Individuals 50 of 6,142 results
Organisations 50 of 8,157 results
Buzzes 50 of 12,483 results
Melrose: Sustainability Report 2023
Melrose: Sustainability Report 2023
(https://www.melroseplc.net/media/zoplmdoe/melrose_sustainability_report_2023.pdf)
Melrose's latest sustainability report details key areas of their activities, including:
- Environmental impact - water, circularity, biodiversity and waste
- Social impact - diversity, equity and inclusion, community impact and human rights
- Governance - ethics and compliance, supply chain and product quality and safety
BAE Systems: Annual Report 2023 (Sustainability page 46-66)
BAE Systems: Annual Report 2023 (Sustainability page 46-66)
BAE Systems latest Annual Report covers sustainability, including key area such as:
- Environment and climate
- Social
- Responsible business practices
- Non-financial and sustainability information statement
The Real Impact of the Top Three ESG Funds
The Real Impact of the Top Three ESG Funds
(https://www.impactcubed.com/investmentsolutions)
We look at the ESG impact of the top three ESG funds by 2023 US inflow, and question whether they live up to their 'green' credentials.
The global financial market faced a lot of turbulence in 2022, and ESG funds were especially affected, as investors tried to avoid the perceived risk from ESG products to safeguard their wider investments. However, by the end of 2023, ESG funds had started to recover. Three ESG funds stood out, receiving the top net inflows of 2023:
- iShares Climate Conscious & Transition MSCI USA ETF | $1,556M
- Xtrackers MSCI USA Climate Action Equity ETF | $1,484M
- iShares MSCI USA ESG Select ETF | $1,257M
The funds track indexes that supposedly lean into holdings that are well-positioned for the transition to a low-carbon economy or that are actively engaging in the climate transition.
A closer examination of these funds shows, however, a complicated story that institutional investors often have to navigate. We compare the actual impact of these top ESG funds, with Morningstar USA Market Extended Benchmark as a reference point, to see whether they live up to their climate credentials.
Dissecting the ESG Impact
Renewable Energy and Climate Solutions
An assessment of the funds' investments in renewable energy and climate impact solutions show a disappointing result.
Compared to the broad market benchmark, iShares Climate and Xtrackers funds only had 0.7% and 0.4% more of their energy coming from renewable sources, whereas iShares ESG Select actually had 0.7% less renewable energy vs the broad market benchmark. Are we really seeing the sustainable energy transition needed to support positive climate action?
In terms of revenues from climate impact solutions—such as alternate vehicles, plant-based foods etc, the numbers fare slightly better at 2.8%, 2.2%, and a more promising 5.1% increase vs the benchmark respectively - indicating a cautious, albeit insufficient improvement.
Temperature Alignment and Climate Risks
Alarmingly, all three ETFs predominantly invest in issuers projected to contribute to a global temperature rise of over 2.5+ degrees Celsius, with 80% of their holdings falling into this category.
This contrasts with the urgent need to limit warming to well below 2 degrees Celsius, as per the Paris Agreement, highlighting a misalignment with global climate goals.
Moreover, over half of each ETFs' holdings’ physical operations face climate disaster risks, underscoring the vulnerability of these investments to the very phenomena they seek to mitigate.
When looking at aggregate physical risk, iShares MSCI USA ESG Select ETF has the least amount of absolute $ at risk from climate disasters - significantly less than the benchmark:
Products and services
Despite their ESG label, these funds maintain investments in sectors with notable environmental footprints, such as oil and gas companies, including Schlumberger and Halliburton Company.
All of them have investments that are involved in environmental damage through some parts of the revenue from their equity holdings, such as General Mills' Dairy revenue, which suggests materiality biases. A materiality-based approach instead of an alignment-based one results in overlooking smaller revenue sources that harm the environment in a portfolio (for example, General Mills 10% revenue from ice cream and dairy or DuPont's 16% revenue from Intermediates). Many small sources can amount to a large unintended impact. Which is why its important to often drill down deeper than the general GICS.
A Silver Lining: Carbon Emissions
Credit where credit is due, all three funds have demonstrated commendable performance in reducing carbon emissions, with emissions per $1M revenue significantly lower than the benchmark. This achievement translates into the equivalent of thousands of cars being taken off the road annually*, showcasing a meaningful contribution to carbon footprint reduction.
- iShares Climate Conscious & transition MSCI USA ETF | 6,765 cars
- Xtrackers MSCI USA Climate Action Equity ETF | 7,420 cars
- iShares MSCI USA ESG Select ETF | 9,350 cars
Same old constituents
It’s no surprise that the same suspects make up the top holdings in each of the funds. This uniformity begs the question of the true environmental impact of these global giants. When we examined the holding percentage of each fund for "Magnificent 7" stocks (defined as Apple, Microsoft, Amazon, NVIDIA, Microsoft, Meta, Tesla) we found that the iShares MSCI USA ESG Select ETF held the least with just under a fifth (19.1%) of its portfolio made up of these companies. Meanwhile, over a quarter of its Climate Conscious cousin's portfolio was made up of these stocks at 25.8%, and the Xtrackers fund consisted of even greater proportions at 27.5%.
Physical Climate Risks
The magnificent 7 have significant exposure to physical climate risks – for example, Nvidia at a staggering 98.6% economic value at risk, Microsoft at 39.4% and Alphabet at 18.5%.
This vulnerability, especially to drought risks impacting data center operations, highlights the environmental challenges these tech giants face, emphasising the necessity for sustainable water management practices.
The Case of Water
In addition to the fact that tech companies rely so heavily on water to operate properly, sustainable water management can be a powerful tool against climate change, by building resilience, protecting ecosystems, and reducing carbon emissions.
The raw water use figures show the environmental impact of these corporations. Cumulatively, these top constituents use the equivalent of 95 Olympic-sized swimming pools of water every day—a figure that starkly contrasts with the climate-friendly image these ESG funds aim to project.
ETF Water Usage
When extending the analysis to include all holdings within the ETFs, the water usage figures become even more staggering. The iShares Climate Conscious & Transition MSCI USA ETF, Xtrackers MSCI USA Climate Action Equity ETF, and iShares MSCI USA ESG Select ETF account for the equivalent of 3,661, 4,369, and 335 Olympic-sized pools of water used per day, respectively.
Notably, the iShares USA ESG Select ETF demonstrates a significantly lower water footprint, using 13 times less water than its counterparts.
To put these figures into perspective, the water usage by the Xtrackers ETF holdings’ is equivalent to filling 36.5 Shards, or 12.4 One World Trade Centers—every single day.
This not only calls into question the climate tilt on these funds, but also the interplay of the high water use and the dependency on water from the top constituents of them.
The Implications for Investors
While these ETFs may perform well in certain ESG metrics such as carbon emissions, the significant water usage for example of their top constituents raises important questions about the holistic risk of the investment strategies and their long-term viability. How long will the planet have enough water to sustain the Magnificent 7?
ESG is a tool – that when used correctly can mitigate a large swathe of these issues. For example, look at our recent work for a large European Pension Plan. Our portfolio engineering solution, SmartESG, resulted in an optimised portfolio having no change in tracking error and substantial environmental improvements, including up to 90% reduction in carbon emissions, freshwater usage, and waste generation vs. MSCI ESG Enhanced and MSCI Paris Aligned benchmarks.
Maybe it’s time investors moved away from broad market benchmarks and looked at creating their own custom solutions?
*Assumes the average passenger vehicle emits c.4.6 metric tonnes of CO2 per year.
