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ClientEarth warns the Mineworkers’ Pension Scheme trustees that failing to address climate-related financial risks may constitute a breach of fiduciary duty. The letter outlines the material risks associated with fossil fuel assets, the opportunities in the low-carbon transition, and emerging market standards for asset owners. It provides a detailed set of recommended actions, including reallocating capital away from coal and high-carbon assets, adopting TCFD-aligned reporting, and pursuing active stewardship of portfolio companies.

ClientEarth warns the National Grid UK Pension Scheme trustees that treating climate risk merely as part of general ESG issues may be insufficient to meet their legal obligations. The letter outlines material financial risks associated with fossil fuels, the potential for returns from low-carbon investments, and emerging market standards for asset owners. It concludes with a set of recommended actions, including reallocating capital away from coal and high-carbon assets, adopting TCFD-aligned reporting, and pursuing active stewardship of portfolio companies.

The document argues that climate change represents a material financial risk that pension trustees must consider to fulfill their legal duty to act in the best interests of members. It highlights the vulnerability of fossil fuel assets, the potential for low-carbon investment returns, and emerging market standards among OECD asset owners. ClientEarth provides a detailed framework for the scheme to evaluate risk, reallocate assets away from coal and high-risk fossil fuels, and implement active stewardship and TCFD-aligned reporting.

ClientEarth warns the Rolls-Royce Pension Scheme trustees that treating climate risk merely as a general ESG issue may expose them to legal challenges for breach of fiduciary duty. The letter asserts that climate change is a material financial risk, particularly for fossil fuel assets, and that transitioning to low-carbon investments can protect portfolios without sacrificing returns. It provides a detailed framework for action, including reallocating capital away from coal and high-risk fossil fuels, adopting TCFD-aligned reporting, and implementing active stewardship policies to ensure portfolio companies align with the Paris Agreement.

ClientEarth warns the Shell Contributory Pension Fund trustees that failing to strategically manage climate risk may breach their fiduciary duty to act in the best interests of members. The letter asserts that climate change is a material investment risk and provides evidence that fossil fuel assets, particularly coal, are highly exposed to financial losses. It highlights emerging market standards among OECD asset owners, including the use of TCFD frameworks and divestment policies. ClientEarth recommends specific actions: evaluating physical and transitional risks, reallocating capital away from coal and risky fossil fuels, and pursuing active stewardship to align portfolio companies with the Paris Agreement.

ClientEarth argues that the Tesco Pension Scheme trustees may be breaching their fiduciary duties by failing to identify and mitigate specific climate change risks. The letter asserts that climate risk is a material financial risk and provides evidence that fossil fuel assets, particularly coal, are highly exposed to losses. It further claims that low-carbon investing does not compromise returns and that market standards are shifting toward robust climate governance and divestment. ClientEarth recommends a series of actions, including reallocating capital away from coal and risky fossil fuels, adopting TCFD-aligned reporting, and implementing active stewardship policies to ensure portfolio resilience.

The report argues that climate change poses significant physical and transition risks to financial assets, particularly in high-carbon sectors, and that these risks are often not adequately priced into the market. It highlights the potential for 'stranded assets' in fossil fuels and coal, while simultaneously identifying substantial growth opportunities in renewable energy, green infrastructure, and energy efficiency. The document concludes that climate-aware investing is a necessity that can match or outperform conventional benchmarks without sacrificing returns.

The report warns that sea level rise puts hundreds of thousands of US coastal properties at risk of chronic inundation, potentially leading to a collapse in real estate values and a significant erosion of local tax bases. Using a high sea level rise scenario, the analysis projects that by 2100, nearly 2.5 million properties valued at $1.07 trillion today will be at risk. The authors argue that current financial markets and government policies mask these risks, creating a 'narrowing window of opportunity' for communities to adapt. The report highlights particular vulnerabilities for low-income populations, the elderly, and specific states like Florida and New Jersey, while advocating for updated flood maps, transparent risk disclosure, and a shift away from subsidized insurance and disaster aid that encourages rebuilding in high-risk areas.

The report examines the intersection of climate change and fiduciary duty for public pension fund trustees. It identifies four primary financial risks—physical impact, carbon asset, transition, and litigation—and argues that these risks necessitate the exercise of duties to inquire, monitor, diversify, and act impartially. The document suggests that failure to account for these risks may lead to lawsuits for breach of fiduciary duty, particularly regarding the interests of future beneficiaries. Recommended actions include modifying investment principles, divesting from climate-vulnerable assets, active shareholder engagement, and investing in clean energy.

