<html><head><meta http-equiv="Content-Type" content="text/html charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div class="m_-6802686630360949122esc-lead-article-title-wrapper" style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; margin: 0px 32px 1px 0px; font-size: 13.44px; background-color: rgb(255, 255, 255);"><h2 class="m_-6802686630360949122esc-lead-article-title" style="font-size: 16px; line-height: 18px; padding: 0px; margin: 0px;"><a class="m_-6802686630360949122did-2958026752039534604 m_-6802686630360949122sig2-tPIiv-1TLC6B5gymRxh2jw m_-6802686630360949122usg-AFQjCNFb1dn910rE9MHKhjdp54lFEyhRRw m_-6802686630360949122article" href="https://www.ft.com/content/8fdb4768-581c-11e7-9fed-c19e2700005f" id="m_-6802686630360949122MAA4DEgAUABgAWoCdXM" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=https://www.ft.com/content/8fdb4768-581c-11e7-9fed-c19e2700005f&source=gmail&ust=1498571523820000&usg=AFQjCNGq3-EA1cE2ENi0iHz_Qjv3GxjyLA" style="color: rgb(17, 85, 204); text-decoration: none;"><span class="m_-6802686630360949122titletext">Pension funds pressed to protect portfolios from <b class="">climate change</b></span></a></h2></div><div class="m_-6802686630360949122esc-lead-article-source-wrapper" style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px; font-variant-ligatures: normal; orphans: 2; widows: 2; margin: 2px 32px 2px 1px; background-color: rgb(255, 255, 255);"><table class="m_-6802686630360949122al-attribution m_-6802686630360949122single-line-height" cellspacing="0" cellpadding="0" style="line-height: 13px;"><tbody class=""><tr class=""><td class="m_-6802686630360949122al-attribution-cell m_-6802686630360949122source-cell" style="margin: 0px; vertical-align: middle; padding-right: 0px; white-space: nowrap;"><span class="m_-6802686630360949122al-attribution-source" style="font-size: 14px;">Financial Times</span></td><td class="m_-6802686630360949122al-attribution-cell m_-6802686630360949122timestamp-cell" style="margin: 0px; vertical-align: middle; padding-right: 6px; white-space: nowrap;"><span style="font-size: 14px;" class=""><span class="m_-6802686630360949122dash-separator" style="line-height: 13px;"> - </span><span class="m_-6802686630360949122al-attribution-timestamp">9 hours ago</span></span></td><td class="m_-6802686630360949122al-attribution-cell m_-6802686630360949122sharebar-cell" style="margin: 0px; vertical-align: middle; padding-right: 6px;"><table id="m_-68026866303609491220-sharebar" class="m_-6802686630360949122share-bar-table m_-6802686630360949122yesscript" cellspacing="0" cellpadding="0" style="line-height: 0; table-layout: fixed; display: inline-block; margin-left: 8px;"><tbody class=""><tr style="font-size: 14px;" class=""><td class="m_-6802686630360949122share-bar-cell m_-6802686630360949122sharebox-cell" style="margin: 0px; vertical-align: middle; padding: 0px 1px; width: 17px; height: 16px;"><div class="m_-6802686630360949122share-button-wrapper" title="Share on Google+"><div class="m_-6802686630360949122share-button-state"></div></div></td><td class="m_-6802686630360949122share-bar-cell" style="margin: 0px; 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vertical-align: middle; padding: 0px 1px; width: 17px; height: 16px;"><div class="m_-6802686630360949122share-button-wrapper" title="Share via Email"><div class="m_-6802686630360949122share-button-state"><div class="m_-6802686630360949122icon m_-6802686630360949122share-button m_-6802686630360949122email-icon2" style="background-position: -258px -63px; width: 17px; height: 12px; background-repeat: no-repeat; background-image: url(""); opacity: 0.4;"><a class="m_-6802686630360949122mailto-share-link" style="color: rgb(34, 34, 34); display: inline-block; width: 17px; height: 12px;"></a></div></div></div></td></tr></tbody></table></td></tr></tbody></table></div><div class="m_-6802686630360949122esc-lead-snippet-wrapper" style="color: rgb(34, 34, 34); font-variant-ligatures: normal; orphans: 2; widows: 2; line-height: 1.2em; padding-left: 1px; background-color: rgb(255, 255, 255);">Only one in 20 pension schemes in Europe has taken steps to combat the risks of climate change, in spite of mounting warnings that global warming poses a serious threat to their investment returns.