汇丰控股融资碳核算方法论(中文）---汇丰银行.pdf

HSBC Holdings plc 汇丰控股有限公司 Financed Emissions Methodology 排放融资方法 22 February 2022 2022年 2月 22日 Introduction 引言 This technical supplement provides further detail on the financed emissions baselining and target setting for the oil and gas, and power and utilities sectors, that we have carried out for the portfolio alignment capability built by HSBC. The analytics sit alongside other purpose-built models and frameworks for stress testing and risk management, and 本技术补充资料进一步详述我 们为汇丰银行建立的投资组合调整能力而进行的石油和天然气、电力和公用事业部门的融 资排放基线和目标设定。这些分析与其他专门建立的压力测试和风险管理模型和框架并列 enables us to measure and evaluate the progress we are making towards our ambition to align financed emissions to net zero by 2050 at the latest. 使我们能够衡量和评估我们在实现最迟到 2050年将融资排放量 调整至净零的雄心方面所取得的进展。 Our framework for analysing our Scope 3 financed and facilitated emissions reflects industry recommendations, Zero Banking Alliance 我们的范围 3融资和促进排放分析框架反映了行业建议，零银行联盟 f - Port 港口 financed emissions considers on-balance sheet financing, including project finance and direct lending, as well as financing we help clients access through capital markets activities. Given the different nature of these two forms of 融资排放考虑资产负债表融资，包括项目融资和直接贷款，以及我们帮助客户通过资本市场活动获得的融资。考虑到这两种形式的不同性质 - emissions where necessary in our - 在有需要的情况下，排放 reporting. 报道。 The methodology and data used to assess financed emissions and set targets is new and evolving, and we expect industry guidance, market practice, and regulations to continue to change. We plan to refine our analysis using the data sources and methodologies available for the sectors we analyse, including, among others, the Science Based 用于评估融资排放和设定目标的方法和数据是新的和不断发展的，我们预计行业指导 、市场惯例和规章制度将继续改 变。我们计划使用我们分析的部门的数据来源和方法来完善我们的分析，其中包括以科学为基础的 Financed emissions link the financing we provide to our customers and their activities in the real economy, helping to form part of our 融资排放将我们向客户提供的融资与他们在实体经济中的活动联系起来，有助于构成我们 Scope 3 emissions, which includes emissions associated with the use of a products and services. We 范围 3排放，其中包括与使用产品和服务相关的排放 group of connected counterparties. 关联交易对手集团。 For further details of our approach to assessing financed emissions and target setting, see our Net Zero Aligned Finance Approach Update at www.hsbc.com/who-we-are/esg-and-responsible-business/esg-reporting-centre. 有关我们评估融资排放和设定目标的方法的进一步详情，请参阅我们的净零结盟融资方法更新 www.hsbc. com/who-we-are/esg-and-responsible-business/esg-reporting-centre。 We have adopted a three-step methodology to the judgements defined by industry recommendations1 for comparability and transparency see Table 1. The rationale for our methodological choices is set out on the following pages of this document. 我们采用了三个步骤的方法来判断由行业建议 1界定的可比性和透明度 见表 1。我们方法学选择的基本原理在本文件的 下面几页中列出。 1 Task Force for Climate-related Financial Disclosures 2021, Measuring Portfolio Alignment Technical Report. 气候相关财务披露特别工作组 2021 ，测量投资组合一致性 技术报告。 1 Table 1 - Methodological approach 表 1- 方法学方法 Methodological Step 方法学步骤 Key Judgement 关键判断 HSBC Methodological choices 汇丰方法选择 Step 1 Translating 第一步 翻译 1. What type of benchmark should be built 应该建立什么样的基准 Single scenario benchmarks 单一方案基准 scenario-based 基于场景的 carbon budgets into 二氧化碳预算 benchmarks 基准 2. How should benchmark scenarios be 基准场景应该是什么样的 1.5C scenario that complies with criteria set out 1.5 c 的情景符合标准 selected 被选中了 by the NZBA 作者 NZBA Sector specific granularity 扇区特定粒度 Update scenarios when refreshed by scenario 按场景刷新时更新场景 provider 供应商 3. Should absolute emissions, production 如果绝对排放，生产 Absolute emissions and emissions intensity 绝对排放量和排放强度 capacity, or emissions intensity units be 容量或排放强度单位 metrics for oil and gas 石油和天然气的衡量标准 