<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="" style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21);"><span class="" style="-webkit-font-kerning: none;">Morningstar Investments 21 Jun 2018</span></div><div class="" style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); min-height: 17px;"><span class="" style="-webkit-font-kerning: none;"></span><br class=""></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21);"><span class="" style="-webkit-font-kerning: none;"><a href="https://www.morningstar.com/articles/archive/433/sustainability-matters.html" class=""><b class="">SUSTAINABILITY MATTERS</b></a></span></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(85, 87, 89); -webkit-text-stroke-color: rgb(85, 87, 89);"><span class="" style="-webkit-font-kerning: none;"><b class="">3 Ways to Follow Jeremy Grantham's Advice on Climate-Aware Investing</b></span></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21);"><span class="" style="-webkit-font-kerning: none;"><b class="">Jon Hale, Ph.D., CFA</b></span></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21); min-height: 17px;"><span class="" style="-webkit-font-kerning: none;"><b class=""></b></span><br class=""></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21);"><span class="" style="-webkit-font-kerning: none;"><a href="https://www.morningstar.com/articles/870194/3-ways-to-follow-jeremy-granthams-advice-on-climat.html" class=""><b class="">https://www.morningstar.com/articles/870194/3-ways-to-follow-jeremy-granthams-advice-on-climat.html</b></a></span></div><ul class="" style="list-style-type: none;"><li class="" style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(21, 21, 21); min-height: 17px;"><span class="" style="-webkit-font-kerning: none;"></span><br class=""></li></ul><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21);"><span class="" style="-webkit-font-kerning: none;"><b class="">Excerpt: 1st 4 paragraphs</b></span></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21);"><span class="" style="-webkit-font-kerning: none;"><br class=""></span></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21);"><span class="" style="-webkit-font-kerning: none;">In his sobering <a href="https://www.morningstar.com/articles/869512/grantham-protect-the-planet-profit-from-green-caus.html" class="">keynote address</a> at last week's <a href="https://www.morningstar.com/articles/868487/2018-morningstar-investment-conference.html" class="">Morningstar Investment Conference</a>, GMO's Jeremy Grantham argued that we are in "the race of our lives" to stave off the worst effects of climate change. Grantham noted that the development of greener technologies and renewable energy is accelerating, resulting in a decarbonizing economy that is the biggest economic event since the industrial revolution. </span></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21); min-height: 17px;"><span class="" style="-webkit-font-kerning: none;"></span><br class=""></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21);"><span class="" style="-webkit-font-kerning: none;">But climate change now appears to be happening faster than expected. Thus, it’s a race against time to mitigate the destabilizing consequences of global warming.</span></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21); min-height: 17px;"><span class="" style="-webkit-font-kerning: none;"></span><br class=""></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21);"><span class="" style="-webkit-font-kerning: none;">Capitalism's "complete inability to deal with externalities, tragedies of the common, and the very long term” helped cause these problems and is ill-suited to helping solve them.</span></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21); min-height: 17px;"><span class="" style="-webkit-font-kerning: none;"></span><br class=""></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21);"><span class="" style="-webkit-font-kerning: none;">"We deforest the land, we degrade our soils, we pollute and overuse our water and we treat air like an open sewer, and we do it all off the balance sheet. Anything that happens to a corporation over 25 years out doesn’t exist for them; therefore, as I like to say, grandchildren have no value to them."</span></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21); min-height: 17px;"><span class="" style="-webkit-font-kerning: none;"></span><br class=""></div><div class="" style="-webkit-text-stroke-width: initial; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-color: rgb(21, 21, 21);"><span class="" style="-webkit-font-kerning: none;">Against that rather dire backdrop, what can and should investors do to become more climate-aware and to have an impact on the outcome of "the race of our lives”? Grantham mentioned three things investors could do: divest from fossil fuels, invest in green solutions, and encourage corporate sustainability in the companies they own.</span></div><div class=""><br class="webkit-block-placeholder"></div><div class="">
