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SRI Briefings - Jun 2007 - UBS Global Warming Index - Weather Derivatives - ilija Murisic
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SRI Briefings - Jun 2007 - UBS Global Warming Index - Weather Derivatives - ilija Murisic

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SRI Briefings - Jun 2007 - UBS Global Warming Index - Weather Derivatives - ilija Murisic …

SRI Briefings - Jun 2007 - UBS Global Warming Index - Weather Derivatives - ilija Murisic

Keywords: auction, CDD, CME, derivatives, futures, global warming, HDD, ilija murisic, Index, UBS, UBS Global Warming Index, Weather

Published in: Economy & Finance

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  • 1. SRIBBond market sparks ethical interests riefings Independent analysis of responsible investment issues MAY/JUN 2007 — Issue 10 !"#$%#$&Bob Cripps explores the opportunity for SRI in fixed income investments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R! ,&@.&8&%.1! .92/+*! $8! /$.:,! 70+! /++.!.$*2(()! @&0+! ,$2+! &.:&%1&$.! $8! 17+! 89.:&.@! &,,9+:! 1$! 8&..%+! -9/(&%! 1*.,-$*1>! -*1&%9(*()! *&(B),>! /)! +.1&1&+,! ,9%7! ,!-9*-$,+!,!-*1!$8!17+&*!%$22+.1*)<!! C+1B$*F!4&(!.:!I9*$8&2!U!17+!I9*$-+.!@+.%)!8$*!8&..%&.@!17&,!,+%1$*<!! =7+*+! *+! (,$! $--$*19.&1&+,! &.! 17+! 91&(&1&+,! ,+%1$*>! :+,-&1+! 17+&*! -1%7)!Investment opportunities *+%$*:!&.!*+,!,9%7!,!17+!+.0&*$.2+.1<!L$B+0+*>!!.92/+*!$8!%$2-.&+,!available 171!8$%9,!$.!+.0&*$.2+.1(!-*$J+%1,!70+!(&,1+:>!-*1&%9(*()!&.!B&.:!+.+*@)! -*$J+%1,<! =7+,+! *+! .$*2(()! 0+*)! -$,&1&0+! 8$*! 2$,1! +17&%(! &.0+,1$*,<! 1) Construction of ethical income portfolios 4+.+B/(+! I.+*@)! S+.+*1&$.! &,! .! R(1+*.1&0+! 5.0+,12+.1! K*F+1! (&,1+:! I17&%(!&.%$2+!-$*18$(&$,!*+!%$.,1*9%1+:!B&17! %$2-.)! B&17! &.1+*+,1,! &.! B&.:! 8*2,! &.! M$*.B((! .:! H$(.:>! .:! !17+! $/J+%1&0+! $8! -*$:9%&.@! &.%$2+! *17+*! 17.! -$*18$(&$! $8! ,2((! :+0+($-2+.1! $--$*19.&1&+,! $.! 8*2,<! =*&$:$,! 4+.+B/(+!%-&1(!--*+%&1&$.!,!17+&*!-*&.%&-(+!$/J+%1&0+<! I.+*@)! E9.:! &,! .! 9.(&,1+:! &.0+,12+.1! %$2-.)! 8$%9,&.@! $.! %$229.&1)!=7+)! %$2-*&,+! /$17! +;9&1)! .:! 8&A+:! &.%$2+! /,+:! B&.:! 8*2,<! =7+,+! &.0+,12+.1,! ,7*+! ! .92/+*! $8! %7*%1+*&,1&%,<!,+%9*&1&+,<!K$,1!&.%$2+!&.0+,1$*,!B&((!,1&((!70+! =7+!