“Climate Change: Identifying Future Makers And Future Takers”, 7 July 2015

...Building on their 2011 report on climate policy risk, Mercer has boldly plunged into the climate change debate advising their clients that it is real, it is here, and it will affect their portfolios…Mercer is urging clients to make a sea change in how they address the threats to their portfolios posed by climate change - a change in both who they hire to manage their investments and how they assess investment performance…While the energy sector may see the most pronounced effects, other sectors - from agriculture to pharmaceuticals - will all see profound impacts. Investors need to develop, or access, in-depth understanding of how these effects will translate into shareholder value - and ensure that they are not carrying uncompensated climate risk within their portfolios…The report concludes with an observation that, when it comes to climate change, all investors are 'future takers' - they will all feel the effects on returns of whichever climate change scenario comes to pass…