Dato for ledelsens godkendelse af årsrapporten:2023-04-26
Ledelsespåtegning:The Executive Board has today considered and adopted the Annual Report of AIP Infrastructure II K/S for the financial year 1 January – 31 December 2022. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and the Group and of the results of the Company and Group operations and cash flows for 1 January – 31 December 2022. In our opinion, the Management review includes a true and fair account of the matter addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Supplementary Report Template periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852 Product name: AIP Infrastructure II K/S (“AIP Infra II”)Legal entity identifier: CVR-no. 41411856 Environmental and/or social characteristics Sustainable investment means an Did this financial product have a sustainable investment objective? investment in an economic activity that Yes No contributes to an It made sustainable investments with It promoted Environmental/Social (E/S) environmental or social characteristics and objective, provided that an environmental objective: ___% while it did not have as its objective a the investment døs sustainable investment, it had a not significantly harm in economic activities that 1proportion of 100% (of Assets) of any environmental or qualify as environmentally sustainable investments social objective and sustainable under the EU that the investee Taxonomy with an environmental companies follow good governance practices. in economic activities that do objective in economic activities that qualify as not qualify as environmentally environmentally sustainable sustainable under the EU under the EU Taxonomy Taxonomy The EU Taxonomy is a with an environmental classification system objective in economic laid down in activities that do not qualify Regulation (EU) as environmentally 2020/852, establishing sustainable under the EU a list of Taxonomy environmentally sustainable economic with a social objective activities. That Regulation døs not It made sustainable investments with a It promoted E/S characteristics, but did lay down a list of social objective: ___% not make any sustainable investments socially sustainable economic activities. Sustainable investments with an environmental objective might be aligned with the Taxonomy or not. To what extent were the environmental and/or social characteristics promoted by this financial product met? AIP Infra II promotes environmental characteristics. AIP Infra II will in particular contribute to the objective of climate change mitigation. The environmental characteristics promoted by AIP Infra II stem from: a) AIP Infra II’s investment mandate is focused on renewable energy assets and other assets that are part of the transition to a low carbon economy. AIP Infra II can invest in both transitional and enabling activities. b) The Fund Manager’s, AIP Management P/S (“AIP”), ESG Policy, which outlines the principles regarding climate change risks, incl. the aim of continuously minimizing the carbon footprint of its investments with the objective of reducing the effects on climate change in line with good industry practice and regulations. 1 This financial product has both equity and debt. For the equity investments the value of the assets is based on the cost price. For the debt instruments we have used an estimated value in accordance with our annual reporting. c) AIP’s ESG Due Diligence framework, which is used in the screening process of all investments. It includes risk factors that address both climate change mitigation and climate change adaptation. It also includes social and governance risk factors. d) AIP’s ESG Policy requires that no investments are made in assets involved in coal and oil related activities. Furthermore, AIP is not to invest in assets engaged in manufacture of controversial weapons or in the development, production, or storage of nuclear weapons, as well as assets involved in the production of components made explicitly for use in controversial or nuclear weapons. Additionally, AIP døs not invest in companies involved in the production of tobacco, pornography, alcohol, and gambling. During 2022 AIP Infra II made several new investments. These include Viiatti, XLT, Navarra, Elias and Lorax. The investments were all consistent with the environmental objective of the fund, since they are all contributing to the objective of climate change mitigation. All investments were subject to the ESG due diligence process. AIP has also initiated a project with the aim of establishing GHG emissions targets for all assets. This project will continue in 2023. 