*+19*.!&,!+A-+%1+:!1$!-*&2*&()!%$2+!8*$2!&.%$2+V!(17$9@7!&1!&,!($B!1$!,$2+! (($%1&$.! 1$! +;9&1&+,<! L$B+0+*>! 17&,! ,1*1!B&17>!-*$,-+%1&0+!)&+(:,!2)!*+%7!"W!-+*%+.1!$*!2$*+!&.!!8+B!)+*,<!,,+1! %(,,! 9,+:! 1$! /+! -*$/(+21&%! 8$*! +17&%(! =7+)! *+! ,1*$.@()! ,,+1! /%F+:! B&17! 17+! ,,+1,! :+-*+%&1+:! $0+*! "W! 1$! XW!&.0+,1$*,! ,++F&.@! &.%$2+<! L&,1$*&%(()>! +17&%(! )+*,>!(17$9@7!17+*+!2)!/+!$--$*19.&1&+,!1$!*+8&..%+!$*!*+:+0+($-<!Y7&(+!&.0+,1$*,! B$9(:! 70+! +A%(9:+:! 2.)! 7&@7+*! .$1!B&17$91!*&,F,>!17+,+!%7*%1+*&,1&%,!2F+!17+2!@+.+*(()!($B+*!*&,F!17.!&.%$2+! +;9&1&+,<! #+%1$*,! ,9%7! ,! 1$/%%$>! 2$,1! $17+*! %(+.! +.+*@)! &.0+,12+.1,>! B7&%7! *+! $81+.! +*()! ,1@+! .:! !.19*(!*+,$9*%+,!.:!+*$,-%+!70+!1)-&%(()! ($.@!B)!8*$2!-*$8&1/&(&1)<!8$*2+:! 17+! %$*+! $8! 2.)! &.%$2+! -$*18$(&$,<! N$.:!&,,9+,!1$!8&..%+!,$%&(!7$9,&.@!70+!(,$!/+%$2+!;9&1+!%$22$.<!C$B>! 17+*+! *+! &.%*+,&.@! $--$*19.&1&+,! 8$*! #$! 8$*! +A2-(+! 17+! LNZ#! =*+,9*)! [<]^_! `W"W! &,! /%F+:! /)! ($.,! 1$!+A2-(+! 1$! &.0+,1! &.! +17&%(()! %%+-1/(+! 7&@7! ,$%&(!7$9,&.@!$*@.&,1&$.,!.:!&1!7,!/++.!,1*9%19*+:!1$!/+!RRR!*1+:!U!)&+(:&.@!+;9&1&+,!&.!&.:9,1*&+,!,9%7!,!/.F&.@>! 17+!7&@7+,1!;9(&1)<!1+(+%$229.&%1&$.,>! -9/(&%! 1*.,-$*1! .:!91&(&1&+,<! (Continued on page 2)SRI Briefings — Independent analysis of responsible investment issues ISSUE 10, MAY/JUN 2007 , ISSN 1749-589X !"!
  • 2. In Brief …..Business opportunities for asset financeClimate change can bring business opportunities for the asset finance industry according to a new report by the UKSocial Investment Forum (UKSIF), Green opportunity: accelerating the financing of the low carbon assets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b=7+*+! &,! !+A-+%1! 17+&*! %$2-.&+,! 1$! ,7$B! &.%*+,&.@! %1&0&1)! &.! 17&,! ,&@.&8&%.1! $--$*19.&1)! 8$*! $9*! ,,+1! 8&..%+! 2+2/+*,! 1$!*+<! =7+)! 8$*+%,1! 171! %(&+.1,! B$9(:! ($$F! 1$! *+:9%+! 17+&*! ,9--$*1! 17+! 9,+! $8! ($B! %*/$.! %-&1(! +;9&-2+.1>! /+.+8&1&.@!+A-$,9*+! 1$! 8919*+! &.%*+,+,! &.! +.+*@)! %$,1,! .:! %91! 17+&*! %(&21+!%7.@+!.:!&.%*+,&.@!.+B!/9,&.+,,<c!%*/$.!+2&,,&$.,<!#9%7!!2$0+!B&((!*+,9(1!&.!+0+*!&.%*+,&.@! =7+! EPR! &,! 17+! -*&.%&-(! *+-*+,+.11&0+! $8! 17+! ,,+1>!:+2.:<! %$.,92+*!.:!2$1$*!8&..%+!,+%1$*,!&.!17+!QT>!B&17!2+2/+*,! R! *.@+! $8! :*&0+*,! 8$*! ,,+1! 8&..%+! %$2-.