对于垫子安德森，首席执行官Fourth Swedish National Pension Fund (AP4)，气候变化不仅非常真实;这是“我们作为养老基金的最大风险。”仍然，340亿美元的AP4不计划剥离其化石燃料持股，作为养老基金，禀赋和基金会的一个小但越来越多的养老基金out of similar environmental and economic concerns. It would be too hard to get such an extreme action approved by the Stockholm-based fund’s board, Andersson says.
此外，他补充道，AP4已经找到了另一种方法可以从其组合中拉出碳，避免风险和返回的无意修复：低碳股票指数，密切跟踪蓝筹股基准，同时排除大多数碳化的公司。
这一概念正在捕捉到机构投资者，他们受到剥夺化石燃料的压力，并教育自亚博赞助欧冠己的可能性所谓的可能性stranded energy assets随着气候保护的努力加倍。在过去的一年指数提供商MSCI和美国资产管理巨头黑石and State Street Global Advisors (SSgA) have launched low-carbon indexes or products based on them. All three say client demand is surging.
Andersson thinks of low-carbon indexes and related investment vehicles as low-risk protection against a scenario in which high carbon exposure soon becomes a major liability for companies and their investors. “If we’re wrong aboutclimate change那we’ll still have the same returns,” he says. “If we’re right about climate change, those companies that don’t look after their carbon footprint will be punished in terms of profits and valuation, and this will enhance our returns.”
Andersson于2012年开始下降，当时他和一些同事们询问它看起来像“脱碳”标准普尔500指数。借助于纽约的Blackrock和Trucost，一个总部位于伦敦的环境数据提供商，AP4设计了一种定制的基金，被抛弃了指数的150个最差的污染物。瑞典公司不仅排除了化石燃料公司，也是每个部门中最多的碳化碳密集型企业，从能量到零售到银行。
Andersson says he was surprised to discover that one year in, the low-carbon fund had outperformed its underlying index by 100 basis points. “It encouraged us to actually implement this, not only on the S&P 500 but on North America, emerging-markets and European equity mandates as well.”
虽然基金尚未存在足够长的时间来说服他将继续击败其基准，但到目前为止它的性能和波动性密切关注标准普尔500指数，即使是如此多的股票被排除在外。安德森笔记，“表现优秀的一个原因可以是那些照顾他们的碳足迹的公司严重会以同样的认真的方式照顾其余的业务。”
在三年内，10％的AP4全球股权组合涉及低碳战略，该部分每年将其下跌50至80个基点占用50至80个基点。
Within two years Andersson expects that AP4 will reduce the carbon footprint of its entire equity portfolio by 50 to 70 percent. “And I see no reason long term why we shouldn’t measure the carbon footprint of every investment we do, whether that be fixed income, private equity, high-yield, whatever,” he says.
AP4的董事已帮助投资者遵循其领导者。“我们希望为其他投资者开辟这些资金，”Andersson说。从2012年开始，瑞典人接近公司，包括Blackrock，北方信托资产管理，MSCI和基于苏黎世的可持续发展顾问南极集团，在低碳投资产品上与他们合作。
Such efforts have paid off. In late 2013 Chicago-headquartered Northern Trust created a low-carbon equity fund at AP4’s request. Last September saw the launch of the MSCI Global Low Carbon Leaders indexes, based on the MSCI All Country World index. By the end of 2014, AP4 had invested $1.5 billion in low-carbon investment products, most of them based on the new MSCI indexes, into which the $39 billion French pension system Fonds de Réserve pour les Retraites has poured $1.3 billion.
The $52 billion United Nations Joint Staff Pension Fund and the $1.17 billion University System of Maryland Foundation had the same idea as AP4 when they put up undisclosed sums to seed the iShares MSCI ACWI Low Carbon Target ETF, launched by BlackRock’s exchange-traded-fund business last December. The UNJSPF made a similar investment in an ETF developed by Boston-based SSgA that debuted in November. Northern Trust and Standard & Poor’s Financial Services — which has offered its S&P U.S. Carbon Efficient index since 2009 — have seen much greater interest in their low-carbon products over the past year.
“Clients like that the iShares ETF meets their fiduciary obligation of being invested in the MSCI All Country World index, but it also offers them reduced carbon exposure,” says Ravi Goutam, a San Francisco–based senior member of BlackRock’s ETF institutional sales team. “It allows them to get the performance return they want while also meeting their low-carbon objective.”
ISHARES ETF的目标不是击败其基准，而是保持在MSCI ACWI的30个基点范围内，并将碳暴露减少约85％。Goutam表示，他的团队主要是针对美国的基础和养老客户。
MSCI全球低碳领导者指数和产品基于它们努力为双重兴趣提供双重兴趣，即标准普尔低碳指数和化石燃料剥离。他们呼吁投资者担心，由于努力停止气候变化，最令人失败的化石燃料储备可能会变得不燃，并且在能源部门之外的重型碳发射器可能从碳税中遭受财务。
“For each company we look at the reserves they own, to deal with the issue of fossil fuel reserves potentially becoming stranded,” says Remy Briand, Geneva-based global head of research at MSCI. “At the same time, for each company in a given universe we’re also gathering information on emissions per unit of revenue they produce, which is a measure of their efficiency in terms of carbon emissions.”
AP4安德森说,他支持脱碳equity portfolios isn’t meant to be prescriptive; he just wants investors to have another option in their struggle to balance fiduciary duty and the economic effects of a changing climate.
“As I will always say, There’s not one silver bullet. I am encouraging every move in the direction of addressing climate risk,” he explains. “I think the biggest risk is doing nothing, if you believe that climate change is real.”