<div dir="auto" style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); 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="" style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(26, 26, 24);"><div class="" style="margin: 0px; font-stretch: normal; line-height: normal;"><b class=""><span class="" style="color: rgb(0, 0, 0);">Rest of article here</span></b></div><div class="" style="font-size: 14px; font-family: Verdana; margin: 0px; font-stretch: normal; line-height: normal;"><b class="" style="font-size: 12px;"><span class="" style="color: rgb(0, 0, 0);"><div class="" style="font-size: 14px; font-weight: normal; margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21);"><b class="" style="-webkit-text-stroke-color: rgb(21, 21, 21); -webkit-text-stroke-width: initial;"><a href="https://www.morningstar.com/articles/870194/3-ways-to-follow-jeremy-granthams-advice-on-climat.html" class="" style="-webkit-text-stroke-color: rgb(21, 21, 21); -webkit-text-stroke-width: initial;">https://www.morningstar.com/articles/870194/3-ways-to-follow-jeremy-granthams-advice-on-climat.html</a></b></div><ul class="" style="font-size: 14px; font-weight: normal; list-style-type: none;"><li class="" style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(21, 21, 21); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(21, 21, 21); min-height: 17px;"><span class="" style="-webkit-font-kerning: none;"></span></li></ul></span></b></div><div class="" style="font-size: 14px; font-family: Verdana; margin: 0px; font-stretch: normal; line-height: normal;"><b class="" style="font-size: 12px;"><span class="" style="color: rgb(0, 0, 0);"><br class=""></span></b></div><div class="" style="font-size: 14px; font-family: Verdana; margin: 0px; font-stretch: normal; line-height: normal;"><b class="" style="font-size: 12px;"><span class="" style="color: rgb(0, 0, 0);"><br class=""></span></b></div><div class="" style="font-size: 14px; font-family: Verdana; margin: 0px; font-stretch: normal; line-height: normal;"><b class="" style="font-size: 12px;"><span class="" style="color: rgb(0, 0, 0);">**********************************************************************</span></b></div><div class="" style="font-size: 14px; font-family: Verdana; margin: 0px; font-stretch: normal; line-height: normal;"><b class="" style="font-size: 12px;"><span class="" style="color: rgb(0, 0, 0);">2015: “</span>Here we discuss the capacity of conservation organizations to adapt to changing environmental conditions, focusing primarily on public agencies and nonprofits active in land protection and management in the US.<span class="" style="color: rgb(0, 0, 0);">”</span></b></div><div class="" style="font-size: 14px; font-family: Verdana; color: rgb(0, 0, 0); margin: 0px; font-stretch: normal; line-height: normal; min-height: 17px;"><span class="" style="font-size: 12px;"><br class=""></span></div><div class="" style="font-size: 14px; font-family: Verdana; margin: 0px; font-stretch: normal; line-height: normal;"><span class="" style="font-size: 12px;"><span class="">Paul R Armsworth et al. Are conservation organizations configured for effective adaptation to global change?</span> <i class="">Frontiers in Ecology and the Environment</i> <font class="">2015</font><span class="">; doi:10.1890/130352</span></span></div><div class="" style="font-size: 14px; font-family: Verdana; margin: 0px; font-stretch: normal; line-height: normal;"><span class="" style="font-size: 12px;"><br class=""></span></div><div class="" style="font-size: 14px; font-family: Verdana; margin: 0px; font-stretch: normal; line-height: normal;"><span class="" style="font-size: 12px;">********************************************************************************</span></div><div class="" style="font-size: 14px; font-family: Verdana; color: rgb(0, 0, 0);"><div class="" style="margin: 0px; font-stretch: normal; line-height: normal;"><div dir="auto" class="" style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;"><span class="" style="font-size: 12px;"><strong class="">2018: Adapting Conservation Approaches to Address a Changing Climate</strong><br class=""><span class="" style="background-color: rgb(255, 255, 255);">A Wildlife Conservation Society report offers real-world examples of how conservation practitioners are already beginning to modify their conservation endeavors to include information on climate. </span></span></div><div dir="auto" class="" style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;"><span class="" style="background-color: rgb(255, 255, 255); font-size: 12px;"><br class=""></span></div><div dir="auto" class="" style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;"><span class="" style="background-color: rgb(255, 255, 255); font-size: 12px;"><b class="">The first step, says WCS, is to consult the latest science on observed and projected climate impacts.</b> </span></div><div dir="auto" class="" style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;"><span class="" style="background-color: rgb(255, 255, 255); font-size: 12px;"><br class=""></span><div class=""><strong class=""><a href="https://www.wcsclimateadaptationfund.org/resources" class="" style="font-size: 12px;">Learn more >></a></strong></div><div class=""><span class="" style="font-size: 12px;"><a href="https://www.wcsclimateadaptationfund.org/resources" class="">https://www.wcsclimateadaptationfund.org/resources</a><span class="" style="background-color: rgb(255, 255, 255);"> </span></span></div></div></div></div></div></div></div>
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