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Australian Ethical Investment Ltd.

PRI reporting framework 2019

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You are in Strategy and Governance » ESG issues in asset allocation

資産配分におけるESG問題

SG 13. ESG issues in strategic asset allocation

13.1. 貴社組織がシナリオ分析および／またはモデリングを実施するか記述してください。実施する場合、 シナリオ分析について説明してください（資産クラス別、セクター別、戦略的資産配分等）。

25語以内で説明してください 。 We used analytic tools from the European 2° Investing Initiative (2ii) to assess whether our share investment in power generation is aligned with the massive shift to renewables that is needed to limit warming to 2 degrees.

13.2. 組織が戦略的な資産配分やセクターまたは地理的な市場間での資産の配分においてESG問題を考慮しているかどうかを記載してください。

以下を行っている

13.3. 補足情報 [任意]

SG 13 CC.

13.4 CC. 貴社組織が気候関連のリスクおよび機会を管理するためにどのようにシナリオ分析を利用しているかについて（分析がどのように解釈されているか、その結果、将来の計画等）、記述してください。

500語以内で自由に記載

We used analytic tools from the European 2° Investing Initiative (2ii) to assess whether our share investment in power generation is aligned with the massive shift to renewables that is needed to limit warming to 2 degrees. Our analysis showed that (1) Our share investment in renewable power generation is proportionately about six times that of the global sharemarket; and (2) The growth in renewable power generation capacity, represented by our current share investments and projected over the next five years, is aligned with what is required to limit warming to below 2 degrees (under the SDS and B2DS scenarios discussed below).The 2ii tools look at the current power generation capacity of companies as well as their projected new capacity over the next five years. We applied the 2ii tools to our shareholdings at the end of 2017. We assessed the projected increase in renewable power generation (including solar, wind and hydro) over the next five years against the International Energy Agency Sustainable Development Scenario (SDS) and Beyond 2 degrees Scenario (B2DS). The SDS is a scenario of transformation of the global energy system to limit global warming to well below 2 degrees; to provide universal access to modern energy by 2030; and to dramatically reduce premature deaths from air pollution. The B2DS is a more aggressive energy emissions reduction scenario, with the energy sector reaching carbon neutrality by 2060 to limit future temperature increases to 1.75°C by 2100.

This analysis helps us to test whether our Ethical Charter and energy sector framework is effective to direct investment to companies aligned to the transition to net zero emissions in accordance with the Paris Agreement.

We do not model the impact of different emissions and temperature increase scenarios on the value of our investment portfolios. Our ethical investment approach recognises the power which investors have to help positively shape the future. If investors only choose companies with strategies aligned to a 1.5-degree future, then investors will proactively help to bring about a world which effectively limits warming. By shifting capital from fossil fuels to renewables, investors help to bring down the price of renewable energy, they encourage investment in more flexible electricity grids and energy storage, and they contribute constructively to a sensible public discussion about energy policy. These investors, particularly universal investors like super funds, are also acting in the financial interests of their clients because we believe that risk-adjusted returns will be better in a low-warming world than a high-warming one.

500語以内で自由に記載

Our analysis using climate scenarios informs our active ownership by providing insight into (1) renewable energy investment plans of the companies we invest in, which informs our engagement with them; and (2) transition pathways for the broader energy sector, which informs our public advocacy and our engagement with companies which are screened out by our Ethical Charter.

13.5 CC. この分析をだれが利用するか記述してください。

13.6 CC. 貴社組織がその投資戦略について、投資期間を超えて、気候関連リスクの影響を評価しているか記述してください。

500語以内で自由に記載してください。

In applying our Ethical Charter we evaluate climate change impacts, risks and opportunities for people, animals and the environment, independently of our financial investment analysis.

