Briefing Paper on the 2018 Global Investor Statement to Governments on Climate Change
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This Briefing Paper accompanies the 2018 Global Investor Statement to Governments on Climate Change. It has been ready by seven investor organizations together with the Asia Investor Group on Climate Change (AIGCC, Asia), CDP, Ceres (North America), the Investor Group on Climate Change (IGCC, Australia/New Zealand), the Institutional Investor Group on Climate Change (IIGCC, Europe), Rules for Accountable Funding (PRI) and the UN Setting Finance Initiative (UNEP FI). These teams collectively characterize a whole lot of buyers worldwide with trillions of dollars in belongings underneath administration.
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Institutional buyers have a duty to handle and shield the belongings of hundreds of thousands of savers and people worldwide, together with from the consequences of local weather change. Buyers additionally handle giant swimming pools of long-term capital and play an important position in financing the transition to a low carbon, extra local weather resilient, financial system. To this finish, buyers urge governments to replace and strengthen their climate-related insurance policies to speed up and increase additional funding flows.
Buyers are involved that the implementation of the Paris Settlement is presently falling nicely in need of the agreed objective of “holding the increase in the global average temperature to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.” This hole not solely will increase the bodily dangers from local weather change for present and future generations, but in addition heightens financial and coverage uncertainty and hampers buyers’ capability and willingness to proceed to correctly allocate the trillions of dollars which are wanted to help the low carbon transition course of.
This briefing paper offers suggestions to governments on the precise steps that buyers consider are wanted to help a clean and simply transition to a low carbon, extra local weather resilient, financial system. It focuses on three main areas for presidency motion: 1) Obtain the Paris Settlement’s objectives, 2) Speed up personal sector funding into the low carbon transition and three) Commit to enhance climate-related monetary reporting.
Buyers name on international leaders to:
- Obtain the Paris Settlement’s objectives ■ Replace and strengthen nationally-determined contributions to satisfy the objectives of the Paris Settlement, beginning the method now in 2018 and finishing it no later than 2020, and focusing swiftly on implementation ■ Formulate and talk long-term emission discount methods in 2018 ■ Align all climate-related coverage frameworks holistically with the objectives of the Paris Settlement ■ Help a simply transition to a low carbon
- Speed up personal sector funding into the low carbon transition ■ Incorporate Paris-aligned local weather situations into all related coverage frameworks and power transition pathways ■ Put a significant worth on carbon ■ Part out fossil gasoline subsidies by set deadlines ■ Part out thermal coal energy worldwide by set
- Commit to enhance climate-related monetary reporting ■ Publicly help the Monetary Stability Board’s Process Drive on Climate-related Monetary Disclosures (TCFD) suggestions and the extension of its time period ■ Decide to implement the TCFD suggestions of their jurisdictions, no later than 2020 ■ Request the FSB incorporate the TCFD suggestions into its tips ■ Request worldwide standard-setting our bodies incorporate the TCFD suggestions into their
Buyers stay firmly dedicated and able to work with authorities leaders to implement these actions.
1. Obtain the Paris Settlement’s objectives
The implementation of the Paris Settlement that got here into pressure in November 2016 is presently falling properly in need of the agreed aim of “holding the increase in the global average temperature to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.” Certainly, the complete implementation of present Nationally Decided Contributions (NDCs) would result in an unacceptably excessive temperature improve, probably within the vary of two.9 to three.four°C relative to pre-industrial levels1.
That is of nice concern for buyers, as international warming at that scale would have giant and detrimental impacts on international economies, society and funding portfolios, now and into the future2. Coverage makers want to shut this hole urgently.
Insurance policies that help the attainment of the Paris Settlement’s objectives will present the personal sector with larger certainty as to governments’ dedication to tackling local weather change. It will, in flip, have an effect on buyers’ potential to evaluate climate-related dangers and alternatives, to measure and disclose portfolio publicity to the low carbon transition and bodily local weather impacts, and to additional spend money on alternatives to help a low carbon, extra local weather resilient, world.
With that in thoughts, buyers advocate that international leaders:
i. Replace and strengthen nationally-determined contributions to satisfy the objectives of the Paris Settlement, beginning the method now in 2018 and finishing it no later than 2020, and focusing swiftly on implementation – There’s an ambition hole to the aim of the Paris Settlement that must be closed with urgency.