A group of US investors filed a class action lawsuit against Exxon Mobil Corporation on 8 November 2016, alleging the company made "false and misleading statements" about climate change impacts to artificially inflate its value. The claim follows a 13% drop in stock price and reports that Exxon may need to write down nearly 20% of its oil and gas assets. The document warns that other oil majors, including Chevron, Oxy, ConocoPhilipps, Total, BP, and Shell, also show poor disclosure quality according to InfluenceMap, and urges investors to engage with companies to ensure robust disclosure of energy transition risks.

The report highlights the risk posed by 'self-bonds' in the coal industry, where companies avoid posting collateral for land and water reclamation. With $3.86 billion in outstanding self-bond obligations nationwide—$2.4 billion of which is held by companies in bankruptcy—the author warns that taxpayers may be forced to fund costly environmental restoration if regulators do not act to curtail this practice.

The document argues that voluntary ESG reporting is insufficient due to lack of comparability and completeness, and that mandatory disclosure is necessary to address material financial risks associated with climate change, resource scarcity, and social justice norms.

The paper argues that off-taker risk—specifically the risk of delayed payments from state-level public sector electricity distribution companies (DISCOMs)—deters foreign investment in India's renewable energy sector. While the Indian government has implemented payment security mechanisms (PSMs) under the Jawaharlal National Solar Mission (JNNSM), the authors contend these lack transparency and are inadequate in size. To address this, the authors develop a framework based on credit and financial guarantees, utilizing probability of default (PD), exposure at default (EAD), and recovery after default (RAD). Applying this framework to the Solar Energy Corporation of India (SECI) for JNNSM Phase 2, Batch 1, the authors estimate a required PSM size of INR 4160 million (INR 5.55 million/MW), which is more than 2.5 times the size of the existing INR 170 crore facility. The document concludes that transparent, adequately sized PSMs are essential to mobilize foreign capital and efficiently use public funds.

A letter from investors and the Union of Concerned Scientists to Exxon Mobil requesting disclosure of physical climate risks to coastal refineries, citing SEC guidance and the vulnerability of specific Texas and Louisiana facilities to sea level rise and storm surges.

The report examines how the transition to a low-carbon economy creates 'stranded assets'—assets that suffer premature write-downs or devaluation due to climate change, regulation, or technological shifts. It highlights that traditional market valuations often ignore long-term carbon budgets, leading to overinvestment in fossil fuels. The author provides specific risk assessments from HSBC, noting that 40-60% of the market value of major European oil and gas companies is at risk. To mitigate these risks, the document proposes reforms in capital regulation for high-carbon industries, fiscal incentives for sustainable investment, financial regulation that accounts for climate stability, and the adoption of climate targets by institutional investors.

The document examines how the global shift toward a low-carbon economy creates the risk of 'stranded assets'—productive assets that suffer premature write-offs or downward revaluations. It highlights that current market valuations often ignore long-term carbon targets, leading to overinvestment in fossil fuels. Using HSBC analysis, the report quantifies potential value losses in the coal and oil and gas sectors, while also noting the impact of water stress on China's energy sector. It concludes by recommending four themes for capital market alignment: capital stewardship in high-carbon sectors, linking financial incentives to ESG factors, climate-proofing financial regulation, and setting portfolio climate targets for institutional investors.

The report argues that South African institutional investors, as 'universal owners', face material financial risks from climate change and water scarcity, which are currently underpriced in securities markets. It highlights that listed coal reserves exceed scientific carbon budgets and that water scarcity poses significant operational risks to water-intensive sectors. The document recommends a shift toward low-carbon and water-responsible investments, calling for regulatory interventions to create investment-grade green financial products and mandatory ESG disclosures to avoid stranded assets and systemic market shocks.

The report finds that South African coal reserves earmarked for domestic use exceed the country's potential carbon budget through 2050, creating a risk of 'unburnable carbon' and stranded assets. It argues that current capital expenditure on developing new coal resources is incompatible with climate goals and urges investors to challenge the business models of coal miners.

The document outlines the financial hazards of investing in new or retrofitted coal plants in the U.S., citing competition from natural gas and renewables, rising fuel costs, and the likelihood of future carbon pricing. It highlights that coal is no longer the low-cost option it once was and that many existing plants are inefficient and ripe for retirement. The report suggests that the U.S. can replace most coal power with renewable energy, demand reduction, and natural gas within 15 to 20 years.

The report details the financial hazards of investing in coal power, highlighting that new coal plants are now more expensive than many cleaner options. It identifies several risk factors: eroding market share due to energy efficiency, renewables, and natural gas; volatile coal prices driven by global demand (especially from China and India); and high, unpredictable construction costs. Additionally, the document emphasizes the financial liabilities posed by EPA regulations regarding air toxins, coal ash, and cooling water, as well as the long-term risk of carbon pricing. It concludes that the traditional cost and baseload advantages of coal have disappeared, making it an unacceptably risky investment compared to a transition toward a diversified, sustainable energy system.