Climate Risk and Carbon Emissions¶

The Climate Risk and Carbon Emissions listing holds ten views under the EMMI schema, each documented in its own section below.

Public equity carbon emissions
Public equity climate risk
Public equity temperature alignment
Public equity projected carbon emissions
Public equity projected climate risk
Fixed income carbon emissions
Fixed income climate risk
Fixed income temperature alignment
Fixed income projected carbon emissions
Fixed income projected climate risk

Public equity carbon emissions¶

EMMI.PUBLIC_EQUITY_CARBON_EMISSIONS holds Scope 1, 2 and 3 emissions for listed companies, one row per company per fiscal year.

Primary key: ISIN, FISCAL_END_DATE.

Columns¶

Column	Type	Unit	Example	Description
`ISIN`	string		IT0003128367	International Securities Identification Number of the listing.
`FISCAL_END_DATE`	date (yyyy-mm-dd)	Date	2024-12-31	Fiscal year end date for the company.
`NAME`	string		Enel SpA	Name of the company.
`COUNTRY`	string		Italy	Country the company is in.
`FACTSET_INDUSTRY`	string		Electric Utilities	FactSet Industry classification of the equity.
`SCOPE1_EMISSIONS`	float / null	tCO2e	20210000	Scope 1 emissions by the entity.
`SCOPE2_EMISSIONS`	float / null	tCO2e	4900000	Scope 2 emissions by the entity.
`SCOPE3_EMISSIONS`	float / null	tCO2e	46260000	Scope 3 emissions by the entity.
`SCOPE1_PCAF`	int between 1 and 5 / null	Score	2	The PCAF score for Scope 1. PCAF is a method for recognising the quality of estimation. 1 = reported and verified, 2 = reported, 3 = estimated using historical emissions, 4 = estimated with financials only.
`SCOPE2_PCAF`	int between 1 and 5 / null	Score	2	The PCAF score for Scope 2. PCAF is a method for recognising the quality of estimation. 1 = reported and verified, 2 = reported, 3 = estimated using historical emissions, 4 = estimated with financials only.
`SCOPE3_PCAF`	int between 1 and 5 / null	Score	3	The PCAF score for Scope 3. PCAF is a method for recognising the quality of estimation. 1 = reported and verified, 2 = reported, 3 = estimated using historical emissions, 4 = estimated with financials only.
`SCOPE1_EMISSION_REPORTING_STATUS`	string		reported	Status of emissions reporting for Scope 1. `reported`, `estimated` or `unavailable`.
`SCOPE2_EMISSION_REPORTING_STATUS`	string		reported	Status of emissions reporting for Scope 2. `reported`, `estimated` or `unavailable`.
`SCOPE3_EMISSION_REPORTING_STATUS`	string		estimated	Status of emissions reporting for Scope 3. `reported`, `estimated` or `unavailable`.
`WACI_S1`	float	tCO2e per million revenue	246.7	Weighted Average Carbon Intensity of Scope 1. Emissions as a factor of company revenue.
`WACI_S12`	float	tCO2e per million revenue	306.5	Weighted Average Carbon Intensity of Scopes 1 + 2. Emissions as a factor of company revenue.
`WACI_S123`	float	tCO2e per million revenue	871.2	Weighted Average Carbon Intensity of Scopes 1 + 2 + 3. Emissions as a factor of company revenue.
`EVIC_CARBON_INTENSITY_S12`	float	tCO2e per million EVIC	123.45	An intensity measure of Scope 1 and 2 emissions, as a factor of EVIC.
`EVIC_CARBON_INTENSITY_S123`	float	tCO2e per million EVIC	123.45	An intensity measure of all emissions, as a factor of EVIC.

Examples¶

Emissions history for Enel since 2020.

SELECT ISIN, FISCAL_END_DATE, NAME, SCOPE1_EMISSIONS, SCOPE2_EMISSIONS, SCOPE3_EMISSIONS,
       SCOPE1_EMISSION_REPORTING_STATUS
FROM EMMI.PUBLIC_EQUITY_CARBON_EMISSIONS
WHERE ISIN = 'IT0003128367'
ORDER BY FISCAL_END_DATE;

ISIN	FISCAL_END_DATE	NAME	SCOPE1_EMISSIONS	SCOPE2_EMISSIONS	SCOPE3_EMISSIONS	SCOPE1_EMISSION_REPORTING_STATUS
IT0003128367	2020-12-31	Enel SpA	45260000	2250000	47700000	reported
IT0003128367	2021-12-31	Enel SpA	51570000	7110000	69150000	reported
IT0003128367	2022-12-31	Enel SpA	53070000	6060000	85268434	reported
IT0003128367	2023-12-31	Enel SpA	34510557	4506161	56533423	reported
IT0003128367	2024-12-31	Enel SpA	20210000	4900000	46260000	reported
IT0003128367	2025-12-31	Enel SpA	19706800	4857722	47641505	estimated

Fiscal year 2024 emissions for a five-stock portfolio.

WITH MY_HOLDINGS AS (
    SELECT * FROM VALUES
        ('IT0003128367', 0.30),
        ('CH0038863350', 0.25),
        ('DE0007236101', 0.20),
        ('NL0010273215', 0.15),
        ('DK0010244508', 0.10)
    AS H (ISIN, WEIGHT)
)
SELECT h.ISIN, h.WEIGHT, e.NAME, e.FACTSET_INDUSTRY,
       e.SCOPE1_EMISSIONS, e.SCOPE2_EMISSIONS, e.SCOPE3_EMISSIONS,
       ROUND(e.WACI_S12, 1) AS WACI_S12
FROM MY_HOLDINGS h
JOIN EMMI.PUBLIC_EQUITY_CARBON_EMISSIONS e ON e.ISIN = h.ISIN
WHERE YEAR(e.FISCAL_END_DATE) = 2024
ORDER BY h.WEIGHT DESC;

ISIN	WEIGHT	NAME	FACTSET_INDUSTRY	SCOPE1_EMISSIONS	SCOPE2_EMISSIONS	SCOPE3_EMISSIONS	WACI_S12
IT0003128367	0.30	Enel SpA	Electric Utilities	20210000	4900000	46260000	306.5
CH0038863350	0.25	Nestlé SA	Food: Major Diversified	3080000	260000	71350000	31.6
DE0007236101	0.20	Siemens AG	Industrial Machinery	347000	94000	416758000	5.4
NL0010273215	0.15	ASML Holding NV	Semiconductors	23500	9300	12038800	1.1
DK0010244508	0.10	A.P. Møller-Mærsk A/S	Marine Shipping	33939000	356000	49232000	614.3

Weighted carbon intensity of the portfolio, and how much of it reports Scope 1.

WITH MY_HOLDINGS AS (
    SELECT * FROM VALUES
        ('IT0003128367', 0.30),
        ('CH0038863350', 0.25),
        ('DE0007236101', 0.20),
        ('NL0010273215', 0.15),
        ('DK0010244508', 0.10)
    AS H (ISIN, WEIGHT)
)
SELECT ROUND(SUM(h.WEIGHT * e.WACI_S12), 1)  AS PORTFOLIO_WACI_S12,
       ROUND(SUM(h.WEIGHT * e.WACI_S123), 1) AS PORTFOLIO_WACI_S123,
       SUM(IFF(e.SCOPE1_EMISSION_REPORTING_STATUS = 'reported', h.WEIGHT, 0)) AS WEIGHT_WITH_REPORTED_SCOPE1
FROM MY_HOLDINGS h
JOIN EMMI.PUBLIC_EQUITY_CARBON_EMISSIONS e ON e.ISIN = h.ISIN
WHERE YEAR(e.FISCAL_END_DATE) = 2024;

PORTFOLIO_WACI_S12	PORTFOLIO_WACI_S123	WEIGHT_WITH_REPORTED_SCOPE1
162.5	1670.0	1.00

Public equity climate risk¶

EMMI.PUBLIC_EQUITY_CLIMATE_RISK holds transition and physical value at risk for listed companies, one row per company, fiscal year, risk year and scenario. Risk years are the fiscal year itself plus 2030, 2035, 2040, 2045 and 2050.

Primary key: ISIN, FISCAL_END_DATE, RISK_YEAR, TRANSITION_RISK_SCENARIO.

Value at risk and reduction columns are decimal fractions: 1 = 100%, 0.5 = 50%, 0 = 0%.

Columns¶

Column	Type	Unit	Example	Description
`ISIN`	string		IT0003128367	International Securities Identification Number of the listing.
`FISCAL_END_DATE`	date (yyyy-mm-dd)	Date	2024-12-31	Fiscal year end date for the company.
`RISK_YEAR`	int	Year	2030	Year for emission reductions, transition and physical risk analysis.
`TRANSITION_RISK_SCENARIO`	string		NGFS_NetZero2050	Which climate scenario was used to create the row. See Climate scenarios for the full list.
`NAME`	string		Enel SpA	Name of the company.
`EMISSIONS_USED`	string		reported	Whether the analysis used `reported`, `estimated` or `mix-of-estimated-reported` emissions.
`TRANSITION_VAR`	float	%	0.288	Value at risk based on carbon pricing in the scenario at the risk year. Also called Potential Carbon Liability (PCL).
`REDUCTION`	float	%	0.416	Emission reduction required for the entity's Scope 1+2+3 emissions to be aligned with the scenario at the risk year.
`ACUTE_PHYSICAL_VAR`	float	%	0.001	Value at risk based on acute climate events caused by the baseline risk and anthropogenic climate change in the scenario at the risk year.
`CHRONIC_PHYSICAL_VAR`	float	%	0.000	Value at risk based on chronic climate events caused by the baseline risk and anthropogenic climate change in the scenario at the risk year.
`BASELINE_PHYSICAL_VAR`	float	%	0.000	Non anthropogenic physical risk.
`TOTAL_PHYSICAL_VAR`	float	%	0.001	Potential capital loss based on acute and chronic physical risk.
`TOTAL_CLIMATE_VAR`	float	%	0.289	Total value at risk based on transition and physical risk (baseline and anthropogenic) for the given scenario and risk year.