- Professional evaluation exhibits that the complete implementation of present NDCs that type the inspiration of the Paris Settlement cowl solely one-third of the emissions reductions wanted if the objectives of the Settlement are to stay achievable. And not using a strengthening within the NDCs, the full remaining carbon finances of roughly 1,000 Gt CO2 for limiting international warming to under 2°C might be 80% depleted by 2030.
- This end result would end in vital further dangers for the worldwide financial system, monetary system and society extra broadly, growing the bodily impacts of local weather change in addition to delaying the essential funding flows which might be required to help the low carbon transition.
- If the emissions hole is closed as a matter of urgency by means of updating and strengthening present NDCs, beginning now and finishing no later than 2020, then it’s nonetheless potential to remain inside the carbon price range and for the Paris Settlement’s objectives to be met.
- Buyers urge all nations to not solely strengthen, however to additionally swiftly implement their extra formidable NDCs. This consists of participation within the implementation framework by way of the UNFCCC course of to watch and report progress over time4.
ii. Formulate and talk long-term emission discount methods in 2018 – Buyers welcome the announcement by some nations to publish or decide to creating mid-century, long-term, emission discount methods as a part of their dedication to the Paris Nevertheless, many governments are but to submit their long-term methods, with solely a small quantity revealing their plans out to 20505. Buyers urge all nations that haven’t already completed so to submit mid-century, long-term emission discount methods this yr.
- Institutional buyers have very long-term obligations to satisfy future retirement wants and pay-out liabilities which will run many many years into the longer term. Moreover, buyers shall be higher positioned to successfully worth and spend money on long-term belongings similar to inexperienced bonds, personal fairness, infrastructure, timberland and agriculture that may all present essential help for the low carbon transition.
- The long-term methods want to stipulate a nation’s imaginative and prescient for attaining, no less than, a internet zero emissions future. This might, at a minimal, determine what yr emissions are anticipated to peak, when the financial system is predicted to succeed in internet zero emissions, how the pathway for the power combine is predicted to evolve, the projected pathway of emissions on the sector degree (together with the impression on the power, buildings, business, transport, agriculture, water and waste sectors) and the deliberate phasing out of high-carbon belongings and applied sciences.
iii. Align all climate-related coverage frameworks holistically with the objectives of the Paris Settlement – Buyers urge and reaffirm the necessity for nations to attempt for larger consistency throughout coverage mechanisms to help the attainment of the Paris Settlement objectives.
- Buyers encourage governments to discover methods to raised align the climate-related coverage objectives and mechanisms with different priorities together with the implementation of the Sustainable Improvement Objectives (SDGs), infrastructure improvement plans and monetary regulatory reform to advertise higher monetary stability and resilience.
- Whereas some nations are implementing cross-cutting climate-related coverage and sustainable finance frameworks6, there’s a want for higher alignment and extra joined up planning throughout authorities mandates together with the power, infrastructure, business, local weather, transport, buildings and monetary coverage our bodies and agencies7. Larger alignment between the monetary system and actual financial system decarbonisation measures will present extra constant alerts and incentives for institutional buyers to embark on parallel transition planning efforts that may finally enhance monetary resilience and bolster capital flows to low carbon alternatives.
iv. Help a simply transition to a low carbon financial system – Buyers encourage governments to transition to a low carbon financial system in a sustainable and economically inclusive As said within the Paris Settlement, this should embrace “the creation of decent work and quality jobs in accordance with nationally defined development priorities”, by offering applicable help for staff and communities in industries present process transition8. Moreover, governments ought to work with buyers to make sure that the advantages and alternatives created by appearing on local weather change and the elevated adoption of unpolluted power applied sciences are accessible to all9.
2. Speed up personal sector funding into the low carbon transition
Buyers are taking motion on local weather change by making vital investments into the low carbon financial system throughout a variety of asset courses10. Buyers are additionally more and more incorporating local weather change situations and local weather danger administration methods into their funding processes11 and interesting with high-emitting corporations12.
Regardless of these efforts, it’s extensively acknowledged that there’s a clear and urgent have to scale up monetary flows to help the low carbon transition course of13. A current survey of institutional buyers recognized coverage uncertainty as one of many key obstacles to accelerating investments into low carbon and local weather resilient alternatives14.
To strengthen investor confidence to additional spend money on the low carbon financial system, it is important that international coverage makers ship robust and continued help for local weather motion, together with via incorporating Paris-aligned local weather situations into all related coverage frameworks and power transition pathways, placing a significant worth on carbon, phasing out fossil gasoline subsidies by set deadlines and phasing out thermal coal energy worldwide by set deadlines.
