Instituting a minimum price for alcohol reduces deaths, hospital stays

JOURNAL OF STUDIES ON ALCOHOL AND DRUGS

Research News

 

IMAGE: BOTTLES OF DISTILLED SPIRITS. view more 

CREDIT: RUTGERS CENTER OF ALCOHOL & SUBSTANCE USE STUDIES

PISCATAWAY, NJ - When governments create a minimum price for alcoholic beverages, deaths and hospitalizations related to alcohol use significantly decrease, according to results from a new report in the Journal of Studies on Alcohol and Drugs.

Called "minimum unit pricing," such policies "would result in a substantial and lasting reduction in the harms caused by alcohol in society," says lead researcher Adam Sherk, Ph.D., of the Canadian Institute for Substance Use Research at the University of Victoria in British Columbia, Canada.

"As we continue to weather the COVID-19 pandemic and hear concerns about overwhelming our health care systems, this study shows that a minimum unit price for alcohol would help to free up valuable resources by decreasing alcohol's burden on our health care systems," says Sherk.

Minimum unit pricing strategies set a "floor price" for alcohol sales. Specifically, a standard drink -- defined by pure alcohol content [in Canada and the United States, about the amount of ethanol in a 5% bottle of beer] -- cannot be sold below a predetermined value. Such policies help prevent the sale of cheap drinks with high alcohol content. They tend to have their largest effect on inexpensive spirits and the smallest effect on wine.

Similar pricing strategies have already been implemented with initial success in places such as Scotland, Wales and some provinces in Canada. In their study, Sherk and his colleagues sought to determine the potential effect of minimum unit pricing in Québec, a province that has yet to institute such a policy.

For their research, the investigators used a new, open-access model -- the International Model of Alcohol Harms and Policies (InterMAHP) -- which can be used to estimate alcohol harms in a country or state as well as the potential health impact of alcohol policies designed to limit such harms.

Using this model, Sherk and his colleagues input per capita alcohol use data from the Canadian Institute for Substance Use Research. Further, data about hospitalizations and deaths were obtained from government statistics, as was information about sales of wine, spirits and liqueurs (which are partially controlled by the government in Canada). Information about beer sales was obtained from the market research company Nielsen.

In Québec in 2014, the year analyzed, there were an estimated 2,850 deaths and 24,694 hospitalizations attributable to alcohol use, the researchers found. These included deaths from cancer, cardiovascular conditions, and injuries. The leading causes of hospitalizations from alcohol use were unintentional injuries, psychiatric conditions, cancer, digestive conditions, and communicable disease.

The researchers' modeling determined that, if the province had previously instituted a minimum unit pricing policy of CAD$1.50 per standard drink (about USD$1.12), 169 deaths would have been prevented, a reduction of 5.9 percent. Having instituted a minimum unit price of CAD$1.75 per drink (about USD$1.31) would have prevented 327 deaths, a decrease of 11.5 percent.

Further, a minimum unit pricing policy of CAD$1.50 per drink would have resulted in 2,063 fewer hospitalizations that year (an 8.4 percent decrease). A price of CAD$1.75 would have reduced hospitalizations by 4,014, or 16.3 percent.

But what impact would this pricing have on any purported health benefits of alcohol? Although their data did show that alcohol use was related to decreased hospitalizations for cardiovascular conditions and diabetes, the modeling demonstrated that minimum unit pricing would have prevented even more hospitalizations.

"This report adds to the growing body of evidence that minimum unit pricing policies are an effective way for governments to reduce alcohol-related hospital visits and save lives," says Sherk. "National and jurisdictional governments, including Québec, should consider following the lead of countries like Scotland and implementing these policies."

(To learn more about The International Model of Alcohol Harms and Policies [InterMAHP], visit http://www.intermahp.cisur.ca.)

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Sherk, A., Stockwell, T., April, N., Churchill, S., Sorge, J., & Gamache, P. The potential health impact of an alcohol minimum unit price in Québec: An application of the International Model of Alcohol Harms and Policies. Journal of Studies on Alcohol and Drugs, 81, 631-640. doi:10.15288/jsad.2020.81.631

To arrange an interview with Adam Sherk, Ph.D., please contact Amanda Farrell-Low at farlow@uvic.ca or 250-472-5445.

The Journal of Studies on Alcohol and Drugs (jsad.com) is published by the Center of Alcohol & Substance Use Studies (alcoholstudies.rutgers.edu) at Rutgers, The State University of New Jersey. It is the oldest substance-related journal published in the United States.

To learn about education and training opportunities for addiction counselors and others at the Rutgers Center of Alcohol & Substance Use Studies, please visit https://education.alcoholstudies.rutgers.edu/education-training.

The Journal of Studies on Alcohol and Drugs considers this press release to be in the public domain. Editors may publish this press release in print or electronic form without legal restriction. Please include proper attribution and byline.

