Coal presence in climate funds ‘points to need for more ESG oversight’

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first_imgInfluenceMap analysed 118 funds marketed as free from fossil fuels or otherwise climate-relatedHowever, it also found 22 climate-themed funds exposed to fossil fuels. In addition, InfluenceMap said, the aggregate thermal coal intensity for the 118 funds was roughly equivalent to that of the iShares MSCI World exchange-traded fund.The think tank said its research pointed to the need for greater oversight of the climate-themed and broader ESG investment sector in relation to how funds and their impacts were marketed and described.“Efforts under way within the EU, including its taxonomy framework and application of the EU Ecolabel to financial products, aim to do just this,” said InfluenceMap.It also proposed the development of “a pathway for discerning and regulating the impact of these funds on the real economy and on actual emissions reductions, particularly as several pieces of research cited in this report indicate real world impact is a key motivator for investors in climate and ESG funds”. The organisation noted that many climate-themed funds remained invested in fossil fuel companies and pursued engagement with them in a bid to drive positive change in the world. Report ‘misses important nuances’: State StreetTwo of the funds covered by InfluenceMap’s analysis are State Street funds with “fossil fuel reserves free” in their name: SPDR MSCI EAFE Fossil Fuel Reserves Free ETF and SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF.The think tank said they “contained fossil fuel reserves” through holdings in companies including energy corporate RWE and mining company Vale.According to Matthew Bartolini, head of SPDR America Research at State Street Global Advisors (SSGA), InfluenceMap’s report “misses some of the most important nuances in the nomenclature relating to addressing carbon in portfolios”.“As we continually perform range management and ensure that our solutions are fit for purpose, we continuously provide feedback to our partners on clients’ needs,” Bartolini said.“As a result, based on their own consultations, MSCI, the index provider, will implement changes to the MSCI ex Fossil Fuels indices as part of a November 2019 semi-annual index review that addresses some of the more stock-specific nuances of companies residing in a low-carbon industry.”Pure metallurgical coal companies would still not be excluded, however, Bartolini said, as this “reflects the current nomenclature and reinforces the nuances associated with ESG”.In its report, InfluenceMap said that the use of indices to construct climate-themed funds was likely to be “a significant driver of the presence of companies controlling fossil fuel reserves”. According to InfluenceMap, many asset managers selling climate funds “appear to have actively eliminated companies controlling fossil fuel reserves from their funds”.  The presence of companies with coal mining activity in climate-themed funds suggests the need for greater oversight of the environmental, social and corporate governance (ESG) fund sector, a climate change-focused non-profit organisation has argued. London-based InfluenceMap identified and analysed 118 climate-themed funds marketed to retail investors, examining the presence of what it referred to as “fossil fuel reserves” owned by companies held in the funds. The think tank said that, although fossil fuel companies were not necessarily barred from climate-themed funds for legal or other reasons, “it is reasonable to assume that purchasers of such funds would expect exposure to fossil fuel reserves within the funds to be minimised in line with the manner in which the funds are named and described in the fund marketing materials”.Policymakers in the EU were anticipating that such funds would both meet buyers’ expectations as well as “drive genuine impacts in the real economy”, it added.center_img Index provider MSCI is to make changes to its fossil fuel exclusion indices in November“It should be noted,” it added, “that most of the climate-themed funds connected to S&P and MSCI indices identified as containing fossil fuels are ‘optimised’ with respect to the method by which they track their affiliated index.“Given that the degree of input implied by ‘optimisation’ is variable, it is uncertain whether the inclusion of fossil fuel holdings in the index funds originates with the fund manager or the index provider.”Nathalie Wallace, global head of ESG investment strategy at SSGA, told IPE that in the financial world, fossil fuel reserves was understood as a reference to the oil and gas sector.“Thermal coal is embedded in our data providers under brown revenues, which includes all extractive industries that have a high pollution or high carbon emission output.”She added: “What we see is that everybody is looking at climate and asking what the funds are doing. If we only target one fund then you come to the conclusion that it’s not delivering on the promise to save the planet, but what we do is address different climate challenges with different products that respond to demand from clients.”Thomas O’Neill, co-founder and research director at InfluenceMap, said: “Coal is the single biggest contributor to climate change and investors and the public alike would reasonably expect that a fossil-free fund does not contain coal. “Our data shows that certain asset managers will need to greatly improve their climate offerings or risk losing the trust of increasingly engaged investors.”Earlier this week the European Commission approved an asset swap between RWE and E.ON that RWE said would make it “one of the world’s leading renewable energy companies”. It said it would focus primarily on electricity production based on renewables. The utility also mines coal in Germany.last_img read more

