Briefing Paper on the 2018 Global Investor Statement to Governments on Climate Change

This Briefing Paper accompanies the 2018 Global Investor Statement to Governments on Climate Change. It has been prepared by seven investor organizations including the Asia Investor Group on Climate Change (AIGCC, Asia), CDP, Ceres (North America), the Investor Group on Climate Change (IGCC, Australia/New Zealand), the Institutional Investor Group on Climate Change (IIGCC, Europe), Principles for Responsible Investment (PRI) and the UN Environment Finance Initiative (UNEP FI). These groups collectively represent hundreds of investors worldwide with trillions of dollars in assets under management.

Q3 hedge fund letters, conference, scoops etc

Executive Summary

Institutional investors have a responsibility to manage and protect the assets of millions of savers and individuals worldwide, including from the effects of climate change. Investors also manage large pools of long-term capital and play a crucial role in financing the transition to a low carbon, more climate resilient, economy. To this end, investors urge governments to update and strengthen their climate-related policies to accelerate and expand further investment flows.

Investors are concerned that the implementation of the Paris Agreement is currently falling well short of the agreed goal of “holding the increase in the global average temperature to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.” This gap not only increases the physical risks from climate change for current and future generations, but also heightens economic and policy uncertainty and hampers investors’ ability and willingness to continue to properly allocate the trillions of dollars that are needed to support the low carbon transition process.

This briefing paper provides recommendations to governments on the specific steps that investors believe are needed to support a smooth and just transition to a low carbon, more climate resilient, economy. It focuses on three major areas for government action: 1) Achieve the Paris Agreement’s goals, 2) Accelerate private sector investment into the low carbon transition and 3) Commit to improve climate-related financial reporting.

Key Recommendations

Investors call on global leaders to:

1. Achieve the Paris Agreement’s goals ■ Update and strengthen nationally-determined contributions to meet the goals of the Paris Agreement, starting the process now in 2018 and completing it no later than 2020, and focusing swiftly on implementation ■ Formulate and communicate long-term emission reduction strategies in 2018 ■ Align all climate-related policy frameworks holistically with the goals of the Paris Agreement ■ Support a just transition to a low carbon
2. Accelerate private sector investment into the low carbon transition ■ Incorporate Paris-aligned climate scenarios into all relevant policy frameworks and energy transition pathways ■ Put a meaningful price on carbon ■ Phase out fossil fuel subsidies by set deadlines ■ Phase out thermal coal power worldwide by set
3. Commit to improve climate-related financial reporting ■ Publicly support the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) recommendations and the extension of its term ■ Commit to implement the TCFD recommendations in their jurisdictions, no later than 2020 ■ Request the FSB incorporate the TCFD recommendations into its guidelines ■ Request international standard-setting bodies incorporate the TCFD recommendations into their

Investors remain firmly committed and ready to work with government leaders to implement these actions.

1. Achieve the Paris Agreement’s goals

The implementation of the Paris Agreement that came into force in November 2016 is currently falling well short of the agreed goal of “holding the increase in the global average temperature to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.” Indeed, the full implementation of current Nationally Determined Contributions (NDCs) would lead to an unacceptably high temperature increase, potentially in the range of 2.9 to 3.4°C relative to pre-industrial levels1.

This is of great concern for investors, as global warming at that scale would have large and detrimental impacts on global economies, society and investment portfolios, now and into the future2. Policy makers need to close this gap urgently.

Policies that support the attainment of the Paris Agreement’s goals will provide the private sector with greater certainty as to governments’ commitment to tackling climate change. This will, in turn, affect investors’ ability to assess climate-related risks and opportunities, to measure and disclose portfolio exposure to the low carbon transition and physical climate impacts, and to further invest in opportunities to support a low carbon, more climate resilient, world.

With that in mind, investors recommend that global leaders:

i. Update and strengthen nationally-determined contributions to meet the goals of the Paris Agreement, starting the process now in 2018 and completing it no later than 2020, and focusing swiftly on implementation – There is an ambition gap to the goal of the Paris Agreement that needs to be closed with urgency.

