BRG – JPMPB – Sustainable Investing Summit Event Update – Transcript
Oliver:
I couldn't be more excited and delighted than to welcome all of you, our global audience, today for SIS 2020. 74% of you told us you wanted to invest sustainably, but you didn't know where to start, or how to do it. So, today, we're going to make sustainable investing a reality.
Sir Ronald Cohen:
We have to shift to stakeholder capitalism. We can no longer worry about shareholders, and, and neglect everyone else. So, "you begin to look at companies in terms of both their environmental and social performance, and their profit. And that will change the rules of the game."
Sir David King:
We know that sea levels will rise very, very significantly, perhaps, 30 to 40 cm by mid- century, just 30 years' time.
By which time, regions of South East Asia, for example, will no longer be livable. Cities like Calcutta, Mumbai underwater.
Mark Carney:
The key component is the private sector. Um, and this has been the big, big shift. You've seen, um, leading companies in the financial sector and the real economy, um, making commitments, and making real progress, um, towards net zero that gives, uh, a momentum to this.
Nicole Poindexter:
Because of the low cost of deploying solar technology, and some methodologies that we've really focused on to be incredibly low cost, including building local teams, we can actually be profitable while we are serving the least wealthy and the most vulnerable people in the world.
Daryn Dodson:
We can really look at the 10-year process that we can take our investors and our managers on to reduce their bias, so they can unlock their impact and their returns. And not create an artificial drag for our sector of impact investing, as it has a chance to be one of the dominant ways in which investors invest around the world.
Jennifer Wu:
Just by looking at oil and gas sector, right, we already know that some companies are fast embracing, you know, green energy and future proofing of their business model. Some of the others are not. And that difference is starting to be priced-in by the market. So, I think the message to investor is: get in early.
Jeremy Johnson:
I think that 10 years from now we're gonna look at those things as, actually, most well-run companies have a purpose on Earth, that a thing that they care about that goes above and beyond just existing as a company.
Lance Schiff:
If you're looking at equities, no matter what, equity markets were down in the middle of COVID. So, everything was down in price, but relative to markets, whether or not you're looking at Europe, or you're looking at emerging markets, or you're looking at the United States. You know, taking an ESG perspective versus a non-ASG ... ESG perspective, you consistently saw out performance.
Ben Thornley:
Impact, is really, uh, has built upon and stands on the shoulders of ESG practice. That good ESG practice is fundamentally an important aspect of, of impact also.
Oliver Gregson:
Whether it's investing in line with your values, or growing your portfolio more effectively, we believe, at J.P. Morgan, that through our sustainable investment platform we can help you invest with intent, aligning your portfolio to your principles. We believe the power of sustainable investing to mitigate investment risks, and to drive both long-term growth and positive impact.
It's why at last year's summit I quoted Carl Sagan, who said, whatever you do, "Don't sit this one out. Do something." The risks are simply too great, and the opportunities simply too huge.
BRG – JPMPB – Sustainable Investing Summit Event Update – Text Alternative Script
Side note:
Legal disclosures appear.
Text on screen:
This information is provided for informational purposes only. We believe the information contained in this video to be reliable; however we do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of the use of any information in this video. The views expressed herein are those of the speakers and may differ from those of other J.P. Morgan employees, and are subject to change without notice. Nothing in this video is intended to constitute a representation that any product or strategy is suitable for you. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees to you. You should consult your independent professional advisors concerning accounting, legal or tax matters. Contact your J.P. Morgan team for additional information and guidance concerning your personal investment goals.
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J.P. Morgan.
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Inspirational orchestral music plays.
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Sustainable Investment. Summit & Roundtable Series 2020.
On screen:
A man with short hair and wearing a business suit, Oliver Gregson.
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Oliver Gregson, Head of the UK & Ireland, J.P. Morgan Private Bank.
Oliver:
I couldn't be more excited and delighted than to welcome all of you, our global audience, today for SIS 2020.