Towards that backdrop, buyers encourage international leaders to take the next actions:
i. Incorporate Paris-aligned local weather situations into all related coverage frameworks and power transition pathways – Buyers encourage governments to work intently collectively in session with companies and buyers to include Paris-aligned local weather situations into their coverage frameworks and power transition pathways.
- In response to the necessity to mitigate and adapt to the consequences of local weather change, buyers are more and more making use of climate-related situations to guage the funding influence of various outcomes as a device to assist transition portfolios to be aligned with the objectives of the Paris Settlement15.
- Totally different sources for climate-related state of affairs evaluation exist, with some governments, companies and buyers creating their very own methodologies and situations, whereas others make the most of these constructed by worldwide organizations, particularly the Worldwide Power Company (IEA)16.
- There have been some considerations expressed concerning the alignment of the IEA local weather change situations with the Paris Settlement objectives and the assumptions across the future contribution of renewable power as a part of the power combine17. Uncertainty over the power transition pathways which might be Paris-aligned might decelerate the speed at which governments, companies and buyers are prepared to additional evolve their long-term planning and transition to a low carbon financial system.
- Because of this, it’s important that governments scrutinize and search alignment between the situations which are utilized by totally different actors with the Paris Settlement Governments can set requirements to encourage higher transparency throughout the private and non-private sector when it comes to the assumptions and outcomes from state of affairs evaluation assessments. Larger alignment with the Paris Settlement objectives will finally enhance the measurement, mitigation and disclosure of climate-related dangers and alternatives throughout governments, companies and buyers in a extra coordinated, constant and clear approach.
ii. Put a significant worth on carbon – Buyers reiterate the necessity for governments to offer secure, dependable and economically significant carbon pricing to assist redirect funding commensurate with the size of the local weather change problem. Carbon pricing will degree the enjoying area for low carbon applied sciences and extra adequately mirror the prices of climate-related externalities. Market-based mechanisms are best when supported by complementary mechanisms comparable to public procurement measures, laws, power targets, carbon efficiency and power effectivity requirements.
- Buyers encourage these nations that haven’t but carried out some type of carbon pricing to take action promptly as a part of their climate-energy motion plans.
- Buyers welcome information that many countries are shifting ahead with carbon pricing In 2018, 45 nationwide and 25 regional governments have already got carried out, or are scheduled to implement, a carbon pricing initiative by way of emissions buying and selling methods (ETS) and taxation, overlaying 20% of worldwide GHG emissions19. A further 20 governments, at various ranges, are contemplating the implementation of a carbon pricing system as a part of their local weather coverage technique20.
- Buyers additionally welcome and encourage additional efforts to extend the ambition and enhance the effectiveness of present carbon pricing insurance policies to stimulate emissions discount consistent with the Paris Settlement. Almost three quarters of emissions coated by carbon pricing are priced at lower than US$10/tCO2e. That is considerably decrease than the worth ranges which are in keeping with attaining the temperature aim of the Paris Settlement, with the Carbon Pricing Corridors initiative projecting worth ranges within the vary of US$38-US$100/tCO2e by 2035.
- Actions by some nations to maneuver in the direction of linking ETS are additionally welcome – worldwide cooperation can considerably scale back the price of local weather mitigation efforts22.
iii. Part out fossil gasoline subsidies by set deadlines – Buyers are involved concerning the continued existence of subsidies and public finance that help the manufacturing and consumption of fossil fuels.
- Fossil gasoline subsidies improve the danger of stranded fossil gasoline belongings, lower the competitiveness of key industries, together with low carbon companies, and negate carbon worth alerts. Additionally they probably perpetuate revenue inequality whereas failing to satisfy the power wants of these missing power entry, and injury public well being by growing air air pollution23.
- All of those outcomes undermine innovation and efforts to realize the objectives of the Paris Settlement. Additionally they generate probably dangerous financial, social and environmental prices which are impacting on buyers’ portfolios and their means to deploy capital to help the low carbon transition on the velocity and scale required.
- Buyers reiterate our earlier request that governments set a transparent timeline by 2020 for the phase-out of all fossil gasoline subsidies24, together with a agency dedication by the top of 2018 to undertake a world fossil gasoline subsidy peer assessment.
iv. Part out thermal coal energy worldwide by set deadlines – Buyers are involved concerning the continued enlargement of conventional thermal coal energy stations in some jurisdictions that places the attainment of the Paris Settlement objectives in danger.
