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+AMAL_2020_Corp_Gov_Report_December2020.pdf
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+"Climate Change and the Impact on  Long-Term InvestingIn 2015, 196 parties at the U.N. Climate Change Conference agreed to limit climate change to an average global warming of 2 degrees Celsius above pre-industrial temperatures, with a goal of limiting it to 1.5 degrees Celsius. The Intergovernmental Panel on Climate Change states that to reach this goal, CO2 emissions must fall to zero by 2040 to 2070, and scientists agree that reaching the Paris Agreement’s 1.5 degree goal means that the world must reach net-zero greenhouse gas emissions by 2030 to 2050, sooner than is currently planned by most corporations and nations."
+"Starting in the second half of 2016, the Funds filed shareholder proposals asking some leading companies in the “new economy” to assess the feasibility of achieving “net-zero” energy efficiency by 2030. We have filed shareholder proposals with prominent companies to request them to prepare a report that evaluates the feasibility of achieving by 2030 “net-zero” emissions of greenhouse gases from all aspects of their businesses. Achieving net-zero emissions essentially means a reduction in the level of greenhouse gases emitted on an annual basis to a level roughly equal to the amount of renewable energy created by an individual entity."
+"This marketing communication is intended for professional clients only. Amalgamated Bank represents the asset management activities conducted by Amalgamated Bank. This document has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision, investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or provided by Amalgamated Bank, are appropriate, in light of their particular investment needs, objectives and financial circumstances. Furthermore, any report or analysis within this document is shown for information/discussion/illustrative purposes and doesnot constitute an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice. All opinions and estimates herein, reflect our judgment on the date of this report and are subject to change without notice and involve a number of assumptions which may not prove valid. Investments are subject to various risks, including market fluctuations, regulatory change, possible delays in repayment and loss of income and principal invested. The value of investments can fall as well as rise and you may not recover the amount originally invested at any point in time. Furthermore, substantial fluctuations of the value of the investment are possible even over short periods of time. This publication contains forward looking statements.  Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical performance analysis. The forward looking statements expressed constitute the author’s judgment as of the date of this material. Forward looking statements involve significant elements of subjective judgments and analyses and changes thereto and/or consideration of different or additional factors could have a material impact on the results indicated. Therefore, actual results may vary, perhaps materially, from the results contained herein. No representation or warranty is made by Amalgamated Bank as to the reasonableness or completeness of such forward looking statements or to any other financial information contained herein. The terms of any investment will be exclusively subject to the detailed provisions, including risk considerations, contained in the offering documents. When making an investment decision, you should rely on the final documentation relating to the transaction and not the summary contained herein. This document may not be reproduced or circulated without our written authority. The manner of circulation and distribution of this document may be restricted by law or regulation in certain countries, including the United States. Investment instruments are not insured by the Federal Deposit Insurance Corporation (”FDIC“) or any other governmental entity, and are not guaranteed by or obligations of Amalgamated Bank or its affiliates."
+----------------
+AMAL_2021_PRB_Reporting_and_Self_Assessment_2021.pdf
+----------------
+"For its nearly 100-year history, Amalgamated has been driven by its mission to help communities gain greater access to expert financial services and serve those organizations and individuals who expect their bank to reflect their values. Over the last decade have expanded our mission from a focus on the labor community to serve social change organizations and other impact businesses, offering products and services in four key areas: banking, lending, investing, and giving.  In 2019, we were the first U.S. bank to endorse the United Nations’  Environment Programme Finance Initiative Principles for Responsible  Banking (UNPRB), intended to accelerate the banking industry’s  contribution to achieving society’s goals as expressed in the Sustainable  Development Goals and the Paris Climate Agreement. Additionally,  Amalgamated has joined 30 of its fellow UNPRB bank signatories  to launch the Collective Commitment to Climate Action to mobilize  products, services, and relationships to help facilitate the economic  transition necessary to achieve climate neutrality. By joining the  Collective Commitment, Amalgamated has committed to publishing and implementing a set of measures, such as the Partnership for "
+"Carbon Accounting Financials (PCAF) and setting Science Based Targets that will support and accelerate the shift toward low-carbon, climate-resilient technologies, business models, and societies.  To meet our climate commitments, Amalgamated Bank recently published our climate targets based on the UN Guidelines for Target Setting. Amalgamated Bank is a the largest B Corp Bank in the US and uses the B Corp certification process to measure the performance of the bank on a wide range of impact metrics. "
+"As a financial institution, our climate targets are calculated based on our financed (Scope 3) as well as our direct (Scope 1 & 2) emissions. Specifically, these emissions categories are: Financed Emissions (Commercial Real Estate, Multi-Family Housing, Mortgages, Business Loans (ie. project financing)) and Direct Emissions (Purchased Heat, Purchased Electricity). To set Science-Based Targets, companies are required to select a baseline year for emissions reductions. We set our baseline emissions for year 2020 as this is the latest PCAF data we have available for target setting. For each of our emissions categories, we modelled relevant decarbonization strategies and policies to build a pathway model for net zero emissions. These methods and assumptions follow the guidance established by the Science Based Targets initiative and the UN  Collective Commitment on Climate Action as adopted by the UN convened Net Zero Banking Alliance. "
+Show that the bank has analysed and acknowledged significant (potential) negative impacts of the set targets on other dimensions of the SDG/climate change/society’s goals and that it has set out relevant actions to mitigate those as far as feasible to maximize the net positive impact of the set targets.  