 

Stressed out volcanoes more likely to collapse and erupt, study finds

A new study has implications for how the world might be better protected against future volcano collapses

MONASH UNIVERSITY

Research News

 

An international study led by Monash scientists has discovered how volcanoes experience stress. The study, published today in Scientific Reports, has implications for how the world might be better protected against future volcano collapses.

Volcanic collapse is the worst-case scenario during volcanic crises. It can trigger dangerous tsunamis or devastating pyroclastic flows (for example Mount Saint Helens).

"But, these events are very difficult to predict because we often don't know what is happening inside active volcanoes, and what forces might make them unstable," said lead study author Dr Sam Thiele, a recent PhD graduate from the Monash University School of Earth, Atmosphere and Environment.

"Research on volcano growth helps us to understand these internal processes and the associated forces that could trigger a deadly collapse or eruption," he said.

The research team used drones to create a cm-resolution map of the internal structure of a now dormant volcano on La Palma in the Canary Islands and measured the width of 100's of thousands of cracks through which magma flowed during past eruptions.

This allowed them to estimate the forces acting within the volcano, and show that these slowly build up over time, causing the volcano to become 'stressed' and potentially unstable.

By measuring the width of cracks in the volcano through which magma was transported they were able to estimate the forces involved, which helps to predict future volcanic eruptions.

The geological features that the research team mapped are formed when molten intrusions, called dykes, solidify to form a framework inside what is otherwise a comparatively weak structure comprising mostly layers of lava and ash.

"This is one of the first studies to look at the long-term effects of magma movement within a volcano," said study co-author Professor Sandy Cruden, from the Monash University School of Earth, Atmosphere and Environment.

"We found that volcanoes gradually become 'stressed' by repeated movement of this magma, potentially destabilising the whole volcano, influencing future collapses and eruptions," he said.

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GREEN CAPITALI$M

Legal Ease: Towards a green taxonomy

Before the pandemic forced a shift in focus, sustainable investment and the EU’s green agenda was one of the most discussed topics in financial services – and fast becoming an area of fundamental focus for governments and regulatory bodies.

To meet climate targets and transition to an environmentally sustainable economic model, the European Commission had indicated that the EU faced an investment gap. Attracting private capital to the activities that have the highest impact on climate was considered key. It stated: “A shift of capital flows towards more sustainable economic activities has to be underpinned by a shared understanding of what ‘sustainable’ means. A unified EU classification system – or taxonomy – will provide clarity on which activities can be considered ‘sustainable’. It is at this stage the most important and urgent action of this action plan.”

In other words, you cannot mobilise investments towards a greening of the EU before you understand what is green and what is not. This set the scene for a vast and ambitious initiative – to create a way to assess activities and determine whether they are environmentally sustainable. 

Political agreement has since been reached on the wording of a regulation on the establishment of a framework to facilitate sustainable investment – the taxonomy regulation. This is making its way through the European Parliament and is expected to come into force in the summer. The regulation sets out the criteria that needs to be met before an activity can be considered “environmentally sustainable”. It must contribute substantially to one or more environmental objectives or be an enabling activity (‘E’), it must do no significant harm to any environmental objective (‘DNSH’), it must be carried out in compliance with certain minimum social safeguards (‘S’), and it must comply with technical screening criteria. 

These are yet to be developed, but will effectively define what it means to “substantially contribute” and “DNSH” to an environmental objective, with the first criteria expected to cover the most urgent environmental objectives: climate change mitigation and climate change adaptation.

The overall regime will require fund managers (among others) to disclose information, including on how and to what extent the investments in their funds support economic activities that meet the criteria for environmental sustainability. And for funds that do not invest in taxonomy-compliant activities, they will essentially need to state that the relevant investments do not take into account the taxonomy regulation. 

The EU and member states will have to apply the taxonomy when they adopt measures setting out requirements for financial products or bonds made available as environmentally sustainable. And certain large companies will be subject to related disclosure requirements. However, significant questions remain. Notably, the Commission says an extra €260 billion in investments is needed per year to finance the EU’s green agenda – but it is clear that none of the initiatives announced so far will be sufficient to “move the needle” on that.

Last December, Commission president Ursula von der Leyen described the EU’s Green Deal as “Europe’s man-on-the-moon moment”. The taxonomy regulation will represent a step towards that. Whether it is too little too late remains to be seen.

By Tamara Cizeika, Counsel at Allen & Overy

Sustainable investing: Reaching for a green gold standard

Hopes are high that a landmark EU agreement on how to classify green finance will reduce greenwashing and boost sustainable investing. But, asks Mark Latham, how much difference will the new taxonomy make?

After months of negotiations between EU member states and the European Parliament, agreement was reached in December on what has been called the world’s first regulatory benchmark for green financial products.

The European Commission is hoping that the long-awaited “taxonomy for sustainable finance” will stimulate billions of euros in investment to help the now 27-member bloc achieve its aim of becoming the first continent to reach climate neutrality by 2050.

