The Church of England Pension Board (CEPB) has allocated £600m (€712m) to an energy transition index it developed in collaboration with FTSE Russell and the Transition Pathway Initiative (TPI), which it co-chairs.According to the £2.4bn CEPB, the new index is the first global index that enables passive funds to capture company alignment to the 2015 UN-brokered Paris Agreement on climate change.On Twitter, TPI hailed the index as ground-breaking and “a catalyst for much-needed investor/passive funds’ action on climate change”.CEPB said it had worked on the development of the index over the past year-and-a-half as it sought to integrate the insights of the TPI into its passive investments. CEPB was a co-initiator of the TPI, which provides assessments of how individual companies are positioning themselves for the transition to a low-carbon economy through a public, transparent online tool. The new FTSE index embeds forward-looking data from the TPI, which tracks whether companies have public targets to align themselves with warming scenarios of 1.5°C or 2°C above pre-industrial levels.Those companies that do not have such targets are either significantly underweighted or excluded. In the oil and gas sector, for example, Shell and Respol are included in the index while BP, Chevron and ExxonMobil currently are not.“We have developed an answer that enables passive investors to play their part in supporting the goals of the Paris Climate Agreement”Adam Matthews, director of ethics and engagement for the CEPB and co-chair of the TPI Adam Matthews, director of ethics and engagement for the CEPB and co-chair of the TPI, said: “Working over the past 18 months we have developed an answer that enables passive investors to play their part in supporting the goals of the Paris Climate Agreement.“The message is clear to all publicly listed companies: put in place targets and strategies aligned to Paris and be rewarded with inclusion in the index, or work against the long term interests of beneficiaries and wider society, and be excluded.”The pension fund is keen for other asset owners to follow it with passive mandates tracking the new index.“We invite all other pension funds that are passively invested to join us […], and not to simply disinvest but incentivise companies to transition whilst having real world consequences for those that do not do so and put at risk achieving a net zero world,” said Clive Mather, chair of the CEPB.Climate metrics improvedThe £600m CEPB is allocating to the new index represents the entirety of the pension fund’s passive investments, which used to track a modified version of the MSCI world index. The carbon intensity of the portfolio has been slashed by nearly half (49.1%) as a result of the new allocation. Adam Matthews, CEPBThe index methodology leads to a 35% increase in exposure to green revenues, while exposure to fossil fue reserves and operational carbon dioxide emissions are reduced by 69% and 36%, respectively.The allocation to the new index, officially called the FTSE Developed ex-Korea TPI Climate Transition Index, comes after CEPB recently pledged to render carbon-neutral its entire portfolio by 2050 as a member of the Net Zero Asset Owner Alliance.CEPB also has a commitment that by 2023 it will have divested from all companies that, according to a TPI assessment, have not set off on a path to aligning with the goals of the Paris Agreement.CEPB runs assets on behalf of three church pension schemes.
IT’S the puncher versus the boxer – except this time the boxer says he will become the puncher.Tyson Fury’s rematch with Deontay Wilder in Las Vegas tomorrow night has the Briton stating he will switch from his elusive, cunning style to beat the American knockout artist at his own game.Wilder, 31, risks his WBC world heavyweight title and the bookmakers make him a favourite by the smallest of margins for tomorrow’s highly anticipated Las Vegas rematch.So, after the undefeated pair fought to a stunning draw in Los Angeles in 2018, will Fury, 31, become a world champion again?“We have saved the 5 Live Boxing team’s predictions for today’s big-fight preview but we want you to send yours to #bbcboxing after reading insight from 10 fighters who all became world champions.POWER, SMOKESCREENS AND A FANS’ WINDavid Haye: I’ve played it over in my head so many different times. My heart and gut just sway to Wilder’s punch power. I think that knockout shot will land on Fury.Carl Froch: I’d say Fury on points. I do not like the talk of him knocking Wilder out. He would have to stand in range, and to do that you can get clipped on the chin. If you do that with Wilder it’s lights out. I think Fury’s talk of taking Wilder on at his own game is a smokescreen.Sugar Ray Leonard: I know that Fury has excellent boxing abilities and a tremendous chin from the way that he got up from the two knockdowns in their previous fight. In the end, I think that Wilder is always in shape and that he will use his speed and power to get the job done.Manny Pacquiao: Never bet against a puncher, particularly one like Wilder. I look at him like I do at a Mike Tyson, another puncher. I see Wilder winning this rematch by 10th-round knockout.Anthony Joshua told Pep Talk UK: I hope Fury wins. I think the man that nearly did it the first time won’t get it wrong the second time. He came so close, to the point of a draw, so I think Fury will come back and win.Larry Holmes: Wilder will knock out Fury in the seventh or eighth round if he does what I know that he can do, which is, stay on the outside, use his jab and throw that right hand over the jab.Paulie Malignaggi: I feel like it’s going to be Fury on points, but it’s a fight between the two best fighters in the weight class. I do think Fury has to be careful with getting careless in spots, but Wilder can’t just fight believing he can land one shot and get him out of there.Carl Frampton: Wilder can win by knockout at any moment but push me and I’d say Fury on points.Evander Holyfield: I’m picking Wilder based on his confidence and the fact he does all of the right things to remain in great shape, and that he’s committed to his craft. Wilder’s not just a big guy with a right hand, he’s also become more calculated in his approach.Shawn Porter: I have not had this hard of a time picking a winner of a fight after dissecting every component in a very long time. It’s razor-thin until the end. I’m picking Wilder to win by KO, Fury by points, or Fury by KO. This is a 50-50, I’m picking the fans to win. (BBC Sport)