1International Energy Agency, 2022. Global Energy Review: CO2 Emissions in 2021, https://www.iea.org/reports/global-energy-review-2021
2Intergovernmental Panel on Climate Change, 2022. Climate Change 2022: Mitigation of Climate Change, www.ipcc.ch/report/ar6/wg3/downloads/report/IPCC_AR6_WGIII_SPM.pdf
3PBS News Hour Borenstein, S, 2022. Study finds nations can keep global warming to 2 degrees if pledges are met, www.pbs.org/newshour/world/study-finds-nations-can-keep-global-warming-to-2-degrees-if-pledges-are-met
4International Energy Agency , 2022, Net Zero by 2050 – A Roadmap for the Global Energy Sector, https://www.iea.org/reports/net-zero-by-2050
5Vohra, K, Vodonos, A, Schwartz, J, Marais E A, Sulprizio, M P, Mickley, L J, 2021.Global mortality from outdoor fine particle pollution generated by fossil fuel combustion: Results from GEOS-Chem, www.sciencedirect.com/science/article/abs/pii/S0013935121000487
6Nature Climate Change, 2022, Stranded fossil-fuel assets translate to major losses for investors in advanced economies, www.nature.com/articles/s41558-022-01356-y
7An exemption applies to some fixed income investments 'use of proceeds' securities such as green, social, and sustainability bonds issued by companies, that may have otherwise been screened out, to fund projects with dedicated environmental and/or social benefits and to government, government related/ supranationals. Exemptions do not apply to sustainability-linked bonds.
8In certain circumstances, there may be an exception to the less than 5% revenue threshold if a company has publically reported, in line with the Task Force on Climate-related Financial Disclosures (TCFD), on its progress to net zero by 2050 with a clear transition plan that also addresses thedecommissioning, rehabilitation and social impacts of the transition. This will only be considered for a company where the excluded fossil fuel revenues remain a small part of their overall revenue.