Belegeggen & Portefeuille - FOR PROFESSIONAL Investors

Adapting portfolios to
climate change

By BlackRock

De belangrijkste punten in het Nederlands:

Als belegger kunt u niet langer voorbijgaan aan klimaatverandering, al was het maar omdat er steeds meer klimaat-gerelateerde regels en technologische aankomen. In dit rapport laten zes van onze experts zien hoe beleggers de risico’s van klimaatverandering in hun portefeuille kunnen verzachten, er valt te profiteren van kansen, of hoe er met beleggingen een positieve impact is te leveren:

  • We behandelen fysieke risico’s en kansen (bv. extreem weer), technologische (bv. vooruitgang op het gebied van efficiënte energie), sociale, en veranderingen op op het gebied van wet- en regelgeving.
  • Hoe langer de beleggingshorizon, hoe groter het opgetelde effect van klimaatverandering op de portefeuille is. Maar ook op de kortere termijn is er een meetbaar effect. We laten zien welke strategieën en gereedschappen er in de markt beschikbaar zijn om in te spelen op klimaatverandering.
  • We behandelen de incentives en penalties die bedrijven te wachten staan als gevolg van overheidsinspanningen om CO2-uitstoot terug te brengen – en wat dat betekent voor beleggers.


Key highlights

  • We detail how climate change presents risks and opportunities through four channels: 1) physical: more frequent and severe weather events; 2) technological: advances in batteries, electric vehicles or energy efficiency; 3) regulatory: subsidies, taxes and energy efficiency rules, and; 4) social: changing consumer and corporate preferences.
  • The longer an asset owner’s time horizon, the more climate-related risks compound. Yet even short-term investors can be affected by regulatory and policy developments, technological disruption or an extreme weather event.
  • We show how all asset owners can — and should — take advantage of a growing array of climate-related investment tools and strategies to manage risk, search for excess returns or improve their market exposure.
  • We detail what many see as the most cost-effective way for governments to meet emissions-reduction targets: policy frameworks that result in realistic carbon pricing. These would incentivise companies to innovate and help investors quantify climate factors. We see them as a scenario investors should prepare for.

Warming paths

Scenarios for global temperatures, 2010-2100

Warming paths: Climate change and global markets

The speed of the energy transition is key to assessing climate risks and opportunities. Most countries have submitted plans to reduce carbon emissions in so-called intended nationally determined contributions (INDCs). The aim is to limit global warming to less than two degrees Celsius (2°C) above pre-industrial levels - the threshold where many scientists see irreversible damage and extreme weather effects kicking in.

Yet the INDCs are just a first step, as the chart above shows. No action at all or current policies would lock in much more severe warming. Slow action would mitigate regulatory risk in the short run, but raise the possibility of extreme weather events. These events, in turn, could prompt more drastic policy actions down the road. The bolder the policy action taken today, by contrast, the greater the "transition risk" for industries and assets due to fast technological and other changes.



About our experts

Poppy Allonby
Portfolio Manager, BlackRock Natural Resources Team
Poppy Allonby, CFA, Managing Director, is a member of BlackRock's Natural Resources Team and is responsible for approx. $4 billion in global Energy investment ...
Michelle Edkins
Global Head, BlackRock’s Investment Stewardship Team
Michelle Edkins is a Managing Director at BlackRock and Global Head of its Investment Stewardship team of 22 specialists based in five key regions ...
Ryan LaFond
Team Member, BlackRock Scientific Active Equity
Isabelle Mateos y Lago
Global Macro Strategist, BlackRock Investment Institute
Isabelle Mateos y Lago, Managing Director, is a global macro investment strategist in the BlackRock Investment Institute and senior advisor to Philipp ...
Ashley Schulten
Portfolio Manager, BlackRock’s Green Bond Mandates
Ashley Schulten, Director, is the Head of Climate Solutions, Fixed Income, within the Portfolio Solutions Group. Ms. Schulten is a portfolio manager on global ...
Ewen Cameron Watt
Senior Director, BlackRock Investment Institute
Ewen Cameron Watt, Managing Director, is the senior director of the BlackRock Investment Institute, a global platform that leverages BlackRock's global ...

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