2How did the sustainability indicators perform? The operational portfolio for AIP Infra II generated 206,182 MWh during 2022, which Sustainability corresponds to 63,666 tCO2e, GHG emissions avoided. indicators measure how the Sustainability indicators Data 2022 environmental or social characteristics Renewable energy capacity (MW) 101 promoted by the Renewable energy generated (MWh) 206,182 financial product are attained. GHG emissions avoided (tCO2e) 63,666 …and compared to previous periods? As this is the first year using the current calculation methodology and template for periodic disclosure, comparable figures are not available but will be provided in next year’s disclosure. What were the objectives of the sustainable investments that the financial product partially made and how did the sustainable investment contribute to such objectives? AIP Infra II has committed to have a minimum proportion of 40% of sustainable investments. AIP Infra II has conducted an assessment of the alignment of the portfolio against the EU Taxonomy and has assessed that 100% of the assets is within activities that are aligned with the EU Taxonomy. The assessment is based on the EU Taxonomy criteria for climate change mitigation. The investments which are classified as aligned with the EU taxonomy is thus making a substantial contribution to the objective of climate change mitigation. They do that by providing renewable energy, storing renewable energy, or providing low carbon transport. How did the sustainable investments that the financial product partially made not cause significant harm to any environmental or social sustainable investment objective? The sustainable investments undertaken by AIP Infra II during 2022 was analyzed against the EU Taxonomy’s “do no significant harm”-criteria as an integrated part of the fund’s investment process, where applicable. Principal adverse impacts are the most All investments were subject to the extensive ESG due diligence process which AIP conducts significant negative impacts of investment for all investments. decisions on sustainability factors How were the indicators for adverse impacts on sustainability factors taken into relating to account? environmental, social The principal adverse impact indicators (PAIs) were considered during the ESG due and employee diligence process. For the portfolio as a whole the PAIs are presented below this annex. matters, respect for human rights, anti‐It is the assessment of AIP Infra II that no investments in the portfolio are doing significant corruption, and anti‐harm to any environmental or social objective. bribery matters. Were sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights? The 100% of assets that are aligned with the EU Taxonomy is compliant with the minimum safeguards, which is based on the OECD MNE and the UNGP. The remaining share of the portfolio is also expected to be aligned with the OECD MNE and the UNGP, and as such we also expect all companies to have good governance practices in place. The fund has established an annual good governance screening process. [Include a statement for the financial products referred to in Article 6, first paragraph, of Regulation (EU) 2020/852] The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU Taxonomy objectives and is accompanied by specific Union criteria. The “do no significant harm” principle applies only to those investments underlying the financial product that take into account the Union criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the Union criteria for environmentally sustainable economic activities. Any other sustainable investments must also not significantly harm any environmental or social objectives. How did this financial product consider principal adverse impacts on sustainability factors? The principal adverse impact indicators (PAIs) were considered during the ESG due diligence process. For the portfolio as a whole the PAIs are presented below this annex. It is the assessment of AIP Infra II that no investments in the portfolio are doing significant harm to any environmental or social objective. What were the top investments of this financial product? Largest investments Sector % Assets Country The list includes the investments constituting Agility Trains East Rail transport 35% United Kingdom the greatest proportion Escalade Renewable energy 18% United States of investments of the financial product during Porter Renewable energy 16% Lithuania the reference period Cross London Trains Rail transport 12% United Kingdom which is: 2022 Dante Renewable energy 12% United Kingdom Navarra Renewable energy 7% Spain Viiatti Renewable energy - Finland Elias Renewable energy - Finland What was the proportion of sustainability-related investments? The proportion of sustainability-related investment was 100%. This is based on the current/market value of each asset which has been assessed as being aligned with the criteria in the EU Taxonomy for the environmental objective of climate change mitigation for the relevant activity. The assessment of individual assets compliance with the requirements for being classified as environmentally sustainable in accordance with Article 3 of Regulation (EU) 2020/852 was conducted by a third party (Position Green). What was the asset allocation? Asset allocation describes the share of investments in Taxonomy-aligned100%specific assets. #1A SustainableOther #1 Aligned environmental100%with E/S characteristicsSocialEnabling activities #1B Other E/S Investments100%characteristicsdirectly enable other activities to make a 0%#2 Othersubstantial 0%contribution to an environmental #1 Aligned with E/S characteristics includes the investments of the financial product objective. used to attain the environmental or social characteristics promoted by the financial product. Transitional activities #2 Other includes the remaining investments of the financial product which are are activities for which neither aligned with the environmental or social characteristics, nor are qualified low-carbon as sustainable investments. alternatives