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class="hero"><figure class="hero-image"><img sizes="100vw" srcset="https://www.climateaction100.org/wp-content/uploads/2023/06/adele-payman-2oYMwuFgnTg-unsplash-1600x2400-1-375x250.jpeg 375w, https://www.climateaction100.org/wp-content/uploads/2023/06/adele-payman-2oYMwuFgnTg-unsplash-1600x2400-1-1200x800.jpeg 1200w, https://www.climateaction100.org/wp-content/uploads/2023/06/adele-payman-2oYMwuFgnTg-unsplash-1600x2400-1.jpeg 1920w" alt="" class="object-fit" src="https://www.climateaction100.org/wp-content/uploads/2023/06/adele-payman-2oYMwuFgnTg-unsplash-1600x2400-1.jpeg"></figure><header class="hero-info"><div class="hero-inner"><h1 class="hero-title">The business case</h1><div class="hero-summary"><p>Climate risk can manifest as a material financial risk, and institutional investors are well-served by understanding these risks as well as the resulting opportunities. Investors engage with portfolio companies to appropriately address these risks on behalf of their clients and beneficiaries. </p></div><div class="hero-download"></div></div></header></div></section><div class="main-section" id="content"><div class="container"><article class="article"><div class="content clearfix"><p><a href="https://www.ipcc.ch/sr15/" target="_blank" rel="noopener noreferrer">Decades of scientific evidence</a> from the Intergovernmental Panel on Climate Change (IPCC) has detailed a significant transition is necessary to contain severe climate-related risks to food production, infrastructure, water supply, human security and economic growth. Without greater action in line with the goals of the Paris Agreement, average global temperature rises of around 4 degrees Celsius can be expected to result in an estimated <a href="https://agupubs.onlinelibrary.wiley.com/doi/full/10.1029/2018EF000922" target="_blank" rel="noopener noreferrer">$23 trillion of associated global economic losses</a> over the next 80 years. <span class="TextRun SCXW128825494 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW128825494 BCX0">T</span></span><span class="TextRun SCXW128825494 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW128825494 BCX0">his </span><span class="NormalTextRun SCXW128825494 BCX0">has the potential to </span><span class="NormalTextRun SCXW128825494 BCX0">harm all economies, asset classes and industries, whether directly or indirectly, with escalating consequences for all financial market actors. </span></span><span class="TextRun SCXW128825494 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="auto"><span class="NormalTextRun SCXW128825494 BCX0">It is therefore </span><span class="NormalTextRun SCXW128825494 BCX0">appropriate that</span><span class="NormalTextRun SCXW128825494 BCX0"> financial market participants address investment-related climate risks and opportunities. </span></span><span class="TextRun SCXW128825494 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW128825494 BCX0">The <a href="https://www.oecd.org/environment/cc/climate-futures/policy-highlights-financing-climate-futures.pdf">OECD estimates that $6.9 trillion in investment </a></span></span><span class="TextRun SCXW128825494 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW128825494 BCX0"> will be </span><span class="NormalTextRun SCXW128825494 BCX0">required</span><span class="NormalTextRun SCXW128825494 BCX0"> across energy, transport, building and water infrastructure each year </span><span class="NormalTextRun SCXW128825494 BCX0">through </span><span class="NormalTextRun SCXW128825494 BCX0">2030 to meet the world’s climate and development </span><span class="NormalTextRun SCXW128825494 BCX0">objectives</span><span class="NormalTextRun SCXW128825494 BCX0">.</span></span><span class="TextRun SCXW128825494 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW128825494 BCX0"> </span><span class="NormalTextRun SCXW128825494 BCX0">Others have found </span><span class="NormalTextRun AdvancedProofingIssueV2Themed SCXW128825494 BCX0">$460 billion</span><span class="NormalTextRun SCXW128825494 BCX0"> a year more will need to be invested out to 2030 to </span></span><a class="Hyperlink SCXW128825494 BCX0" href="https://unfccc.int/sites/default/files/resource/367_Investments_Policy_Brief_2018-10-26.pdf" target="_blank" rel="noreferrer noopener"><span class="TextRun Underlined SCXW128825494 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW128825494 BCX0" data-ccp-charstyle="Hyperlink">decarbonise the global energy system</span></span></a><span class="TextRun SCXW128825494 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW128825494 BCX0"> in line with limiting global warming at 1.5 degrees Celsius.</span></span></p><figure class="pullquote"><blockquote><p>The increase in the frequency and intensity of extreme weather events could trigger non-linear and irreversible financial losses. In turn, the immediate and system-wide transition required to fight climate change could have far reaching effects potentially affecting every single agent in the economy and every single asset price.