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Terra Alpha Investments, LLC

PRI reporting framework 2020

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 。 Scenario analysis plays a role in helping us evolve our investment thinking. We have found that various climate scenarios have helped us identify material ESG-related factors for certain industries of the economy.
25語以内で説明してください 。 When evaluating companies for inclusion in our portfolio, our investment analysts model future performance based on sector, regional, and company-specific factors. We utilize scenario analysis as a component of our assessment when considering the business model, the financials, and the operations of a company.

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

When we conduct initial assessments on companies, we include climate-related risks and opportunities into our analysis over at least a 5-10 year time horizon. These assessments include whether the company itself is exposed to any physical climate risks, as well as how the company is positioned to handle transition climate risks. Our analysts also begin assessing how companies are capitalizing on the opportunities associated with our changing world.

500語以内で自由に記載

The incorporation of scenario analysis to manage climate-related risks and opportunities starts with our initial assessment of companies and continues as part of the ongoing review of our holdings. As part of our proprietary Environmental Productivity Rating and Enduring Business Model Score frameworks, we are constantly assessing physical climate risks, transition climate risks, and climate opportunities and their impacts on a company’s business model, operations, and financials. This analysis is completed from both a top-down (thematic and industry-level) and bottom-up (company-specific) perspective. We are actively working on ways to more systematically incorporate the TCFD disclosures of companies into our analysis. We are also assessing various scenario portfolio assessment tools to determine if they can enhance our overall portfolio construction process.

500語以内で自由に記載

We engage with current portfolio companies and potential portfolio companies on a regular basis which could include questions related to climate risk that stem from our scenario analysis. An example of this would be when the carbon price we model in our analysis is materially different from what a company is modeling or disclosing. Another example would be when we engage with companies on the types of emissions targets that are being set by management (e.g., science-based targets vs. regular percentage targets vs. no targets).

13.5 CC. この分析をだれが利用するか記述してください。

具体的に記入してください

          Investment Analysts
        

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。

While we primarily focus on a five-year to 10-year time horizon when considering investment possibilities, we evaluate the potential impact of climate-related risks well beyond the specified time horizon. In an effort to limit the average global temperature rise, transition risks associated with climate change will be present for decades to come. Moreover, physical climate risks will increase in quantity and magnitude over the long-term as the environment absorbs the impacts of global temperature increases and the associated weather events. A company’s ability to plan for these risks and build its resilience will be better positioned to succeed in our changing world.

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。

13.8 CC. 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。

その他(具体的に記入してください)(1)

          Evolving food/agricultural systems
        

other description (2)

          Decarbonization
        

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
10億 100万
Currency
Assets in USD
10億 100万

使用された枠組みまたは分類法を明示してください

Our entire fund is based on investing in companies that have lower emissions vs their peers. 

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。

Our proprietary Environmental Productivity metrics built from information and data from company reports, Carbon Tracker, CDP, GRI, SASB and Bloomberg.

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
          To measure the performance of potential and existing holdings vs peers and over time.
        
          Science Based Targets, internal corporate targets that follow the emissions pathway laid out in the Paris Accord.
        
          Corporate Disclosed Environmental Data.
        
加重平均炭素濃度
          To measure the performance of potential and existing holdings vs peers and over time.
        
          CO2e
        
          Corporate Disclosed Environmental Data.
        
カーボンフットプリント(スコープ1と2)
          To measure the performance of potential and existing holdings vs peers and over time.
        
          CO2e
        
          Corporate Disclosed Environmental Data.
        
ポートフォリオのカーボンフットプリント
          To measure the footprint of the companies within our portfolios.
        
          CO2e
        
          Corporate Disclosed Environmental Data.
        
総炭素排出量
          To measure the footprint of the companies within our portfolios.
        
          CO2e
        
          Corporate Disclosed Environmental Data.
        
炭素濃度
          To measure the performance of potential and existing holdings vs peers and over time.
        
          Carbon intensity. CO2e/revenue.
        
          Corporate Disclosed Environmental Data.
        
炭素関連資産へのエクスポージャー
          Our assessment of energy companies includes a stranded asset screen.
        
          Various
        
          Corporate Disclosed Environmental Data.
        
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
基準年度
目標年度
内容
添付書類
          Emissions (scope 1 & scope 2)
        
          
        
          We utilize corporate-disclosed environmental data to measure our portfolio's overall resource intensity progress.
        