• Expert analysis shows that the full implementation of current NDCs that form the foundation of the Paris Agreement cover only one-third of the emissions reductions needed if the goals of the Agreement are to remain achievable. Without a strengthening in the NDCs, the total remaining carbon budget of approximately 1,000 Gt CO2 for limiting global warming to below 2°C will be 80% depleted by 2030.
• This outcome would result in significant additional risks for the global economy, financial system and society more broadly, increasing the physical impacts of climate change as well as delaying the crucial investment flows that are required to support the low carbon transition.
• If the emissions gap is closed as a matter of urgency through updating and strengthening existing NDCs, starting now and completing no later than 2020, then it is still possible to stay within the carbon budget and for the Paris Agreement’s goals to be met.
• Investors urge all nations to not only strengthen, but to also swiftly implement their more ambitious NDCs. This includes participation in the implementation framework via the UNFCCC process to monitor and report progress over time4.

ii. Formulate and communicate long-term emission reduction strategies in 2018 - Investors welcome the announcement by some nations to publish or commit to developing mid-century, long-term, emission reduction strategies as part of their commitment to the Paris However, many governments are yet to submit their long-term strategies, with only a small number revealing their plans out to 20505. Investors urge all nations that have not already done so to submit mid-century, long-term emission reduction strategies this year.

• Institutional investors have very long-term obligations to meet future retirement needs and pay-out liabilities that may run many decades into the future. Furthermore, investors will be better placed to effectively price and invest in long-term assets such as green bonds, private equity, infrastructure, timberland and agriculture that will all provide crucial support for the low carbon transition.
• The long-term strategies need to outline a nation’s vision for achieving, at least, a net zero emissions future. This would, at a minimum, identify what year emissions are expected to peak, when the economy is expected to reach net zero emissions, how the pathway for the energy mix is expected to evolve, the projected pathway of emissions at the sector level (including the impact on the energy, buildings, industry, transport, agriculture, water and waste sectors) and the planned phasing out of high-carbon assets and technologies.

iii. Align all climate-related policy frameworks holistically with the goals of the Paris Agreement – Investors urge and reaffirm the need for nations to strive for greater consistency across policy mechanisms to support the attainment of the Paris Agreement goals.

• Investors encourage governments to explore ways to better align the climate-related policy goals and mechanisms with other priorities including the implementation of the Sustainable Development Goals (SDGs), infrastructure development plans and financial regulatory reform to promote greater financial stability and resilience.
• While some countries are implementing cross-cutting climate-related policy and sustainable finance frameworks6, there is a need for greater alignment and more joined up planning across government mandates including the energy, infrastructure, industry, climate, transport, buildings and financial policy bodies and agencies7. Greater alignment between the financial system and real economy decarbonisation measures will provide more consistent signals and incentives for institutional investors to embark on parallel transition planning efforts that would ultimately improve financial resilience and bolster capital flows to low carbon opportunities.

iv. Support a just transition to a low carbon economy – Investors encourage governments to transition to a low carbon economy in a sustainable and economically inclusive As stated in the Paris Agreement, this must include “the creation of decent work and quality jobs in accordance with nationally defined development priorities”, by providing appropriate support for workers and communities in industries undergoing transition8. Additionally, governments should work with investors to ensure that the benefits and opportunities created by acting on climate change and the increased adoption of clean energy technologies are accessible to all9.

2. Accelerate private sector investment into the low carbon transition

Investors are taking action on climate change by making significant investments into the low carbon economy across a range of asset classes10. Investors are also increasingly incorporating climate change scenarios and climate risk management strategies into their investment processes11 and engaging with high-emitting companies12.

Despite these efforts, it is widely acknowledged that there is a clear and pressing need to scale up financial flows to support the low carbon transition process13. A recent survey of institutional investors identified policy uncertainty as one of the key obstacles to accelerating investments into low carbon and climate resilient opportunities14.

To strengthen investor confidence to further invest in the low carbon economy, it is vital that global policy makers deliver strong and continued support for climate action, including through incorporating Paris-aligned climate scenarios into all relevant policy frameworks and energy transition pathways, putting a meaningful price on carbon, phasing out fossil fuel subsidies by set deadlines and phasing out thermal coal power worldwide by set deadlines.

Against that backdrop, investors encourage global leaders to take the following actions:

i. Incorporate Paris-aligned climate scenarios into all relevant policy frameworks and energy transition pathways – Investors encourage governments to work closely together in consultation with businesses and investors to incorporate Paris-aligned climate scenarios into their policy frameworks and energy transition pathways.