HSBC: Climate Investment Update - Taiwan: Presenting a carbon levy mechanism
HSBC: Climate Investment Update - Taiwan: Presenting a carbon levy mechanism
HSBC: Climate Investment Update - Taiwan: Presenting a carbon levy mechanism
- Taiwan releases draft regulation on a carbon levy scheme
- We think the power industry is likely to be under pressure from local manufacturers that will be impacted by EU CBAM
- In our view, the renewable energy sector, in particular offshore wind & solar energy, would benefit from the scheme
Clients of HSBC Global Research can access the full report via the HSBC Global Research website or by contacting Wai-Shin Chan
The mechanism: Last week, Taiwan announced a draft carbon levy collection scheme, part of the Climate Change Bill, for consultation (Navigating its way to 2050, 16 January 2023). Under the scheme, heavy industries are incentivised to engage in voluntary reduction, for example, switching to low-carbon fuels, enhancing energy efficiency, utilising renewable energy, and improving operational systems. Investment in these activities will grant corporates a discount on the to-be-introduced carbon levy. In our view, this could boost investments in expanding renewable capacity.
Goldman Sachs Asset Management: 2023 Stewardship Report
Goldman Sachs Asset Management: 2023 Stewardship Report
(https://www.gsam.com/content/gsam/uk/en/institutions/about-gsam/stewardship.html)
Goldman Sachs Asset Management's latest report covers key areas of their stewardship activities including:
- Engagements
- Stewardship Framework
- 2023 by the numbers
- Proxy voting
- Looking ahead
Norges Bank Investment Management: Responsible investment - Government Pension Fund Global 2023
Norges Bank Investment Management: Responsible investment - Government Pension Fund Global 2023
Norges Report covers a range of their responsible investment topics including:
- Market, standards, expectations and research
- Portfolio, investments, risk management and risk-based divestments
- Companies, dialogue, voting and ethical exclusions
American Electric Power: 2024 Corporate Sustainability Report
American Electric Power: 2024 Corporate Sustainability Report
(https://aepsustainability.com/lib/docs/2024-AEP-Sustainability-Report.pdf)
American Electric Power's latest report details key areas of their sustainability activities, including:
- Energy transition - modernising the grid, climate governance and electrification
- Environment - biodiversity, water use & management and waste management
- Social - economic impact and community support
- Our people - career development, safety & health, culture & inclusion
- Governance - ethics & compliance and political engagement
Research RFP: First Sentier Investors - Sustainable food systems research series - Climate risk and adaptation solutions report
Research RFP: First Sentier Investors - Sustainable food systems research series - Climate risk and adaptation solutions report
In commissioning this report, SII aims to contribute to filling this knowledge gap, providing investors with a starting point for considering climate risk impacts on food-related economic activities, adaptation opportunities, and engagement approaches.
Background
In 2022, the IPCC report highlighted the increased risks to global food security which will follow the temperature increases beyond 1.5C. Growing vulnerability of global food value chains to climate risk has become apparent in the recent years, as frequent extreme weather events have been affecting agricultural production in many regions, with examples including: continuous drought and flooding leading to hunger crisis in the Horn of Africa, extreme rain and flooding damaging crops and increasing food prices in Pakistan in 2022, drought and high temperatures in 2023 and 2024 affecting crops in Southern Europe. Weather impact estimates predict that further reductions in crop yields might be significant.
Stakeholder recognition of the critical importance of climate change impact on food value chains is growing: at COP 28, the final agreement acknowledged the vulnerability of food systems to climate risk and highlighted the importance of achieving climate-resilient agricultural production.
Report
This report will provide a high-level, investor-relevant analysis of the impacts of extreme weather events and slow onset effects of climate change (e.g. temperature rise, sea level rise, land degradation ocean acidification) on global food value chains in the near, medium and long term, highlight key geographical supply chain vulnerabilities, discuss commodities which will be significantly affected and the resulting effects downstream, consider adaptation measures and challenges to their implementation.
This report should cover the following elements:
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Near-term, mid-term and long-term climate change risks across various elements of food value chain
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Elements of company disclosure which would help investors to analyse material climate risks within food value chain
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Key adaptation solutions for specific industries which would address these risks
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Company engagement guide for different sectors comprising food value chain
- The aim of the report will be to inform investors on the likely impacts of climate risk on global food value chain and enable them to engage with the portfolio companies forming part the global food systems to address and mitigate these risks. The report should also be of interest to a wider multi-stakeholder audience since it will be publicly available and widely disseminated.
Research Approach
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Establish the exact scope of the report, along with literature and data to be used in discussion with SII
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Provide an outline of the project and a timeline
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Conduct research on the impacts of extreme weather events and other effects of climate change on the global food systems, highlighting the geographical supply chain vulnerabilities and commodities that are already being affected/most likely to be affected in the near, medium and long term; outline adaptation strategies that can be used by the market actors and key challenges to their implementation; provide an engagement guidance for investors with portfolio holdings in companies which activities might be affected
Proposal Guidelines:
- In your proposal, please include the following information:
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Proposed research methodology
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The proposed scope of the research
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Proposed relevant publications to be used as literature review
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Proposed report structure
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Proposed timetable for execution of the project, including intended interaction with the Institute and report reviews. Please indicate the earliest project complication.
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Proposed fees and costs
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Short biographies or skills profile of the proposed team members
Instructions:
Please submit a proposal by email to
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This email address is being protected from spambots. You need JavaScript enabled to view it. -
This email address is being protected from spambots. You need JavaScript enabled to view it. and -
This email address is being protected from spambots. You need JavaScript enabled to view it.
Proposed Timelines:
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This RFP is issued on 08.05.2024
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Any questions or feedback regarding the brief should be submitted by 17.05.2024
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Answers to any questions will be provided by 22.05.2024
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Proposal should be submitted to the Institute by 31.05.2024
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together with availability for a 1 hour call to discuss the proposals in the week of 3.06.2024
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Target for notifying the successful tenderer by 13.06.2024
Project - Deliverable - Timeline (time from the inception)
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Outline and plan for the work - 10 weeks
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Desktop research raw data (summarized and structured way) - 18 weeks
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First draft with analysis result - 22 weeks
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Final draft with intro/recommendations, etc. - 26 weeks
Legal:
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The Institute’s standard Legal Contract for commissioned research will be used
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The reports Intellectual property will belong to the Institute
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The Institute will have the right to publish the research under its own brand
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Attribution to the author(s) and their organisation will be given in the final report
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The Institute will retain editorial control over the reports content
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The authors should ensure the report contains no personal information, that any images included are licensed for their intended use and they have distribution rights for any third party references and data.
Institute's use of the report and its content
The Institute would publish the report on its websites (English and Japanese). In addition to that, the Institute may want to use parts of the content or produce new content based on all or parts of the work presented in the report.
That could be shared with other 3rd parties and could include, but would not be limited to:
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using charts and/or quotes in presentation prepared by the Institute
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using charts and/or quotes in presentation prepared by her FSI and MUTB/MUFG staff
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webinars to present and promote the findings of the report
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presenting and promoting the findings of the report at conferences
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publicizing the publication of the report with a press release
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preparing e-mail notifications to promote the paper
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writing blogs for our websites and/or articles for other media
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using charts/ quotes from the report for posts on our linkedin account or using other text/material that introduces and promotes the paper on LinkedIn
Invest advice and financial promotions:
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The report must not include, or be capable of being construed as investment advice.
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Ideally the report should not reference individual identifiable listed securities; explicitly or implicitly. Where this is unavoidable, any reference must be restricted to information in the public domain with appropriate citation.
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The report must not constitute a financial promotion. Consequently any reference to FSI or MUFG products is prohibited
Other:
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The report could follow a similar style to previous reports commissioned by the Institute, but other formats are also acceptable as our priority is to use the most suitable style that achieves clear, simple and easy to follow messaging and maximize the use of visuals, tables, lists.
