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What is the Vérité 40 index?

The Vérité 40 Index is the application of Axylia's Carbon Score® to French companies listed on the stock exchange. 

Current indices are based on market capitalization but do not reflect the environmental impacts of companies. This is why Axylia has chosen to establish its own index in order to guide investors and individuals towards companies whose creation of financial value covers the damage of CO2 on the environment.


The starting universe is made up of the 120 largest listed French companies. The Carbon Score® is calculated for each of them. The companies are then sorted in descending order of carbon-adjusted market capitalization. We retain the top 40 in the Truth Index40.


How is the Vérité 40 index calculated?

  • From the top 120 market capitalisations, we proceed to determine the Vérité 40 as follows:

Which companies will be excluded from the CAC40 in 2022? 


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As a result of these checks carried out by Axylia, these companies are rejected from the model because they have received an insufficient Carbon Score and therefore cannot pay their carbon bill.



The banking sector is mostly rated "ND", due to a real lack of transparency of the amount of their different scopes, and in particular that of scope 3.


What about other companies? 

  • For the remaining companies, the carbon-adjusted market capitalisation is then calculated by multiplying the carbon-adjusted EBITDA by the ratio of the market capitalisation at 31/03/22 (adjusted for free float) to the original EBITDA.

  • The companies are sorted in each of the 11 sectors of the international classification in descending order of carbon-adjusted market capitalisation. We select the top 35 companies according to the sectoral breakdown of the CAC40.

  • The last 5 places in the Vérité40 are awarded to excluded companies with a Score of D, E and F but who improve their score in 2025. The 2025 Carbon Score is calculated by taking the consensus EBITDA in 2025 (source S&P IQ) from which the 2025 carbon bill is deducted: CO2 emissions from the 3 scopes in 2020 corrected for CO2 reduction commitments for the year 2025 multiplied by the price of CO2 in 2025 (€150 per tonne).

  • The 5 companies selected are those that make the most effort and improve their Carbon Score to reach A, B or C.


The Vérité 40 Index

  • The Vérité 40 is then made up of only "positive" Carbon Score companies (A, B or C) and the top 5 Dynamic Carbon Score 2025.

  • 18 companies were therefore excluded from the CAC40 and this is why the majority of the companies in Axylia's Vérité40 are not at the top of the current benchmarks.

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