UK’s NEST adopts ‘climate aware’ fund for default strategy

first_imgNEST, the UK government-backed defined contribution (DC) master trust, is allocating a portion of the assets in its default strategy to a new “climate aware” fund managed by UBS Asset Management.It seeded the fund with around £130m (€154m), representing roughly 20% of its current developed equities portfolio and 10% of total investments in the default strategy. It is intended to address risks and capture opportunities associated with the move to fight climate change.The UBS Life Climate Aware World Equity fund tracks the FTSE Developed Index, but over- and underweights companies depending on their alignment with the transition to a low carbon economy.For example, a positive “tilt” will be applied to companies providing renewable energy or those making changes to meet targets in line with the internationally agreed goal of keeping global warming to 2ºC above pre-industrial levels. A negative “tilt” will be applied to companies that are heavy carbon emitters, have fossil fuel reserves, or are not adapting to the 2ºC scenario.Despite it being a tracker fund it will apply an active voting and engagement policy. This will concentrate on companies that need to adapt their business models to meet climate change goals.Mark Fawcett, NEST’s CIO, emphasised the mandate was aimed at managing the investment risks associated with climate change as well as being positioned to capture investment opportunities.In a statement, he said: “As responsible long term investors on behalf of our members, we can’t afford to ignore climate change risks and we’ve committed to being part of the solution.“Through the UBS Life Climate Aware World Equity Fund we can start reducing our members’ exposure to some of the worst financial impacts. At the same time they’ll get in early in industries and technologies that’ll help the global economy move away from fossil fuels.”Responding to questions from journalists yesterday evening, he was adamant that this was not a marketing ploy and nor was the pension fund taking a moral stance on climate change.He noted that the youngest member in NEST is 17 years old and could be investing via the pension fund for 50-60 years, a period during which “climate will change, the world economy will change”.For its youngest members, the pension fund aimed to invest 30% of the equities in the Foundation Phase of its Retirement Date Funds to the new UBS fund.NEST’s move was welcomed by the chief executives of ShareAction, the Principles for Responsible Investment (PRI), and the Institutional Investors Group on Climate Change (IIGCC).NEST is the second UK pension fund in a short space of time to have integrated climate change considerations in the investment strategy for a DC default strategy.In November last year HSBC Bank UK Pension Scheme adopted a new Legal & General Investment Management multi-factor equity fund with a climate change “tilt” as the DC scheme’s default option.Fawcett was reluctantly drawn to comment on the difference with the Legal & General fund that the HBSC scheme has adopted, saying there is “a significant difference”.In addition to being a smart beta fund with, as Fawcett described it, a “climate or low carbon overlay”, the Legal & General fund also provides for divestment from companies – something NEST had sought to avoid.Fawcett said that NEST had assessed existing products on the market but felt that none of these – active or passive – met the fund’s requirements.The pension fund had sought a forward-looking perspective by focussing on companies that are transitioning to a low carbon economy, without exclusion or divestment rules.The new UBS fund is the outcome of a year-long collaboration between the asset manager and NEST, and for NEST is also an output of three years of work on climate change.NEST was established in 2008 as a UK government-backed vehicle for its auto-enrolment pension policy. It took home the Best European Pension Fund award at December’s IPE Awards in Berlin.last_img read more

