TCFD REPORT 2021 TACKLING CLIMATE CHANGE 61 METRICS AND TARGETS USED BY NATIXIS TO MONITOR CLIMATE RISKS AND OPPORTUNITIES • AEW Capital Management (real estate, €21bn in AuM as of 12/31/2020) which integrates climate risks throughout its investment and asset management cycle and monitors environmental impact indicators for approximately half of its US real estate portfolio. With respect to this portfolio, AEW has set an average target of a 1.5% year-on-year reduction in water and energy consumption, GHG emissions (scopes 1 and 2) and waste production by 2020. In 2019, GHG emissions for these portfolios declined 2.1% compared with the previous year. As of 2021, AEW plans to strengthen its annual GHG reduction target to 2.5%, in line with the SBTi targets for the real estate sector. • Vauban Infrastructures Partners (infrastructure, €5bn in AuM as of 12/31/2020) which assesses carbon footprint for its scope 1, 2 and 3 portfolio assets on an annual basis. Based on this assessment, the affiliate identifies action drivers to reduce and prevent GHG emissions. Vauban Infrastructure Partners is also able to initiate dialog with contributing companies regarding actions and discuss offsetting solutions for unavoidable emissions. • Naxicap Partners (private equity, €4bn in AuM as of 12/31/2020) which for the first time in 2020, published GHG emissions (including scope 3) forall of its portfolio companies (PwC model covering the entire value chain). The calculation was made for 88% of assets under management. Average carbon intensity for the portfolio totaled 250 tCO 2 e/€m invested. Spearheaded by a cross-functional climate working group created by NIM in 2019 with the goal of sensitizing, informing and developing affiliates’ engagement in climate challenges, several US affiliates have kick-started efforts to measure the climate impact of their asset management portfolios. A case in point is Loomis Sayles  (€284bn in AuM as of 12/31/2020) which has now integrated climate into its investment decision process and is planning to measure the carbon intensity and temperature trajectory of its asset management portfolios. Another example is Harris Associates  (€85bn in assets under management as of 12/31/2020) which already recognizes climate risk on a case-by-case basis depending on the materiality of the challenges for each of its investments. Insurance activities: Natixis Assurances (NA) In 2018, Natixis Assurances made a proactive and concrete commitment to combat climate change by aligning its investment policy with a 2°C trajectory, in line with Paris Agreement climate targets. Today, Natixis Assurances is going a step further by committing to a 1.5°C trajectory. This commitment is supported by an annual “green” asset investment target of 10% to reach 10% of the target portfolio in 2030. Following the commitment made in 2018, targets are monitored on a quarterly basis. Integration of climate risks and opportunities into US affiliates’ asset management strategy 4