In the absence of any common minimum legal standards, asset managers have until now largely been free to self-certify and market funds as being environmentally friendly, leaving many investors confused as to what they were actually buying.

A report on greenwashing from London-based wealth manager SCM Direct, published in November, found that definitions of ‘ethical’, ‘socially responsible’ or ‘sustainable’ investing are so loose that funds can effectively invest in whatever stocks they want.

Until the taxonomy – which will cover bonds as well as shares – starts coming into force over the next couple of years, the only independent check on firms’ claims on how sustainable their funds really are will continue to come from ratings agencies, which have over the past decade cashed in on growing demand for ESG scores.

But, while around $3 trillion (€2.7 trillion) of institutional assets globally now track ESG scores, ratings agencies’ role in certifying the green credentials of firms has been criticised for a lack of correlation between the methodologies used to create the ESG scores.

More teeth
Once the taxonomy becomes mandatory, the principal role of checking the green claims of fund houses is likely to move from ratings agencies to national regulators and will gain more teeth in the process. Retail financial products that reach the highest green standards – likely to include investments in clean energy and renewable technologies, for example – will be awarded an eco-label.

Ama Seery, sustainability specialist at Janus Henderson, which manages $374.8 billion in assets, says that the taxonomy is a “welcome first step”, but should have gone further to include not just environmental factors but also social and governance issues.

“Calling it sustainability legislation and then not actually considering all the pillars of sustainable development doesn’t seem right,” she says. “For truly sustainable development to happen, you have to have a balance of all three.”

The taxonomy will help to reduce greenwashing but is unlikely to eliminate it, she says, as clear-cut definitions of ‘transitional’ fuels were sidestepped following lobbying from France and some Eastern European countries. “As a result, we may still see some greenwashing with regards to holdings that are oil and gas-based.”

She adds: “The taxonomy will provide legal definitions of pollution control, so there are lots of areas where it will become against the law to market yourself as doing certain things while not meeting the definitions. This legislation is quite clear that if you have things in your portfolio that are doing environmental harm, then you are not actually a sustainable investment fund.”

From a commercial point of view, Janus Henderson welcomes the legislation, saying it will help flush out investment firms who misclassify and mis-sell ethical investments.

“Greenwashing was bringing firms who were doing this right into disrepute and making all of us look like liars,” says Seery.

Teething troubles
Julie Moret, global head of ESG at $698 billion asset manager Franklin Templeton, frets that there could be short-term teething problems over the application of the taxonomy.

She also questions whether the taxonomy will lead to the reallocation of capital flows towards more sustainable investment activities.

Like Seery, Moret believes that the remit of the taxonomy will eventually have to be broadened to include social and governance factors (the S and the G of ESG). “From an investment decision-maker’s perspective, you look at these elements holistically. You don’t want to just look at the environmental element but want to find out what it took to produce that particular product,” she explains. “That means looking at the whole lifecycle of the product and its global supply chain, which includes corporate governance issues, to understand how each of those components are sustainable.”

Jenn-Hui Tan, global head of stewardship and sustainable investing at $339.2 billion Fidelity International, says that, beyond reducing greenwashing, the taxonomy will benefit the asset management industry by “creating a common language for investors, regulators and companies”.

He says: “One of the challenges of sustainable investing is that inherently ambiguous concepts are used around ESG investing and, until now, there has been a degree of subjectivity in their interpretation.

“We do need a workable definition of what is environmentally sustainable and what is not, but we also have to recognise that a lot of companies are on a transition pathway from an unsustainable to a sustainable business and some companies are at an early stage of that.”

He adds: “As investors, we don’t just want to invest in firms with the highest standards; we want to invest in firms that have an improving trajectory towards those standards and we want to engage with them and help them along.”

Like many of those interviewed for this piece, Leon Saunders Calvert, head of sustainable investing at financial data provider Refinitiv and Lipper Fund Analytics, believes that the taxonomy is “an important step in the process” but doesn’t think it will “solve everything related to sustainability and regulation”.

“This regulation by itself will take some adapting to by the industry,” he says. “For firms to report their revenues according to this taxonomy is not a small thing. There is now a burden on corporates which previously didn’t exist and it will take time, money, cost and a level of expertise and talent which perhaps doesn’t exist today, which firms will have to adapt to.”

Unlike other commentators, Saunders Calvert doesn’t believe that social and governance issues should, at least at this stage, have been included in the taxonomy. “It’s not that the S and G are unimportant, but ESG is a rather awkward bundling together of a lot of disparate and separate issues. We should focus on solving one problem at a time rather than assuming that we have to solve all problems in one go,” he says.

American initiatives
The EU’s move towards establishing a common language for sustainable investing has coincided with a similar push towards greener investing in the US. Last month BlackRock, the world’s largest fund manager, which has been criticised for failing to use its clout to tackle climate change, published recommendations on the terminology of sustainable investing.