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The report is intended for publication in the public domain
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Please specify in your proposal if you are able to provide us with a finished formatted report, following the Institute’s style and branding
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If the Institute retains responsibility for report design, the Institute will expect all visuals to be prepared and provided in a format that can be easily replicated by an external design/ typeset agency. This includes all necessary source data
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The Institute will expect collaboration on developing infographics/visuals, if such are deemed effective and in support of the report messaging
- The Institute will arrange for the report to be translated into Japanese for publication on the Japanese language version of the Institute’s website
Environmental Defense Fund: Methane Rising - Three questions investors in the food sector should ask their portfolio companies
Environmental Defense Fund: Methane Rising - Three questions investors in the food sector should ask their portfolio companies
Environmental Defense Fund: Methane Rising - Three questions investors in the food sector should ask their portfolio companies
Agriculture is the largest source of human-caused methane emissions, responsible for 40% of annual global emissions. That’s why initiatives like the Dairy Methane Action Alliance are critical, and why investors should take note of the impact of methane reduction targets on the food and agriculture sector.
Major players like Starbucks and Clover Sonoma joining DMAA signal a positive shift towards reducing methane emissions in the food sector. My newest EDF blog, co-authored with Andrew Howell, explains the questions shareholders need to be asking the companies they invest in.
The agriculture sector is continuing to shift into a #netzero world – and investors should be prepared. Read more here.
Hardman: Is silver [as an energy transition metal] the cheapest asset on the planet?
Hardman: Is silver [as an energy transition metal] the cheapest asset on the planet?
(https://hardman-co.com/c/AQjVkAwQlKCnARjelK4ZIN-56iqWr3x07IYLRuWWl2LPZBXExnJ1OTA2WSBS1R_4JNWLMw)
'We’ve chosen a provocative title for this Insight piece, but it’s one we think is justified given the shortage of silver that we see emerging. This should translate into growing investor interest as silver’s attractive fundamentals become widely appreciated. In our opinion, they are currently not that well understood by most investors, both professional and retail.
Why has silver’s long and illustrious history faded from people’s minds during the past century and why are more people not drawing attention to its exciting future? In all likelihood, it has something to do with being overshadowed by its much higher-profile precious metals cousin, gold ‒ even though the drivers for supply and demand for the two metals only partially overlap.'
CWR: ICT Transition: 5 Things We’ve Learned Since Publishing Our Report
CWR: ICT Transition: 5 Things We’ve Learned Since Publishing Our Report
With the escalating buzz around AI & ChatGPT, the interest in our China ICT Transition report exceeded our expectations. CWR's Mirando & report co-author share 5 things we've learned since its release.
- "We were correct, finance had not fully appreciated how carbon intensive ICT sector is but after the report, banks now excited for big green finance opps though challenges remain"
- "Asia set for double digit data centre growth = stymy early retirement of coal-fired power plants; plus, ICT not incl. in Scope 3 reporting = no incentive for “green” data centres"
- "Our engagement with top ICT co's in China found they are on track on carbon & starting to look at water; there is clear momentum, we will continue working for ICT's transition"
Deloitte: Investor trust in sustainability data: An opportunity for corporate leaders
Deloitte: Investor trust in sustainability data: An opportunity for corporate leaders
Executive summary
Growing demand for sustainability data from investors presents an opportunity for corporate leaders to earn investor trust.
Investors are increasingly incorporating sustainability factors into investment decisions:
- 83% of surveyed investors incorporate sustainability information into fundamental analyses.
- 79% of respondents have sustainability policies in place, compared to 20% five years ago.
Investors are seeking to minimize risks and capitalize on opportunity, with an estimated US$43 trillion in global economic growth projected between 2021 and 2070 if the world economy transforms to achieve net-zero emissions.
Despite growing demand for sustainability data, investors struggle with often inconsistent, unclear, and unreliable information:
- Unclear corporate sustainability strategies
- Incomparable data from ratings agencies
- Frequent lack of measurable outcomes from corporate reports
While regulations and standards are emerging globally to drive data consistency, they are not yet implemented broadly enough to provide fully reliable data to investors.
During this period of transition and beyond, organizations can build investor confidence in their sustainability initiatives through better data— and potentially drive more cost-efficient access to capital and stronger valuations.
UNDRR, SCB, KPMG Int: Guide for Adaptation and Resilience Finance
UNDRR, SCB, KPMG Int: Guide for Adaptation and Resilience Finance
(https://www.undrr.org/publication/guide-adaptation-and-resilience-finance)
United Nations Office for Disaster Risk Reduction, Standard Chartered Bank, KPMG International
The Guide for Adaptation and Resilience Finance sets out what constitutes adaptation and resilience finance. It includes a practical roadmap for financing and over 100 investable activities, including climate-resilient crops, public hospital infrastructure investment, and mangrove conservation and replanting.
To mobilise finance for adaptation and resilience — and help investors, commercial banks, and other financial institutions consider these themes in financial decision-making — the investment potential needs to be understood and recognised. This Guide seeks to provide confidence to investors looking to allocate capital to adaptation projects, as well as to companies looking to raise capital for adaptation and resilience products, solutions, or other investment opportunities.
The Guide maps over 100 investable activities across adaptation and resilience, including: climate-resilient crops, vertical farming, natural flood protection, water conservation and efficiency measures, public hospital infrastructure investment, renewable energy storage solutions, and mangrove conservation and replanting. Indicators to assess the adaptation and resilience impact of a specific investment are also available in the document.
Accela: Shell’s rebased Energy Transition Plan could be misplaced
Accela: Shell’s rebased Energy Transition Plan could be misplaced
Key findings from Accela’s research
Shell’s strategy is closer to reality but falls short of delivering on customer decarbonisation
Shell scaled back its FY30 Net Carbon Intensity (NCI) target, and is now aiming for a reduction of 15-20% vs 20% prior (2016 baseline). Despite Shell’s newly disclosed FY30 portfolio mix (~14% bioenergy and power, from 9% today), it appears insufficient to meet its FY30 target requiring ~25% of reductions to come from offsets. We estimate this is equivalent to offsets from a mature forest up to 3x the size of Denmark. Between FY22-23, offsets comprised ~50% of Shell’s progress in reducing its NCI.
Shell's LNG ambition exceeds European peers
Across European majors, Shell currently sells the most LNG (67 Mt) and is expected to maintain its leading position with the ambition to grow LNG sales by 20-30% (86 Mtpa) and LNG production (25-30%) between FY22-30. Shell’s commitment to LNG as a transition fuel is underscored by including LNG equity volumes in its energy transition metric within its annual bonus scorecard.
Low-carbon capital allocation trailing European majors
Shell's new plan delivers a narrowed focus on low-carbon, centred on EV charging infrastructure, biofuels and renewable energy solutions to commercial customers. By FY25, Shell plans to allocate ~ 19% of its capex to low-carbon initiatives. This is less than peers, with BP planning to allocate ~50%, TotalEnergies 33%, Equinor 30%, and Eni 28% by FY25.
BP demonstrates greater ambition for low-carbon
As of FY23, Shell has outpaced BP in low-carbon capex together with building a larger EV network, It has however trailed BP on its renewable capacity (0.9x), renewable pipeline (0.7x) and biofuels production (0.8x). To FY30, BP demonstrates greater ambition in establishing low-carbon offerings, with higher EBITDA outlooks and capex for low-carbon.
ArcelorMittal: 2023 Integrated Annual Review
ArcelorMittal: 2023 Integrated Annual Review
ArcelorMittal: 2023 Integrated Annual Review
The 2023 IAR, ‘Preparing for the future’, is structured in nine main chapters:
- Our business and material issues
- Driving change in our safety performance
- Responsible energy use and lower-carbon futures
- Air, water, land, biodiversity and ecosystems
- Delivering a circular economy through innovation
- Value chains our stakeholders trust
- Attracting, retaining and developing our people
- Communities and Just Transition
- Governance and risk management
New disclosures include:
- An update on further work done to evaluate physical and transition climate-related risks and opportunities, aligned with current and upcoming regulation.
- The progress made to better understand our scope 3 emissions and our engagement with suppliers.
- An update on the certification of our sites to leading third party multi-stakeholder ESG standards such as ResponsibleSteel™.
- Progress we have made in advancing our Diversity and Inclusion (D&I) roadmap.
- Our Just Transition framework including the approach and principles for a just transition.