+"Based on the results of our analysis, our ambition is to reach net zero emissions by year 2045. To achieve this goal, we have set an intermediary climate goal of 49% emissions reduction from our baseline by year 2030. "
+"Our ambition to reach net zero emissions by 2045 and meet our intermediary 2030 goals is our commitment to bank responsibly towards a climate-safe future. As we embark on this next step in our climate journey, we are determined to make progress year-after-year towards our 2030 commitments. As part of that commitment, we will publish our progress annually in order to keep our stakeholders and partners abreast of our efforts. To further clarify how we intend to measure success, the figures in our Net Zero Targets Report (page 13) show our baseline emissions and the three 2030 financed emissions decarbonization goals we have laid out in the report. In addition, we’ve included our current emissions intensity across the four categories we will be reporting on in the future. With each report, we expect to show our progress towards these important milestones. "
+"Please provide your bank’s conclusion/statement if it has fulfilled the requirements regarding Plans for Target Implementation and Monitoring. We are committed to net-zero emissions from our on balance sheet loans and investments in pursuit of reducing the dangers of climate change for current and future generations of investors and clients. We are all in this together, and a key step in that journey has been to rigorously and transparently measure those emissions so that we can start to reduce them.  "
+The next step for your sustainable investments: investing in climate leadership | Amalgamated Bank  Amalgamated values. Invesco expertise. | Amalgamated Bank  Net_Zero_Climate_Targets_Report
+"Amalgamated Bank has a unique client based drawn to our mission and values alignment. We frequently collaborate with our clients on policy agendas designed to promote sustainability, equality, and economic justice. Our mission is focussed on supporting the institutions and people who seek to do good, and to help them do better. As such, a significant part of our client engagement is beyond just our transactional relationship, but as collaborators in a values based mission. We are working to update our Supplier Code of Conduct which will standardize a new onboarding questionnaire that will engage potential vendors on the issues of governance, ethical conduct, workers rights, diversity and inclusion, human rights, and respect for the environment.   We offer several products and services that emphasize social responsibility, including lending for affordable housing, fossil fuel free investment portfolios, green lending, financing for community development financial institutions, lending to minority owned businesses, and debit card options that allow for money to be donated to charities, among others. The 100% Fossil Fuel Free Portfolios managed by Amalgamated Investment Services contain mutual funds and "
+"ETFs that have been rigorously screened and attained perfect scores for fossil fuel divestment per environmental watchdog As You Sow. In addition, the portfolios are constructed to integrate sustainability-focused industries, and social and racial justice impact themes, while also examining each manager’s diversity equity and inclusion metrics, shareholder advocacy, and public policy efforts.   We are encouraging our network to embrace impact investing by investing directly in climate leadership. As part of the sustainable equity sleeve of the Fossil Fuel Free Portfolios, we are helping individuals and organizations invest in climate leaders, alternative energy solutions, and other types of environmentally focused industries such as water infrastructure, resource recovery, and sustainable food and agriculture.  We will also continue to partner with clients and allies to advocate on a national level to further the issues we care about: climate justice, LGBTQ rights, anti-violence, voting rights, reproductive rights, racial justice, workers rights, and economic justice.  As a part of our climate targets, we have engagement strategies in both policy and directly with clients. This engagement is for us an optional component of the SBTi target validation requirements, but we have chosen to engage in this work with 25% of the highest emitting SME clients of the bank. "
+"Our corporate culture fosters an open dialogue across our stakeholder groups facilitated by both formal and informal channels for communication and engagement. We believe in thoughtful engagement with our various stakeholders, regularly discussing the issues that matter most to them. Key groups include Employees (Engagement surveys are conducted annually and allow us to identify areas of strength and opportunities for improvement to promote continued satisfaction and retention of our employees); Industry alliance and affiliations (work jointly with others in our industry to maximize our combined impact on such topics as climate change, financial inclusion, immigrant rights, LGBTQ+ rights, gun safety, workers’ rights, diversity, and community development); investors (we publish financial reports, regulatory filings, and proxy statements that include details of our financial performance and transparent disclosures on our CSR initiatives); customers & communities; and unionized labor. "
+"continues to progress on improving its scoring. The Board is also aware of Amalgamated Net Zero and SBTi commitments, which will inherently address climate risk. The risk rating will trigger an increase if scoring is changed and then require additional attention to mitigating ESG related risks.  We have published a Charter of The Executive and Corporate Social Responsibility Committee of the Boards of Directors which outlines the duty to fulfil its oversight responsibilities with respect to the Company’s development and implementation of corporate social responsibility and diversity, equity & inclusion efforts. Our executive management team is responsible for setting and implementing strategy, advancing our mission, and managing our core business operations in a way that creates shared value for our stakeholders. As noted in their job descriptions, a portion of executive compensation is linked to our success in overall corporate performance in executing our business strategy and the fulfillment of Amalgamated’s social mission. Executive compensation is contained within the proxy statement filed with the Securities and Exchange Commission no later than 120 days after the end of the fiscal year. Amalgamated Bank is working to instill comprehensive ESG values across the enterprise-wide risk analysis for subsidiaries, including credit, to address scenario modelling and sensitivity analysis. Specifically, Amalgamated maintains a risk rating metric reported to the Board of Directors that monitors ESG risk ratings to ensure that the company continues to progress on improving its "
+"scoring. The Board has reviewed Amalgamated Bank’s Net Zero and SBTi commitments and targets, which will inherently address climate risk. The risk rating will trigger an increase if scoring is changed and then require additional attention to mitigating ESG related risks.  The Bank’s CSR Committee, which includes its President and CEO and other members of our executive and senior management team, is responsible for the promotion and implementation of Amalgamated Bank’s social programs and disclosures and reporting on activities and results to the Board of Directors on a routine basis. The Governance and Nominating Committee of our board of directors has responsibility for, among other things, periodically reviewing the governance principles adopted by the board of directors and developing and recommending governance principles applicable to our board of directors  Please provide your bank’s conclusion/ statement if it has fulfilled the requirements regarding Governance Structure for Implementation of the Principles. Our governance structure includes a strong oversight and direct engagement role for our Board of Directors. Our management committees and employee resource groups involve executive management and flow through a clear structure back to the board of directors. We are proud of our Board’s direct engagement in our climate targets through multiple briefings and stages of review. "
+----------------
+AMAL_2020_Environmental_Summary.pdf
+----------------
+"One of Amalgamated Bank’s greatest environmental commitments is maintaining net-zero operations. For the fourth year in a row, we’ve succeeded in this commitment through our use of renewable energy in operations and offsets of the few emissions we do have, such as business travel and natural gas for heating. We are committed to transparently reporting our climate impacts from operations and the ways in which we achieve net-zero operations. Following the GHG Protocol Corporate Accounting Standard, here are our 2020 GHG inventory results:  "
+"Scope 2: Indirect GHG emissions from purchased electricity, heat, and cooling"
+"Our organizational approach to carbon is to measure, reduce, and offset our emissions. As we did last year, we purchased verified voluntary emissions reductions carbon credits that bring our net operational carbon emissions to zero. This year’s carbon credits support California’s Garcia River Forest as a sustainable working forest that saves wildlife habitats, improves water quality, and preserves the traditional economic base of the local community—characteristics in direct alignment with our mission and values in a community close to where we operate. Storing more carbon per hectare than any other forest type, California’s ancient redwood forests are home to the tallest trees on Earth, rich wildlife, and stunning landscapes. However, decades of aggressive timber harvesting has depleted this landscape and battered the local economy. Now, as a result of collaborative efforts among nonprofit, private and public entities, and community stakeholders, this project has established the first large nonprofit-owned working forest that will keep this remarkable forest standing for many years to come, while protecting the habitat of several threatened species, including the coho salmon, the steelhead trout, and the northern spotted owl, creating jobs and annually storing nearly 77,000 metric tons of carbon dioxide."