</div><div class="m_-6802686630360949122esc-lead-snippet-wrapper" style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; line-height: 1.2em; padding-left: 1px; font-size: 13.44px; background-color: rgb(255, 255, 255);"><br class=""></div><div class="m_-6802686630360949122esc-lead-snippet-wrapper" style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px; font-variant-ligatures: normal; orphans: 2; widows: 2; line-height: 1.2em; padding-left: 1px; background-color: rgb(255, 255, 255);">Full article</div><div class="m_-6802686630360949122esc-lead-snippet-wrapper" style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px; font-variant-ligatures: normal; orphans: 2; widows: 2; line-height: 1.2em; padding-left: 1px; background-color: rgb(255, 255, 255);"><a href="https://www.ft.com/content/8fdb4768-581c-11e7-9fed-c19e2700005f" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=https://www.ft.com/content/8fdb4768-581c-11e7-9fed-c19e2700005f&source=gmail&ust=1498571523820000&usg=AFQjCNGq3-EA1cE2ENi0iHz_Qjv3GxjyLA" style="color: rgb(17, 85, 204);" class="">https://www.ft.com/content/<wbr class="">8fdb4768-581c-11e7-9fed-<wbr class="">c19e2700005f</a></div><div class="m_-6802686630360949122esc-lead-snippet-wrapper" style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; line-height: 1.2em; padding-left: 1px; font-size: 13.44px; background-color: rgb(255, 255, 255);"><br class=""></div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><div style="color: rgb(0, 0, 0); word-wrap: break-word;" class=""><div style="word-wrap: break-word;" class=""><div style="word-wrap: break-word;" class=""><div style="font-family: Verdana; font-size: 14px;" class=""><div style="margin: 0px;" class="">Excerpt:</div><div style="margin: 0.3em 0px 0.8em; color: rgb(51, 51, 51); font-family: Georgia, serif; font-size: 18px; font-variant-ligatures: normal; background-color: rgb(255, 241, 224);" class="">“It is ironic that the pace of response to this enormous issue is best described as glacial. The findings highlight the urgent need for the pensions industry to do more,” said Phil Edwards, Mercer’s global director of strategic research.</div><div style="margin: 0px;" class=""><span style="color: rgb(51, 51, 51); font-family: Georgia, serif; font-size: 18px; background-color: rgb(255, 241, 224);" class="">Mark Carney, the governor of the Bank of England, issued a blunt warning in 2015 that investors faced “potentially huge” losses as action on climate change could make vast reserves of oil, coal and gas “</span><a href="https://www.ft.com/content/622de3da-66e6-11e5-97d0-1456a776a4f5" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=https://www.ft.com/content/622de3da-66e6-11e5-97d0-1456a776a4f5&source=gmail&ust=1498571523821000&usg=AFQjCNFBMqVGQkRXs9x4w0_iKCWxiGupfQ" style="color: rgb(38, 116, 122); font-family: Georgia, serif; font-size: 18px; text-decoration: none; border-bottom: 1px dotted rgb(38, 116, 122);" class="">literally unburnable</a><span style="color: rgb(51, 51, 51); font-family: Georgia, serif; font-size: 18px; background-color: rgb(255, 241, 224);" class="">”.</span></div></div></div></div></div></div><div class="">
<div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><div class=""><div class=""><p class="MsoNormal">**************************************************************************************************<br class="">“Our results suggest that, globally, a third of oil reserves, half of gas reserves and over 80 per cent of current coal reserves <o:p class=""></o:p></p><p class="MsoNormal">should remain unused from 2010 to 2050 in order to meet the target of 2C.”<br class=""><br class="">Christophe McGlade & Paul Ekins. The geographical distribution of fossil fuels unused when limiting global warming to 2C. <o:p class=""></o:p></p><p class="MsoNormal">Nature. January 8 2015<o:p class=""></o:p></p><p class="MsoNormal">=====================================================<br class="">"… the race between climate dynamics and climate policy will be a close one ….” and <br class="">“ … requires an industrial revolution for sustainability starting now."<br class=""><br class="">Hans Joachim Schellenhuber.“Global warming: Stop worrying, start panicking?”<br class="">Proceedings of the National Academy of Sciences. September 23, 2008<o:p class=""></o:p></p><p class="MsoNormal">******************************************************<br class="">“ Getting from here to there would require a massive economic shift.” <br class=""><br class="">Rachel Pannett and Jeffrey Ball. “Australia Approves Energy Bill.” </p><p class="MsoNormal">The Wall Street Journal p.A7, August 21, 2009<span style="font-family: Times;" class=""><o:p class=""></o:p></span></p></div></div></div></div></div></div>
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