Trucost_Carbon_Report

Carbon Counts: The Trucost
Carbon Footprint Ranking of
UK Investment Funds

Executive Summary
• Trucost is delighted to release the first Carbon Footprint Ranking
of UK Investment Funds.
• The impact of moving a £10,000 investment from the worst fund to
the best is 14 tonnes of CO2 per annum. The average UK
household emits 6 tonnes of CO2 per annum.
• Trucost will update the rankings every six months to allow investors
to see how different funds are managing their environmental risk.
• The ranking allows retail investors to take environmental issues into
account when choosing an investment fund.
• The Carbon Footprint of the funds studied varies dramatically. The
worst fund has a footprint more than five times larger than the best.
• Not all Socially Responsible Investment (SRI) funds have a lower
Carbon Footprint than mainstream funds.
• Some mainstream active funds have very low Carbon Footprints
• There is no correlation between financial performance of funds and
their Carbon Footprint.
• Trucost has constructed a Carbon Optimised Portfolio, which can
match the financial performance of a benchmark index while
reducing the Carbon Footprint by 41%
• Fund managers are now able to reduce the environmental impact of
their investments without sacrificing financial performance by using
Trucost's data and analysis.
Carbon Counts: The Trucost Carbon Footprint Ranking of UK Investment Funds
Trucost Plc, 100 Pall Mall, London SW1Y 5HP United Kingdom
Phone: +44 (0)20 7321 3833 Fax: +44 (0)870 607 2210
Email: info@trucost.com Website: www.trucost.com

Background
Climate change is an increasingly important issue for business and society.
There is a scientific consensus that greenhouse gas (GHG) emissions from
human activity are a major cause of climate change, and there is growing
consumer, voter and investor pressure to reduce them.
The main greenhouse gases are Carbon Dioxide (CO2), Methane (CH4),
Nitrous Oxide (N20), Hydro fluorocarbons (HFCs), Perfluorocarbons (PFCs)
and Sulphur Hexaflouride (SF6) - the Kyoto basket of six.
It is possible to understand the contribution of business to the greenhouse
effect by measuring emissions of carbon dioxide and these other gases.
For the sake of clarity in this study Trucost converts all these GHG emissions
into carbon dioxide equivalents (CO2e)1
.
Carbon now carries a real cost
A growing number of governments worldwide are taxing and regulating these
emissions; this has real financial consequences for business. In order to
understand how financial performance may be affected in the future, investors
and portfolio managers want to understand the impact of GHG emissions from
the companies in which they hold shares.
There are a large number of regulations already implemented in Europe and
elsewhere that seek to control the GHG emissions of companies, presenting both
opportunities and challenges for business. Carbon emissions carry a real financial
impact as a result of these regulations. This was highlighted following the intro-
duction of the EU Emissions Trading Scheme in January 2005, which is responsible
for approximately 50% of the dramatic increase in electricity prices in Europe.
Carbon Footprints
It is possible to calculate the likely carbon emissions of a company. But of
course businesses can be of a very different scale to each other making
comparisons difficult, and indeed the size of each business itself changes over
time as companies grow. To overcome this, carbon emissions can be compared
to the scale of the business by looking at turnover. This measure shows carbon
emissions per £ of turnover (or $ or any other currency chosen). This measure
is referred to as the “carbon intensity “or “Carbon Footprint” of a company. This
allows valid comparison regardless of the size of different businesses.
Using this measurement one can judge whether a business is more or less
carbon intensive than its peers or companies in other industries, and whether
its carbon emissions are changing over time. The carbon intensity of a
business is therefore of real interest to investors.
1
The terms CO2e and “carbon emissions” are used interchangeably in this report.

