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Presentación De Powerpoint Sustainable Development Goals as a framework for climate investment London, 9 January 2018 (12:20 CET) Aaron Baker I European Fixed Income & Sustainable Markets | [email protected] | +44 (0) 207 397 7580 PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FIVE PAGES OF THIS REPORT. Sustainable Development Goals as a framework for climate investment / 9 January 2018 The United Nations has been the leading proponent of inclusive and sustainable economic growth “At its essence, sustainability means ensuring prosperity and environmental protection without compromising the ability of future generations to meet their needs” Ban Ki-moon, Former Secretary General, United Nations People Prosperity • End poverty and hunger in all forms • Ensure prosperous and fulfilling and ensure dignity and equality lives in harmony with nature Planet Partnership Peace • Protect our planet’s natural resources • Implement the agenda • Foster peaceful, just and climate for future through a solid global and inclusive societies generations partnership Sustainable Development Source: UN PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FIVE PAGES OF THIS REPORT. Page 2 Sustainable Development Goals as a framework for climate investment / 9 January 2018 Index What are the UN’s Sustainable 1 Sustainable Development Goals Development Goals? The relevance of these goals to investing Investor portfolio guidance using climate- 2 related goals How to use these goals to invest Sectoral selection using climate-related 3 goals PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FIVE PAGES OF THIS REPORT. Page 3 Sustainable Development Goals as a framework for climate investment / 9 January 2018 Section 1 What are the UN’s Sustainable Development Goals? The Sustainable Development Goals (SDGs) are a collection of 17 global goals set by the United Nations and adopted by all 193 members of the UN in September 2015. The 17 SDGs consist of 169 individual targets with metrics designed to guide global sustainable development priorities to 2030. The SDGs were designed to replace the earlier Millennium Development Goals that ended in 2015. The key difference between the SDGs and the MDGs is that the former make no distinction between developed and developing countries and have specific, distinct metrics. Source: UN PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FIVE PAGES OF THIS REPORT. Page 4 Sustainable Development Goals as a framework for climate investment / 9 January 2018 Section 1 Meeting the SDGs will require new capital or a re-routing of existing flows Linking SDGs to economic and societal activities Source: UN, BBVA GMR • The UN Commission on Trade and Development (UNCTAD) estimates that meeting the SDG targets will require USD5-7 trillion in investment each year to 2030. • Given that governmental spending and development assistance flows make up c.USD1 trillion per year, new flows of private-sector capital are needed, either through new allocations or by re-routing existing flows PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FIVE PAGES OF THIS REPORT. Page 5 Sustainable Development Goals as a framework for climate investment / 9 January 2018 Section 1 SDGs are a guide to responsible investment mandates • SDGs, with their broad focus, yet specific targets and metrics, provide a useful template for responsible investors to benchmark their investment strategy. This has been recognised by the UN Principles for Responsible Investors (PRI), which are aligned with SDGs as a framework for responsible investment. UN PRI signatories currently number 1,714, including 1,280 global investment managers, and have AuM of c.USD68.4trn. Macro Considerations Micro Considerations Opportunities: Opportunities: • SDG achievement will be a key driver of global economic growth • Companies globally are moving toward more sustainable and, by extension, the main structural source of financial returns business practices. ‘Responsible Investment’ mandates are in the long term, driving growth in corporate revenues and growing exponentially, with a focus on climate themes. Changing earnings. business practices, products and services provide new investment opportunities. • Creation of a viable model of inclusive economic growth will sustain corporate profits, with a lower risk of ‘Minsky moments’ • Investors can ‘buy in’ to opportunities that target specific SDG driven by societal divisions, injustices and/or adverse themes and sectors (e.g. clean technology stocks, low-carbon environmental changes. infrastructure, and green bonds). Investment Considerations: Investment Considerations: • Large institutional investors relying on modern portfolio theory • In the past 10 years, responsible investment has evolved from can be considered ‘universal owners,’ making their investment being