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Climate Change/Global Warming

Thermal coal:

In developed markets

a. Exclude any company deriving more than 50% of revenues or more from the extraction of thermal coal.

b. Exclude electric utilities deriving more than 50% of their overall owned capacity fuel mix from coal unless 20% or more of the capacity is from renewable resources.

In developing markets

a. Exclude any company deriving more than 50% of revenues or more from extraction of thermal coal unless the company's overall environmental, social, and governance (ESG) performance rank is within the top quartile of the peer group (as scored by Sustainalytics)

b. For emerging markets, exclude electric utilities deriving more than 75% of their overall owned capacity fuel-mix from coal, unless the company's overall environmental, social, and governance (ESG) performance rank is within the top quartile of the peer group (as scored by Sustainalytics) or unless 10% or more of the capacity is from renewable resources.

Oil sands:

Exclude any company whose weighted reserves and/or production assets are more than 25% in oil sands.

Stranded assets:

Exclude companies whose stranded asset risk is in the lowest 50% unless their risk management is in the top quartile.