MSCI Calls on Capital to Lead the Net-Zero Revolution
20 Abril 2021 - 10:21AM
Business Wire
Addressing climate change will require the largest
reconstruction of the global economy since the Industrial
Revolution, according to a report published today by MSCI Inc.
(NYSE: MSCI), a leading provider of critical decision support tools
and services for the global investment community.
‘The Role of Capital in the Net-Zero Revolution’ highlights how
capital markets participants must be a powerful and positive force
to urgently drive the systemic transformation needed to avert
climate catastrophe. This call to action identifies specific steps
that companies as well as owners and managers of capital must take
to drive the achievement of a net-zero economy by 2050.
Analysis by MSCI of its All Country World Investable Markets
Index (MSCI ACWI IMI) - a measure of approximately 9,000 publicly
listed companies across 50 developed and emerging markets with a
market value of over USD 70 trillion1 – revealed those companies
annually emit an estimated 11.2 gigatons of carbon dioxide
equivalent (CO2e)2. Our model indicates that, without any change to
current practices, the annual emissions of these companies could
reach 16.8 gigatons of CO2e by 20503, leading to a planet that is
3.5˚C warmer by the end of the century4. This trajectory
demonstrates the tremendous challenge in reaching net-zero and the
urgency to act now.
Therefore, MSCI calls upon:
- Asset owners including sovereign wealth funds, pension
funds, endowments, insurance companies and individuals to
reallocate capital to less emission intensive investments and to
green solutions aligned with accepted warming scenarios; target a
year-on-year decarbonization of portfolios that allows for a
reduction in the world’s total emissions by 10% a year; and
transition to a policy benchmark to help portfolios move toward
net-zero
- Asset managers to use their voting rights and direct
engagement with companies to urge them to align with net-zero
targets; support owners of capital by building expertise to fund
clean energy; and develop risk management and reporting expertise
in accordance with the guidelines of the Task Force on
Climate-related Financial Disclosures (TCFD)
- Banks to support businesses with capital to invent and
scale clean energy; and drive developments in corporate lending and
corporate debt and equity issuance linking terms of capital to
net-zero objectives
- Companies to set emissions targets to reach net-zero no
later than 2050; articulate credible and specific strategies to
achieve these reductions; and incorporate best practices when
reporting and disclosing data and initiatives undertaken
Reflective of MSCI’s commitment to support the transparency
needed to evaluate the progress of decarbonization, MSCI will
publish quarterly the MSCI ACWI IMI Net-Zero Tracker. This report
will indicate the aggregate temperature alignment of MSCI ACWI IMI
with a 1.5˚C trajectory, as well as highlight the companies and
sectors that have made the greatest progress in the path toward
net-zero and identify the world’s laggards. MSCI will consult with
market participants to develop and enhance the report over
time.
Henry Fernandez, Chairman and Chief Executive Officer, MSCI,
comments, “On the current trajectory, MSCI ACWI IMI will be
scarcely greener in 2050 than in 2020, with an estimated 80% of
companies exceeding the emissions budget needed to be well below
2.0˚C5. This is not a path to net-zero. Capital markets are an
essential and critical force to drive the transition to net-zero
with concerted action from all participants, ranging from a
reallocation of capital by asset owners, to effective channelling
of funds by asset managers and banks to greener investments and
innovation, alongside the commitment of companies.
“A global index such as the MSCI ACWI IMI can serve as a measure
of the carbon trajectory of the world’s companies. By acting as the
objective and transparent measure of progress, we can help drive
accountability, reflect the voice of the world’s largest investors
and identify the companies making progress to power the systemic
transformation needed for a net-zero revolution.”
MSCI, as a company, has committed to the goal of net-zero
emissions throughout its global operations before 2040. MSCI’s
transition strategy focuses on reducing emissions through
carbon-reduction initiatives and engaging suppliers to achieve
shared net-zero goals. More information about MSCI’s net-zero
commitment can be found here.
About MSCI Inc.
MSCI is a leading provider of critical decision support tools
and services for the global investment community. With over 50
years of expertise in research, data, and technology, we power
better investment decisions by enabling clients to understand and
analyze key drivers of risk and return and confidently build more
effective portfolios. We create industry-leading research-enhanced
solutions that clients use to gain insight into and improve
transparency across the investment process.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements relate to future events or
performance and involve risks that may cause actual results or
performance differ materially and you should not place undue
reliance on them. Risks that could affect results or performance
are in MSCI’s Annual Report on Form 10-K for the most recent fiscal
year ended on December 31 that is filed with the SEC. MSCI does not
undertake to update any forward-looking statements. No information
herein constitutes investment advice or should be relied on as
such. MSCI grants no right or license to use its products or
services without an appropriate license. MSCI MAKES NO EXPRESS OR
IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE OR OTHERWISE WITH RESPECT TO THE INFORMATION HEREIN AND
DISCLAIMS ALL LIABILITY TO THE MAXIMUM EXTENT PERMITTED BY LAW.
________________________________ 1 Based on the sum of the free-
float- adjusted market capitalization of all MSCI ACWI IMI
constituents as of March 31, 2021. 2 Calculated as of March 31,
2021, based on the sum of MSCI ACWI IMI constituents’ Scope 1
emissions, using publicly reported data where available and MSCI’s
Carbon Estimation Methodology where no reporting is available. One
gigaton is equal to one billion tons. 3 Projection based on the sum
of MSCI ACWI IMI constituents’ Scope 1 emissions, taking into
account publicly announced carbon-emissions reduction targets. The
projection uses an annual emission growth rate of 1.4%, which is
the average annual emission growth rate of the world between 2010
and 2019. See: “Emission Gap Report 2020.” UNEP, Dec. 9, 2020. 4
Compared to pre-industrial temperatures, as estimated by MSCI’s
Warming Potential model, as of March 31, 2021. As highlighted in
the TCFD’s Forward Looking Financial Sector Metrics consultation,
the financial industry is currently working on aligning the core
parameters between the methodologies for implied Temperature Rise
metrics such as MSCI’s Warming Potential model. 5 “Climate Reality
Bites: Actually, We Will Not Always Have Paris.” December 2020.
MSCI.com
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