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Six days of Insight, Strategy...And unparalleled access to today's top financial minds.
Oliver:
74% of you told us you wanted to invest sustainably, but you didn't know where to start, or how to do it.
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Source: Sustainable Investment Summit 2019 Audience Polling.
Oliver:
So, today, we're going to make sustainable investing a reality.
On screen:
A woman with long dark hair participates in the Summit remotely, from her home.
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Jessica Matthews, Global Head of Sustainable Investing, J.P. Morgan Private Bank.
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A man with silver hair and glasses, Sir Ronald Cohen, speaks remotely from an office.
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Sir Ronald Cohen, Chairman of the Global Steering Group for Impact Investment and the Portland Trust.
Sir Ronald:
We have to shift to stakeholder capitalism. We can no longer worry about shareholders, and, and neglect everyone else. So, "you begin to look at companies in terms of both their environmental and social performance, and their profit. And that will change the rules of the game."
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Climate.
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A man with glasses and headphones speaks remotely from a room with bookshelves.
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Sir David King, Founder and Chair, Center for Climate Repair Cambridge.
Sir David:
We know that sea levels will rise very, very significantly, perhaps, 30 to 40 cm by mid- century, just 30 years' time.
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(Source: Climate Central, Flooded Future, October 2019 www.climatecentral.org.
Sir David:
By which time, regions of South East Asia, for example, will no longer be livable. Cities like Calcutta, Mumbai underwater.
On screen:
A man with brown hair participates in the 2020 Summit, Nicolas Aguzin, speaks remotely.
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Nicolas Aguzin. Chief Executive Officer, International Private Bank, J.P. Morgan.
On screen:
A man with salt-and-pepper hair, Mark Carney, speaks remotely from his home.
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Mark Carney, UN Special Envoy on Climate Action and Finance, and Prime Minister Johnson's Finance Advisor for COP26.
Mark Carney:
The key component is the private sector. Um, and this has been the big, big shift. You've seen, um, leading companies in the financial sector and the real economy, um, making commitments, and making real progress, um, towards net zero that gives, uh, a momentum to this.
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One quarter of global Fortune 500 companies have adopted carbon neutral targets, or will by 2030.
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Source: Natural Capital Partners Deeds Not Words - The Growth of Climate Action in The Corporate World September 2019.
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A New Wave of Clean Energy.
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Ilaria Calabresi, Sustainable Investing Lead EMEA, Asia and Latin America, J.P. Morgan Private Bank and Geoffrey Eisenberg, Partner at Ecosystem Integrity Fund, listen (remotely) to an executive with short hair and brown eyes, Nicole Poindexter.
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Nicole Poindexter, Chief Executive Officer & Founder, Energicity Corp.
Nicole:
Because of the low cost of deploying solar technology, and some methodologies that we've really focused on to be incredibly low cost, including building local teams, we can actually be profitable while we are serving the least wealthy and the most vulnerable people in the world.
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There isn't a trade-off between creating impact and achieving an attractive financial return.
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A multiple split-screen shows close-ups of dozens of diverse individuals.
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Diversity: Will There Be Change?
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A woman with dark hair and brown eyes, Tiffany Lewis, participates in the Summit remotely.
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Tiffany Lewis, Executive Director, J.P. Morgan Asset Management.
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A man who keeps his head shaved and wears his beard in a goatee, Daryn Dodson, speaks remotely.
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Daryn Dodson, Managing Director, Illumen Capital.
Daryn:
We can really look at the 10-year process that we can take our investors and our managers on to reduce their bias, so they can unlock their impact and their returns. And not create an artificial drag for our sector of impact investing, as it has a chance to be one of the dominant ways in which investors invest around the world.
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65% of investors say gender diversity is important in manager selection. But only 25% actually ask about diversity during investment selection.
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Source: Harvard Business Review Institutional Investors Must Help Close the Race and Gender Gaps in Venture Capital August 2020.
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In the Loop: Why Consider a Circular Economy?