Use of Carbon Footprints by Investors
Fund managers are increasingly aware that the carbon emissions of companies
are an important source of risk and cost at a portfolio level. In order to
understand these risks and costs it is important to have a comparable measure
of all portfolio companies. Carbon intensity is used for this purpose.
Unfortunately only a minority of companies publicly disclose GHG emissions
and even fewer disclose this information in a quantitative or comparable basis.
Only 17% of FTSE All Share companies mention climate change in their Annual
Report and Accounts according to a report published in 2004 by the
Environment Agency2
.
Trucost calculates emissions by analysing companies on a segmental basis,
and applies standard emissions profiles for over 130 business activities or
processes. These profiles have been developed by Trucost using data from a
variety of sources including national pollution and emission registries and
national environmental accounts.
The quantitative nature of these calculations allows this data to be aggregated
to measure the impacts and exposure of companies and sectors within a
portfolio, thereby calculating the Carbon Footprint of a portfolio.
Trucost has used these measures of carbon intensity to construct the Trucost
Carbon Footprint Ranking of UK investment trusts and mutual funds.
This measurement allows fund managers to take environmental risk into
account when managing their portfolios, and enables individual investors to
choose between funds based on this measure of environmental sensitivity, and
therefore get the most out their investments while taking greater responsibility
for the environment.
The Study
The research ranks the Carbon Footprints of 44 of the largest UK investment
trusts and mutual funds managed by 28 different fund managers, amounting to
approximately £45bn. Trucost also looks at financial performance to examine if
there is any correlation with carbon intensity.
Where data on companies is missing, the total CO2e emitted is divided by the
value of the portfolio for which company data is available; effectively assuming
the remainder of the portfolio is invested at the same rate of carbon intensity as
that for which data is available. In the study the minimum coverage of
companies in a portfolio is 90% by value. (Table 6)
Trucost studied both SRI funds and mainstream investment funds, including
both active and tracker funds. The study focuses on funds with over 80% of
their portfolios invested in the UK.
2
Environmental Disclosures: In the Annual Reports and Accounts of Companies in the FTSE
All-Share, July 2004 Environment Agency

Together the holdings of the funds researched are responsible for carbon
emissions totalling 50mn tonnes per annum. To get a feeling for the scale and
cost of these emissions, it is interesting to multiply this figure by the current
price of European carbon emission permits: €21.80 per tonne for the December
2008 contract. If credits were to be purchased for these emissions, they would
cost in the region of €11bn per annum (over £7bn per annum).
As the issue of our individual carbon impact gains ever more attention the
Trucost Carbon Footprint Ranking helps retail investors to understand the
impact of their investments. The average carbon intensity of the funds in this
study is 1,056 tonnes/£m, meaning that for a retail investor investing £10,000
for example, the carbon intensity of their investment is 10 tonnes per annum.
As the average annual output of CO2 per household in the UK is six tonnes per
annum, it is easy to appreciate the importance of investment decisions to the
overall level of emissions for which households are, albeit indirectly, responsible.
To calculate the carbon intensity of companies held in the portfolios selected for
the study, Trucost reviewed company Annual Reports and Accounts,
environmental/sustainability reports, public disclosures and corporate websites.
Where there was no public disclosure, Trucost calculated the CO2e emissions
from its own analysis. Trucost has developed a proprietary Input-Output Model,
which makes it possible to estimate levels of environmental resource use and
non-product output resulting from the activities of any company in a given
sector. Trucost's reputable academic advisory panel oversees this work. (See
end of report for details of the advisory panel)
Trucost calculated the direct GHG emissions for each company, as well as the
company's share of responsibility for the emissions of its suppliers (so
companies cannot effectively “outsource” harmful emissions). These emissions
were then converted to carbon dioxide equivalents (CO2e) based on 'Global
Warming Potential' factors. The total CO2e emissions attributed to each fund
were calculated based on the percentage holdings of each stock in the fund and
their corresponding emissions3
.
In order to compare the results, the CO2e emissions of each fund were divided
by the total value of the portfolio to give the CO2e intensity of the funds per £mn
invested. This number is the “Carbon Footprint” of the portfolio.
The lower the number, the smaller the Carbon Footprint, which means the
portfolio has lower exposure to the rising costs of emitting carbon and has a
smaller impact on global warming.
Trucost will publish these reports on the Trucost Carbon Footprint Ranking of
UK Investment Funds every six months to allow investors to choose funds
according to their Carbon Footprint as well as their financial performance.
3
Ownership Analysis provided by Cary Krosinsky at CapitalBridge