+"Amalgamated is committed to pursuing innovative financing to advance sustainable outcomes. One area that has had tremendous impacts aligned with our values is the Property Assessed Clean Energy (PACE) financing. PACE financing is an affordable way for property owners to finance sustainable upgrades to their properties, including solar panels, energy and water efficiency upgrades, electric vehicle charging, seismic strengthening and storm-hardening improvements. "
+"Determining the climate impacts of financial activities is not an easy feat. Unlike other forms of carbon accounting, financial activities are often intangible, and it can be difficult to isolate precise outcomes that contribute to climate change. While other industries have standards to determine the climate impacts of their upstream and downstream activities, the financial sector hasn’t had a formal standard for financed emissions—until now. The Partnership for Carbon Accounting Financials (PCAF) is a coalition of values-based financial institutions, standard setting organizations, and leading climate groups that have worked over the last 6 years to apply best practices in carbon accounting to the financial industry. Culminating with a global standard in November of 2020, the first edition of the Global GHG Accounting and Reporting Standard for the Financial Industry gives precise instructions for how financial institutions can quantify and report their emissions. With this methodology complete, there is now a pathway for financial institutions to quantify their full scope 1, scope 2, and scope 3 emissions; identify means to reduce their emissions; set goals; and ultimately align their business with a livable future and net-zero emissions by no later than 2050, as identified by the UN IPCC and the Paris Climate Accord.  "
+"We are excited to formally publish our climate impacts from financial activities with our inaugural PCAF report for years 2019 and 2020. With this data, we can begin to systematically analyze and identify areas of our portfolio that have exposure to climate risks, drive emission reduction strategies, enhance areas of our portfolio with climate opportunity, and set goals to align our business fully with a livable future through initiatives like the Science Based Targets initiative (SBTi).  "
+"Some of the statements in this Report are ‘‘forward-looking statements’’ within the meaning of the federal securities laws.  Words and phrases such as “expect,” “plan,” “believe,” “continue,” “committed,” “will,” and variations of such words or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. We assume no duty to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Risks factors include, without limitation the strength of the United States economy in general and the strength of the local economies in which we conduct our operations may be different than expected, including, but not limited to, due to the negative impacts and disruptions resulting from the recent outbreak of COVID-19, on the economies and communities we serve, which may have an adverse impact on the our business, operations and performance, and could have a negative impact on our credit portfolio, share price, borrowers, and on the economy as a whole, both domestically and globally; changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action; adverse conditions in the stock market, the public debt market and other capital markets  could have a negative impact on us; and changes in interest rates. In addition, risk factors include, but are not limited to, the risk factors described in Item 1A of our Annual Report on Form 10-K for 2020. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement."
+----------------
+AMAL_2020_Social_and_Governance_Summary.pdf
+----------------
+"In the face of social injustice, we used our platform to fight for equality in everything that we do. In addition to a formal statement in support of the Black Lives Matter movement and reaffirming Amalgamated Bank’s commitment to being an anti-racist institution, we laid out tangible steps to realize equity as a core value of our company. We formed an employee-led task force to create strategies for anti-racism trainings for all employees, improving partnerships for diverse talent attraction, and continuing to enhance our community impacts through our lending and our philanthropic efforts.  "
+"We joined the Science Based Targets Call to Action, calling on companies to demonstrate their leadership on climate action by publicly committing to adopt science-based emissions reduction targets."
+"Amalgamated Bank knows that providing contraception and other family related benefits is good for business and helps create a more inclusive work environment. We joined the Planned Parenthood Federation of America Business for Birth Control coalition, because it is a critical part of our health care benefit package and yet so many people struggle to obtain affordable contraception. Employers, like Amalgamated, need to provide access to reproductive health care as essential strategy for employee retention, diversity, equity and inclusion, and financial stability of their workforce. According to Rhia Ventures’ landmark report, Hidden Value: The Business Case for Reproductive Health, 86% of women stated that controlling if and when to have children has been important to their careers. This is an overwhelming majority that requires the attention of business leaders as they currently asses the diversity, inclusion, and equity strategies of their companies."
+"Shareholder proposals were focused on assessing the viability of “net-zero” energy efficiency by 2030. We have filed shareholder proposals with prominent companies to request them to prepare a report that evaluates the feasibility of achieving by 2030 “net-zero” emissions of greenhouse gases from all aspects of their businesses. Achieving net-zero emissions essentially means a reduction in the level of greenhouse gases emitted on an annual basis to a level roughly equal to the amount of renewable energy created by an individual entity. In the 2020 proxy season, we engaged several companies, including FedEx Corporation, Uber Technologies, Inc., The Cooper Companies, Hertz Global Holdings, Inc., General Electric, Amazon.com, Inc., and Paypal Holdings, Inc."
+"Some of the statements in this Report are ‘‘forward-looking statements’’ within the meaning of the federal securities laws.  Words and phrases such as “expect,” “plan,” “believe,” “continue,” “committed,” “will,” and variations of such words or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. We assume no duty to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Risks factors include, without limitation the strength of the United States economy in general and the strength of the local economies in which we conduct our operations may be different than expected, including, but not limited to, due to the negative impacts and disruptions resulting from the recent outbreak of COVID-19, on the economies and communities we serve, which may have an adverse impact on the our business, operations and performance, and could have a negative impact on our credit portfolio, share price, borrowers, and on the economy as a whole, both domestically and globally; changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action; adverse conditions in the stock market, the public debt market and other capital markets  could have a negative impact on us; and changes in interest rates. In addition, risk factors include, but are not limited to, the risk factors described in Item 1A of our Annual Report on Form 10-K for 2020. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement."