- The EU Taxonomy report where we are reporting “substantial contribution” to climate change mitigation for revenues, capex and opex for the first time.
AIGCC: State of Net-Zero Investment in Asia: A Stocktake of Asian Institutional Investor Climate Progress
AIGCC: State of Net-Zero Investment in Asia: A Stocktake of Asian Institutional Investor Climate Progress
(https://aigcc.net/wp-content/uploads/2024/04/AIGCC-State-of-Net-Zero-in-Asia-Report_5-4-24.pdf)
Executive summary
This report provides the most comprehensive stocktake to date of investor climate progress across Asia. It draws on data from 58 investors who responded to the AIGCC Net-Zero Investment Survey, supplemented with a desktop review of key metrics and aggregated progress from more than 200 Asset Owners and Managers, 186 of which are headquartered in Asia. The report therefore reflects the ownership and management of most mainstream capital in Asia.
Many investors in Asia are positioning themselves for a climate-resilient net-zero economy, but not at the required speed.
- There is movement and momentum toward net-zero. Leading investors see effective monitoring and managing climate change as increasingly essential to long-term value preservation and creation by:
- working to set climate strategies, short[1]term targets, and climate governance for decarbonization and to allocate more capital to climate opportunities
- increasingly working to incentivize companies and governments to go further with credible transition plans in their key markets and to build resilience to physical climate risks
- increasingly financing Asia’s energy transition, recognizing capital must flow to climate-aligned activities and opportunities set to succeed in a net-zero world.
- However, of the 200+ Asia Investors included in the data review, most fall short of actions needed to effectively manage climate risks and opportunities in line with global climate goals. High-impact areas like fossil fuels and deforestation remain a challenge.
- The 100 Asia Asset Owners reviewed trail Asset Managers on nearly every key climate metric surveyed, stressing the importance of progress for Asset Owners. Meanwhile, AIGCC members well outperform the market when evidencing climate progress and engagement across the areas reviewed.
The progress outlined in this report is benchmarked against the Investor Climate Action Plans (ICAPs) Expectations Ladder, which provides a pathway for investors’ transition plans to a net-zero economy – a key framework for investor climate action regardless of where they are at on their climate journey, and the structure from which this paper is modelled and actions assessed.
Impax Asset Management: The green arc of steel's transition
Impax Asset Management: The green arc of steel's transition
(https://impaxam.com/insights-and-news/blog/the-green-arc-of-steels-transition/)
Executive summary
- The transition to a cleaner steel industry is underway, enabled by low-carbon technologies, industry commitments and supportive government policies.
- While reuse of scrap metal is reducing the sector’s carbon intensity and meeting rising demand, the production of primary steel must be fundamentally transformed in order to align the industry with net zero.
- In the short term, steel producers employing electric arc furnaces (EAF) constitute an immediate and durable investment opportunity. Longer-term, emerging technologies and processes, such as direct reduced iron (DRI), need to be scaled up to become cost competitive.
Columbia Threadneedle: The skills factor: greening the workforce to deliver net zero
Columbia Threadneedle: The skills factor: greening the workforce to deliver net zero
At a glance:
- As the world moves towards net zero, a “green skills” gap is emerging, with the number of people with skills useful in transforming the economy growing more slowly than the job vacancies requiring these skills.
- A lack of skilled workers is already having operational and financial impacts for companies and may even lead to a temperature rise of 0.1C by delaying progress on the construction of renewable assets for clean energy.
- Columbia Threadneedle Investments is engaging with sectors critical to the transition to net zero to understand how they are managing their human capital. Here we look at mining, utilities and industrials to see how they are attracting, hiring and retaining workers with appropriate green skills, as well as their plans to retrain and equip existing employees with the skills required for roles that underpin their transition strategies.
Rockefeller Capital Management: Ocean Engagement: Shifting Tides Rising
Rockefeller Capital Management: Ocean Engagement: Shifting Tides Rising
(https://www.rockco.com/strategic-insights/ocean-engagement-shifting-tides/)
Rockefeller Capital Management: Ocean Engagement: Shifting Tides Rising
Need for Investments and Engagement in the Blue Economy
Rockefeller Asset Management has over a quarter of a century of experience in thematic investing. In recent years, we turned our focus to the ocean: the world’s largest ecosystem and seventh largest economy. We believe that the “Blue Economy” is an emerging investment opportunity due to increased regulations, changes in consumer buying preferences, and technological advancements.
Through our decade-long partnership with The Ocean Foundation, we have created a framework to identify and gain relevant exposure to blue economy investment opportunities, while also seeking to catalyze positive impact through engagement. This paper dives deeper into our investment framework, the ocean investment opportunity, and our main investment themes of pollution prevention, carbon transition, and ocean conservation.
Brookfield AM: What It Takes to Catalyze the Transition in Emerging Markets
Brookfield AM: What It Takes to Catalyze the Transition in Emerging Markets
(https://www.brookfield.com/news-insights/insights/what-it-takes-catalyze-transition-emerging-markets)
Brookfield AM: What It Takes to Catalyze the Transition in Emerging Markets
Key Takeaways
LGIM: How private credit can drive the net zero transition
LGIM: How private credit can drive the net zero transition
LGIM: How private credit can drive the net zero transition
Executive summary:
- Over the coming decades, the transition to net zero is likely to require tens of trillions of dollars of investment.
- This investment is set to span a wide spectrum of sectors, geographies and risk profiles.
- The nature of the assets means that, for the foreseeable future, the majority of investment opportunities will be found in private markets.
- Private credit has been funding transition-related assets in Europe, North America and Australasia for many years. We expect the investment universe to expand to include more emerging sectors as they mature.
- Transition credit represents a potential opportunity for investors to:
- Invest at scale
- Seek potentially attractive risk-adjusted returns by taking a strategic view of a broad opportunity set
- Aim to diversify risk drivers with assets not readily available in public markets
- Support construction of the infrastructure of the future while potentially mitigating downside risk through structural protections.
AllianceBernstein: Responsible Returns: Better Stocks for a Better World
AllianceBernstein: Responsible Returns: Better Stocks for a Better World
A white paper using stock examples and themes drawn from the SDGs, please see link below.
AllianceBernstein: Responsible Investing: Four Themes to Follow in 2024
AllianceBernstein: Responsible Investing: Four Themes to Follow in 2024
'It used to seem simple. The early days of responsible investing were mainly characterized by avoidance of so-called sin stocks, such as tobacco. Since then, responsible investing has evolved into a much more sophisticated and robust understanding of the environmental, social and governance (ESG) issues affecting investment risks and opportunities. Every year seems to bring new insights, as well as new challenges for investors.
At AllianceBernstein, our research agenda aims to bring rigor and clarity to responsible investing. Below are four themes we’re covering closely in 2024 through our research and partnerships. We think investors should pay close attention too.'
FTSE Russell: Evaluating national climate commitments using implied temperature rise
FTSE Russell: Evaluating national climate commitments using implied temperature rise
FTSE Russell: Evaluating national climate commitments using implied temperature rise
Tracking national greenhouse gas (GHG) reduction commitments is key to enabling alignment with the objectives of the Paris Agreement. The Implied Temperature Rise (ITR) metric, which uses countries’ past and projected future GHG emissions to estimate their contribution to global temperature rise, is an important progress indicator.
We apply the ITR metric to assess and quantify 132 countries’ commitments with respect to global climate goals, and to estimate corresponding transition risks for sovereigns. This paper explores the most recent updates to the robust methodology driving our analysis.
What does our research mean for investors?
The implications of our research extend beyond academic circles to impact investors and financial stakeholders. By providing a robust methodology for assessing implied temperature rise and climate alignment across countries, our research offers critical insights for investors seeking to incorporate climate risk into their decision-making processes.
Understanding the gap between countries' projected emissions and their commitments can inform climate-focused investment strategies. Investors can harness our ITR data to identify regions that are either leading or lagging on climate action, thus assessing risks and opportunities associated with climate change mitigation and adaptation efforts.