- Skilled evaluation exhibits that to satisfy the Paris Settlement objectives of limiting the rise in international temperatures by 2°C, whereas striving to restrict the rise to 1.5°C, a coal phase-out is required by 2030, within the Organisation for Financial Co-operation and Improvement (OECD) nations and within the European Union; by 2040, in China; and by 2050, in the remainder of the world25.
- Most of the world’s main institutional buyers are responding to the local weather and funding dangers related to thermal coal-based belongings by taking motion in quite a lot of methods – certainly one of which is to part out investments in thermal coal belongings26.
- Buyers welcome efforts by some governments and corporations to part out thermal coal, with the Powering Previous Coal Alliance Declaration supported by (on the time of publication) 28 nations, eight subnational governments, and 28 companies and different organizations. The Alliance members comply with “phasing out of existing traditional coal power and placing a moratorium on any new traditional coal power stations without operational carbon capture and storage, within our jurisdictions”27.
- Buyers encourage these nations that haven’t but supported the Powering Previous Coal Alliance Declaration to think about doing so, the place technically possible, as a part of their worldwide dedication to the Paris Settlement temperature aim or to set comparable and achievable deadlines.
One of many important elements for buyers to handle the transition to a low carbon financial system successfully is accessing dependable, constant and comparable details about climate- associated dangers and alternatives. If short-, medium- and long-term local weather dangers will not be absolutely evaluated and disclosed, ill-informed funding and company selections will drive up the price of the transition for policy-makers, buyers, companies and – finally – for shoppers and communities.
To this finish, buyers welcome the suggestions of the Monetary Stability Board’s (FSB) Activity Drive on Climate-related Monetary Disclosures (TCFD) and are taking sensible steps to help their implementation around the globe29. The TCFD offers international suggestions on climate-related monetary disclosures, together with 4 extensively adoptable rules which are relevant to organizations throughout sectors and jurisdictions30. The TCFD has been endorsed by over 238 corporations, together with 150 monetary establishments representing a mixed market capitalization of over US$6 trillion and US$81.7 trillion belongings underneath administration.
To ensure that the TCFD to be efficient, it’s critical that governments commit to enhance climate- associated monetary reporting requirements by publicly supporting the adoption of the TCFD suggestions and the extension of its time period past September 2018.
Buyers encourage international leaders to help continued enchancment within the high quality and uptake of climate-related monetary reporting by means of the next actions:
I. Publicly help the Monetary Stability Board’s Process Pressure on Climate- associated Monetary Disclosures (TCFD) suggestions and the extension of its time period – Buyers consider this might reaffirm the significance of the TCFD suggestions throughout the regulatory, enterprise and funding communities.
- It will be significant for buyers that the momentum behind the TCFD suggestions proceed and that the FSB stay concerned32. It will assist to underpin credibility of the suggestions and stimulate additional motion to advertise implementation throughout the regulatory, enterprise and funding communities.
- Because of this, buyers request that governments publicly state their help for the TCFD suggestions and the extension of its time period, beneath the authority of the FSB, past September 2018.
II. Decide to implement the TCFD suggestions of their jurisdictions, no later than 2020 – Buyers consider this may improve the supply of constant, comparable and dependable disclosure of climate-related monetary info for buyers.
- To obtain a degree enjoying subject and stop aggressive drawback, it’s important that nationwide laws and climate-related reporting frameworks are harmonized via their alignment with the TCFD suggestions.
- In lots of nations, present monetary reporting frameworks already require disclosure of fabric dangers33. Buyers request that each one nations assessment their reporting frameworks, business steerage and laws towards the TCFD suggestions to determine alternatives for creating, evolving and strengthening these to realize larger consistency on the worldwide degree.
- Extra particularly, buyers encourage governments to request that the monetary regulators of their jurisdiction reply to the suggestions of the TCFD and set out how they intend to include the suggestions into their tips, as a matter of precedence.
III. Request the FSB incorporate the TCFD suggestions into its tips
- Buyers consider that this might assist to mobilize and legitimize higher transparency round climate-related monetary info throughout the regulatory, enterprise and funding communities.
- The G20 and FSB established the “industry led” TCFD, however the FSB has not formally included the TCFD suggestions into its tips or coordinating actions with monetary authorities and commonplace setting our bodies (SSBs). It might be of nice profit for solidifying new international business norms to enhance climate-related monetary disclosure if the FSB have been to formally incorporate the TCFD suggestions into its actions.