Examples¶

Enel's climate risk at each risk year under the NGFS Net Zero 2050 scenario.

SELECT RISK_YEAR,
       ROUND(REDUCTION, 3)          AS REDUCTION,
       ROUND(TRANSITION_VAR, 3)     AS TRANSITION_VAR,
       ROUND(TOTAL_PHYSICAL_VAR, 3) AS TOTAL_PHYSICAL_VAR,
       ROUND(TOTAL_CLIMATE_VAR, 3)  AS TOTAL_CLIMATE_VAR
FROM EMMI.PUBLIC_EQUITY_CLIMATE_RISK
WHERE ISIN = 'IT0003128367'
  AND FISCAL_END_DATE = '2024-12-31'
  AND TRANSITION_RISK_SCENARIO = 'NGFS_NetZero2050'
ORDER BY RISK_YEAR;

RISK_YEAR	REDUCTION	TRANSITION_VAR	TOTAL_PHYSICAL_VAR	TOTAL_CLIMATE_VAR
2024	0.299	0.091	0.000	0.091
2030	0.416	0.288	0.001	0.289
2035	0.527	0.587	0.002	0.589
2040	0.835	1.000	0.002	1.000
2045	0.959	1.000	0.003	1.000
2050	0.966	1.000	0.004	1.000

Enel's 2030 transition risk under every scenario, highest first.

SELECT TRANSITION_RISK_SCENARIO,
       ROUND(REDUCTION, 3)         AS REDUCTION,
       ROUND(TRANSITION_VAR, 3)    AS TRANSITION_VAR,
       ROUND(TOTAL_CLIMATE_VAR, 3) AS TOTAL_CLIMATE_VAR
FROM EMMI.PUBLIC_EQUITY_CLIMATE_RISK
WHERE ISIN = 'IT0003128367'
  AND FISCAL_END_DATE = '2024-12-31'
  AND RISK_YEAR = 2030
ORDER BY TRANSITION_VAR DESC;

TRANSITION_RISK_SCENARIO	REDUCTION	TRANSITION_VAR	TOTAL_CLIMATE_VAR
IPCC_AR6_HighRen	0.754	0.522	0.523
IPCC_AR6_1p5NegEm	0.743	0.515	0.516
IPCC_AR6_SustDev	0.691	0.479	0.480
IPCC_AR6_LowDemand	0.712	0.298	0.299
NGFS_NetZero2050	0.416	0.288	0.289
NGFS_LowDemand	0.360	0.151	0.152
IPCC_AR6_ModAction	0.452	0.144	0.145
NGFS_NDC	0.310	0.099	0.100
IPR_FPS	0.389	0.070	0.071
IPCC_AR6_Gradual	0.280	0.034	0.035
NGFS_TwoDeg	0.109	0.013	0.014
IPCC_AR6_BAU	0.154	0.006	0.007
IPCC_AR6_Current	0.150	0.006	0.007
NGFS_Delayed	0.001	0.000	0.001
NGFS_Fragmented	0.001	0.000	0.001
NGFS_Current	0.001	0.000	0.001

Weighted value at risk for a five-stock portfolio at 2030 and 2050.

WITH MY_HOLDINGS AS (
    SELECT * FROM VALUES
        ('IT0003128367', 0.30),
        ('CH0038863350', 0.25),
        ('DE0007236101', 0.20),
        ('NL0010273215', 0.15),
        ('DK0010244508', 0.10)
    AS H (ISIN, WEIGHT)
)
SELECT r.RISK_YEAR,
       ROUND(SUM(h.WEIGHT * r.TRANSITION_VAR), 4)     AS PORTFOLIO_TRANSITION_VAR,
       ROUND(SUM(h.WEIGHT * r.TOTAL_PHYSICAL_VAR), 4) AS PORTFOLIO_PHYSICAL_VAR,
       ROUND(SUM(h.WEIGHT * r.TOTAL_CLIMATE_VAR), 4)  AS PORTFOLIO_TOTAL_CLIMATE_VAR
FROM MY_HOLDINGS h
JOIN EMMI.PUBLIC_EQUITY_CLIMATE_RISK r ON r.ISIN = h.ISIN
WHERE YEAR(r.FISCAL_END_DATE) = 2024
  AND r.TRANSITION_RISK_SCENARIO = 'NGFS_NetZero2050'
  AND r.RISK_YEAR IN (2030, 2050)
GROUP BY r.RISK_YEAR
ORDER BY r.RISK_YEAR;

RISK_YEAR	PORTFOLIO_TRANSITION_VAR	PORTFOLIO_PHYSICAL_VAR	PORTFOLIO_TOTAL_CLIMATE_VAR
2030	0.4323	0.0029	0.4343
2050	0.9245	0.0155	0.9261

Public equity temperature alignment¶

EMMI.PUBLIC_EQUITY_TEMPERATURE_ALIGNMENT holds the implied temperature alignment of listed companies, one row per company, fiscal year and risk year.

Primary key: ISIN, FISCAL_END_DATE, RISK_YEAR.

Columns¶

Column	Type	Unit	Example	Description
`ISIN`	string		IT0003128367	International Securities Identification Number of the listing.
`FISCAL_END_DATE`	date (yyyy-mm-dd)	Date	2024-12-31	Fiscal year end date for the company.
`RISK_YEAR`	int	Year	2030	Year the alignment is assessed at. The fiscal year itself plus 2030, 2035, 2040, 2045 and 2050.
`NAME`	string		Enel SpA	Name of the company.
`TEMPERATURE_ALIGNMENT`	float	°C	1.69	Temperature alignment indicates the global warming scenario that a company's current carbon footprint is consistent with.

Examples¶

Enel's temperature alignment at each risk year.

SELECT RISK_YEAR, ROUND(TEMPERATURE_ALIGNMENT, 2) AS TEMPERATURE_ALIGNMENT
FROM EMMI.PUBLIC_EQUITY_TEMPERATURE_ALIGNMENT
WHERE ISIN = 'IT0003128367'
  AND FISCAL_END_DATE = '2024-12-31'
ORDER BY RISK_YEAR;

RISK_YEAR	TEMPERATURE_ALIGNMENT
2024	1.53
2030	1.69
2035	1.77
2040	1.84
2045	1.94
2050	2.11

Temperature alignment at 2050 alongside Scope 1 + 2 emissions for a five-stock portfolio.

WITH MY_HOLDINGS AS (
    SELECT * FROM VALUES
        ('IT0003128367', 0.30),
        ('CH0038863350', 0.25),
        ('DE0007236101', 0.20),
        ('NL0010273215', 0.15),
        ('DK0010244508', 0.10)
    AS H (ISIN, WEIGHT)
)
SELECT h.ISIN, e.NAME, h.WEIGHT, e.SCOPE1_EMISSIONS + e.SCOPE2_EMISSIONS AS SCOPE12_EMISSIONS,
       ROUND(t.TEMPERATURE_ALIGNMENT, 2) AS TEMPERATURE_ALIGNMENT
FROM MY_HOLDINGS h
JOIN EMMI.PUBLIC_EQUITY_CARBON_EMISSIONS e ON e.ISIN = h.ISIN
JOIN EMMI.PUBLIC_EQUITY_TEMPERATURE_ALIGNMENT t
  ON t.ISIN = e.ISIN AND t.FISCAL_END_DATE = e.FISCAL_END_DATE
WHERE YEAR(e.FISCAL_END_DATE) = 2024
  AND t.RISK_YEAR = 2050
ORDER BY t.TEMPERATURE_ALIGNMENT;

ISIN	NAME	WEIGHT	SCOPE12_EMISSIONS	TEMPERATURE_ALIGNMENT
NL0010273215	ASML Holding NV	0.15	32800	1.67
CH0038863350	Nestlé SA	0.25	3340000	1.99
IT0003128367	Enel SpA	0.30	25110000	2.11
DK0010244508	A.P. Møller-Mærsk A/S	0.10	34295000	3.81
DE0007236101	Siemens AG	0.20	441000	4.00

Weighted temperature alignment of the portfolio at 2050, and the share of it aligned to 2°C or better.

WITH MY_HOLDINGS AS (
    SELECT * FROM VALUES
        ('IT0003128367', 0.30),
        ('CH0038863350', 0.25),
        ('DE0007236101', 0.20),
        ('NL0010273215', 0.15),
        ('DK0010244508', 0.10)
    AS H (ISIN, WEIGHT)
)
SELECT ROUND(SUM(h.WEIGHT * t.TEMPERATURE_ALIGNMENT) / SUM(h.WEIGHT), 2)         AS PORTFOLIO_TEMPERATURE_ALIGNMENT,
       ROUND(SUM(IFF(t.TEMPERATURE_ALIGNMENT <= 2.0, h.WEIGHT, 0)) / SUM(h.WEIGHT), 2) AS WEIGHT_ALIGNED_TO_2C
FROM MY_HOLDINGS h
JOIN EMMI.PUBLIC_EQUITY_TEMPERATURE_ALIGNMENT t ON t.ISIN = h.ISIN
WHERE YEAR(t.FISCAL_END_DATE) = 2024
  AND t.RISK_YEAR = 2050;

PORTFOLIO_TEMPERATURE_ALIGNMENT	WEIGHT_ALIGNED_TO_2C
2.56	0.40

Public equity projected carbon emissions¶

EMMI.PUBLIC_EQUITY_PROJECTED_CARBON_EMISSIONS holds a company's emissions in future years, one row per company, fiscal year, emissions year and projection type. Two kinds of projection are provided:

Target. The company's own published SBTi target, taken at face value. Emissions move in a straight line from the target's baseline year to its target year and stay there afterwards.
Forecast. Emmi's forecast of the company's Scope 1, 2 and 3 emissions to 2030, from its emissions history. The forecast is a probabilistic model and the median path is provided.

Targets and forecasts are two different projections of the same company. Do not sum or combine them.

Primary key: ISIN, FISCAL_END_DATE, EMISSIONS_YEAR, PROJECTION_TYPE. Several fiscal years can be active at once, so filter on FISCAL_END_DATE to read one trajectory per company.

