Murray Birt

Greater London, England, United Kingdom Contact Info
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I am core part of the thematic research team at DWS Group focused on sustainable and…

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  • Global Action Plan Graphic

    Board Member

    Global Action Plan

    - Present 9 years 2 months

    Environment

    GAP is the U.K.'s environmental behaviour change charity and is currently working with UK hospitals, Sainsbury's and other corporates and schools around the world.

Publications

  • Oceans and Climate: Exploring the Nexus

    DWS Group

    Within this report, we specifically focus on the oceans; their ability to capture and store carbon. Our seas, one of the largest natural tanks for CO2 emissions, are being damaged by acidification due to rising temperatures, plastic and chemical pollution, overfishing, whaling, seabed mining, resource exploitation and coastal habitat destruction.

    Addressing the climate crisis in a comprehensive way requires healthy, sustainable seas. Any action related to sustainable seas ought to be…

    Within this report, we specifically focus on the oceans; their ability to capture and store carbon. Our seas, one of the largest natural tanks for CO2 emissions, are being damaged by acidification due to rising temperatures, plastic and chemical pollution, overfishing, whaling, seabed mining, resource exploitation and coastal habitat destruction.

    Addressing the climate crisis in a comprehensive way requires healthy, sustainable seas. Any action related to sustainable seas ought to be embedded in a global climate policy.

    Other authors
    See publication

  • A Transformational Framework for Water Risk

    DWS Group

    The investment community could have an important role to play in addressing water risk. In the end, our fiduciary role is about looking after the capital, deploying that capital and ensuring sustainable returns. In this report, we propose an ambitious, but, pragmatic approach to addressing water risk. However, many challenges exist.

    A ‘transformational investment’ requires a solid foundation, requiring investors to move from an ‘outside in’ focussing on how sustainability issues affect…

    The investment community could have an important role to play in addressing water risk. In the end, our fiduciary role is about looking after the capital, deploying that capital and ensuring sustainable returns. In this report, we propose an ambitious, but, pragmatic approach to addressing water risk. However, many challenges exist.

    A ‘transformational investment’ requires a solid foundation, requiring investors to move from an ‘outside in’ focussing on how sustainability issues affect financial risk management, to an ‘inside out’ approach of using investor influence for a positive, transformational change.

    Other authors
    See publication

  • Sustainable Energy Trends: Small is Beautiful

    DWS Group

    In 1973, a year marked by the occurrence of the oil crisis, the global economy was mainly powered by centralised, large-scale, fossil fuel-based technology. In the same year, “Small Is Beautiful”, a book published by the economist E.F. Schumacher, appeared somewhat atypical to many, as it presented the idea of an economic model based on sustainable, small-scale, decentralised energy technologies.
    Today, sustainability is increasingly at the center of the political and investors’ agenda, and…

    In 1973, a year marked by the occurrence of the oil crisis, the global economy was mainly powered by centralised, large-scale, fossil fuel-based technology. In the same year, “Small Is Beautiful”, a book published by the economist E.F. Schumacher, appeared somewhat atypical to many, as it presented the idea of an economic model based on sustainable, small-scale, decentralised energy technologies.
    Today, sustainability is increasingly at the center of the political and investors’ agenda, and Schumacher’s vision appears to be coming true, as investments in small-scale renewables and energy efficiency technologies are growing, supporting the transition to a low carbon economy. For instance, a recent survey of central bankers and finance officials sees energy efficiency as a key area of investment to stimulate the economy.
    Sustainability standards are rapidly becoming more ambitious. For instance, nearly 1,000 private and listed companies are committed to science-based emissions reduction targets. This trend is supporting demand for the installation of small-scale renewables, for more energy efficient buildings and for a range of behind-the-meter services supporting a more efficient use of energy.
    The last decade was marked by an initial shift from thermal generation to renewables. We anticipate the pipeline for large-scale renewables to expand, but we expect distributed generation and small-scale renewables to form an essential part of the pipeline for infrastructure investors, with industrial, commercial and residential projects ranging from smaller solar rooftop installations to larger combined heat and power (CHP) and cogeneration plants.

