Earlier this year QUAERO CAPITAL became a signatory to the Carbon Disclosure Project (CDP), an organization that campaigns for better disclosure of environmental performance data from companies, cities, states and regions. It aims to make environmental reporting and risk management a business norm, and drive disclosure, insight and action towards a sustainable economy.
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The US and Climate Change
While the European Union signals increasing ambition to curb carbon emissions, the common perception is that momentum in the US market is in the opposite direction. While the ambitions of the Trump administration have been to cut back environmental regulation, there are reasons to believe these reversals may be stalled. Factors to consider in the US market include:
Adopting behavioural finance approach
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2019 so far: European Small Cap Equity funds update
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The rise of the carbon price in Europe
The election of Ursula von der Leyen as the Head of the European Commission adds to momentum behind carbon emission reduction appetite in the EU. She promised a “European Green deal within the first 100 days of its mandate”. Objective: to make the European Union “the first carbon-neutral continent by 2050”. She confirmed her support for a CO2 emissions reduction target of 50-55% in 2030 compared to the 40% currently agreed, and she is considering a carbon tax at the borders, a proposal supported by France since 2009 but fiercely rejected by Germany whose industry is a major exporter. The new President also mentioned her willingness to extend the European carbon market (the EU-ETS) to construction, road transport and maritime transport sectors.
ESG in the US Market
Sustainable investment has evolved in the US market less rapidly than in Europe to date due to multiple reasons, one of which has been less ambitious regulation at the national level. ESG policy has become a partisan issue and the current administration has rolled back regulation, bucking the global trend. A recent whitepaper from Morningstar said that in the US, where climate change is a ‘contested concept’ ESG investment factors must be justified by explaining ‘why’, while in Europe they must explain ‘why not’. Despite this headwind, assets under management in ESG-oriented funds grew 40% to €684bn over the four years to the end of 2018.
Quaero Capital funds make a long-term investment in the Madrid-quoted family-owned Spanish pharma company Reig Jofre
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Les antennes et le cloud profitent aux infrastructures cotées
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The Circular Economy
In Geneva last month 180 countries agreed to limit the export of used plastics worldwide, in practice by requiring the agreement of the receiving state before export. For decades developed countries have been exporting plastic and toxic waste to Asia, claiming it will be recycled but in reality a significant proportion of it was buried due to contamination, incinerated or found on the ocean floor.
Un fonds de place serait une approche gagnant-gagnant
Dans cet article paru dans Le Temps du 3 juin, notre CEO Jean Keller explique pourquoi Genève ferait bien de s’inspirer de l’exemple français en créant un fonds de place.
En apportant du capital d’amorçage, un tel instrument favoriserait l’innovation financière en permettant à de nouveaux gérants et de nouvelles stratégies d’émerger.