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Climate change could sweep the world

With the pre-Budget report announcing further steps to tackle climate change it appears that Schroders, F&C and Jupiter have all timed their respective launches almost to perfection.

While much of Alistair Darling’s speech was met with pessimism as he announced the scrapping of business asset taper relief and down graded the economic forecast for 2008, climate change appears to be the one area that most people are ‘broadly’ supportive.

Alongside the report Darling also published the next stage of the implementation of the Stern Review, to set out how Britain meets environmental changes.

The report itself not only emphasises the pressure of climate change but also calls for an international agreement to follow the first phase of the Kyoto Protocol which concludes in 2012. As part of the implementation, the report includes a post 2012 framework which sets a number of targets including a long-term goal of reducing green house gas emissions by at least 50 per cent – on 1990 levels – by 2050.

In his speech, Darling announced plans for Britain to tackle issues over cars and air travel, while he also revealed a new Environmental Transformation fund with a three year budget of £1.2 billion, which will provide investment in new energy technologies in the UK, and resources and obligation to support poverty reduction in the poorest countries through environmental protection.

This can only be good news for those who are involved are now looking into investing in climate change, both in terms of mitigation and adaptation.

Having launched their initial global climate change fund last month, Schroders has also announced that it is looking into a second quantitative vehicle, that if successful will launch early in 2008.

Schroders chief executive Alan Brown says that the fund is still in the planning stages but would be based on the work of Professor Rob Bauer at Maastrict University.

He also says the work fits in well with Schroders’ own approach.

He says: “Bauer’s work is unique in that it looks at the entire investment universe without stripping out certain factors like size and geographies of companies while it will also look at badly run firms that are cheap to access.

“One area we have to look at is whether Bauer’s research on US companies can be taken globally but if this does go ahead it would sit well alongside the global climate change fund that we launched last month.”

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