Royal London Asset Management: Stewardship and responsible investment report 2023
Royal London Asset Management: Stewardship and responsible investment report 2023
Responsible investing. Meeting the challenge, together
Royal London Asset Management's latest report covers key areas of their activities, including:
- Stewardship and responsible investment
- Stewardship activities
- ESG Integration
Columbia Threadneedle Investments: Green machines - The future of transport
Columbia Threadneedle Investments: Green machines - The future of transport
(https://www.columbiathreadneedle.com/en/insights/green-machines-the-future-of-transport/)
At a glance
- The transportation sector has a significant impact on global emissions, but technology innovations, policy changes and shifting behaviours can reduce this
- Government regulatory timelines and international treaties are adding some urgency to the process, with many firms committing to net zero emissions by 2050
- As part of this energy transition, it is essential that companies in this sector adapt their products to serve clients effectively while remaining commercially viable
Columbia Threadneedle Investments: Decarbonising steel: redefining the value chain and the role of iron ore miners
Columbia Threadneedle Investments: Decarbonising steel: redefining the value chain and the role of iron ore miners
Columbia Threadneedle Investments: Decarbonising steel: redefining the value chain and the role of iron ore miners
- Steel production is highly greenhouse gas-intensive, making up between 7% to 9% of annual global emissions; reducing its environmental impact is technologically and economically challenging.
- The need to decarbonise is driving innovation in the steel sector, which in turn is reshaping the global value chain for one of its key inputs – iron ore.
- Higher-grade, lower-impurity, iron ore, which only makes up a tiny fraction of the market today, is needed to produce green steel. A potential shortage of suitable ores threatens the scalability of low carbon production routes.
- In October 2023 Columbia Threadneedle visited Fortescue Metal Group’s new high-grade iron ore mine in Australia. Here they draw from that experience to discuss how iron ore miners can position themselves to benefit from, and contribute to, the steel sector’s decarbonisation.
Columbia Threadneedle Investments: Stewardship Report 2023
Columbia Threadneedle Investments: Stewardship Report 2023
Columbia Threadneedle Investments' latest stewardship report details key areas of their activities, including:
- ESG Integration
- Engagement
- Voting and corporate governance
- Governance and oversight
- Conflicts of interest
ClearBridge Investments: 2023 Stewardship Report
ClearBridge Investments: 2023 Stewardship Report
(https://www.clearbridge.com/dam/content/mcmjadgc2g/pdf/ClearBridge_StewardshipReport2023.pdf#page=1)
Creating Sustainable Value Through Active ESG Integration
ClearBridge's latest stewardship report covers key areas of their activities including:
- The ClearBridge Model for ESG Integration
- Tackling Urgent Sustainability Challenges
- Engagements and Impactful Active Equity Opportunity
- Shareholder Advocacy - making each vote count
- Understanding ClearBridge's portfolio alignment with SDGs
MFS Investment Management: 2023 Sustainability Report
MFS Investment Management: 2023 Sustainability Report
(https://www.mfs.com/content/dam/mfs-enterprise/mfscom/insights/2024/April/pdfs/mfse_fly_2627908.pdf)
MFS's latest Sustainability Report details their 2023 stewardship activities, including:
- Sustainability Overview - resources and governance
- Research and Investment Outcomes - ESG data and tools
- Update of Industry Initiatives - proxy voting
- Client and Industry Alignment - assessing effectiveness
- Corporate Sustainability - diversity, equity and inclusion
Asset Management One: Sustainability Report 2023
Asset Management One: Sustainability Report 2023
Creating a sustainable future through the power of investment
Asset Management One's latest Sustainability Report covers key areas of their stewardship activities including:
- Representing the Future with Materiality Map - Climate Change, Biodiversity and Nature
- Fulfilling Our Stewardship Responsibilities - Engagement and voting activities
- Co-creating Sustainable Investment - ESG Integration and Research
- Moving Forward Together with Stakeholders - Client survey 2023
- Our Own Actions - Sustainable governance and risk management
Robeco: Stewardship Report 2023: Accelerating positive change
Robeco: Stewardship Report 2023: Accelerating positive change
(https://www.robeco.com/en-int/insights/2024/04/stewardship-report-2023-accelerating-positive-change)
It’s been a busy year for advocating sustainable investing in the face of many headwinds. The steps taken to continue combatting climate change, along with spreading our knowledge on SI, are among the highlights of Robeco’s Stewardship Report detailing the progress made in 2023.
Summary
- Focus on our key priorities climate change, biodiversity and human rights
- SI Open Access available on our corporate website
- Full report on Active Ownership and related SI activities
RFI Foundation: ICMA sustainable sukuk guidance brings flexibility and risks for issuers with limited green assets
RFI Foundation: ICMA sustainable sukuk guidance brings flexibility and risks for issuers with limited green assets
RFI Foundation: ICMA sustainable sukuk guidance brings flexibility and risks for issuers with limited green assets
The International Capital Markets Association (ICMA), Islamic Development Bank (IsDB) and LSEG have released guidance on sustainable sukuk, reflecting the growing contribution of Islamic capital markets to the wider sustainable fixed-income market.
Through the first quarter of this year, sustainability-labelled sukuk have been dominated by core Islamic finance jurisdictions including Malaysia, Indonesia, the UAE, Saudi Arabia and the IsDB, but the new guidance has been purposely developed for issuers coming from either sukuk or green bond markets to issue green, social, sustainable, transition or blue sukuk.
This is generally supportive of market development because there has been particular growth of labelled sukuk rather than bonds within the GCC market to accommodate the widest investor base within the region’s financial markets. The guidance focuses on asset-based use-of proceeds bonds where “proceeds are intended to be allocated towards eligible green and/or social projects”.
One element of the market that isn’t directly addressed in the review process specifically is the sustainability characteristics of the underlying asset referenced in the sukuk transaction. The guidance clarifies that the asset-based structure involves transfer of beneficial ownership interest in the underlying portfolio “with no recourse to the assets and their credit quality”. In addition to no recourse, investors are not always provided detailed disclosure about the underlying assets.
The guidance notes that the contribution of Islamic finance to sustainable development provides “an additional layer of governance (Shariah) that helps in the allocation of issuance proceeds and directs them towards projects/companies that are aligned with both Shariah standards and ESG/sustainability criteria”. It is silent, however, on whether the underlying assets used to structure asset-based sukuk would be subject to similar consideration against ESG/sustainability criteria.
This is an important consideration because it affects the specific structural difference between use of proceeds sukuk and bonds. It could become particularly relevant in countries or for issuers with a need for finance who lack green assets but have a large domestic investor base that requires Shariah-compliant options.
Consider, for example, three types of projects: refinancing a coal-fired power plan as part of a transition plan for early retirement; financing a new solar power plant; and financing a program supporting the retraining of workers from fossil fuel production to renewable energy.
Within a conventional green, social or sustainable bond issuance, many financial institutions and investors are struggling to incorporate early-phase out financing into their sustainable finance frameworks despite the importance of credible transition finance for climate mitigation. Financing most renewable energy projects fits cleanly within definitions of green projects so long as they don’t produce significant harm such as population displacement or contravening the land rights of indigenous communities.
For conventional bonds, it would be relatively uncontroversial to train transitioning workers to use skills developed in fossil fuel-related industries to be able to adapt and apply these skills for renewable energy. For example, training drilling engineers for geothermal energy or offshore platform workers for offshore wind. However, similar financing through a social sukuk would face limits in the structuring process because it would require Shariah-compliant tangible assets owned by the originator to be included. The requirement to link the transaction to a tangible underlying asset may impede the efforts of some companies, or lead to situations constraining investors who may have strict and narrow limits for what they can finance (for example, excluding finance of any fossil fuel investments).