Columns¶

Column	Type	Unit	Example	Description
`ISIN`	string		IT0003128367	International Securities Identification Number of the listing.
`FISCAL_END_DATE`	date (yyyy-mm-dd)	Date	2024-12-31	Fiscal year end date for the company.
`EMISSIONS_YEAR`	int	Year	2030	The year that these emissions are forecast/targets for.
`PROJECTION_ID`	int		0	Unique identifier for the projection method. 0 for targets, 1 for forecasts.
`PROJECTION_TYPE`	string		Target	Whether the projected emissions were generated using targets or forecasts. `Target` or `Forecast`.
`PROJECTION_METHOD`	string		Stepwise linear glide path	The specific method used to generate the projected emissions. `Stepwise linear glide path` for targets (a straight line between the target's baseline and target years), `Monte Carlo Forecast` for forecasts.
`NAME`	string		Enel SpA	Name of the company.
`SCOPE1_EMISSIONS`	float / null	tCO2e	19795443	Projected Scope 1 emissions of the entity at the emissions year.
`SCOPE2_EMISSIONS`	float / null	tCO2e	977226	Projected Scope 2 emissions of the entity at the emissions year.
`SCOPE3_EMISSIONS`	float / null	tCO2e	20980347	Projected Scope 3 emissions of the entity at the emissions year.
`TEMP_ALIGNMENT`	float / null	°C	1.5	Temperature alignment of the projected emissions trajectory.

Examples¶

Enel's emissions under its own targets at each risk year.

SELECT PROJECTION_TYPE, EMISSIONS_YEAR, SCOPE1_EMISSIONS, SCOPE2_EMISSIONS, SCOPE3_EMISSIONS,
       ROUND(TEMP_ALIGNMENT, 2) AS TEMP_ALIGNMENT
FROM EMMI.PUBLIC_EQUITY_PROJECTED_CARBON_EMISSIONS
WHERE ISIN = 'IT0003128367'
  AND FISCAL_END_DATE = '2024-12-31'
  AND PROJECTION_TYPE = 'Target'
  AND EMISSIONS_YEAR IN (2025, 2030, 2035, 2040, 2045, 2050)
ORDER BY EMISSIONS_YEAR;

PROJECTION_TYPE	EMISSIONS_YEAR	SCOPE1_EMISSIONS	SCOPE2_EMISSIONS	SCOPE3_EMISSIONS	TEMP_ALIGNMENT
Target	2025	29100992.91	1436605.52	30842903.06	1.50
Target	2030	19795442.85	977225.85	20980346.85	1.50
Target	2035	12097215.08	597193.58	11655748.25	1.50
Target	2040	4398987.30	217161.30	2331149.65	1.50
Target	2045	4398987.30	217161.30	2331149.65	1.50
Target	2050	4398987.30	217161.30	2331149.65	1.54

Enel's target against Emmi's forecast at 2030.

SELECT PROJECTION_ID, PROJECTION_TYPE, PROJECTION_METHOD, EMISSIONS_YEAR,
       SCOPE1_EMISSIONS, SCOPE2_EMISSIONS, SCOPE3_EMISSIONS,
       SCOPE1_EMISSIONS + SCOPE2_EMISSIONS AS SCOPE12_EMISSIONS
FROM EMMI.PUBLIC_EQUITY_PROJECTED_CARBON_EMISSIONS
WHERE ISIN = 'IT0003128367'
  AND FISCAL_END_DATE = '2024-12-31'
  AND EMISSIONS_YEAR = 2030
ORDER BY PROJECTION_ID;

PROJECTION_ID	PROJECTION_TYPE	PROJECTION_METHOD	EMISSIONS_YEAR	SCOPE1_EMISSIONS	SCOPE2_EMISSIONS	SCOPE3_EMISSIONS	SCOPE12_EMISSIONS
0	Target	Stepwise linear glide path	2030	19795442.85	977225.85	20980346.85	20772668.70
1	Forecast	Monte Carlo Forecast	2030	3223417.34	2751315.11	23928635.46	5974732.45

Current, target and forecast Scope 1 + 2 at 2030 for a five-stock portfolio.

WITH MY_HOLDINGS AS (
    SELECT * FROM VALUES
        ('IT0003128367', 0.30),
        ('CH0038863350', 0.25),
        ('DE0007236101', 0.20),
        ('NL0010273215', 0.15),
        ('DK0010244508', 0.10)
    AS H (ISIN, WEIGHT)
)
SELECT h.ISIN, e.NAME,
       e.SCOPE1_EMISSIONS + e.SCOPE2_EMISSIONS AS CURRENT_SCOPE12,
       t.SCOPE1_EMISSIONS + t.SCOPE2_EMISSIONS AS TARGET_SCOPE12_2030,
       f.SCOPE1_EMISSIONS + f.SCOPE2_EMISSIONS AS FORECAST_SCOPE12_2030
FROM MY_HOLDINGS h
JOIN EMMI.PUBLIC_EQUITY_CARBON_EMISSIONS e ON e.ISIN = h.ISIN
LEFT JOIN EMMI.PUBLIC_EQUITY_PROJECTED_CARBON_EMISSIONS t
  ON t.ISIN = e.ISIN AND t.FISCAL_END_DATE = e.FISCAL_END_DATE
 AND t.PROJECTION_TYPE = 'Target' AND t.EMISSIONS_YEAR = 2030
LEFT JOIN EMMI.PUBLIC_EQUITY_PROJECTED_CARBON_EMISSIONS f
  ON f.ISIN = e.ISIN AND f.FISCAL_END_DATE = e.FISCAL_END_DATE
 AND f.PROJECTION_TYPE = 'Forecast' AND f.EMISSIONS_YEAR = 2030
WHERE YEAR(e.FISCAL_END_DATE) = 2024
ORDER BY h.WEIGHT DESC;

ISIN	NAME	CURRENT_SCOPE12	TARGET_SCOPE12_2030	FORECAST_SCOPE12_2030
IT0003128367	Enel SpA	25110000	20772668.70	5974732.45
CH0038863350	Nestlé SA	3340000	2563617.00	2714416.96
DE0007236101	Siemens AG	441000	73104.90	228223.81
NL0010273215	ASML Holding NV	32800	111857.25	48068.80
DK0010244508	A.P. Møller-Mærsk A/S	34295000	21594853.33	33130029.36

Public equity projected climate risk¶

EMMI.PUBLIC_EQUITY_PROJECTED_CLIMATE_RISK holds transition risk computed on a company's projected emissions rather than its current emissions, one row per company, fiscal year, risk year, projection type and scenario. Risk years are 2025, 2030, 2035, 2040, 2045 and 2050.

See Public equity projected carbon emissions for what Target and Forecast mean.

Primary key: ISIN, FISCAL_END_DATE, RISK_YEAR, PROJECTION_TYPE, TRANSITION_RISK_SCENARIO.

Value at risk and reduction columns are decimal fractions: 1 = 100%, 0.5 = 50%, 0 = 0%.

Columns¶

Column	Type	Unit	Example	Description
`ISIN`	string		IT0003128367	International Securities Identification Number of the listing.
`FISCAL_END_DATE`	date (yyyy-mm-dd)	Date	2024-12-31	Fiscal year end date for the company.
`RISK_YEAR`	int	Year	2030	The forecast/target year the risk analysis is done for.
`TRANSITION_RISK_SCENARIO`	string		NGFS_NetZero2050	Which climate scenario was used to create the row. See Climate scenarios for the full list.
`PROJECTION_ID`	int		0	Unique identifier for the projection method. 0 for targets, 1 for forecasts.
`PROJECTION_TYPE`	string		Target	Whether the projected emissions were generated using targets or forecasts. `Target` or `Forecast`.
`PROJECTION_METHOD`	string		Stepwise linear glide path	The specific method used to generate the projected emissions. `Stepwise linear glide path` for targets, `Monte Carlo Forecast` for forecasts.
`NAME`	string		Enel SpA	Name of the company.
`TRANSITION_VAR`	float / null	%	0.001	Value at risk based on carbon pricing in the scenario at the risk year, computed on the projected emissions.
`REDUCTION`	float / null	%	0.002	Emission reduction still required to meet the scenario carbon budget at the risk year, after the projected emissions are taken into account. 0 when the projection is within budget.

Examples¶

Transition risk left at 2030 if Enel meets its targets, under three NGFS scenarios.

SELECT TRANSITION_RISK_SCENARIO,
       ROUND(REDUCTION, 3)      AS REDUCTION,
       ROUND(TRANSITION_VAR, 3) AS TRANSITION_VAR
FROM EMMI.PUBLIC_EQUITY_PROJECTED_CLIMATE_RISK
WHERE ISIN = 'IT0003128367'
  AND FISCAL_END_DATE = '2024-12-31'
  AND PROJECTION_TYPE = 'Target'
  AND RISK_YEAR = 2030
  AND TRANSITION_RISK_SCENARIO IN ('NGFS_NetZero2050', 'NGFS_TwoDeg', 'NGFS_Current')
ORDER BY TRANSITION_RISK_SCENARIO;

TRANSITION_RISK_SCENARIO	REDUCTION	TRANSITION_VAR
NGFS_Current	0.000	0.000
NGFS_NetZero2050	0.002	0.001
NGFS_TwoDeg	0.000	0.000

Reduction required today against reduction still required if targets are met, at 2030 under NGFS Net Zero 2050, for each stock in a portfolio.