+----------------
+AMAL_2020_Climate Justice _ Amalgamated Bank.pdf
+----------------
+"Achieved four years of net zero operations (and counting!)We measure and disclose full scope GHG emissions, including scope 1, 2 and 3emissionsIn 2020, purchased carbon o�sets to support the Garcia National Forest, asustainable working forest that saves wildlife habitats, improves water quality,and preserves the traditional economic base of the local communityWe utilize 100% clean energy for our o�ces where available"
+"Awarded the Best Bank in North America for CSR by Euromoney in 2019B Corp certi�cation ensures that we are meeting high standards of social andenvironmental performance, accountability, and transparencyWe publish annual �nanced emissions using the PCAF methodologyCommitted to aligning all our business practices with the Paris Climate AccordsDedicated and active Green Team that is constantly working to make the Bank’sactions more sustainable through policies and procedures across business lines"
+----------------
+BAC_2020_Environmental-and-Social-Risk-Policy-Framework.pdf
+----------------
+"Our initial lens has been and continues to be our seven key risk types, but our materiality assessments1 help us to better understand that enterprise risk also includes risks that threaten the safety, human dignity and equal treatment of our employees, clients and the communities where we do business. These broader risks include issues such as climate change and human rights. Due to the extensive and complex role we play in the local and global economy, these issues can and will impact our future business performance, making our management of them a business imperative.  Our ESRP Framework guides our approach to managing material issues. In developing this ESRP Framework, we have benchmarked all of our existing environmental and social policies and positions against industry best practices. "
+"Transactions designed to manipulate financial results – including transactions or activities designed to artificially or unfairly manipulate or change the reported value of a client, instrument or transaction or inappropriately reduce tax liabilities "
+"Human rights and racial equality Bank of America is committed to respecting human rights and demonstrating leadership in responsible workplace practices across our enterprise and all regions where we conduct business. We aim to align our company policies with international standards including the principles laid out in the United Nations Universal Declaration of Human Rights, the United Nations Guiding Principles on Business and Human Rights and the International Labour Organization’s (ILO) Fundamental Conventions. Our commitment to fair, ethical and responsible business practices, as we engage with our employees, clients, third parties and communities around the world, is embodied in our values, our Code of Conduct, our Human Rights Statement and our Vendor Code of Conduct. We believe that human trafficking, slavery and exploitative practices such as servitude, forced labor and child labor are egregious human rights abuses. To learn more, visit our Modern Slavery Act Statement.  We also recognize that respecting human rights includes working to address issues related to racial equality and economic opportunity in the U.S., where we are headquartered and conduct the majority of our business. We are committed to focusing our efforts, dedicating resources and collaborating with others to address systemic racism and to remove barriers to equality and economic opportunity for Black and Hispanic-Latino communities.  In 2020, we announced a $1 billion, four-year initiative to help advance racial equality and economic opportunity, with a focus on four key pillars: "
+"As part of our strategy to address climate change and drive sustainable use of natural resources, we have mobilized more than $200 billion in capital since 2007 and committed to mobilize an aggregate of at least $445 billion by 2030 under our Environmental Business Initiative. Under this initiative, we have partnered closely with clients to finance the adoption of low-carbon solutions that are now in widespread commercial use; for instance, Leadership in Energy and Environmental Design (LEED)- and Energy Star- certified building construction, solar and wind power generation, electric vehicles and charging infrastructure, resource efficient agriculture, and canopy protection and reforestation. Other technologies — such as hydrogen energy, waste-to-energy and carbon capture, use and sequestration (CCUS) — are still in development or have not achieved commercialization, and are therefore more challenging for a highly regulated consumer and commercial bank to finance. For those areas, we have dedicated significant intellectual, philanthropic and catalytic capital to support their advancement.  Inclusive Development "
+"Partnership for Carbon Accounting Financials (PCAF) Bank of America joined PCAF in 2020, where we collaborated with other financial institutions to develop the Global GHG Accounting and Reporting Standard for Financial Institutions, a common framework to assess greenhouse gas (GHG) emissions from financing activities (“financed emissions”). We are the largest and most diversified global financial institution to join the group to date and are a member of the PCAF Core Team. By joining PCAF, we have committed to begin to disclose our financed emissions no later than 2023. "
+"Forestry The world’s forests play a vital role in the carbon cycle and can significantly help mitigate global climate change. We developed our Forests Practices Policy, including our position on Forest Certification and Paper Procurement Policy, in consultation with our clients who have expertise in the sector, and with environmental partners focused on developing best practices, including forestry certification. Our Forests Practices Policy places additional value on forestry certification by using it as a due diligence tool. The Forests Practices Policy also includes an explicit prohibition of illegal logging and practices involving uncontrolled fire. "
+"In addition to the following specific policies, we are engaging with clients in the energy and power sectors to enhance GHG emissions disclosure, management and alignment with the goals of the Paris Climate Agreement. As indicated previously in this document, we will aim to set emission targets for our power utilities and energy portfolios in an effort to align them to a well below 2⁰C scenario. "
+"Coal extraction Companies focused on coal extraction, particularly coal used in power generation (“thermal coal”), face significant challenges. The focus of power utility clients, investors, regulators and other stakeholders on addressing global climate change and meeting the goals of the Paris Climate Agreement — combined with the recent proliferation of natural gas, solar, wind and other lower carbon energy sources — is intensifying and accelerating these challenges. By 2025, we will phase out all financing (including facilitating capital markets transactions and advising on mergers and acquisitions) of companies deriving ≥ 25% of their revenue from thermal coal mining, unless the company has a public commitment to align its business (across Scope 1, 2 and 3 emissions) with the goals of the Paris Climate Agreement and the transaction would be facilitating the diversification of the company’s business away from thermal coal. In addition, Bank of America will not directly finance new thermal coal mines or the expansion of existing mines. "
+"Ongoing transactions involving companies focused on coal extraction are subject to enhanced due diligence that incorporates evolving market dynamics, specific risks and regulations related to coal extraction, and the client’s commitment, capacity and track record on ESG performance. "
+"Nuclear energy Nuclear power delivers an important part of many nations’ energy portfolios. Nearly all comprehensive roadmaps for meeting the Paris Climate Agreement include significant increases in nuclear power as an alternative to carbon-intensive fuels and an important source of on-demand power and enabler of power-intensive industries. Bank of America understands the particular sensitivities regarding the use of nuclear energy, including the safety and handling of nuclear fuel and waste. Transactions in which the majority use of proceeds is identified as clearly intended for the development of nuclear projects are subject to enhanced due diligence, which includes a requirement that "
+"Our EMS includes roles and responsibilities, training, inspections, inventory procedures, formal targets, documentation, measurement, complaint response and emergency procedures. One component of our EMS — Integrated Data for Environmental Applications — is an online tool that enables our employees and partners to understand and manage environmental compliance across our global real estate footprint. Bank of America’s strong record of compliance across our real estate portfolio is a direct result of the successful implementation of our EMS. "
+"Fair wages We have a strong pay-for-performance compensation philosophy across our company. Being paid competitively and fairly for the work each of us does in our roles, at all levels of our organization, is key to this philosophy — and delivering sustainable, responsible growth. "
+----------------
+BK_2020_Disclaimers and Disclosures _ BNY Mellon.pdf
+----------------
+"  iFlow® / Currency Strategy Team Market Commentary. The products and servicesdescribed herein may contain or include certain “forecast” statements that mayreflect possible future events based on current expectations. Forecast statementsare neither historical facts nor assurances of future performance. Forecaststatements typically include, and are not limited to, words such as “anticipate”,"
+"“believe”, “estimate”, “expect”, “future”, “intend”, “likely”, “may”, “plan”, “project”,“should”, “will”, or other similar terminology and should NOT be relied upon asaccurate indications of future performance or events. Because forecaststatements relate to the future, they are subject to inherent uncertainties, risks"
+----------------
+BK_2020_Meeting the Climate Challenge.pdf
+----------------
+"For an organization of our scope and complexity, identifying all relevant climate risks and"
+----------------
+JPM_2020_Carbon Compass ℠ Methodology.pdf
+----------------
+"Climate change is a critical and urgent issue, and addressing it is a global necessity. Reducing greenhouse gas (GHG)"
+There must be collective ambition and cooperation by business and government to tackle climate change. Setting our Paris-aligned targets is an important step toward accelerating the transition to a low-carbon economy and meeting the goals of the Paris Agreement. JPMorgan Chase is committed to doing its part by working with clients around the world to reduce emissions and by ensuring our own operations remain carbon neutral.