In some cases, these financing requirements may be combined in a way that makes it more difficult for Islamic finance compared to conventional finance. This is relevant as many OIC countries have substantial financial assets held by institutions that can only invest in Shariah-compliant structures into which conventional investors are also able to invest.
Consider a project that involves the early retirement of a coal-fired power plant, eventual replacement of all or part of the electricity supply with renewable capacity, and a Just Transition plan to maintain overall employment through retraining. A conventional transition bond could be issued to refinance the power plant while a social bond is issued for worker retraining, and over time successive green bonds could be issued to finance new renewable capacity as part of the transition plan for the originator.
In the conventional case, each dedicated investor base could have different financing structures to maximize the range of investors who participate. Financial institutions wishing to finance Just Transition but not able to finance or refinance fossil fuel assets could invest only in social or green bond issuance, while development banks actively supporting early phase-out of fossil fuel assets (such as through JETPs) and investors with fewer restrictions on financing the transition away from fossil fuel could provide support only to those elements that need some degree of concessional financing to pencil out.
That same series of transactions would be more complicated to issue as a sukuk with the same ability to meet the requirements of all investors, but it doesn’t appear to be ruled out under the new ICMA guidance. The difficulty of financing a worker retraining program on a standalone basis would be more challenging in the absence of a clear underlying asset owned by the obligor.
Financing through a sustainable sukuk along with a solar plant could be possible, but if the workers need to be trained before the new renewable capacity is installed, then it may not be able to be attached to that part of the financing. This either means the transaction cannot be done using sukuk for all elements, or the training component needs to be financed with the coal-fired power plant as the underlying asset, endangering the participation of green investors.
There may not be a way to fully replicate each element of the example above. However, the guidance wouldn’t clearly rule out the potential for an asset not directly involved in fossil fuel combustion (such as an office building at the coal-fired power plant) being used for structuring a social sukuk alongside a refinancing with transition finance of the remainder of the plant as part of an early retirement plan and later issuance of green solar sukuk to finance construction (or refinance bank financing) for the new renewable capacity.
This is just a hypothetical example. But it highlights both risks and opportunities connected with expanding the application of Islamic finance for sustainable finance purposes. The risks are clear where there is a division between underlying assets and use of proceeds where there is not ESG/sustainability evaluation screening of the underlying assets.
The opportunity may nonetheless be needed to allow for structuring flexibility in markets – such as many of the OIC countries – lacking in green assets and needing substantial and phased investment to support the transition where the supply of green assets may lag the requirement for finance. Notwithstanding that important need for flexibility, the lack of ESG/sustainability evaluation of underlying assets in the process of receiving a second-party opinion may introduce a risk that needs a response to mitigate. For example, a second party review could include additional disclosures about the ESG/sustainability characteristics of the underlying assets. This would avoid controversy in the future about the sustainability characteristics of underlying assets used by issuers of green, social and sustainable sukuk.
EthiFinance: SRI Study on the Spanish Private Equity Market
EthiFinance: SRI Study on the Spanish Private Equity Market
EthiFinance has published the first edition of the "SRI study on the Spanish Private Equity market" presents the developments in the ESG (Environment, Social and Governance) maturity of Spanish Private Equity Asset Managers, highlighting new ESG trends in the market and identifying areas for improvement for Asset Managers.
Four main aspects are analysed: ESG approach, exclusions, resources dedicated to ESG and SFDR classification of the funds.
This study is based mainly on public information made available by the Asset Managers on their website and the information contained in the pre-contractual fund documents, available on the Spanish National Securities Market Commission (CNMV) website. The data was collected from 112 Asset Managers (and independent investment funds) active in Private Equity in Spain.
Download report - In English (EN) | In Spanish (ES)
Robeco: A decarbonization model that concretely values transition risk for cement
Robeco: A decarbonization model that concretely values transition risk for cement
Cement is a critical ingredient for concrete – the most used material in the world behind water. However, cement production is emissions heavy, leaving the industry and its investors exposed to transition risks. Robeco’s proprietary decarbonization model concretely quantifies that risk and provides an early signal for cement’s transition-ready leaders.
Summary
- Cement is critical for buildings and infrastructure construction
- Production is emissions heavy, intensifying transition risk for cement makers
- Decarbonization models quantify transition risks for cement companies
Montanaro: In response to the HM Treasury and IA joint statement on defence investment
Montanaro: In response to the HM Treasury and IA joint statement on defence investment
Montanaro: In response to the HM Treasury and IA joint statement on defence investment
[Read the HM Treasury and IA statement here]
A curious 81-word statement was released this week by HM Treasury and the Investment Association. Together, they announced that “investing in defence companies contributes to our national security, defends the civil liberties we all enjoy, while delivering long-term returns for pensions funds and retail investors”.
The statement also noted that “investing in good, high-quality, well-run defence companies is compatible with ESG considerations as long-term sustainable investment is about helping all sectors and all companies in the economy succeed”. The trouble is, sustainable investment is not about this at all. And the debate about whether to invest in or divest from defence companies is not one of “ESG considerations”. It’s a question of ethics.
Trillium Asset Management: Advocacy Impact Report - 1Q 2024
Trillium Asset Management: Advocacy Impact Report - 1Q 2024
(https://www.trilliuminvest.com/news-views/1q24-advocacy-impact-report)
Trillium’s shareholder advocates are in the thick of the proxy voting season in the first quarter of 2024 and are pleased to share updates on several issues – including excitement about Starbucks agreeing to negotiate a collective bargaining agreement with their employees’ union, a major success after more than two years of investor pressure.
Trillium has withdrawn several shareholder proposals after reaching satisfactory agreements with several portfolio companies on issues ranging from improved reporting of workforce diversity data and access to paid sick leave. They also have an update on firm-wide work to encourage companies to set science-based targets. See the Advocacy Impact Report for more details.
Robeco: Voting to support the climate transition
Robeco: Voting to support the climate transition
(https://www.robeco.com/en-int/insights/2024/04/voting-to-support-the-climate-transition)
Climate change has taken center stage during the annual general meeting (AGM) season for many years, offering investors the chance to vote on how well companies are transitioning toward net zero. But it’s not a simple matter of voting yes or no.
As You Sow: 2024 Pay For Climate Performance
As You Sow: 2024 Pay For Climate Performance
(https://www.asyousow.org/reports/2024-pay-for-climate-performance)
Climate change cost the U.S. over $90 billion in 2023. Last year was the hottest year in recorded history and had a record physical impact. Swiss Re warns that rising temperatures are likely to reduce global wealth significantly by 2050 as crop yields fall, disease spreads, and rising seas consume coastal cities, among a host of other harms.
Linking greenhouse gas emission reduction targets to executive compensation is one important lever by which CEOs can be incentivized to achieve timely and systematic progress on climate. This second edition of the Pay for Climate Performance report analyzes how effectively 100 of the largest U.S. companies by market capitalization, across 11 sectors of the economy, are currently linking GHG emissions reduction incentives to CEO remuneration.
These 100 companies collectively represent a market capitalization of $28 trillion. Building upon the 2022 Pay for Climate Performance report’s analysis of 47 U.S. companies, this edition enables year-over-year comparisons and provides broader coverage across industries.
This report also provides a succinct overview of best practices and investor expectations, evaluates the 100 companies on how they incorporate climate metrics into CEO compensation, and considers the associated investor challenges in assessing climate-related CEO compensation incentives.
Leaders Arena: ESG Ratings – Improvements on the Horizon?
Leaders Arena: ESG Ratings – Improvements on the Horizon?
(https://www.leadersarena.global/single-post/esg-ratings-improvements-on-the-horizon)
Summary:
- ESG ratings have started to address shortfalls in scoring methodology and overall transparency.
- Key improvements include clearer definitions, more transparent scoring methodology, and public access to ESG scores.
- Looming ESG regulations are a key driver of change, with initiatives underway in Japan, the UK and India.
- Greater ESG ratings transparency is paving the way for expanded data collection that companies will need to monitor.
