ESG roundup: Fossil fuel divestment, UK Law Commission on fiduciary duties

first_imgThe investor effort, called the Carbon Asset Risk (CAR) initiative, is being coordinated by sustainability platform Ceres and the Carbon Tracker Initiative, with support from the Global Investor Coalition on Climate Change.Recent studies by the Intergovernmental Panel on Climate Change and the International Energy Agency have suggested that, to achieve the international goal of limiting global warming to 2˚C, the world will need to live within a set carbon budget, and a significant portion of proven global fossil fuel reserves will need to be left in the ground.However, the world is currently on a path toward global warming of 4˚C or more, which the World Bank warned must be avoided to prevent catastrophic climate change impacts.According to the Unburnable Carbon Report, in 2012 alone, the 200 largest publicly traded fossil fuel companies collectively spent an estimated $674bn on finding and developing new reserves – some of which may never be utilised. As of 23 October, investors had received preliminary responses from 30 companies. Detailed answers to the investors’ questions will come in follow-up responses. Participating investors are asking their peers to support this effort.The full list of signatories can be found here.In related news, a report on divesting from fossil fuels has been published by campaign group 350.org, Green Century Capital Management (Green Century) and Trillium Asset Management.The paper, entitled ‘Extracting Fossil Fuels from Your Portfolio: A Guide to Personal Divestment and Reinvestment’, aims to help individuals better understand fossil fuel divestment, provides clear steps to move their money out of coal, oil and gas companies, and gives tips on how to proactively invest in sustainable companies and investment vehicles.Co-founder of 350.org Bill McKibben said: “If it’s wrong to wreck the climate, then it’s wrong to profit from that wreckage. Investors have an important and special role to play in the climate change movement.”The guide can be found here.Lastly, the UK Sustainable Investment and Finance Association (UKSIF) has welcomed the launch of the Law Commission’s Consultation Paper on Fiduciary Duties of Investment Intermediaries.The paper sets out to examine issues including whether fund managers and pension fund trustees have a duty to consider environmental and social impacts.UKSIF head of government relations Caroline Escott, said: “Long-term and sustainable investment approaches by fiduciaries across the investment chain – including pension fund trustees, asset managers and consultants – are key to realising good outcomes for savers.” The consultation opened on 22 October and will close on 22 January 2014. A report is planned for June 2014. A coalition of 70 investors worth $3trn (€2.2trn) has called on the world’s 45 largest oil and gas, coal and electric power companies to assess the financial risks that climate change poses to their business plans.The investors sent letters to the fossil fuel companies last month, requesting detailed responses before their annual shareholder meetings in early 2014. Investors signing the letters include the UK’s Local Authority Pension Fund Forum, Merseyside Pension Fund, Railpen Investments, USS Investment Management, Hermes Equity Ownership Services, Aviva Investors, F&C Asset Management, the Scottish Widows Investment Partnership and California’s two largest public pension funds.The investors wrote the following in their letter to oil and gas companies: ”We would like to understand [the company’s] reserve exposure to the risks associated with current and probable future policies for reducing greenhouse gas emissions by 80% by 2050. We would also like to understand what options there are for [the company] to manage these risks by, for example, reducing the carbon intensity of its assets, divesting its most carbon intensive assets, diversifying its business by investing in lower carbon energy sources or returning capital to shareholders.”last_img read more

