In June 2019, CNP Assurances was the first European issuer in the insurance sector to publish a framework document for the issuance of green bonds. The use of this tool materialised with the launch of the Group’s first green bond in November 2019, also one of the sector pioneers. Less than a year after this issue, CNP Assurances has published its first report on the use of funds, up to 31 December 2019.
At the end of 2019, €375 million was allocated to eligible green projects, accounting for 50% of the bond amount. Pending new investment projects, the balance was invested in an SRI money market fund, in accordance with the commitments made. The projects already selected belong to four categories (offices, housing, assisted living facilities and forests). All these projects have obtained – or, for new constructions, are obtaining – international environmental labels or certificates.
For the forest category, CNP Assurances has a total of 10,961 tonnes of CO2 stored in the selected forests in Scotland and in Bourgogne-Franche-Comté.
In terms of real estate projects, it was possible to quantify the energy consumption avoided through building renovation or restructuring work. These savings ate estimated at 3.37 GWh or 668 tonnes of CO2 avoided after conversion. Finally, for new constructions, CNP Assurances signed a contract with promoters to obtain the best certificates and labels, particularly for the future head office of CNP Assurances at Issy-les-Moulineaux.
This green issue and the related investments confirmed the CNP Assurances Group’s responsible investor approach.