13.7 CC. 一定の範囲の気候シナリオを利用しているか記述してください。

貴社組織が用いる気候シナリオについて記述してください。
提供者
使用するシナリオ
IEA
IEA
IEA
IEA
IEA
IRENA
グリーンピース
持続的発展研究所
ブルームバーグ
IPCC
IPCC
IPCC
IPCC
その他
その他
その他

SG 14. Long term investment risks and opportunity

14.1. 一部の投資リスクと機会は長期トレンドの結果として発生します。貴社では、以下のどの項目について考慮するか明示してください。

14.2. 気候に関するリスクと機会に対応して組織で実施されている活動を選択してください。

低炭素関連および気候変動に強いポートフォリオ、ファンド、戦略または資産クラスに投資されている運用資産（AUM）を明示してください

Total AUM
兆 10億 100万 千 百
Currency
Assets in USD
兆 10億 100万 千 百

使用された枠組みまたは分類法を明示してください

Our Ethical Charter (https://www.australianethical.com.au/australian-ethical-charter/) requires us to assess short, medium and long term impacts on people, animals and the environment. This guides us to invest in a way which minimises dangerous climate change:

Negative screening: We don't invest in fossil fuel companies or other companies assessed to be obstructing the action needed to limit warming to well below 2 degrees. When we invest in the energy sector, for example, we require a positive contribution to the transition to a renewable energy system, and any fossil fuel revenue of a company must be below our thresholds (5% to 33%). In the banking sector, we exclude banks if they are not aligning their lending activities with the transition needed to limit warming in accordance with the Paris Agreement.

Positive screening: We invest in companies producing renewable energy and increasing energy efficiency, and otherwise supporting the urgent economic transition needed to limit warming in line with the Paris Agreement. These include investment in wind, solar, hydro and geothermal energy, battery storage, LED lighting, insulation, sustainable buildings and clean energy technology start-ups (through the Artesian Clean Energy Seed Fund).

14.3. 次のツールの中から気候関連リスクと機会の管理に組織が用いているものを選択してください。

14.4. 排出量リスクの開示を選択した場合、採用している開示方法またはそのフレームワークの中で気候関連のものを挙げてください。

We use:

  • Trucost portfolio and company footprinting of our equities investments, covering scope 1 and some scope 2 emissions
  • MSCI ESG Research carbon emissions performance metrics and analysis
  • 2 Degree Investing Initiative online analytic tools
  • Company CDP disclosures and companies' other climate and carbon reporting.

14.5. 補足情報 [任意]

SG 14 CC.

14.6 CC. 気候に関連するリスクと機会を評価するために使用されるこれらの重要な指標についての詳細を記入してください。

指標の種類
カバレッジ
目的
指標の単位
方法
気候関連の目標 
          Help assess alignment with Paris Agreement transition.
        
          Zero emissions target (tCO2e)
        
          Scope 1, 2 and 3 emissions, apportioned to prevent double counting.
カーボンフットプリント（スコープ1と2） 
          Help assess alignment with Paris Agreement transition.
        
          tCO2e/AU$ revenue or sales
        
          GHG Protocol; Trucost assessment of direct emissions and first tier indirect emissions ('supply chain impacts'); MSCI ESG platform  carbon emissions performance metrics (scopes 1, 2 and some 3).
ポートフォリオのカーボンフットプリント 
          Help assess alignment with Paris Agreement transition.
        
          tCO2e/AU$ revenue
        
          GHG Protocol; Trucost assessment of direct emissions and first tier indirect emissions ('supply chain impacts').
総炭素排出量 
          Help assess alignment with Paris Agreement transition.
        
          tCO2e
        
          GHG Protocol; Trucost assessment of direct emissions and first tier indirect emissions ('supply chain impacts'); MSCI ESG platform  carbon emissions performance metrics (scopes 1, 2 and some 3).
炭素濃度 
          Help assess alignment with Paris Agreement transition.
        
          tCO2e/AU$ mn revenue; tCO2e/MWh
        
          GHG Protocol; Trucost assessment of direct emissions and first tier indirect emissions ('supply chain impacts'); MSCI ESG platform  carbon emissions performance metrics (scopes 1, 2 and some 3).
炭素関連資産へのエクスポージャー 
          Help assess alignment with Paris Agreement transition.
        
