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Sustainable Investing Roundup Austin, TX 11-08-2017 Sustainable Investing Roundup Sustainable Investing Roundup Sustainable Investing Roundup Austin, TX 11-08-2017 Sustainable Investing Roundup Sustainable Investing Roundup Sustainable Investing: Past, Present and Future From Policies to Realities Brian Deese Global Head of Sustainable Investing Blackrock Sustainable Investing: Past, Present and Future from Policies to Realities Brian Deese, Global Head of Sustainable Investing at BlackRock November 8, 2017 MAS1117U-299737-892456 Sustainable Investing Goes Mainstream MAS1117U-299737-892456 Sustainable Investing Goes Into the Mainstream Source: BlackRock MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 3 Sustainable Investing Goes Into the Mainstream Environmental, social, and governance (ESG) issues – ranging from factors like climate change to board effectiveness – have real and quantifiable financial impacts in the long-term. Source: BlackRock MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 4 Sustainable Investing Goes Into the Mainstream Environmental, social, and governance (ESG) issues – ranging from factors like climate change to board effectiveness – have real and quantifiable financial impacts in the long-term. Exclusionary Screens Avoid objectionable exposures by removing industries or companies that are involved in controversial businesses, such as tobacco, weapons, fossil fuels, gambling Source: BlackRock MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 5 Sustainable Investing Goes Into the Mainstream Environmental, social, and governance (ESG) issues – ranging from factors like climate change to board effectiveness – have real and quantifiable financial impacts in the long-term. Exclusionary ESG Screens Factors Avoid objectionable Overweight companies exposures that have strong by removing industries or Environmental, Social, and companies that are Governance involved in controversial considerations, e.g. clean businesses, such as energy weighted, low tobacco, weapons, fossil carbon, sustainability fuels, gambling optimized or weighted Source: BlackRock MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 6 Sustainable Investing Goes Into the Mainstream Environmental, social, and governance (ESG) issues – ranging from factors like climate change to board effectiveness – have real and quantifiable financial impacts in the long-term. Exclusionary ESG Impact Screens Factors Targets Avoid objectionable Overweight companies Target defined and exposures that have strong measurable impact by removing industries or Environmental, Social, and outcomes across social companies that are Governance and environmental issue involved in controversial considerations, e.g. clean areas including, businesses, such as energy weighted, low alternative energy, tobacco, weapons, fossil carbon, sustainability health, and fuels, gambling optimized or weighted empowerment Source: BlackRock MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 7 Global Sustainable Assets are nearly $23 Trillion US is the fastest growing sustainable market Global CAGR: +15% US CAGR: +24% 8,723 6,572 22,890 3,740 18,276 13,261 2012 2014 2016 2012 2014 2016 Source: Global Sustainable Alliance Review 2014, 2016. MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 8 Drivers of Global Growth in Sustainable Investing Shifting Asset Owner Policy + Regulation Markets + Technology Demographics MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 9 Drivers of Global Growth in Sustainable Investing Shifting Asset Owner Policy + Regulation Markets + Technology Demographics The 2015 Paris Agreement requires regular global reporting on emissions and implementation efforts to keep a global temperature rise below 2˚C Image Source: Arnold Boissou, Getty. European SIF; December 2016. MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 10 Drivers of Global Growth in Sustainable Investing Shifting Asset Owner Policy + Regulation Markets + Technology Demographics The 2015 Paris Agreement requires regular global reporting on emissions and implementation efforts to keep a global temperature rise below 2˚C France, Article 173 requires asset owners and asset managers to disclose information on exposure to climate risks Image Source: Arnold Boissou, Getty. European SIF; December 2016. MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 11 Drivers of Global Growth in Sustainable Investing Shifting Asset Owner Policy + Regulation Markets + Technology Demographics The 2015 Paris Agreement requires