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MSCI ESG Carbon Portfolio Analytics

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MSCI ESG Carbon Portfolio Analytics MSCI ESG FROM MSCI ESG RESEARCH LLC Carbon Portfolio Analytics MSCI ESG Research’s Carbon Portfolio Analytics report is a tool for understanding, measuring and managing carbon risk at the portfolio, sector, and company level. It is available directly from MSCI ESG Manager or as a Managed Service. Key features and benefits Integrated carbon risk assessments Transparent and understandable Additional metrics on risks Carbon Portfolio Analytics reports Carbon Portfolio Analytics reports and opportunities include a carbon footprint analysis, as include clearly defined metrics and The tool provides analysis on well as analysis of an extensive set of analysis with context to help with stranded asset exposure, together carbon risk management and exposure the interpretation of the results. For with assessments of carbon risk metrics, sourced from sophisticated in- example, the report includes attribution management practices and energy house research, from stranded assets to analysis that evaluates how stock initiatives, in an effort to indicate clean technology investments. selection and sector weighting can possible exposure to environmental explain the differences between the legislation and preparedness for Informative benchmark comparisons carbon footprint of a portfolio and the transition to a low carbon economy. Carbon Portfolio Analytics reports carbon footprint of portfolios replicating present side by side analysis of portfolios an index. replicating two indexes: one market index and one based on low carbon or Environmental Social and Governance (ESG) criteria, leveraging MSCI’s extensive suite of low carbon, fossil fuel exclusion and traditional indexes. MSCI Carbon Portfolio Analytics Carbon Risk Management: Energy Initiatives Client ABC ‐ Sample Large Cap Companies have a variety of strategies to reduce emissions, including setting targets for reductions, using cleaner energy sources and managing energy consumption. While these efforts vary considerably across companies, we categorize them as No Efforts, Some Efforts, and Aggressive Efforts to make them more comparable. We present this information for the portfolio and Identify outliers benchmarks, as well as the largest 5 portfolio positions with aggressive efforts and the largest 5 portfolio positions with no efforts. Company Sector Country Portfolio Weight Largest Positions with Aggressive Efforts 1 GENERAL ELECTRIC COMPANY Industrials United States of America 1.31% MSCI Carbon Portfolio Analytics Sample Large Cap 3.4% 68.7% 24.4% 3.5% 2 BASF SE Materials Germany 0.42% Overview3 BHP BILLITON LIMITED Materials Australia 0.34% Client ABC ‐ Sample Large Cap Targets Targets Analyze key sectors and companies 4 E. I. DU PONT DE NEMOURS Materials United States of America 0.30% 5 ENI S.P.A. Energy Italy 0.22% MSCI ACWI 4.4% 56.1% 31.6% 7.8% This report analyzes a portfolio of securities in terms of the carbon emissions, fossil fuel reserves, and Largest Positions with No EffortsCarbon Footprint Reduction Reduction 1 APPLE INC. Info Tech United States of America 3.59% other carbon‐related characteristics of the entities that issue those securities. It compares this data to the Weighted Carbon 2 ROYAL DUTCH SHELL CarbonPLC Emissions Energy Carbon NetherlandsCarbon 0.92% performance of a portfolio replicating a market benchmark and a portfolio replicating a relevant ESG Average Carbon Emissions Data Carbon benchmark (Environment, Social and Governance). The data below represents a high‐level subset of the MSCI ACWI Low Carbon Target 3.6% 56.9% 31.8% 7.7% Carbon 3 TOYOTA MOTOR CORPORATION/$M Invested ConsumerEmissions* Disc Japan Intensity 0.89% where risk is concentrated to better inform Intensity Availability 4 BERKSHIRE HATHAWAY INC. Consumer Disc United States of America 0.79% information found in the following pages. Sample5 AMAZON.COM, Large Cap INC. 79.8Consumer Disc79,813 United States 128.0 of America 124.1 0.78% 100.0% MSCI ESG Research defines portfolio carbon footprint as the total carbon emissions of a portfolio per Largest Positions with Aggressive Efforts $million invested. Additional headline metrics provided in the table to the left include an absolute figure 1 ROYALMSCI DUTCH ACWI SHELL PLC181.6 Energy 181,573Netherlands 233.3 222.90.92% 99.8% for portfolio carbon emissions and two intensity measures: portfolio carbon intensity measures the carbon Sample Large Cap 2.8% 77.1% 16.6% 3.5% carbon reduction strategies and support MSCI ACWI Low2 Carbon BP P.L.C. Target 42.7 Energy 42,722United Kingdom 61.0 83.90.60% 99.9% efficiency of a portfolio and is defined as the total carbon emissions of the portfolio per $million of Sources 3 TOTAL SA Energy France 0.53% Sources portfolio sales; while weighted average carbon intensity is a measure of a portfolio’s exposure to carbon 4 BG GROUP PLC t CO2e / $M InvestedEnergy t CO2e United Kingdomt CO2e / $M Sales 0.29%Market Value related potential market and regulatory risks and is computed as the sum product of the portfolio Energy 5 ENI S.P.A. Energy Italy 0.22% companies’ carbon intensities and weights. More information on these metrics is included in Appendix B. Energy MSCI ACWI 2.7% 65.3% 24.2% 7.8% *Based on investment of $1,000,000,000 Largest Positions with No Efforts 1 BANK OF AMERICA CORPORATI Financials United States of America 0.83% MSCI Carbon Portfolio Analytics Cleaner The Sample Large Cap portfolio Carbon Emissions are 56% lower than the MSCI ACWI, Carbon Cleaner of The Energy, Utilities, and Materials sectors in the Sample Large Cap portfolio contribute 13.1% of active dialogue and proxy engagement. 