Translating ambition into action

To make this shift work in practice, we’ve introduced a new internal framework. We still calculate our total carbon footprint annually – including scope 1, 2 and 3 emissions – and assign a contribution value to each tonne of CO2 emitted. These values are differentiated based on our level of control and influence.

To account for emissions linked to our own operations, we apply a contribution of €100 per tonne, reflecting our ambition to lead by example, and the relatively limited size of this category. For direct investments, the contribution is set at €50 per tonne, acknowledging both our influence and the need to stimulate reduction across our value chain. For indirect emissions linked to fund investments, we apply a €10 contribution per tonne, recognising our limited control while still taking responsibility.

These internal prices were established based on a combination of external benchmarking and internal analysis. We considered reference prices from organisations such as the Fair Climate Fund, the Carbon Pricing Leadership Coalition, WWF, and the TSVCM. We also reviewed emerging recommendations on the “social cost of carbon” and assessed how different pricing levels reflect the credibility and ambition of our contribution. Rather than choosing the lowest acceptable level, we opted for values that balance climate integrity, strategic alignment, and financial feasibility.

Each year, the resulting sum forms our climate contribution budget, which is then invested in carefully selected initiatives. This way, our emissions are not just measured – they are actively turned into support for tangible, long-term climate solutions.