are not yet The category #1 Aligned with E/S characteristics covers: available and among - The sub-category #1A Sustainable covers environmentally and socially sustainable others have investments. greenhouse gas - The sub-category #1B Other E/S characteristics covers investments aligned with the emission levels environmental or social characteristics that do not qualify as sustainable corresponding to the investments. best performance. In which economic sectors were the investments made? The fund is invested in two sectors: Rail transport and renewable energy (on- and offshore wind). Taxonomy-aligned In 2022, the fund made five investments. The fund made one investment in rail activities are transport assets (12% of total fund assets), three investments in onshore wind assets expressed as a share (7% of total fund assets), and one investment in solar power with combined battery of: storage (0% of total fund assets). - turnover reflects the “greenness” of investee companies To what extent were the sustainable investments with an environmental today. objective aligned with the EU Taxonomy? - capital expenditure (CapEx) shows the 100% of the assets was classified as aligned with the EU Taxonomy. This green investments assessment was conducted by Position Green. made by investee companies, relevant Did the financial product invest in fossil gas and/or nuclear energy related activities complying with for a transition to a 3the EU Taxonomy? green economy. - operational expenditure (OpEx) Yes: reflects the green operational activities In fossil gas In nuclear energy of investee companies. No The graphs below show in green the percentage of investments that were aligned with the EU Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy alignment only in relation to the investments of the financial product other than sovereign bonds. 1. Taxonomy-alignment of 2. Taxonomy-alignment of investments including investments excluding sovereign bonds*sovereign bonds*Turnover100%0%Turnover100%0%CapEx100%0%CapEx100%0%OpEx100%0%OpEx100%0%0% 50% 100%0% 50% 100%Taxonomy aligned: Fossile gasTaxonomy aligned: Fossile gasTaxonomy aligned: NuclearTaxonomy aligned: NuclearTaxonomy aligned (no gas andTaxonomy aligned (no gas andnuclear)nuclear)Non Taxonomy-alignedNon Taxonomy-aligned* All investments in the portfolio are “single activity” assets. The taxonomy assessments conducted has thus focused on whether each asset is meeting the criteria defined for the relevant activity. If the criterias are met, the asset is classified as aligned. In terms of turnover, capex and opex this means that all turnover, all capex, and all (in scope) opex is then classified as aligned. As such the turnover, capex and opex shares are identical for the portfolio as a whole and represents the share of assets that is invested into assets which conduct an activity which is classified as aligned. **For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures 3 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214. What was the share of investments made in transitional and enabling activities? 47% of the total assets of the fund was invested into transitional activities. How did the percentage of investments that were aligned with the EU Taxonomy compare with previous reference periods? No data is available for previous reference periods. What was the share of sustainable investments with an environmental objective not aligned with the EU Taxonomy? are sustain-able investments with AIP Infra II has not assessed whether any of the non-taxonomy aligned investments can an environmental be considered as sustainable investments. As such this share is 0%. objective that do not take into account the criteria for What was the share of socially sustainable investments? environmentally AIP Infra II has not assessed whether any of the investments can be considered as sustainable economic socially sustainable investments. As such this share is 0%. activities under Regulation (EU) 2020/852. What investments were included under “other”, what was their purpose and were there any minimum environmental or social safeguards? No investments are classified as “other”. What actions have been taken to meet the environmental and/or social characteristics during the reference period? AIP Infra II made five investments during the reference period in order to meet the environmental characteristics of the fund. Furthermore, AIP initiated a data collection project with the purpose of establishing a better understanding of the principal adverse impact indicators, and to establish GHG targets for the portfolio. How did this financial product perform compared to the reference benchmark? Reference A reference benchmark has not been designated for the purpose of attaining the benchmarks are environmental or social characteristics promoted by the financial product. indexes to measure whether the financial product attains the How is the reference benchmark continuously aligned with each of the environmental or social environmental or characteristics promoted by the financial product? social characteristics AIP Infra II døs not designate a reference benchmark. that they promote. How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis? AIP Infra II døs not designate a reference index. How døs the designated index differ from a relevant broad market index? AIP Infra II døs not designate a reference index. Where can the methodology used for the calculation of the designated index be found? AIP Infra II døs not designate a reference index. PRINCIPAL ADVERSE IMPACTS 2022 Table 1 – Principal adverse impacts statement Indicators applicable to investments in investee companies Adverse sustainability Metric Impact Unit Explanation Coverage* indicator 2022 CLIMATE AND OTHER ENVIRONMENT-RELATED INDICATORS Greenhouse 1. GHG Scope 1 GHG 2,310. 