Results
Scottish Widows Investment Partnership UK & Income ICVC -
Environmental Investor has smallest Carbon Footprint
The Trucost Carbon Footprint Ranking shows that the difference
between the best and worst performing fund is extremely pronounced.
Table 1 shows all the funds in the study ranked by their Carbon
Footprint. Trucost research also includes the Carbon Footprint of the
benchmark FTSE 350 index (excluding investment trusts) and the
FTSE All Share index (excluding investment trusts).
In the study the fund with the smallest Carbon Footprint (i.e. the top
performer) is Scottish Widows Investment Partnership UK & Income
ICVC, Environmental Investor, with 337 tonnes per £mn invested.
The fund with the largest Carbon Footprint is the AXA UK Investment
Company ICVC - UK Equity Income Fund which is responsible for over
five times as much carbon per pound invested as the Scottish Widows
fund - 1719 tonnes per £mn invested.
Scottish Widows also featured in second place with its UK & Income
ICVC Ethical fund, followed by Norwich Union Sustainable Future ICVC
UK Growth Fund in third place.

Table 1: Trucost Carbon Footprint Ranking of UK Investment Funds - All Funds in Study
Fund Rank CARBON FOOTPRINT (C02e Market Value C02e tonnes
(C02e tonnes/Market Value £mn) (mn£)
Scottish Widows Investment Partnership UK & Income ICVC - Environmental Investor 1 337 210 70,987
Scottish Widows Investment Partnership UK & Income ICVC - Ethical Fund 2 446 49 21,872
Norwich Union Sustainable Future ICVC - UK Growth Fund 3 548 69 36,646
Lazard Investment Funds - UK Alpha Fund 4 656 640 415,406
Stewardship Investment Funds ICVC-Stewardship Growth 5 694 670 458,662
CIS Sustainable Leaders Trust 6 697 118 82,000
Henderson Global Care Funds - Henderson Global Care Income 7 729 113 81,217
Aberforth Smaller Companies Trust PLC 8 819 470 385,172
Standard Life Investment Co. ICVC - UK Ethical Fund 9 881 75 65,188
Schroder UK Alpha Plus Fund 10 889 506 449,791
Equator Investment Funds ICVC-United Kingdom Equity Fund 11 915 1,524 1,371,822
Halifax UK Invt. Funds ICVC-UK Growth 12 961 3,033 2,771,898
Scottish Widows Investment Partnership UK & Income ICVC - UK Equity Income Fund 13 963 842 787,031
Threadneedle Investment Funds-UK Institutional Fund 14 965 3,033 2,918,676
INVESCO Perpetual UK Invt. Ser-Income & Growth 15 984 900 874,317
Edinburgh Investment Trust plc 16 1,040 1,222 1,257,758
Woolwich UK Stockmarket Fund 17 1,057 723 752,183
Fidelity Institutional Funds - UK Fund 18 1,065 2,201 2,293,631
Jupiter Environmental Income Fund 19 1,067 29 29,084
Gartmore Invsmt Fds Series III - Gartmore UK Index Fund 20 1,087 517 547,775
Legal & General UK Index Trust 21 1,087 3,393 3,556,066
F&C Investment Fund ICVC-FTSE All-Share Tracker Fund 22 1,088 460 487,595
Legal & General (Barclays) General Trust 23 1,089 558 594,199
Halifax UK Invt. Funds ICVC-UK FTSE All-Share Index Tracking 24 1,092 1,388 1,475,809
Virgin UK Index Tracking Trust 25 1,094 2,100 2,235,853
Scottish Widows Investment Partnership Tracker & Specialist ICVC - UK All Share Tracker 26 1,097 704 753,624
Norwich Union Investment Funds ICVC-UK Index Tracking Fund 27 1,098 443 474,621
Nationwide Tracker Fund 28 1,099 593 634,436
HSBC Index Tracker Investment Funds - FTSE All-Share Index 29 1,099 773 826,451
Merrill Lynch UK Dynamic Fund 30 1,100 588 632,908
CIS UK Growth Trust 31 1,109 1,568 1,692,035
Scottish Widows Investment Partnership UK & Income ICVC - UK Growth Fund 32 1,113 2,390 2,609,085
Scottish Life UK Equity Trust 33 1,125 1,842 2,006,155
FTSE AllShare 1,133
FTSE350 1,138
Halifax UK Invt. Funds ICVC-UK Equity Income 34 1,196 1,108 1,298,055
Prudential UK Growth Trust 35 1,200 2,273 2,723,815
Legal & General Equity Trust 36 1,236 526 642,911
Family Asset Trust 37 1,248 458 565,186
Stewardship Investment Funds ICVC-Stewardship Income 38 1,343 198 257,532
Gartmore Invsmt Fds Series II - Gartmore UK Growth Fund 39 1,433 401 575,024
Old Mutual Investment Company - Old Mutual Ethical Fund 40 1,434 12 17,584
Standard Life UK Equity General Trust 41 1,462 2,061 2,970,199
Threadneedle Investment Funds-UK Fund 42 1,463 1,346 1,946,394
Jupiter Income Trust 43 1,632 2,436 3,894,522
AXA UK Investment Company ICVC - UK Equity Income Fund 44 1,719 1,004 1,726,708
AVERAGE 1,059 1,036 1,142,452
TOTAL 45,567 50,267,883
KEY SRI Funds Mainstream Funds Index Tracker Funds FTSE