Caribbean to have strong presence at HIV/AIDS meeting

first_img Tweet 26 Views   no discussions NewsRegional Caribbean to have strong presence at HIV/AIDS meeting by: – June 2, 2011 Share Sharecenter_img Share The Caribbean will have a strong presence at the United Nations High Level Meeting (UNHLM) on HIV/AIDS next week with more than 50 representatives, including Heads of Government, Ministers of Health and Foreign Affairs, and representatives of regional Civil Society organizations in HIV/AIDS, slated to attend.The June 8-10 meeting which will be held at the UN Headquarters in New York is being called to undertake a comprehensive review of the progress achieved in realizing the UN’s 2001 Declaration of Commitment on HIV and AIDS and the 2006 Political Declaration on HIV and AIDS, will also provide an opportunity for promoting the continued engagement of leaders in a comprehensive global response to AIDS. Five themes have been identified: Shared responsibility; Prevention; Innovation and new technologies; Women, Girls and HIV; and Integrating the HIV and AIDS response with broader health and development agendas.Among the issues of particular relevance to the objectives of this High Level Meeting, is the Declaration of St Maarten resulting from Pan Caribbean Partnership Against HIV/AIDS (PANCAP)’s Tenth Annual General Meeting in October /November 2010, in St. Maarten. In that Declaration, the Partnership resolved to place universal access to prevention, care and treatment at the centre of its programme; and by 2015: to eliminate mother to child transmission; increase access to care by 80 percent; reduce infections by 50 per cent; and accelerate the agenda to achieve human rights for People Living with HIV (PLHIV), including eliminating travel restrictions.In recognition that human rights for all and particularly for vulnerable communities are fundamental to impacting the epidemic, a recent PANCAP/UNAIDS brief called on Governments to place explicit emphasis on protecting and promoting human rights as a proven effective means to advance public health.  The brief draws attention to recent modes of transmission data, which highlight that some key populations, particularly Men who have sex with Men (MSM) and sex workers/clients are significant parts of the epidemic in some countries in the region.  It points out that these populations, which also include  transgender people, people who use drugs, prisoners, people affected by humanitarian emergencies, vulnerable migrants and  substance abusers, suffer from very elevated risk and infection in specific contexts. In these contexts, from a public health perspective, these populations need special attention to access services. “For CARICOM/PANCAP the Declaration of St Maarten, the eight priorities of the Caribbean Strategic Framework (2008-2012) and the UNAIDS outcome document from the Global Task Team on the Elimination of Mother-to-child transmission  and keeping mothers and children alive are guiding principles for action,” a statement from the CARICOM Secretariat said.The PANCAP/CARICOM Delegation will be headed by Prime Minister of St Kitts and Nevis Dr Denzil Douglas who is Chair of the Partnership and the lead CARICOM Head of Government with responsibility for Health, Human Resource Development and HIV and AIDS. Caribbean 360 News Sharing is caring!last_img read more

FA Cup: Batshuayi, Tomori fire Chelsea past Hull

first_imgRelatedPosts Lampard: I still have confidence in Tomori Rennes want Fikayo Tomori, £25m for Mendy Lampard: Tomori won’t leave Chelsea Chelsea survived a late scare in the FA Cup to overcome Hull City 2-1 at the KCOM Stadium on Saturday. Frank Lampard’s side advanced to the last 16 of the competition after goals from Michy Batshuayi and Fikayo Tomori. Kamil Grosicki scored late on for Hull and although they pushed hard for the equaliser, Chelsea held on. Hull started the game brightly but it was Chelsea who took the lead in the opening six minutes when Batshuayi’s deflected close range effort found the net. Chelsea were close to scoring more goals but Hull goalkeeper George Long twice denied Mason Mount and saved from Marcos Alonso just before the break. The visitors doubled their lead just after the hour mark when Tomori headed in from Ross Barkley’s free kick. With 13 minutes remaining, Hull got themselves back in the game when Grosicki’s free kick deflected off Mateo Kovacic and found the net, but they failed to grab an equaliser.Tags: Chelsea FCFA CupFikayo TomoriFrank LampardHull CityMichy Batshuayilast_img read more