- Because of this, buyers urge governments to request that the FSB search to include the TCFD suggestions into its tips and coordinating actions with nationwide monetary authorities and worldwide SSBs, as a part of its efforts to advertise worldwide monetary stability.
IV. Request worldwide standard-setting our bodies incorporate the TCFD suggestions into their requirements – Buyers consider this may assist to solidify and normalise the disclosure of climate-related monetary info throughout the monetary sector, in addition to present path for nationwide regulators as they interpret and reply to the suggestions.
- The TCFD suggestions have to be explicitly referenced in up to date steerage on implementation of the G20/OECD Rules of Company Governance as nicely the opposite worldwide monetary requirements35, with excessive precedence particularly given to reviewing the Worldwide Monetary Reporting Requirements in response to the TCFD suggestions.
- Buyers encourage governments to request that the worldwide monetary SSBs reply to the suggestions of the TCFD and set out how they intend to include the suggestions into their requirements and tips, as a matter of precedence.
The necessity for governments to shut the nationwide commitments hole to realize the objectives of the Paris Settlement is urgent – as is the necessity to swiftly implement the fitting enhanced coverage mechanisms and frameworks to help the low carbon transition course of in closing this hole. Buyers encourage governments to take motion throughout the three areas as set out on this briefing paper, together with updating and strengthening NDCs, accelerating personal sector funding into the low carbon transition and committing to enhance climate-related monetary reporting of their jurisdictions.
Buyers are dedicated to working with governments to make sure that the suitable coverage mechanisms are efficiently developed and carried out to assist mitigate the opposed results of local weather change and speed up the transition to a low carbon financial system.
2018 GLOBAL INVESTOR STATEMENT TO GOVERNMENTS ON CLIMATE CHANGE
This assertion is signed by 415 buyers representing over USD $32 trillion in belongings.
As institutional buyers with tens of millions of beneficiaries all over the world, we reiterate our full help for the Paris Settlement https://www.valuewalk.com/2018/12/tcfd-recommendations-climate-change/ and strongly urge all governments to implement the actions which might be wanted to realize the objectives of the Settlement, with the utmost urgency.
Buyers are taking motion on local weather change. The worldwide shift to wash power is underway, however rather more must be completed by governments to speed up the low carbon transition and to enhance the resilience of our financial system, society and the monetary system to local weather dangers. Buyers proceed to make vital investments into the low carbon transition throughout a variety of asset courses. Buyers are additionally more and more incorporating local weather change situations and local weather danger administration methods into their funding processes and interesting with high-emitting corporations. To construct on this momentum and keep investor confidence to additional shift funding portfolios, it is important that coverage makers are firmly dedicated to attaining the objectives of the Paris Settlement.
We’re involved that the implementation of the Paris Settlement is at present falling in need of the agreed objective of “holding the increase in the global average temperature to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.” There’s an ambition hole: the complete implementation of present Nationally Decided Contributions (NDCs) would result in an unacceptably excessive temperature improve that might trigger substantial unfavorable financial impacts.
This ambition hole is of nice concern to buyers and must be addressed, with urgency. It’s critical for our long-term planning and asset allocation selections that governments work intently with buyers to include Paris-aligned local weather situations into their coverage frameworks and power transition pathways.
As well as, buyers want corporations to report dependable and decision-useful climate-related monetary info to cost climate-related dangers and alternatives successfully. That’s the reason we welcome the suggestions of the Monetary Stability Board’s (FSB) Activity Drive on Climate-related Monetary Disclosure (TCFD) and are taking sensible steps to help their implementation around the globe. To ensure that the TCFD to be efficient, it’s critical that governments commit to enhance climate-related monetary reporting requirements by publicly supporting the adoption of the TCFD suggestions and the extension of its time period past September 2018.
The nations and corporations that lead in implementing the Paris Settlement and enacting robust local weather and low carbon power insurance policies will see vital financial advantages and appeal to elevated funding that may create jobs in industries of the longer term. To guarantee a clean and simply transition to a low carbon financial system and to adapt to the warming already locked in to the local weather system, will probably be necessary that the advantages of getting access to cleaner power sources are shared by all, and that these staff and communities affected by the transition are supported.