Results by Category
Within Trucost's universe there are different types of funds with different
investment perspectives and one would expect this to be reflected in their
differing Carbon Footprints. The Trucost study breaks down the funds into
SRI funds, Mainstream Active Funds, and Index Tracker Funds producing
many interesting results (See Table 2). One would expect the funds with
explicitly socially responsible mandates, which include limiting
environmental impacts, to have the smallest Carbon Footprints and in
general this study confirms this.
However the top mainstream fund which is Lazard Investment Funds - UK
Alpha Fund with a Carbon Footprint of only 656 tonnes has a lower
footprint than all but three of the SRI funds.
The largest Carbon Footprint measured in an SRI fund is the Old Mutual
Investment Company - Old Mutual Ethical Fund with 1434 tonnes per £mn
invested. Surprisingly this fund comes 40th out of the 44 funds ranked.
This may be due to its broader ethical stance taking precedence over
environmental considerations.
Also interesting is the difference between the Carbon Footprints of the
Stewardship Growth and Income funds managed by F&C Investments.
The Growth fund has a Carbon Footprint some 39% lower than the FTSE
All Share whereas the Income fund has a footprint that is 19% higher.
This is due to the greater predominance of carbon intensive industries
among high-yielding equities. Nevertheless other income funds
maintained low Carbon Footprints by holding high-yielding banks and
other financials.

Table 2. Trucost Carbon Footprint Ranking By Fund Category
SRI FUNDS
F&C Stewardship Investment Funds ICVC-Stewardship Growth 4 694 670 458,662
Stewardship Investment Funds ICVC-Stewardship Income 9 1,343 198 257,532
INVESTMENT FUNDS
FUND TRACKERS
Norwich UnionInvestment Funds ICVC-UK Index Tracking Fund 7 1,098 443 474,621
FTSE AllShare 1,133
FTSE350 1,138

Lazard Investment Funds - UK Alpha Fund is best performing mainstream fund
Lazard Investment Funds - UK Alpha Fund is the top mainstream fund with a carbon
footprint of only 656 tonnes, lower than all but three of the SRI funds.
Second of the active mainstream funds was the Aberforth Smaller Companies Trust, with the
third lowest Carbon Footprint achieved by Schroder UK Alpha Plus Fund and Equator
Investment Funds ICVC - UK Equity Fund in fourth place.
Active mainstream funds in general perform well with 16 funds outperforming the FTSE All Share.
It is again interesting to note that the Scottish Widows UK Income fund has a Carbon
Footprint that is slightly lower than the Scottish Widows UK Growth Fund showing that the
pursuit of income does not necessarily lead to higher carbon intensity.
Table 4. Trucost Carbon Footprint Ranking - Mainstream Funds
Fund Rank CARBON FOOTPRINT Market Value C02e tonnes
FTSE All Share 1,133
FTSE350 1,138
AVERAGE 1,137 1,526,195
Table 3. Trucost Carbon Footprint Ranking - SRI Funds
F&C Stewardship Investment Funds ICVC-Stewardship Growth 4 694 670 458,662
FTSE AllShare 1,133
FTSE350 1,138
F&C Stewardship Investment Funds ICVC-Stewardship Income 9 1,343 198 257,532
AVERAGE 871 112,077