No FA action against Medel

first_img Dyke announced the new rules after Chelsea’s Fernando Torres escaped action for scratching Tottenham’s Jan Vertonghen. Although Torres was booked after the incident, that was for a trip rather than the scratching which followed and which was unseen by the referee. Former Premier League referee Dermot Gallagher believes Friend made a clear mistake. He told Sky Sports News: “I can keep this very short. We have to take it smack on the chin. The referee has lost concentration or not seen it. “It is not a red card, that’s all you can say. “Brown’s gone in hard but he’s entitled to do that. As a refereeing body you have to take that smack on the chin.” After a weekend full of controversial decisions, Gallagher also felt Phil Dowd had made a mistake in not sending off Mirallas. “He should have been sent off,” said Gallagher. “He’s come at speed and it’s high. “The referee has got a body between him and Suarez and he hasn’t seen it.” Both Dowd and Swarbrick have been given matches to referee during the next two rounds of Premier League games. The FA also confirmed Crystal Palace had appealed the red card given to Yannick Bolasie in their 1-0 win at Hull. Bolasie was harshly dismissed for a lunge at Jake Livermore 12 minutes from the end of the match. Cardiff’s Chile midfielder Gary Medel will not face disciplinary action from the Football Association despite appearing to raise his hands towards Manchester United midfielder Marouane Fellaini during Sunday’s 2-2 draw. The incident was not seen by the match officials and so was reviewed by the FA’s panel of former referees who decided that the incident was not worthy of a red card so no action would be taken. Meanwhile, referee Kevin Friend, who was at the centre of the controversy surrounding Sunderland defender Wes Brown’s dismissal at Stoke, has not been given a match for the next two rounds of Premier League games. Sunderland have announced they will appeal against Brown’s red card. The decision by Friend provoked a storm of criticism after Brown appeared to win the ball and not even touch Stoke midfielder Charlie Adam. Sunderland confirmed they have lodged an intention to appeal against the decision with the FA and will send in a full appeal file before a deadline of 1pm on Tuesday. A Sunderland spokeswoman said: “We have lodged our intention to appeal against the decision.” Meanwhile, FA sources have confirmed there will be no retrospective disciplinary action against Manchester United’s Wayne Rooney or Everton’s Kevin Mirallas, who both escaped with bookings for incidents that many felt warranted red cards. Although the new rules brought in by FA chairman Greg Dyke took effect from this weekend making it easier to take retrospective action, it is only for cases where match officials did not see the incidents. Rooney was booked by referee Neil Swarbrick for a kick at Cardiff’s Jordon Mutch, while Mirallas escaped with a caution for a wild lunge that connected with Liverpool striker Luis Suarez’s knee in the Merseyside derby. An FA source said the officials in both cases had seen the incidents and made a judgement they warranted bookings rather than dismissals, and the FA is unable to ‘upgrade’ yellow cards to reds. Press Associationlast_img read more

Free throw struggles cost Badgers in 58-53 loss to Gophers

first_imgMINNEAPOLIS – It was overtime again. For a program-record third straight game, Wisconsin needed extra time against Minnesota Thursday night and the lone difference was that this time, the Badgers could not complete the closing act. Because this time, even overtime could not drag the No. 20 Badgers out of an 11-minute field goal drought in a 58-53 loss to the Gophers at Williams Arena. After a pair of missed free throws from Ryan Evans – the fifth-year senior finished 2-for-8 from the charity stripe – Minnesota guard Andre Hollins sunk a three-pointer with a lunging Jared Berggren in his face. Three-plus minutes remained in overtime yet it already felt like a game-winner.Poor free throw shooting – which has plagued the Badgers all year, never moreso than in a two-point loss to Michigan State Jan. 22 – had proved the difference in letting a critical road victory slip away.“If [Evans] just makes his free throws, we’re out of here, we’re on the plane already,” head coach Bo Ryan said postgame. “What am I going to do with the guy? You knew it was going to get us one game, hopefully not two.”But the Badgers’ fortunes first took a woeful turn with senior forward Mike Bruesewitz standing on the baseline to in-bounds the ball with 1:16 left in regulation and UW holding onto a two-point lead. Unable to find a good angle to fire off a ball to Traevon Jackson, Bruesewitz took a few steps to the left, an automatic turnover on an in-bounds play after a foul.“Internal clock’s running down, I’ve been in that position 100 times, if not more,” Bruesewitz said. “We’ve done it in practice where we can’t move. Just took one too many steps, I tried to get a better angle to get the ball to Trae and they called it and that was the game.”Minnesota’s Joe Coleman took advantage by hitting a pair of free throws to tie up the game, but Wisconsin still had a chance to overcome its shooting woes with the ball in its hands and 17 seconds on the clock. There was but one man who would take the final shot, and it was Jackson, the sophomore guard who has held the game-deciding shot in his hands several times this year.Jackson brought the ball up the court and dribbled around the perimeter, never looking comfortable but pulling up near the foul line as the clocked neared zero. He leaned in as he fired off the shot to draw contact but that proved unsuccessful and capped a run of six unanswered points by the Gophers to close out the second half.“He just didn’t make some good decisions finishing,” Ryan said of Jackson. “Getting in there you could draw people and then they could pass, kick it out. I think he felt he was going to get to the rim and he’s gotten to the rim before.”Though Minnesota managed just five points in the additional five minutes of play, the Badgers’ offensive futility kept them from stealing another Big Ten victory through relentless defense.Ryan’s squad lumbered to a 30.5 percent field goal percentage for the game as the Badgers hit just 7-of-28 tries from beyond the three-point arc.No single player better represented the offensive struggles than Evans, who hit only two of his eight shots Thursday night. Five of those shots came in the paint near the basket and the four offensive rebounds he turned into put-backs often came up short.Steady shooting early allowed Wisconsin to climb to a 10-point lead with under three minutes to play in the first half, but, in a trend that reappeared with a vengeance in the second half, Minnesota quickly erased it. By halftime an 8-0 run by the Gophers had UW clinging onto a two-point lead.Andre Hollins led Minnesota’s resurgent victory with 21 points but the home squad never pulled away thanks to its own shooting woes. Hollins himself finished 5-of-16 shooting and his teammates fared similarly as the Gophers finished with a 36.7 percent conversion rate. This, Wisconsin players said, seemed like the win that got away.“If we execute the way we’re capable of and the way we have been recently down the stretch, we probably survive and get out of here in regulation with the win,” senior forward Jared Berggren said. “But that’s not the case and got a little stagnant, we let their pressure get to us a little bit. We just didn’t make plays when we had to step up.”One of the few bright spots for UW offensively was the play of Sam Dekker, who led the team with 14 points at The Barn. The freshman forward killed Minnesota’s momentum and energized the Badgers with two back-to-back three-pointers that granted his team a two-point lead after the midway point of the second half.Just five days removed from his heroics against Michigan, Ben Brust launched 11 shots from long range and hit only three of them on his way to 11 points. Fully immersed in the Big Ten title race after knocking off the Wolverines Saturday, Hollins and Co. had dealt the Badgers’ conference title hopes a significant blow in Minneapolis.“There’s a lot of games left,” Berggren said. “But if things do come out where we end up a game short or something like that, this is definitely something we can look back on and have some regrets.”last_img read more