4 Tonnes 88% gas emissions emissions CO2e/year emissions Scope 2 GHG 12,073. 0 Tonnes 70% emissions CO2e/year Scope 3 GHG 11,679. 4 Tonnes 58% emissions CO2e/year Total GHG 26,062. 8 Tonnes #N/A emissions CO2e/year 2. Carbon Carbon footprint 52. 0 Tonnes 58% footprint (including Scope 3 CO2e/EURm GHG emissions) invested/year Carbon footprint 26. 5 Tonnes 70% (excluding Scope 3 CO2e/EURm GHG emissions) invested/year 3. GHG GHG intensity of 20,535. 3 Tonnes 58% intensity of investee companies CO2e/EURm investee (including Scope 3 revenue/year companies GHG emissions) GHG intensity of 237. 3 Tonnes 70% investee companies CO2e/EURm (excluding Scope 3 revenue/year GHG emissions) 4. Exposure to Share of - % 100% companies investments in active in the companies active in fossil fuel the fossil fuel sector sector 5. Share of "Share of non-65. 6% % 53% nonrenewable renewable energy energy consumption and consumption non-renewable and production energy production of investee companies from non-renewable energy sources sources, expressed as a percentage of total energy sources " 6. Energy "Energy All GWh/EURm All consumption consumption in revenue/year 0. 2744 53% intensity per GWh per EURm of Sector D Sector D high impact revenue of investee climate sector companies, per 0. 0042 34% high impact climate Sector H Sector H sector" 0. 2701 74% Sector J Sector J - - Biodiversity 7. Activities Share of - % 76% negatively investments in affecting investee companies biodiversity-with sensitive areas sites/operations located in or near to biodiversity-sensitive areas where activities of those investee companies negatively affect those areas Water 8. Emissions to Tonnes of - Tonnes/EURm 76% water emissions to water invested/year generated by investee companies per EURm invested, expressed as a weighted average Waste 9. Hazardous Tonnes of 1. 9 Tonnes/EURm 88% waste ratio hazardous waste invested/year and radioactive waste generated by investee companies per EURm invested, expressed as a weighted average SOCIAL AND EMPLOYEE, RESPECT FOR HUMAN RIGHTS, ANTI-CORRUPTION AND ANTI-BRIBERY MATTERS Social and 10. Violations Share of - % 100% employee of UN Global investments in matters Compact investee companies principles and that have been Organisation involved in for Economic violations of the Cooperation UNGC principles or and OECD Guidelines Development for Multinational (OECD) Enterprises Guidelines for Multinational Enterprises 11. Lack of Share of - % Based on the 100% processes and investments in assessment of compliance investee companies the minimum mechanisms to without policies to safeguards monitor monitor criteria in the compliance compliance with EU Taxonomy with UN Global the UNGC performed by Compact principles or OECD third party. principles and Guidelines for OECD Multinational Guidelines for Enterprises or Multinational grievance Enterprises /complaints handling mechanisms to address violations of the UNGC principles or OECD Guidelines for Multinational Enterprises 12. Unadjusted Average 15. 0% % Companies 47% gender pay unadjusted gender without direct gap pay gap of investee employees companies are excluded. 13. Board Average ratio of - % 58% gender female to male diversity board members in investee companies 14. Exposure to "Share of - % 100% controversial investments in weapons investee companies (antipersonnel involved in the mines, cluster manufacture or munitions, selling of chemical controversial weapons and weapons" biological weapons) Table 2 – Additional climate and other environment-related indicators Indicators applicable to investments in investee companies Adverse sustainability Metric Impact Unit Explanation Coverage* 2022 indicator CLIMATE AND OTHER ENVIRONMENT-RELATED INDICATORS Water, waste 13. Non-Tonnes of non- 12. 7 Tonnes/EURm 88% and material recycled waste recycled waste invested/year emissions ratio generated by investee companies per EURm invested, expressed as a weighted average Table 3 – Additional indicators for social and employee, respect for human rights, anti-corruption and anti-bribery matters Indicators applicable to investments in investee companies Adverse sustainability Metric Impact Unit Explanation Coverage* 2022 indicator SOCIAL AND EMPLOYEE, RESPECT FOR HUMAN RIGHTS, ANTI-CORRUPTION AND ANTI-BRIBERY MATTERS Social and 2. Rate of "Rate of accidents 14. 1 Rate of 88% employee accidents in investee accidents per matters companies million hour expressed as a worked/year weighted average 4. Lack of a Share of 18. 5% % 88% supplier code investments in of conduct investee companies without any supplier code of conduct (against unsafe working conditions, precarious work, child labour and forced labour) *Coverage is calculated as the sum of portfolio weights from holdings that have values for all required datapoints.
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