• In response to the need to mitigate and adapt to the effects of climate change, investors are increasingly applying climate-related scenarios to evaluate the investment impact of different outcomes as a tool to help transition portfolios to be aligned with the goals of the Paris Agreement15.
• Different sources for climate-related scenario analysis exist, with some governments, businesses and investors developing their own methodologies and scenarios, while others utilize those constructed by international organizations, in particular the International Energy Agency (IEA)16.
• There have been some concerns expressed about the alignment of the IEA climate change scenarios with the Paris Agreement goals and the assumptions around the future contribution of renewable energy as part of the energy mix17. Uncertainty over the energy transition pathways that are Paris-aligned could slow down the rate at which governments, businesses and investors are willing to further evolve their long-term planning and transition to a low carbon economy.
• For this reason, it is important that governments scrutinize and seek alignment between the scenarios that are utilized by different actors with the Paris Agreement Governments can set standards to encourage greater transparency across the public and private sector in terms of the assumptions and outcomes from scenario analysis assessments. Greater alignment with the Paris Agreement goals will ultimately improve the measurement, mitigation and disclosure of climate-related risks and opportunities across governments, businesses and investors in a more coordinated, consistent and transparent way.

ii. Put a meaningful price on carbon – Investors reiterate the need for governments to provide stable, reliable and economically meaningful carbon pricing to help redirect investment commensurate with the scale of the climate change challenge. Carbon pricing will level the playing field for low carbon technologies and more adequately reflect the costs of climate-related externalities. Market-based mechanisms are most effective when supported by complementary mechanisms such as public procurement measures, regulations, energy targets, carbon performance and energy efficiency standards.

• Investors encourage those countries that have not yet implemented some form of carbon pricing to do so promptly as part of their climate-energy action plans.
• Investors welcome news that many nations are moving forward with carbon pricing In 2018, 45 national and 25 regional governments already have implemented, or are scheduled to implement, a carbon pricing initiative through emissions trading systems (ETS) and taxation, covering 20% of global GHG emissions19. An additional 20 governments, at varying levels, are considering the implementation of a carbon pricing system as part of their climate policy strategy20.
• Investors also welcome and encourage further efforts to increase the ambition and improve the effectiveness of existing carbon pricing policies to stimulate emissions reduction in line with the Paris Agreement. Nearly three quarters of emissions covered by carbon pricing are priced at less than US$10/tCO2e. This is substantially lower than the price levels that are consistent with achieving the temperature goal of the Paris Agreement, with the Carbon Pricing Corridors initiative projecting price levels in the range of US$38-US$100/tCO2e by 2035.
• Actions by some countries to move towards linking ETS are also welcome – international cooperation can significantly reduce the cost of climate mitigation efforts22.

iii. Phase out fossil fuel subsidies by set deadlines – Investors are concerned about the continued existence of subsidies and public finance that support the production and consumption of fossil fuels.

• Fossil fuel subsidies increase the risk of stranded fossil fuel assets, decrease the competitiveness of key industries, including low carbon businesses, and negate carbon price signals. They also potentially perpetuate income inequality while failing to meet the energy needs of those lacking energy access, and damage public health by increasing air pollution23.
• All of these outcomes undermine innovation and efforts to achieve the goals of the Paris Agreement. They also generate potentially harmful economic, social and environmental costs that are impacting on investors’ portfolios and their ability to deploy capital to support the low carbon transition at the speed and scale required.

• Investors reiterate our previous request that governments set a clear timeline by 2020 for the phase-out of all fossil fuel subsidies24, including a firm commitment by the end of 2018 to undertake an international fossil fuel subsidy peer review.

iv. Phase out thermal coal power worldwide by set deadlines – Investors are concerned about the continued expansion of traditional thermal coal power stations in some jurisdictions that puts the attainment of the Paris Agreement goals at risk.

