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					Financials
      Global 500 response rate:                                                                                                                            Emissions disclosure (t CO2-e)
      Financials Overall:                                                                                                 77%          (95 of 123)
                                                                                                                                                                                                               5,537,573 (92% disclosed)
      Key Industries within the sector:                                                                                                                    Scope 1                                     2,802,684 (85% disclosed)
                                                                                                                                                                                                    2,043,140
      Commercial Banks (50 of 62); Diversified Financial Services
                                                                                                                                                                                                                                          22,858,680 (95% disclosed)
      (9 of 13); Insurance (19 of 24); Capital Markets (10 of 11);
                                                                                                                                                           Scope 2                                                                     21,856,239 (91% disclosed)
      Real Estate Investment Trusts (3 of 5); Real Estate Management                                                                                                                                              XX,XXX,XXX          14,116,868
      & Development (1 of 4); Thrifts & Mortgage Finance (0 of 1);
                                                                                                                                                                                                                  5,981,382 (84% disclosed)
      Consumer Finance (3 of 3).                                                                                                                           Scope 3                                                                        12,867,998 (79% disclosed)
                                                                                                                                                                                                    2,947,241
      Largest non-respondents include:
                                                                                                                                                                                              0     5 million      10 million         15 million       20 million   25 million
      Berkshire Hathaway, Bank of China, Sberbank
                                                                                                                                                                                              I 2011 I 2010 I 2009

   Top disclosure scores Vs. top performance bands
                                               100
                                                                                              Simon
                                                                                                                                           Bank of         Opportunities reported
                                                                                     Property Group                  Westpac Banking
                                                95                                            HSBC
                                                                                                                                           America         • Increased investments in renewable energy projects (e.g. wind,
                                                                                                                                                             solar plants, biomass)
Disclosure Score




                                                                                                           Allianz             AXA         UBS
                                                90
                                                                            Royal Bank of Scotland                       National           Swiss Re       • New markets for green funds, social responsible investments
                                                          Barclays                                                 Australia Bank
                                                                   d
                                                           Firstrand
                                                                              Australia and New Zealand
                                                                              Banking Group                      Bank of Montreal
                                                                                                                                           Commonwealth
                                                                                                                                           Bank of
                                                                                                                                                             and ESG-related investments
                                                                            Nordea                                                         Australia       • Tax incentives and opportunities for innovative financial products
                                                85         Lloyds                                                                          Morgan
                                                      State Street
                                                                            Goldman Sachs                                                  Stanley           (e.g. leasing structure for clean technologies and mortgages for
                                                 Deutsche Bank
                                                   JPMorgan                   BNY Mellon                   Wells Fargo
                                                                                                                                                             green buildings)
                                                80                          Aviva
                                                         Ace                 Tokio Marine                  Munich Re                                       Risks reported
                                                           Standard                                                                                        • Reputational risks resulting from inadequate management of
                                                           Chartered
                                                75                                                                                                           ESG-related risks. NGOs currently campaign against financial
                                                                       B                              A-                               A
                                                                                                                                                             institutions for financing carbon intensive projects (e.g. coal-fired
                                                                                             Performance Band
                                                                                                                                                             power generation, tar sands)
                                                                                                                                                           • Uncertainty surrounding new regulations (e.g. emissions trading
   Emissions reduction target progress                                                                                                                       schemes, subsidies and feed-in-tariffs)
                                               100                                                    2         2                                     11
                                                                                                                                                           • Insurance companies are concerned with extreme weather
% of emissions reduction target achieved




                                                                                                                                                             conditions as these could lead to a rise in insurance claims
                                                75



                                                50
                                                                                                                                                           Performance: percentage of respondents that
                                                                                                                                                           implement best practices
                                                25
                                                                                                                                                           Emissions reduction due to implementation of activities



                                                 0
                                                                                                                                                           Progress toward meeting targets
                                                      0                        25                    50                      75                      100
                                                                                      % of target period completed
                                                      1        2       11    Number of Financials companies                                                Disclosure of climate change information in mainstream filings or other external communications
                                                                                                                                                                                      Carbon disclosure score breakdown for Sector
                                                                                                                                                                                      versus Global 500 overall and Global 500 CDLI 4
      Carbon disclosure breakdown for sector                                                                                                               Verification of emissions
                                                                                                                                                                                      100
      Vs. Global 500 overall and CDLI
                                                                                                                                                             Disclosure score range




   100
                                                                                                                                                           Monetary incentives
                                                                                                                                                                                       80
                      90
                      80
                                                                                                                                                                                       60
                      70
                                                                                                                                                           Board or other senior management oversight
                      60
                                                                                                                                                                                       40
                      50
                      40                                                                                                                                   Implementation of emissions reduction targets
                                                                                                                                                                                       20
                      30
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                                                      Emissions         Emissions      Governance Opportunities            Risks        Stakeholder
                                                                                                                                                                                                  Sc