2 AMAZON.COM, INC. Consumer Disc United States of America 0.78% of Stranded Assets: Potential Emissions from Fossil Fuel Reserves Intensity is 45.1% lower, and Weighted Average Carbon Intensity is 44.3% lower. (Pages 3, 5 and Client ABC ‐ Sample Large Cap Use MSCI ACWI Low Carbon Target 1.2% 65.8% 25.2% 7.9% 3 GILEAD SCIENCES, INC. Health Care United States of America 0.78% the weight versus 79.8% of the carbon emissions. (Page 3) 6) Use 4 THE HOME DEPOT, INC. Consumer Disc United States of America 0.69% 250 5 COMCAST CORPORATION Consumer Disc United States of America 0.69% Market Value Contribution to Carbon EmissionsPotential Emissions from Reserves Thermal Coal Gas Oil Total Largest Positions with Aggressive Efforts233.3 & Different fuels have different carbon content and different net calorific 200 222.9 Based on investment of: $1,000,000,000 (t CO2e) (t CO2e) (t CO2e) (t CO2e) & 1 NESTLE S.A. Consumer Staples Switzerland 1.18% value. To make reserves of these fuels comparable in terms of contribution 3.3% Sample Large Cap 878,841 1,802,083 1,554,383 4,235,308 Sample Large Cap 8.4% 83.5% 2.7%5.4% 2181.6 CHEVRON CORPORATION Energy United States of AmericaSample Large 0.94% Cap to greenhouse gas emissions, we calculate1.3% the potential emissions of the 150 8.5% MSCI ACWI 1,726,453 1,347,267 1,551,221 4,624,942 3 ROYAL DUTCH SHELL PLC Energy Netherlands 0.92% fuels and express these as tons of CO2 using the Potsdam Institute 20.2% MSCI ACWI Low Carbon Target 419,638 167,497 202,252 789,386 4 BERKSHIRE HATHAWAY INC. Financials United States of America 0.79% methodology. Energy Management 128.0 Management 124.1 MSCI ACWI Actionable analysis 100 Efficiency CO2e Efficiency 40.3% Utilities t 5 BP P.L.C. Energy United Kingdom 0.60% MSCI ACWI 6.1% 77.6% 7.4% 8.8% In that the total potential emissions of existing known fossil fuel reserves Contribution to Potential Emissions 79.8Largest Positions with No Efforts 83.9 Materials 50 vastly exceed the limit of emissions that scientific consensus indicates19.0% must Thermal Coal Gas Oil Total 1 AMERICAN INTERNATIONAL GR61.0 Financials United States of AmericaMSCI ACWI 0.39% Low Others 42.7 Carbon Target be met in order to manage climate change, many of these reserves may not Sample Large Cap 20.8% 42.5% 36.7% 100% Operational Consumption 2 KINDER MORGAN, INC. Energy United States of America 0.36% Operational Consumption 86.9% 0 be usable. If this is the case, the market values of companies holding 20.5% MSCI ACWI 37.3% 29.1% 33.5% 100% MSCI ACWI Low Carbon Target 3.3% 80.6% 8.3% 7.9% 3 THE PRICELINE GROUP INC. Consumer Disc United States of America 0.30% Carbon Emissions/$M Carbon Intensity Weighted Average Carbon reserves may be overstated because they are based in part on the present MSCI ACWI Low Carbon Target 53.2% 21.2% 25.6% 100% Energy Invested4 DANAHER CORPORATION IndustrialsIntensity United States of America 0.26% Energy value of these reserves assuming that they can be fully utilized. Carbon Portfolio Analytics reports can 5 EOG RESOURCES, INC. Energy United States of America 0.23% Contribution to Portfolio Companies with Highest Potential Emissions The tables indicate the companies with the most potential emissions, the Potential Portfolio Unconven‐ The Sample Large Cap portfolio is 0.4% overweight, relative to the MSCI ACWI, in companies 8.4% of the weight of the Sample Large Cap portfolio has Aggressive Efforts in Energy largest contributors to portfolio potential emissions, and whether these Portfolio Emissions (Mt Potential tional that own Fossil Fuel Reserves, and 2.8% underweight in companies offering Clean companiesConsumption have unconventional Management &sources Operational of reserves. Efficiency, The charts but 24.4% show thehas No EffortsCompany in Carbon Sector Country Weight CO2e) Emissions Sources Technologies Solutions. (Pages 8 and 13) 12 potentialReduction emissions, Targets. by (Pagereserve 12) type, for the portfolio and benchmark, as 1 GAZPROM OAO Energy Russia 0.16% 50,416 27.98% 2 EXXON MOBIL CORPORATI Energy United States of America 1.73% 10,458 11.76% help inform strategies to tilt the portfolio 12% well 100%as the contribution3.5% to potential emissions coming3.5% from reserves used 5.4% 2.7% 3 BHP BILLITON LIMITED Materials Australia 0.34% 6,973 7.74% for energy90% applications.
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