WITH MY_HOLDINGS AS (
    SELECT * FROM VALUES
        ('IT0003128367', 0.30),
        ('CH0038863350', 0.25),
        ('DE0007236101', 0.20),
        ('NL0010273215', 0.15),
        ('DK0010244508', 0.10)
    AS H (ISIN, WEIGHT)
)
SELECT h.ISIN,
       ROUND(c.REDUCTION, 3)      AS CURRENT_REDUCTION,
       ROUND(p.REDUCTION, 3)      AS PROJECTED_REDUCTION,
       ROUND(p.TRANSITION_VAR, 3) AS PROJECTED_TRANSITION_VAR
FROM MY_HOLDINGS h
JOIN EMMI.PUBLIC_EQUITY_PROJECTED_CLIMATE_RISK p ON p.ISIN = h.ISIN
JOIN EMMI.PUBLIC_EQUITY_CLIMATE_RISK c
  ON c.ISIN = p.ISIN
 AND c.FISCAL_END_DATE = p.FISCAL_END_DATE
 AND c.RISK_YEAR = p.RISK_YEAR
 AND c.TRANSITION_RISK_SCENARIO = p.TRANSITION_RISK_SCENARIO
WHERE YEAR(p.FISCAL_END_DATE) = 2024
  AND p.PROJECTION_TYPE = 'Target'
  AND p.RISK_YEAR = 2030
  AND p.TRANSITION_RISK_SCENARIO = 'NGFS_NetZero2050'
ORDER BY p.REDUCTION DESC;

ISIN	CURRENT_REDUCTION	PROJECTED_REDUCTION	PROJECTED_TRANSITION_VAR
DE0007236101	0.886	0.850	1.000
CH0038863350	0.486	0.356	0.174
NL0010273215	0.320	0.324	0.066
DK0010244508	0.484	0.184	0.147
IT0003128367	0.416	0.002	0.001

Weighted transition risk of the portfolio at 2030 today, against targets and against forecasts.

WITH MY_HOLDINGS AS (
    SELECT * FROM VALUES
        ('IT0003128367', 0.30),
        ('CH0038863350', 0.25),
        ('DE0007236101', 0.20),
        ('NL0010273215', 0.15),
        ('DK0010244508', 0.10)
    AS H (ISIN, WEIGHT)
)
SELECT p.PROJECTION_TYPE,
       ROUND(SUM(h.WEIGHT * c.TRANSITION_VAR), 4) AS CURRENT_TRANSITION_VAR,
       ROUND(SUM(h.WEIGHT * p.TRANSITION_VAR), 4) AS PROJECTED_TRANSITION_VAR
FROM MY_HOLDINGS h
JOIN EMMI.PUBLIC_EQUITY_PROJECTED_CLIMATE_RISK p ON p.ISIN = h.ISIN
JOIN EMMI.PUBLIC_EQUITY_CLIMATE_RISK c
  ON c.ISIN = p.ISIN
 AND c.FISCAL_END_DATE = p.FISCAL_END_DATE
 AND c.RISK_YEAR = p.RISK_YEAR
 AND c.TRANSITION_RISK_SCENARIO = p.TRANSITION_RISK_SCENARIO
WHERE YEAR(p.FISCAL_END_DATE) = 2024
  AND p.RISK_YEAR = 2030
  AND p.TRANSITION_RISK_SCENARIO = 'NGFS_NetZero2050'
GROUP BY p.PROJECTION_TYPE
ORDER BY p.PROJECTION_TYPE;

PROJECTION_TYPE	CURRENT_TRANSITION_VAR	PROJECTED_TRANSITION_VAR
Forecast	0.4323	0.3190
Target	0.4323	0.2685

Fixed income carbon emissions¶

EMMI.FIXED_INCOME_CARBON_EMISSIONS holds the financed Scope 1, 2 and 3 emissions of each bond, with one row per bond per fiscal year. Note that government bonds carry Scope 1 only.

Primary key: ISIN, FISCAL_END_DATE.

Columns¶

Column	Type	Unit	Example	Description
`ISIN`	string		FR0013455821	International Securities Identification Number of the bond.
`FISCAL_END_DATE`	date (yyyy-mm-dd)	Date	2024-12-31	Fiscal year end date for the underlying equity of the bond.
`DEBT_TYPE`	string		Corporate	The type of bond. `Corporate` or `Government`.
`BOND_TYPE`	string		Sovereign	Bond security type. Corporate rows are `Corporate` or `Securitized/Collateralized`. Government rows are `Sovereign`, `Agency`, `Local Authority/Political Division` or `Supranational`.
`NAME`	string		ENGIE SA 1.25% 24-OCT-2041	Name of the bond.
`COUNTRY`	string		France	Country of the underlying equity of the bond.
`FACTSET_INDUSTRY`	string		Electric Utilities	Industry of the underlying equity of the bond. `Sovereign` or `Supranational` for government rows.
`SCOPE1_EMISSIONS`	float / null	tCO2e	135031.36	Scope 1 emissions attributed to the bond. For government rows, the bond's share of the country's national emissions.
`SCOPE2_EMISSIONS`	float / null	tCO2e	4975.83	Scope 2 emissions attributed to the bond. Empty for government rows.
`SCOPE3_EMISSIONS`	float / null	tCO2e	828834.69	Scope 3 emissions attributed to the bond. Empty for government rows.
`SCOPE1_PCAF`	int between 1 and 5 / null	Score	2	The PCAF score for Scope 1. PCAF is a method for recognising the quality of estimation. 1 = reported and verified, 2 = reported, 3 = estimated using historical emissions, 4 = estimated with financials only.
`SCOPE2_PCAF`	int between 1 and 5 / null	Score	2	The PCAF score for Scope 2. PCAF is a method for recognising the quality of estimation. 1 = reported and verified, 2 = reported, 3 = estimated using historical emissions, 4 = estimated with financials only. Empty for government rows.
`SCOPE3_PCAF`	int between 1 and 5 / null	Score	2	The PCAF score for Scope 3. PCAF is a method for recognising the quality of estimation. 1 = reported and verified, 2 = reported, 3 = estimated using historical emissions, 4 = estimated with financials only. Empty for government rows.
`SCOPE1_EMISSION_REPORTING_STATUS`	string		reported	Status of emissions reporting for Scope 1. `reported`, `estimated` or `unavailable`.
`SCOPE2_EMISSION_REPORTING_STATUS`	string		reported	Status of emissions reporting for Scope 2. `reported`, `estimated` or `unavailable`. `Not Applicable` for government rows.
`SCOPE3_EMISSION_REPORTING_STATUS`	string		reported	Status of emissions reporting for Scope 3. `reported`, `estimated` or `unavailable`. `Not Applicable` for government rows.
`WACI_S1`	float / null	tCO2e per million revenue	123.45	Weighted Average Carbon Intensity of Scope 1. Emissions as a factor of issuer revenue. Empty for government rows.
`WACI_S12`	float / null	tCO2e per million revenue	123.45	Weighted Average Carbon Intensity of Scopes 1 + 2. Emissions as a factor of issuer revenue. Empty for government rows.
`WACI_S123`	float / null	tCO2e per million revenue	123.45	Weighted Average Carbon Intensity of Scopes 1 + 2 + 3. Emissions as a factor of issuer revenue. Empty for government rows.
`EVIC_CARBON_INTENSITY_S12`	float / null	tCO2e per million EVIC	123.45	An intensity measure of Scope 1 and 2 emissions, as a factor of EVIC. Empty for government rows.
`EVIC_CARBON_INTENSITY_S123`	float / null	tCO2e per million EVIC	123.45	An intensity measure of all emissions, as a factor of EVIC. Empty for government rows.

Examples¶

Financed emissions history for an ENGIE bond since 2020.

SELECT ISIN, FISCAL_END_DATE, DEBT_TYPE, NAME,
       ROUND(SCOPE1_EMISSIONS) AS SCOPE1_EMISSIONS,
       ROUND(SCOPE2_EMISSIONS) AS SCOPE2_EMISSIONS,
       ROUND(SCOPE3_EMISSIONS) AS SCOPE3_EMISSIONS,
       SCOPE1_EMISSION_REPORTING_STATUS
FROM EMMI.FIXED_INCOME_CARBON_EMISSIONS
WHERE ISIN = 'FR0013455821'
  AND FISCAL_END_DATE <= '2025-12-31'
ORDER BY FISCAL_END_DATE;

ISIN	FISCAL_END_DATE	DEBT_TYPE	NAME	SCOPE1_EMISSIONS	SCOPE2_EMISSIONS	SCOPE3_EMISSIONS	SCOPE1_EMISSION_REPORTING_STATUS
FR0013455821	2020-12-31	Corporate	ENGIE SA 1.25% 24-OCT-2041	300069	18123	1041993	reported
FR0013455821	2021-12-31	Corporate	ENGIE SA 1.25% 24-OCT-2041	259989	13319	879161	reported
FR0013455821	2022-12-31	Corporate	ENGIE SA 1.25% 24-OCT-2041	226371	5705	1090468	reported
FR0013455821	2023-12-31	Corporate	ENGIE SA 1.25% 24-OCT-2041	155476	5376	846271	reported
FR0013455821	2024-12-31	Corporate	ENGIE SA 1.25% 24-OCT-2041	135031	4976	828835	reported
FR0013455821	2025-12-31	Corporate	ENGIE SA 1.25% 24-OCT-2041	109068	2515	602171	reported

Fiscal year 2024 financed emissions for a six-bond portfolio of corporate and government bonds.

