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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?


CO2 emissions are computed from Trucost data*, integrating all scopes, including scope 3, which represents on average 80% of a company's emissions.


These CO2 emissions are then multiplied by the cost of carbon published by the IPCC, i.e. €108/tonne.
This gives us the carbon bill.


This carbon bill is deducted from the company's EBITDA**.
This is referred to as the "carbon-adjusted" EBITDA.

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The "carbon adjusted" EBITDA is compared to the EBITDA in order to determine the company's carbon risk.
It ranges from A to F to give the Axylia Carbon Score.

When a company is not transparent enough or does not disclose its full emissions, we do not give it a score (ND).

* La classification GICS® (Global Industry Classification Standard), élaborée et mise à jour par Morgan Stanley (MSCI) et Standard & Poor's (S&P), est une nomenclature sectorielle comprenant 11 secteurs : Technologies, Financier, Santé, Consommation discrétionnaire, Consommation courante, Services de communication, Industrie, Matériaux, Immobilier, Énergie et Utilities.

Les points de vigilance

Check 1: The financial sector
10% of companies excluded

Trucost does not yet include the impact of investments and financing in its scope 3 calculation.

According to the CDP, the banks' scope 3 emissions represent 93% of their total emissions.  

Scope 3 published by the financial sector is therefore considered incomplete, this sector is discarded.

*Le Partenariat mondial d'institutions financières (PCAF) est une initiative mondiale, utilisée par plus de 450 institutions financières, visant à harmoniser la comptabilisation des émissions de gaz à effet de serre pour celles-ci.

Check 3: Sector anomaly
8% of companies excluded

The analysis shows that the companies which publish the highest volume emissions are those which carry out the most exhaustive accounts.

Consequently, a company which has a scope 3 which is significantly lower than the average for its sector, presents an incomplete statement of its emissions. Axylia pushes it aside.

This control results in the removal of 23% of the companies from the initial universe.

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.

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L’application du Score Carbone® Axylia au CAC40 permet d’obtenir la répartition ci-contre. Il apparaît que près de la moitié de ces entreprises ne peuvent s’acquitter de leur facture carbone (score D,E, F ou ND).

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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Relive the Vérité 40 Index webinar

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