“The fires ranging in the Amazon, Indonesia and beyond, threaten the natural carbon sinks which absorb rapidly escalating greenhouse gas emissions.

Investors must act to address biodiversity loss, The PRI is an investor initiative in partnership with, PRI Association, 25 Camperdown Street, London, E1 8DZ, UK. Endowments and foundations are another growing category, especially in the UK and North America. By Toby Belsom, Director, Investment Practices, Thalia Vounaki, Head of Data Insights and Analysis and Stephen Andrews, Analyst, Data Analysis and Insights, all PRI, By Gemma James, Head of Environmental Issues, PRI. The intermittency ceiling is high and rising. establish a transparent monitoring and verification system for supplier compliance with the company’s no deforestation policy. An introduction to responsible investment, Selecting, appointing and monitoring managers, Environmental, social and governance issues, Private retirement systems and sustainability, The PRI is an investor initiative in partnership with, PRI Association, 25 Camperdown Street, London, E1 8DZ, UK. The statement, coordinated by the nonprofit organizations PRI and Ceres, also comes on the heels of a new special report on climate change and land released by the Intergovernmental Panel on Climate Change, which shows that 11 percent of global greenhouse gas emissions are caused by poor forestry and land-use management including commodity-driven deforestation. danielle.chesebrough@unpri.org +1 212 907 1301. If you have any questions, please contact us at blog@unpri.org. For example, over 30 insurers became signatories in 2019. For leading asset owners, there are collaborative initiatives such as Climate Action 100+ (CA100+) and the recently launched UN Net Zero Asset Owner Alliance. Members of the CA100+ include over 430 PRI signatories, of which 225 are asset owners. In our recent signatory survey, 84% of asset owners agree that these resources are useful in meeting PRI Principles I and II. It argues that the remarkable fall in renewable electricity costs, combined with the raising of the intermittency ceiling, means that for most countries the opportunities offered by renewable electricity – a cheap, local and independent energy source - are now huge.
Countries with large domestic coal and gas extraction and electricity generation will face more powerful impediments to change. The UN’s calls for a “decade of action” should be a stark reminder of the urgent need for asset owners to step up their responsible investment efforts. In fact, the largest asset owners at the PRI by AUM are based in Japan, France, Germany and Austria. IPR forecasts a response by 2025 that will be forceful, abrupt, and disorderly because of the delay. PRI signatories now include the Harvard University Endowment, University of Toronto, University of Manchester, London School of Economics and Political Science, and University of Tokyo, whose interest in RI is often driven by student activism on sustainability. Improving internal processes is one important step. Other introductory guides include discussions on what responsible investment is; introducing a responsible investment policy and process; and asset class-specific guides on fixed income; listed equity; and private equity. What are the Principles for Responsible Investment? “Therefore, companies must demonstrate to investors that they can hold their global suppliers accountable for disclosing and eliminating these risks.”, PRI: Duncan Smith duncan.smith@unpri.org +44 (0) 203 714 3166, Ceres: Andrew Walsh awalsh@ceres.org +1 617 247 0700 ext.182. Our goal is to contribute to the broader debate around topical issues and to help showcase some of our research and other work that we undertake in support of our signatories. “Deforestation and loss of biodiversity are not only environmental problems. But another is taking collective action. Investors have a critical role to play in developing and harnessing these technologies to help preserve the Amazon forest.”. More recently, the PRI has seen significant growth in markets with a traditionally lower presence, such as Latin America, Southern Europe and Asia. We use cookies to improve your experience on this website. Though a range of approaches exist, our first Leaders’ Group put a spotlight on leading practices in how asset owners select, appoint and monitor their investment managers. The world can now enjoy a renewable energy windfall – a Gigafall. There are significant negative economic effects associated with these issues and they represent a risk that we as investors cannot ignore.