Tracker Funds have similar Carbon Footprints
Tracker funds are designed to closely track their index benchmark and
produce similar financial performance. As one would expect this also to leads
to them having similar Carbon Footprints.
Tracker funds in this study have Carbon Footprints that are rather smaller than
the FTSE All Share and FTSE 350 indexes.
Summary of Rankings
Trucost's study of the Carbon Footprints of UK investment funds shows that there
is a surprising variation in performance. Funds with SRI mandates do in general
have lower Carbon Footprints than most mainstream funds but there are some
notable exceptions.
Portfolio managers and investors need to be aware of the impact of carbon on
their portfolio if they wish assess and manage the environmental risk in their
portfolios. Trucost's data allows them to do this in a quantitative manner.
Table 5. Trucost Carbon Footprint Ranking - Investment Fund Trackers
Norwich Union Investment Funds ICVC-UK Index Tracking Fund 7 1,098 443 474,621
FTSE All Share 1,133
FTSE 350 1,138
AVERAGE 1,101 1,221,359

No gain in financial performance
from ignoring environment
Trucost's research also shows that there is no gain in financial
performance from ignoring carbon.
Trucost analysed the last three years performance of the funds and
compared this to their carbon intensities. The correlation coefficient was
only 0.03% demonstrating that the funds with higher carbon intensities
do not produce higher returns, and therefore conversely investors
do not have to sacrifice profits to protect the environment.
(Table 6 and Graph 1)
This means that fund managers can effectively manage their exposure
to carbon without sacrificing returns and retail investors can be
comfortable making their investments in a way that minimises
environmental impact.
160
145
130
115
100
85
70
55
40
200 400 600 800 1000 1200 1400 1600 1800 2000
Graph 1. Financial Performance (3 Yr) vs C)2e intensity
3YearReturn(%)
Co2e Intensity
Key:
Logarithmic
Regression
Line
Exponential
Regression
Line
Linear
Regression
Line

Trucost Carbon Optimised Index
Portfolio 41% lower Carbon Footprint
Trucost's study found a tendency of funds with lower carbon intensities
to be underweight in the oil and gas and electricity generation sectors,
leading to additional volatility and risk relative to benchmark indices.
However, in order to demonstrate that this additional risk is not the
inevitable consequence of pursuing an investment strategy aimed at
reducing carbon risk, Trucost has constructed the Trucost Carbon
Optimised Portfolio based on the FTSE 350.
This portfolio mirrors the sector weightings of the FTSE 350, but
rebalances the companies within sectors with the overweighting of less
carbon intensive companies and the underweighting of more carbon
intensive companies. As the Trucost Carbon Optimised Portfolio holds
the same companies as the benchmark and is sector neutral, tracking
error against the benchmark is very low. However the Carbon Footprint
of the optimised portfolio is 41% lower than the benchmark FTSE 350
and therefore is inherently well positioned to benefit from an increase in
regulations controlling carbon emissions or pushing up prices, without
sacrificing financial performance.
Conclusion of Study
The study concludes that it is possible to measure and effectively
manage the carbon intensity of a portfolio. Investors should look at
what fund managers actually do with respect to the environment,
not what they say, and the Trucost Carbon Footprint Ranking allows
them to do this.
Using Trucost's data, fund managers could maximise returns while
minimising carbon intensity in their portfolios. A sector-neutral
FTSE 350 fund could replicate index returns with low tracking error
while reducing carbon emissions by 41%.

