40www.ppf.co.ukResponsible Investment Report 2019/20 41 Continuing to drive RI forward A p Further development and Considering the p r UNFCCC COP 26 in the UK o continuation of RI capabilities, ‘new normal’ ach collaboration and active We need to see real world The role of private finance making ownership economy reductions of global finance flows consistent is vital In the year ahead, a critical carbon emissions and pursue in delivering on the ambitions In early 2020 the world was faced development is the lead-up to the a pathway towards net-zero of the Paris Agreement, as also with the unprecedented challenge UNFCCC’s Conference of the Parties emissions. The multilateral process referenced in the UK’s Green of the pandemic, caused by (COP) 26, and we will continue our of climate negotiations is key to Finance Strategy launched by coronavirus, leading to widespread collaboration with PRI and IIGCC, as curbing global emissions, and BEIS during 2019. We are closely disruption of economic and social well as working with the industry, the aspiration of individual states monitoring the dynamics and activity. We appreciate the gravity our external managers and peers to to set and achieve the goals focus around the COP meeting, of the situation facing the global E x encourage the necessary progress e of limiting the global average and as part of the policy-focused economy and circumstances faced c required for this to be a success. u t temperature rise to 1.5°C is working group of IIGCC, we are by many companies, and recognise ion Climate change will remain a priority. vital. The UK is due to host COP open to collaboration. The UK the critical role of good and stable We are planning to extend the 26 in partnership with Italy in Government’s pledge to achieve leadership – by both companies and measurement to our real assets in 2021, where the first review on carbon neutrality by 2050 sets a governments – in the management the next phase of our climate change the progress of the Nationally positive example and an ambitious of the immediate crisis and the type implementation plan, focusing also Determined Contributions (NDCs), agenda to mitigate emissions. of recovery that arises, while still on assessing the physical climate-submitted in 2015 as part of the considering the ongoing climate related risks that they could be Paris Agreement, will be discussed. crisis. Consequently, in the current vulnerable to. We will continue to AGM season, we have been voting develop our TCFD disclosure in for some ballots by exception if they are deemed important to ensure L alignment with the guidelines. We will o ongoing stability within a company’s o also review nature-based solutions k i management. n and explore further potential The role of private g f opportunities for sustainable o r investment in forestry. finance is vital in war delivering on the d While we are keen to keep evolving, ambitions of the Case study we have worked hard to set a baseline for understanding material Paris Agreement. Social infrastructure ESG and climate change risks and will continue to dive deeper, seeking to improve our management and One of our external government’s plan to add comprehension of these risks. We infrastructure managers beds to the healthcare will also seek to achieve greater recently opened the new system to tackle the transparency in reporting across Felix Bulnes Hospital in coronavirus pandemic. our pooled funds and segregated Santiago, Chile. This new mandates. state-of-the-art hospital will The hospital is modern Working with our external partners, provide health and sanitary and innovative, using we are also aiming to develop and services, emergency environmentally- implement our own stewardship inpatient, outpatient, adult, efficient systems and policy, including bespoke voting paediatric and maternal materials, energy-efficient policies for certain key themes. care to a population of architecture with the most 1.2 million people in one stringent anti-seismic of the poorest areas of technology, and contributes Chile. President Piñera to the infrastructure announced that the external manager’s global opening of the hospital strategy to deliver resilient will directly contribute infrastructure and develop up to 30 per cent of the sustainable cities.