It also said it would double the number of sustainability-focused exchange-traded funds it offers to 150 and that it would increase its sustainable assets tenfold to $1 trillion by 2030.

The €7 trillion New York-based firm also pledged, along with other investment firms such as HSBC Global Asset Management, to pressure oil giants and other large industrial and consumer firms to take greater account of their environmental impact.

The move came just days after BlackRock’s chief executive, Larry Fink, used his annual letter to corporations to warn of the increased market risk of climate change and wrote that sustainable investments that take climate change into account will, sooner rather than later, deliver better returns.

Signs of a sea change in attitudes towards ethical investing at a global level became apparent in 2018 when the United Nation’s responsible investment body, the Principles for Responsible Investment, placed one in ten of the signatories to its standards on a watchlist for failing to demonstrate even a minimum standard of responsible investment.

The need for global standards of transparency is stressed by the Sustainability Accounting Standards Board, a San Francisco-based non-profit organisation that sets financial reporting standards with a focus on sustainability.

The board’s chief executive, Janine Guillot, says that greater consistency of terminology in the sustainable investing space is needed along with “a need to standardise language around corporate disclosure, product design and labelling in the investment process”.

She says: “A collective effort across all market participants is needed to ensure investors have the tools and capabilities necessary to achieve their financial goals.

“I think that the direction of travel is positive, but we are still in a messy phase. The good news is that everyone is working toward the same goal, which is how to get more sustainable growth.”

Stanislas Pottier, chief responsible investment officer at Amundi, says in dynamic areas such as sustainable technology, it is important that the taxonomy is efficient and flexible enough to encompass new developments.

“If you are too precise with boxes that are too tiny, then we run the risk of excluding new innovations, so I would tend to prefer a framework that is not too rigid,” he says.

This article first appeared in Funds Europe in February 2020

© 2020 funds europe

Green finance for SMEs to offer “higher yields” for institutions

Jul 09, 2019 By Nick Fitzpatrick

Amundi is jointly backing a programme to help smaller and medium-sized businesses access green finance and says the debt investments involved will lead to higher yields for investors.

The Paris-based asset manager is partnering with the European Investment Bank (EIB), which issued the world’s first green bond in 2007.

Amundi says the partnership will enable smaller companies to access green finance in contrast to the growing green bond market, which has mainly developed by way of issuances from sovereign, quasi-sovereign and large corporate issuers.  

The Green Credit Continuum investment programme, as it is called, has three components:

• The creation of a diversified fund that will invest in green high yield corporate bonds, green private debt and green securitised debt.
• In parallel, a scientific committee of green finance experts will be formed to define and promote environmental guidelines for these three markets in line with international best practice and legislation derived from the European Commission action plan on financing sustainable growth.
• A green deal network will be put in place to source deals and projects.

The goal of the agreement is to create several funds based on this model and to help establish market standards. It aims to raise €1 billion within three years, including a €60 million initial commitment by the EIB.

Ambroise Fayolle, EIB vice-president said a “significant financing gap persists and huge potential is still waiting to be tapped in some green debt segments”.

Amundi chief executive Yves Perrier, said: “[The programme] offers a particularly innovative investment solution to institutional investors wishing to help finance the energy transition and diversify their sources of yield in a low interest rate environment.”

He said the programme would combating global warming.

Amundi and the EIB said to meet its climate commitments under the Paris Agreement and finance the associated energy transition, Europe is missing an estimated €180 billion in financing a year until 2030. To reach this level of investment, green finance “must mobilise all of the debt capital markets”.

©2019 funds europe

GREEN CAPITALI$M

ESG Environmental, Social and Governance

surges everywhere but US

Oct 14, 2020 By Funds Europe

ESG appears to be passing the scrutiny test with more investors perceiving performance merits.

This is with the exception of investors in the US, where scepticism has grown, according to a survey.

The 2020 RBC Global Asset Management ‘Responsible investment survey’ showed that, compared to 2019, there is an increase in the percentage of institutional investors who believe ESG-integrated portfolios are likely to perform as well or better than non-ESG integrated portfolios.

In Europe this was up to 96% from 92% and Asia to 93% from 78%.

Respondents in the US are more sceptical.  Only 74% were positive for performance, down from 78% in 2019. Over a quarter of US respondents (up from 22% in 2019) believe ESG integrated portfolios perform worse.

Similar scepticism from the US was expressed about the ability of ESG integrated portfolios to generate long-term sustainable alpha and to mitigate risk.

The ongoing Covid-19 pandemic is beginning to influence investors’ views about ESG, the report says.

Over 28% said Covid-19 has made them place more importance on ESG considerations and just over half of investors are looking for companies to disclose more details about worker safety, employee health benefits, workplace culture and other social factors due to the pandemic.