+"Science-based: To align our selected portfolios with the goals of the Paris Agreement, JPMorgan Chase hasset targets that build on the transition pathways outlined in the IEA Sustainable Development Scenario(SDS) (https://www.iea.org/reports/world-energy-model/sustainable-development-scenario), along with awide range of public resources, including additional climate scenarios, decarbonization research and otherframeworks for assessing Paris alignment."
+"Oil & Gas: We have established two distinct metrics and targets for Oil & Gas: Operational intensity foremissions from production and refining activities (Scopes 1 and 2), and End Use intensity to captureemissions from the combustion of oil and natural gas (Scope 3). This approach acknowledges that bothOperational and End Use emissions are important to the sector’s climate impact, and that there is aparticular need to address operational methane emissions in the near term."
+"Electric Power: We focus on direct CO emissions from power generation (Scope 1), which account for thevast majority of the sector’s climate impact. The methodology is designed to track the fuel mix of powergeneration activities as it shifts from being predominantly fossil-based to more reliant on renewables, in abid to rapidly decarbonize electricity grids globally."
+(https://www.erm.com/news/new-analysis-provides-benchmarking-of-ghg-emission-intensity-among-major-oil-and-gas-operators/)
+(https://business.edf.org/insights/taking-aim-hitting-the-mark-on-oil-and-gas-methane-targets/)
+play in creating the frameworks needed to advance significant reductions in greenhouse gas (GHG) emissions globally.
+emissions from the combustion of oil and natural gas (Scope 3)
+reduction in methane and CO emissions from operations
+----------------
+STT_2020_climate-compendium.pdf
+----------------
+The views expressed in this material are the views of the Global Macro and Policy Research team through 11 August 2021 and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.
+"As ESG investing has slowly garnered greater  interest from investors over the past decade,  there has been a surge in data and analytics providers, all claiming to have the secret sauce to ESG investing success. This data overload  appears to have investors confused and struggling to determine which ESG factors  have a material impact on a company’s financial performance."
+"change, waste management, air quality)"
+different climate metrics and forming portfolios. 
+"CLIMATE COMPENDIUM 2021Investors increasingly view  climate change as an economically significant event, affecting performance now, as well as long-term. "
+"Source: State Street Global Markets, MSCI market data, S&P Trucost, Kenneth French data library. Note: The graph presents cumulative abnormal returns for $1 investment in the decarbonization factors from July 1, 2009 to December 31, 2018.  The abnormal returns are estimated from regressions based on non-overlapping monthly data, controlling for market, size, value, profitability, investment, momentum factors and NYMEX oil spot returns. Sharpe ratios (1.00, 0.37, 0.32, and 0.00) are based on abnormal returns."
+"Note: This figure presents the risk-adjusted performance for the long-short portfolios based on past 5-year vulnerability momentum from 2002 to 2019 for all pairs in our sample, G10 pairs and non-G10 pairs in our sample. In all portfolios, currencies with decreasing risk are funded by currencies with increasing risk and currency pairs are equally weighted. The risk-adjusted returns are calculated from multi-factor regressions of portfolio returns on FX risk factors including G10 market, G10 carry, G10 value, G10 momentum, EM market, EM carry, EM momentum, and global carry. The green line labelled “Non-G10 Pairs” represents the portfolio performance based on a sample of 19 non-G10 currencies including BRL, CLP, COP, CZK, HUF, IDR, ILS, INR, KRW, MXN, MYR, PEN, PHP, PLN, RUB, SGD, THB, TRY, and ZAR. The blue line labelled “G10 Pairs” represents the portfolio performance based on a sample of G10 currency pairs The grey line labelled “All Sample Pairs” represents the portfolio performance for all  29 currencies including the G10 and non-G10 currencies. We form these portfolios annually on the last business day of the year and the returns are calculated using spot and 1-year forward contracts. Source data: ND-GAIN, DataStream. "
+"Portfolio concentration in a few sectors will also entail greater risk. Valuation will depend in large part on the success of a firm’s technologies with  regards to climate resilience and should this become impaired for any reason, an abrupt loss  of value in the name could result."
+prevent emission of greenhouse gases. Adaption refers to efforts to prepare for a warming world.
+"For four decades, State Street Global Advisors has  served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s fourth-largest asset manager* with US $3.90 trillion† under our care. "
+level rating and climate metrics (e.g. carbon 
+intensity and fossil fuel reserves). Given these 
+with the highest greenhouse gas emissions.  
+----------------
+USB_2020_Sets Goal to Achieve Net Zero Greenhouse Gas Emissions by 2050 _ Business Wire.pdf
+----------------
+Setting a goal to achieve Net Zero greenhouse gas emissions (GHG) by 2050
+Setting a goal to reduce greenhouse gas emissions to zero by 2050 will expand U.S. Bank’s environmental focus from
+"its operations to all parts of its business. The company will measure, disclose and commit to zero net greenhouse gas"
+----------------
+WFC_2020_ Wells Fargo Joins Net-Zero Banking Alliance.pdf
+----------------
+"Wells Fargo today announced it has joined the Net-Zero Banking Alliance (NZBA), an industry-led leadership group designed to fostercollaboration and support banks in aligning their financing with the goal of achieving net-zero greenhouse gas (GHG) emissions by mid-century. The NZBA recognizes the vital role of banks in supporting clients in their net-zero transitions and working with governments todeliver on their decarbonization policies and pledges. In March 2021, Wells Fargo announced a goal to achieve net-zero GHG emissions,including emissions attributable to its financing, by 2050 as well as outlining a number of other climate-related initiatives."
