Climate change: PRI develops ‘inevitable policy response’ forecast

first_imgOne of the main parts of the IPR work is a “Forecast Policy Scenario”, which the project partners say is primarily aimed at demonstrating latent risk in investor portfolios. It is said to differ from climate scenarios in that it does not work back from a pre-defined target temperature, but works up from probable policy and technology developments.Speaking on the conference panel, Jason Eis, executive director at consultancy Vivid Economics, emphasised that a forecast was not a hypothetical future scenario but “a hard-nosed business planning tool to really prepare corporate action, corporate investments and also investor action and investor decisions for what is likely to happen in the future”.According to the project organisations, the forecast of an IPR provided an alternative to the widely used International Energy Agency (IEA) “New Policies Scenario” as a business planning case for investors, regulators and companies.Critics of the IEA NPS see it as a ‘business-as-usual’ scenario that is out of line with the ambition of the Paris Agreement goals. According to the Forecast Policy Scenario, there will be an acceleration of policy announcements related to climate change in 2023-25, coinciding with a stocktake of all announced policy agreements that is foreseen under the Paris Agreement.Other developments forecast by the IPR work include a ban on internal combustion engine cars in “first mover countries” by 2035, and carbon pricing of $40-60 per tonne of carbon dioxide by 2030, also for first movers. Sharon Hendricks, chair of CalSTRS, the US public pension fund for teachers in the state of California, said the IPR was “critical”.“This work helps us on the policy level because ultimately as board members we’re not investors – we direct our staff, we have lots of policies that guide us and it’s the board’s job to modify and change policy,” she said.“I would say the biggest thing we’re talking about right now is making sure our policies include language around the materiality of climate change and making sure we are thinking about that in terms of the risk and returns of our portfolio”.The PRI released five papers last week, one explaining the Inevitable Policy Response, one covering the policy forecasts themselves, another providing “a unique meta-analysis of public corporate support” for the low carbon transition, another focusing on renewable energy, and another on the need for a just transition.Modelling results about the impact of the forecasted policy scenario are due to be released from later this month. Investors should be braced for governments to act forcefully but in an uncoordinated fashion on climate change within the next five years, according to the Principles for Responsible Investment (PRI).The organisation last week released major research papers related to modelling the financial impact of what it has called the ‘Investable Policy Response’ (IPR).Introducing a panel dedicated to the IPR work at the PRI’s annual conference, Sagarika Chatterjee, director of climate change at the PRI, said: “Signatories around the world are very concerned that markets are not pricing in climate risks and investors tell us that they believe it’s not about if governments will act but when, how and with what impact.”The project is a collaboration between the PRI, Vivid Economics and Energy Transition Advisors, with contributions from 2° Investing Initiative, Carbon Tracker and the Grantham Research Institute on Climate Change and the Environment.last_img read more

Mourinho Plays Down New Contract Reports

first_imgManchester United Manager, Jose Mourinho, yesterday played down reports he is set to be offered a new contract in a television interview broadcast.Mourinho, 53, signed a three-year contract when he succeeded Louis van Gaal as United manager in July.Several British newspapers reported United were already considering offering Mourinho a new deal, but he said the stories were news to him.“They didn’t (offer a new contract) and I’m not expecting them to, because they gave me a three-year contract and were being super supportive,” he told Sky Sports News.“They always gave me the feeling three years was not the time I was going to stay and I got the feeling I was going to stay for more time.“They know if one day they bring the contract I will sign, because I love it here.” Asked whether a mega-money move to the Chinese Super League might appeal to him, he said: “China money is attractive for everyone, but I love more my football at the highest level.“I’m too young, 53, (have) too many years of football to go to a place like China. I want to stay in the place where it is most difficult to win.”United have been strongly linked with a January move for Benfica’s Swedish centre-back Victor Lindelof.Mourinho refused to be drawn on the reports, but said he would not bring in more than one new player.“Let’s see what happens,” he said. “If we buy a player we buy a player, but we are not buying two, three or four.”Out-of-favour pair Morgan Schneiderlin and Memphis Depay have both been linked with Everton.But Mourinho said he was happy with his squad, adding: “If we open the door for someone to leave, it is not because we push him, but because he wants to leave.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Kemp departs Ladbrokes Coral to join Together for the Tote

first_img GVC ‘surprised’ at widening of HMRC’s Turkey investigation July 21, 2020 Share Together for the Tote has confirmed that Mark Kemp has been appointed as the group’s UK Managing Director, after holding the same position at Ladbrokes Coral.Due to take on the new role later in the year, Kemp has held a number of positions across the gambling sector with executive board experience across marketing, operations and product in both the retail and digital divisions.In his role at Ladbrokes Coral, Kemp was tasked with the development and launch of Connect for Coral, the first single wallet omni-channel product, and since early 2017 has led the UK digital business which has enjoyed consistent growth. Kemp celebrated the new appointment, commenting: “I am really excited to be joining the team at what is an enormously important time for the business. This is a unique opportunity to invest and rejuvenate the Tote and enhance the special role the Tote plays in British racing. I have been deeply impressed by Eamonn, Alex and the team’s plans and look forward to joining a passionate and ambitious team.“I have hugely enjoyed my time at Ladbrokes Coral & GVC, during a rapidly evolving time of change for the business. I would like to thank everyone I have worked with over the years who have delivered success with me and wish them well for the future.”Andy Hornby, Co-Chief Operating Officer at GVC Holdings, added: “I have worked with Mark Kemp for eight years and he has proved himself to be a simply outstanding businessman.  He built his reputation running our Retail Gaming operations delivering consistent market out-performance over several years. “More recently he has been the Managing Director of the Ladbrokes Coral Digital business and the numbers quite simply speak for themselves. Mark has consistently outperformed the market.  His lasting legacy will be a digital business in brilliant shape and, in particular, the rejuvenation of the Ladbrokes brand which has delivered exceptional recent growth. We wish him all the very best at the Tote.”The news of Kemp’s appointment comes as Together for the Tote has made a series of senior-level appointments in recent months in a bid to support the group’s Chief Executive, Alex Frost and Chairman, Eamonn Wilmott.Alex Frost, Alizeti Chief Executive, said: “We are delighted Mark is joining our team. His skills and experience will be an invaluable asset to us. We have ambitious plans to grow the Tote and are bringing together dedicated people who are entirely focused on ensuring the Tote has a successful future. We are all looking forward to working with Mark when he starts with us later in the year.” GVC absorbs retail shocks as business recalibrates for critical H2 trading August 13, 2020 Submit John Williamson to oversee UK Tote Group’s international growth August 28, 2020 StumbleUpon Related Articles Sharelast_img read more