Responsible Funds, Aug. 30: JØP and DIP, Calvert, LGT, Yuanta Securities, Legal & General Investment Management

The latest responsible funds news

Danish industry pension funds JØP and DIP have decided to exclude seven companies for being too dependent on oil sands in contradiction of the Paris Agreement. The pair, which share administration, will exclude MEG Energy, Athabasca Oil, Canadian Natural Resources, Pengrowth Energy, Cenovus Energy, Suncor Energy and Imperial Oil. JØP is the fund for lawyers and economists and DIP is the fund for engineers. Link (Danish)

Assets under management at Calvert, the US SRI firm that’s now part of Eaton Vance, are up 23% over the past year, outpacing its parent and other affiliates, according to a recent earnings report. At the end of July, Calvert had $15b.2n under management — up from $12.3bn a year earlier. Eaton Vance Management, Parametric and Atlanta Capital – three of Eaton Vance’s other principal investment affiliates – saw AUM change over the same period by 5%, 7% and 8%, respectively.

LGT, the banking and asset management group that is owned by the princely House of Liechtenstein, is acquiring a “significant stake” of $100m impact investment fund Aspada from the Soros Economic Development Fund (SEDF) – the social impact arm of George Soros’ Open Society Foundations. LGT reportedly signed the deal, which will see it acquire Aspada’s management organisation, in a bid to bolster its impact investing platform Lightstone, which will be renamed Lightstone Aspada. SEDF had previously been Aspada’s sole shareholder.

IFM Investors, the Melbourne-based A$140bn ($94bn) infrastructure fund manager, has committed to reduce carbon emissions of its Australian portfolio of airports, toll road and electricity assets by 10% by 2030. Executive Director, Responsible Investment Chris Newton said similar carbon reduction targets for its global portfolio can be expected by late next year.Taiwan’s first ESG ETF has been listed by Yuanta Securities Investment Trust Co. on the country’s stock exchange (TWSE). Yuanta SITC secured a licensed for the FTSE4Good TIP Taiwan ESG Index in December last year in preparation for the launch of the Yuanta FTSE4Good TIP Taiwan ESG ETF, after the Taiwan Bureau of Labor Funds (BLF) selected the index for a five-year $1.4bn passive mandate earlier in the year.

Legal & General Investment Management has invested £57.5m (€63.5m) in two operational UK solar portfolios through its real estate and infrastructure arm, LGIM Real Assets. The investment took the form of long-term debt financing to support Hermes Infrastructure in recapitalizing the assets. The past two years have seen LGIM make a series of other investments in renewables, including in UK offshore wind and solar PV debt.

On the back of the G7 Summit, the UK, France and Canada announced fresh support for the Green Climate Fund – the UN-backed body supporting climate action in developing countries – bringing its latest replenishment drive to nearly $6bn. Canada contributed C$300m, and the UK and France doubled their initial pledges, committing £1.44bn and €1.5bn respectively. Germany and Norway already announced a doubling of their initial contributions at the end of last year. The GCF has so far allocated more than $5.2bn to 111 climate projects in 99 countries.

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