Norton urges players to take advantage of their opportunities

first_img… as Malteenoes Cricket Academy reopensAfter having difficulty resuscitating the beloved Malteenoes Cricket Academy over the years, scores of young cricketers, coaches and patrons of the Malteenoes Sports Club (MSC) were present on Monday morning as the Academy was once again reopened for a two-week session.Dr George Norton addressing the gathering at the Malteenoes Sports Club. He is flanked by MSC Second Vice President Neil Barry and Committee Member Debra Mc NicholOver that period of time, it is expected that young players up to the age of 18 will benefit from not only on field training but also capacity building in terms of etiquette and media interaction.Delivering the feature address at Monday’s opening ceremony was Social Cohesion Minister with responsibility for youth, culture and sport, Dr George Norton. The Minister, who is known for throwing himself into a game or two when the opportunity arises, urged the new students to take full advantage of everything they will learn, considering the Academy’s impressive track record.“We all know that this Academy, over the years, has contributed to the grooming of some of the country’s best cricketers who have done Guyana proud, so I want to encourage you to grasp all that is taught,” he stated.In relation to the coaching staff on board, Norton expressed confidence in the team, noting that he was impressed with the variety of topics that would be covered over the next two weeks.“I am particularly impressed by the depth of the programme, and the fact that the sessions are not only about teaching cricket techniques. I am happy to know that you will be addressing issues like child safety and protection, hygiene and social skills. I am also quite impressed by the fact that this Academy will not only be grooming future cricketing stars, but umpires, scorers, Journalists and even broadcasters as well,” Minister Norton said.The Academy’s curriculum is not limited to catering for aspiring cricketers but also children who are desirous of taking up umpiring, scoring, broadcasting and journalism. As such, it was made clear that the aim of the Academy is not only to produce cricketers but also to assist youngsters in exploring the vast opportunities that the sport can provide.The Academy, which was vibrant in the 1990s, had recommenced in 2016 but missed out on 2017 due to a lack of available coaches. The programme has produced renowned cricketers such as Ramnaresh Sarwan, Narsingh Deonarine and Steve Massiah. This year’s programme will conclude on August 3.last_img read more