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Eaton Vance Corp.

PRI reporting framework 2020

Export Public Responses

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (A) Implementation: Screening

(A) Implementation: Screening

FI 04. Types of screening applied

04.1. Indicate the type of screening you conduct.

Select all that apply
Corporate (financial)
Corporate (non-financial)
Negative/exclusionary screening
Positive/best-in-class screening
Norms-based screening

04.2. Describe your approach to screening for internally managed active fixed income


Please see FI 04.3 for the answer

04.3. Additional information. [Optional]

The information in this section reflects Calvert as well as the collaboration of EVM's Investment Grade Fixed Income team.

The Calvert Research System (CRS) is Calvert’s proprietary platform that is optimally engineered to capture multiple sources of ESG data and evaluate information through the perspectives of their ESG analysts' deep ESG expertise. Calvert applys a streamlined investment decision-making process that integrates both financial and sustainability insights and compares companies across these metrics. During the reporting period, Calvert’s team of ESG research analysts led this process and worked closely with fixed income and equity investment analysts to identify the most material ESG factors and data indicators for each sub-industry.

Calvert collaboration of EVM's Investment Grade Fixed Income team uses detailed scoring models that incorporate the best available information to review each potential investment. They then rate and rank companies within their sub-industries and normalize these results to include several relative ESG risk factors, ultimately producing an assessment that reflects both peer-relative and absolute performance in a defined index universe. Only companies that satisfy the team's standards for ESG performance are included in Calvert’s mutual funds and separate accounts that seek to follow the Calvert Principles.

As part of this process, the team bases their investments on the Calvert Principles for Responsible Investment, which encompasses positive screening as well as norms-based screening. These Principles guide the team's selection of companies for all Calvert’s Responsible Indexed investment strategies, and many of their actively managed strategies. They seek to invest in companies that provide positive leadership in the areas of their business operations and overall activities that are material to improving societal outcomes, including those that will affect future generations. Specifically, they address advancing sustainability and resource efficiency; contributing to equitable societies and respecting human rights; and seek accountable governance and building transparency. The applications generally preclude companies with poor ESG performance. Full details can be found at:

Additional Information: The Calvert Principles for Responsible Investment take into account norms of the Universal Declaration of Human Rights and the International Labour Organization Conventions as part of their review when assessing a company. Calvert also considers the Treaty on Conventional Armed Forces and UN Register on Convention Arms as part of its analysis for weapons.

FI 05. Examples of ESG factors in screening process

05.1. Provide examples of how ESG factors are included in your screening criteria.

Type of fixed income

ESG factors


Description of how ESG factors are used as the screening criteria

French Green OAT- CUSIP BEV2B6930

Issued by French Treasury to support French commitments under the Paris Climate Agreement

This issuance covers a particularly wide array of green projects because it generally supports the French Government's environmental objectives. Broadly it supports renewable energy research, green buildings, low-carbon transportation infrastructure, and natural capital preservation, among other categories.

The governance on this issuance is naturally very strong, and the country's national commitments give confidence that green funds will be impactful:

  • Emit 40% less greenhouse gas emissions by 2030 (1990 Baseline)
  • Reduce final energy consumption 20% by 2030 and 50% by 2050 (2012 Baseline)
  • Reduce fossil fuel consumption by 30% as of 2030 (2012 Baseline)
  • Increase the share of renewables to 40% of electricity generation by 2030

Type of fixed income

ESG factors


Description of how ESG factors are used as the screening criteria

Citigroup Inc- CUSIP BEV3B4LX3

This is a part of Citigroup's initiative to lend, invest, and facilitate $100 billion from 2014-2024 towards environmental solutions and activities in an effort to reduce the impact of climate change

Proceeds from Citi's Green Bond Issuances support investments in assets of projects in the following categories:

  • Renewable Energy
  • Energy Efficiency
  • Sustainable Transportation
  • Water Quality & Conservation
  • Green Buildings (included LEED Gold & Platinum)

Recent company impact reporting states 83% of the company's green bond asset portfolio falls under renewable energy, another 11% under sustainable transportation (mass transit in developing countries)

Type of fixed income

ESG factors


Description of how ESG factors are used as the screening criteria

Terraform Power Operating LLC- CUSIP 88104LAG8
 Issuer is wholly owned by a yieldco that derives 100% of its revenue from renewable energy generation. The Parent, TerraForm Power Inc, owns and operates 4,066 MW of renewable capacity (58.8% Wind and 41.2% Solar) mainly in the US

The entirety of this issuance was used as cash on hand in the financing of an acquisition deal which provided TerraForm with 930MW of wind power, suggesting that around 142 MW of capacity is attributable to the proceeds raised from this issuance.

05.2. Additional information.

The information in this section reflects Calvert as well as the collaboration of EVM's Investment Grade Fixed Income team.

FI 06. Screening - ensuring criteria are met

06.1. Indicate which systems your organisation has to ensure that fund screening criteria are not breached in fixed income investments.

Type of screening
Negative/exclusionary screening
Positive/best-in-class screening
Norms-based screening

06.2. Additional information. [Optional]