“As we analyse the trends in our year-over-year survey data, we’ve found that a growing majority of institutional investors are convinced of the merits of ESG adoption in their investment approach,” said Melanie Adams, head of corporate governance and responsible investment at RBC GAM.

The survey also shows support for diversity and inclusion targets for corporate boards remains strong, the firm said. More respondents favoured board minority diversity targets (44%) than opposed them (28%). Similarly, more respondents favoured board gender diversity targets (49%) than opposed them (26%).

In total, 809 institutional investors responded from North America, Europe and Asia.

ESG assessments rising in asset management, study finds

Oct 08, 2020 By Funds Europe

Asset managers see governance as their central ESG factor - but environment and social issues are gaining importance, research shows.

A report by Russell Investments show that out of 400 asset managers surveyed, 78% now incorporate qualitative or quantitative ESG – or environmental, social and governance – factor assessments into their investment processes, an increase of 5% from last year.

Over 80% of asset managers say that governance is the ESG factor which has the most impact on their investment decisions. 

Environmental and social issues are becoming gradually more pronounced in asset managers’ thinking, however. 

The study showed a 4% increase in the number of managers identifying environmental considerations as the factor that most impacts their investment decisions.

Jihan Diolosa, regional head of responsible investing, said: “ESG is no longer an optional ‘add-on’; it is now an essential consideration that asset managers have to incorporate into their decision-making processes.”

Diolosa added that the industry is moving in the right direction. “Asset managers who do not adapt to the changing landscape will be left behind,” she said. 

ESG: How much return is required to offset guilt?

Sep 23, 2020 By Funds Europe

Millennial investors who would abandon their ideals surrounding sustainable investing would want a return of 21% to “offset any guilt”.

Schroders found a quarter of millennial investors surveyed would invest against their personal beliefs if the returns were high enough. Three-quarters would not compromise on beliefs.

Schroders' research covered 23,000 people of various ages globally and it is millennials who are more likely to compromise on their personal beliefs in order to benefit from potentially higher returns.

The older people get, the less likely they are to compromise their beliefs for the sake of higher returns. Some 16% of those aged 71 or over would swap ideals for returns, for example. The figures are 20% for baby-boomers and 24% of those classed as Generation X. 

Geographically, people in China, Italy and Portugal are the most likely to stay true to their views, with the least probable being those based in the US, Singapore and Thailand.

Overall, 42% of investors globally did state that investing sustainably was likely to lead to higher returns. Some 47% said they were attracted to investing sustainably due to its wider environmental impact.

Carolina Minio-Paluello, Schroders’ global head of product, solutions and quant, said: “It is exceptionally positive to see that many investors today believe that investing sustainably does not have to come at the expense of performance. People want their values reflected in the way they invest.

“It is our experience that investment performance and returns should not be mutually exclusive. The evidence is increasingly clear that investing sustainably can lead to better long-term outcomes.”

A surprisingly finding was that “just 44%” of European respondents said they invest in sustainable investment funds, as opposed to funds that don’t consider sustainability factors. This lags investors in the Americas (52%) and Asia (49%) and comes, said Schroders, despite the common consensus being that European investors are generally more likely to embrace sustainable investing.

Opinion was split among investors in terms of how asset managers should address challenges that arise from the fossil fuel industry. Just over a third (36%) said managers should withdraw investment from companies in these industries to limit their ability to grow. However, over a quarter (27%) said managers should remain invested to drive change.

Furthermore, investors said that the top three ‘behaviours’ companies should be most focused on were their social responsibility, attention to environmental issues and the treatment of their staff.

The findings are published in Schroders Global Investor Study 2020.

GREEN CAPITALI$M

LGIM to publish list of climate laggards

Oct 15, 2020 By Funds Europe

Legal & General Investment Management says it will hold a “far more extensive” number of companies to account over climate change. 

Climate ratings for over 1,000 companies in key sectors will be made publicly available under a ‘traffic light’ system on the fund manager’s website.

The selected companies are responsible for over 60% of the greenhouse gas emissions from listed companies, according to the UK-based fund manager. 

Businesses that fall short of LGIM’s minimum climate risk standards, such as by lacking comprehensive emissions disclosure, will be subject to a vote against and potential divestment from select funds.

Michelle Scrimgeour, LGIM’s CEO and member of UK Government’s COP26 Business Leaders Group, said: “As governments around the world are set to announce new and ambitious climate policies ahead of next year’s COP26 conference, investors must also step up.”

In a statement coinciding with the release of LGIM’s annual ‘Climate Impact Pledge’, the asset manager said it intends to “ratchet up” the stringency of both its standards and sanctions over time.

Asset managers call on companies to cut down on carbon emissions

Oct 13, 2020 By Alex Rolandi

High carbon emitting companies have been called on by investment management firms to commit to a net zero future by setting science-based targets.

Over 1,800 companies responsible for 25% of global emissions – including Tesla and mining giant Rio Tinto – have been singled out and asked to set a 1.5°C carbon reduction target to achieve this goal.

