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2018 Global Investor Statement To Governments On Climate Change

2018 Global Investor Statement To Governments On Climate Change

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.

Q3 hedge fund letters, convention, scoops and so on

Government Abstract

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.

Key Suggestions

Buyers name on international leaders to:

  1. 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
  2. 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
  3. 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.

three. Commit to enhance climate-related monetary reporting

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.

Signed,

Observe: The next 454 investor signatories with nicely over $32 trillion in belongings are listed in alphabetical order by organisation identify:

274

Aalto College Basis

Aargauische Pensionskasse (APK)

Aberdeen Commonplace Investments

ABP

Achmea Funding Administration

ACTIAM

Addenda Capital Inc.

Adrian Dominican Sisters, Portfolio Advisory Board Aegon N.V.

AGF Investments Inc.

Aktia Financial institution Plc

Alberta Funding Administration Company (AIMCo)

Alecta

Allianz Global Buyers

Allianz SE

Alquity Funding Administration Restricted

Various Capital Companions Srl

AMF

Amundi

Andra AP-fonden (AP2)

AP3 Third Swedish Nationwide Pension Fund

AP4

AP6 (Sjätte AP-fonden)

AP7

APG

Aquila Capital

Archbishops’ Council

Ardevora Asset Administration LLP

Arjuna Capital

Armstrong Asset Administration

As You Sow

ASN Financial institution

ATLAS Infrastructure

ATP

Ausbil Funding Administration Ltd

Australian Moral Funding

Australian Tremendous

Avaron Asset Administration

Avesco Monetary Providers AG

Aviva Buyers

Aviva plc

AXA Funding Managers

Baillie Gifford & Co

Baldwin Brothers

Financial institution J. Safra Sarasin

Barings LLC

Barncancerfonden

Bâtirente

BBC Pension Belief

BBVA

Bedfordshire Pension Fund

Bernische Lehrerversicherungskasse

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

Bullitt Basis

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

CAP Prévoyance

Capricorn Funding Group

CareSuper

Carnegie Fonder

Cathay Monetary Holdings

Catholic Well being Initiatives

Catholic Tremendous

Cbus

CCAP Caisse Cantonale d’Assurance Populaire

CCLA

CCOO, FP

Central Finance Board of the Methodist Church

Christian Tremendous

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

COMGEST

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

CPEG

CPR AM

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

DWS

Earth Capital Companions

East Capital

Ecofi Investissements

Ecofin Restricted

EdenTree Funding Administration

Edmond de Rothschild Asset Administration (France)

EGAMO

Elo Mutual Pension Insurance coverage Firm

Encourage Capital

Setting Company Pension Fund

Epic Capital Wealth Administration

Epworth Funding Administration

eQ Asset Administration Ltd

ERAFP

Essex Funding Administration, LLC Etablissement Cantonal d’Assurance (ECA VAUD) Ethos Basis

Everence and the Praxis Mutual Funds

EverWatch Monetary

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

Frontier Advisors

Fundação VIVA DE PREVIDÊNCIA

GAM Investments

Generate Capital, Inc.

Era Funding Administration LLP

Glennmont Companions

GOOD GROWTH INSTITUT für globale Vermögensentwicklung mbH

Larger Manchester Pension Fund

Inexperienced Century Capital Administration

Greentech Capital Advisors

Handelsbanken Asset Administration

Hermes Funding Administration

HESTA

Hexavest

HSBC Financial institution UK Pension Scheme

HSBC Global Asset Administration

ICCR (Interfaith Middle on Company Duty)

IFM Buyers

Illinois State Treasurer Michael Frerichs

Influence Buyers

Impax Asset Administration

Industriens Pension

Inherent Group

Perception Funding

INTERAMERICAN

Investec Asset Administration

Funding Administration Company of Ontario (IMCO)

IRCANTEC

Jantz Administration LLC

Janus Henderson

JLens Investor Community

Joseph Rowntree Charitable Belief

Kames Capital

KBIGI

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)

M&G Investments

Macroclimate LLC

MAIF

Manulife

Maryknoll Sisters

Maryland Province of the Society of Jesus

Maryland State Treasurer Nancy Kopp

McKnight Basis

Meeschaert Asset Administration

Mennonite Schooling Company

Mercer Investments

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

Mirabaud

Mirova

Mitsubishi UFJ Kokusai Asset Administration Co.,LTD.

Mitsubishi UFJ Belief & Banking Company

MN

Montanaro Asset Administration Ltd

Morphic Asset Administration

MPC Renewable Energies GmbH

MP Pension

Munich Enterprise Companions

Nanuk Asset Administration

Natixis Assurances

Natixis Funding Managers

Pure Investments

NEI Investments

Nephila Capital Ltd

NEST

Nest Sammelstiftung, Switzerland

Neuberger Berman

Neumeier Poma Funding Counsel, LLC

New Forests

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

OPTrust

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

Robeco

RobecoSAM

Rockefeller Capital Administration

Rose Basis for Communities and the Setting Royal London Asset Administration RPMI Railpen

RS Group

Ruffer LLP

Sampension A/S

San Francisco Staff’ Retirement System (SFERS)

Santander Empleados Pensiones, F.P.

Sarasin & Companions LLP

SBI Funds Administration Personal Restricted

Schroders plc

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

Statewide Tremendous

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

Sustainasia Restricted

SWEN Capital Companions

Swift Basis

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.

TOBAM

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

Trusteam Finance

TT Worldwide

UBS Asset Administration

Union Bancaire Privée, UBP SA

Union Funding

Union Mutualiste Retraite

Unipol Gruppo

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

VicSuper

Imaginative and prescient Tremendous Pty Ltd

Vontobel

Walden Asset Administration/Boston Belief & Funding Administration

Water Asset Administration LLC

Washington State Funding Board

Wermuth Asset Administration GmbH

Wespath

West Midlands Pension Fund

West Yorkshire Pension Fund

Wetherby Asset Administration

WHEB Asset Administration

Zevin Asset Administration

Zurich Insurance coverage Group