high carbon intensity and actively influencing its reduction, rather than following an exclusion policy resulting in carbon intense assets being owned by entities who are not particularly ethical. Just buying carbon credits has not advanced the carbon change cause. There is some tension between what activists are push- ing for, like net zero, and trustees wanting to do the right thing


for the planet, which is not necessarily the same path. In prac- tice, schemes are in different places to their sponsor. Freedman: Some of the labels we have in Europe, in terms of what may or may not be allowed from a sovereign perspective, exclude some of the weaker emerging markets. Regulation and labels go too far and, if you go down those routes, you are denying capital to countries that need it.


April 2022 portfolio institutional roundtable: Fixed Income 19


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