Financial
Company
Assicurazioni Generali
BNY Mellon
Opportunities
“ In France, Generali Investments has elaborated in-house SRI methodology to assess the different extra-financial risks (e.g.: reputation risks and damage to the brand image, legislative pressure, competitive advantage, immaterial capital, carbon impact).”
“ Two of BNY Mellon’s investment management boutiques, focus on environmental, social and governance/socially responsible investing (ESG/SRI) within their businesses to advocate and promote responsible investing.”
Goldman Sachs “ GS SUSTAIN research team incorporates ESG criteria in analyzing more than 750 large global companies in 22 industries and identifying companies with the potential for sustainable corporate out-performance. Goldman Sachs Asset Management has established a team of people with representatives across all asset classes to further its focus on Environmental, Social and Governance (ESG) research and sustainability analysis implementation.”
Hong Kong Exchanges & Clearing
“ Recognizing that it is our role as a market regulator to promote ESG practices and reporting among issuers for their own benefit and also for the benefit of investors, we are developing an ESG Guide for listed companies in Hong Kong based on the feedback to a soft consultation with listed issuers and professional associations completed in September 2010.”
Morgan Stanley “ Initiatives such as the Global Impact Investing Network signal a growing market for funds and other financial products that use investment approaches to generate strong social and environmental returns – such as the mitigation of climate change – alongside commercial returns. This will become a significant opportunity as the clients expand their interest in SRI.”
Nordea Bank
“ We are integrating ESG issues in all our mainstream investments given their material impact on our investments in the short/long term. We are planning to develop several investments products with clear clean tech/low carbon impact focus.”
UBS
“ Regulation related to climate change as well as certain components of current economic stimulus have created new opportunities for our clients in the context of SRI, renewable energy financing, and emission trading.”
Contrasting views Company
JPMorgan Chase
Emissions reduction targets
100 90 80 70 60 50 40 30 20 10 0
2008 2010 Absolute target 2012
Year for reduction to be achieved 2016
2014 Intensity target
Payback period breakdown of reported active emissions reduction initiatives by activity type Behavioral change
2 3 4 5 6 7
Energy efficiency: building fabric Energy efficiency: building services Energy efficiency: processes Fugitive emissions reductions Low carbon energy installation Low carbon energy purchase Other
Process emissions reductions Product design Transportation: fleet Transportation: use
Relevance of climate change to business model
“ While climate change ultimately may have an effect on all individuals and businesses, for example by leading to constraints on emissions and resulting effects on energy prices, or by exacerbating regional water scarcity, or impacting food production, it currently does not add up to a key driver of top-line growth or competitive differentiation broadly across the various different segments of the financial services industry in which JP Morgan Chase operates.”
Allianz
“ Global warming poses a serious risk to our industry. Allianz has a group-wide strategy covering related risks and opportunities. We have a two-fold responsibility: 1. preparing Allianz for the effects climate change may have on our business and our customers, 2. providing appropriate products and services to help mitigating the economic risks and enter the low-carbon economy.”
01020304050 60 <1 year 1-3 years >3 years Number of companies reporting on risks/opportunities
in relation to their investments 100
80 60 40 20 0
Opportunities Risks Changes in regulation
Changes in physical climate parameters
Changes in other climate-related developments 43 70 Number of Initiatives 80 90 100 110 120 2018 2020 2022
Number of companies reporting
% Emissions reduction to be achieved
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