Coordinated by non-profit sustainability action group CDP, the financial institutions calling for action include Amundi, Legal & General Investment Management, and Nikko Asset Management. Together, the group represents $20 trillion (€17 trillion) of assets. 

The carbon emitting companies in question represent 40% of MSCI’s flagship global equity index. Previous research by CDP has suggested that companies see $1 trillion at risk from climate change, putting investments in jeopardy.

Emily Kreps, global director of capital markets at CDP, said: “Climate change presents material risks to investments, and companies that are failing to set targets grounded in science risk losing out – and causing greater damage to the world economy.”

Amundi’s director of the institutional and corporate clients division and ESG, Jean-Jacques Barberis, added: “Limiting global warming requires collective response; corporate actions and investors’ mobilisation to decarbonise portfolios go hand-in-hand.”

While companies can set science-based targets at any point throughout the year, investors will be engaging with companies until May 2021, when the impact of this campaign will be evaluated.

Third of firms not engaging on climate change, report finds

Sep 21, 2020 By Funds Europe

More than a third of asset managers are not engaging with the issue of climate change, a report has claimed.

Research conducted by the UK-based investment consultancy Redington found that more than a third (39%) of asset managers were, when asked, unable to provide an example of a climate change related engagement effort.

The research also found that less than two thirds (62%) of asset management firms have an ESG engagement policy in place.

In addition, despite three quarters (76%) of managers surveyed saying they consider climate related risks and opportunities only 60% could provide an example of when climate change factors have actually influenced their buying or selling decisions.

Nick Samuels, head of manager research at Redington, said the discrepancy highlights the fact that, despite engagement seemingly increasing, this is not yet translating into concrete and consistent portfolio decisions.

Samuels said: “Climate change is a widespread and global problem, impacting all sectors of the economy in one way or another.

“We would expect all our managers, regardless of asset class, to have at least one, if not several, examples of climate change related engagements with their portfolio companies."

The firm interviewed a total of 104 managers from across the world, representing over $10 trillion in combined assets under management.

Green finance for SMEs to offer “higher yields” for institutions

Jul 09, 2019 By Nick Fitzpatrick

Amundi is jointly backing a programme to help smaller and medium-sized businesses access green finance and says the debt investments involved will lead to higher yields for investors.

The Paris-based asset manager is partnering with the European Investment Bank (EIB), which issued the world’s first green bond in 2007.

Amundi says the partnership will enable smaller companies to access green finance in contrast to the growing green bond market, which has mainly developed by way of issuances from sovereign, quasi-sovereign and large corporate issuers.  

The Green Credit Continuum investment programme, as it is called, has three components:

• The creation of a diversified fund that will invest in green high yield corporate bonds, green private debt and green securitised debt.
• In parallel, a scientific committee of green finance experts will be formed to define and promote environmental guidelines for these three markets in line with international best practice and legislation derived from the European Commission action plan on financing sustainable growth.
• A green deal network will be put in place to source deals and projects.

The goal of the agreement is to create several funds based on this model and to help establish market standards. It aims to raise €1 billion within three years, including a €60 million initial commitment by the EIB.

Ambroise Fayolle, EIB vice-president said a “significant financing gap persists and huge potential is still waiting to be tapped in some green debt segments”.

Amundi chief executive Yves Perrier, said: “[The programme] offers a particularly innovative investment solution to institutional investors wishing to help finance the energy transition and diversify their sources of yield in a low interest rate environment.”

He said the programme would combating global warming.

Amundi and the EIB said to meet its climate commitments under the Paris Agreement and finance the associated energy transition, Europe is missing an estimated €180 billion in financing a year until 2030. To reach this level of investment, green finance “must mobilise all of the debt capital markets”.

'Mercenary' hacker group runs rampant in Middle East, cybersecurity research shows

By Raphael Satter and Christopher Bing

WASHINGTON (Reuters) - Saudi diplomats, Sikh separatists and Indian business executives have been among those targeted by a group of hired hackers, according to research published on Wednesday by software firm BlackBerry Corp.

The report https://www.blackberry.com/us/en/company/newsroom/press-releases/2020/blackberry-uncovers-massive-hack-for-hire-group-targeting-governments-businesses-human-rights-groups-and-influential-individuals on the group, known publicly as Bahamut, the name assigned to the mythical sea monster of Arab lore,*** highlights how cybersecurity researchers are increasingly finding evidence of mercenaries online.

BlackBerry's vice president of research, Eric Milam, said the diversity of Bahamut's activities was such that he assumed it was working for a range of different clients.

"There's too many different things going on across too many different ranges and too many different verticals that it would be a single state," Milam said ahead of the report's release.

In June, Reuters reported on how an obscure Indian IT firm called BellTroX https://www.reuters.com/article/idUSKBN23G1GQ offered its hacking services to help clients spy on more than 10,000 email accounts over seven years, including targeting prominent American investors.