• Expert analysis shows that to meet the Paris Agreement goals of limiting the increase in global temperatures by 2°C, while striving to limit the increase to 1.5°C, a coal phase-out is needed by 2030, in the Organisation for Economic Co-operation and Development (OECD) countries and in the European Union; by 2040, in China; and by 2050, in the rest of the world25.
• Many of the world’s leading institutional investors are responding to the climate and investment risks associated with thermal coal-based assets by taking action in a number of ways – one of which is to phase out investments in thermal coal assets26.
• Investors welcome efforts by some governments and companies to phase out thermal coal, with the Powering Past Coal Alliance Declaration supported by (at the time of publication) 28 countries, 8 subnational governments, and 28 businesses and other organizations. The Alliance members agree to “phasing out of existing traditional coal power and placing a moratorium on any new traditional coal power stations without operational carbon capture and storage, within our jurisdictions”27.
• Investors encourage those countries that have not yet supported the Powering Past Coal Alliance Declaration to consider doing so, where technically feasible, as part of their international commitment to the Paris Agreement temperature goal or to set comparable and achievable deadlines.

3. Commit to improve climate-related financial reporting

One of the essential ingredients for investors to manage the transition to a low carbon economy effectively is having access to reliable, consistent and comparable information about climate- related risks and opportunities. If short-, medium- and long-term climate risks are not fully evaluated and disclosed, ill-informed investment and corporate decisions will drive up the cost of the transition for policy-makers, investors, businesses and – ultimately – for consumers and communities.

To this end, investors welcome the recommendations of the Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosures (TCFD) and are taking practical steps to assist their implementation around the world29. The TCFD provides global recommendations on climate-related financial disclosures, including four widely adoptable principles that are applicable to organizations across sectors and jurisdictions30. The TCFD has been endorsed by over 238 companies, including 150 financial institutions representing a combined market capitalization of over US$6 trillion and US$81.7 trillion assets under management.

In order for the TCFD to be effective, it is vital that governments commit to improve climate- related financial reporting standards by publicly supporting the adoption of the TCFD recommendations and the extension of its term beyond September 2018.

Investors encourage global leaders to support continued improvement in the quality and uptake of climate-related financial reporting through the following actions:

I. Publicly support the Financial Stability Board’s Task Force on Climate- related Financial Disclosures (TCFD) recommendations and the extension of its term – Investors believe this would reaffirm the importance of the TCFD recommendations across the regulatory, business and investment communities.

• It is important for investors that the momentum behind the TCFD recommendations continue and that the FSB remain involved32. This will help to underpin credibility of the recommendations and stimulate further action to promote implementation across the regulatory, business and investment communities.
• For this reason, investors request that governments publicly state their support for the TCFD recommendations and the extension of its term, under the authority of the FSB, beyond September 2018.

II. Commit to implement the TCFD recommendations in their jurisdictions, no later than 2020 – Investors believe this would enhance the availability of consistent, comparable and reliable disclosure of climate-related financial information for investors.

• To achieve a level playing field and prevent competitive disadvantage, it is essential that national regulations and climate-related reporting frameworks are harmonized through their alignment with the TCFD recommendations.
• In many countries, existing financial reporting frameworks already require disclosure of material risks33. Investors request that all nations review their reporting frameworks, industry guidance and regulations against the TCFD recommendations to identify opportunities for creating, evolving and strengthening these to achieve greater consistency at the international level.
• More specifically, investors encourage governments to request that the financial regulators in their jurisdiction respond to the recommendations of the TCFD and set out how they intend to incorporate the recommendations into their guidelines, as a matter of priority.

III. Request the FSB incorporate the TCFD recommendations into its guidelines

• Investors believe that this would help to mobilize and legitimize greater transparency around climate-related financial information across the regulatory, business and investment communities.
  • The G20 and FSB established the “industry led” TCFD, but the FSB has not formally incorporated the TCFD recommendations into its guidelines or coordinating activities with financial authorities and standard setting bodies (SSBs). It would be of great benefit for solidifying new global industry norms to improve climate-related financial disclosure if the FSB were to formally incorporate the TCFD recommendations into its activities.

• For this reason, investors urge governments to request that the FSB seek to incorporate the TCFD recommendations into its guidelines and coordinating activities with national financial authorities and international SSBs, as part of its efforts to promote international financial stability.

IV. Request international standard-setting bodies incorporate the TCFD recommendations into their standards – Investors believe this would help to solidify and normalise the disclosure of climate-related financial information across the financial sector, as well as provide direction for national regulators as they interpret and respond to the recommendations.

• The TCFD recommendations need to be explicitly referenced in updated guidance on implementation of the G20/OECD Principles of Corporate Governance as well the other international financial standards35, with high priority in particular given to reviewing the International Financial Reporting Standards in response to the TCFD recommendations.
• Investors encourage governments to request that the international financial SSBs respond to the recommendations of the TCFD and set out how they intend to incorporate the recommendations into their standards and guidelines, as a matter of priority.

