

SBTi validated

We commit to reducing our absolute scope 1 and 2 emissions by 55% by 2030 from 2019 levels.

Our key levers of action: 

  • Build a cutting-edge low-carbon HQ in Geneva and move to less fossil-intensive offices abroad
  • Decarbonise our electricity consumption through Energy Attribute Certificates
  • Raise awareness of climate change and improve eco-friendly behaviours

Pictet's levers of Climate Action

Clients' assets

ESG integration

Integrate our Climate Investment Principles and continuous improvement in climate data availability.

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Responsible products and solutions

Grow existing strategies and launch innovative solutions focused on the low-carbon transition.

Learn more

Active ownership

Engage with the companies and funds we invest in to set science based targets.

Learn more

Client disclosure

Continue to provide and enhance climate-related transparency to our clients on their portfolios.

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Research and thought leadership

Continue climate-related research with partners to inform investment decisions and maximise our positive impact.

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Own assets

Investing our balance sheet

Continue to maintain a de-fossilised balance sheet.

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Employee engagement

Facilitate and encourage employee involvement in climate initiatives.

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Managing our direct environmental impact

Decarbonise our electricity consumption through Energy Attribute Certificates and move to less fossil-intensive buildings.

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Philanthropy

Not directly incorporated in our climate action plan, our Foundation is a lever activated to address environmental issues.

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Advocacy and partnerships

Motivate other stakeholders to be part of the transition to achieve a just low-carbon economy.

Learn more

Our progress on climate change

For the past several years, we have made ongoing efforts around climate action, with this plan serving as a roadmap to continue and expand upon these in the years to come. We will also continue to be transparent on our progress on climate change.

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Our governance

The climate challenge is very complex, partly because its worst effects will be felt over a long-term horizon. Pictet’s governance and core business model are uniquely suited to taking stock of such a critical development.

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