Pauline joined Carbon4 Finance in March 2023 as a Carbon Data Analyst. Over two years, she worked more specifically on the Power and Agriculture &amp; Food sector. She now serves as Climate Methodology Officer, where she coordinates the updating and enhancement of Carbon4 Finance's climate methodologies.Pauline graduated with a Master’s Degree in Engineering from ISAE-SUPAERO, specializing in "Energy, Transport and Environment", along with "Data and Decision Science", as well as a Master in Management in "Sustainability and Social Innovation" from HEC Paris.Prior to joining the team, Pauline built her early experience through an internship for internal corporate transformation at Mazars, during which she developed a Diversity and Inclusion management toolkit.&nbsp;

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Julie joined the Carbon4 Finance team in July 2023 as a Carbon Data Analyst. She is more specifically in charge of analyzing activities and strategies of companies in the Oil, Gas &amp; Coal and Agriculture &amp; Food sectors, gradually building her expertise through the development of new methodologies. Prior to joining the team, she built her early-on experience through internships in biodiversity and sustainable agriculture.&nbsp;&nbsp;&nbsp;&nbsp;

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The agri-food industry underwent significant industrialization during the last century, with the mechanization of agriculture, the emergence of petroleum chemistry, nitrogen fertilizers, and ultra-processed foods<a class="footnoteLink" href="#footnote-1">[1]</a> . These various developments have led to huge increases in yields and productivity, at the cost of a sharp rise in greenhouse gas (GHG) emissions from the sector.The agri-food value chain comprises four major stages: agricultural production, trading, the processing of agricultural products into food products and their packaging, and finally the distribution of these products via various retail outlets (e.g., large retailers).The agri-food sector is responsible for around a quarter of global GHG emissions<a class="footnoteLink" href="#footnote-2"><a class="footnoteLink" href="#footnote-2">[2]</a></a> and is the leading emitter of gases other than CO2 such as methane (CH4) and nitrous oxide (N₂O), gases with a global warming potential 30 and 273 times higher than CO₂ respectively<a class="footnoteLink" href="#footnote-3">[3]</a> .The main challenge for the sector lies in the practices and types of products manufactured and marketed. Plant-based products are generally much lower in carbon than animal-based products.Furthermore, deforestation is one of the main sources of CO2 emissions. Globally, the World Research Institute (WRI) estimates that 50% of agricultural deforestation is directly linked to three widely consumed products: beef, soy, and palm oil<a class="footnoteLink" href="#footnote-4">[4]</a> .During this study, 138 companies in the agri-food sector were analyzed using the Carbon Impact Analytics (CIA) methodology. These companies represent more than three-quarters of the sector's total market capitalization. These analyses make it possible to assess the performance of the various players in terms of transition and to evaluate the alignment of their transition strategies with different climate scenarios.Too few players have already established a coherent and comprehensive climate transition strategy, as shown by the low number of companies obtaining the best strategic rating, which rewards players that consider their entire value chain.<a href="https://airtable.com/appBjQFvx2wCI8z1m/pagzg4SfDNlQkYz0k/form">Download our publication in english</a><a href="https://airtable.com/appQMY5QVgbNFevf7/pagzg4SfDNlQkYz0k/form">Download our publication in french</a>&nbsp;&nbsp;

Agriculture and Agribusiness

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Industrial formulations made from five or more ingredients, including substances not commonly used in cooking and additivesintended to mimic the sensory qualities of food. Source: Anthony Fardet, La classification NOVA : degré de transformation desaliments et santé. Université d’été de Nutrition, Centre de Recherche en Nutrition Humaine (CRNH)

Poore, J., &amp; Nemecek, T. (2018). Reducing food's environmental impacts through producers and consumers. Science, 360(6392),987-992. https://doi.org/10.1126/science.aaq0216&nbsp;

IPCC, 2021: Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report ofthe Intergovernmental Panel on Climate Change&nbsp;

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The agri-food sector: time to separate the wheat from the chaff

Yi-Chen joined Carbon4 Finance in September 2022 as a carbon data analyst. Prior to joining the team, she had been working in the financial industry for four years including an experience in sustainable banking, which have allowed her to develop a good understanding of sustainable finance and commit to support the transition challenges in the financial institution sectors.

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Jules joined Carbon4 Finance in September 2024. Before joining the team, Jules worked for four years in London as a Climate Data Analyst in NGOs and financial companies, developing expertise in the automotive and mining &amp; metals sectors. He primarily developed carbon models to analyse high-impact sectors and key companies that are pivotal to decarbonising the global economy, combining geospatial asset-level data and the TCFD Framework.&nbsp;