By 2030, the circular economy could globally yield up to $4.5 trillion in economic benefits...Saving 92 million tons of textiles in landfills...1.3 bilion tons of food waste...and 45 trillion gallons of water wasted through food production annually.
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Source: Accenture's 2015 book "Waste to Wealth."
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ESG and Sustainability: The New Normal?
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A woman with short black hair and gray blazer, Jennifer Wu, speaks remotely.
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Jennifer Wu, Global Head of Sustainable Investing, J.P. Morgan Asset Management
Jennifer:
Just by looking at oil and gas sector, right, we already know that some companies are fast embracing, you know, green energy and future proofing of their business model. Some of the others are not. And that difference is starting to be priced-in by the market. So, I think the message to investor is: get in early.
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Impact Investing: Fact or Fiction?
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Now, Rob Hutter, Founder & Managing Partner of Learn Capital and John Ancona, Co-Head of Private Equity, with J.P. Morgan Private Bank, listen (remotely) to an executive with short dark hair, Jeremy Johnson.
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Jeremy Johnson, Co-Founder and CEO, Andela.
Jeremy:
I think that 10 years from now we're gonna look at those things as, actually, most well-run companies have a purpose on Earth, that a thing that they care about that goes above and beyond just existing as a company.
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Portfolio Implementation: How Do I Do It?
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A man with light hair and headphones, Lance Schiff, speaks remotely.
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Lance Schiff, Portfolio Manager, J.P. Morgan Private Bank.
Lance:
If you're looking at equities, no matter what, equity markets were down in the middle of COVID. So, everything was down in price, but relative to markets, whether or not you're looking at Europe, or you're looking at emerging markets, or you're looking at the United States. You know, taking an ESG perspective versus a non-ASG ... ESG perspective, you consistently saw out performance.
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Measuring ESG and Impact: Are There Tips and Tactics?
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A man with short reddish-brown hair, Ben Thornley, speaks remotely from his home.
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Ben Thornley, Managing Partner, Tideline.
Ben:
Impact, is really, uh, has built upon and stands on the shoulders of ESG practice. That good ESG practice is fundamentally an important aspect of, of impact also.
On screen:
Oliver speaks to the viewer.
Oliver:
Whether it's investing in line with your values, or growing your portfolio more effectively, we believe, at J.P. Morgan, that through our sustainable investment platform we can help you invest with intent, aligning your portfolio to your principles. We believe the power of sustainable investing to mitigate investment risks, and to drive both long-term growth and positive impact.
On screen:
A montage shows clean bodies of water, white turbines in an offshore wind farm, and a massive waterfall in a pristine landscape.
Oliver:
It's why at last year's summit I quoted Carl Sagan, who said, whatever you do, "Don't sit this one out. Do something." The risks are simply too great, and the opportunities simply too huge.
Text on screen:
"Anything else you're interested in is not going to happen if you can't breathe the air and drink the water. Don't sit this one out. Do something. You are by accident of fate alive at an absolutely critical moment in the history of our planet."
- Carl Sagan.
J.P. Morgan Private Bank can help align your portfolio to your principles with compelling growth ideas that make an impact. Please contact your J.P. Morgan team for more information.
Logo:
J.P.Morgan Private Bank.
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Legal disclosures appear.
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Nella nostra serie "Vertice e tavola rotonda sull'investimento sostenibile 2020" abbiamo esplorato come, in un contesto segnato dalla crisi del COVID-19, un approccio sostenibile agli investimenti potrà contribuire ancor di più a mitigare il rischio di investimento, promuovendo la crescita a lungo termine e producendo un impatto positivo.
Quest'anno ha rappresentato un momento di svolta per l'agenda sulla sostenibilità a livello globale. Oltre ad aver provocato la più grande recessione dalla Seconda guerra mondiale, la pandemia di coronavirus ha accelerato la transizione verso l'investimento sostenibile e ha puntato i riflettori sui temi connessi al cambiamento climatico e alla disuguaglianza sociale.