Gold Coast’s full-floor penthouse is a “home in the sky”

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first_img Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:01Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:01 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenAustralian homes fit for a celebrity01:01 I t’s private. It’s secluded and on absolute beachfront at the northern end of the Gold Coast’s Palm Beach. This sprawling full-floor penthouse at ONE Palm Beach epitomises modern luxury. ONE Palm Beach on the Gold Coast features 360-degree views to Surfers Paradise.Created by Velocity Property Group, the penthouse, which is on the market for offers over $4.2 million, features four bedrooms, 4.5 bathrooms plus an open-plan living space that spans its entire length, bordered by an ocean balcony on one end and a large sunset deck on the other.National sales director Caroline Humbert said while every marble and travertine finish throughout the penthouse had been carefully considered and opulent, it had also been designed to be low maintenance with smart-wired app-activated remote-control technology, making it perfect for lock-up and leave living.“The 17 residences in ONE Palm Beach are almost sold out because these buyers, who are all owner-occupiers, have recognised that the security, luxury and seclusion offered in this building makes it perfect as a permanent residence or an ideal holiday escape,” Ms Humbert said.“The penthouse offers so much living space as well as a four-car, private garage that takes the total area of the residence to an incredible 539sq m.” Check out this spacious penthouse for sale at ONE Palm Beach, Gold Coast.center_img This incredible “home in the sky’’ features 466sq m of ultimate living, surrounded by a wrap-around balcony on three sides. It is built at an optimal height on the ninth floor for 360-degree spectacular views to Surfers Paradise, Coolangatta and the hinterland, ensuring that ocean breezes remain comfortable, rather than gale force winds. More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours agoWhat about this view at ONE Palm Beach?The chef’s kitchen and butler’s pantry feature Wolf/Sub-Zero appliances. Designed for entertaining, the kitchen flows to a dining area with spectacular views of Burleigh Headland and Surfers Paradise.The master bedroom has floor to ceiling glass to allow the owners to wake up to oceanfront views that sweep down to Coolangatta. The master ensuite has a luxury freestanding bath with stunning views of the ocean designed to be enjoyed from a reclined, soaking position.Ms Humbert said in addition to the app-activated tech, the residence was powered by its own solar allocation on the roof plus a powerwall battery, to assist in the reduction of running costs.The penthouse is minutes from Burleigh Headland and Tallebudgera Creek.last_img read more

Arsene Wenger calls on Arsenal players to maintain intensity for Stoke trip

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first_img Press Association The Britannia Stadium has not been a happy hunting ground for the Gunners, who have won just once in the Potteries in the Premier League era. Wenger’s men drew 3-3 at Liverpool on Wednesday, having led going into stoppage time only to concede a late Joe Allen equaliser. Arsene Wenger is expecting another stern test of his side’s Barclays Premier League title credentials when Arsenal travel to Stoke on Sunday. “We are still in the FA Cup so overall we are still in a position where we can make our season a fantastic season. The fact that we have players coming back from injuries will help. “I would say Stoke are also sharper because when we played them (at home, a 2-0 win for Arsenal on September 12) they were in a bit of a difficult patch and had some bad injuries. “Since then, they have developed well and have moved forward well in the league, with some convincing results. I’m convinced that both teams have moved forward since.” With Stoke having already beaten Manchester City and Manchester United and drawn with champions Chelsea at home so far this season, Wenger knows his players will have to match their level of performance from in midweek to break their Staffordshire hoodoo. “It’s a similar test to Liverpool,” he said. “On our side, we’ll need the same intensity again, four days later, and the same desire and focus. What we learn in this Premier League is that every week you think ‘look how many surprises we have seen today, that will not happen again’. “And the week after, it happens again and again and again, since the start of the season. That shows you that the consistency of your focus, the consistency of your determination will certainly play a big part in the outcome of this league.” Arsenal have been consistent in recent months despite nursing a chronic injury list, which is beginning to ease at the perfect time for Wenger. Alexis Sanchez has a chance of being involved at Stoke following his hamstring injury, while new recruit Mohamed Elneny could also make his debut. With Tomas Rosicky and Mikel Arteta recently back and Danny Welbeck making a possible return in a fortnight, Wenger knows they could all play their part in the coming weeks. “At the moment we are at the beginning of January, we are in a strong position in the league and we have qualified in the Champions League. last_img read more