WITH MY_BOND_HOLDINGS AS (
    SELECT * FROM VALUES
        ('FR0013455821', 0.25),
        ('XS3032045398', 0.20),
        ('AU3FN0094520', 0.15),
        ('XS1612943735', 0.10),
        ('DE0001030708', 0.15),
        ('CND000000612', 0.15)
    AS H (ISIN, WEIGHT)
)
SELECT h.ISIN, h.WEIGHT, e.DEBT_TYPE, e.NAME,
       ROUND(e.SCOPE1_EMISSIONS) AS SCOPE1_EMISSIONS,
       ROUND(e.SCOPE2_EMISSIONS) AS SCOPE2_EMISSIONS,
       ROUND(e.SCOPE3_EMISSIONS) AS SCOPE3_EMISSIONS,
       e.SCOPE1_PCAF
FROM MY_BOND_HOLDINGS h
JOIN EMMI.FIXED_INCOME_CARBON_EMISSIONS e ON e.ISIN = h.ISIN
WHERE YEAR(e.FISCAL_END_DATE) = 2024
ORDER BY h.WEIGHT DESC, h.ISIN;

ISIN	WEIGHT	DEBT_TYPE	NAME	SCOPE1_EMISSIONS	SCOPE2_EMISSIONS	SCOPE3_EMISSIONS	SCOPE1_PCAF
FR0013455821	0.25	Corporate	ENGIE SA 1.25% 24-OCT-2041	135031	4976	828835	2
XS3032045398	0.20	Corporate	Deutsche Post AG 4.0% 24-MAR-2040	80951	845	338492	2
AU3FN0094520	0.15	Corporate	Ampol Limited FRN 11-DEC-2054	38368	11492	3211097	2
CND000000612	0.15	Government	Government of China 1.64% 15-DEC-2033	9398366			1
DE0001030708	0.15	Government	Germany 0.0% 15-AUG-2030	1382578			1
XS1612943735	0.10	Corporate	AIA Group Limited 4.47% 23-MAY-2047	12	249	54817	2

Portfolio summary by debt type. Intensity is empty for government bonds because they have no revenue.

WITH MY_BOND_HOLDINGS AS (
    SELECT * FROM VALUES
        ('FR0013455821', 0.25),
        ('XS3032045398', 0.20),
        ('AU3FN0094520', 0.15),
        ('XS1612943735', 0.10),
        ('DE0001030708', 0.15),
        ('CND000000612', 0.15)
    AS H (ISIN, WEIGHT)
)
SELECT e.DEBT_TYPE,
       COUNT(*)      AS BONDS,
       SUM(h.WEIGHT) AS WEIGHT,
       SUM(IFF(e.SCOPE1_EMISSION_REPORTING_STATUS = 'reported', h.WEIGHT, 0)) AS WEIGHT_WITH_REPORTED_SCOPE1,
       ROUND(SUM(h.WEIGHT * e.WACI_S12) / SUM(h.WEIGHT), 1) AS WACI_S12
FROM MY_BOND_HOLDINGS h
JOIN EMMI.FIXED_INCOME_CARBON_EMISSIONS e ON e.ISIN = h.ISIN
WHERE YEAR(e.FISCAL_END_DATE) = 2024
GROUP BY e.DEBT_TYPE
ORDER BY e.DEBT_TYPE;

DEBT_TYPE	BONDS	WEIGHT	WEIGHT_WITH_REPORTED_SCOPE1	WACI_S12
Corporate	4	0.70	0.70	134.6
Government	2	0.30	0.30

Fixed income climate risk¶

EMMI.FIXED_INCOME_CLIMATE_RISK holds transition risk for corporate and government bonds, one row per bond, fiscal year, risk year and scenario. Risk years are the fiscal year itself plus 2030, 2035, 2040, 2045 and 2050. A bond that has matured by the risk year carries no risk, so its columns read 0 from that year on.

Government rows carry transition risk only.

Primary key: ISIN, FISCAL_END_DATE, RISK_YEAR, TRANSITION_RISK_SCENARIO.

Value at risk and reduction columns are decimal fractions: 1 = 100%, 0.5 = 50%, 0 = 0%.

Columns¶

Column	Type	Unit	Example	Description
`ISIN`	string		FR0013455821	International Securities Identification Number of the bond.
`FISCAL_END_DATE`	date (yyyy-mm-dd)	Date	2024-12-31	Fiscal year end date for the underlying equity of the bond.
`RISK_YEAR`	int	Year	2030	Year for emission reductions and transition risk analysis.
`TRANSITION_RISK_SCENARIO`	string		NGFS_NetZero2050	Which climate scenario was used to create the row. See Climate scenarios for the full list.
`DEBT_TYPE`	string		Corporate	The type of bond. `Corporate` or `Government`.
`NAME`	string		ENGIE SA 1.25% 24-OCT-2041	Name of the bond.
`EMISSIONS_USED`	string		reported	Whether the analysis used `reported`, `estimated` or `mix-of-estimated-reported` emissions.
`TRANSITION_VAR`	float	%	0.319	Value at risk based on carbon pricing in the scenario at the risk year. Also called Potential Carbon Liability (PCL).
`REDUCTION`	float	%	0.496	Emission reduction required for the issuer's emissions to be aligned with the scenario at the risk year.
`UNDERLYING_TOTAL_PHYSICAL_VAR`	float / null	%	0.001	Value at risk to the equity of the underlying entity that issues the bond. Empty for government rows.
`TOTAL_CLIMATE_VAR`	float / null	%	0.502	Total value at risk based on transition and physical risk for the given scenario and risk year. Empty for government rows.

Examples¶

Climate risk at each risk year for an ENGIE bond maturing in 2041, under the NGFS Net Zero 2050 scenario. The bond has matured by 2045, so risk is 0 from then on.

SELECT RISK_YEAR,
       ROUND(REDUCTION, 3)                     AS REDUCTION,
       ROUND(TRANSITION_VAR, 3)                AS TRANSITION_VAR,
       ROUND(UNDERLYING_TOTAL_PHYSICAL_VAR, 3) AS UNDERLYING_TOTAL_PHYSICAL_VAR,
       ROUND(TOTAL_CLIMATE_VAR, 3)             AS TOTAL_CLIMATE_VAR
FROM EMMI.FIXED_INCOME_CLIMATE_RISK
WHERE ISIN = 'FR0013455821'
  AND FISCAL_END_DATE = '2024-12-31'
  AND TRANSITION_RISK_SCENARIO = 'NGFS_NetZero2050'
ORDER BY RISK_YEAR;

RISK_YEAR	REDUCTION	TRANSITION_VAR	UNDERLYING_TOTAL_PHYSICAL_VAR	TOTAL_CLIMATE_VAR
2024	0.416	0.000	0.000	0.000
2030	0.496	0.319	0.001	0.502
2035	0.669	1.000	0.001	1.000
2040	0.931	1.000	0.002	1.000
2045	0.000	0.000	0.002	0.000
2050	0.000	0.000	0.003	0.000

A Chinese government bond at 2030 under three NGFS scenarios. Government rows have no total climate risk.

SELECT TRANSITION_RISK_SCENARIO, DEBT_TYPE, EMISSIONS_USED,
       ROUND(REDUCTION, 3)      AS REDUCTION,
       ROUND(TRANSITION_VAR, 3) AS TRANSITION_VAR,
       TOTAL_CLIMATE_VAR
FROM EMMI.FIXED_INCOME_CLIMATE_RISK
WHERE ISIN = 'CND000000612'
  AND FISCAL_END_DATE = '2024-12-31'
  AND RISK_YEAR = 2030
  AND TRANSITION_RISK_SCENARIO IN ('NGFS_NetZero2050', 'NGFS_TwoDeg', 'NGFS_Current')
ORDER BY TRANSITION_RISK_SCENARIO;

TRANSITION_RISK_SCENARIO	DEBT_TYPE	EMISSIONS_USED	REDUCTION	TRANSITION_VAR
NGFS_Current	Government	reported	0.240	0.001
NGFS_NetZero2050	Government	reported	0.524	0.052
NGFS_TwoDeg	Government	reported	0.350	0.006

Weighted transition risk at 2030 for a six-bond portfolio, by debt type.

WITH MY_BOND_HOLDINGS AS (
    SELECT * FROM VALUES
        ('FR0013455821', 0.25),
        ('XS3032045398', 0.20),
        ('AU3FN0094520', 0.15),
        ('XS1612943735', 0.10),
        ('DE0001030708', 0.15),
        ('CND000000612', 0.15)
    AS H (ISIN, WEIGHT)
)
SELECT r.DEBT_TYPE,
       ROUND(SUM(h.WEIGHT * r.TRANSITION_VAR) / SUM(h.WEIGHT), 4)    AS TRANSITION_VAR,
       ROUND(SUM(h.WEIGHT * r.TOTAL_CLIMATE_VAR) / SUM(h.WEIGHT), 4) AS TOTAL_CLIMATE_VAR
FROM MY_BOND_HOLDINGS h
JOIN EMMI.FIXED_INCOME_CLIMATE_RISK r ON r.ISIN = h.ISIN
WHERE YEAR(r.FISCAL_END_DATE) = 2024
  AND r.TRANSITION_RISK_SCENARIO = 'NGFS_NetZero2050'
  AND r.RISK_YEAR = 2030
GROUP BY r.DEBT_TYPE
ORDER BY r.DEBT_TYPE;

DEBT_TYPE	TRANSITION_VAR	TOTAL_CLIMATE_VAR
Corporate	0.3281	0.3935
Government	0.0270

Fixed income temperature alignment¶

EMMI.FIXED_INCOME_TEMPERATURE_ALIGNMENT holds the implied temperature alignment of the issuer behind each corporate and government bond, one row per bond, fiscal year and risk year.

Primary key: ISIN, FISCAL_END_DATE, RISK_YEAR.

Columns¶

Column	Type	Unit	Example	Description
`ISIN`	string		FR0013455821	International Securities Identification Number of the bond.
`FISCAL_END_DATE`	date (yyyy-mm-dd)	Date	2024-12-31	Fiscal year end date for the underlying equity of the bond.
`RISK_YEAR`	int	Year	2030	Year the alignment is assessed at. The fiscal year itself plus 2030, 2035, 2040, 2045 and 2050.
`DEBT_TYPE`	string		Corporate	The type of bond. `Corporate` or `Government`.
`NAME`	string		ENGIE SA 1.25% 24-OCT-2041	Name of the bond.
`TEMPERATURE_ALIGNMENT`	float	°C	4.0	Temperature alignment indicates the global warming scenario that an issuer's current carbon footprint is consistent with.

Examples¶

Temperature alignment at each risk year for an ENGIE bond and a Chinese government bond.

