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Top 1000 Funds: When the CEO of the world’s largest asset manager speaks, the world tends to listen. So it was last week when BlackRock’s Larry Fink announced the company would put climate change centre-stage across its $7 trillion portfolio after what critics have called years of prevarication.
Citywire Selector: ESG mandates come in different shades of green with some excluding even the most popular asset classes. One high-impact exclusion zone is the $14.4 trillion US treasuries market. With European sovereigns largely offering negative yields, their higher-yielding US equivalents are often a preferred holding.
Top 1000 Funds: California’s Governor Gavin Newsom’s recent executive order calling on the state’s pension funds and endowments to invest more in green energy and less in fossil fuels flags more, complicated divestment decisions ahead for CalPERS 13-member board.
Chief Investment Officer: The New York State Common Retirement Fund has appointed Andrew Siwo to help lead its climate change-oriented ambitions as director of Sustainable Investments and Climate Solutions.
Institutional Investor: Twenty-nine U.S. schools excised the industry from their portfolios between 2011 and 2018, including Stanford University, Syracuse University, and Pitzer College. Another six endowments partially divested, most of them in California. Two researchers examined the burning question around dropping fossil fuels: What does it do endowment assets?
Reuters: About one-fifth of the California Public Employees’ Retirement System public markets portfolio is exposed to potential losses from climate change, the $381 billion pension fund manager reported this week in its first ever climate-risk disclosure report.
Reuters: The first public report on climate-related risks to financial markets ever commissioned by a U.S. market regulator will be out in June, the head of the group charged with writing it said on Wednesday.
MarketWatch: S&P Global and RobecoSAM, an affiliate of Robeco, announced today that S&P Global will acquire the ESG Ratings Business from RobecoSAM which includes the widely followed SAM* Corporate Sustainability Assessment (CSA) – an annual evaluation of companies' sustainability practices.
MarketWatch: Some 73 major U.S. companies recorded material hits to earnings from extreme weather events in one year, while supply-chain disruptions from climate change jumped 29% over the past six years.
Business Wire: The Concordia University Foundation committed today to end investments in the coal, oil and gas sector within five years. The Foundation also announced it would go further than this divestment and will be the first university foundation in Quebec with a target of 100% sustainable investments by 2025, including by doubling its social or environmental impact investment.
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