&+,! .:! 17+&*! %7&+0&.@!daX!/&((&$.!3e"X!/&((&$.6!$8!.+B!/9,&.+,,!&.!`WWf<!,1F+7$(:+*,!B+*+!&:+.1&8&+:<!=7+,+!&.%(9:+V!Canadian SRI assets show growthCanada’s SRI assets have rocketed to an estimated C$503.6 billion (US$436.3 billion) on the back of growinginstitutional interest in socially responsible investment, according to a recent study by the country’s Social InvestmentOrganisation (SIO). This is an increase from C$65.5 billion in 2004. =7+! ,19:)! &,! /,+:! $.! ! ,9*0+)! $8! #45! ,,+1,! %$.:9%1+:! .+B!--*$%7!&.!#45<!+0+*)!1B$!)+*,<! =7+! ,19:)! 8$9.:! 171! 17+! /&@! &.%*+,+! &.! #45! ,,+1,! B,! =7+!,19:)!8$9.:!171!Me^]<[!/&((&$.!&.!,,+1,!B+*+!&.0+,1+:! 2&.()! :9+! 1$! 17+! *+%+.1! :$-1&$.! $8! #45! -$(&%&+,! .:!%%$*:&.@!1$!%$*+!#45!,1*1+@&+,>!17$,+!&.%$*-$*1&.@!0(9+,D -*%1&%+,!/)!!.92/+*!$8!(*@+!-9/(&%!-+.,&$.!89.:,<!/,+:!:+%&,&$.,!/$91!&.0+,12+.1!,+(+%1&$.!.:!2.@+2+.1!B&17!*&,F!.:!*+19*.!%$.,&:+*1&$.,<! b5,,9+,! ,9%7! ,! %(&21+! %7.@+>! 792.! *&@71,! .:! &.1+*.1&$.(! :+0+($-2+.1! *+! @+.+*1&.@! +.$*2$9,! -9/(&%! =7+! *+2&.:+*>! Me[[]<`! /&((&$.! &.! ,,+1,! B,! &.0+,1+:! .:!8&..%&(!&.:9,1*)!%$.%+*.<!5.0+,12+.1!2.@+*,!*+!.$B!%%$*:&.@! 1$! /*$:! #45! ,1*1+@&+,>! -*&2*&()! /,+:! $.! ! *+%$@.&,&.@!17&,>!.:!:$-1&.@!,$%&(()!*+,-$.,&/(+!&.0+,12+.1!8&:9%&*)! .(),&,! $8! 17+! *&,F! .:! *+19*.! %7*%1+*&,1&%,! $8! -$(&%+,! .:! ,1*1+@&+,! ,! ! *+,9(1>c! ,&:! I9@+.+! I((2.>!+.0&*$.2+.1(>! ,$%&(! .:! @$0+*..%+! &,,9+,! U! ! *+(1&0+()! +A+%91&0+!:&*+%1$*!$8!17+!#5Z!&.!!,11+2+.1<!Hedging the weatherUBS Investment Bank has launched the first Global Warming Index (GWI), a tradable benchmark for global investmentsin the weather derivatives market. Designed to reflect the current need of the investment community it provides asimple transparent way to obtain exposure to the weather asset class. =7+! &.:+A! &,! %$.,1*9%1+:! 9,&.@! (&;9&:>! %1&0+()! 1*:+:! MKI! *$,+! 8*$2! ea<]! /&((&$.! &.! `WW[DW^! 1$! $0+*! e[^! /&((&$.! &.!L+1&.@! g+@*++! g)! .:! M$$(&.@! g+@*++! g)! B+17+*! `WW^DWf>!%%$*:&.@!1$!!*+%+.1!*+-$*1!8*$2!HBM<!8919*+,! %$.1*%1,<! =7&,! 1)-+! $8! %$.1*%1! ,+11(+,! $.! 17+!:&88+*+.%+! /+1B++.! 17+! R0+*@+! g&()! =+2-+*19*+! .:! ! QN#! &,! 7$-+89(! 171! 17+! &.:+A! B&((! 19*.! 17+! %$2-(+A&1&+,! $8!@&0+.!N,+!=+2-+*19*+>!%%$*:&.@!1$!QN#<! &.0+,1&.@!&.!17+!B+17+*!