Swiss 1e pension plans spark appetite for younger generations

first_imgThe 1e pension plan market in Switzerland is expected to continue widening, as appetite is likely to increase, especially among younger generations.“From the point of view of the employees, 1e plans give an option to reduce large redistributions within a fund,” Hansruedi Scherer, a partner at Zurich-based PPCmetrics, told IPE.These pension products can be highly desireable for the younger insured in Pensionskassen with high technical interest rates and high conversion rates, he added.Patrick Spuhler, founding partner of pension consultancy Prevanto, told IPE that the volume of 1e plans will continue to increase because of the opportunities and benefits these products provide. “The main benefit of 1e solutions is that the account of the insured person is credited with the entire return on assets without dilution, redistribution, or use of funds to build up fluctuation reserves,” he explained.Listed companies also benefit from 1e plans that are based on IFRS Defined Contribution Plans, he said, adding that large companies with 1e solutions include CS and Novartis; others may follow.Many 1e plans were introduced because employers wanted to reduce its implicit pension fund obligations, Scherer said, noting tnat this trend is likely to continue.According to a recent PwC survey, assets under management of Swiss providers of second pillar 1e plans grew by 31% year-on-year to reach CHF5bn (€4.6bn) at the beginning of 2020.Providers of 1e products expect assets to grow 15% annually to CHF10.1bn in 2025, a smaller growth rate compared to the 20% that a previous PwC survey predicted, estimating assets to reach CHF12.7bn by 2024.The market for 1e plans, which give the option to choose up to 10 investment strategies, is limited to people with a minimum annual salary of CHF126,900.PPCMetrics expects the wide spectrum of investment strategies offered to remain unchanged.“From a tax point of view, it is also not at all optimal for many insured to choose particularly risky strategies within the framework of the second pillar,” Scherer said.1e plans have been a source of controversy in Switzerland for more than a decade, since the inception of a reform package for the second pillar was introduced in 2006 under the article 1e.“From the perspective of the insured, 1e plans offer opportunities but also high risks, for example if losses are “realized” at the time of retirement or when changing jobs,” Spuhler said.1e plans usually do not provide for an old-age pension, only a capital payment. The number of possible insured people is very limited and thus the plans are not an alternative, but a supplement to the basic pension, he added.Based on their own risk capacity, insured people – which are usually relatively close to retirement age – are potentially more susceptible to investment risks, but can hopefully get higher returns through the 1e plans rather than through Pensionskassen, which may have a limited risk capacity, Scherer said.“The requirement of higher risk capacity compared to Pensionskassen is not always met for a long time,” Scherer concluded.To read the digital edition of IPE’s latest magazine click here.last_img read more

Final stage focus on outdoor living

first_imgWhile there’s a lot of space around these homes, we’ve ensured they have the privacy owners need as there are only two homes in this release with neighbours backing onto them.” The high-end inclusions start in the kitchen with an induction cooktop and quality AEG appliances, while solar panels and ducted airconditioning are standard. Homes in Halcyon Lakeside’s final stage are priced from $569,000 and range in size from 174 sqm to 302 sqm.The luxury homes at Elevation are close to all amenities within the Halcyon Lakeside community, and within easy walking distance to The Local cafe located in the neighbourhood park. Residents facilities include the Recreation Club, which offers five-star resort-style facilities including a Gold Class-style cinema, rooftop tennis court and mineral salts resort pool.Homeowners have free access to a health and wellness centre with a fully-equipped gym and circuit room, lap and resort pools, rooftop tennis court and pavilion, bocce court, bowling green, pickleball courts, and a sunset bar with fire-pit. There is also a creative arts precinct with a pottery kiln, as well as a fully-equipped work shed, caravan and boat storage, a 12-seat community bus for excursions and 6km of walking trails. More from newsNew apartments released at idyllic retirement community Samford Grove Presented by Parks and wildlife the new lust-haves post coronavirus18 hours ago“We’ve saved the best for last offering a small exclusive precinct that’s within walking distance to The Local tapas bar and neighbourhood park,” project director Chris Carley said. “There is a strong focus on outdoor living where we have introduced our largest covered alfresco areas designed for those who love to entertain, or who just like extra space.“And the elevated position is ideal for capturing sea breezes in the landscaped back yard. center_img Halcyon LakesideTHE developer behind Halcyon Lakeside has released its final stage – Elevation – with 43 homes on a flat and elevated site on the Sunshine Coast.Many of the homes within the over-50s community boast stunning hillside views.last_img read more

