Climate Change as an

Investment Criterion

Howard Covingtonhcovington@clientearth.org

Sunny Foothills

• 12,000 years• Elk-bones to iphones• Campfires to cities• 1m to 10bn

Foggy Mountains

• Climate• Oceans• Species• Damage?

Simple Appearance

• Solar/wind• Efficiency• Storage• CCS/Bio/H2

• Cost?

Complex in Practice

• Carbon price• China/US• Best/Good• Big Oil/Coal?

The Empire Strikes Back

• Maximise value• Prevent transition• Increase climate risk

• Carbon Tracker

• 350.org

• ClientEarth

Return of the Jedi

Forceful Engagement

• Divestment• Voting• Litigation

The Future Beckons

• Opportunity• Risk• Action