    Other authors
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  • Stakeholders and Shareholders: Why Milton Friedman got it Wrong

    DWS Group

    On the 13th of September 1970, the New York Times Magazine published an article by Milton Friedman which concluded that “the social responsibility of business is to increase its profits”.

    Friedman’s branding of corporate social responsibility and the consideration of stakeholder concerns in corporate executives’ decision-making as “pure and unadulterated socialism” found fertile ground in the midst of the Cold War.

    The article made Friedman the most cited New York Times author…

    On the 13th of September 1970, the New York Times Magazine published an article by Milton Friedman which concluded that “the social responsibility of business is to increase its profits”.

    Friedman’s branding of corporate social responsibility and the consideration of stakeholder concerns in corporate executives’ decision-making as “pure and unadulterated socialism” found fertile ground in the midst of the Cold War.

    The article made Friedman the most cited New York Times author, with the article becoming one of the most academically cited newspaper articles of all time. The article has influenced academics, business and financial leaders and political discourse ever since.

    With the acceleration of responsible investing and corporate responsibility initiatives, the article’s 50th anniversary is a chance to reflect on the shareholder vs. stakeholder debate in academia and in practice.

    Friedman received the 1976 Nobel Memorial Prize in Economic Sciences for his valuable, empirical research on a wide range of major economic issues. But his 1970 article was an op-ed in the political arena. One critic concluded that Friedman’s article is “the world’s dumbest idea....It’s curious that a paper which accuses others of ‘analytical looseness and lack of rigor’ assumes its conclusion before it begins.” (Denning 2013).

    After fifty years of academic research, investment and business experience, we categorically conclude that Friedman was incorrect. Friedman’s opinion should be consigned to the history books.

    Over the past nine years, DWS has published three major reports on the academic literature focused on the strong relationship between corporate financial performance (CFP) and environmental, social and corporate governance (ESG). We summarise these reports and estimate that there are now 4,000 to 5,500 academic reports on ESG and financial performance.

    Other authors
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  • Investing for a green or dirty planet

    DWS Group

    We use DWS’s Climate Transition Risk rating to examine our proprietary CROCI data on 900 of the largest companies.
    The CROCI model seeks to calculate the genuine economic profitability and to identify the real value of each company, in order to enable the comparison of stocks across all regions and sectors.
    Only 12% of the market capitalization of the largest ~900 companies is from companies with high or excessive climate transition risk. Close to 60% of the universe’s earnings by…

    We use DWS’s Climate Transition Risk rating to examine our proprietary CROCI data on 900 of the largest companies.
    The CROCI model seeks to calculate the genuine economic profitability and to identify the real value of each company, in order to enable the comparison of stocks across all regions and sectors.
    Only 12% of the market capitalization of the largest ~900 companies is from companies with high or excessive climate transition risk. Close to 60% of the universe’s earnings by market cap have moderate or low climate risk. Yet companies with high climate risk make up 36% of corporate capex, three times the market cap exposure.
    USD650bn annual capex from carbon intensive companies might need to be reoriented to avoid a dangerous climate future. Carbon intensive capex does not appear to be decreasing and has the longest economic life. We find no valuation premium for being invested in low or moderate climate risk stocks. This may indicate that at an aggregate level, equity markets are still not pricing in transition risks. We believe that this may be due to a combination of public policies not being strong enough or that some investors ignore or give less weight to climate risks.
    Companies with high and excessive climate transition risk are less profitable and are destroying shareholder value. A prudent course of action for these high climate transition risk companies may be to reduce fossil fuel capex, redefine their business strategy to improve profitability by accelerating the low-carbon transition or just returning capital to shareholders.
    Investor engagement is strengthening but some asset managers still vote against many climate resolutions. A climate emergency means asset owners being more demanding of managers who in turn should be more demanding of companies.

