From hot air to cold hard facts: how financial markets are finally - PowerPoint PPT Presentation

May 09, 2023 •357 likes •490 views

Investment Association Viewpoint From hot air to cold hard facts: how financial markets are finally getting a grip on how to price climate risk and return and what needs to happen next 16 October 2020 Andrew Hauser, Executive Director for

Investment Association Viewpoint From hot air to cold hard facts: how financial markets are finally getting a grip on how to price climate risk and return – and what needs to happen next 16 October 2020 Andrew Hauser, Executive Director for Markets
Excess returns of green equity & bond indices vs market-wide benchmarks 2
Potential economic benefits of disclosing climate metrics (and costs of not) 3
TCFD-aligned disclosures 4
Correlations between environmental scores from different rating providers Key Each matrix displays correlation coefficients between Environmental ratings given by five rating providers (labelled P1 – P5 in the charts) on a sample of 924 firms (2017 data). Right: Correlation coefficients between aggregate Environmental ratings. Below : Correlation coefficients between ratings of a selection of more granular environmental categories. Greenhouse Gas Emissions Energy Green Buildings P1 P1 P1 P2 0.25 P2 0.40 P2 n/a P3 n/a n/a P3 0.22 0.19 P3 0.22 n/a P4 0.28 0.47 n/a P4 0.26 0.33 0.02 P4 0.19 n/a 0.18 P5 n/a n/a n/a n/a P5 0.37 0.05 0.17 0.36 P5 0.55 n/a 0.34 0.34 P1 P2 P3 P4 P5 P1 P2 P3 P4 P5 P1 P2 P3 P4 P5 5
Alternative warming potential Estimate of APF corporate holdings ‘portfolio warming metrics for same portfolio potential’ 6
A selection of ‘green bond’ structures 7
Corporate green bonds outstanding Total green bond issuance by nationality of issuer 8
New issue premia for non-financial Currency composition of bonds by European-issued € bonds (Sep 2020) UK domiciled issuers (excluding gilts) 9
Sovereign green bonds in issue Dutch green corporate bonds 10
Number of launches of new AUM and flows into sustainability-rated ‘climate aware’ funds open ended funds 11
ESG integration Source: CFA Institute 12
Climate-based asset allocation strategies 13

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