State Street Joins Global Leaders to Address Climate Change Risk at Vatican Gathering
June 14 2019 - 2:52PM
Business Wire
State Street Corporation (NYSE: STT), (State Street), today
announced that it has signed Participant Statements on Climate Risk
Disclosures and Carbon Pricing following the “Energy Transition and
Care for Our Common Home” summit hosted by the Vatican’s Dicastery
for Promoting Integral Human Development and the University of
Notre Dame.
During the Vatican’s second climate change gathering of this
kind, State Street’s president and chief executive officer, Ron
O’Hanley, joined leaders from the investment and oil and gas
sectors to discuss effective action to keep global warming below
the two degrees centigrade threshold.
“We applaud the Vatican and the University of Notre Dame for
bringing together this diverse group to explore constructive
ways to transition more quickly and effectively to
a cleaner energy world,” said O’Hanley. “We
endorse the energy companies’ call for a market-based carbon
pricing mechanism and will work with the companies in which we
invest to improve climate-related risk disclosures.” This is
aligned with the efforts of the Taskforce on Climate-Related
Financial Disclosures (TCFD), which State Street joined in
2017.
State Street has long believed that corporate boards have a
responsibility to effectively oversee the assessment of material
risk to long-term strategy posed by climate change, including the
implications of transitioning to a low carbon economy. In 2017,
State Street Global Advisors, the asset management business of
State Street, called on oil and gas companies to improve the
reporting and disclosures related to climate change risk
assessment.
Today, State Street Global Advisors is releasing an update
[link] on the state of climate-related disclosures in the oil and
gas, mining, and utilities sectors, which acknowledges that
progress has been made, but notes that there is room for
improvement on disclosing how climate risk scenario analysis
influences long-term strategy and capital allocation decisions.
“We believe that in many cases climate change poses serious
risks to long-term value creation, “ said Rakhi Kumar, head of ESG
Investments and Stewardship. “We applaud the industry’s call for
uniform carbon pricing and recommend that all market participants
come together to identify baseline carbon pricing that incentivizes
meaningful change in a systematic and expeditious manner.”
To view the Participant Statement on Climate Risk Disclosure,
please see here.
To view the Participant Statement on Carbon Pricing, please see
here.
To view Pope Francis’s remarks, please see here (in
Italian).
To read the University of Notre Dame’s and the Vatican’s press
release, please see here.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management and
investment research and trading. With $32.6 trillion in assets
under custody and administration and $2.8 trillion* in assets under
management as of March 31, 2019, State Street operates globally in
more than 100 geographic markets and employs approximately 40,000
worldwide. For more information, visit State Street's website at
www.statestreet.com.
* Assets under management include the assets of the SPDR® Gold
ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $33
billion as of March 31, 2019), for which State Street Global
Advisors Funds Distributors, LLC (SSGA FD) serves as marketing
agent; SSGA FD and State Street Global Advisors are affiliated.
State Street Corporation One Lincoln Street, Boston, MA
02111-2900.
© 2019 State Street Corporation - All Rights Reserved
Expiration Date: June 30,2020
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Marc Hazelton+1
617-662-1860Mhazelton@statestreet.com@StateStreet
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