<html><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div class=""><span class="" style="box-sizing: inherit; font-weight: 700; line-height: inherit; color: rgb(34, 34, 34); font-family: Guardian; font-size: 16px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);">#3</span><span class="" style="box-sizing: inherit; font-weight: 700; line-height: inherit; color: rgb(34, 34, 34); font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);">. Swallow hard — and raise the price of carbon. </span><span class="" style="color: rgb(34, 34, 34); font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);">If we are to meet climate pledges made under the Paris climate agreement, the cost of emitting carbon dioxide must rise to $50–$100 per ton by 2030, dramatically higher than the current EU price of less than $6. This was the </span><a href="https://www.reuters.com/article/us-climatechange-carbon-prices/global-carbon-prices-must-soar-to-meet-paris-climate-target-report-idUSKBN18P0PN" class="" style="box-sizing: inherit; background-color: rgb(255, 255, 255); color: rgb(7, 135, 177); line-height: inherit; text-decoration: none; font-variant-ligatures: normal; orphans: 2; widows: 2; background-position: 0px 0px;">conclusion</a><span class="" style="color: rgb(34, 34, 34); font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);"> of the Commission on Carbon Prices, a group of leading economists supported by the World Bank. Supporting the call for a worldwide carbon pricing scheme is a group of more than 200 businesses and governments, including oil majors Shell and BP.</span></div><div class=""><span class="" style="color: rgb(34, 34, 34); font-family: Guardian; font-size: 16px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);"><br class=""></span></div><a href="https://hbr.org/2018/01/climate-change-is-an-overwhelming-problem-here-are-4-things-executives-can-do-today" class="">https://hbr.org/2018/01/climate-change-is-an-overwhelming-problem-here-are-4-things-executives-can-do-today</a><br class=""><div class=""><br class="webkit-block-placeholder"></div><div class=""><span style="font-size: 12px;" class=""><br class="webkit-block-placeholder"></span></div><div class=""><div class=""><span style="font-size: 12px;" class="">*************************************************************************</span></div><div class=""><span style="font-size: 12px;" class=""><span class="">"First, <b class="">money managers should review</b> their institution's proxy-voting guidelines and policies to ensure support for relevant shareholder resolutions on </span><b class="">water risk,</b> while asset owners should ensure their fund managers act on those guidelines.<br class=""><br class="">"Second, investors can support efforts to increase and standardize disclosure on <b class="">food-sector water risk</b>, whether by engaging directly with portfolio companies, joining investor collaborations such as Ceres Investor Water Hub or supporting market-level disclosure platforms such as SASB, the Global Reporting Initiative and the water questionnaire of CDP (formerly the Carbon Disclosure Project) among others.<br class=""><br class="">"Third, <b class="">investors can directly engage with poorly performing companies </b>on performance improvement.<br class=""><br class="">"Let this season's hurricanes serve as a wake-up call.”</span></div><div class=""><span style="font-size: 12px;" class=""><br class=""></span></div><div class=""><a href="http://www.pionline.com/article/20170927/ONLINE/170929910/commentary-in-a-changing-world-investors-must-cut-exposure-to-water-risk" class=""><font size="2" class="">http://www.pionline.com/article/20170927/ONLINE/170929910/commentary-in-a-changing-world-investors-must-cut-exposure-to-water-risk</font></a></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="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-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;"><span style="font-size: 12px;" class="">=================================================<br class="">“Although we are only at an early stage in the projected trends of global warming, </span></div><div style="color: rgb(0, 0, 0); font-family: Verdana; 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;"><span style="font-size: 12px;" class="">ecological responses to recent climate change are already clearly visible.”<br class=""><br class="">Walther et al. Ecological responses to recent climate change. </span></div><div style="color: rgb(0, 0, 0); font-family: Verdana; 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;"><span style="font-size: 12px;" class="">Nature, March 28, 2002<br class=""><br class="">==================================<br class="">"A surprising result is the high proportion of species responding to recent, relatively </span></div><div style="color: rgb(0, 0, 0); font-family: Verdana; 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;"><span style="font-size: 12px;" class="">mild climate change (global average warming of 0.6 C)."<br class=""><br class="">Camille Parmesan. Ecological and Evolutionary Responses to Recent Climate Change.<br class="">Annual Review of Ecology Evolution & Systematics 2006</span></div></div></div>
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