CISL: Ahead of the Curve: A preparatory guide on nature for the agri-food sector
CISL: Ahead of the Curve: A preparatory guide on nature for the agri-food sector
To help business understand emerging trends, frameworks and reporting requirements – and how they can respond to these by taking some decisive first steps towards positive action on nature – the report is broken down into four main chapters:
- Why the nature agenda is shaping business strategies examines the need for action with a particular focus on the agri-food sector as one of the industries most reliant on healthy natural systems.
- The farming and nature nexus looks in more depth at the structure of agricultural value chains and the challenges existing structures pose to greater action on nature.
- What this means for business – how to prepare focuses on nature targets under the TNFD and SBTN, two of the most prominent assessment and disclosure frameworks.
- Key success factors for becoming nature positive examines the three areas identified as critical to addressing nature issues for agri-food businesses:
- Getting the right nature-related data
- Engaging with key stakeholders across the value chain
- Embedding nature action within a wider holistic strategy
BlueBay: Circular economy: An opportunity for fixed income investors
BlueBay: Circular economy: An opportunity for fixed income investors
This World Earth Day, RBC BlueBay Investment Grade Fixed Income Portfolio Manager, Harrison Hill reflects on the investment potential for fixed income within a circular economy.
Discussions around sustainable finance often centre around private equity and venture capital, however, fixed income has an equally large part to play. However, to-date this asset class has been arguably underutilised within this space.
The concept of a ‘circular economy’ is rising in prominence as the impact of climate change and resource scarcity increasingly pose risks around the globe.
For investors, this concept represents an opportunity to gain an exposure to sustainable business models that can potentially lead to reduced costs, improved efficiencies, and reduced dependence on finite resources. Despite this, investment in the circular economy from a private sector standpoint remain subdued despite a growing arsenal of ways to invest within the space.
Franklin Templeton: Biodiversity in focus
Franklin Templeton: Biodiversity in focus
"In our view, high-impact companies should prioritize the protection of biodiversity alongside their transition to a net-zero economy. We would like this publication to serve as a call to action for high-impact companies to address the challenges related to land use, deforestation, water conservation, climate change mitigation, waste management and species conservation.
In this report, we present the findings of a survey we received from 70 respondents (out of more than 220 surveys sent) from high-impact industries to understand their approach to biodiversity and assess the actions they have taken to address biodiversity-related concerns. We selected companies that have a significant impact on the reduction in biodiversity, as well as those that are highly dependent on it."
ATNI: Classification of Processed Foods: Opportunities and Gaps
ATNI: Classification of Processed Foods: Opportunities and Gaps
Financial risk and opportunities for investors related to processed foods
There is increasing emphasis on the need to align financial interests with public health objectives. There is a growing awareness around the adverse impact of the financialization of UPF and how this impacts diets.
Overall, the investment case for considering nutrition when investing in the food sector is strong and the majority of ATNI’s 80-plus Investors in Nutrition and Health have integrated nutrition in their responsible investment approaches – thus aiming to leverage the healthiness of processed foods for both business and society. However, the topic of food processing is relatively newfor the investment community. For investors who are interested in nutrition and health, the level of food processing and its effects on health is a logical issue to consider in relation to their responsible investment strategies.
Banks such as Rabobank and Barclays are already explicitly paying more attention to processing, outlining in their consumer trend reports that food companies should look at the potential risks that processed foods pose to financial returns over the long term, and opportunities to mitigate them.
For example, one opportunity recently highlighted by Rabobank involves reverse engineering and redesigning food production processes to retain the positive aspects of food processing without being linked to adverse health outcomes.
Climate Advisers: Industrial Decarbonization In The Aluminum Market: Challenges And Opportunities
Climate Advisers: Industrial Decarbonization In The Aluminum Market: Challenges And Opportunities
(https://www.climateadvisers.org/insightsfeed/industrial-decarbonization-aluminum/)
Cutting aluminum emissions is a challenging but vital step toward industrial decarbonization as demand is expected to grow sharply in coming years.
Producing “green aluminum” and securing a climate-safe economy while meeting rising demand will depend on significant collaboration across governments, international organizations, and industry. In this report Climate Advisers developed in partnership with the Atlantic Council, we dive into the complexities of decarbonizing the global aluminum market, how actors are working to produce the metal with cleaner methods, and recommendations for stakeholders to advance industrial decarbonization.
Aluminum production accounts for 3 percent of the world’s climate change emissions. This is set to increase with demand projected to rise by nearly 38% from 2020 to 2030. To learn more about how meeting growing demand for aluminum can be decoupled from climate emissions and how various countries are implementing the solutions listed below, download this report.
Just Share: Investor Briefing - FirstRand Limited’s 2023 climate-related financial disclosures
Just Share: Investor Briefing - FirstRand Limited’s 2023 climate-related financial disclosures
In September 2023, FirstRand published its annual climate-related disclosures across the following reports: climate change strategies report 2023 (climate report), Basel Pillar III disclosure 2023 (Basel III), governance report 2023, and remuneration report 2023. These are read with the bank’s climate change policy 2022 and its policy on energy and fossil fuel financing. Although the bank has published a document setting out its policy statements relating to restrictions on the financing of certain sectors/activities, this does not deal with fossil fuels, merely referencing that thermal coal is addressed in a separate policy.
Just Share has also engaged with FirstRand on several issues arising from its 2023 disclosures.
This briefing draws on the bank’s published disclosures and on clarifications provided by FirstRand during these engagements.
FirstRand has produced a clear and useful set of climate disclosures. It has attempted to address most elements of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and its disclosures make it possible for stakeholders to identify the gaps and challenges that it is facing in fully integrating climate risk into its decision-making. This briefing addresses someof these gaps, to focus investors and the bank on the issues that will help or hinder FirstRand’s ability to meet its long-term climate commitments.
Solactive: EU Taxonomy-Aligning Benchmarks
Solactive: EU Taxonomy-Aligning Benchmarks
(https://resources.solactive.com/taxonomy_aligning_benchmarks)
Solactive: EU Taxonomy-Aligning Benchmarks
EU Taxonomy-Aligning Benchmarks are proposed investment strategies that center on the EU Taxonomy for Sustainable Activities. These benchmarks would strategically leverage companies' disclosed capital expenditure aligned with environmentally sustainable economic activities.
Essentially, their overarching objective would lie in prioritizing companies directing capital towards pivotal sustainable initiatives, serving as a complementary framework to EU Climate Benchmarks.
Faith Invest: Faith-based Investment Governance
Faith Invest: Faith-based Investment Governance
A new paper from FaithInvest and investment consultant NEPC titled Faith-based Investment Governance explores the topic of investment governance for faith organizations. An earlier FaithInvest paper, From Faith Values to Investment, focused on the importance of investment policy statements and guidelines (abbreviated as IPS in this publication, IP&G in other FaithInvest content) as the essential governing documents required for the successful integration of faith values with investments.
The new paper looks beyond investment policy statements to the broader framework of investment governance, which is described by the CFA Institute Research Foundation as ‘...the effective use of resources – people, policies, and systems – by an individual or governing body seeking to fulfill a fiduciary duty to a principal in addressing an underlying investment challenge.’
Faiths, as values-based organizations serving a public purpose, operate in an environment that also requires a range of faith-based considerations, because many faith groups hold that investment governance should reflect faith-specific values, integrated throughout the governance framework.
Food Foundation: Investigating the impact of a salt and sugar tax on health and environmental outcomes
Food Foundation: Investigating the impact of a salt and sugar tax on health and environmental outcomes
Action is urgently needed by UK policymakers to tackle the causes of obesity and diet-related disease, as well as acting to reduce the environmental impact of our food system.
This policy briefing summarises research by Sustainable and Healthy Food Systems (SHEFS) which models the possible effects on food choice of a salt and sugar tax, as recommended in the 2021 National Food Strategy (NFS). It looks at the impact of consumers substituting frequently consumed foods for lower salt and sugar alternatives within the same food category, assessing the affordability of such swaps, and modelling the impact they might have on healthy weight and the environment.
