Old Mutual Investment Group Speaking about Climate Change Part Two

Old Mutual Investment Group is serious about responsible investment and green economic growth, and in June 2015 we held our rst conference showcasing how we incorporate environmental, social and governance (ESG) factors into our investment processes, and our green growth investments that support the transition to a low-carbon, resource efficient, socially equitable economy.

As a mark of our willingness to spark robust debate in this arena, we included external experts in the debate. Sustainability luminary Will Day was our keynote speaker, and the event publication, Tomorrow, as invested as you are, included a selection of external contributors who are well respected in their elds of endeavour: climate change, green economic development, corporate governance and integrated reporting. Following the conference, Jon Duncan spent some time in conversation with Will Day about climate change. This article is part one of their dialogue. 

WILL DAY


Will is a Sustainability Advisor to PwC. He brings a wide range of experience from 25 years of working with NGO relief and development organisations. As an independent consultant, and as Special Advisor to the United Nations Development Programme (UNDP), he has helped facilitate cross-sector engagement between governments, companies and civil society organisations in various parts of the world, with a strong focus on the role of the private sector in development. As a faculty member of the University of Cambridge Institute for Sustainability Leadership, he has focused on the identi cation, analysis and communication of global mega trends, and their potential social and economic impacts, to senior business and government clients. Will was Chair of the UK Sustainable Development Commission until March 2011 and was a board member of the Overseas Development Institute (ODI) until October 2012.

JON DUNCAN


Jon Duncan leads the Responsible Investment (RI) programme at Old Mutual Group. The RI programme is focused on driving the systematic integration of material environmental, social and corporate governance (ESG) issues across the Group’s £319.4bn* of funds under management. Jon also heads up the Sustainability Research and Engagement function at the Group’s South Africa- based asset manager, Old Mutual Investment Group, where he is involved in company and industry ESG research; the analysis of green growth opportunities; and engagement on regulatory issues and local industry initiatives, such as the Code for Responsible Investing South Africa (CRISA). Jon was involved in the drafting of CRISA and currently sits on the CRISA committee, which drives the application of the Code in South Africa.

Jon Duncan: What do you believe is the biggest obstacle globally, to nding solutions to climate change? You have spoken about a pervasive unwillingness to respond by business, government and individuals.

Will Day: While it is true that some of the organisations that are invested in and pro ting from the current set-up are clearly disinclined to change, it is important to realise that we are all responsible. As individuals we

simply that we do plenty of things now that are illogical because they seem to make commercial sense – but only if you don’t price them properly.

JD: In April 2015 the WWF priced the world’s ocean at US$24 trillion, which critics called reductionist. What do you think?

WD: In a world where most decisions are made based on value and return, there is a real risk are increasingly aware of the
situation and the potential impact
of a changing climate, and yet we
rarely change the way we travel,
the way we light and heat our
buildings, or the way we live and
eat. Importantly, we don’t question how the managers of our assets invest our savings if they are making a healthy return.

It doesn’t have to be all gloom or doom though, and I think it can change for the better. We should get better at articulating what a fantastic thing it will be to eat more fresh, locally produced, in-season food. 

Download the entire dialogue below.