regular global reporting on emissions and implementation efforts to keep a global temperature rise below 2˚C France, Article 173 requires asset owners and asset managers to disclose information on exposure to climate risks Fossil-fuel Deadlines are accelerating the electric vehicle push, as China, the Netherlands, Norway, France, the UK, and India have all set deadlines to end sales of gasoline and diesel powered vehicles. Image Source: Arnold Boissou, Getty. European SIF; December 2016. MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 12 Drivers of Global Growth in Sustainable Investing Shifting Asset Owner Policy + Regulation Markets + Technology Demographics Source: GDP Data per U.S. Bureau of Economic Analysis; emissions data per Carbon Dioxide information Analysis Center and U.S. Energy Information Administration; US Mid-Century Strategy for Deep Decarbonization 2016 MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 13 Drivers of Global Growth in Sustainable Investing Shifting Asset Owner Policy + Regulation Markets + Technology Demographics Women are more likely to show interest in sustainable Total investing: Population 84% Millennials 67% $30-40 trillion transferred women & 2x millennials to take place Millennial investors are more likely over the next few decades as the overall investor population to invest in companies targeting social or environmental goals Source: Morgan Stanley Institute for Sustainable Investing’s 2017 Sustainable Signals: New Data from the Individual Investor; Accenture. “The ‘Greater’ Wealth Transfer – Capitalizing on the Intergenerational Shift in Wealth.” June 2012; Accenture-CM-AWAMS-Wealth-Transfer-Final-June2012-Web-Version.pdf MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 14 A Framework to Build a Sustainable Investing Portfolio MAS1117U-299737-892456 Moving from Intention to Implementation 1 Identify Risks and Opportunities 2 Know What You Own 3 Put Into Practice MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 16 Recognize the Risks and Opportunities 1 Industry Leaders Present Empirical Findings on ESG exposure Harvard Business School “ We find that firms with good performance on material sustainability issues significantly outperform firms with poor performance on these issues, suggesting that investments in sustainability issues are shareholder-value enhancing. ” -Mozaffar Khan, George Serafeim, Aaron Yoon AQR ESG exposures may inform investors about “the riskiness of the securities in a way that is complementary to what is captured by traditional statistical risk models ” -Jeff Dunn, Shaun Fitzgibbons, Lukasz Pomorski Sources: AQR Assessing Risk Through Environmental, Social and Governance Exposures 2017. HBS Corporate Sustainability: First Evidence to Materiality 2015. MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 17 Recognize the Risks and Opportunities 1 ESG integration can signal future risks Widespread Data Breach Affecting Millions of Consumers Globally MSCI ESG Research downgraded Equifax to CCC, the lowest possible rating, in August 2016, over a year in advance of Equifax’s disclosure of the data breach that potentially affected 143 million customers. Source: MSCI ESG Manager MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 18 Recognize the Risks and Opportunities 12 Low carbon can reduce climate risk within a performance risk budget Cutting down emissions by 80% within 30 bps tracking error • A tracking error target of 30 bps seeks the optimal amount of carbon exposure reduction without outright excluding companies in the parent index • A tracking error budget above 30 bps resulted in diminishing carbon reduction benefits 100% 90% 80% 30 bps of estimated TE results in approximately 80% reduction in 70% carbon exposure 60% 50% 40% (% (% of Index) Parent 30% Relative Carbon Intensity Carbon Intensity Relative 20% 10% 0% 0 10 20 30 40 50 60 70 80 90 100 Tracking Error (bps) Source: MSCI, as of 6/30/17. For illustrative purposes only. The iShares MSCI ACWI Low Carbon Target ETF may not reflect a lower carbon exposure as there is no guarantee that the underlying index will achieve its intended results or accurately assess an issuer's actual and potential carbon emissions. Past performance does not guarantee for future results. For standardized performance, see slide #16. MAS1117U-299737-892456 FOR USE WITH FINANCIAL PROFESSIONALS ONLY – NOT FOR FURTHER DISTRIBUTION 19 Know what you own 2 Aladdin Risk reporting helps investors understand exposure to ESG factors Fund Benchmark
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