    Other authors
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  • Green, healthy buildings as economic stimulus

    DWS Research Institute

    Providing policy recommendations to the European Union on green economic stimulus linked to energy efficiency in buildings

    See publication

  • How Covid-19 could shape the ESG landscape for years to come

    DWS Research Institute

    Other authors
    See publication

  • How European insurance regulators are responding to climate risk

    DWS Research Institute

    In this article, we examine the various approaches to climate change being adopted by insurance regulators across the European Union. We find that the methods by which supervisors and regulators are approaching climate risk management can be classified into five categories:

    - Integrating climate factors into supervisory risk rating frameworks to assess traditional financial risks such as market risk, credit risk, liquidity risk, operational risk and reputational risk
    - Strengthening…

    In this article, we examine the various approaches to climate change being adopted by insurance regulators across the European Union. We find that the methods by which supervisors and regulators are approaching climate risk management can be classified into five categories:

    - Integrating climate factors into supervisory risk rating frameworks to assess traditional financial risks such as market risk, credit risk, liquidity risk, operational risk and reputational risk
    - Strengthening disclosure of climate-related information by insurers through voluntary or mandatory public disclosure requirements
    - Integrating climate into routine supervisory tools such as own risk and solvency assessment (ORSA)
    - Integrating climate risk into financial stability assessments, and stress tests
    - Undertaking forward-looking climate scenario analysis

    Other authors
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  • German corporates and sustainability

    DWS Research Institute

    Other authors
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  • Strategic benefits of Microfinance

    DWS Research Institute

    Creating returns while contributing to economic growth and the Sustainable Development Goals by reducing poverty and supporting female entrepreneurs, plus the potential to help improve resilience to physical climate impacts

    See publication

  • Ambitions of the EU Sustainable Finance Action Plan

    DWS Research Institute

    In this paper, we examine why the EU Sustainable Finance Action Plan was developed, what are its next steps and how this will likely impact financial market players. We also take a deep dive into the four working groups of Technical Expert Group and how the asset management community can respond.

    Other authors
    See publication

  • Experts on climate change

    DWS Research Institute

    We bring together experts from the UK’s scientific, legal, actuarial, accounting, and investment consultant communities to provide expert views on climate risks and opportunities

    See publication

  • Green Bonds explained

    DWS Research Institute

    In this article we explore the development of the green bond market and the risks and opportunities ahead. We expect a strengthening of standards for green bonds and the development of methodologies for assessing whether/how green bonds actually reduce carbon emissions. Investors also have a role in encouraging the growth of building related green bonds linked to energy efficiency.

    Other authors
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  • Greening the financial system and the role of central banks

    DWS Research Institute

    The establishment of the Network for Greening the Financial System (NGFS) and central banks’ track record in promoting best practises, places them in a unique position to influence broader financial market behaviors and accelerate the transition to a more socially and environmentally sustainable economy and financial system.

    Other authors
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  • Leaders low carbon

    DWS Research Institute

    Other authors
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  • Integrating the Sustainable Development Goals

    DWS Research Institute

    Other authors
    See publication

  • Tobacco's investment returns and societal benefits

    Deutsche Asset Management

    The S&P500 Tobacco index has out-performed the S&P by more than 1,000% over the last 28 years, creating significant investment returns for investors. This creates a dilemma for investors’ fiduciary duty as some investors may be concerned about the multitude of social and environmental costs of the sector. Using available evidence, we estimate that the tobacco industry creates 5 times more societal costs than benefits.

    Other authors
    • Michael Lewis
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  • Developments and new horizons for sustainable real estate

    Deutsche Asset Management

    Real estate is the asset class with amongst the strongest reasons for incorporating sustainability into investment decision making. Landlords and tenants are increasingly learning of the financial benefits of reducing the energy and carbon intensity of buildings with the positive spill-over effects in terms of tackling climate change. Cities and governments have also a role to play by improving urban infrastructure and reducing urban sprawl.