Renewables provide a way to reach the goals of the Paris Agreement, cut deaths from pollution, and enhance energy independence. In Europe large players like Talanx Group (Germany), Poste Vita (Italy), and Ageas (Belgium) joined. Working together in a decade of action.
The full statement with the list of investor signatories is available here. In fact, whilst the PRI remains an asset owner-led organisation, investment manager signatories now represent over 70% of the signatory base, and more than 50% of the AUM of the Willis Towers Watson top 500 investment managers globally. This paper by Carbon Tracker is part of The Inevitable Policy Response (IPR), a pioneering project which aims to prepare financial markets for climate-related policy risks. The reward to successful policymakers will be greater wealth, cleaner air, lower warming, energy independence and electoral success. Today, 230 institutional investors representing USD $16.2 trillion in assets under management are calling on companies to take urgent action in light of the devastating fires in the Amazon, which have been fuelled in part because of the deforestation happening at an alarming rate in Brazil and Bolivia. In addition, asset owner signatories tell us that PRI reporting data is useful as part of their evaluation of their investment managers’ activities. We use cookies to improve your experience on this website. PRI Association, 25 Camperdown Street, London, E1 8DZ, UK Company no: 7207947 Expect rising policy action. Governments are also recognising the role capital markets must play in promoting social and environment goals. In Asia, Meiji Yasuda Life Insurance Company, Sumitomo Life Insurance Company (Japan) and Ping An Insurance (China) also signed up. And the arrival at new tipping points within sectors and countries over the next decade informs “when” this response is likely to materialise. Renewable costs are below those of fossil fuels. Today, due to the requirements of many asset owners, over 2,000 investment managers have joined the PRI. Unveiling of the PRI at the New York Stock Exchange in 2006, attended by founding PRI signatories and the former UN Secretary General Kofi Annan. “In signing this statement, investors representing a significant portion of global capital are pledging their support for the Amazon region, which has been devastated by fires and deforestation,” said PRI CEO Fiona Reynolds. Many of the investors who have signed the statement are involved in a collaborative investor engagement initiative with global companies exposed directly or indirectly to soy and cattle from South America. Ascribe that a value of $10 per MWh and capitalise, and you have a trillion dollar windfall. New technologies and tools keep raising the intermittency ceiling, as countries like Germany and the UK move over 25% variable renewables and regions like South Australia and Northern Ireland aspire to 50% and more. “The use of modern technologies can help to keep the forest standing, and preserve its vital role storing carbon, protecting species and providing invaluable ecosystems services for the planet.

Five years ago, fossil fuels were the cheapest baseload.

report annually on deforestation risk exposure and management, including progress towards the company’s no deforestation policy. Some of Asia’s big asset owners – Japan Post Insurance, the Hong Kong Monetary Authority, Ping An Insurance Group (China) and the Employee Provident Fund (Malaysia) – are all new signatories. The PRI’s first US insurer – Re-Insurance Group of America – has also joined. “The gargantuan biodiversity of the Amazon forest calls for innovative solutions to harness its biological assets,” said Professor Carlos Nobre, Senior Researcher with the University of São Paulo’s Institute of Advanced Studies. We would like to thank all the 500 asset owners who have now joined the PRI and whose collective ambition is driving responsible investment forwards. The forces for change are sufficient to start the transition. They produce more local jobs, increase social justice and are extremely popular. This is spilling over to activity at sovereign wealth funds, central banks and DFIs; in 2019 our first central bank members, De Nederlandsche Bank in Holland and the Bank of Finland joined the PRI. Nor do the views and opinions expressed on this blog constitute financial or other professional advice. How do we support asset owner signatories? Growth in numbers has also been accompanied by increasing geographic diversity. The Investor Initiative for Sustainable Forests (IISF), led by PRI and Ceres, aims to transform industry practices to eliminate deforestation from cattle and soy supply chains. “As investors, we have a responsibility to address these threats within our portfolios across the value chain from agricultural producers to the banks that finance them. Start to add in the externality value of renewables and you rapidly get to a much larger number. Our 500th asset owner is Protección SA, a corporate pension fund based in Colombia, reaffirming how responsible investment is now inarguably global. A full list of asset owner material can be found at unpri.org/asset-owners. “It is with deep concern that we follow the escalating crisis of deforestation and forest fires in Brazil and Bolivia,” the investors wrote in a statement released today. “As investors, who have a fiduciary duty to act in the best long-term interests of our beneficiaries, we recognise the crucial role that tropical forests play in tackling climate change, protecting biodiversity and ensuring ecosystem services.”.

The adoption of Storebrand’s investment policy to curb deforestation, lays out a clear mandate to intensify our work on active ownership, and obliges us to apply maximum pressure to change company behavior. The woman at the helm of the United Nations-supported Principles for Responsible Investment and her team are on a mission to get asset owners to ... PRI exec harnessing the power of $45 trillion.


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