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  • Investment

Environment Agency fund joins global push for environmental impact disclosure

Environment Agency fund joins global push for environmental impact disclosure
  • James Phillips
  • James Phillips
  • @PPJamesPhillips
  • 17 June 2019
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The Environment Agency Pension Fund (EAPF) has joined a coalition of 88 investors to demand companies disclose more information on environmental impact.

The global bloc represents around $10trn (£7.95trn) in assets and is targeting over 700 companies, with $15.3trn market capitalisation, which are failing to report on certain environmental issues.

Alongside HSBC Global Asset Management, Amundi, and Washington State Investment Board, the EAPF is urging high-impact companies to improve transparency in areas including climate change, water security and deforestation.

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The 707 companies identified by the Carbon Disclosure Project's (CDP) 2019 Non-Disclosure Campaign have been selected because of their impact and existing opacity, and include Exxon Mobil, BP, Chevron, Amazon and Volvo.

Across all the companies targeted for climate change disclosure, 27% are in the services industry, 18% in manufacturing, and 12% in fossil fuels; on the issue of water security, manufacturing firms represent 27% of all companies contacted, followed by retail on 23% and fossil fuels on 11%.

CDP global director of investor initiatives Emily Kreps said the ESG risks cannot be managed with proper information.

"While some companies may say they already disclose in their own sustainability reports, that is not enough on its own," she said. "Investors and the wider market need transparency in the form of consistent, comparable and relevant metrics that are easy to access, compare and benchmark.

"And as for companies that say their investors do not care about these issues, this campaign demonstrates that is simply not the case."

Separately, Hermes Investment Management has signed two international accords designed to improve the availability of carbon pricing regimes by governments, and improve transparency in reporting climate risk in line with the recommendations of the Task Force on Climate-Related Financial Disclosures.

Chief executive Saker Nusseibeh signed the pledges alongside 32 major oil companies, asset managers and asset owners at a conference at the Vatican last week.

Nusseibeh said: "The environmental crisis that we currently face with regards to global warming demands urgent action."

He added: "The commitment from the CEOs of the major oil companies, the CEOs of some of the largest asset managers and from some of the largest asset owners in the world, reflects the importance of this topic and the commitment of all present to tackle it."

Last week, the UK government announced plans to reduce net emissions to zero by 2050, but investment firms said more incentives were needed to encourage institutional investors to allocate to climate change-conscious assets.

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More on Investment

The Treasury confirmed the new consultation as part of its Budget today
Spring Budget 2021: Government to consult again on DC investments and charge cap barriers

The government will press ahead with plans to use the “largely untapped pool of capital” in defined contribution (DC) schemes to invest in venture capital and growth equity assets.

  • Defined Contribution
  • 03 March 2021
The inconsistency of ESG ratings criteria is of particular concern to managers
ESG ratings: Bringing transparency or just greenwashing?

With sustainable investing proliferating rapidly and ESG ratings becoming embedded in financial markets, providers are coming under the spotlight over the transparency of their scoring systems, writes Pedro Gonçalves.

  • Investment
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  • Investment
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Mikulskis: There is huge untapped investment potential if the energy industry thinks differently about assets
Net-zero Britain target creates anchor for £350bn of investment

Up to £350bn of investible assets could be found within the energy sector over the next 30 years as investment in opportunities to decarbonise the economy by 2050 increases, Lane Clark & Peacock (LCP) finds.

  • Investment
  • 02 March 2021
Industry Voice: Secure income assets: lifting the lid on ESG integration

As demand for investments in the private market continues to grow, there is ever-increasing interest in considering ESG factors to promote greater transparency, for better risk management, and to aim to deliver long-term value

  • Investment
  • 02 March 2021
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