<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=""><a class="hzdq5d nuEeue ME7ew" target="_blank" href="https://www.professionalpensions.com/professional-pensions/feature/3023898/corporate-climate-action-what-trustees-need-to-know" jsname="NV4Anc" role="heading" aria-level="2" style="text-decoration: none; color: rgb(59, 120, 231); vertical-align: top; font-size: 18px; line-height: 24px; transition: color 0.2s ease-in-out; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);">Corporate climate action: What trustees need to know</a><div class="iYiEmb a5SXAc" style="line-height: 20px; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);"><span class="Pc0Wt IH8C7b" jsname="lVVfob" style="display: inline-block; overflow: hidden; vertical-align: bottom; max-width: 100%; text-overflow: ellipsis;"><a href="http://www.professionalpensions.com" class="">www.professionalpensions.com</a></span></div><div class="iYiEmb a5SXAc" style="line-height: 20px; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);"><span class="Pc0Wt IH8C7b" jsname="lVVfob" style="display: inline-block; overflow: hidden; vertical-align: bottom; max-width: 100%; text-overflow: ellipsis;"><a href="https://www.professionalpensions.com/professional-pensions/feature/3023898/corporate-climate-action-what-trustees-need-to-know" class="">https://www.professionalpensions.com/professional-pensions/feature/3023898/corporate-climate-action-what-trustees-need-to-know</a></span></div><div class="iYiEmb a5SXAc" style="line-height: 20px; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);"><br class=""></div><div class="iYiEmb a5SXAc" style="line-height: 20px; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);">Excerpts</div><div class="iYiEmb a5SXAc" style="line-height: 20px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);"><br class=""></div><div class="iYiEmb a5SXAc" style="line-height: 20px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);"><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; -webkit-text-stroke-color: rgb(0, 0, 0);"><span class="" style="-webkit-font-kerning: none;">The <a href="https://www.cdp.net/en/research/global-reports/tracking-climate-progress-2017/business-in-action" class=""><span class="" style="-webkit-font-kerning: none; color: rgb(1, 78, 146); -webkit-text-stroke-color: rgb(1, 78, 146);"><b class="">2017 global climate change analysis</b></span></a> released by CDP finds that corporates increasingly understand the serious risks that climate change poses to their business models, supply chains and physical assets.</span></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; -webkit-text-stroke-color: rgb(0, 0, 0); min-height: 18px;"><span class="" style="-webkit-font-kerning: none;"></span><br class=""></div><p class="" style="-webkit-text-stroke-width: initial; margin: 0px 0px 12.1px; font-stretch: normal; line-height: normal; -webkit-text-stroke-color: rgb(0, 0, 0);"><span class="" style="-webkit-font-kerning: none;">Undeniably, there is momentum in the corporate world for increased transparency and reporting of climate risk and opportunity. Companies, investors, and pension scheme managers and trustees all want to have a better understanding of how companies are factoring climate risk and opportunity into their business models.</span></p><p class="" style="-webkit-text-stroke-width: initial; margin: 0px 0px 12.1px; font-stretch: normal; line-height: normal; -webkit-text-stroke-color: rgb(0, 0, 0);"><span class="" style="-webkit-font-kerning: none;">The price of inaction on climate could be eye watering. A recent study estimated that up to $43trn of assets will be at risk because of climate change by 2100<a href="https://www.professionalpensions.com/professional-pensions/feature/3023898/corporate-climate-action-what-trustees-need-to-know#_ftn6" class=""><span class="" style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(1, 78, 146); -webkit-text-stroke-color: rgb(1, 78, 146);"><b class="">[6]</b></span></a>. Meanwhile, by taking early action we safeguard not only the planet but also the financial interests of pension beneficiaries. For example, research last year found that the 193 companies who made it onto CDP's Climate A List produced 6% higher returns on average compared to other brands<a