BlackBerry - which absorbed antivirus firm Cylance in 2019 - stitched together digital clues left by other researchers over the years to create a picture of a sophisticated group of hackers. BlackBerry also linked the group to mobile phone applications in the Apple and Google app stores. Those apps, which included a fitness tracker and password manager, may have helped the hackers track their targets, the report said.

A Google spokesman said all the apps in the Google Play Store mentioned in the report had been removed. Apple said two of the seven apps were no longer in its App Store and that it was not provided with enough information about the remaining programs to judge whether they were malicious.

Milam declined to comment on who he thought might be behind Bahamut, but he said he hoped the report would help to sharpen the focus on hackers-for-hire.

Taha Karim, the chief executive of Emirati cybersecurity company tephracore - who was not involved in BlackBerry's research but reviewed the report ahead of publication - said the findings were credible and "they found links that aren't obvious."

THE TARGETS

BlackBerry did not name any of Bahamut's targets directly, but researchers have previously publicly identified Middle Eastern human rights activists, Pakistani military officials, and Gulf Arab businessmen as being in the group's crosshairs. Reuters was also able to identify new targets by cross-referencing data published in BlackBerry's report with boobytrapped webpages preserved by urlscan.io, a cybersecurity tool.

One heavily targeted organization included the New York-based Sikhs for Justice, a separatist group that's campaigning for an independent homeland for Sikhs in India. Its founder, Gurpatwant Singh Pannun, said his campaign websites have been repeatedly hacked and his emails broken into. Others pursued by the hackers included: The United Arab Emirates' Ministry of Defense, its Supreme Council for National Security, and Shaima Gargash, the Emirates' No. 2 diplomat in Washington.

In an email, Gargash said the embassy had no comment.

Saudi officials were also targeted by the hackers. Cached phishing pages preserved by services such as urlscan and reviewed by Reuters showed that the cyber spies targeted Mawthouq, the Saudi government's email service, half a dozen Saudi government ministries, and the Saudi Center for International Strategic Partnerships, a Riyadh-based body aimed at helping coordinate the petrostate's foreign policy.

The Saudi Embassy in Washington declined comment.

The hackers pursued royals and business executives in Bahrain, Kuwait, and Qatar. In August 2019 they attempted to compromise an employee of major Indian energy conglomerate Reliance Industries around the time that the company was negotiating the sale of a stake in its oil-to-chemicals business to Saudi Aramco.

Reliance did not return repeated messages. Attempts to reach the hackers were unsuccessful.

(Reporting by Raphael Satter and Christopher Bing in Washington; editing by Grant McCool and Marguerita Choy)

*** Bahamut - Mythical Creature in Arabian Mythology | Mythology ...
mythology.net › mythical-creatures › bahamut
Oct 12, 2016 — In Arabic mythology, Bahamut is usually described as an ... Occasionally, he is given a more monstrous form, appearing as a sea-serpent with limbs and ... A variation of Bahamut appears in Hebrew legend, under the name Behemoth. ... and the Haggadah, expand upon Behemoth's lore by describing the ...

Credit Suisse Apologizes for Black Janitor Act at Chairman Party

Black performer dressed as janitor at chairman event last year
Former CEO Tidjane Thiam left the room, according to NYT

Photographer: Stefan Wermuth/Bloomberg

Credit Suisse Group AG apologized for “any offense” caused by a performer who dressed as a janitor at a party for the bank’s chairman last year, causing former Chief Executive Officer Tidjane Thiam to leave the room.

The New York Times on Saturday reported that chairman Urs Rohner held a party at a Zurich restaurant to celebrate his 60th birthday last November. Thiam left after a Black performer came onstage dressed as a janitor, and began to dance to music while sweeping the floor, the newspaper reported, adding that the festivities had a Studio 54 theme, with 1970s costumes.


Tidjane Thiam
Photographer: Stefan Wermuth/Bloomberg

“There was never any intention to cause offense, and we are sorry for any offense caused,” a bank spokesperson said on Wednesday. “This is a total mis-characterization of the evening.” Rohner, via the spokesperson, referred to the lender’s statement.

The incident has sparked a debate about racism within banking and in Switzerland as Credit Suisse seeks to move beyond one of the most damaging episodes in its recent history after it spied on former wealth management head Iqbal Khan, who was leaving for rival UBS Group AG. Last year’s scandal tainted the bank’s reputation, led to the ouster of Thiam after a power struggle, and rattled the usually reserved world of Swiss banking.

“Credit Suisse is strongly committed to equality, diversity and supporting all our employees,” the bank said in a statement. “Over the past year Credit Suisse has taken additional strides to show our commitment to under-represented groups within the firm, and is putting in place broader initiatives to further this. As a company, we are proud to be a geographically and culturally diverse group, and we strive to further strengthen this culture, which supports all our colleagues.”