used 用过的 Emissions intensity metrics for power and utilities 电力和公用事业的排放强度指标 Step 2 Assessing 第二步 评估 4. What scope of emissions should be 排放范围应该是什么 Scope 1-3 emissions for oil and gas 范围 1-3石油和天然气排放 counterparty-level 交易对手水平 included 包括 Scope 1-2 emissions for power and utilities 范围 1-2电力和公用事业的排放 alignment 校准 5. How should emissions baselines be 排放基线应该是怎样的 PCAF approach and data prioritisation PCAF 方法和数据优先级 quantified 量化 Transparency of data sources and calculation 数据源和计算的透明度 methodologies 方法 6. How should forward-looking emissions be 前瞻性排放应该是什么样的 Historical data, published scenarios and emissions 历史数据，公布的情景和排放 estimated 估计 reduction targets used in projections 预测中使用的减少目标 7. How should alignment be measured 应该如何测量对齐 Assessed cumulatively for oil and gas 石油和天然气的累计评估 Assessed against point-in-time for power and 根据动力和能源的时间点评估 utilities 公用设施 Step 3 Assessing 8. How should alignment be expressed as a absolute emissions reduction by 2030 from a 第三步 评估 对齐应该如何表示为 到 2030年绝对减排百分比 portfolio-level 投资组合级别 metric 度量 2019 baseline 2019年基线 alignment 校准 Emissions intensity at 2030 2030年的排放强度 9. How should counterparty-level emissions be 交易对手水平的排放应该是怎样的 Portfolio weighted-average 投资组合加权平均值 aggregated 加起来 Disclosure of proportion of portfolio covered by 所涵盖投资组合比例的披露 analysis 分析 2 Figure 1 - Model flow 图 1- 模型流程 3 Step 1. Translating scenario-based carbon budgets into benchmarks 第一步 将基于场景的碳预算转化为基准 What type of benchmark have we built 我们建立了什么样的基准 2 2 a single-scenario reference benchmark to assess our financed emissions. It provides us with industry specific emissions projections from which we construct benchmark pathways. This benchmark helps us set targets that align the provision and facilitation of finance with the goals and timelines of the Paris Agreement at a portfolio level globally. 一个单一情景参考基准，以评估我们的融资排放量。它为我们提供了行业特定的排放预测，我们从中构建基准路径。这 个基准帮助我们设定目标，使资金的提供和便利与巴黎协定的目标和时间表在全球投资组合水平上保持一致。 The NZE scenario 2030 in line with a 1.5C warming outcome with no or low temperature overshoot2,3. 2030年的 NZE 情景符合 1.5摄氏度的升温结果，没有或低温超过 2,3。 We chose emissions as the primary marker of transition progress. Alternative, production-based benchmarks only exist for a small number of sectors, and we believe the use of emissions data permits transparent disclosures and year on year tracking, facilitating impactful client engagement. 我们选择排放量作为转型进程的主要标志。另外，以生产为基础的基准只适用于少数部门，我们认为，使用排放数据 可以透明地披露信息并进行年度跟踪，促进有影响力的客户参与。 In acknowledgement of current projection modelling constraints, we plan to work with the IEA or other scenario modellers to create more granular regional pathways which capture material differences in decarbonisation that might affect our portfolio. 鉴于目前预测模型的 局限性，我们计划与国际能源机构或其他情景模型制定者合作，创建更细粒度的区域路径，以捕捉可 能影响我们投资组合的脱碳过程中的重大差异。 How is our benchmark scenario selected 如何选择我们的基准场景 The IEA NZE scenario that we selected builds on previous IEA scenarios which have been used extensively for target setting and portfolio alignment. Choosing this scenario allows us to make comparisons of our portfolio targets with other banks and peers who use this same scenario. 我们选择的 IEA NZE 方案是建立在以前 IEA 方案的基础上的，这些方案已经被广泛用于目标设置和投资组合调整。选 择这个方案可以让我们与使用同样方案的其他银行和同行进行投资组合目标的比较。 The scenario meets the requirements of our NZBA commitment to align our financing with outcomes consistent with a 1.5C temperature rise. 这一设想符合我们新西兰银行承诺的要求，即根据气温上升 1.5摄氏度的结果调整我们的融资。 In choosing the NZE scenario, we can model both absolute and emissions intensity activity figures see Figure 2 and Figure 3. These can be used to construct intensity pathways for most of the sectors which we are targeting, allowing us to reflect differing rates of decarbonisation. For certain sectors, further details may be necessary for which we will incorporate additional references4. 