          Waste Stream.
        
          
        
          We utilize corporate-disclosed environmental data to measure our portfolio's overall resource intensity progress.
        

          Water.
        
          
        
          We utilize corporate-disclosed environmental data to measure our portfolio's overall resource intensity progress.
        

          
        
          
        
          
        

          
        
          
        
          
        

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どう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。

The assessment of climate-related risks and opportunities and their impacts on companies are embedded into our research, investment, and risk management processes. Risks and opportunities are reviewed from both a cross-sectional viewpoint and an industry/company-specific viewpoint since materiality varies by factor. These risks and opportunities are assessed by our analysts from both top-down and bottom-up perspectives as part of their initial assessments of companies, as well as part of their ongoing review of companies that are in the portfolio. These assessments include analyzing both existing and potential transition and physical climate risks and how they impact a company’s business model, operations, and financials. To complete these assessments, we utilize our proprietary Environmental Productivity Rating and Enduring Business Model Score frameworks. Our investment team actively monitors the portfolio’s footprint and regularly reports on our holdings’ emissions, water, and waste intensity levels. We not only monitor trends in the data to help identify potential risks but also to assist in identifying potential opportunities for companies in the form of resource efficiencies, energy sources, etc. Our CIO and portfolio manager oversee that these risks and opportunities are assessed by the investment team.

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。

TCFD disclosures are part of what we consider ideal disclosure for companies. Our ideal disclosure document is available on our website and is part of our engagement initiatives with companies. We believe companies should consider the risks and opportunities around climate change into their business models and strategies.


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。

15.2. 環境および社会をテーマとする分野に投資された合計運用資産(AUM)の割合を明示してください。

100 %

15.3. 貴社が投資しているテーマ分野を明示のうえ、AUMに対する特定の資産クラスの割合を記載し、その内容を簡潔に説明してください。

分野

投資している資産クラス

12 % (AUMの)

簡潔な説明および投資尺度

We consider key thematics throughout our investment process, including decarbonization, the electrification of everything, and technological innovations. Energy efficiency and clean technologies are naturally then considered within those key thematics. We consider those thematics in all investment decisions, though we do recognize that they are more materially relevant for some sectors over others. 

投資している資産クラス

4 % (AUMの)

簡潔な説明および投資尺度

 As demand for natural resources rises, we'll need to consider alternative ways to generate enough energy to support a growing population. As stated above, our key thematics of  the electrification of everything and technological innovations are integral to our investment thought process. Renewable energies will play a key role in addressing the needs of our changing world. 

投資している資産クラス

4 % (AUMの)

簡潔な説明および投資尺度

The opportunity to more efficiently measure and manage the use of natural resources, specifically with regard to green house gas emissions from buildings, is undervalued in the current markets. Companies that offer solutions to make buildings greener are not only capitalizing on this market opportunity, but are also providing solutions to curb emissions and reduce dependency on natural resources. A key step in our investment process involves determining the intentionality of companies as well as identifying which companies are enabling change at a much larger scale. 

投資している資産クラス

1 % (AUMの)

簡潔な説明および投資尺度

We view forestry as a key environmental factor to consider in our reserach process. The production of goods which rely on forests potentially have high environmental and social costs, including greenhouse gas emissions, habitat and biodiversity loss, and social conflict, whose costs are not fully reflected in pricing or value assets. Sustainable forestry can be material when determining the enduringness of a company's business model. 

投資している資産クラス

13 % (AUMの)

簡潔な説明および投資尺度

Soil supports and impacts essential elements of societies, including food production, water filtration and retention, forest growth, and general ecosystem health. Sustainable agriculture can be material when determining the enduringness of a company's business model. It is our view that the company's who implement more sustainable practices with regard to agriculture will be better positioned to thrive in the long-term.

投資している資産クラス

18 % (AUMの)

簡潔な説明および投資尺度

The threat of climate change not only effects the health of our environment, but also human health. We've identified several key environmental factors in our Environmental Productivity rating system to be used when evaluating companies for our portfolio. Those factors (carbon, water, and waste) pose immediate threats to global health if not intentionally measured and managed by investors, business leaders, and stakeholder organizations.

投資している資産クラス

12 % (AUMの)

簡潔な説明および投資尺度

The impacts of water stresses reach across sectors – all companies may face physical, regulatory, or reputational risks if they operate or rely on operations in any water-stressed area. 

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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