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  "notes": "This slide details regulatory compliance and internal risk management frameworks for climate-related risks.",
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      "text": "We define any portfolio with high or very high exposure to either physical or transition risk as bearing material climate risk.",
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      "text": "UBS Group Sustainability Report 2024 | Supplement | Managing sustainability and climate risks",
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      "text": "In our private markets business, there is a climate risk management process to identify, assess and potentially mitigate climate risks to improve the adaptation and / or resiliency of our assets and overall portfolios to climate-change-related hazardous events and the transition to a net-zero world. This approach is embedded throughout the investment life cycle for underlying assets of portfolios. During the acquisition stage, climate-related (physical and transition) risks and opportunities are assessed during due diligence. On an ongoing basis, standardized quarterly risk processes are run by our independent risk teams, including indicators on physical and transition risk exposure and other ESG metrics. Using the latest available data on asset-level physical climate risk exposures and environmental performance, this is incorporated into the annual business planning process and, where necessary, escalated to investment decision-making bodies.",
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      "text": "Climate scenarios: For physical risk, we consider as our central scenario representative concentration pathways (RCP) 4.5 (reflecting expected global warming of 2-3°C by 2100) and associated modeled physical risk implications on asset values by 2030. Additionally, we perform scenario analysis on RCP 2.6 (below 2°C) and RCP 8.5 (more than 4°C under a business-as-usual scenario) into the longer term (2050). For transition risk, we perform scenario analysis based on a country-specific carbon price trajectories (with three scenarios low, medium, high indicating the pace of carbon price inflation) across three time horizons: short (2025) to long-term (2050), with medium (2030) as our central scenario.",
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      "text": "In response to the Guidelines on Environment Risk Management for Asset Managers issued by the Monetary Authority of Singapore and the Circular to licensed corporations on management and disclosure of climate-related risks by fund managers issued by the Securities and Futures Commission of Hong Kong, we provide climate scenario monitoring and oversight information for discretionary portfolios managed in Singapore and in-scoped collective investment schemes managed in Hong Kong, based on our climate risk management processes as outlined in the UBS Group Sustainability Report.",
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      "text": "Asset Management monitoring and governance: Our proprietary ESG (environmental, social and governance) Dashboard, used in our public markets business, includes climate-related physical and transition risk data and flags the highest-risk issuers. Combining risk and mitigation data enables research analysts to consider the physical and transition climate risks in their assessment of the ESG risks of an issuer. At portfolio level, Asset Management's global risk system provides transparency to portfolio managers regarding greenhouse gas emissions and intensity and, in our risk control activities, we are identifying portfolios with increased risks across a range of scenarios.",
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      "text": "Governance – Singapore: The Board of Directors and senior managers of UBS Asset Management (Singapore) Ltd. (UBSSG) are informed and kept updated on environment-related risks. These risks are reviewed by the following bodies in UBSSG: Board of Directors of UBSSG: The Board of Directors is the governing body of UBSSG and is responsible for following the overall direction from global level as well as the supervision and implementation of environment-related risks. It assumes ultimate responsibility for the conduct, operations and financial soundness of the respective entity, including quarterly meetings to monitor environment-related risks. Senior managers of UBSSG: The responsibilities of the senior managers include ensuring the development, implementation and review of framework, policies, and metrics and allocating adequate resources with appropriate expertise. Regular meetings are held to monitor the status and progress of efforts to manage environment-related risks.",
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      "text": "Specific climate risk disclosure for client investment assets in Singapore and Hong Kong",
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