                                                     management         reporting       & strategy                                      engagement         0%                         10%         20%    30%       40%          50%      60%        70%      80%    90%   100%
                                                                                                                                                                Global 500 CDLI                                 Global 500 Overall                 Global 500 Telecommunications
                                                I Financials I Overall Global 500 I CDLI                                                                   I Financials I All Sectors
                                                                                                                                                                                                               Financial




Company        Opportunities                                                     Emissions reduction targets
Assicurazioni  “In France, Generali Investments has elaborated                                                      100
Generali        in-house SRI methodology to assess the different




                                                                             % Emissions reduction to be achieved
                                                                                                                     90
                extra-financial risks (e.g.: reputation risks and damage
                to the brand image, legislative pressure, competitive                                                80
                advantage, immaterial capital, carbon impact).”                                                      70
BNY Mellon     “Two of BNY Mellon’s investment management                                                            60
                boutiques, focus on environmental, social and                                                        50
                governance/socially responsible investing (ESG/SRI)
                                                                                                                     40
                within their businesses to advocate and promote
                responsible investing.”                                                                              30

Goldman Sachs “GS SUSTAIN research team incorporates ESG criteria                                                    20
                in analyzing more than 750 large global companies                                                    10
                in 22 industries and identifying companies with the                                                   0
                potential for sustainable corporate out-performance.                                                       2008        2010             2012        2014       2016         2018       2020         2022
                Goldman Sachs Asset Management has established                                                                                             Year for reduction to be achieved
                a team of people with representatives across all asset
                                                                                                                               Absolute target           Intensity target
                classes to further its focus on Environmental, Social
                and Governance (ESG) research and sustainability
                analysis implementation.”                                          Payback period breakdown of reported active
Hong Kong      “Recognizing that it is our role as a market regulator              emissions reduction initiatives by activity type
Exchanges &     to promote ESG practices and reporting among
                                                                                   Behavioral change
Clearing        issuers for their own benefit and also for the benefit of
                                                                                                                           2      3    4        5   6       7
                investors, we are developing an ESG Guide for listed
                companies in Hong Kong based on the feedback to a                  Energy efficiency: building fabric
                soft consultation with listed issuers and professional
                associations completed in September 2010.”                         Energy efficiency: building services
Morgan Stanley “Initiatives such as the Global Impact Investing Network
                signal a growing market for funds and other financial              Energy efficiency: processes
                products that use investment approaches to generate
                strong social and environmental returns – such as the              Fugitive emissions reductions
                mitigation of climate change – alongside commercial
                returns. This will become a significant opportunity as
                                                                                   Low carbon energy installation
                the clients expand their interest in SRI.”
Nordea Bank    “We are integrating ESG issues in all our mainstream
                                                                                   Low carbon energy purchase
                investments given their material impact on our
                investments in the short/long term. We are planning to
                develop several investments products with clear clean              Other
                tech/low carbon impact focus.”
UBS            “Regulation related to climate change as well as certain            Process emissions reductions
                components of current economic stimulus have created
                new opportunities for our clients in the context of SRI,           Product design
                renewable energy financing, and emission trading.”
                                                                                   Transportation: fleet

Contrasting views
                                                                                   Transportation: use
Company          Relevance of climate change to business model
JPMorgan         “While climate change ultimately may have an effect on            0                                  10          20       30       40       50    60        70        80      90    100      110    120
Chase             all individuals and businesses, for example by leading                                                                                    Number of Initiatives
                  to constraints on emissions and resulting effects               I <1 year I 1-3 years I >3 years
                  on energy prices, or by exacerbating regional water
                  scarcity, or impacting food production, it currently
                  does not add up to a key driver of top-line growth or            Number of companies reporting on risks/opportunities
                  competitive differentiation broadly across the various           in relation to their investments
                  different segments of the financial services industry in                                          100
                  which JP Morgan Chase operates.”
Allianz          “Global warming poses a serious risk to our industry.
                                                                                Number of companies reporting




                  Allianz has a group-wide strategy covering related risks                                           80
                  and opportunities. We have a two-fold responsibility:
                  1. preparing Allianz for the effects climate change may
                  have on our business and our customers, 2. providing                                               60
                  appropriate products and services to help mitigating the
                  economic risks and enter the low-carbon economy.”
                                                                                                                     40



                                                                                                                     20



                                                                                                                      0
                                                                                                                               Changes in regulation             Changes in physical              Changes in other
                                                                                                                                                                 climate parameters         climate-related developments

                                                                                                                          I Opportunities I Risks

                                                                                                                                                                                                                      43

				
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posted:9/27/2011
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