September 25, 2018 GPIF Selected Global Environmental Stock Indices Government Pension Investment Fund GPIF promotes ESG investment for the purpose of improving the long-term return of the whole asset by reducing the negative externality to the environment and society. GPIF called for applications of environmental indices for global equities and has been in the process of selection as GPIF holds the view that among important ESG issues, environmental concerns such as climate change represent a cross-border, global challenge. GPIF selected two indices that are constructed with the same ology and commenced passive investment tracking these indices. Selected Indices Asset Name of index Japanese Equities SP/JPX Carbon Efficient Index Non-Japanese Equities SP Global Ex-Japan LargeMid Carbon Efficient Index Main Characteristics of the indices 1. Both indices overweight companies that have high carbon efficiency 1 within the same industry and/or disclose the amount of carbon emissions. 2. Both indices adjust the over/underweight of companies in accordance with the damage on the environment by each industry to which the companies belong companies, which belong to an industry that have more damage on the environment, are more incentivized to improve their carbon efficiency and disclosure. 3. SP/JPX Carbon Efficient Index covers all companies that are listed on the first section of Tokyo Stock Exchange with some illiquid stocks excluded thus the coverage is broader than other ESG indices. Comment by President Norihiro Takahashi GPIF hopes that the selected Global Environmental Stock indices will provide an opportunity for companies to work on carbon efficiency and disclosure. These indices are not constructed by the divestment of companies that have more damage on the environment, nevertheless lead to accomplish lowering climate change risks by significantly reducing carbon emissions of the portfolio. Moreover, the indices can include small listed companies that were not covered by other ESG indices, which goes along with GPIF’s idea to improve the sustainability of the overall market. GPIF invests 1.2 trillion yen approximately 10 billion dollar at home and abroad in the passive funds tracking these Global Environment Stock Indices. GPIF will continue to actively engage in ESG investment so as to maintain pension reserves for the future generations. 1 carbon efficiency is the ratio of company’s greenhouse gas emissions to the revenue.
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