+"For more information on Wells Fargo’s approach to climate change and other ESG topics, Wells Fargo’s TCFD Report, ESG Report, and2020 ESG Goals and Performance Data are available on wellsfargo.com. Additional sustainability news, insights and perspectives areavailable at Wells Fargo Stories.  "
+----------------
+WFC_2020_Wells Fargo Sets Goal to Achieve Net Zero Greenhouse Gas Emissions by 2050.pdf
+----------------
+"SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo today announced a major step in its efforts to support the transition to a low-carboneconomy by setting a goal of net zero greenhouse gas emissions — including its financed emissions — by 2050. To help meet thisambitious goal, Wells Fargo will measure and disclose financed emissions for select carbon-intensive portfolios; set interim emissionreduction targets; deploy more capital to finance climate innovation; and continue to work with its clients on their own emissions reductionsefforts. The company will also launch an Institute for Sustainable Finance to manage the deployment of $500 billion of financing tosustainable businesses and projects by 2030, as well as support science-based research on low-carbon solutions and advocate for policiesthat enable client transitions."
+Setting a goal to achieve net zero greenhouse gas emissions by 2050
+"Setting interim emission reduction targets for select carbon intensive portfolios, including oil and gas, and power"
+"Set and disclose interim targets for select carbon intensive portfolios — including the oil and gas sectors, and power sector — nolater than the end of 2022."
+"the U.S. Department of Energy’s National Renewable Energy Lab, and the company recently became a founding partner of the RockyMountain Institute’s Center for Climate Aligned Finance, which seeks to assist financial institutions in bringing portfolios of lending"
+"* Greenhouse gas emissions are categorized into three groups or 'Scopes' by the most widely used international accounting tool, theGreenhouse Gas (GHG) Protocol. Scope 1 covers direct emissions from owned or controlled sources. Scope 2 covers indirect emissionsfrom the generation of purchased electricity, steam, heating and cooling consumed by the reporting company. Scope 3 includes all otherindirect emissions that occur in a company’s value chain."
+----------------
+WFC_2020_Advancing Environmental Sustainability – Wells Fargo.pdf
+----------------
+"workplaces. We believe that climate change continues to be one of the most urgent environmental and social issues ofour time, and we are working across our value chain to help accelerate the transition to a low-carbon economy and"
+"More information is available in our Environmental, Social, and Governance (ESG) Report (PDF), ESG Goals and.Performance Data (PDF), and Taskforce on Climate-related Financial Disclosures (TCFD) Report (PDF)"
+"committed to aligning our activities to support the goals of the Paris Agreement and helping transition to anet-zero carbon economy. Our goal is to achieve net-zero greenhouse gas emissions by 2050, including"
+"As part of our goal to reach net-zero greenhouse gas emissions by 2050, Wells Fargo has committed to deploy"
+"Reducing our energy, water, and resource consumption and greenhouse gas emissions"
+----------------
+WFC_2021_environmental-responsibility-policy.pdf
+----------------
+"Through Renewable Energy Tax Credits, U.S. Bank invests in projects that help provide clean energy options to our nation’s homes, towns and businesses through wind, solar and other renewable energy projects. These projects are not only good for the environment, but they also create tens of thousands of jobs in local communities around the country.U.S. Bank commits more than $1 billion annually in renewable energy investments, and to date the USBCDC has committed more than $12 billion in solar, energy storage, wind, biomass, and fuel cell technologies."
+"We embrace our responsibility to be a good steward of our natural resources. We track and monitor energy consumption and carbon emissions from our owned and operated facilities, and from other facilities as feasible, with the intent to measure, manage and reduce consumption resulting in greenhouse gas (GHG) emissions from our operations. "
+"We continue to heighten our understanding of the potential greenhouse gas (GHG) impact of our partners and the potential risks that are posed from climate change. We attempt to gain an understanding of which partners, third parties, and customers are the largest GHG emitters and work with them to better understand their reporting requirements and mitigation plans. "
+----------------
+STT_2020-2021_COP26 Takeaways _ State Street Corporation.pdf
+----------------
+support the ISSB (the Climate Disclosure Standards board and the Value
+pressure on ESG data providers to add value to the ISSB data-set in new
+----------------
+STT_2020-2021_Post COP26.pdf
+----------------
+"One of the most significant outputs of COP26 — even if not at first as eye catching assome other carbon reduction pledges and headlines — is the establishment of thenew International Sustainability Standards Board (ISSB). Overseen by theInternational Financial Reporting Standards (IFRS) body, the ISSB will develop abaseline of global standards for sustainability-related corporate reporting. With amulti-locational presence across several key markets — including a board seated inFrankfurt and supporting offices in Montreal, amongst others — the ISSB will adopt aclimateclimatefirst approach to standard-setting and will leverage existing globalframeworks, notably the Value Reporting Foundation (formerly SASB) and TCFD. Asa leading advocate for standardisation in line with SASB, this is highly welcomed byState Street Global Advisors. This will build upon draft documents that have alreadybeen produced, but it may be some years before we have fully-fledged globalstandards. The target for initial release is forecast to be the first half of 2022."
+"Under the Glasgow Financial Alliance for Net-Zero, asset owners and managers(including State Street Global Advisors) representing more than USD 130 trillion incapital have pledged to put the global economy on a path to reducing greenhouse gasemissions across their portfolios."
+"India, the world’s third-largest carbon emitter, has made its first net-zero pledge intargeting netzero by 2070. Although this is not in line with most other countries’pledges to achieve net-zero by 2050 it is still a notable development. Additionally,India has pledged to meet 50% of their energy requirement from renewables by 2030,up from 40%. However, they fell short of sharing a clear plan on the exact emissionreduction strategy and India also did not participate in the formal phasing-outcommitment on thermal coal."
+"For four decades, State Street Global Advisors has served the world’s governments,institutions and financial advisors. With a rigorous, risk-aware approach built onresearch, analysis and market-tested experience, we build from a breadth of activeand index strategies to create costeffective solutions. As stewards, we help portfoliocompanies see that what is fair for people and sustainable for the planet can deliverlong-term performance. And, as pioneers in index, ETF, and ESG investing, we arealways inventing new ways to invest. As a result, we have become the world’s fourth-largest asset manager  with US $3.86 trillion  under our care."
+----------------
+FITB_2020_Environmental Sustainability _ Fifth Third Bank.pdf
+----------------
+"includes lending and �nancing for solar, wind, geothermal, biomass and hydropowerrenewable energy."
+----------------
+C_2020_Net Zero Transition Principles.pdf
+----------------
+"Net Zero Leadership Set net zero targets that are ambitious, transparent and aligned with climate science, consistentwith our leadership in sustainability over the past two decades. Help define net zero for thebanking sector, including through our membership in the Net-Zero Banking Alliance."
+"Social Responsibility  Strive to ensure that our net zero transition is consistent with other sustainable developmentobjectives. We will also assess how our financing decisions could affect lower-incomecommunities, developing countries and communities dependent on carbon-intensive sectors,balancing the need for carbon reduction with the potential negative impacts on access to energyand economic dislocation. We will be mindful that some of these same communities could also befaced with some of the worst impacts of climate change."
