San Francisco State University &
San Francisco State Foundation We Make Great Things Happen
Carbon Footprint Of the equity investments of the San Francisco State University Foundation
Tanvi Pradhan Research Assistant – Divestment SF State Foundation Guided by Dr. Philip King
The Agenda
Introduction to Carbon Footprint Methodology Results and Analysis Key Limitations Appendix
Carbon Footprint
“The total amount of greenhouse gases that are emitted into the atmosphere each year by a person, family, building, organization, or company.” United States Environmental Protection Agency (2013)
o Units: Metric tons of carbon dioxide equivalents (mtCO2e) o Measurement Standards o Greenhouse Gas Protocol (GHG Protocol) o Approved standards for Carbon Disclosure Project (CDP)
o Types of Emissions o “Scope 1: All direct GHG emissions. o Scope 2: Indirect GHG emissions from consumption of purchased electricity, heat or steam. o Scope 3: Other indirect emissions, such as the extraction and production of purchased materials and fuels, transport-related activities in vehicles not owned or controlled by the reporting entity, electricity-related activities (e.g. T&D losses) not covered in Scope 2, outsourced activities, waste disposal, etc.” - The Greenhouse Gas Protocol (2012)
Methodology Data Sources o Equity holdings from custodian o Company emissions, revenues and market capitalization from Bloomberg
Two-Step Process 1. Companies that report emissions figures Portfolio Footprint = Company Emissions * (Position Value / Market Capitalization)
2. Companies that do not report emissions figures Using stocks in portfolio & indices that report emissions, estimate Industry Average Emissions per $ of Revenue Company Emissions = Revenue * Industry Average Emissions per 1$ Revenue
Results and Analysis Carbon Footprint = 4800 mtCO2e For equity holdings worth approximately $23 million in August 2014
Equivalent to
Consumption of 11,163 barrels of oil Annual emissions of 1,011 passenger vehicles Source: United States Environmental Protection Agency
Accounts Ranked by Emissions / $ Portfolio Value Account
Value
Emissions
Emsns/$
Brandeis Intl Sml
$
1,461,579
1,427
0.00098
Brandeis EM
$
2,492,392
1,078
0.00043
EEMS
$
518,767
214
0.00041
Federated
$
1,356,303
509
0.00038
Parametric
$
1,391,659
395
0.00028
Accuvest GI Opp
$
1,942,596
421
0.00022
NFJ
$
2,106,704
388
0.00018
Profit
$
12,159,480
368
0.00003
Total
$
23,429,481
4,800
0.00036
Industry Breakdown
Sector
Value
Group
Emissions
Value
Emissions
Industrial
$ 2,629,334
1,601
Electric
$
627,580
1,289
Utilities
$
894,502
1,441
Building Materials
$
172,528
1,111
Energy
$ 1,336,791
614
Oil&Gas
$ 1,176,522
596
Basic Materials
$
575,949
580
Iron/Steel
$
197,929
397
Consumer, Cyclical
$ 2,642,660
214
Transportation
$
821,388
215
Emissions Intensity
Sector
Value
Emsns/$
Group
Value
Emsns/$
Utilities
$
894,502
0.00161
Building Materials
$
172,528
0.0064
Basic Materials
$
575,949
0.00101
Airlines
$
15,899
0.0026
Industrial
$ 2,629,334
0.00061
Electric
$
627,580
0.0021
Energy
$ 1,336,791
0.00046
Iron/Steel
$
197,929
0.0020
Diversified
$
0.00024
Housewares
$
3,550
0.0015
164,203
Accuracy
1878 individual stocks
$23 million
4800 mtCO2e
Key Limitations
o Standards used by companies to report emissions are not uniform. o Many companies report only Scope 1 and Scope 2 emissions. Scope 3 emissions are not reported. o Industry average calculation may be significantly inaccurate due to outliers or due to lack of sufficient sample points.
o Estimation using industry averages may not be a fair approximation due to differences in product mix, regulations, corporate focus on sustainability, etc.
Appendix
About the SF State Foundation
The Foundation directly manages San Francisco State University's endowment by determining acceptable risks in the portfolio, maximizing investment returns, minimizing investment expenses and improving endowment reporting and stewardship. Principles: o The Foundation shall exercise responsible financial stewardship over its financial resources. o The Foundation shall exercise ethical and social stewardship in its investment policy.
“San Francisco State University (SFSU) became the first public university and first school on the west coast to commit to divest immediately from coal and tar sands companies and start a formal process to look at fully divesting from the fossil fuel industry.” - GoFossiFree.org, 2013
Contact Details
ROBERT J. NAVA President, San Francisco State University Foundation Vice President University Advancement, San Francisco State University
[email protected]
PHILIP KING, Ph.D. Associate Professor of Economics, San Francisco State University
[email protected]
TANVI PRADHAN Research Assistant – Divestment (formerly), San Francisco State University Foundation
[email protected] /
[email protected]
San Francisco State University Foundation
SF State Foundation
Phone
Email / Website
San Francisco State University 1600 Holloway Avenue San Francisco, CA 94132
(415) 405-4061
[email protected] http://sfsufdn.sfsu.edu/