Conclusion

The need for governments to close the national commitments gap to achieve the goals of the Paris Agreement is pressing – as is the need to swiftly implement the right enhanced policy mechanisms and frameworks to support the low carbon transition process in closing this gap. Investors encourage governments to take action across the three areas as set out in this briefing paper, including updating and strengthening NDCs, accelerating private sector investment into the low carbon transition and committing to improve climate-related financial reporting in their jurisdictions.

Investors are committed to working with governments to ensure that the appropriate policy mechanisms are successfully developed and implemented to help mitigate the adverse effects of climate change and accelerate the transition to a low carbon economy.

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2018 GLOBAL INVESTOR STATEMENT TO GOVERNMENTS ON CLIMATE CHANGE

This statement is signed by 415 investors representing over USD $32 trillion in assets.

As institutional investors with millions of beneficiaries around the world, we reiterate our full support for the Paris Agreement [link] and strongly urge all governments to implement the actions that are needed to achieve the goals of the Agreement, with the utmost urgency.

Investors are taking action on climate change. The global shift to clean energy is underway, but much more needs to be done by governments to accelerate the low carbon transition and to improve the resilience of our economy, society and the financial system to climate risks. Investors continue to make significant investments into the low carbon transition across a range of asset classes. Investors are also increasingly incorporating climate change scenarios and climate risk management strategies into their investment processes and engaging with high-emitting companies. To build on this momentum and maintain investor confidence to further shift investment portfolios, it is vital that policy makers are firmly committed to achieving the goals of the Paris Agreement.

We are concerned that the implementation of the Paris Agreement is currently falling short of the agreed goal of “holding the increase in the global average temperature to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.” There is an ambition gap: the full implementation of current Nationally Determined Contributions (NDCs) would lead to an unacceptably high temperature increase that would cause substantial negative economic impacts.

This ambition gap is of great concern to investors and needs to be addressed, with urgency. It is vital for our long-term planning and asset allocation decisions that governments work closely with investors to incorporate Paris-aligned climate scenarios into their policy frameworks and energy transition pathways.

In addition, investors need companies to report reliable and decision-useful climate-related financial information to price climate-related risks and opportunities effectively. That is why we welcome the recommendations of the Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosure (TCFD) and are taking practical steps to assist their implementation around the world. In order for the TCFD to be effective, it is vital that governments commit to improve climate-related financial reporting standards by publicly supporting the adoption of the TCFD recommendations and the extension of its term beyond September 2018.

The countries and companies that lead in implementing the Paris Agreement and enacting strong climate and low carbon energy policies will see significant economic benefits and attract increased investment that will create jobs in industries of the future. To ensure a smooth and just transition to a low carbon economy and to adapt to the warming already locked in to the climate system, it will be important that the benefits of gaining access to cleaner energy sources are shared by all, and that those workers and communities affected by the transition are supported.

With these principles in mind, we call on global leaders to:

• Achieve the Paris Agreement’s goals ■ Update and strengthen nationally-determined contributions to meet the emissions reduction goal of the Paris Agreement, starting the process now in 2018 and completing it no later than 2020, and focusing swiftly on implementation ■ Formulate and communicate long-term emission reduction strategies in 2018 ■ Align all climate-related policy frameworks holistically with the goals of the Paris Agreement ■ Support a just transition to a low carbon economy.
• Accelerate private sector investment into the low carbon transition ■ Incorporate Paris-aligned climate scenarios into all relevant policy frameworks and energy transition pathways ■ Put a meaningful price on carbon ■ Phase out fossil fuel subsidies by set deadlines ■ Phase out thermal coal power worldwide by set deadlines.
• Commit to improve climate-related financial reporting ■ Publicly support the Financial

Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) recommendations and the extension of its term ■ Commit to implement the TCFD recommendations in their jurisdictions, no later than 2020 ■ Request the FSB incorporate the TCFD recommendations into its guidelines ■ Request international standard-setting bodies incorporate the TCFD recommendations into their standards.

We stand ready to work with government leaders in implementing these actions.

Signed,

Note: The following 454 investor signatories with well over $32 trillion in assets are listed in alphabetical order by organisation name:

27four

Aalto University Foundation

Aargauische Pensionskasse (APK)

Aberdeen Standard Investments

ABP

Achmea Investment Management

ACTIAM

Addenda Capital Inc.