在选择 NZE 方案时，我们可以同时模拟绝对和排放强度活动数据 见图 2和图 3。这些可以用来为我们所针对的大多数部 门构建强度途径，使我们能够反映不同的脱碳率。对于某些部门，进一步的细节可能是必要的，我们将纳入额外的参考文 献 4。 Following guidance from the SBTI and NZBA, our scenario has low reliance on negative emissions technologies, has 根据 SBTI 和 NZBA 的指导，我们的设想对负排放技术的依赖程度较低 - - C, and we believe has reasonable assumptions on carbon sequestration achieved through nature-based solutions and land use change. Key assumptions underpinning the NZE scenario are publically available5. Furthermore, we have focused on a scenario that is peer-reviewed and uses a global energy model to generate sector-by-sector projections. 我们相信，通过基于自然的解决方案和土地利用变化，我们对碳固存有合理的假设。支持 NZE 情 景的关键假设是 公开的。此外，我们专注于一个经过同行评审的情景，并使用全球能源模型来生成逐个部门的预测。 2 International Energy Agency 2021, Net Zero by 2050, IEA, Paris 国际能源机构 2021年 ， 2050年净零，国际能源机构，巴黎 3 IPCC, 2018 Global Warming of 1.5C. An IPCC Special Report on the impacts of global warming of 1.5C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty, In Press. IPCC， 2018 全球变暖 1.5摄氏度 。气专委关于在加强全球应对气候变化威胁、可持续发展和努力消除贫困的背景下，全球升温比工业化前水平高 1.5摄氏度的影响和相关 的全球温室气体排放路径的特别报告。 4 For example, the IEA NZE scenario does not currently provide detail on decarbonisation pathways for agriculture and aluminium 例如，国际能源机构 NZE 设想方案目前没有详细说明农业和铝的脱碳途径 5 International Energy Agency 2021, World Energy Model, IEA, Paris 国际能源机构 2021 ，世界能源模型， IEA，巴黎 4 The IEA NZE scenario details more than 400 sectoral and technology milestones to help guide the global journey to net zero by 2050. However, we remain mindful that the NZE scenario does not yet include regional disaggregation, requiring us to make assumptions at a regional level within our portfolio. We plan to consult with external scientific and international bodies to inform these assumptions and will continue to monitor the available climate science and industry practice for portfolio alignment as it evolves. Further details on the NZE scenario are available at www.iea.org/reports/world-energy-model/net-zero-emissions-by-2050-scenario-nze. 国际能源 机构 NZE 设想方案详细介绍了 400多个部门和技术里程碑，以帮助指导到 2050年实现全球净零的旅程。然 而，我们仍然注意到 NZE 方案还没有包括区域分类，要求我们在我们的投资组合中作出区域层面的假设。我们计划与 外部科学和国际机构协商，为这些假设提供信息，并将继续监测现有的气候科学和行业做法，以便随着情况的发展调 整投资组合。有关 NZE 设想方案的进一步详情，请参阅 www.iea.org/reports/world-energy-model/net-zero-emissions- by-2050-scenario-NZE。 Figure 2 - IEA Net Zero Emissions by 2050 reference scenario - oil and gas sector 图 2-IEA 净零排放到 2050年的参考情景 -石油和天然气部门 Oil and gas - absolute emissions 石油和天然气 -绝对排放量 40.0 35.0 CO 2e 二氧 化碳 30.0 25.0 20.0 M t 我 不 知 道 15.0 10.0 5.0 - 2019 2020 2021 2022 2023 2024 202 5 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 IEA Net Zero Emissions by 2050 scenario 国际能源机构到 2050年情景为 零排放 Source International Energy Agency 2021, Net Zero by 2050, IEA, Paris Net Zero by 2050 Scenario - Data product - IEA. License Creative Commons Attribution CC BY-NC-SA 3.0 IGO 资料来源 国际能源机构 2021 ， 2050年净零排放，国际能源机构，巴黎 2050年净零排放。许可证 知识共享署名 CC BY-NC-SA 3.0 IGO Figure 3 - IEA Net Zero Emissions by 2050 reference scenario - power and utilities sector 图 3-IEA 净零排放到 2050年的参考场景 -电力和公用事业部门 Power - emissions intensity 功率 -排放强度 0.5 CO 2e/ T Wh CO 2e/ T Wh 0.4 0.3 0.2 Mt 我 不 知 道 0.1 0 - 0.1 - 0.1 2019 2020 2021 2022 2023 2024 2025 2026 2027 202 8 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 IEA Net Zero Emissions by 2050 scenario 国际能源机构到 2050年情景为 零排放 Source International Energy Agency 2021, Net Zero by 2050, IEA, Paris Net Zero by 2050 Scenario - Data product - IEA. License Creative Commons Attribution CC BY-NC-SA 3.0 IGO 资料来源 国际能源机构 2021 ， 2050年净零排放，国际能源机构，巴黎 2050年净零排放。