Year-to-date: Engagement as a means to lower the carbon footprint of our portfolios

Year-to-date: Engagement as a means to lower the carbon footprint of our portfolios

08-08-2016 | インサイト

When national governments are starting to actually implement global warming policies after COP21, stranded assets will become an unprecedented problem for sectors relying on fossil fuels. Research by Nature magazine published in January 2015, suggests that one-third of oil reserves, half of gas reserves and 80% of coal reserves might go unused up until 2050. The research identified the largest risks as being to coal reserves in China, India, the former Soviet Union, and oil & gas reserves in the Middle East.

  • Sylvia van Waveren
    Sylvia
    van Waveren
    Senior Engagement Specialist

In our summer reading series, here’s a chance to catch up with some of our top picks so far in 2016. The following story was originally published earlier this year.

The call to limit global warming has fallen at investors’ doors as the owners of companies whose activities are contributing to climate change. One thing investors can do is simply divest high-carbon companies., In our view this is not the most effective way to decarbonize portfolios or deal with stranded assets. Most of these fossil fuel reserves are owned by governments, not companies. For those reserves that are held by corporates, divestment simply means one institution buying what another is selling.

The better solution is to encourage carbon companies to change their business models. Our team has been engaging with carbon-intensive companies for some time now exactly trying to do so. The focus is on the biggest generators of C02. These are the utilities, including electricity generators which burn fossil fuels to generate energy and account for one-third of all global carbon emissions. Other sectors are real estate, oil & gas and transportation.

Our engagement with the utilities sector is already well underway. It is aimed at encouraging the implementation of proactive and ambitious environmental strategies, operational excellence in thermal generation, business model innovation, and participation in public policy debate. Over the course of the engagement, we expect to see electric utilities taking steps towards their own de-carbonization.

The owners of retail buildings which can generate large quantities of C02 have also been targeted in our engagements. Here the engagement is aimed at climate change management, license to operate, environmental management systems, owner engagement with occupiers, and energy and carbon reductions. For 2016 we plan to engage the oil & gas sector in our carbon engagements.

Engagement with companies is not only about having a dialogue. It's also about seeing the company’s impact for yourself and be prepared to interact in depth with the industry. Thus we went on a field trip to West Canada to visit the third-largest oil reserves in the world - the Athabasca oil sands. To see how the oil companies recover oil from the oil sands, and under which conditions its environmental impact can be reduced. An important part of the trip focused on the Carbon Capture and Storage technology, which could be such a condition for the sustainable recovery of oil from oil sands.

A number of large asset owners, including the Norwegian Government Pension Fund and CalPERS of the US have joined us in selecting engagement as their main approach to deal with carbon-intensive investee companies. Another approach would be to join co-file initiatives of shareholder resolutions such as the ‘Aiming for A’ campaign in the UK, which has successfully persuaded Royal Dutch Shell and BP to disclose their climate strategy and the resilience of their portfolios against carbon limits. Shareholder resolutions are appearing now at mining companies and utility companies as well and we are preparing ourselves to co-filing some of these resolutions.

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当資料は情報提供を目的として、Robeco Institutional Asset Management B.V.が作成した英文資料、もしくはその英文資料をロベコ・ジャパン株式会社が翻訳したものです。資料中の個別の金融商品の売買の勧誘や推奨等を目的とするものではありません。記載された情報は十分信頼できるものであると考えておりますが、その正確性、完全性を保証するものではありません。意見や見通しはあくまで作成日における弊社の判断に基づくものであり、今後予告なしに変更されることがあります。運用状況、市場動向、意見等は、過去の一時点あるいは過去の一定期間についてのものであり、過去の実績は将来の運用成果を保証または示唆するものではありません。また、記載された投資方針・戦略等は全ての投資家の皆様に適合するとは限りません。当資料は法律、税務、会計面での助言の提供を意図するものではありません。

ご契約に際しては、必要に応じ専門家にご相談の上、最終的なご判断はお客様ご自身でなさるようお願い致します。

運用を行う資産の評価額は、組入有価証券等の価格、金融市場の相場や金利等の変動、及び組入有価証券の発行体の財務状況による信用力等の影響を受けて変動します。また、外貨建資産に投資する場合は為替変動の影響も受けます。運用によって生じた損益は、全て投資家の皆様に帰属します。したがって投資元本や一定の運用成果が保証されているものではなく、投資元本を上回る損失を被ることがあります。弊社が行う金融商品取引業に係る手数料または報酬は、締結される契約の種類や契約資産額により異なるため、当資料において記載せず別途ご提示させて頂く場合があります。具体的な手数料または報酬の金額・計算方法につきましては弊社担当者へお問合せください。

当資料及び記載されている情報、商品に関する権利は弊社に帰属します。したがって、弊社の書面による同意なくしてその全部もしくは一部を複製またはその他の方法で配布することはご遠慮ください。

商号等: ロベコ・ジャパン株式会社  金融商品取引業者 関東財務局長(金商)第2780号

加入協会: 一般社団法人 日本投資顧問業協会

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