Sri Lanka cling on to draw after Kohli masterclass

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first_imgKOLKATA, India (Reuters) – India’s captain Virat Kohli staved off the threat of defeat before their fast bowlers ensured the hosts finished on a high in the drawn opening Test against Sri Lanka in an enthralling final day at the Eden Gardens yesterday.Chasing an improbable target of 231 in little more than a session, the tourists were reeling on 75 for seven before the umpires ruled the light too poor to continue in the final session of the match.With rain washing out most of the first two days in the match, it was a stunning comeback from the world’s top-ranked Test side who were tottering at 79-6 in their first innings at one stage.Kohli propped up his side’s batting on the final day with an unbeaten 104 to register his 18th Test hundred, and 50th across formats, after paceman Suranga Lakmal’s inspired spell in the first session gave Sri Lanka hope of a maiden Test win in India.India, however, rode out the storm before declaring their second innings on 352 for eight immediately after Kohli hit a six to get to three figures against Sri Lanka, who have failed to win in 17 away Tests against the hosts.India seamer Bhuvneshwar Kumar, who took four wickets in the first innings, picked up another four for just eight runs to take the hosts close to a win but the fading light helped Sri Lanka avoid a crushing defeat after dominating the match for more than four days.The 30-year-old Lakmal was the most successful bowler for Sri Lanka in the first innings with four wickets and he returned to haunt the world’s top-ranked side with a triple strike in the second.After resuming on 171-1, India were cruising before Lakmal got a delivery to jag back off the seam and breach KL Rahul’s defence to dismiss the right-hander for 79.Lakmal then sent back the dependable Cheteshwar Pujara and Ajinkya Rahane in the same over to reduce the hosts to 213-4.Dilruwan Perera dived forward to complete a brilliant catch to dismiss Pujara for 22, while Rahane was out leg-before without scoring.Kohli, who appeared unsure of his footwork at the start of his innings, then added 36 for the fifth wicket with Ravindra Jadeja to steady the ship before his partner perished to off-spinner Perera shortly before lunch.Ravichandran Ashwin and wicketkeeper Wriddhiman Saha fell cheaply to all-rounder Dasun Shanaka, leaving Kohli to wriggle India out of trouble while also looking to add enough runs to take the total out of Sri Lanka’s reach.The 29-year-old Kohli, who has 32 hundreds in the 50-over format, was given out leg-before to Lakmal on 72 but survived on review after replays confirmed a thin edge off his bat.In his 119-ball knock, Kohli hit 12 fours and two sixes, the second off Lakmal over wide long-off bringing up his century. He went down on one knee and roared in delight with a clenched fist towards the dressing room.The second match in the three-Test series will be played in Nagpur from Friday.INDIA 1st innings 172 (C. Pujara 52; S. Lakmal 4-26) SRI LANKA 1st innings 294 (R. Herath 67, A. Mathews 52, L. Thirimanne 51; B. Kumar 4-88, M. Shami 4-100) INDIA 2nd innings (o/n 171-1)L. Rahul b Lakmal 79S. Dhawan c Dickwella b Shanaka 94C. Pujara c D. Perera b Lakmal 22V. Kohli not out 104A. Rahane lbw b Lakmal 0R. Jadeja c Thirimanne b D. Perera 9R. Ashwin b Shanaka 7W. Saha c Samarawickrama b Shanaka 5B. Kumar c D. Perera b Gamage 8M. Shami not out 12Extras: (b-7, lb-1, nb-1, w-3) 12Total: (for 8 wkts decl’d, 88.4 overs) 352Fall of wickets: 1-166, 2-192, 3-213, 4-213, 5-249, 6-269, 7-281, 8-321.Bowling: Suranga Lakmal 24.4-4-93-3 (w-1), Lahiru Gamage 23-2-97-1 (nb-1), Dasun Shanaka 22-1-76-3 (w-2), Dilruwan Perera 13-2-49-1, Rangana Herath 6-1-29–0.SRI LANKA 2nd innings (Target: 231 runs)Sadeera Samarawickrama b B. Kumar 0Dimuth Karunaratne b Shami 1Lahiru Thirimanne c Rahane b B. Kumar 7Angelo Mathews lbw b U. Yadav 12Dinesh Chandimal b Shami 20Niroshan Dickwella lbw b B. Kumar 27Dasun Shanaka not out 6Dilruwan Perera b B. Kumar 0Rangana Herath not out 0Extras: (lb-1, nb-1) 2Total: (for 7 wickets, 26.3 overs) 75Fall of wickets: 1-0, 2-2, 3-14, 4-22, 5-69, 6-69, 7-75.Bowling: B. Kumar 11-8-8-4, M. Shami 9.3-4-34-2 (nb-1), U. Yadav 5-0-25-1, R. Jadeja 1-0-7-0..last_img read more