SELECT ISIN, DEBT_TYPE, RISK_YEAR, ROUND(TEMPERATURE_ALIGNMENT, 2) AS TEMPERATURE_ALIGNMENT
FROM EMMI.FIXED_INCOME_TEMPERATURE_ALIGNMENT
WHERE ISIN IN ('FR0013455821', 'CND000000612')
  AND FISCAL_END_DATE = '2024-12-31'
ORDER BY ISIN, RISK_YEAR;

ISIN	DEBT_TYPE	RISK_YEAR	TEMPERATURE_ALIGNMENT
CND000000612	Government	2024	4.00
CND000000612	Government	2030	4.00
CND000000612	Government	2035	1.50
CND000000612	Government	2040	1.50
CND000000612	Government	2045	1.50
CND000000612	Government	2050	1.50
FR0013455821	Corporate	2024	4.00
FR0013455821	Corporate	2030	4.00
FR0013455821	Corporate	2035	4.00
FR0013455821	Corporate	2040	4.00
FR0013455821	Corporate	2045	1.50
FR0013455821	Corporate	2050	1.50

Temperature alignment at 2050 alongside financed Scope 1 emissions for a six-bond portfolio.

WITH MY_BOND_HOLDINGS AS (
    SELECT * FROM VALUES
        ('FR0013455821', 0.25),
        ('XS3032045398', 0.20),
        ('AU3FN0094520', 0.15),
        ('XS1612943735', 0.10),
        ('DE0001030708', 0.15),
        ('CND000000612', 0.15)
    AS H (ISIN, WEIGHT)
)
SELECT h.ISIN, e.NAME, t.DEBT_TYPE, ROUND(e.SCOPE1_EMISSIONS) AS SCOPE1_EMISSIONS,
       ROUND(t.TEMPERATURE_ALIGNMENT, 2) AS TEMPERATURE_ALIGNMENT
FROM MY_BOND_HOLDINGS h
JOIN EMMI.FIXED_INCOME_CARBON_EMISSIONS e ON e.ISIN = h.ISIN
JOIN EMMI.FIXED_INCOME_TEMPERATURE_ALIGNMENT t
  ON t.ISIN = e.ISIN AND t.FISCAL_END_DATE = e.FISCAL_END_DATE
WHERE YEAR(e.FISCAL_END_DATE) = 2024
  AND t.RISK_YEAR = 2050
ORDER BY t.TEMPERATURE_ALIGNMENT DESC, h.ISIN;

ISIN	NAME	DEBT_TYPE	SCOPE1_EMISSIONS	TEMPERATURE_ALIGNMENT
AU3FN0094520	Ampol Limited FRN 11-DEC-2054	Corporate	38368	4.00
CND000000612	Government of China 1.64% 15-DEC-2033	Government	9398366	1.50
DE0001030708	Germany 0.0% 15-AUG-2030	Government	1382578	1.50
FR0013455821	ENGIE SA 1.25% 24-OCT-2041	Corporate	135031	1.50
XS1612943735	AIA Group Limited 4.47% 23-MAY-2047	Corporate	12	1.50
XS3032045398	Deutsche Post AG 4.0% 24-MAR-2040	Corporate	80951	1.50

Weighted temperature alignment of the portfolio at 2050, and the share of it aligned to 2°C or better.

WITH MY_BOND_HOLDINGS AS (
    SELECT * FROM VALUES
        ('FR0013455821', 0.25),
        ('XS3032045398', 0.20),
        ('AU3FN0094520', 0.15),
        ('XS1612943735', 0.10),
        ('DE0001030708', 0.15),
        ('CND000000612', 0.15)
    AS H (ISIN, WEIGHT)
)
SELECT ROUND(SUM(h.WEIGHT * t.TEMPERATURE_ALIGNMENT) / SUM(h.WEIGHT), 2)         AS PORTFOLIO_TEMPERATURE_ALIGNMENT,
       ROUND(SUM(IFF(t.TEMPERATURE_ALIGNMENT <= 2.0, h.WEIGHT, 0)) / SUM(h.WEIGHT), 2) AS WEIGHT_ALIGNED_TO_2C
FROM MY_BOND_HOLDINGS h
JOIN EMMI.FIXED_INCOME_TEMPERATURE_ALIGNMENT t ON t.ISIN = h.ISIN
WHERE YEAR(t.FISCAL_END_DATE) = 2024
  AND t.RISK_YEAR = 2050;

PORTFOLIO_TEMPERATURE_ALIGNMENT	WEIGHT_ALIGNED_TO_2C
1.88	0.85

Fixed income projected carbon emissions¶

EMMI.FIXED_INCOME_PROJECTED_CARBON_EMISSIONS holds the financed emissions of a corporate bond in future years, one row per bond, fiscal year, emissions year and projection type. As in Fixed income carbon emissions, the figures are the bond's share of the issuer's emissions. Two kinds of projection are provided:

Target. The issuer's own published SBTi target, taken at face value. Emissions move in a straight line from the target's baseline year to its target year and stay there afterwards.
Forecast. Emmi's forecast of the issuer's Scope 1, 2 and 3 emissions to 2030, from its emissions history. The forecast is a probabilistic model and the median path is provided.

Targets and forecasts are two different projections of the same issuer. Do not sum or combine them.

Corporate bonds only.

Primary key: ISIN, FISCAL_END_DATE, EMISSIONS_YEAR, PROJECTION_TYPE. Several fiscal years can be active at once, so filter on FISCAL_END_DATE to read one trajectory per bond.

Columns¶

Column	Type	Unit	Example	Description
`ISIN`	string		XS3032045398	International Securities Identification Number of the bond.
`FISCAL_END_DATE`	date (yyyy-mm-dd)	Date	2024-12-31	Fiscal year end date for the underlying equity of the bond.
`EMISSIONS_YEAR`	int	Year	2030	The year that these emissions are forecast/targets for.
`PROJECTION_ID`	int		0	Unique identifier for the projection method. 0 for targets, 1 for forecasts.
`PROJECTION_TYPE`	string		Target	Whether the projected emissions were generated using targets or forecasts. `Target` or `Forecast`.
`PROJECTION_METHOD`	string		Stepwise linear glide path	The specific method used to generate the projected emissions. `Stepwise linear glide path` for targets (a straight line between the target's baseline and target years), `Monte Carlo Forecast` for forecasts.
`DEBT_TYPE`	string		Corporate	Always `Corporate`.
`BOND_TYPE`	string		Corporate	Bond security type. `Corporate` or `Securitized/Collateralized`.
`NAME`	string		Deutsche Post AG 4.0% 24-MAR-2040	Name of the bond.
`SCOPE1_EMISSIONS`	float / null	tCO2e	44745	Projected Scope 1 emissions attributed to the bond at the emissions year.
`SCOPE2_EMISSIONS`	float / null	tCO2e	1226	Projected Scope 2 emissions attributed to the bond at the emissions year.
`SCOPE3_EMISSIONS`	float / null	tCO2e	252522	Projected Scope 3 emissions attributed to the bond at the emissions year.
`TEMP_ALIGNMENT`	float / null	°C	1.57	Temperature alignment of the projected emissions trajectory.

Examples¶

Emissions attributed to a Deutsche Post bond under the issuer's own targets at each risk year.

SELECT PROJECTION_TYPE, EMISSIONS_YEAR,
       ROUND(SCOPE1_EMISSIONS) AS SCOPE1_EMISSIONS,
       ROUND(SCOPE2_EMISSIONS) AS SCOPE2_EMISSIONS,
       ROUND(SCOPE3_EMISSIONS) AS SCOPE3_EMISSIONS,
       ROUND(TEMP_ALIGNMENT, 2) AS TEMP_ALIGNMENT
FROM EMMI.FIXED_INCOME_PROJECTED_CARBON_EMISSIONS
WHERE ISIN = 'XS3032045398'
  AND FISCAL_END_DATE = '2024-12-31'
  AND PROJECTION_TYPE = 'Target'
  AND EMISSIONS_YEAR IN (2025, 2030, 2035, 2040, 2045, 2050)
ORDER BY EMISSIONS_YEAR;

PROJECTION_TYPE	EMISSIONS_YEAR	SCOPE1_EMISSIONS	SCOPE2_EMISSIONS	SCOPE3_EMISSIONS	TEMP_ALIGNMENT
Target	2025	62746	1719	299285	1.54
Target	2030	44745	1226	252522	1.57
Target	2035	35487	972	197809	1.55
Target	2040	0	0	0	1.54
Target	2045	0	0	0	1.54
Target	2050	0	0	0	1.54

The issuer's target against Emmi's forecast at 2030 for the same bond.

SELECT PROJECTION_ID, PROJECTION_TYPE, PROJECTION_METHOD, EMISSIONS_YEAR,
       ROUND(SCOPE1_EMISSIONS) AS SCOPE1_EMISSIONS,
       ROUND(SCOPE2_EMISSIONS) AS SCOPE2_EMISSIONS,
       ROUND(SCOPE3_EMISSIONS) AS SCOPE3_EMISSIONS
FROM EMMI.FIXED_INCOME_PROJECTED_CARBON_EMISSIONS
WHERE ISIN = 'XS3032045398'
  AND FISCAL_END_DATE = '2024-12-31'
  AND EMISSIONS_YEAR = 2030
ORDER BY PROJECTION_ID;

PROJECTION_ID	PROJECTION_TYPE	PROJECTION_METHOD	EMISSIONS_YEAR	SCOPE1_EMISSIONS	SCOPE2_EMISSIONS	SCOPE3_EMISSIONS
0	Target	Stepwise linear glide path	2030	44745	1226	252522
1	Forecast	Monte Carlo Forecast	2030	85015		617640

Financed Scope 1 today and at 2030 for a six-bond portfolio. Government bonds and issuers without a target return empty projections.