QLD government sells land once earmarked for major dam for $8m

first_imgOne of the properties owned by the Queensland Government that sold at auction.“It was one of the best auctions I’ve been at,” marketing agent Peter Douglas of Ray White Rural Queensland said.“We sold everything under the hammer and didn’t pause for anything. “It was good strong competition between buyers from Brisbane, Gold Coast, locally and country areas of Queensland.” All properties are around 60kms from the Gold Coast and 70kms from Brisbane.In June, another six properties were offloaded for around $4 million to local buyers. INTEREST RATES ON HOLD FOR 2 YEARS One of the properties owned by the Queensland Government that sold at auction.The properties sold under the hammer for a total price of $7.995 million to a combination of local buyers and a buyer from the Darling Downs.Two farms with Albert River frontage, irrigation licenses, houses and sheds sold for $3.53 million and $2.92 million.Two blocks of 50ha of vacant land sold for $600,000 and $650,000, with the final offering of a house on a 4046 sqm block selling for $295,000. More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago BUYERS CLAMOUR OVER ‘UGLY DUCKLING’ One of the properties owned by the Queensland Government that sold at auction.FIVE Queensland properties once earmarked for a major dam south of Brisbane have sold for almost $8 million. About 2600ha of prime agricultural land, near Beaudesert, was bought by the state government between 1991 and 2005 for the proposed Glendower Dam, but studies found the project did not stack up financially. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE More than 200 people attended the auction, where 40 registered bidders vied to buy five properties, which were a combination of large agricultural holdings, residential houses and lifestyle properties.center_img One of the Glendower properties that sold in the first stage in June.A third stage of at least three properties will be offered to the market soon consisting of more grazing and farming country and lifestyle blocks.“The opportunity to buy country like this with the location between Brisbane and the Gold Coast is quite rare,” Mr Douglas said.last_img read more

From Canberra to Sherwood — downsizers make the interstate move

first_imgMayView is a north facing residential development in the heart of one of Brisbane’s most established riverside suburbs. The marketing agent had multiple offers on the three bedroom apartments.Mr Patterson said buyers so far had come from the outer suburbs to be closer to the city or their family.“One person who purchased just today came from Canberra,” he said. For the developer of Mayview, a small complex of 14 apartments, it was important to complete the project before presenting it to the market, according to marketing agent Duke Realty sales director Sam Patterson. Apartments can include Brisbane views, wide balcony, open-plan lounge and dining area, separate kitchen.Mr Patterson said bigger developments in the area were focused on off-the-plan sales to investors, whereas Mayview was targeted at an owner-occupier downsizer demographic. >>FOLLOW EMILY BLACK ON TWITTER<< More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago“This was built, developed and then we started marketing,” he said.“We didn’t do any off-the-plan sales, we just finished it and then we went out to the market.” Five of the 14 apartments have sold.Mayview was completed three months ago, and five of the 14 apartments have sold, with the first residents already settled in the building. He said both three-bedroom apartments sold during the first week.center_img For the developer of Mayview, in Sherwood, a small complex of 14 apartments, it was important to complete the project before presenting it the market.“Then some young professionals, but mainly downsizers, like the people who bought from Canberra are moving up here to be close to their grandchildren.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 9:24Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -9:24 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD288p288pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCoreLogic Brisbane Housing Market Update – August 201809:25 MayView’s bathroom space.“We had multiple contracts on both of them, and they were $700,000 and $725,000, which was the highest three bedder sold in Sherwood,” he said. For the developer of Mayview, in Sherwood, a small complex of 14 apartments, it was important to complete the project before presenting it the market.A north-facing orientation, city views, 3m ceiling heights and discrete placement of utilities is what sets this Sherwood complex apart from other developments in the area, according to its marketing agent.last_img read more

