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Why environmental externalities matter to institutional investors

Many indicators regarding the health of the world’s environment remain firmly in the red. Trends such as climate change, water scarcity, air pollution, biodiversity loss and ecosystem degradation all continue to threaten our finite stock of natural capital and the ability of our economy to provide sustainable growth and prosperity for all. A great deal of this environmental damage is caused by the way we do business. If we are to create a truly sustainable global economy, then we must change our economic models so that business can become part of the solution, not part of the problem. . | Universal Ownership Why environmental externalities matter to institutional investors UNEP Finance Initiative Innovative financing for sustainability . PRI The PRI is an investor initiative in partnership with UNEP Finance Initiative and the UN Global Compact Contents Message from the Chairs of PRI and UNEP Finance Initiative 1 Overview 3 Environmental costs are significant and rising 4 Public companies cause substantial proportion of global environmental costs 6 Externalities pose financial risks to portfolios 8 Investors should act to reduce environmental costs 10 Next steps and recommendations 12 Universal Ownership Why externalities matter to institutional investors Message from the Chairs of PRI and UNEP Finance Initiative Many indicators regarding the health of the world s environment remain firmly in the red. Trends such as climate change water scarcity air pollution biodiversity loss and ecosystem degradation all continue to threaten our finite stock of natural capital and the ability of our economy to provide sustainable growth and prosperity for all. A great deal of this environmental damage is caused by the way we do business. If we are to create a truly sustainable global economy then we must change our economic models so that business can become part of the solution not part of the problem. An increasing number of investors have begun to factor environmental social and governance issues into their decision-making. This report helps investors measure the unaccounted costs of business activities by putting a price on natural resources that power business but rarely show up on corporate balance sheets. This study provides an important rationale for action by large institutional investors that have a financial interest in the wellbeing of the economy as a whole. By exercising ownership rights and through constructive dialogue with companies and public policy makers these Universal Owners can encourage the protection of natural capital needed to maintain .