Nell'ambito della nostra serie "Vertice e tavola rotonda sull'investimento sostenibile 2020" abbiamo analizzato come la crisi del COVID-19 abbia trasformato l'atteggiamento di molti di noi nei confronti dell'investimento sostenibile e abbiamo discusso di performance degli investimenti, opportunità e tendenze principali che riscontriamo in questo settore. Abbiamo sentito l'opinione di alcuni leader di settore su diversi argomenti, dalle sfide ambientali del pianeta fino al futuro dell'economia circolare. Siamo convinti che l'investimento sostenibile possa generare rendimenti a lungo termine e allo stesso tempo produrre un impatto positivo.
L'ESG rappresenta la nuova normalità?
In un mondo alle prese con le ripercussioni della pandemia di coronavirus, è evidente come l'enfasi sugli aspetti ambientali, sociali e di governance (ESG) stia diventando più forte. I radicali cambiamenti provocati dal COVID-19 hanno rappresentato un campanello d'allarme per le autorità e gli investitori, sottolineando la necessità di un approccio diverso all'investimento. In particolare, nel 2020 la "S" di ESG ha acquisito sempre più rilevanza, poiché la crisi sanitaria ha messo in risalto le ingiustizie sociali diffuse nel mondo.
Nell'ambito della transizione verso il cosiddetto stakeholder capitalism, gli investitori stanno iniziando a esaminare le imprese sotto il profilo delle performance ambientali e sociali, oltre che dei profitti. Da parte loro, le aziende integrano nelle loro pratiche un numero crescente di misure volte a contrastare il cambiamento climatico: un quarto delle società del Fortune Global 500 ha adottato obiettivi di neutralità climatica o si è impegnato a farlo entro il 2030.1
Le società con i migliori parametri ESG tendono ad essere più competitive e remunerative e ad adottare prassi più virtuose di controllo del rischio, a tutto vantaggio dei rendimenti. Numerose ricerche suggeriscono che includere i principali fattori ESG nel processo d'investimento consente di prendere decisioni più informate e di incrementare potenzialmente la generazione di alfa.
In aggiunta alla sempre maggiore importanza dell'integrazione dei criteri ESG nel processo d'investimento, riteniamo che la sostenibilità sia un'area di crescita potenziale nel lungo periodo per i portafogli, in quanto tale approccio è in linea con i trend di crescita secolari. Tra queste tendenze che potrebbero offrire interessanti idee d'investimento vi sono l'energia pulita (la transizione verso le rinnovabili), i prodotti di consumo sostenibili e i veicoli elettrici.
L'ascesa dell'energia pulita
Siamo alle porte di una nuova era per l'energia pulita, ricca di opportunità sia per le aziende che per gli investitori. I costi legati all'energia rinnovabile sono ormai scesi su livelli uguali a quelli del gas naturale, e nettamente al di sotto di quelli del carbone. Dal 2010, il costo della produzione di energia fotovoltaica su scala industriale ha evidenziato il calo più marcato (82%), mentre i costi dell'energia eolica onshore e offshore sono diminuiti, rispettivamente, del 39% e del 29%.2
I governi di tutto il mondo si stanno rendendo conto della crescente necessità di energia pulita e le autorità di regolamentazione stanno fissando obiettivi ambiziosi al fine di indurre le economie ad adottare fonti energetiche rinnovabili. E questo è solo l'inizio. Sebbene meno del 20% della produzione mondiale di elettricità derivi attualmente da fonti rinnovabili, si prevede che questo dato supererà il 50% entro il 2050.3
Riteniamo che i vantaggi economici abbinati alle iniziative governative a favore di un'energia pulita finiranno per riservare sorprese positive, nello specifico una crescita degli utili a doppia cifra per le società in grado di sfruttare e contribuire alla catena di valore dell'energia pulita.
