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  "documentTitle": "Alphabet (GOOGL)",
  "authorId": "20_TCI_Fund",
  "authorName": "Chris Hohn",
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  "presentationDate": "2019-11-30 00:00:00",
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      "text": "We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction.",
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      "text": "Your Principles of Climate Resilience which provide an excellent example of how to frame decision-making on climate resilience; The depth of employee involvement on initiatives to improve sustainability, energy efficiency and emissions reduction;",
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      "text": "1. We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction. 2. We will also vote against auditors where the Annual Report and Accounts fail to report material climate risks.",
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      "text": "Actions that should be included in a low-carbon transition plan are to: 1. Change business processes to reduce the company's carbon footprint; 2. Introduce efficient energy management into buildings and factories; 3. Source low carbon energy through direct generation or power purchase agreements; 4. De-carbonise transport fleets, e.g. through electric vehicles; 5. Offset emissions from corporate travel, e.g. through afforestation; 6. De-carbonise supply chains and helping customers lower their carbon intensity; 7. Advocate for regulations which drive the de-carbonisation of their industry to ensure its sustainability.",
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      "kind": "paragraph",
      "text": "Congratulations, this is the highest overall score achievable and demonstrates Alphabet's strong industry leadership on environmental actions and stewardship, thorough understanding of the risks and opportunities related to climate change and alignment with TCFD disclosure recommendations.",
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      "text": "We will also evaluate divestment where a portfolio company refuses to disclose its emissions and does not have a credible plan for their reduction.",
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      "text": "We are pleased to see that Alphabet has provided disclosure to CDP for 2018 and 2019 and we have carefully analysed these submissions. For 2018, CDP awarded Alphabet an overall A grade.",
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      "text": "In our view, reporting to CDP (www.CDP.net) is the best way to implement TCFD. We expect all our portfolio companies to make full annual public disclosure to CDP.",
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      "text": "We expect companies in which we invest to have a credible, publicly-disclosed plan to reduce GHG emissions. This plan should include measurable science-based targets that align with the Paris Agreement, which requires full de-carbonisation of economies (net zero emissions) by 2050.",
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