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Natural Capital Investment Stewardship Our approach to engagement on natural capital Investment Stewardship BlackRock believes that sustainability risk, particularly climate risk, is investment risk. Accordingly, sustainability is a key component of our investment approach. To that end, BlackRock Investment Stewardship (BIS) asks companies to have clear action plans to manage climate and natural capital risks and to realize opportunities. Companies should provide disclosures that enable investors and other stakeholders to assess their approach and progress. BIS believes that how a company manages material environmental, social and governance factors can be a signal of operational excellence and management quality. For companies whose business models have material dependencies or impacts on “natural capital,”1 i.e. the supply of the world’s natural resources from which economic value and benefits can be derived, the management of these factors can be a defining feature in their ability to generate long-term, sustainable value for UN SDGs shareholders. Companies that fall short may face regulatory, reputational or operational risks. This alignment commentary provides more detail on our approach to engagement on natural capital and why we consider biodiversity preservation, deforestation risk management, oceans and freshwater We believe protection to be potential drivers of long-term value. We describe our approach and provide detail in that there is the following sections: significant intersection 1.1 Natural capital as an investment issue between many 2.2 BIS’ expectations of companies in stewarding natural capital of the topics that we discuss with 3.3 BIS’ engagement with companies on natural capital-related risks and companies and opportunities aspects of these four Sustainable 4.4 BIS’ natural capital focus areas: biodiversity, deforestation, oceans and freshwater Development Goals (SDGs). 5.5 Conclusion Natural capital and climate are interconnected. As we set out in our Global Principles, we expect companies to articulate how their business is aligned to a scenario in which global warming is limited to well below 2°C (ideally 1.5°C ) and is consistent with a global aspiration to reach net zero greenhouse gas (GHG) emissions by 2050.2 We also expect companies to implement processes to identify, manage and mitigate adverse impacts on the environment, and to provide robust disclosures on these processes. Our expectations on climate risks and opportunities are described in our commentary: Our approach to climate risk and the transition to a low carbon economy. March 2021 | Investment Stewardship | Commentary All companies rely on natural capital and/or impact it in some way. As the world transitions to a low-carbon economy, we ask companies to demonstrate how they are minimizing their negative impacts on,3 and ideally enhancing the stock of, the natural capital on which their long-term financial performance depends. As long-term investors, we encourage companies to disclose how they have adopted or plan to incorporate business practices consistent with the sustainable use and management of natural capital, including resources such as air, water, land, minerals and forests. We also seek to understand how companies promote biodiversity and ecosystem health and the responsible use of energy, as well as account for their broader impact on the communities in which they operate. Our Global Principles underscore our belief that in order to deliver value for shareholders, companies should also consider their other key stakeholders. As described in our commentary on Our approach to engaging companies on their human rights impacts, we ask companies to implement processes to identify, manage and prevent adverse human rights impacts that are material to their business, and provide robust disclosures on these practices. BIS engages with the companies in which we invest on behalf of our clients in order to better understand current policies and promote sustainable business practices. Given the groundwork BIS has already laid communicating our views and engaging on corporate sustainability and related disclosures, we may take voting action at companies by voting against the re-election of responsible board directors when companies have not effectively managed, overseen or disclosed natural capital-related risks. We may also vote for relevant shareholder proposals addressing material natural capital risks if we believe a company could better manage such risks or report on its approach. 1.1 Natural capital as an investment issue The ability of many resource-intensive companies to operate is dependent on sustaining the ecosystems that provide them with these underlying resources. For example, beverage companies need a reliable supply of freshwater for product development; consumer goods companies need cardboard boxes derived from trees to ship their goods; food companies rely on the stability of crops and arable land to generate their products; and biopharma companies rely on ecosystems to derive novel sources of medicines. According to the World Economic Forum (WEF), more than half of the global gross domestic product (GDP) - US$44 trillion - is moderately or highly dependent on nature.4 However, one in five companies globally face significant operational risks as a result of collapsing ecosystems.5 It is extremely challenging, however, to calculate the full financial value of the natural resources on which economies depend, and therefore this value has not been fully priced into the cost of doing business.6 Heightened awareness of the economic and social impacts of unsustainable natural capital depletion could accelerate policy actions that either introduce or increase taxes on the externalities from which companies currently benefit.7 This has the potential to significantly impact the economic viability of some business models. A company that fails to effectively oversee risks related to the use of natural resources may face negative consequences arising from regulatory, reputational or operational risks, among others. Increasingly, employees, consumers, investors, policy makers, and communities expect companies to diligently manage their full range of environmental and social impacts in order to preserve their social license to operate. In addition to human impacts on nature, there is significant interconnectivity between various environmental and social factors. A changing climate impacts all aspects of the natural environment, society, and the economy globally. Locations where biological diversity is greater tend to be inhabited by indigenous and traditional peoples whose livelihoods, languages, and traditions are dependent on that land and its species.8 As such, BIS is also particularly interested in understanding companies’ impacts on the communities in which they operate, locally or through their supply chains.9 2.2 BIS’ expectations of companies in stewarding natural capital BIS asks companies to disclose how material natural capital risks and opportunities might affect their operations, long-term strategy, capital expenditures and risk management, as well as the communities in which they operate. We encourage companies to explain how relevant risks are identified, assessed, managed and mitigated, and how opportunities are harnessed. 2 To this end, we encourage reporting aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the metrics identified by the Sustainability Accounting Standards Board (SASB).10 Some companies are already reporting against other standards, commonly the Global Reporting Initiative (GRI). In those instances, we ask that companies map existing reporting to the metrics identified for their sector by SASB.11 We ask companies to explain the board’s role in overseeing management’s approach to natural capital dependencies and to incorporating sustainable practices into the business. We are interested in understanding how the board and management keep abreast of natural capital trends likely to impact the business, such as fast-changing consumer demand for products designed with a lighter environmental footprint or the adoption of policies and regulations to accelerate the global transition to a low-carbon economy by governments. BIS encourages companies that materially depend on natural capital to contribute to, or help establish, programs that support the conservation of those resources. This might include efforts to preserve biodiversity and ecosystem health, reforest land, conserve water, minimize waste and pollution, and promote recycling, among other initiatives. In addition, the shift to or expansion of renewable energy sources will be necessary for companies in the context of the global transition to a low-carbon economy. Given the urgent need to transition to a low-carbon economy, companies have an opportunity to utilize and contribute to the development of current and future low-carbon transition technologies, which are an important consideration for the rate at which global emissions can be reduced.12 We believe companies should take all possible steps to see these efforts carried through their first and second tier supply chains. In this way, companies can help prevent the unsustainable use of natural capital, repair damage already done, build ecosystem resilience to meet future needs, and ameliorate negative impacts on communities. BIS views the efficient management of natural capital as core to a sustainable long-term corporate strategy for those companies who rely on the benefits that
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