A woman's inspiring journey from janitor to health care worker

By Mallika Kallingal, CNN Sat October 10, 2020


(CNN)Jaines Andrades started working at Baystate Medical in Springfield, Massachusetts, as a janitor. But she worked her way through nursing school, and now ten years later she has returned as a nurse practitioner.

"It's tough to be the person that cleans. If I had to go back and do it again, I would. It's so worth it," Andrades told CNN affiliate WBZ-TV.

In a Facebook post, Andrades wrote about her journey from hospital custodian to nurse practitioner and posted a picture of all three of her IDs.

She said her journey at the Springfield hospital started when she got a call for an interview. At the time she had been working at a fast food restaurant, according to WBZ-TV.

She said she always wanted to help people. "Even if it was cleaning, as long as I was near patient care I'd be able to observe things. I thought it was a good idea," she said.

Her favorite part of nursing is bringing relief and comfort to her patients. "I just really love the intimacy with people," Andrades told the CNN affiliate.

And now she has realized her dream. She became a Baystate nurse, and then a nurse practitioner in the very same place she used to clean.

"Nurses and providers, we get the credit more often but people in environmental and phlebotomy and dietary all of them have such a huge role. I couldn't do my job without them," Andrades said.

And she says she feels happy her story is inspiring others.

"I'm so appreciative and like in awe that my story can inspire people," Andrades told WBZ-TV. "I'm so glad. If I can inspire anyone, that in itself made the journey worth it."

Woman Becomes Nurse Practitioner at Same Hospital Where She Was Once a Custodian: 'Worth It!'

Over a 10-year period, Jaines Andrades worked her way up from janitor to registered nurse and now, nurse practitioner

By Joelle Goldstein  October 12, 2020


Share: The Inspiring Story of How One Woman Went From Custodian to Trauma Surgery Nurse Practitioner

A Massachusetts woman is showing the world the true meaning of perseverance after she worked her way up from being a custodian at a local hospital to now treating its patients as a nurse practitioner.

Ten years ago, Jaines Andrades started her career at Baystate Medical Center working in environmental services, where she cleaned up operating rooms as a janitor, Meredith Corporation station WGGB reported.

Today, instead of cleaning the operating rooms, she is one of the leaders inside them as a certified nurse practitioner in trauma surgery, according to the outlet.

"At one point, I dreamed of the position I have today," Andrades told WGGB of her incredible journey, which started when she was just 19 years old.

Jaines Andrades
BAYSTATE HEALTH

In 2014 — four years after Andrades began her career at Baystate as a custodian — the Springfield resident earned her nursing degree, WGGB reported.

RELATED: Former Security Guard Becomes Medical Student at Louisiana Hospital Where He Worked

She continued working in environmental services until an opportunity to work as a registered nurse arose.

"I stayed, actually, in environmental, despite being a nurse because I didn’t immediately get a nursing job at Baystate, so I wanted to keep my foot in the door," she explained to the outlet.

Jaines Andrades (L)
BAYSTATE HEALTH

Eventually, Andrades decided to go back to school to become a nurse practitioner (NP) and once she completed her degree, was offered a job at Baystate yet again.

"Once I start something, I have to see it through, so if I’m going to be a custodian and then be a nurse, it only makes sense to be a nurse practitioner there," she told WGGB of working at Baystate all these years.

RELATED: Man Graduates with Nursing Degree from University Where He Was Once a Janitor: 'I Never Gave Up'

On Sept. 28, Andrades reflected on the accomplishment by posting a photo of her three work badges on Facebook. Though they all have her name and photo on them, each one has her different job title and shows Andrades' career progression over the years.

"10 years of work but it was worth it! I’m a provider at the same place I use to clean," she captioned the post, which has been shared over 10,000 times and liked over 12,000 times.

Reflecting on her career, Andrades told WGGB that having such diverse experiences at the Springfield medical center has kept her humble while interacting with others.

"I remember those times where I saw interactions as a custodian to remind myself that everyone’s human," she explained. "Your academic success or your professional success, obviously, it deserves praise and you should be proud of that, but it doesn’t make you a better person."

"As a human being," she added to the outlet, "I’m still that girl who used to clean."

For more on Andrades' journey, tune into PEOPLE (the TV Show!) on Monday night.
https://people.com/human-interest/woman-becomes-nurse-practitioner-at-hospital-she-was-custodian/

PEOPLE (the TV Show!) is a half-hour daily TV show inspired by the brand's unique combination of the most popular celebrity and inspirational human-interest stories, including entertainment news, exclusive interviews, feature stories, beauty and style, true crime and more.  The show is hosted by Kay Adams and Lawrence K. Jackson with correspondents Jeremy Parsons and Sandra Vergara. You can also stream the show daily at 7 p.m. ET/4 p.m. PT on People.com, PeopleTV app (OTT) and PEOPLE’s Facebook, Twitter and YouTube accounts.