With an above-average percentage of its power generated from renewable sources a...
NEW YORK - With an above-average percentage of its power generated from renewable sources and one of the largest battery storage operations in the United States, utility Sempra Energy seemed to check all the boxes for portfolio manager Todd Ahlsten, who manages more than $18 billion for Parnassus Investments based on each company’s environmental, social and governance attributes.
“They were doing all the right things, but the risks were too high on the physical side so we exited the position,” Ahlsten said. As a result, ESG investors are increasingly judging companies based on what sort of physical risks they will face as global temperatures continue to rise and storms become more severe.
“The industry is turning more to try to understand and embed and measure the physical risks associated with climate change, but that’s still an evolving area,” said Tony Campos, head of ESG, Americas, at FTSE Russell. Over the last year, Hermes has spent more time on modeling the likely outcomes for each company it evaluates based on global temperatures rising by 2, 4, or 6 degrees Celsius, she said. Global temperatures are on course to rise between 3 and 5 degrees Celsius by the end of this century, according to a 2018 estimate by the U.N. World Meteorological Organization.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Donald Trump's EPA chief insists 'we take climate change seriously' despite president's climate change denials'We are moving forward to address climate change,' EPA Administrator Andrew Wheeler said.
Read more »
Floods, tornadoes, snow in May: Extreme weather driven by climate change across USClimate scientists say this is only the beginning of what will be decades of increasingly dangerous and damaging extreme weather.
Read more »
Climate change becomes top issue in the US ahead of 2020 electionsWhile it has been two years since President Trump withdrew from the Paris Agreement, the climate change remains one of the top issues in US politics.
Read more »
Factory activity shrinks across Asia, global recession fears mountFactory activity contracted in most Asian countries last month as an escalating ...
Read more »
Huawei Selling Stake in Undersea-Cable Firm as U.S. Pressure MountsChina’s Huawei Technologies plans to sell its majority stake in an undersea-cable venture, in a move that follows a U.S. pressure campaign against Huawei and efforts to block the cable venture’s projects.
Read more »
Kremlin says it hopes detained U.S. investor Calvey will be freedThe Kremlin on Monday called an embezzlement case against prominent U.S. investo...
Read more »
China warns students, academics to consider risks of studying in U.S.At stake is about $14 billion of economic activity, most of it tuition and other fees generated annually from the 360,000 Chinese who study in the U.S.
Read more »
China warns students, academics of risks of studying in U.S.China warned students and academics on Monday about risks involved in studying i...
Read more »
Huawei’s Main Chip Maker Faces Long-Term Risks From U.S. BanHuawei Technologies Co. has spent 15 years and billions of dollars building an advanced semiconductor maker, with the goal of making the Chinese telecom giant self-sufficient. A U.S. blacklisting stands to set it back years in that goal.
Read more »
Giant floating islands that turn atmospheric CO2 into fuel could prevent climate change, scientists sayIf rolled out globally, the islands could offset the total global emissions from fossil fuels.
Read more »