WITH MY_BOND_HOLDINGS AS (
    SELECT * FROM VALUES
        ('FR0013455821', 0.25),
        ('XS3032045398', 0.20),
        ('AU3FN0094520', 0.15),
        ('XS1612943735', 0.10),
        ('DE0001030708', 0.15),
        ('CND000000612', 0.15)
    AS H (ISIN, WEIGHT)
)
SELECT h.ISIN, e.NAME, e.DEBT_TYPE,
       ROUND(e.SCOPE1_EMISSIONS) AS CURRENT_SCOPE1,
       ROUND(f.SCOPE1_EMISSIONS) AS FORECAST_SCOPE1_2030,
       ROUND(t.SCOPE1_EMISSIONS) AS TARGET_SCOPE1_2030
FROM MY_BOND_HOLDINGS h
JOIN EMMI.FIXED_INCOME_CARBON_EMISSIONS e ON e.ISIN = h.ISIN
LEFT JOIN EMMI.FIXED_INCOME_PROJECTED_CARBON_EMISSIONS f
  ON f.ISIN = e.ISIN AND f.FISCAL_END_DATE = e.FISCAL_END_DATE
 AND f.PROJECTION_TYPE = 'Forecast' AND f.EMISSIONS_YEAR = 2030
LEFT JOIN EMMI.FIXED_INCOME_PROJECTED_CARBON_EMISSIONS t
  ON t.ISIN = e.ISIN AND t.FISCAL_END_DATE = e.FISCAL_END_DATE
 AND t.PROJECTION_TYPE = 'Target' AND t.EMISSIONS_YEAR = 2030
WHERE YEAR(e.FISCAL_END_DATE) = 2024
ORDER BY h.WEIGHT DESC, h.ISIN;

ISIN	NAME	DEBT_TYPE	CURRENT_SCOPE1	FORECAST_SCOPE1_2030	TARGET_SCOPE1_2030
FR0013455821	ENGIE SA 1.25% 24-OCT-2041	Corporate	135031	56007
XS3032045398	Deutsche Post AG 4.0% 24-MAR-2040	Corporate	80951	85015	44745
AU3FN0094520	Ampol Limited FRN 11-DEC-2054	Corporate	38368	52584
CND000000612	Government of China 1.64% 15-DEC-2033	Government	9398366
DE0001030708	Germany 0.0% 15-AUG-2030	Government	1382578
XS1612943735	AIA Group Limited 4.47% 23-MAY-2047	Corporate	12		6

Fixed income projected climate risk¶

EMMI.FIXED_INCOME_PROJECTED_CLIMATE_RISK holds transition risk computed on a corporate bond issuer's projected emissions rather than its current emissions, one row per bond, fiscal year, risk year, projection type and scenario. Risk years are 2025, 2030, 2035, 2040, 2045 and 2050.

Corporate bonds only. See Fixed income projected carbon emissions for what Target and Forecast mean.

TRANSITION_VAR here is the bond measure. It is not the same measure as TRANSITION_VAR on Public equity projected climate risk, so do not compare the two across asset classes.

Primary key: ISIN, FISCAL_END_DATE, RISK_YEAR, PROJECTION_TYPE, TRANSITION_RISK_SCENARIO.

Value at risk and reduction columns are decimal fractions: 1 = 100%, 0.5 = 50%, 0 = 0%.

Columns¶

Column	Type	Unit	Example	Description
`ISIN`	string		FR0013455821	International Securities Identification Number of the bond.
`FISCAL_END_DATE`	date (yyyy-mm-dd)	Date	2024-12-31	Fiscal year end date for the underlying equity of the bond.
`RISK_YEAR`	int	Year	2030	The forecast/target year the risk analysis is done for.
`TRANSITION_RISK_SCENARIO`	string		NGFS_NetZero2050	Which climate scenario was used to create the row. See Climate scenarios for the full list.
`PROJECTION_ID`	int		0	Unique identifier for the projection method. 0 for targets, 1 for forecasts.
`PROJECTION_TYPE`	string		Target	Whether the projected emissions were generated using targets or forecasts. `Target` or `Forecast`.
`PROJECTION_METHOD`	string		Stepwise linear glide path	The specific method used to generate the projected emissions. `Stepwise linear glide path` for targets, `Monte Carlo Forecast` for forecasts.
`DEBT_TYPE`	string		Corporate	Always `Corporate`.
`NAME`	string		Deutsche Post AG 4.0% 24-MAR-2040	Name of the bond.
`TRANSITION_VAR`	float / null	%	0.0	Value at risk based on carbon pricing in the scenario at the risk year, computed on the projected emissions.
`REDUCTION`	float / null	%	0.298	Emission reduction still required to meet the scenario carbon budget at the risk year, after the projected emissions are taken into account. 0 when the projection is within budget.

Examples¶

Reduction still required at 2030 if ENGIE meets its targets, under three NGFS scenarios.

SELECT TRANSITION_RISK_SCENARIO,
       ROUND(REDUCTION, 3)      AS REDUCTION,
       ROUND(TRANSITION_VAR, 3) AS TRANSITION_VAR
FROM EMMI.FIXED_INCOME_PROJECTED_CLIMATE_RISK
WHERE ISIN = 'FR0013455821'
  AND FISCAL_END_DATE = '2024-12-31'
  AND PROJECTION_TYPE = 'Target'
  AND RISK_YEAR = 2030
  AND TRANSITION_RISK_SCENARIO IN ('NGFS_NetZero2050', 'NGFS_TwoDeg', 'NGFS_Current')
ORDER BY TRANSITION_RISK_SCENARIO;

TRANSITION_RISK_SCENARIO	REDUCTION	TRANSITION_VAR
NGFS_Current	0.000	0.000
NGFS_NetZero2050	0.298	0.000
NGFS_TwoDeg	0.023	0.000

Reduction required today against reduction still required under each projection, at 2030 under NGFS Net Zero 2050, for each bond in a portfolio. Government bonds return no rows.

WITH MY_BOND_HOLDINGS AS (
    SELECT * FROM VALUES
        ('FR0013455821', 0.25),
        ('XS3032045398', 0.20),
        ('AU3FN0094520', 0.15),
        ('XS1612943735', 0.10),
        ('DE0001030708', 0.15),
        ('CND000000612', 0.15)
    AS H (ISIN, WEIGHT)
)
SELECT h.ISIN, p.PROJECTION_TYPE,
       ROUND(c.REDUCTION, 3)      AS CURRENT_REDUCTION,
       ROUND(p.REDUCTION, 3)      AS PROJECTED_REDUCTION,
       ROUND(p.TRANSITION_VAR, 3) AS PROJECTED_TRANSITION_VAR
FROM MY_BOND_HOLDINGS h
JOIN EMMI.FIXED_INCOME_PROJECTED_CLIMATE_RISK p ON p.ISIN = h.ISIN
JOIN EMMI.FIXED_INCOME_CLIMATE_RISK c
  ON c.ISIN = p.ISIN
 AND c.FISCAL_END_DATE = p.FISCAL_END_DATE
 AND c.RISK_YEAR = p.RISK_YEAR
 AND c.TRANSITION_RISK_SCENARIO = p.TRANSITION_RISK_SCENARIO
WHERE YEAR(p.FISCAL_END_DATE) = 2024
  AND p.RISK_YEAR = 2030
  AND p.TRANSITION_RISK_SCENARIO = 'NGFS_NetZero2050'
ORDER BY h.ISIN, p.PROJECTION_TYPE;

ISIN	PROJECTION_TYPE	CURRENT_REDUCTION	PROJECTED_REDUCTION	PROJECTED_TRANSITION_VAR
AU3FN0094520	Forecast	0.827
FR0013455821	Forecast	0.496	0.447	0.000
FR0013455821	Target	0.496	0.298	0.000
XS1612943735	Forecast	0.609
XS1612943735	Target	0.609	0.608	0.000
XS3032045398	Forecast	0.426
XS3032045398	Target	0.426	0.192	0.000

Weighted reduction and transition risk of the corporate bonds at 2030 today, against targets and against forecasts.

WITH MY_BOND_HOLDINGS AS (
    SELECT * FROM VALUES
        ('FR0013455821', 0.25),
        ('XS3032045398', 0.20),
        ('AU3FN0094520', 0.15),
        ('XS1612943735', 0.10),
        ('DE0001030708', 0.15),
        ('CND000000612', 0.15)
    AS H (ISIN, WEIGHT)
)
SELECT p.PROJECTION_TYPE,
       ROUND(SUM(h.WEIGHT * c.REDUCTION) / SUM(h.WEIGHT), 3)      AS CURRENT_REDUCTION,
       ROUND(SUM(h.WEIGHT * p.REDUCTION) / SUM(h.WEIGHT), 3)      AS PROJECTED_REDUCTION,
       ROUND(SUM(h.WEIGHT * c.TRANSITION_VAR) / SUM(h.WEIGHT), 3) AS CURRENT_TRANSITION_VAR,
       ROUND(SUM(h.WEIGHT * p.TRANSITION_VAR) / SUM(h.WEIGHT), 3) AS PROJECTED_TRANSITION_VAR
FROM MY_BOND_HOLDINGS h
JOIN EMMI.FIXED_INCOME_PROJECTED_CLIMATE_RISK p ON p.ISIN = h.ISIN
JOIN EMMI.FIXED_INCOME_CLIMATE_RISK c
  ON c.ISIN = p.ISIN
 AND c.FISCAL_END_DATE = p.FISCAL_END_DATE
 AND c.RISK_YEAR = p.RISK_YEAR
 AND c.TRANSITION_RISK_SCENARIO = p.TRANSITION_RISK_SCENARIO
WHERE YEAR(p.FISCAL_END_DATE) = 2024
  AND p.RISK_YEAR = 2030
  AND p.TRANSITION_RISK_SCENARIO = 'NGFS_NetZero2050'
GROUP BY p.PROJECTION_TYPE
ORDER BY p.PROJECTION_TYPE;

PROJECTION_TYPE	CURRENT_REDUCTION	PROJECTED_REDUCTION	CURRENT_TRANSITION_VAR	PROJECTED_TRANSITION_VAR
Forecast	0.563	0.160	0.328	0.000
Target	0.491	0.316	0.145	0.000

Climate scenarios¶

The climate risk views carry one row per scenario, for the sixteen scenarios below and no others. Temperature alignment does not change between scenarios, so the temperature alignment views have no scenario column.