primarily exclusionary, to focusing on identifying returns dependent on the sustainability of the global economy. companies that can effectively manage Ignoring such risks can impair their financial performance should Environmental/Social/Governance (ESG) risks and economies and markets not be sustainable in the long-run opportunities. • Failure to achieve SDGs will affect all countries and sectors to • At some point, a significant proportion of external costs, such as some degree, creating macro financial risks. Investors are environmental damage or societal pressures, may be forced exposed to these risks through the companies in which they are onto corporate balance sheets via policy action. SDGs provide invested and failure to recognise sustainable drivers in underlying targets that can help investors navigate uncertainty corporates can lead to investment risk related to the timing and extent of risk. PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FIVE PAGES OF THIS REPORT. Page 6 Sustainable Development Goals as a framework for climate investment / 9 January 2018 Section 1 Companies increasingly aligned with SDG approach • According to the SDG Commitment Report 100 (released April 2017), 82% of the global blue chips it analysed disclosed partial or full commitment to the SDGs, representing a market cap of USD9.7trn. As of August 2017, Trucost identified investment managers with USD4trn in AuM making SDG commitments, including APG and PPGM in Europe and CalPERS and State Street in the US. • Based on SDG pledges made so far, European and Asian companies are mainly focused on climate action. African companies have demonstrated a commitment to reducing inequalities, and North American companies show a strong commitment to good health and well-being. SDG Commitment Report 100: tracking alignment to SDGs Source: UN, BBVA GMR Climate action Good health and well-being Gender equality Climate action Good health and well-being Quality education Reduced inequalities Clean water Responsible consumption Reduced inequalities Quality education Affordable and clean energy Decent work Decent work Innovation Responsible consumption Clean water Gender equality Sustainable communities Zero hunger Affordable and clean energy Sustainable communities Partnerships for the goals Peace and justice Peace and justice Partnerships for the goals Zero hunger End poverty Life on land Innovation Life below water Life on land End poverty Life below water 0% 5% 10% 15% 20% 25% 30% 0% 5% 10% 15% 20% Climate action Reduced inequalities Responsible consumption Climate action Reduced inequalities Quality education Good health and well-being Good health and well-being Gender equality Clean water Quality education Responsible consumption End poverty Gender equality Peace and justice Decent work Decent work Affordable and clean energy Life on land Sustainable communities Affordable and clean energy Innovation Life below water Zero hunger Sustainable communities Partnerships for the goals Clean water Peace and justice Innovation Life on land Zero hunger End poverty Partnerships for the goals Life below water 0% 5% 10% 15% 20% 25% 0% 5% 10% 15% 20% 25% 30% Share of coverage on specific SDG PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FIVE PAGES OF THIS REPORT. Page 7 Sustainable Development Goals as a framework for climate investment / 9 January 2018 Section 1 Using SDG’s to determine an ‘impact-driven’ investment strategy Impact themes and their relationship to the Sustainable Development Goals Source: BBVA GMR Climate stability Goals • Limit GHG levels to stablise global temperature rise under 2C 9 13 Basic needs Goals • Food, water, energy, shelter, 1 2 3 sanitation, communications, transport, credit and health for all 6 7 10 Goals Healthy ecosystems • Maintain ecologically sound 14 15 landscapes and seas for nature and people Well-being Goals • Enhanced health 3 4 5 education, justice and Goals Resource security equality of opportunity for all 10 11 16 12 • Preserve stocks of natural resources through efficient and circular use Decent work Goals • Secure, socially inclusive jobs and working conditions for all 8 9 10 PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FIVE PAGES OF THIS REPORT. Page 8 Sustainable Development Goals as a framework for climate investment / 9 January 2018 Section 1 Metrics for SDG-linked responsible investment themes SDGs all have granular metrics which investors can target Source: BBVA GMR, UN Theme Metric Rationale Refinements Basic needs Revenue from products Proxy for addressing needs of • Purchasing pow er serving low -income low -income groups • Restriction to ‘basic needs’ products groups (USD)* • Fair dealing • Product ethics Well-being Total tax burden (USD)* Proxy for public value • Corruption record of government contribution • Negative
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