We recognise that global warming is an existential threat to humanity and one that we collectively can take steps to address. However, this is not a simple issue and we wish to take action that both meets our legislative requirements and is effective. We note that carbon dioxide produced from coal is not the only, or even the most potent, source of greenhouse gas emissions. Any company that sources energy from coal fired (or gas fired for that matter) energy generation is to some extent complicit in and contributing to the problem. This also extends to governments that do not regulate or factor in the costs from the damage that greenhouse gas emissions cause. As such, the list of contributors to the problem extends to almost the full range of our potential investment universe. Further, shutting down all coal supplies to coal fired power plants overnight would cause blackouts in many countries around the world and severely affect energy infrastructure. Electric grid systems that can only manage with a high percentage of base load power are another contributing factor.