La transizione verso l'economia circolare
Oggi come oggi, il mondo opera secondo un modello di economia lineare che sfrutta le risorse e produce rifiuti. La domanda mondiale di risorse naturali è in rapida crescita e secondo le stime dovrebbe triplicare fino a raggiungere quota 130 miliardi di tonnellate all'anno entro il 2050, ovvero più del 400% della capacità della Terra.4
L'economia circolare, che negli ultimi anni ha acquisito popolarità, potrebbe facilitare il passaggio a un futuro più sostenibile. Questo concetto mira a eliminare i rifiuti instaurando un sistema a circuito chiuso che mantiene i materiali in circolo incoraggiando a riutilizzare, riciclare e riparare i prodotti anziché crearne di nuovi.
L'elaborazione di soluzioni circolari è un tema particolarmente pressante nel mondo della moda e nel settore alimentare. Entro il 2030, l'economia circolare potrebbe generare benefici economici fino a 4.500 miliardi di dollari a livello globale, evitando ogni anno il conferimento in discarica di 92 milioni di tonnellate di tessuti, la produzione di 1,3 miliardi di tonnellate di scarti alimentari e lo spreco di oltre 170.000 miliardi di litri d'acqua per effetto della produzione alimentare.
In che modo possiamo fare la differenza?
L'investimento sostenibile può favorire la crescita a lungo termine e consentire agli investitori di allineare i portafogli d'investimento con i propri principi. Ad esempio, investendo in trend strutturali connessi all'istruzione, alla salute e all'ambiente si possono conseguire solidi rendimenti, esercitando al contempo un impatto positivo sul mondo.
In particolare, il mondo dell'istruzione si trova sull'orlo di una rivoluzione tecnologica. Il margine di crescita è enorme: la penetrazione digitale nel settore è in rapido aumento e si colloca attualmente a livelli simili a quelli in cui si trovava l'e-commerce un decennio fa. La transizione verso l'apprendimento online offre agli investitori l'opportunità di migliorare la qualità e l'accesso all'istruzione a livello mondiale. Questo settore svolge inoltre un ruolo chiave per la crescita e lo sviluppo economico.
Oltre all'integrazione dei criteri ESG e all'enfasi sui trend di lungo termine connessi alla sostenibilità, un altro aspetto fondamentale è la selezione dei gestori. Il nostro team globale composto da oltre 50 specialisti nel campo della due diligence degli investimenti valuta i gestori sia sotto il profilo della sostenibilità che della performance. Il nostro processo si snoda lungo quattro pilastri (filosofia, persone, processo e performance) ed è potenziato dall'engagement e dalla rendicontazione della sostenibilità, che rappresentano gli elementi distintivi dei gestori di investimenti sostenibili.
Possiamo assistervi nell'esplorare le varie modalità di investimento sostenibile, che comprendono lo screening per esclusione, l'integrazione di criteri ESG e l'investimento tematico e a impatto. Questi approcci possono essere applicati sia ai mercati pubblici (azioni e obbligazioni) sia a quelli privati (fondi di private equity). Possiamo inoltre aiutarvi a comprendere come l'investimento ESG si traduca in un portafoglio più efficiente, che vi permette di raggiungere i vostri obiettivi di lungo termine rispettando al contempo i vostri principi.
Creare un futuro più sostenibile
Noi di J.P. Morgan Private Bank crediamo che l'investimento sostenibile possa generare rendimenti a lungo termine e allo stesso tempo produrre un impatto positivo. Per maggiori informazioni, vi invitiamo a rivolgervi al vostro Consulente.
1 Natural Capital Partners, Deeds not words, September 2019
2 IRENA, https://www.irena.org/newsroom/pressreleases/2020/Jun/Renewables-Increasingly-Beat-Even-Cheapest-Coal-Competitors-on-Cost
3 Bloomberg New Energy Finance, June 2019, New Energy Outlook 2019
4 www.ellenmacarthurfoundation.org/circular-economy/what-is-the-circular-economy