许可证 知识共享署名 CC BY-NC-SA 3.0 IGO How do we decide if absolute emissions, production capacity, or emissions intensity units should be used 我们如何决定是否应该使用绝对排放量、生产能力或排放强度单位 Both absolute financed emissions and financed emissions intensities are employed during our analysis of the oil and gas, and power and utilities sectors. This is in line with NZBA and TCFD guidelines. 在我们对石油和天然气、电力和公用事业部门的分析中，绝对资助排放量和资助排放强度都被使用。这符合 NZBA 和 TCFD 的指导方针。 Absolute financed emissions, measured in Mt CO2e6 for the oil and gas sector, are the attributed share of total GHGs emissions for a counterparty or portfolio. Physical emission intensity metrics describe the attributed quantity of 以 Mt co2e6计算的石油和天然气部门绝对供资排放量是对应方或投资组合的温室气体排放总量的归属份额。物理排放 强度指标描述了属性数量的排放系数 6 Mt Million tonnes, t metric ton tonne 1000kg 1000000g 吨 百万吨，吨 公吨 吨 1000千克 1000000克 5 emissions released per unit of production. The unit of production varies based on the sector and specific activity data. 每个生产单位的排放量。生产单位根据部门和具体活动数据的不同而不同。 For oil and gas, we measure Mt CO2e/EJ. For power and utilities, we measure Mt CO2e/TWh7. 对于石油和天然气，我们测量 Mt CO2e/EJ。对于电力和公用事业，我们测量 Mt CO2e/TWh7。 Measuring absolute financed emissions in the oil and gas sector preserves a direct link to reducing GHG emissions in the real economy, and allows us to assess our alignment with the NZE scenario. However, baselining using solely absolute emissions for oil and gas as a metric may disincentivise the innovation in efficiency gains necessary for the net zero transition. Therefore, we also use emissions intensities to measure the transition of counterparties relative to the benchmark scenario and each other, irrespective of size or absolute emissions footprint. 测量石油和天然气部门的绝对融资排放量，保持了与减少 实体经济中温室气体排放量的直接联系，并使我们能够评估我 们与新西兰经济设想的一致性。然而，仅仅使用石油和天然气的绝对排放量作为衡量标准，可能会抑制净零过渡所必需 的效率增益的创新。因此，我们还使用排放强度来衡量交易对手相对于基准情景和彼此的转变，而不管规模或绝对排放 足迹如何。 For the power and utilities sector we use an emissions intensity metric. This helps to reflect the reality that over the next decade electrification of transport, heating and other activities are central to the decarbonisation of these systems, and will drive a corresponding increase in electricity demand. Over time, as clean energy sources make up more of the energy mix of the grid around the world, global GHG emissions will decouple from electricity demand. This will require rapid scaling up of investment and financing for renewable and other low emission sources of electricity to meet increased electrification. As such, the use of an emissions intensity metric for the power and utilities sector allows us to account for the anticipated increase in demand for electricity as electrification occurs, and the need to rapidly grow the proportion of renewable energy in electricity generation. 对于电力和公用事业部门，我们使用排放强度指标。这有助于反映下一个十年的现实 运输、取暖和其他活动的电气化是 这些系统脱碳的核心，并将推动电力需求相应增加。随着时间的推移，随着清洁能源在全球电网的能源组合中所占的比 例越来越大，全球温室气体排放量将与电力需求脱钩。这将需要迅速扩大对可再生能源和其他低排放电力来源的投资和 融资，以满足不断增长的电气化。因此，对电力和公用事业部门使用排放强度指标，使我们能够考虑到随着电气化的发 生，预计对电力的需求会增加，以及需要迅速增加可再生能源在发电中 的比例。 We also measure the economic emissions intensity emissions released per invested amount tCO2e/bn for on- balance sheet financed emissions. 我们还衡量了表内融资排放的每个投资数额 tCO2e/10亿 所释放的经济排放强度。 7 TWh terawatt hour 1000000000kWh TWh 太瓦时 1000000000kWh 6 Step 2. Assessing counterparty-level alignment 步骤 2. 评估对手层级的一致性 What scope of emissions do we include 我们包括哪些范围的排放 In the energy sector, the value chain in scope for our analysis is shown in Figure 4. 在能源部门，我们的分析范围内的价值链如图 4所示。 Figure 4 - Value chain in scope 图 4-范围内的价值链 The GHG accounting Scopes covered are Scope 1, 2 and 3 emissions8