APG

APG Carbon Emissions and Climate Commitments: A Summary

APG, headquartered in the Netherlands and operating in financial intermediation services, has outlined its climate commitments and provided emissions data for recent years.

Emissions Data:

For the reporting year 2024, APG reported total carbon emissions of approximately 101.6 billion kg CO2e. This comprised:

• Scope 1 emissions: approximately 8.8 billion kg CO2e
• Scope 2 emissions: approximately 2.2 billion kg CO2e
• Scope 3 emissions: approximately 90.6 billion kg CO2e

In 2023, APG's total emissions were approximately 100.1 billion kg CO2e, with Scope 1 emissions at about 9.99 billion kg CO2e, Scope 2 at approximately 2.58 billion kg CO2e, and Scope 3 at approximately 87.6 billion kg CO2e.

Earlier data for 2022 indicates Scope 1 emissions included approximately 1.02 million kg CO2e from mobile combustion and 587,000 kg CO2e from stationary combustion. Scope 2 emissions included approximately 101,000 kg CO2e from purchased heat and 3.77 million kg CO2e from purchased electricity. Scope 3 emissions for 2022 included about 1.73 million kg CO2e from business travel, 61,300 kg CO2e from purchased goods and services, 565,300 kg CO2e from waste generated in operations, and 6.68 million kg CO2e from fuel and energy-related activities.

For 2021, Scope 1 emissions were approximately 1.01 million kg CO2e (mobile combustion) and 1.14 million kg CO2e (stationary combustion). Scope 2 emissions included about 341,000 kg CO2e from purchased heat and 4.35 million kg CO2e from purchased electricity. Scope 3 emissions for 2021 comprised roughly 752,200 kg CO2e from business travel, 31,400 kg CO2e from purchased goods and services, 3.67 million kg CO2e from waste generated in operations, and 1.53 million kg CO2e from fuel and energy-related activities.

Climate Commitments and Reduction Targets:

APG's pension fund clients announced new and updated climate targets in 2022 for 2030, aligning with the Climate Commitment of the Dutch Financial Sector. These targets include a 50% absolute reduction for the CO2 footprint of listed equity and credit portfolios from a 2015 baseline. APG has stated that it is on track for these reduction targets over a two-year period.

Data Cascading:

APG's emissions data and performance metrics are cascaded from APG Asset Management NV, where APG acts as a current subsidiary. APG Asset Management NV is the source for initiative sources such as SBTi, CDP, RE100, CA100, RTZ, and climate pledges, as well as for organisation performances.