Climate Change Data

BlueCove Limited

Climate Impact & Sustainability Data (2015-2023, 2023)

Reporting Period: 2015-2023

Environmental Metrics

ESG Focus Areas

  • Climate Change

Environmental Achievements

  • Achieved significant carbon reductions in long-only corporate credit portfolios (up to 70% reduction in Scope 1&2 emissions intensity compared to benchmark) with minimal impact on portfolio alpha in most cases.

Climate Goals & Targets

Environmental Challenges

  • Balancing carbon emissions reduction with portfolio alpha in long-only corporate credit portfolios.
  • Potential for greater alpha impact from stricter emissions constraints, particularly in high-yield portfolios.
Mitigation Strategies
  • Utilizing a scientific fixed income process to optimize portfolio construction, maximizing alpha while meeting emissions constraints.
  • Leveraging the breadth of the corporate bond universe to find high-alpha replacements for worst emitters.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:25.57 tCO2e (electricity consumption)
Scope 3 Emissions:139.4 tCO2e (estimated employees commuting and home working emissions)
Renewable Energy Share:100% (London office)
Total Energy Consumption:2774 kWh (energy saved)

ESG Focus Areas

  • Climate Change
  • Human Rights
  • Labor
  • Environment
  • Anti-Corruption
  • Diversity & Inclusion
  • Community Engagement
  • Governance

Environmental Achievements

  • Reduced office waste by achieving a 63% recycling rate (a 4% increase from the previous year)
  • 100% renewable energy in London office
  • Offset 2023 business flight travel emissions via The Gold Standard
  • 35% decrease in homeworking emissions

Social Achievements

  • 89% of employees support BlueCove’s ESG philosophy and corporate ESG initiatives
  • 87% of employees feel their work contributes to BlueCove’s goals
  • 92% of employees feel aligned to BlueCove’s culture
  • Participation in Hope for Justice’s 2023 50 Challenge
  • Improved processes to undertake risk assessments of human rights-related risks
  • Implemented Modern Slavery check upon engagement with new suppliers

Governance Achievements

  • Board oversight of climate-related risk and opportunities
  • ESG Committee assesses climate-related and other ESG risks
  • Implemented a Code of Conduct for employees emphasizing ethical standards and reporting mechanisms
  • Thorough set of policies and procedures supporting anti-corruption efforts
  • Senior Managers and Certified Persons remain fit and proper

Climate Goals & Targets

Medium-term Goals:
  • Achieve net-zero operations (timeline not specified)
Short-term Goals:
  • Set targets aligned with aspirational ambition benchmarks in 2024 (UNGC SDG Ambition Accelerator)

Environmental Challenges

  • Scope 3 emissions from business travel, employee commuting, and home working
  • Managing climate-related risks and opportunities
  • Ensuring compliance with modern slavery legislation and human rights standards across the supply chain
Mitigation Strategies
  • Offsetting unavoidable GHG emissions through The Gold Standard
  • Encouraging employees to use low-emission transportation
  • Implementing a waste reduction strategy in the London office and partnering with a zero-waste-to-landfill provider
  • Using cloud computing to minimize energy consumption
  • Implementing Modern Slavery checks on new suppliers and providing employee training

Supply Chain Management

Responsible Procurement
  • Supplier Code of Conduct
  • Modern Slavery check upon engagement with new suppliers

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: TCFD, UNGC