Adrian Dominican Sisters, Portfolio Advisory Board Aegon N.V.

AGF Investments Inc.

Aktia Bank Plc

Alberta Investment Management Corporation (AIMCo)

Alecta

Allianz Global Investors

Allianz SE

Alquity Investment Management Limited

Alternative Capital Partners Srl

AMF

Amundi

Andra AP-fonden (AP2)

AP3 Third Swedish National Pension Fund

AP4

AP6 (Sjätte AP-fonden)

AP7

APG

Aquila Capital

Archbishops' Council

Ardevora Asset Management LLP

Arjuna Capital

Armstrong Asset Management

As You Sow

ASN Bank

ATLAS Infrastructure

ATP

Ausbil Investment Management Ltd

Australian Ethical Investment

Australian Super

Avaron Asset Management

Avesco Financial Services AG

Aviva Investors

Aviva plc

AXA Investment Managers

Baillie Gifford & Co

Baldwin Brothers

Bank J. Safra Sarasin

Barings LLC

Barncancerfonden

Bâtirente

BBC Pension Trust

BBVA

Bedfordshire Pension Fund

Bernische Lehrerversicherungskasse

BMO Global Asset Management

BNP Paribas Asset Management

Boston Common Asset Management

Brawn Capital Limited

Bridges Fund Management Limited

Brunel Pension Partnership

BT Financial Group

Bullitt Foundation

Caisse de dépôt et placement du Québec (CDPQ)

Caisse de pensions de l'Etat de Vaud (CPEV)

Caisse de pensions ECA-RP

Caisse de Prévoyance de l'Etat de Genève (CPEG)

Caisse de Prévoyance des Interprètes de Conférence (CPIC)

Caisse intercommunale de pensions (CIP)

Caisse paritaire de prévoyance de l'industrie et de la construction (CPPIC)

Caja Ingenieros Gestión

California Public Employees' Retirement System

California State Controller

California State Teachers' Retirement System

California State Treasurer's Office

Calvert Research and Management

Candriam Investors Group

CAP Prévoyance

Capricorn Investment Group

CareSuper

Carnegie Fonder

Cathay Financial Holdings

Catholic Health Initiatives

Catholic Super

Cbus

CCAP Caisse Cantonale d'Assurance Populaire

CCLA

CCOO, FP

Central Finance Board of the Methodist Church

Christian Super

Christopher Reynolds Foundation

Church Commissioners for England

Church Investors Group

Church Of England Pensions Board

Church of Sweden Asset Management

CIEPP - Caisse Inter-Entreprises de Prévoyance Professionnelle

City Developments Limited

CM-CIC Asset Management

Colonial First State Global Asset Management

Cometa Fondo Pensione

COMGEST

Committee on Mission Responsibility Through Investment of the Presbyterian Church U.S.A. Common Interests

Conference for Corporate Responsibility Indiana And Michigan Congregation of St. Joseph

Connecticut Retirement Plans and Trust Funds

Connecticut State Treasurer

CPEG

CPR AM

Credito Valtellinese S.p.A.

CRF For Local Government

Dana Investment Advisors

Danske Bank Wealth Management

Daughters of Charity, Province of St. Louise

Davy Asset Management

Dignity Health

Domini Impact Investments LLC

Dominican Sisters of Hope

Dominican Sisters of Sparkill

Dragon Capital Group

DSM Capital Partners LLC

DWS

Earth Capital Partners

East Capital

Ecofi Investissements

Ecofin Limited

EdenTree Investment Management

Edmond de Rothschild Asset Management (France)

EGAMO

Elo Mutual Pension Insurance Company

Encourage Capital

Environment Agency Pension Fund

Epic Capital Wealth Management

Epworth Investment Management

eQ Asset Management Ltd

ERAFP

Essex Investment Management, LLC Etablissement Cantonal d'Assurance (ECA VAUD) Ethos Foundation

Everence and the Praxis Mutual Funds

EverWatch Financial

Evli Bank

Felician Sisters of North America

FIM Asset Management

Finance in Motion

First Affirmative Financial Network

First State Super

FMO - Dutch Development Bank

Fondation de la métallurgie vaudoise du bâtiment (FMVB) Fondation de prévoyance du Groupe BNP PARIBAS en Suisse Fondation Leenaards, Switzerland

FONDO DE PENSIONES EMPLEADOS DE TELEFONICA Fonds de Réserve pour les Retraites - FRR Första AP-fonden (AP1)

Franciscan Sisters of Allegany NY

Friends Fiduciary Corporation

Frontier Advisors

Fundação VIVA DE PREVIDÊNCIA

GAM Investments

Generate Capital, Inc.