Table 6. Trucost Carbon Footprint Ranking - Alphabetical
Fund Ranking CARBON FOOTPRINT Market Value C02e Coverage Based on Coverage Base on 3 yr
in catagory (C02e tonnes/Market Value £mn) (mn£) tonnes Number of companies Value of companies Return
Aberforth Smaller Companies Trust PLC 2 819 470 385,172 100% 100% 149
AXA UK Investment Company ICVC -
UK Equity Income Fund 25 1,719 1,004 1,726,708 100% 100% N/A
CIS Sustainable Leaders Trust 5 697 118 82,000 100% 100% 83
CIS UK Growth Trust 14 1,109 1,568 1,692,035 96% 97% N/A
Edinburgh Investment Trust plc 9 1,040 1,222 1,257,758 95% 99% 95
Equator Investment Funds ICVC-
United Kingdom Equity Fund 4 915 1,524 1,371,822 95% 98%
F&C Investment Fund ICVC-FTSE
All-Share Tracker Fund 3 1,088 460 487,595 83% 97% 86
Family Asset Trust 20 1,248 458 565,186 97% 99% 69
Fidelity Institutional Funds - UK Fund 11 1,065 2,201 2,293,631 93% 98% 89
FTSE AllShare 1,133
FTSE350 1,138
Gartmore Invsmt Fds Series II -
Gartmore UK Growth Fund 21 1,433 401 575,024 100% 100% 88
Gartmore Invsmt Fds Series III -
Gartmore UK Index Fund 1 1,087 517 547,775 86% 97% 83
Halifax UK Invt. Funds ICVC-
UK Equity Income 17 1,196 1,108 1,298,055 93% 98% 58
Halifax UK Invt. Funds ICVC-
UK FTSE All-Share Index Tracking 4 1,092 1,388 1,475,809 91% 97% 71
Halifax UK Invt. Funds ICVC-UK Growth 5 961 3,033 2,771,898 80% 95% 53
Henderson Global Care Funds -
Henderson Global Care Income 6 729 113 81,217 95% 98% 69
HSBC Index Tracker Investment Funds -
FTSE All-Share Index 9 1,099 773 826,451 91% 97% 85
INVESCO Perpetual UK Invt.
Ser-Income & Growth 8 984 900 874,317 98% 99% 95
Jupiter Environmental Income Fund 8 1,067 29 29,084 91% 95% 82
Jupiter Income Trust 24 1,632 2,436 3,894,522 92% 98% 84
Lazard Investment Funds - UK Alpha Fund 1 656 640 415,406 98% 99% 82
Legal & General (Barclays) General Trust 12 1,089 558 594,199 90% 98% N/A
Legal & General Equity Trust 19 1,236 526 642,911 97% 99% 66
Legal & General UK Index Trust 2 1,087 3,393 3,556,066 83% 96% 86
Merrill Lynch UK Dynamic Fund 13 1,100 588 632,908 91% 98% 118
Nationwide Tracker Fund 8 1,099 593 634,436 89% 97% 75
Norwich Union Sustainable Future ICVC -
UK Growth Fund 3 548 69 36,646 95% 97% 85
Norwich Union Investment Funds ICVC-
UK Index Tracking Fund 7 1,098 443 474,621 83% 98% N/A
Old Mutual Investment Company -
Old Mutual Ethical Fund 10 1,434 12 17,584 100% 100% 108
Prudential UK Growth Trust 18 1,200 2,273 2,723,815 99% 100% 100
Schroder UK Alpha Plus Fund 3 889 506 449,791 100% 100% 111
Scottish Life UK Equity Trust 16 1,125 1,842 2,006,155 90% 97% 58
Standard Life Investment Co. ICVC - UK Ethical Fund 7 881 75 65,188 99% 99% 95
Standard Life UK Equity General Trust 22 1,462 2,061 2,970,199 92% 99% 88
Stewardship Investment Funds ICVC-
Stewardship Growth 4 694 670 458,662 97% 99% 98
Stewardship Investment Funds ICVC-
Stewardship Income 9 1,343 198 257,532 97% 97% 87
Scottish Widows Investment Partnership Tracker
& Specialist ICVC - UK All Share Tracker 6 1,097 704 753,624 88% 98% 85
Scottish Widows Investment Partnership UK
& Income ICVC - Environmental Investor 1 337 210 70,987 100% 100% 66
& Income ICVC - Ethical Fund 2 446 49 21,872 98% 99% 66
& Income ICVC - UK Equity Income Fund 6 963 842 787,031 95% 97% 81
& Income ICVC - UK Growth Fund 15 1,113 2,390 2,609,085 89% 98% N/A
Threadneedle Investment Funds-UK Fund 23 1,463 1,346 1,946,394 99% 99% 72
Threadneedle Investment Funds-UK Institutional Fund 7 965 3,033 2,918,676 96% 100% 85
Virgin UK Index Tracking Trust 5 1,094 2,100 2,235,853 82% 97% 76
Woolwich UK Stockmarket Fund 10 1,057 723 752,183 89% 98% 74