&.1$!!-$-9(*!,,+1!%(,,<!bY+17+*! :+*&01&0+,! 0$(92+,! 70+! &.%*+,+:! :*21&%(()! $0+*! 17+! =7+! SY5! B&((! &.&1&(()! /+! /,+:! $.! "^! 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  • 3. In Brief …..Kew Insurance launches green home policyUK insurance brokers Kew Insurance have launched an innovative Simply Green home insurance policy, whichoffers discounts ranging from five percent to 20 percent off the usual cost of home insurance. The policy willreward home insurance customers who make the ‘Green Promise’ to take measures to cut carbon emissionswithin their home. L$2+$B.+*,! B7$! 1F+! 2&.$*! ,1+-,! 1$! &2-*$0+! 17+&*! 5.! ::&1&$.! 1$! 17+! ,0&.@,! 0&(/(+! 17*$9@7! 17+! #&2-()!7$9,+7$(:?,! %*/$.! 8$$1-*&.1>! ,9%7! ,! &.,1((&.@! ($81! S*++.! -$(&%)>! T+B! $88+*,! ! -*&%+! 21%7! /+.+8&1>! -*$2&,&.@!&.,9(1&$.>! :$9/(+! @(p&.@>! :*9@71! +A%(9:+*,! .:! ($B! 1$! 21%7! .)! %$2-+1&1$*?,! ;9$1+! -*$0&:+:! &1! &,! (&F+D8$*D(&F+!+.+*@)!(&@71!/9(/,>!,B&1%7&.@!$88!+(+%1*&%(!--(&.%+,!1!17+! %$0+*<!2&.,! .:! *+%)%(&.@! B,1+>! B&((! +*.! 8&0+! -+*%+.1!:&,%$9.1,<! =7+)! B&((! *+%+&0+! ! %7+%F(&,1! .:! 29,1! ,1&,8)! bY+! *+! 0+*)! -(+,+:! 1$! /+! 17+! 8&*,1! 7$2+! &.,9*.%+!8&0+!$91!$8!17+!"W!q@*++.!%*&1+*&?<! &.1+*2+:&*)!1$!*+B*:!$9*!%9,1$2+*,!B7$!2F+!!@+.9&.+! S*++.! H*$2&,+! 1$! %91! %*/$.! +2&,,&$.,! B&17&.! 17+! 7$2+>c! E$*! 17$,+! B7$! 2F+! 2J$*! %7.@+,! B&17&.! 17+&*! 7$2+,! %$22+.1+:! g0&:! N$).+11+>! 2.@&.@! :&*+%1$*! $8! T+B!,9%7! ,! 17+! &.,1((1&$.! $8! ,$(*! -.+(,! $*! ! B&.:! 19*/&.+! 5.,9*.%+<!17+*+!B&((!/+!!`W!-+*%+.1!:&,%$9.1!0&(/(+<! 5.,9*+*,!P+@(!G!S+.+*(!9.:+*B*&1+!17+!-$(&%&+,<!Ethical investment amongst UK customers growsEthical investment is on the increase in the UK, according to recent research by Friends Provident. The life andpensions provider has seen the number of new retail customers investing ethically more than double in the past10 years. 4+%+.1()! E*&+.:,! H*$0&:+.1! ..$9.%+:! 171! &1,! 2.@+:! 17+!*+@&$.,>!"X!-+*%+.1!$8!+17&%(!&.0+,1$*,!*+!8*$2!17+!K&:(.:,>!"W!+17&%(!89.:,!7:!-,,+:!17+!dX!/&((&$.!3e^!/&((&$.6!2*F<! -+*%+.1!8*$2!17+!#$917!$8!I.@(.:!.:!+&@71!-+*%+.1!8*$2!+%7!$8! Y(+,!.:!17+!Y+,1>!P.%,7&*+!.:!i$*F,7&*+<! =7+! *+,+*%7! /,+:! $.! 17+! -*$0&:+*?,! `W]>WWW! +17&%(!&.0+,12+.1! %9,1$2+*,! +A2&.+:! 1*+.:,! &.! ,$%&(()! bH+$-(+! 