Gold Coast acreage estate a green oasis in the heart of its semi-rural suburb

first_img35 Yallanbee Court, Wongawallan.They have done a lot of work on it since then to put their own stamp on it.“We completely repainted it inside when we bought it, we put in new carpets, we added new blinds, we put security screens up, we put in a gas fireplace,” he said.They also revitalised the garden, which has a vegetable patch and chicken coop.“We’re going to be sad to leave because we like what we’ve got here,” Mr Turner said.“For us no, it’s just getting too much.”Westfield Shopping Centres at Coomera and Helensvale as well as the M1 were all close by. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to bid at auction for your dream home? 01:45 35 Yallanbee Court, Wongawallan.More from news02:37International architect Desmond Brooks selling luxury beach villa12 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“It’s totally covered in trees and shrubs.“We have a number of favourite spots but probably the best one is the patio overlooking the pool and the mountains.”He said watching storms roll in over the mountains was a stunning sight.“It’s just magic,” he said.The couple moved into the five-bedroom Yallanbee Court property in 2016 after selling their Tamborine Mountain home. 35 Yallanbee Court, Wongawallan.HIDDEN in a manicured garden, this Wongawallan residence is best described as an oasis.Its location and surroundings were what owners Marshall and Carol Turner loved most about the property. “It’s just a little oasis here where there’s no noise,” Mr Turner said. 35 Yallanbee Court, Wongawallan. 35 Yallanbee Court, Wongawallan.last_img read more

Brisbane affordability rises: Survey

first_imgMore from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoBrisbane dropped 15 spots to 41st place — meaning it was considered relatively more affordable now.Adelaide scored 75, ranking 51 (-21), Sydney scored 89 and was the most expensive here in 16th position, though it still was a drop of 6 places, and Melbourne scored 86 in 22nd position (-8).But the catch is locals may not necessarily realise the gains in affordability, with exchange rate volatility named as the biggest cause of the Aussie falls. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 Would you pay $2m to rent this? Stars aligning for buyers How superstars do holidays in Auscenter_img “Weaker local currencies have pushed all five Australian and two New Zealand cities surveyed down in the ranking. Sydney has fallen from tenth spot last year to 16th, while Melbourne (22nd) is no longer in the top 20. Similarly, Auckland and Wellington in New Zealand tumbled down by 14 and 17 places respectively,” a statement from The Economist Intelligence Unit’s 2019 Worldwide Cost of Living Survey said. The most expensive cities in the world were Singapore (score 107) and Hong Kong — which jumped three spots to become equal first. FOLLOW SOPHIE FOSTER ON FACEBOOK A Royal Australian Air Force EA-18G Growler flies over the Brisbane skyline in preparation for the city’s annual Riverfire fireworks display. Picture: AAP Image/Darren England.Brisbane is now a much cheaper place to live, coming in 41st in a new cost of living survey that sees it tied with Wellington and Bangkok — but there’s a sting in the tail.The Worldwide Cost of Living Survey — which compared the price of over 150 items in 133 cities globally, found that all Australian capitals had become relatively cheaper — dropping from as much as 18 places and as little as six.While Brisbane logged a score of 78 which saw it drop 15 spots to 41st place, the biggest mover for Australian capitals was Perth which dropped 18 spots to 64th with a score of 69. MORE REAL ESTATE NEWSlast_img read more

