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Climate change is widely recognised as the most significant environmental issue facing the global economy. 2005 is set to be a pivotal year, with regulatory controls on carbon tightening and discussions starting on global carbon reductions after 2012. As investors, we need to understand how our investments are contributing to climate change, and how they could be affected by measures to reduce emissions.

To this end, we commissioned Trucost, an environmental consultancy, to conduct two inter-related studies.

- The first study examined the UK equity market and quantified the global emissions from the FTSE 100 list of companies from 2003/04. These emissions were then normalised in terms of turnover, earnings before interest, taxation, depreciation and amortisation (EBITDA) and market capitalisation to generate measures of relative 'carbon intensity'.
In addition, the study modelled the potential implications of further measures to internalise the cost of carbon into market prices. Where emissions' data was not publicly available, an estimate was made using Trucost's environmental profiling system. The study also reviewed the quality and quantity of current disclosures to investors. The results of this study are presented in The Carbon 100, which can be found by clicking on the following link:

http://www.henderson.com/global_includes/pdf/sri/SRICarbon100Report.pdf

- The second study carried out a carbon audit of one of Henderson's SRI funds, Global Care Income and compared the fund's carbon intensity with that of its benchmark, the FTSE All Share. The study found that Henderson's fund was 32% less carbon intensive than the FTSE All Share. The results of this study are contained in a separate report, entitled How Green is My Portfolio?, which can be found by clicking the following link
http://www.henderson.com/global_includes/pdf/sri/SRIClimateFriendly.pdf

Henderson and Trucost would welcome feedback on the findings of this report as part of the wider effort to protect and enhance shareholder value in an increasingly carbon-constrained world. Please direct comments and requests for hard copies to sri@henderson.com


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News Index Search for news: Advanced Search	Henderson Publishes Two New Reports On Climate Change 17 June, 2005 Climate change is widely recognised as the most significant environmental issue facing the global economy. 2005 is set to be a pivotal year, with regulatory controls on carbon tightening and discussions starting on global carbon reductions after 2012. As investors, we need to understand how our investments are contributing to climate change, and how they could be affected by measures to reduce emissions. To this end, we commissioned Trucost, an environmental consultancy, to conduct two inter-related studies. - The first study examined the UK equity market and quantified the global emissions from the FTSE 100 list of companies from 2003/04. These emissions were then normalised in terms of turnover, earnings before interest, taxation, depreciation and amortisation (EBITDA) and market capitalisation to generate measures of relative 'carbon intensity'. In addition, the study modelled the potential implications of further measures to internalise the cost of carbon into market prices. Where emissions' data was not publicly available, an estimate was made using Trucost's environmental profiling system. The study also reviewed the quality and quantity of current disclosures to investors. The results of this study are presented in The Carbon 100, which can be found by clicking on the following link: http://www.henderson.com/global_includes/pdf/sri/SRICarbon100Report.pdf - The second study carried out a carbon audit of one of Henderson's SRI funds, Global Care Income and compared the fund's carbon intensity with that of its benchmark, the FTSE All Share. The study found that Henderson's fund was 32% less carbon intensive than the FTSE All Share. The results of this study are contained in a separate report, entitled How Green is My Portfolio?, which can be found by clicking the following link http://www.henderson.com/global_includes/pdf/sri/SRIClimateFriendly.pdf Henderson and Trucost would welcome feedback on the findings of this report as part of the wider effort to protect and enhance shareholder value in an increasingly carbon-constrained world. Please direct comments and requests for hard copies to sri@henderson.com