About Trucost Plc
Trucost Plc is an environmental research organisation, which helps
companies and investors understand the environmental impacts of
business activities in financial terms. Trucost offers expert advice and
research to major corporations, both public and private, institutional
investors and to Government departments and associated agencies.
Trucost researched and wrote the environmental reporting guidelines for
UK business with the UK government, released in January 2006.
Over the past six years Trucost has built up a database of the
environmental impacts and disclosures of over 3000 companies, with the
climate change database being the world's largest repository of climate
change disclosures. Trucost has developed considerable experience and
expertise in the area of environmental performance, analysis and reporting,
working with leading multinational companies in a range of business
sectors including Avis, Bloomsbury, Christian Salvesen, Prudential,
LogicaCMG, Legal & General and Land Securities Plc.
Institutional investors use Trucost's research to support due diligence and
active engagement activities by incorporating environmental performance
measurement into their investment decisions. Clients include Hermes,
Standard Life, Henderson Global Investors, Fortis and Merrill Lynch
Investment Managers. Institutional investors also use the information to
assess the environmental footprint of their portfolios, highlighting poor
performers and therefore better understanding where environmental risk
lies in their portfolios.
Trucost's Carbon Footprint Analysis
Trucost produces Carbon Footprint Analysis for many fund management
companies at prices from £5,000 per portfolio. Fund managers use
the analysis to:
Calculate the carbon performance of each company in their portfolios
Compare each portfolio's Carbon Footprint with its benchmark
Identify the largest contributors to each portfolio's Carbon Footprint by
company and sector
Report changes in the portfolio's Carbon Footprint to clients over time
Trucost's advisory panel
consists of:
Dr. Robert Costanza (Coordinator),
Director of the Gund Institute of
Ecological Economics and Gund
Professor of Ecological Economics at
the University of Vermont;
Dr. Robert U. Ayres Emeritus Professor
at INSEAD, Fontainebleau, France,
visiting Professor at ChalmersUniversity,
Gothenburg, Sweden, and Adjunct
Professor of Mineral Economics at
Pennsylvania State University;
Dr. Stephen Farber Director of
Environmental Policy Studies, Director
of the Public and Urban Affairs
programme, and a Professor at the
Graduate School of Public and
International Affairs at the University of
Pittsburgh;
Dr. Robert Goodland Independent
Environmental Commissioner for the
EIR, a World Mining Commission, for
the 2002 UN World Summit on
Sustainable Development;
Dr. Glenn-Marie Lange Research
Scholar at the Centre for Economy,
Environment and Society (CEES) at the
Earth Institute at Columbia University;
Dr. Robert Repetto Professor in
Economics of Sustainable Development,
Yale School of Forestry and
Environmental Studies;
Dr. Hamid Sabourian Reader in
Economics and Game Theory at the
University of Cambridge, a Fellow of
King's College Cambridge, and a part-time
visiting Professor of Economics at
Birkbeck College, University of London;
Dr. R Kerry Turner Director of CSERGE
(Centre for Social and Economic
Research on the Global Environment)
and a Professor in the School of
Environmental Sciences at the University
of East Anglia, UK;
Dr. Peter Victor Professor of
Environmental Studies at York University,
Toronto.

Trucost Plc, 100 Pall Mall, London SW1Y 5HP United Kingdom
Phone: +44 (0)20 7321 3833 Fax: +44 (0)870 607 2210
Email: info@trucost.com Website: www.trucost.com
List of recent Trucost publications
Environmental Key Performance Indicators:
Reporting Guidelines for UK Business (2006) - Defra
The Carbon 100 report (2005) - Hendersons Global Investors
How Green is my Portfolio? (2005) - Hendersons Global Investors
Environmental Disclosures In the Annual Report & Accounts
of companies in the FTSE All Share (2004) - Environment Agency
Climate Change and the S&P500 (2004)
Sector Reports
Climate Change and the UK Transport Sector
Trucost Sector Report (2005)
Metal Mining Sector: Between a rock and a hard place
Emissions Trading and European Aviation

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