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There is a vicious circle between mineral resources and energy: the more deposits are exploited, the lower their concentration becomes and the more energy we need to extract these metals.Mineral resources are as central as energy: the mining and metals sector is upstream of all other sectors (construction, transport, digital, industrial machinery, etc.). Decarbonizing this sector, which is essential to the rest of the economy, is therefore a prerequisite for decarbonizing other industrial sectors.The energy transition is far from eliminating our dependence on resources, particularly metals. The low-carbon technologies needed for the energy transition (renewable energies, electric transport vehicles and all the associated infrastructure) require very large quantities of certain metals. The sector must organize the phase-out of fossil fuels while taking responsibility for managing the difficult equation between needs and physical limitations.The future of the sector: sobriety and recycling. Many metals will experience conflicts of use (with digital needs, for example). It will therefore be necessary to prioritize them. Minimizing use and maximizing recycling are crucial. This requires questioning the end uses of the metals sold and their relevance in a low-carbon, life-friendly economy.Major metals, the forgotten ones of the transition. ‘Transition metals’ (lithium, cobalt, etc.) are in the spotlight, but many other major metals (iron, aluminum, copper) are also essential to the transition for manufacturing (wind turbine towers, automobiles, etc.) and infrastructure (electricity transmission, rail networks).Strongly increasing demand: according to the IEA, global demand for transition metals is expected to increase 3.5-fold by 2050 in low-carbon transition scenarios (amounting to a total of 40 Mt) (AIE, Global Critical Minerals Outlook 2024, 2024). This demand is strongly driven by the needs of the energy transition, but also by the industrialization of certain countries and the digital sector.Insufficient commitments from stakeholders. We note a lack of commitment and transparency in the sector. Among the companies analyzed, 97% report their Scope 1 and 2 emissions, and 67% have relevant reduction commitments for Scopes 1 and 2 (more than 2.7% still have no targets). Scope 2 emissions are not always reported using the ‘location-based’ approach, which is considered the relevant approach.Furthermore, companies report little or no Scope 3 emissions, or the downstream use of their products. Reduction targets remain insufficient in this scope.Impacts that go far beyond the climate. It is essential to understand mining in terms of its many other impacts on the environment, such as water availability and quality, air and soil pollution, and its consequences for biodiversity.&nbsp;<a href="https://airtable.com/applVrXRAEWMTEFjG/pagxJwb5usXBlgXG7/form">Download the publication in english</a><a href="https://airtable.com/appOqpJVV1u9UB4FE/pagzg4SfDNlQkYz0k/form">Download the publication in french</a>

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Mining & Metals: The future forged in the heart of minerals

In this session, Carbon4 Finance presented the Carbon Impact Analytics (CIA) methodology, with sector analysts exploring the key challenges and insights from our latest study on the mining and metals sector.&nbsp;As an upstream industry to all others, mining and metals play a critical role in the energy transition. Low-carbon technologies such as renewables and electric vehicles require large amounts of metals, driving soaring demand while raising questions about resource limits. Meeting this challenge will require both reducing consumption and maximizing recycling. Yet, despite its central role, the sector’s climate commitments remain insufficient, with limited disclosure on Scope 3 emissions and downstream product use.&nbsp;<a href="https://www.carbon4finance.com/publication-mining-metals">Discover in our new analysis, which companies are best positioned to balance resource needs with the transition to a low-carbon economy.</a>

Energy

Minings & Metals: Forging the Future

Eta joined Carbon4 Finance in January 2023 as a carbon data analyst. She is in charge of assessing the carbon footprint of companies via the Carbon Impact Analysis methodology.Her previous experience as a Sustainable Banking analyst has allowed her to develop a good understanding of sustainable financial products, the climate regulation affecting financial&nbsp;companies and the challenges of the sector toward its decarbonisation.

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At the heart of the energy transition, companies in the electricity sector occupy a strategic position. Whether they produce, transmit or distribute electricity, they must actively contribute to the decarbonization of their sector. They are also an important driver of decarbonization in other sectors such as transport, real estate and industry, by enabling the electrification of certain applications that currently rely on fossil fuels (oil and gas).Regulatory and societal pressure, the rise of renewable energies and the volatility of fossil fuel prices expose electricity producers that are still heavily dependent on fossil fuels, particularly coal, to major transition risks.The ranking of the analyzed sample reflects companies' ability to adapt to these challenges. The highest-rated companies are those that favor renewable energies and low-carbon production sources over fossil fuels (coal, fuel oil, gas).Globally, the integration of renewable energies is well underway, with strong growth in solar and wind power. However, regional disparities remain: in Asia, the challenge posed by soaring electricity demand is accompanied by the continued use of coal in the energy mix of many countries. Although its share is declining, it remains the dominant source of production on the continent, accounting for nearly 40% of the mix. In contrast, Europe and North America have significantly reduced the contribution of coal to their energy mix over the past two decades, turning to gas, and particularly shale gas in the United States, to meet demand.Decarbonizing the sector cannot be achieved without the involvement of network operators. For these players, the transition brings technical and technological challenges: the intermittent nature of renewable energies requires the implementation of flexibility and storage solutions, such as the development of batteries. In addition, electricity losses on the grid and sulphur hexafluoride (SF₆) leaks represent a major challenge for companies involved in electricity transmission and distribution.&nbsp;<a href="https://airtable.com/app44tJgDolcH2pRJ/pagxJwb5usXBlgXG7/form">Download the publication in english</a><a href="https://airtable.com/appIQjIb4UkSh1a7a/pagzg4SfDNlQkYz0k/form">Download the publication in french</a>

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