With these rules in thoughts, we name on international leaders to:
- Obtain the Paris Settlement’s objectives ■ Replace and strengthen nationally-determined contributions to satisfy the emissions discount objective of the Paris Settlement, beginning the method now in 2018 and finishing it no later than 2020, and focusing swiftly on implementation ■ Formulate and talk long-term emission discount methods in 2018 ■ Align all climate-related coverage frameworks holistically with the objectives of the Paris Settlement ■ Help a simply transition to a low carbon financial system.
- Speed up personal sector funding into the low carbon transition ■ Incorporate Paris-aligned local weather situations into all related coverage frameworks and power transition pathways ■ Put a significant worth on carbon ■ Part out fossil gasoline subsidies by set deadlines ■ Part out thermal coal energy worldwide by set deadlines.
- Commit to enhance climate-related monetary reporting ■ Publicly help the Monetary
Stability Board’s Process Drive on Climate-related Monetary Disclosures (TCFD) suggestions and the extension of its time period ■ Decide to implement the TCFD suggestions of their jurisdictions, no later than 2020 ■ Request the FSB incorporate the TCFD suggestions into its tips ■ Request worldwide standard-setting our bodies incorporate the TCFD suggestions into their requirements.
We stand able to work with authorities leaders in implementing these actions.
Observe: The next 454 investor signatories with nicely over $32 trillion in belongings are listed in alphabetical order by organisation identify:
Aalto College Basis
Aargauische Pensionskasse (APK)
Aberdeen Commonplace Investments
Achmea Funding Administration
Addenda Capital Inc.
Adrian Dominican Sisters, Portfolio Advisory Board Aegon N.V.
AGF Investments Inc.
Aktia Financial institution Plc
Alberta Funding Administration Company (AIMCo)
Allianz Global Buyers
Alquity Funding Administration Restricted
Various Capital Companions Srl
Andra AP-fonden (AP2)
AP3 Third Swedish Nationwide Pension Fund
AP6 (Sjätte AP-fonden)
Ardevora Asset Administration LLP
Armstrong Asset Administration
As You Sow
ASN Financial institution
Ausbil Funding Administration Ltd
Australian Moral Funding
Avaron Asset Administration
Avesco Monetary Providers AG
AXA Funding Managers
Baillie Gifford & Co
Financial institution J. Safra Sarasin
BBC Pension Belief
Bedfordshire Pension Fund
BMO Global Asset Administration
BNP Paribas Asset Administration
Boston Widespread Asset Administration
Brawn Capital Restricted
Bridges Fund Administration Restricted
Brunel Pension Partnership
BT Monetary Group
Caisse de dépôt et placement du Québec (CDPQ)
Caisse de pensions de l’Etat de Vaud (CPEV)
Caisse de pensions ECA-RP
Caisse de Prévoyance de l’Etat de Genève (CPEG)
Caisse de Prévoyance des Interprètes de Conférence (CPIC)
Caisse intercommunale de pensions (CIP)
Caisse paritaire de prévoyance de l’industrie et de la development (CPPIC)
Caja Ingenieros Gestión
California Public Staff’ Retirement System
California State Controller
California State Academics’ Retirement System
California State Treasurer’s Workplace
Calvert Analysis and Administration
Candriam Buyers Group
Capricorn Funding Group
Cathay Monetary Holdings
Catholic Well being Initiatives
CCAP Caisse Cantonale d’Assurance Populaire
Central Finance Board of the Methodist Church
Christopher Reynolds Basis
Church Commissioners for England
Church Buyers Group
Church Of England Pensions Board
Church of Sweden Asset Administration
CIEPP – Caisse Inter-Entreprises de Prévoyance Professionnelle
Metropolis Developments Restricted
CM-CIC Asset Administration
Colonial First State Global Asset Administration
Cometa Fondo Pensione
Committee on Mission Duty By means of Funding of the Presbyterian Church U.S.A. Widespread Pursuits
Convention for Company Duty Indiana And Michigan Congregation of St. Joseph
Connecticut Retirement Plans and Belief Funds
Connecticut State Treasurer
Credito Valtellinese S.p.A.