8*$2! ((! B(F,! $8! (&8+! *+! 8&.:&.@! 171! ,$%&(()!*+,-$.,&/(+!&.0+,12+.1!.:!*+0+(+:!171V! *+,-$.,&/(+! &.0+,12+.1! &,! ! *+(! $-1&$.! 8$*! .)/$:)! B7$! %*+,!/$91!B71!17+&*!2$.+)!&,!:$&.@>c!,&:!O9(&!g*+/($B>! =7+!0+*@+!@+!$8!.!&.0+,1$*!B7+.!17+)!8&*,1!&.0+,1!+17&%(()! 2*F+1&.@! 2.@+*! 8$*! ,$%&(()! *+,-$.,&/(+! &.0+,12+.1! 1!7,!*&,+.!8*$2!X!&.!"aa]!1$!["!%9**+.1()<! E*&+.:,!H*$0&:+.1<! =7+*+!&,!.!&.%*+,+!&.!17+!@+!$8!+17&%(!&.0+,1$*,>!,9@@+,1&.@! #9%7!@*$B17!&,!/$*.+!$91!/)!17+!5.0+,12+.1!K.@+2+.1!$(:+*!-+$-(+!*+!&.!19.+!B&17!,$%&(()!*+,-$.,&/(+!&.0+,12+.1<!5.!"aaf>! R,,$%&1&$.>! B7&%7! -9/(&,7+:! 8&@9*+,! ,7$B&.@! 171! +17&%(!"!-+*%+.1!B+*+!$0+*!^Wk!17+!%9**+.1!8&@9*+!&,!`X!-+*%+.1<! 89.:,! 9.:+*! 2.@+2+.1! &.! r"! `WW]! ,B! .! &.%*+,+! $8! +&@71! -+*%+.1! $.! 17+! -*+0&$9,! ;9*1+*! .:! 9-! `"! -+*%+.1! I17&%(!&.0+,12+.1!&,!.$1!@+.:+*!,-+%&8&%>![f!-+*%+.1!$8!&.0+,1$*,! 8*$2!r"!(,1!)+*>!-,,&.@!17+!d^!/&((&$.!2&(+,1$.+<!/+&.@!8+2(+!.:!^`!-+*%+.1!2(+<! C+1!*+1&(!,(+,!$8!daa<!2&((&$.!B+*+!(2$,1!:$9/(+!17$,+! R(17$9@7!(2$,1!!;9*1+*!$8!+17&%(!&.0+,1$*,!*+!/,+:!&.! ,++.! &.! r[! `WWf! .:! B+*+! 17*++! 1&2+,! 7&@7+*! 17.! 17+!P$.:$.!17+*+!&,!(,$!!@*$B&.@!%$22&12+.1!1$!+17&%(!&.0+,12+.1!&.! ,2+!;9*1+*!&.!17+!-*+0&$9,!)+*<! Editor: #9,.!g*9*)!l!! Seeking a wider audience for your ! Tel: m[[!3W6"a`!^X[WXn^`^]W^!l!! ! Fax: m[[!3W6"a`!^`]^[W!l!! research, news and events? ! Email: ,:*9*)o,*&/<%$<9F!! SRI Briefings and The London Accord Publisher: L9*,1B$$:!5.8$*21&$.!#+*0&%+,>!! ! g$B.!P$:@+>!! welcome quality research and events ! L9*,1B$$:!P.+>!! listings from industry analysts, ! =9./*&:@+!Y+((,>!! professional bodies and institutions in ! T+.1>!! ! =C[!iR>!! the sustainable investment field. ! Q<T<!! Contact the Editor, SRI Briefings. Subscriptions: ^WW!8$*!f!&,,9+,!-+*!)+*<! Email: ,9/,%*&/+o,*&/<%$<9F!! Email: sdrury@srib.co.uk www.srib.co.uk Or visit The London Accord at: www.london-accord.co.ukSRI Briefings — Independent analysis of responsible investment issues ISSUE 10, MAY/JUN 2007 , ISSN 1749-589X !"W!j!L9*,1B$$:!5.8$*21&$.!#+*0&%+,!Copyright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k!.$!-*1!$8!17&,!-9/(&%1&$.!2)!/+!*+-*$:9%+:>!,1$*+:!&.!!*+1*&+0(!,),1+2!$*!1*.,2&11+:!&.!.)!8$*2!$*!/)!.)!2+.,>!+(+%1*&%(>!2+%7.&%(>!-7$1$%$-)&.@>!*+%$*:&.@>!