Transition risk scenario	Warming	Description
`IPCC_AR6_SustDev`	1.2°C	Sustainable Development. Pairs deep decarbonisation with broader sustainability goals. Lowest-temperature pathway in the AR6 set. Recommended AR6 low emissions scenario.
`IPCC_AR6_LowDemand`	1.3°C	Low Demand. Reaches below 1.5°C mainly through energy and material efficiency, electrification, and demand-side change, with minimal reliance on carbon dioxide removal.
`IPCC_AR6_HighRen`	1.4°C	High Renewables. Rapid near-term scale-up of solar and wind plus electrification of end uses. Supply-side transformation as the central lever.
`NGFS_LowDemand`	1.4°C	Low Demand. Reaches Paris-aligned outcomes mainly through efficiency, electrification, and behavioural change, with reduced reliance on carbon dioxide removal.
`IPCC_AR6_1p5NegEm`	1.5°C	Negative Emissions Trajectory. Slower fossil phase-out, compensated by large-scale carbon dioxide removal delivering net-negative emissions later in the century.
`NGFS_NetZero2050`	1.5°C	Net Zero 2050. Immediate, coordinated policy action with a smooth carbon-price trajectory to reach global net-zero by 2050. Recommended NGFS low emissions scenario.
`NGFS_Delayed`	1.6°C	Delayed Transition. Climate policy stalls until 2030 then tightens abruptly to catch up, producing sharp repricing and stranded-asset risk.
`IPCC_AR6_Gradual`	1.7°C	Gradual Strengthening. Holds to current NDCs through 2030 then accelerates sharply, capturing the cost of delayed ambition. Recommended AR6 medium emissions scenario.
`NGFS_TwoDeg`	1.8°C	Below 2°C. Gradual strengthening of policy to hold warming below 2°C, less ambitious than Net Zero 2050 but still coordinated. Recommended NGFS medium emissions scenario.
`IPR_FPS`	2.3°C	Inevitable Policy Response, Forecast Policy Scenario. Forecast of the policy response governments are likely to enact as climate impacts intensify. Realistic but late and forceful.
`NGFS_NDC`	2.5°C	NDC. Only the current Nationally Determined Contributions are implemented, with no further tightening, driving high physical risk later in the century.
`NGFS_Fragmented`	2.6°C	Fragmented World. Uncoordinated, region-by-region policy response producing divergent carbon prices and uneven transition costs.
`IPCC_AR6_ModAction`	2.7°C	Moderate Action. Modest tightening beyond today's policies but well short of Paris alignment. Emissions peak late and warming overshoots 2°C.
`IPCC_AR6_Current`	3.0°C	Current Policies. Implements only legislated and operational policies, no new pledges, no NDC tightening, leading to roughly 3°C warming.
`NGFS_Current`	3.3°C	Current Policies. No additional policy action beyond what is already legislated, leading to roughly 3.3°C warming and severe physical risk. Recommended NGFS high emissions scenario.
`IPCC_AR6_BAU`	3.5°C	Business as Usual. High-end stress test based on a CD-LINKS "National Policies Included" baseline: minimal additional climate action and continued high fossil dependence. Recommended AR6 high emissions scenario.

Using the views together¶

Emissions, 2030 climate risk under NGFS Net Zero 2050 and 2030 temperature alignment for each stock in a five-stock portfolio.

WITH MY_HOLDINGS AS (
    SELECT * FROM VALUES
        ('IT0003128367', 0.30),
        ('CH0038863350', 0.25),
        ('DE0007236101', 0.20),
        ('NL0010273215', 0.15),
        ('DK0010244508', 0.10)
    AS H (ISIN, WEIGHT)
)
SELECT h.ISIN, e.NAME, h.WEIGHT,
       e.SCOPE1_EMISSIONS + e.SCOPE2_EMISSIONS AS SCOPE12_EMISSIONS,
       ROUND(e.WACI_S12, 1)              AS WACI_S12,
       ROUND(r.TRANSITION_VAR, 3)        AS TRANSITION_VAR,
       ROUND(r.TOTAL_PHYSICAL_VAR, 3)    AS TOTAL_PHYSICAL_VAR,
       ROUND(t.TEMPERATURE_ALIGNMENT, 2) AS TEMPERATURE_ALIGNMENT
FROM MY_HOLDINGS h
JOIN EMMI.PUBLIC_EQUITY_CARBON_EMISSIONS e ON e.ISIN = h.ISIN
JOIN EMMI.PUBLIC_EQUITY_CLIMATE_RISK r
  ON r.ISIN = e.ISIN AND r.FISCAL_END_DATE = e.FISCAL_END_DATE
 AND r.RISK_YEAR = 2030 AND r.TRANSITION_RISK_SCENARIO = 'NGFS_NetZero2050'
JOIN EMMI.PUBLIC_EQUITY_TEMPERATURE_ALIGNMENT t
  ON t.ISIN = e.ISIN AND t.FISCAL_END_DATE = e.FISCAL_END_DATE
 AND t.RISK_YEAR = 2030
WHERE YEAR(e.FISCAL_END_DATE) = 2024
ORDER BY h.WEIGHT DESC;

ISIN	NAME	WEIGHT	SCOPE12_EMISSIONS	WACI_S12	TRANSITION_VAR	TOTAL_PHYSICAL_VAR	TEMPERATURE_ALIGNMENT
IT0003128367	Enel SpA	0.30	25110000	306.5	0.288	0.001	1.69
CH0038863350	Nestlé SA	0.25	3340000	31.6	0.299	0.005	1.62
DE0007236101	Siemens AG	0.20	441000	5.4	1.000	0.004	4.00
NL0010273215	ASML Holding NV	0.15	32800	1.1	0.065	0.002	1.50
DK0010244508	A.P. Møller-Mærsk A/S	0.10	34295000	614.3	0.613	0.002	4.00

Temperature alignment of each stock's current emissions at 2030, against the alignment of its target and forecast trajectories at 2030.

WITH MY_HOLDINGS AS (
    SELECT * FROM VALUES
        ('IT0003128367', 0.30),
        ('CH0038863350', 0.25),
        ('DE0007236101', 0.20),
        ('NL0010273215', 0.15),
        ('DK0010244508', 0.10)
    AS H (ISIN, WEIGHT)
)
SELECT h.ISIN, e.NAME,
       ROUND(a.TEMPERATURE_ALIGNMENT, 2) AS CURRENT_ALIGNMENT,
       ROUND(t.TEMP_ALIGNMENT, 2)        AS TARGET_ALIGNMENT,
       ROUND(f.TEMP_ALIGNMENT, 2)        AS FORECAST_ALIGNMENT
FROM MY_HOLDINGS h
JOIN EMMI.PUBLIC_EQUITY_CARBON_EMISSIONS e ON e.ISIN = h.ISIN
JOIN EMMI.PUBLIC_EQUITY_TEMPERATURE_ALIGNMENT a
  ON a.ISIN = e.ISIN AND a.FISCAL_END_DATE = e.FISCAL_END_DATE AND a.RISK_YEAR = 2030
LEFT JOIN EMMI.PUBLIC_EQUITY_PROJECTED_CARBON_EMISSIONS t
  ON t.ISIN = e.ISIN AND t.FISCAL_END_DATE = e.FISCAL_END_DATE
 AND t.PROJECTION_TYPE = 'Target' AND t.EMISSIONS_YEAR = 2030
LEFT JOIN EMMI.PUBLIC_EQUITY_PROJECTED_CARBON_EMISSIONS f
  ON f.ISIN = e.ISIN AND f.FISCAL_END_DATE = e.FISCAL_END_DATE
 AND f.PROJECTION_TYPE = 'Forecast' AND f.EMISSIONS_YEAR = 2030
WHERE YEAR(e.FISCAL_END_DATE) = 2024
ORDER BY h.WEIGHT DESC;

ISIN	NAME	CURRENT_ALIGNMENT	TARGET_ALIGNMENT	FORECAST_ALIGNMENT
IT0003128367	Enel SpA	1.69	1.50	1.50
CH0038863350	Nestlé SA	1.62	1.51	1.50
DE0007236101	Siemens AG	4.00	4.00	4.00
NL0010273215	ASML Holding NV	1.50	1.50	1.50
DK0010244508	A.P. Møller-Mærsk A/S	4.00	1.94	4.00

Weighted transition risk at 2030 under NGFS Net Zero 2050 for a portfolio holding both equities and bonds, by asset class.

WITH MY_HOLDINGS AS (
    SELECT * FROM VALUES
        ('Equity', 'IT0003128367', 0.30),
        ('Equity', 'CH0038863350', 0.20),
        ('Equity', 'DK0010244508', 0.10),
        ('Bond',   'FR0013455821', 0.20),
        ('Bond',   'XS3032045398', 0.10),
        ('Bond',   'CND000000612', 0.10)
    AS H (ASSET_CLASS, ISIN, WEIGHT)
),
CLIMATE_RISK AS (
    SELECT ISIN, FISCAL_END_DATE, RISK_YEAR, TRANSITION_RISK_SCENARIO, TRANSITION_VAR
    FROM EMMI.PUBLIC_EQUITY_CLIMATE_RISK
    UNION ALL
    SELECT ISIN, FISCAL_END_DATE, RISK_YEAR, TRANSITION_RISK_SCENARIO, TRANSITION_VAR
    FROM EMMI.FIXED_INCOME_CLIMATE_RISK
)
SELECT h.ASSET_CLASS,
       SUM(h.WEIGHT) AS WEIGHT,
       ROUND(SUM(h.WEIGHT * r.TRANSITION_VAR) / SUM(h.WEIGHT), 4) AS TRANSITION_VAR
FROM MY_HOLDINGS h
JOIN CLIMATE_RISK r ON r.ISIN = h.ISIN
WHERE YEAR(r.FISCAL_END_DATE) = 2024
  AND r.TRANSITION_RISK_SCENARIO = 'NGFS_NetZero2050'
  AND r.RISK_YEAR = 2030
GROUP BY h.ASSET_CLASS
ORDER BY h.ASSET_CLASS;

ASSET_CLASS	WEIGHT	TRANSITION_VAR
Bond	0.40	0.1724
Equity	0.60	0.3460