CRF For Native Authorities
Dana Funding Advisors
Danske Financial institution Wealth Administration
Daughters of Charity, Province of St. Louise
Davy Asset Administration
Dignity Well being
Domini Impression Investments LLC
Dominican Sisters of Hope
Dominican Sisters of Sparkill
Dragon Capital Group
DSM Capital Companions LLC
Earth Capital Companions
EdenTree Funding Administration
Edmond de Rothschild Asset Administration (France)
Elo Mutual Pension Insurance coverage Firm
Setting Company Pension Fund
Epic Capital Wealth Administration
Epworth Funding Administration
eQ Asset Administration Ltd
Essex Funding Administration, LLC Etablissement Cantonal d’Assurance (ECA VAUD) Ethos Basis
Everence and the Praxis Mutual Funds
Evli Financial institution
Felician Sisters of North America
FIM Asset Administration
Finance in Movement
First Affirmative Monetary Community
First State Tremendous
FMO – Dutch Improvement Financial institution
Fondation de la métallurgie vaudoise du bâtiment (FMVB) Fondation de prévoyance du Groupe BNP PARIBAS en Suisse Fondation Leenaards, Switzerland
FONDO DE PENSIONES EMPLEADOS DE TELEFONICA Fonds de Réserve pour les Retraites – FRR Första AP-fonden (AP1)
Franciscan Sisters of Allegany NY
Associates Fiduciary Company
Fundação VIVA DE PREVIDÊNCIA
Generate Capital, Inc.
Era Funding Administration LLP
GOOD GROWTH INSTITUT für globale Vermögensentwicklung mbH
Larger Manchester Pension Fund
Inexperienced Century Capital Administration
Greentech Capital Advisors
Handelsbanken Asset Administration
Hermes Funding Administration
HSBC Financial institution UK Pension Scheme
HSBC Global Asset Administration
ICCR (Interfaith Middle on Company Duty)
Illinois State Treasurer Michael Frerichs
Impax Asset Administration
Investec Asset Administration
Funding Administration Company of Ontario (IMCO)
Jantz Administration LLC
JLens Investor Community
Joseph Rowntree Charitable Belief
Kempen Capital Administration
Kendall Sustainable Infrastructure, LLC
La Banque Postale
La Française Group
Labour Union Co-operative Retirement Fund (LUCRF Tremendous)
Lægernes Pension – pensionskassen for læger
Authorized & Common Funding Administration
Legato Capital Administration, LLC
LGPS Central Restricted
Native Authority Pension Fund Discussion board
Native Authorities Tremendous
Native Pensions Partnership
LocalTapiola Asset Administration Ltd
Logos Asset Administration
London Pensions Fund Authority
Los Angeles County Staff Retirement Affiliation (LACERA)
Maryland Province of the Society of Jesus
Maryland State Treasurer Nancy Kopp
Meeschaert Asset Administration
Mennonite Schooling Company
Merck Household Fund
Mercy Well being
Mercy Funding Providers, Inc.
Merseyside Pension Fund
MFS Funding Administration
Midwest Coalition Accountable Funding
Miller/Howard Investments, Inc.
Minnesota State Board of Funding
Mitsubishi UFJ Kokusai Asset Administration Co.,LTD.
Mitsubishi UFJ Belief & Banking Company
Montanaro Asset Administration Ltd
Morphic Asset Administration
MPC Renewable Energies GmbH
Munich Enterprise Companions
Nanuk Asset Administration
Natixis Funding Managers
Nephila Capital Ltd
Nest Sammelstiftung, Switzerland
Neumeier Poma Funding Counsel, LLC
New York Metropolis Comptroller
New York State Comptroller
Newton Funding Administration
Nikko Asset Administration
NN Funding Companions Nomura Asset Administration Nordea
Nordea Asset Administration
North East Scotland Pension Fund
Northern Eire Native Authorities Officers’ Superannuation Committee NorthStar Asset Administration, Inc.
