01 Introduction and strategy 02 Measuring and managing sustainability 03 Climate change related disclosur e 04 Strengthening our foundation 05 Our univ ersal principles 02.2 Sustainability in proprietary investments 3. Conduct first investments: We have implemented first inv estments, established relationships to key market players and started outreach to investigate the potential of strategic partnerships with industry players and asset managers (structured outreach approach currently in build-up). 4. Scale opportunity: We are scaling our inv estments to a significant volume and setting up separately managed accounts to best suit our investment requirements. We also expand geographical coverage, include further oper ating entities and enhance our risk profiles and approaches. An example of blended finance 1 is our anchor investment in the Emerging Market Climate Action Fund (EMCAF). We are providing early-stage equity financing to climate mitigation and adaptation as well as environmental projects in emerging and developing markets by backing fund managers and project developers active in these markets. EMCAF has been initiated jointly by Allianz Global Investors and the European Investment Bank and has been endorsed b y G7 as an innovative blended finance fund for mobilizing private investments for climate relevant infrastructure. For more examples of our commitments to transition finance investments in 2022 please see section 02.2.2. How we think about financing the transition 1 . Identify opportunity 2. Develop investment approach 3. Conduct first investments 4. Scale opportunity Non-traded opportunities Carbon Removal Battery Storage Geothermal Hydrogen Blended finance Decarbonizing Industry Forestry Renewables Decarbonization/ Green Buildings Traded opportunities Carbon Allowance Green bonds Other ESG bonds Development stage of investment opportunity 1 Blended Finance structures: bringing together public or philanthropic concessional capital and private capital to promote small businesses in infant industries in particular in developing countries. Allianz Group Sustainability Report 2022 46