Generation Investment Management LLP

Glennmont Partners

GOOD GROWTH INSTITUT für globale Vermögensentwicklung mbH

Greater Manchester Pension Fund

Green Century Capital Management

Greentech Capital Advisors

Handelsbanken Asset Management

Hermes Investment Management

HESTA

Hexavest

HSBC Bank UK Pension Scheme

HSBC Global Asset Management

ICCR (Interfaith Center on Corporate Responsibility)

IFM Investors

Illinois State Treasurer Michael Frerichs

Impact Investors

Impax Asset Management

Industriens Pension

Inherent Group

Insight Investment

INTERAMERICAN

Investec Asset Management

Investment Management Corporation of Ontario (IMCO)

IRCANTEC

Jantz Management LLC

Janus Henderson

JLens Investor Network

Joseph Rowntree Charitable Trust

Kames Capital

KBIGI

Kempen Capital Management

Kendall Sustainable Infrastructure, LLC

La Banque Postale

La Française Group

Labour Union Co-operative Retirement Fund (LUCRF Super)

Lægernes Pension - pensionskassen for læger

Legal & General Investment Management

Legato Capital Management, LLC

LGPS Central Limited

Local Authority Pension Fund Forum

Local Government Super

Local Pensions Partnership

LocalTapiola Asset Management Ltd

Logos Asset Management

London Pensions Fund Authority

Los Angeles County Employees Retirement Association (LACERA)

M&G Investments

Macroclimate LLC

MAIF

Manulife

Maryknoll Sisters

Maryland Province of the Society of Jesus

Maryland State Treasurer Nancy Kopp

McKnight Foundation

Meeschaert Asset Management

Mennonite Education Agency

Mercer Investments

Merck Family Fund

Mercy Health

Mercy Investment Services, Inc.

Merseyside Pension Fund

MFS Investment Management

Midwest Coalition Responsible Investment

Miller/Howard Investments, Inc.

Minnesota State Board of Investment

Mirabaud

Mirova

Mitsubishi UFJ Kokusai Asset Management Co.,LTD.

Mitsubishi UFJ Trust & Banking Corporation

MN

Montanaro Asset Management Ltd

Morphic Asset Management

MPC Renewable Energies GmbH

MP Pension

Munich Venture Partners

Nanuk Asset Management

Natixis Assurances

Natixis Investment Managers

Natural Investments

NEI Investments

Nephila Capital Ltd

NEST

Nest Sammelstiftung, Switzerland

Neuberger Berman

Neumeier Poma Investment Counsel, LLC

New Forests

New York City Comptroller

New York State Comptroller

Newton Investment Management

Nikko Asset Management

NN Investment Partners Nomura Asset Management Nordea

Nordea Asset Management

North East Scotland Pension Fund

Northern Ireland Local Government Officers' Superannuation Committee NorthStar Asset Management, Inc.

Northwest Coalition for Responsible Investment

OFI AM Öhman

Old Mutual Global Investors

Ontario Teachers’ Pension Plan

OPTrust

Oregon State Treasurer Tobias Read Ownership Capital P+(DIP/JOEP)

P1 Investment Management Limited Pædagogernes Pension

Palisade Investment Partners Parnassus Investments Pathfinder Asset Management Pegasus Capital Advisors, L.P. PenSam PensionDanmark

Pensions Caixa 30

Pensionskasse Caritas, Switzerland Pensionskasse der Stadt Winterthur, Switzerland Pensionskasse Stadt Luzern, Switzerland Pensionskasse Unia, Switzerland

Permian Global PFA Pension

PGGM PHITRUST Pictet Group

PKA A/S PME

PMT (Pensioenfonds Metaal & Techniek) Polaris Capital Group Co., Ltd. Polden-Puckham Charitable Foundation Prévoyance Santé Valais (PRESV), Switzerland prévoyance.ne, Switzerland