Northwest Coalition for Accountable Funding
OFI AM Öhman
Previous Mutual Global Buyers
Ontario Academics’ Pension Plan
Oregon State Treasurer Tobias Learn Possession Capital P+(DIP/JOEP)
P1 Funding Administration Restricted Pædagogernes Pension
Palisade Funding Companions Parnassus Investments Pathfinder Asset Administration Pegasus Capital Advisors, L.P. PenSam PensionDanmark
Pensions Caixa 30
Pensionskasse Caritas, Switzerland Pensionskasse der Stadt Winterthur, Switzerland Pensionskasse Stadt Luzern, Switzerland Pensionskasse Unia, Switzerland
Permian Global PFA Pension
PGGM PHITRUST Pictet Group
PKA A/S PME
PMT (Pensioenfonds Metaal & Techniek) Polaris Capital Group Co., Ltd. Polden-Puckham Charitable Basis Prévoyance Santé Valais (PRESV), Switzerland prévoyance.ne, Switzerland
Clergymen of the Sacred Coronary heart, US Province Princeville Global
Professional BTP Finance
Profelia Fondation de prévoyance, Switzerland
Progressive Asset Administration
Progressive Funding Administration
Prosperita Stiftung für die berufliche Vorsorge, Switzerland
PT. ASABRI (Persero)
RAM Lively Investments
Rathbone Greenbank Investments
Régime de retraite de l’Université de Montréal
Area VI Coalition for Accountable Funding
Regroupement pour la Responsabilité Sociale des Entreprises (RRSE)
Retraites Populaires, Switzerland
Reynders, McVeigh Capital Administration, LLC
Riverwater Companions LLC
Rockefeller Capital Administration
Rose Basis for Communities and the Setting Royal London Asset Administration RPMI Railpen
San Francisco Staff’ Retirement System (SFERS)
Santander Empleados Pensiones, F.P.
Sarasin & Companions LLP
SBI Funds Administration Personal Restricted
Seamans Capital Administration, LLC
Seattle Metropolis Staff’ Retirement System
SEB Funding Administration
Seventh Era Interfaith Inc.
Shareholder Affiliation for Analysis & Schooling (SHARE
Sinsinawa Dominincans Inc.
Sisters of Bon Secours USA
Sisters of St. Dominic of Caldwell
Sisters of St. Francis of Philadelphia
Sisters of the Presentation of the BVM of Aberdeen SD SLM Companions Australia
Socially Accountable Funding Coalition
Solaris Funding Administration
Solothurnische Gebäudeversicherung, Switzerland
Sophia Faculty Company
South Yorkshire Pensions Authority
St. Galler Pensionskasse, Switzerland
Stafford Capital Companions
State of New Mexico – Treasurer’s Workplace
Steyler Ethik Financial institution
Stichting Bedrijfstakpensioenfonds voor de Bouwnijverheid Stichting Pensioenfonds Openbaar Vervoer
Stichting Pensioenfonds voor de Woningcorporaties Stichting Personeelspensioenfonds APG Stichting Spoorwegpensioenfonds Stiftung Abendrot, Switzerland
Storebrand Asset Administration AS
Strathclyde Pension Fund
Sumitomo Mitsui Belief Financial institution
Superannuation Preparations of the College of London (SAUL)
Sustainable Know-how Buyers Ltd
SWEN Capital Companions
Sycomore Asset Administration
Terra Alpha Investments
Terre des hommes, Switzerland
The Atmospheric Fund
The Barrow Cadbury Belief
The George Gund Basis
The London Borough of Islington Council
The Maryland State Retirement and Pension System The Osiris Group
The Presbyterian Church in Canada
The Sustainability Group of Loring, Wolcott & Coolidge
The Swedish Basis for Strategic Environmental Analysis, Mistra
The Tellus Mater Basis
Thomson Horstmann and Bryant, Inc.
TPT Retirement Options
Transport for London Pension Fund
Tri-State Coalition for Accountable Funding
Trillium Asset Administration
Trilogy Global Advisors, LP
Trinity Well being
Triodos Funding Administration
UBS Asset Administration
Union Bancaire Privée, UBP SA
Union Mutualiste Retraite
UNISON Employees Pension Scheme
Unitarian Universalist Affiliation
United Church Funds
United Methodist Ladies
Université de Montréal (Fonds de dotation)
Universities Superannuation Scheme – USS
College of California
College of Toronto Asset Administration
Univest Firm (Unilever Pension Funds)
Ursuline Sisters of Tildonk, U.S. Province
USA Northeast Province of the Society of Jesus
Vancity Funding Administration Ltd.
Varma Mutual Pension Insurance coverage Firm
VBV – Vorsorgekasse AG
Veritas Pension Insurance coverage Firm
Vermont Pension Funding Committee
Vermont State Treasurer Elizabeth Pearce
Vert Asset Administration
Imaginative and prescient Tremendous Pty Ltd
Walden Asset Administration/Boston Belief & Funding Administration
Water Asset Administration LLC
Washington State Funding Board
Wermuth Asset Administration GmbH
West Midlands Pension Fund
West Yorkshire Pension Fund
Wetherby Asset Administration
WHEB Asset Administration
Zevin Asset Administration
Zurich Insurance coverage Group