    Other authors
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  • Measures to address climate risk in investment portfolios

    Deutsche Asset Management

    Future climate risks threaten powerful economic and financial shocks with implications for equity and fixed income portfolios. Indeed climate change and inter-related environmental issues have consistently been on and have risen up the World Economic Forum’s Global Risks Reports. We see significant investment opportunities across all sectors and asset classes for example in clean transportation and energy efficiency.

    Other authors
    • Michael Lewis
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  • Durban must clear the path for more low carbon investment

    Deutsche Bank Research

    The Green Climate Fund must focus on leveraging private sector investment and should begin operating as soon as possible. Funds could be dispersed partly in support of implementation of developing countries' low-carbon action plans (known as Nationally Appropriate Mitigation Actions or NAMAs).
    A price on carbon is essential and negotiations must not close off this road. The eventual Kyoto successor needs to recognize the success of the CDM. It needs to be preserved, with improvements in…

    The Green Climate Fund must focus on leveraging private sector investment and should begin operating as soon as possible. Funds could be dispersed partly in support of implementation of developing countries' low-carbon action plans (known as Nationally Appropriate Mitigation Actions or NAMAs).
    A price on carbon is essential and negotiations must not close off this road. The eventual Kyoto successor needs to recognize the success of the CDM. It needs to be preserved, with improvements in methodology and process as necessary.
    Durban outcomes must pave the way for greater progress in Rio. Case studies and best practises in mitigation and adaption are emerging, so is experience from public-private partnerships. NAMA development should link to these lessons learned. Rio+20 could and should become a market place for the best ideas and approaches to date.

    Other authors
    • Caio Koch-Weser
    • Mark Fulton
    • Sabine Miltner
    See publication

  • Protecting the UK's foundations: a blueprint for energy-intensive industries

    CBI

    A successful low-carbon economy will include industries that require a lot of energy. These energy-intensive industries have an essential role to play in delivering the transition to a low-carbon economy as well as contributing to economic growth and employment. But the UK's energy intensive industries are at risk of being undermined by increases to their energy costs. Without mitigating action, damage to their competitiveness could endanger their chances of remaining in the UK. If we do not…

    A successful low-carbon economy will include industries that require a lot of energy. These energy-intensive industries have an essential role to play in delivering the transition to a low-carbon economy as well as contributing to economic growth and employment. But the UK's energy intensive industries are at risk of being undermined by increases to their energy costs. Without mitigating action, damage to their competitiveness could endanger their chances of remaining in the UK. If we do not secure the future of these industries, we will be forced to import what we should be exporting.

    Other authors
    • Ben Hook
    See publication

  • Trading Up: The future of Emissions Trading

    Confederation of British Industry (CBI)

    This report explains why the Confederation of British Industry continues to believe that emissions trading should remain the cornerstone of climate change policy and sets out key steps that must be taken if the EU ETS is to deliver on its potential.

    See publication

  • Business views on the role of carbon markets in preventing dangerous climate change

    This paper presents business views on why cap and trade schemes are n effective policy tools to cut carbon and that confidence in emissions trading must be maintained through the recession. Greater post-2020 policy certainty and swift implementation of the Phase 3 EU Emissions Trading Scheme agreement are vital for low-carbon technology investor confidence.

    See publication

  • Water Quality Trading in Ontario’s South Nation River Watershed: Successfully Reducing Non-Point Source Pollution (But More is Possible)

    Canadian Water Resources Association

    Other authors
    • Dr Elizabeth Wilman

Honors & Awards

  • Best Environmental Impact Thought Leadership Report

    Pensions for Purpose

    Award for DWS's report "A Transformational Framework for Water Risk"
    Judges: “Good originality with recommendations for consideration.”
    https://www.pensionsforpurpose.com/knowledge-centre/events/2021/11/18/Pensions-for-Purpose-Content-Awards-2021/
    https://www.dws.com/insights/global-research-institute/a-transformational-framework-for-water-risk/

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