Priests of the Sacred Heart, US Province Princeville Global

Pro BTP Finance

Profelia Fondation de prévoyance, Switzerland

Progressive Asset Management

Progressive Investment Management

Prosperita Stiftung für die berufliche Vorsorge, Switzerland

PT. ASABRI (Persero)

RAM Active Investments

Rathbone Greenbank Investments

Régime de retraite de l'Université de Montréal

Region VI Coalition for Responsible Investment

Regroupement pour la Responsabilité Sociale des Entreprises (RRSE)

Retraites Populaires, Switzerland

Reynders, McVeigh Capital Management, LLC

Riverwater Partners LLC

Robeco

RobecoSAM

Rockefeller Capital Management

Rose Foundation for Communities and the Environment Royal London Asset Management RPMI Railpen

RS Group

Ruffer LLP

Sampension A/S

San Francisco Employees' Retirement System (SFERS)

Santander Empleados Pensiones, F.P.

Sarasin & Partners LLP

SBI Funds Management Private Limited

Schroders plc

Seamans Capital Management, LLC

Seattle City Employees' Retirement System

SEB Investment Management

Seventh Generation Interfaith Inc.

Shareholder Association for Research & Education (SHARE

Sinsinawa Dominincans Inc.

Sisters of Bon Secours USA

Sisters of St. Dominic of Caldwell

Sisters of St. Francis of Philadelphia

Sisters of the Presentation of the BVM of Aberdeen SD SLM Partners Australia

Socially Responsible Investment Coalition

Solaris Investment Management

Solothurnische Gebäudeversicherung, Switzerland

Sophia School Corporation

South Yorkshire Pensions Authority

St. Galler Pensionskasse, Switzerland

Stafford Capital Partners

State of New Mexico - Treasurer's Office

Statewide Super

Steyler Ethik Bank

Stichting Bedrijfstakpensioenfonds voor de Bouwnijverheid Stichting Pensioenfonds Openbaar Vervoer

Stichting Pensioenfonds voor de Woningcorporaties Stichting Personeelspensioenfonds APG Stichting Spoorwegpensioenfonds Stiftung Abendrot, Switzerland

Storebrand Asset Management AS

Strathclyde Pension Fund

Sumitomo Mitsui Trust Bank

Superannuation Arrangements of the University of London (SAUL)

Sustainable Technology Investors Ltd

Sustainasia Limited

SWEN Capital Partners

Swift Foundation

Sycomore Asset Management

Terra Alpha Investments

Terre des hommes, Switzerland

The Atmospheric Fund

The Barrow Cadbury Trust

The George Gund Foundation

The London Borough of Islington Council

The Maryland State Retirement and Pension System The Osiris Group

The Presbyterian Church in Canada

The Sustainability Group of Loring, Wolcott & Coolidge

The Swedish Foundation for Strategic Environmental Research, Mistra

The Tellus Mater Foundation

Thomson Horstmann and Bryant, Inc.

TOBAM

TPT Retirement Solutions

Transport for London Pension Fund

Tri-State Coalition for Responsible Investment

Trillium Asset Management

Trilogy Global Advisors, LP

Trinity Health

Triodos Investment Management

Trusteam Finance

TT International

UBS Asset Management

Union Bancaire Privée, UBP SA

Union Investment

Union Mutualiste Retraite

Unipol Gruppo

UNISON Staff Pension Scheme

Unitarian Universalist Association

United Church Funds

United Methodist Women

Université de Montréal (Fonds de dotation)

Universities Superannuation Scheme - USS

University of California

University of Toronto Asset Management

Univest Company (Unilever Pension Funds)

Ursuline Sisters of Tildonk, U.S. Province

USA Northeast Province of the Society of Jesus

Vancity Investment Management Ltd.

Varma Mutual Pension Insurance Company

VBV - Vorsorgekasse AG

Veritas Pension Insurance Company

Vermont Pension Investment Committee

Vermont State Treasurer Elizabeth Pearce

Vert Asset Management

VicSuper

Vision Super Pty Ltd

Vontobel

Walden Asset Management/Boston Trust & Investment Management

Water Asset Management LLC

Washington State Investment Board

Wermuth Asset Management GmbH

Wespath

West Midlands Pension Fund

West Yorkshire Pension Fund

Wetherby Asset Management

WHEB Asset Management

Zevin Asset Management

Zurich Insurance Group