</blockquote><figcaption class="pullquote-cite">François Villeroy de Galhau, Governor of the Banque de France</figcaption></figure><p><span class="TextRun SCXW101598533 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW101598533 BCX0">Investors take a wide variety of approaches to managing climate</span><span class="NormalTextRun SCXW101598533 BCX0">-related</span><span class="NormalTextRun SCXW101598533 BCX0">financial </span><span class="NormalTextRun SCXW101598533 BCX0">risks in their portfolios</span><span class="NormalTextRun SCXW101598533 BCX0">and Climate Action 100+ p</span></span><span class="TrackedChange SCXW101598533 BCX0"><span class="TextRun SCXW101598533 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW101598533 BCX0">reserve</span></span></span><span class="TrackedChange SCXW101598533 BCX0"><span class="TextRun SCXW101598533 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW101598533 BCX0">s</span></span></span><span class="TrackedChange SCXW101598533 BCX0"><span class="TextRun SCXW101598533 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW101598533 BCX0"> and </span></span></span><span class="TrackedChange SCXW101598533 BCX0"><span class="TextRun SCXW101598533 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW101598533 BCX0">promote</span></span></span><span class="TrackedChange SCXW101598533 BCX0"><span class="TextRun SCXW101598533 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW101598533 BCX0">s</span></span></span><span class="TrackedChange SCXW101598533 BCX0"><span class="TextRun SCXW101598533 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW101598533 BCX0"> signatory rights to independent implementation of </span></span></span><span class="TextRun SCXW101598533 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW101598533 BCX0">their fiduciary duty</span><span class="NormalTextRun SCXW101598533 BCX0">,</span><span class="NormalTextRun SCXW101598533 BCX0"> to manage climate risks on behalf of their clients and beneficiaries. </span></span><span class="EOP SCXW101598533 BCX0" data-ccp-props="{"201341983":0,"335557856":16777215,"335559739":0,"335559740":279}"> </span></p><h3><span style="font-weight: 400;">STEWARDSHIP AND ENGAGEMENT</span></h3><p><span class="TextRun SCXW171802039 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW171802039 BCX0">Investors are increasingly </span><span class="NormalTextRun SCXW171802039 BCX0">recognising</span><span class="NormalTextRun SCXW171802039 BCX0"> their exposure to climate risks and their fiduciary duty to respond. While investors can </span><span class="NormalTextRun SCXW171802039 BCX0">invest in </span><span class="NormalTextRun SCXW171802039 BCX0">companies and projects that </span><span class="NormalTextRun SCXW171802039 BCX0">will deliver</span><span class="NormalTextRun SCXW171802039 BCX0">the necessary clean technology </span><span class="NormalTextRun SCXW171802039 BCX0">transition</span><span class="NormalTextRun SCXW171802039 BCX0">, they also have a powerful opportunity to </span><span class="NormalTextRun SCXW171802039 BCX0">engage </span><span class="NormalTextRun SCXW171802039 BCX0">heavy emitting</span><span class="NormalTextRun SCXW171802039 BCX0">companies </span><span class="NormalTextRun SCXW171802039 BCX0">a</span><span class="NormalTextRun SCXW171802039 BCX0">r</span><span class="NormalTextRun SCXW171802039 BCX0">o</span><span class="NormalTextRun SCXW171802039 BCX0">und business strategies</span><span class="NormalTextRun SCXW171802039 BCX0">, diversification and transformation </span><span class="NormalTextRun SCXW171802039 BCX0">through their equity and fixed-income holdings. This is possible through </span></span><strong><a class="Hyperlink SCXW171802039 BCX0" href="https://www.frc.org.uk/getattachment/5aae591d-d9d3-4cf4-814a-d14e156a1d87/Stewardship-Code_Dec-19-Final-Corrected.pdf" target="_blank" rel="noreferrer noopener"><span class="FieldRange SCXW171802039 BCX0"><span class="TextRun Underlined SCXW171802039 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW171802039 BCX0" data-ccp-charstyle="Hyperlink">investment stewardship</span></span></span></a> </strong><span class="TextRun SCXW171802039 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW171802039 BCX0">– direct</span><span class="NormalTextRun SCXW171802039 BCX0"> engagement with public companies to achieve corporate practice consistent with long-term value protection and creation.</span></span><span class="EOP SCXW171802039 BCX0" data-ccp-props="{"201341983":0,"335557856":16777215,"335559738":270,"335559739":0,"335559740":279}"> </span></p><figure class="pullquote"><blockquote><p>Money talks. If we can deploy capital and the power of financial markets, we can ensure companies make the transition needed to cap global warming.</blockquote><figcaption class="pullquote-cite">Anne Simpson, Director, Managing Investment Director, Board Governance & Sustainability, California Public Employees’ Retirement System</figcaption></figure><p><span data-contrast="none">Asset owners in particular have a vital role to play in the net-zero transition across the global economy. Asset owner support for Climate Action 100+ helps to demonstrate investors’ conviction in the materiality of climate risk and signals the importance of engagement on climate change to investment managers and engagement service providers. In addition, asset owner participation will help ensure that company boards and senior management around the world hear a strong message on climate change from investors. </span></p><p><span data-contrast="none">Investment managers also have a role to play within their clear directive of fiduciary duty. Climate Action 100+ signatories have access to several tools that can help protect long-term value for their clients, including clear frameworks to track emissions reductions progress towards goals, flexible participation in working groups that feature access to company management, industry experts, and other investors and asset owners, and the option to participate in collaborative engagements. Applied thoughtfully, the breadth and depth of experts and information available to Climate Action 100+ signatories can help with insights and perspective on one of the largest systemic risks to all investments: the global impact of greenhouse gas emissions from the world’s largest emitters.</span><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":279}"> </span></p></div></article></div></div><div class="components"><section class="section cta-outer"><div class="container small cta"><h2 class="cta-title"> About Climate Action 100+ </h2><div class="cta-summary"><p>Climate Action 100+ is an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change. 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