The research finds that even very small swaps within just eight commonly consumed food categories (therefore likely to be realistic for the general population) can have notable impacts on both healthy weight at a population level and several environmental impact outcomes.
The findings support the introduction of targeted fiscal incentives for reformulation, such as a salt and sugar tax, ensuring that any potential risk to people on low incomes is minimised.
Jobs 50 of 209 results
JobPost: Citi: UK Risk & Controls – Climate & ESG Lead, UK Legal Entities (London | CloseDate: Unknown)
JobPost: Citi: UK Risk & Controls – Climate & ESG Lead, UK Legal Entities (London | CloseDate: Unknown)
JobPost: Citi: UK Risk & Controls – Climate & ESG Lead, UK Legal Entities (London | CloseDate: Unknown)
JobPost: CPP Investments: Analyst, Infrastructure & Sustainable Energies (Mumbai | CloseDate: Unknown)
JobPost: CPP Investments: Analyst, Infrastructure & Sustainable Energies (Mumbai | CloseDate: Unknown)
(https://jobs.smartrecruiters.com/CPPInvestmentsInvestissementsRPC/743999979382814)
JobPost: CPP Investments: Analyst, Infrastructure & Sustainable Energies (Mumbai | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Research Senior Analyst, Transportation & Infrastructure (Frankfurt/Amsterdam/Timisoara/Toronto | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Research Senior Analyst, Transportation & Infrastructure (Frankfurt/Amsterdam/Timisoara/Toronto | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Research Senior Analyst, Transportation & Infrastructure (Frankfurt/Amsterdam/Timisoara/Toronto | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Research & Methodology Senior Analyst, Risk Products (Amsterdam & Frankfurt | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Research & Methodology Senior Analyst, Risk Products (Amsterdam & Frankfurt | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Research & Methodology Senior Analyst, Risk Products (Amsterdam & Frankfurt | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Research & Methodology Senior Analyst, Risk Products (Amsterdam & Frankfurt | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Research & Methodology Senior Analyst, Risk Products (Amsterdam & Frankfurt | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Research & Methodology Senior Analyst, Risk Products (Amsterdam & Frankfurt | CloseDate: Unknown)
JobPost: PRI - Research Associate Responsible Investment Ecosystems - Canada (Temp) | Closing: 8:00pm, 19th May 2024 BST
JobPost: PRI - Research Associate Responsible Investment Ecosystems - Canada (Temp) | Closing: 8:00pm, 19th May 2024 BST
(https://app.beapplied.com/apply/ne9uwovods)
JobPost: PRI - Research Associate Responsible Investment Ecosystems - Canada (Temp) | Closing: 8:00pm, 19th May 2024 BST
Job Description
The Research Associate, Canada RI Ecosystems will be responsible for conducting research on leadership in the field of sustainable finance within the province of Quebec. The Research Associate will investigate practical examples of local responsible investment and stewardship best practices from Quebec-based PRI signatories, in order to produce written materials that highlight examples of such leadership in action.
Through this research, the Research Associate will contribute to PRI’s body of thought leadership by ways of a process that is informed by signatories and of value to the local – as well as the global – RI ecosystem that underpins the PRI.
The role requires an understanding of the investment industry, the sustainable development agenda, as well as the relevant local and regional policy and regulatory environments.
JobPost: Sustainalytics: ESG Research & Methodology Senior Analyst, Risk Products (Amsterdam / Frankfurt | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Research & Methodology Senior Analyst, Risk Products (Amsterdam / Frankfurt | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Research & Methodology Senior Analyst, Risk Products (Amsterdam / Frankfurt | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Analyst, Indicators & Metrics Team (Timisoara / Bucharest | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Analyst, Indicators & Metrics Team (Timisoara / Bucharest | CloseDate: Unknown)
JobPost: Sustainalytics: ESG Analyst, Indicators & Metrics Team (Timisoara / Bucharest | CloseDate: Unknown)
JobPost: GIIN: Director, Impact Measurement & Management Engagement (New York / Hybrid | CloseDate: 28 July)
JobPost: GIIN: Director, Impact Measurement & Management Engagement (New York / Hybrid | CloseDate: 28 July)
(https://jobs.thegiin.org/job/6523/director,-impact-measurement-and-management-(imm)-engagement/)
JobPost: GIIN: Director, Impact Measurement & Management Engagement (New York / Hybrid | CloseDate: 28 July)
JobPosts: 5 New @ PRI (Hybrid; London & Singapore)
JobPosts: 5 New @ PRI (Hybrid; London & Singapore)
JobPosts: 5 New @ PRI (Hybrid; London & Singapore)
Operational Resilience Analyst Technology and Infrastructure - Principles for Responsible Investment
Junior CRM Administrator Technology and Infrastructure - Principles for Responsible Investment
Senior Data Specialist - Principles for Responsible Investment
JobPost: PRI - Manager, Responsible Investment Ecosystems UK & Ireland (Hybrid/London | Closing: 8:00pm, 5th May 2024 BST)
JobPost: PRI - Manager, Responsible Investment Ecosystems UK & Ireland (Hybrid/London | Closing: 8:00pm, 5th May 2024 BST)
(https://app.beapplied.com/apply/qqss1i7zp4)
JobPost: PRI - Manager, Responsible Investment Ecosystems UK & Ireland (Hybrid/London | Closing: 8:00pm, 5th May 2024 BST)
JobPost: M&G plc - Sustainability Risk Analyst (Edinburgh | CloseDate: 5th May)
JobPost: M&G plc - Sustainability Risk Analyst (Edinburgh | CloseDate: 5th May)
(https://www.efinancialcareers.co.uk/jobs-UK-Edinburgh-Sustainability_Risk_Analyst.id20967478)
JobPost: M&G plc - Sustainability Risk Analyst (Edinburgh | CloseDate: 5th May)
JobPost: S&P Global - Associate ESG Client Services (Location: London | CloseDate: Unknown)
JobPost: S&P Global - Associate ESG Client Services (Location: London | CloseDate: Unknown)
(https://careers.spglobal.com/jobs/299177?lang=en-us)
JobPost: S&P Global - Associate ESG Client Services (Location: London | CloseDate: Unknown)
JobPost: S&P Global - Environmental Sustainability Intern (Location: Virtual, California | CloseDate: Unknown)
JobPost: S&P Global - Environmental Sustainability Intern (Location: Virtual, California | CloseDate: Unknown)
(https://careers.spglobal.com/jobs/300365?lang=en-us)
JobPost: S&P Global - Environmental Sustainability Intern (Location: Virtual, California | CloseDate: Unknown)
JobPost: S&P Global - Sustainability Sales Specialist, Financial Institutions (Location: New York | CloseDate: Unknown)
JobPost: S&P Global - Sustainability Sales Specialist, Financial Institutions (Location: New York | CloseDate: Unknown)
(https://careers.spglobal.com/jobs/297127?lang=en-us)
JobPost: S&P Global - Sustainability Sales Specialist, Financial Institutions (Location: New York | CloseDate: Unknown)
JobPost: Global Impact Investing Network - Director, Impact Measurement & Management (IMM) Engagement (Location: New York | CloseDate: 28th July)
JobPost: Global Impact Investing Network - Director, Impact Measurement & Management (IMM) Engagement (Location: New York | CloseDate: 28th July)
(https://jobs.thegiin.org/job/6523/director,-impact-measurement-and-management-(imm)-engagement/)
JobPost: Global Impact Investing Network - Director, Impact Measurement & Management (IMM) Engagement (Location: New York | CloseDate: 28th July)
JobPost: Group Director Of Sustainability & Impact (Location: Singapore | CloseDate: Unknown)
JobPost: Group Director Of Sustainability & Impact (Location: Singapore | CloseDate: Unknown)
(https://www.acre.com/job/group-director-of-sustainability-and-impact)