+----------------
+C_2020_Net Zero Emissions Commitment.pdf
+----------------
+"On Jane Fraser’s first day as CEO in March 2021, Citi announced our commitment to net zero greenhouse gas emissions by2050, including our own operations by 2030. This means rethinking our business and helping our clients rethink theirs. For bankslike Citi, a net zero commitment includes not just our own operations but also our business impacts—in other words, ourfinancing activities."
+"In line with our net zero commitment, we have published our initial net zero by 2050 plan in our 2021 TCFD Report, including2030 emissions targets for our Energy and Power loan portfolios. These targets were developed in line with Net-Zero BankingAlliance (NZBA) Guidelines for Climate Target Setting."
+"The key considerations that will frame client engagement include public disclosure of GHG emissions and reduction targets,climate risk ratings, and transition plans."
+----------------
+JPM_2020_mi-otmoi-the-path-to-net-zero-emissions.pdf
+----------------
+"2020 marked the end of the hottest decade on record. With global greenhouse gas (GHG) emissions having increased by almost 50% since 1990, actions to halt climate change are increasingly urgent. The 196 signatories of the 2016 Paris Climate Agreement agreed on the goal of limiting global warming this century to well below two degrees Celsius compared to pre-industrial levels, but most countries are not on track to meet their emissions reduction goals."
+"As environmental focus intensifies, achieving net zero emissions by 2050 has become the new benchmark among policymakers. Last year the UK and France became the first major economies to sign a net zero 2050 target into law. In total, 58 countries, representing 54% of global GHG emissions, have now communicated a net zero target and we expect this number to increase ahead of the UN Climate Change Conference of the Parties (COP26) scheduled for November in Glasgow, Scotland. "
+"Greenhouse gases are not all the same. Some have longer lifetimes, while their ability to absorb infrared radiation (heat) also varies. Carbon dioxide (CO2) has the lowest global warming potential of the major greenhouse gases – but has one of the longest lifetimes in our atmosphere, along with fluorinated gases. This long residence time, combined with the complex response of natural carbon sinks (such as the oceans) to carbon emissions, means that any reduction of CO2 emissions today will not immediately lead to lower CO2 concentration in the atmosphere. This explains why policymakers are focused on bold reduction targets to halt emissions as quickly as possible. Other gases like methane and nitrous oxide have a much greater ability to absorb heat, but shorter atmospheric lifetimes. "
+"“Absolute levels of GHG emissions clearly don’t tell the whole story about the relative environmental impact of each country. At a minimum, we need to account for differences in population size by looking at emissions per capita. In addition, we may want to account for the fact that countries are at different stages of economic development. Historically, emerging markets have contributed less to global GHG emissions because their economic output has been lower. To understand the impact that these countries will have in the future, as their economic output continues to increase, we may also want to look at emissions per unit of GDP when comparing developed market and emerging market countries. In addition, some emerging market countries have higher CO2 emissions because western countries have offshored the production of CO2-intensive goods: 14% of China’s CO2 emissions are attributable to goods that are exported and consumed abroad. Accounting for emissions that countries have offshored to other regions is consistent with the increasing focus on companies’ “Scope 3” emissions (as defined by the Greenhouse Gas Protocol), which consider emissions that companies have outsourced in their supply chain. For companies rather than countries, we take a similar approach and would consider greenhouse gases relative to a company’s size.”"
+"Source: Gapminder, Global Carbon Project, Our World in Data, United Nations, J.P. Morgan Asset Management. CO2 emissions are from the burning of fossil fuels for energy and cement production. Emission impact from land use change (such as deforestation) is not included. Past performance is not a reliable indicator of current and future results. Data as of 31 March 2021."
+"Source: Climate Watch, Our World in Data, World Resource Institute, J.P. Morgan Asset Management. Greenhouse gas emissions include CO2, methane, nitrous oxide and fluorinated greenhouse gases. CO2 equivalent tonnes standardise emissions to allow for comparison between gases. One equivalent tonne has the same warming effect as one tonne of CO2 over 100 years. Past performance is not a reliable indicator of current and future results. Data as of 31 March 2021."
+"Clean energy technologies will have the largest role to play in achieving net zero targets, given that 73% of global emissions stem from the energy sector itself. BP’s latest energy outlook illustrates that the share of oil, coal and gas in the global energy mix would have to decline from close to 90% to around 20% by 2050, with coal almost completely eliminated as an energy source. See EXHIBIT 4."
+"Shifts in consumer preferences, particularly diets, can also help to reduce energy demand. The data behind arguments for cutting meat consumption is compelling: 77% of agricultural land is dedicated to producing meat and dairy – which account for just 18% of the world’s calories.2 Focusing on meat alone, however, would neglect many other nuances, such as the chemicals used in food production, how food is packaged and how far it has travelled. Tackling food waste – which contributes 6% of global GHG emissions – is another priority. "
+"Offset emissions On the basis that emissions cannot be fully eliminated by 2050, offsets will be required if net zero targets are to be reached. Natural habitats, such as forests and peatlands, are the most effective carbon sinks, yet they are disappearing at a frightening pace. The world lost over 1.3 million square kilometres of forest between 1990 and 2016, according to World Bank data – an area larger than South Africa. We expect the focus on biodiversity – the way that companies coexist with and protect the environment around them – to accelerate accordingly. Heated criticism from global leaders over the Brazilian government’s handling of Amazonian deforestation highlights how this issue is increasingly moving into the mainstream political sphere. "
+"ON THE MINDS OF INVESTORSSECTION 3: POLICY PRESCRIPTIONS Having isolated the major sources of carbon emissions and discussed the range of solutions, now comes the hard part: implementation. Policymakers will be the key drivers of efforts to mitigate climate change; given the urgency and sheer scope of the challenge, they will need to pull on all of the levers available to tackle the economic and scientific barriers. "
+"Infrastructure that supports a renewable energy supply is a high priority. Solar and wind investment and capacity continue to grow, and further investment could help meet some of the technological challenges around storage and efficiency. In the meantime, investment in national grids could connect the many isolated suppliers and expand the reach of renewables. Increasing investment to improve nuclear power, a reasonably reliable and efficient form of sustainable energy, will also help to diversify from solar and wind, which are currently less reliable and efficient. "
+"Offsetting strategies are often an attractive way for companies to reduce their footprint over time because they generally involve less disruption than making the changes required to materially reduce gross emissions. Yet according to estimates from the Intergovernmental Panel on Climate Change, sequestration and removal will be able to contribute less than 10% of the net GHG emission reduction required over the next decade to stay on track to hit net zero by 2050. Investors should analyse corporate ambitions to reach net zero targets with this in mind. For most industries, emission reduction – rather than offset – will need to be the priority. "