Brisbane home with $75,000 worth of marble features for sale

first_img MORE REAL ESTATE NEWS: 19 Merinda Street, Greenslopes. Photo: SuppliedMore than $70,000 has been spent on marble features alone in one of the finest new builds in Greenslopes.The five-bedroom, four-bathroom home at 19 Merinda St was developed by Robert Bielen who said $75,000 was invested in marble features including the master ensuite.Mr Bielen said previously a three-bedroom home was on the 873sq m block.“We did a subdivision and built two homes – one smaller, one bigger,” he said.With Hamptons-style homes gaining popularity, Mr Bielen said he took inspiration from the elegant American-style classic homes and wanted to create something between an American and Queenslander home. “The interior of the Hampton-style is timeless, inviting, cosy and feels like home,” Mr Bielen said. The wine cellar at 19 Merinda Street, Greenslopes. Photo: Supplied French Flair for riverside suburb The spacious three-storey house has so many unique decor items, including brass cabinet handles (imported from US), brass light fittings, brass tapware and accessories.Mr Bielen said marble benchtops and marble tiles were widely used throughout the home.“Calacatta Statuario splashback tiles in the kitchen works perfectly with the Calatatta Oro marble benchtop on the kitchen island, all complemented by natural stone through the house,” he said. A main focal point of the home is the stunning 500-bottle wine cellar.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoMr Bielen said the wine cellar had a separate cooling system and could hold 50 bottles on display and 500 bottles storage.“It’s designed not only to store the wine but also has another purpose to be a home bar,” he said.“Timber veneer wine shelves, LED lights, mirror splashback wall, make the luxurious look of the room. The wine cellar is located opposite the dining room and on the way to kitchen and living area. “The large window to the room creates always an interest of anyone entering the house. Our wine cellar is great, not only for the wine connoisseur, but for anyone who likes to entertain friends.”center_img Inside 19 Merinda Street, Greenslopes. Photo: Supplied The pool area at 19 Merinda Street, Greenslopes. Photo: SuppliedPlace Woolloongabba selling agent Denis Najzar said Greenslopes was only 5km southeast of the CBD and convenient for professionals working in the city. The suburb is a short drive to three major hospitals.Mr Najzar said the new build had set a benchmark of luxury living in the area with buyers seeking quality and ample internal living space but low maintenance external grounds. Micro homes the next big thing 19 Merinda Street is a three-storey home at Greenslopes. Photo: Suppliedlast_img read more

Abu Dhabi Ports Opens New Delma Port

first_imgPort developer and operator Abu Dhabi Ports officially inaugurated the new Delma Port, set to play an active role in promoting economic and social growth in the Al Dhafra region, on June 6.Located on the eastern side of Delma Island, the new port will better serve the community as an upgraded multipurpose port capable of handling cargo, passenger ferries and fishing vessels. In addition, it will help support the growth of the tourism sector in Dalma, the Islands and the surrounding areas.“The development of Delma Port comes in line with the Abu Dhabi Plan, which calls for an effective transportation system to serve the community and economy, with an emphasis on the development of sustainable sea transport,” Faris Khalaf Khalfan Al Mazrouei, Chief of the General Authority for the Security of Ports, Borders and Free Zones, and Board Member of Abu Dhabi Ports, said.With a budget of over AED 170 million (USD 46.2 million), the new Delma Port covers a total area of 280,725 m2, with 58,500 m2 of pavement for easy transport. As one of the biggest ports in Al Dhafra region, it features an accessible breakwater with platform to integrate the operation of ferry terminal and CICPA facilities.“The Delma Port project is one that promises to be a foundation stone in the development of the Al Dhafra region through its focus on meeting the highest quality standards. In addition, the deep foresight and strategic thinking that has gone into the planning of this project is evidence of Abu Dhabi Ports’ commitment to the success of Delma Port in accordance with the objectives of our government,” Al Mazrouei added.Abu Dhabi Ports said it works closely with its strategic partners, Abu Dhabi Urban Planning Council, Department of Municipal Affairs and Transport, Critical Infrastructure and Coastal Protection Authority (CICPA), Abu Dhabi National Oil Company (ADNOC) and several other government entities, to execute its plan.last_img read more

Anti-corrosion materials testing underway at Bimep

first_imgOCEANIC project team has informed the second set of samples has been deployed for real sea study of fouling and corrosion at the Bimep platform, off the Spanish north coast.The second round of trials began last month with the deployment of two frames containing eight and seven panels each, to test the coating materials in order to identify the ones most suitable for use with marine renewable energy (MRE) components and devices.The total of 15 samples are made of 12 metallic and three plastic panels, the OCEANIC project team said.After 6-9 months of immersion, the structures and panels will be extracted and fouling and corrosion in the metallic panels will be analyzed.The results are expected to help on what type of materials should be used to decrease marine growth and corrosion associated with long-term submersion of the devices.OCEANIC project received financial support through the Oceanera-Net international collaborative initiative, and its aim is to develop systems for surfaces protection to provide the ocean energy sector with the solutions to improve its reliability and project’s life time.last_img read more