          $ revenue
        
          Screen out companies with fossil fuel related revenue or reserves exceeding applicable thresholds (e.g. fossil fuel mining, power generation and transport).
その他の排出量指標

14.7 CC. 主要目標についてさらに詳しく記入してください。

目標の種類
期間
説明​
添付資料 
          By 2050
        
          Absolute zero portfolio emissions target (t CO2e scope 1, 2 and 3 emissions, apportioned to prevent double counting). Carbon intensity (tCO2e/AU$ 
mn revenue) metric used to assess and promote progress to target.

14.8 CC. 気候関連のリスクが全体のリスク管理に組み込まれているか記述してください。また、気候関連リスクを特定、評価、管理するために利用されたリスク管理プロセスについて説明してください。

500語以内で自由に記述。

We identify, assess and manage material climate-related risks through the processes described in SG 01.10 CC, 07.6 CC, 07.7 CC, 13.4 CC and 14.6 CC. For example, our investment screening and company engagement guides us to sectors and companies which are aligning their businesses with the transition needed to limit global warming to well below 2 degrees. Aligned companies are better positioned than non-aligned companies to manage many climate-related risks, such as the risk of introduction or increase in carbon pricing. However, the effects of climate change will be felt across the economy and society. Higher global warming threatens to disrupt trade and financial markets and carries significant risk of loss to all investment portfolios.

The work of our ethics research team monitors developments in:

  • scientific understanding of the rate and impacts of global warming
  • domestic and international climate policy and regulation
  • technological innovation in climate mitigation and adaptation.

Developments in these areas are factored into ongoing review of our ethical screening frameworks for different industry sectors. Reviews consider direct and indirect emissions (scopes 1, 2 and 3) for the sector; susceptibility to the impacts of global warming; and facilitation of climate action and inaction. Climate risk is investigated in more detail for high risk/opportunity sectors, including energy, food, transport, real estate and banking. Banking is assessed to be high risk because of the huge shifts in capital needed for climate change mitigation and adaptation, and the risks of climate harm from bank lending which is not aligned with the 2 degree transition.

As an example of this process, our periodic ethical review of a carbon intensive sector like the energy sector takes into account changes in renewable energy and energy efficiency and storage technologies and their social and environmental impacts; changes in levels of atmospheric carbon; changes in scientific understanding of the pace, extent and impacts of global warming; changes in energy infrastructure such as the grid; and changes in energy market supply and demand. Consequential changes to our ethical framework for the energy sector and engagement and advocacy objectives are prepared by the ethics research team and reviewed and approved by the Ethical Advisory Group (EAG). These changes may include additional investment exclusions or inclusions (e.g. a change in our screening of biofuels), or a change in our engagement and advocacy objectives and priorities for companies in the sector or related sectors. The changes to our energy sector framework may then have flow on effects to other frameworks (e.g. to the way we assess the 2 degree alignment of banks' lending under our banking framework).

We use climate performance data from a variety of sources to assess the alignment of company businesses with a 2-degree transition, which in turn is a key component of our investment screening and engagement and advocacy.

14.9 CC. 貴社組織がTCFD採用を促すアクティブオーナーシップ活動を行うか記述してください。

説明してください。

Support for climate shareholder resolutions seeking improved climate disclosure.

Participation in the Climate Action 100+.

Support for the CDP 2018 ‘Non-Discloser campaign’ 

 

SG 15. Allocation of assets to environmental and social themed areas

15.1. 貴社にて、特定の環境および社会をテーマとする分野に基づいてファンドに資産を配分したり、ファンドを運用しているかどうかについて明示してください。

15.4. 含めたい補足情報があれば、添付してください。 [任意] 


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