+"ON THE MINDS OF INVESTORSREGULATION: Thoughtful regulation can also help reduce economic barriers and catalyse real change. Tougher fuel, energy and appliance standards can push companies and consumers to reduce their carbon footprints, as can more stringent codes for buildings and future construction, with respect to insulation, material usage, heating and cooling systems, and lighting. If regulatory items are phased in over the course of a decade, companies and consumers will have ample time to comply with new standards. In some cases, regulation can actually be helpful in creating demand. For example, concerns about nuclear safety and waste have been a significant barrier to increasing nuclear generation capacity in recent years. R&D spending and infrastructure investments can help improve nuclear reactors, but regulation may be key to overcoming safety and environmental concerns. "
+"Finally, to be most effective from a climate perspective, infrastructure investment, R&D spending, incentives and regulation should be combined with a carbon pricing strategy. The price of carbon can be set through taxes or emissions trading schemes (ETS), both of which incentivise carbon producers to reduce their carbon intensity. Europe has been a pioneer in this field, launching its ETS platform in 2005. Although many countries still do not have such schemes at a national or even local level, carbon pricing is regarded as one of the most efficient and cost-effective means of reducing emissions. While carbon prices have been rising in many ETS alongside their emissions coverage, the average price still falls far short of the levels seen as necessary to limit global warming. See EXHIBIT 5. A sudden adjustment to much higher carbon prices would have a dramatic effect on inflation, but we see a gradual rise as more likely over time. "
+"Although the final legislation may differ from the bill proposed, at least USD 400 billion is allocated for direct climate efforts, a substantial investment that should spur private sector innovation and investment opportunities in industrials, materials, utilities, renewable energy and manufacturing. "
+% of global greenhouse gas emissions
+"Source:  International  Carbon  Action  Partnership,  J.P.  Morgan  Asset  Management. China  ETS  price  is  based  on  the  average  of  Beijing,  Chongqing,  Guangdong,  Hubei, Shanghai,  Shenzhen  and  Tianjin  ETS  prices.  CO2  equivalent  tonnes  standardise emissions to allow for comparison between gases. One equivalent tonne has the same warming effect as one tonne of CO2 over 100 years. Past performance is not a reliable indicator of current and future results. Data as of 31 March 2021."
+"Cars and light commercial vehicles account for over a third of transportation-related emissions, which explains the intense focus on vehicle emission reductions and the adoption of EVs, leading to one of the biggest transformations in the industry’s history. In the EU, the drive to reach net zero may lead to further tightening of the bloc’s already strict 2030 vehicle emission targets. This huge transition is creating substantial risks and headwinds for the auto industry, but also opportunities for incumbents that can make their business models more sustainable by proactively embracing climate and emission principles and doing costly business transformations now. "
+"The transformation will require significant investment spending (capex and R&D) at a time when margins from traditional vehicles are in decline and EV profitability is still a challenge for most companies. Battery costs are a key issue, with cost parity versus combustion engines unlikely to be reached until later this decade. However, carmakers that postpone changes are likely to face significant operational headwinds, investor apathy and potentially negative effects on their credit ratings. We see this investment in the future as critical, even with some increase in leverage, and are instead focusing on investment efficiency and offset measures (cooperation, partnerships and cost reduction measures). "
+"The path to net zero will feature energy companies scaling down but still executing on their traditional businesses, while investing and delivering on climate-beneficial new ones. We believe there will be abundant opportunities for energy companies to grow earnings through existing business models during this time. Expansion opportunities that create enduring shareholder value may be more scarce considering the risks around commercialising technology and the magnitude of capital hoping to participate in this world-changing transition."
+"The transportation sector is responsible for 16.2% of global greenhouse gas emissions, led by road transport, which contributes 11.9% of emissions, of which 40% comes from road freight rather than passenger vehicles. With aviation and shipping at only 1.9% and 1.7%, respectively, the burden of emissions reductions weighs heavily on logistics players with heavy road networks."
+"We have seen some companies announce significant plans to achieve net zero targets, consisting of a combination of electrifying delivery vehicles for ground transportation and targeting much higher use of sustainable aviation fuel for air freight. Whether this will be rewarded by lower environmental taxes, subsidies for being more green or simply from higher customer demand is unclear. Yet regardless, we believe "
+"Many property owners have turned to Renewable Energy Credits (RECs) to offset the remaining usage when working to a net zero commitment. RECs are created when a plant generates one megawatt hour of energy from a renewable source, such as wind or solar. Unfortunately, there are not enough new renewable energy sources being constructed to produce enough RECs to meet the demand, thus the price of these RECs has increased significantly.  "
+"ON THE MINDS OF INVESTORSOne attractive way of lowering a property’s carbon footprint is to install solar panels and use the energy produced onsite to power the property – though as in other areas, reliable battery storage is needed to make this option more efficient. Renting the rooftop or parking lot to a solar provider is another option that instead adds the renewable energy to the power grid and provides an added income stream to the asset. "
+"Pure renewable energy plays tend to be scarce, and the most obvious names can often be expensive. Yet while renewable companies will likely continue to enjoy solid premiums given both their scarcity and their ESG credentials, we believe there are many other ways to invest in this theme. These businesses range from renewable equipment producers and grid suppliers, to companies that possess technologies used in carbon capture, storage, production and transportation. Other opportunities include companies involved in the use of hydrogen, such as some engineering companies and fuel cell producers, as well as companies that possess technologies to decarbonise heavy industries, such as ammonia for coal plants and hydrogen for steel and cement producers."
+"Dramatic changes to the global economy will be required if net zero emission targets are to be achieved by 2050. Quantifying the scale of the problem is a challenge in itself: calculations should account for a company or country’s size and stage of economic development, rather than looking at the volume of emissions alone. To reduce emissions, a combination of increased clean energy generation and electrification alongside improved efficiency will be required. Offsetting strategies will be needed to tackle the remaining unavoidable emissions, although these strategies are capacity constrained. For most industries, emission reduction rather than offset is required, and investors should view corporate commitments with this in mind."
+"ON THE MINDS OF INVESTORSFor Market Insights communications, please add: The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions.  For  the  purposes  of  MiFID  II,  the  JPM  Market  Insights  and  Portfolio  Insights  programs  are  marketing  communications  and  are  not  in  scope  for  any  MiFID  II  /  MiFIR requirements  specifically  related  to  investment  research.  Furthermore,  the  J.P.  Morgan  Asset  Management  Market  Insights  and  Portfolio  Insights  programs,  as  non-independent research, have not been prepared in accordance with legal requirements designed to promote the independence of investment research, nor are they subject to any prohibition on dealing ahead of the dissemination of investment research. This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. 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