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From: Douglas Grandt answerthecall@me.

com
Subject:Tipping point cometh - Oil & Gas had better move their assets out of the oil patch
Date:November 1, 2018 at 1:43 PM
To:Brian Hughes (Senate ENR-R) Brian_Hughes@energy.senate.gov, Melissa Enriquez (Senate ENR-R)
Melissa_Enriquez@energy.senate.gov, Suzanne Cunningham (Senate ENR-R) Suzanne_Cunningham@energy.senate.gov,
Mary Louise Wagner (Senate ENR Ctee-D) MaryLouise_Wagner@energy.senate.gov, Scott McKee (Senate ENR-D)
Scott_McKee@energy.senate.gov
Cc: U. S. Senator Bernie Sanders senator@sanders.senate.gov

Dear Lisa Murkowski,

As Chairman of the Senate Energy and Natural Resources Committee, you had better think
seriously about addressing the Big Oilephant in the room before the rich conservative investors
and oligarchs come to your door after your assets! What happens down under won’t stay down
under much longer. “Near worthless, stranded assets” are unacceptable everywhere.

You may think I am a pain in your back side, but if you continue to ignore these warnings
and fail to respond, greedy investors and oligarchs could be very hard on you. As Rex
Tillerson said to Charlie Rose, “my philosophy is to make money.” (Bit.ly/Salon15Dec18)

With the latest IPCC report on the table, give us the cold shoulder at your own risk.

You need to initiate a truly non-partisan responsible energy policy that demonstrates that
W.E.C.A.R.E. for World Energy Crisis Aversion & Readiness Endgame—the title is the
message. Write legislation that exemplifies that message and intent.

Best regards,
Doug Grandt
Putney, Vermont

Climate investment risk is 'diverse, urgent and complex': Colonial
By Ruth Williams 31 October 2018 — 6:00am | Sydney Morning Herald | Bit.ly/SMH31Oct18

One of Australia's biggest asset managers has warned that climate change
One of Australia's biggest asset managers has warned that climate change
poses "diverse, urgent and complex implications" for investors and
companies - but says unprecedented momentum is building for action.

Colonial First State Global Asset Management, which handles $212.7
billion in funds under management for investors worldwide, says it is
stepping up moves to assess and integrate climate risk as part of its
investment strategies - and says both companies and investors should be
further boosting their disclosure of climate-related risk, including on the
physical risks to assets and infrastructure posed by a changing climate.

Pablo Berrutti, Colonial's head of responsible investment for Asia Pacific,
said the recent report by the UN's Intergovernmental Panel on Climate
Change had focused minds on the need to keep global warming to 1.5
degrees - "not a good outcome, but it's a far better outcome than what it
could be, so I think it should focus all of our minds".

Meeting the target would require "significant ambition and innovation
across sectors", he said.

But told Fairfax Media he believed "we are starting to see a real tipping
point" on the issue, pointing to recent pushes by regulators for improved
climate risk disclosure by companies and investors, and a recent survey by
the Australian Institute of Company Directors rating climate change as
the top long-term priority directors wanted the federal government to
address.

"While we're unquestionably at a slow start compared to where we could
have been, I think you're seeing the greatest amount of momentum on
this issue that we've ever had," he said.

The federal impasse on energy and climate policies had played a part in
this delay, Mr Berrutti said. "Obviously, a clear and long term policy
framework that would allow investors to invest with confidence for the
future would be really helpful, but we're seeing investment happen in any
case because of the changing economics of renewable energy, for
example."
Climate change has been a recurring theme of this year's AGM season,
including at Origin Energy where a shareholder resolution on climate
change-related lobbying attracted an historic vote in favour of of almost
46 per cent.

Colonial's responsible investment and stewardship report, to be released
today alongside the Responsible Investment Association's conference in
Melbourne where Mr Berrutti is speaking, warns that climate change is
already having "real investment implications", with the asset manager
assessing companies not only on their carbon footprints - their direct and
indirect emissions - but also the risks thrown up by a transition to a low-
carbon economy, such as the potential for assets to be rendered near-
worthless, or stranded.

Colonial's report warns that a "narrow consideration" of climate change
risks – or any other so-called ESG related risk – could negatively impact
investment performance.

It says companies and investors should report to the guidelines produced
by the G20's Task Force for Climate Related Financial Disclosure (TCFD),
which is anchored on the Paris agreement's pledge to keep global
warming to well below 2 degrees.

“We believe climate breakdown has diverse, urgent and complex
implications for investors and the companies we invest in," Mr Berrutti
will say at the conference today. "However, the current approach to
assessing climate risk is not comprehensive enough."

It follows the warning from the Australian Securities and Investments
Commission last month that climate-risk disclosures by listed Australian
companies were "far too general and of limited use to investors," and that
just 17 per cent of the big companies examined had disclosed climate
change as a "material risk".
“I think you're seeing the greatest amount of
momentum on this issue that we've ever had.“
Pablo Berrutti

The Investor Group on Climate Change (IGCC) - which represents
Australian and New Zealand investors with more than $2 trillion of funds
under management, including Colonial First State Global Asset
Management - has warned that companies risked losing access to capital
if they fail to improve reporting on climate risk.

In 2017, Towers Watson ranked Colonial First State Global Asset
Management as Australia's second biggest asset manager, behind
Macquarie and in front of AMP. Its parent, the Commonwealth Bank, is
planning a demerger of the Colonial asset management operation -
known as First State Investments overseas - along with other businesses
in its portfolio.

smh.com.au/business/markets/climate-investment-risk-is-diverse-urgent-and-complex-
colonial-20181030-p50cub.html

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