The next 12 months will represent a sea change in investor attitudes towards responsible investing, the chief executive of one of the world's largest asset managers said.
"I think 2021 is going to be the year where the tide turns," Ronald O'Hanley, chairman and chief executive of State Street Corporation said at the Future Investment Initiative conference in Riyadh on Wednesday evening.
"The investors want this ... they recognise that it needs to be part of their investment risk framework. And what they're looking for is the measurement infrastructure, the projects, the products," said Mr O'Hanley, whose US-based company is the world's third-largest money manager, with $3.5 trillion of assets under management as of December 31.
"So I think you'll go from a sense of maybe a few years ago that there's not enough money interested in this, to there's plenty of money interested in it."
Investors are becoming more discerning about whether the projects they are offered are the right investments and if they actually achieve the benefits expected, Mr O'Hanley said.
ESG investing is growing in significance. According to the Forum for Sustainable and Responsible Investment, the amount of US-domiciled assets under management using sustainable investing strategies grew to $17.1tn at the beginning of last year, up from $12tn in 2018. They now account for about one-third of assets under professional management in the country.
The amount of sustainable debt – green bonds and loans – issued last year grew to $732.1bn, a 29 per cent year-on-year increase, according to BloombergNEF.
The main issue faced by the industry remains one of standards. A plethora of benchmarks have been developed by different bodies over the years, all of which use their own definitions. Efforts are being made by a number of bodies to harmonise terms, with the European Union currently drawing up its own taxonomy and the World Economic Forum this week stating that 61 companies employing more than seven million people had signed up to its set of metrics.
"There are a lot of efforts to really try to bring ESG standards and taxonomy into a more standard kind-of state," Adena Friedman, the president and chief executive of Nasdaq, said. Giving investors a common method for measuring investments and companies a common way to report "would be the best thing that we could do for the future of ESG investing," she said.
The IFRS Foundation, the non-profit body that looks to set global accounting standards, recently held a consultation on developing global sustainability rules, which is "worth paying attention to", London Stock Exchange Group's chief executive, David Schwimmer said, particularly because of the role it already plays in global governance and its links to securities regulators.
"I think it's really important to achieve this kind of global consensus. It would be great to have alignment on a global framework," Mr Schwimmer said.
Speaking on a separate panel, Sarah Al Suhaimi, chairwoman of Saudi Arabia's stock market, Tadawul, said the bourse is working on its own set of guidelines.
"ESG is on top of our list. We are working right now on developing our own ESG standard for our listed companies to comply with. We see the demand on this increasing from local and international investors."
There is a "growing ambition around the world to take more action to address climate change, to put more capital to work to address climate change", Mr Schwimmer said.
"We're seeing it from market participants, we're seeing it from regulators, we're seeing it from politicians. We're seeing the assets under management growing in Asia Pacific, the US and EMEA."
Company%20profile
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
Blonde
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Global state-owned investor ranking by size
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United States
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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South Korea
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COMPANY%20PROFILE
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At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Fight card
1. Featherweight 66kg: Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg: Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg:Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg: Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg: Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg: Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg: Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg: Mostafa Radi (PAL) v Ahmed Abdelraouf of Egypt (EGY)
9. Featherweight 66kg: Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg: Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
UAE currency: the story behind the money in your pockets
Read more about the coronavirus
The biog
Name: Shamsa Hassan Safar
Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
Favourite music: Mohammed Abdu and modern Arabic songs
Favourite way to spend time off: Family visits and spending time with friends
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
MATCH INFO
FA Cup fifth round
Chelsea v Manchester United, Monday, 11.30pm (UAE), BeIN Sports
The%20National%20selections
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Results
Stage Two:
1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45
2. Jasper Philipsen (BEL) Alpecin-Fenix
3. Pascal Ackermann (GER) UAE Team Emirates
4. Olav Kooij (NED) Jumbo-Visma
5. Arnaud Demare (FRA) Groupama-FDJ
General Classification:
1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03
2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04
3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06
4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10
5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12
