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      "text": "Generally, we believe that most sectors are best steered by using physical emissions intensity.",
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      "text": "For Swiss real estate mortgage lending, our 2030 targets use the percentage decarbonization rate implied by the Energy Perspectives 2050+ ZERO Basis scenario. For fossil fuels, power generation, iron and steel and cement, we use the IEA NZE by 2050.",
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      "text": "Real estate physical emissions intensity = Σ(Real estate emissions × LTV) / Σ(Real estate area × LTV)",
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      "text": "Corporate physical emis. intensity = Σ(Corporate emissions / Corp. output (e.g. MWh, tons produced) × Financing to corporate / Total sector financing)",
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      "text": "Physical emissions intensity: Generally, we believe that most sectors are best steered by using physical emissions intensity. The physical emissions intensity is a metric that normalizes emissions, e.g. by a company's output.",
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      "text": "Corporate financed emissions = Σ(Corporate emissions × Financing to corporate / EVIC or (Equity + Debt))",
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      "text": "Real estate financed emissions = Σ(Real estate emissions × LTV)",
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      "text": "For real estate, the attribution is based on the loan-to-value (LTV) of the property. In accordance with PCAF guidance, residential real estate LTV is calculated using the original property value, while for commercial real estate the most recently available property valuation is used.",
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      "text": "1 For fossil fuels (oil, gas and coal), we selected the scenario IEA NZE by 2050 as a reference to base our 2030 target. Our 2030 target is more ambitious than the reduction implied by this scenario.",
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