href="https://www.professionalpensions.com/professional-pensions/feature/3023898/corporate-climate-action-what-trustees-need-to-know#_ftn7" class=""><span class="" style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(1, 78, 146); -webkit-text-stroke-color: rgb(1, 78, 146);"><b class="">[7]</b></span></a>. </span></p><p class="" style="-webkit-text-stroke-width: initial; margin: 0px 0px 12.1px; font-stretch: normal; line-height: normal; -webkit-text-stroke-color: rgb(0, 0, 0);"><span class="" style="-webkit-font-kerning: none;">Consumers are increasingly asking where their pension is being invested and want financial products that exclude carbon emissions intensive companies.</span></p><p class="" style="-webkit-text-stroke-width: initial; margin: 0px 0px 12.1px; font-stretch: normal; line-height: normal; -webkit-text-stroke-color: rgb(0, 0, 0);"><span class="" style="-webkit-font-kerning: none;">Catastrophic climate change and value destruction cannot be prevented without the private sector. By using corporate climate data and analysis to understand risks, protect investments and seize opportunities, fund managers and trustees are equipped to help ensure that their portfolios are well-buffered against climate risk.</span></p><p class="" style="-webkit-text-stroke-width: initial; margin: 0px 0px 12.1px; font-stretch: normal; line-height: normal; -webkit-text-stroke-color: rgb(0, 0, 0);"><span class="" style="-webkit-font-kerning: none;"><b class=""><i class="">Marcus Norton</i></b> <i class="">is chief partnerships officer and general counsel at CDP, the non-profit global environmental disclosure platform formerly known as the Carbon Disclosure Project</i></span></p><p class="" style="-webkit-text-stroke-width: initial; margin: 0px 0px 12.1px; font-stretch: normal; line-height: normal; color: rgb(1, 78, 146); -webkit-text-stroke-color: rgb(1, 78, 146);"><span class="" style="-webkit-font-kerning: none; color: rgb(0, 0, 0); -webkit-text-stroke-color: rgb(0, 0, 0);"><i class="">The </i><a href="https://www.cdp.net/en/research/global-reports/tracking-climate-progress-2017" class=""><span class="" style="-webkit-font-kerning: none; color: rgb(1, 78, 146); -webkit-text-stroke-color: rgb(1, 78, 146);"><b class=""><i class="">Picking up the pace: tracking progress on corporate climate action</i></b></span></a><i class=""> </i></span></p><p class="" style="-webkit-text-stroke-width: initial; margin: 0px 0px 12.1px; font-stretch: normal; line-height: normal; color: rgb(1, 78, 146); -webkit-text-stroke-color: rgb(1, 78, 146);"><span class="" style="-webkit-font-kerning: none; color: rgb(0, 0, 0); -webkit-text-stroke-color: rgb(0, 0, 0);"><i class="">and the </i><a href="http://www.cdp.net/en/scores-2017" class=""><span class="" style="-webkit-font-kerning: none; color: rgb(1, 78, 146); -webkit-text-stroke-color: rgb(1, 78, 146);"><b class=""><i class="">2017 Climate, Water and Forests A Lists</i></b></span></a><i class=""> reports are available on the </i><a href="https://www.cdp.net/en" class=""><span class="" style="-webkit-font-kerning: none; color: rgb(1, 78, 146); -webkit-text-stroke-color: rgb(1, 78, 146);"><b class=""><i class="">CDP website</i></b></span></a><i class="">.</i></span></p><div class=""><span class="" style="-webkit-font-kerning: none; color: rgb(0, 0, 0); -webkit-text-stroke-color: rgb(0, 0, 0);"><i class=""><br class=""></i></span></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-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;">=================================================<br class="">“Although we are only at an early stage in the projected trends of global warming, </div><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;">ecological responses to recent climate change are already clearly visible.”<br class=""><br class="">Walther et al. Ecological responses to recent climate change. </div><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;">Nature, March 28, 2002<br class=""><br class="">==================================<br class="">"A surprising result is the high proportion of species responding to recent, relatively </div><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;">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</div></div></div>
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