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Ben Leale-Green

Senior Analyst, Research & Design, ESG Indices, S&P Dow Jones Indices

Ben Leale-Green is a Senior Analyst, responsible for Environmental, Social, and Governance (ESG) Research & Design at S&P Dow Jones Indices (S&P DJI). He works for S&P DJI’s ESG Product Management team to ensure the R&D elements of ESG innovations align with Product Management, market, and client objectives.
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Nov 16, 2021

Can Equal Weight ESG Indices Pull Their Weight?

Research has shown that equally weighted indices have historically posted long-term outperformance1 over their benchmarks—largely driven by their exposures to small size and value along with associated risk premia, in addition to a healthy dose of concentration reduction.2 However, in accessing compensated factors and reducing concentration, the S&P 500® Equal Weight Index could elicit some…

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Oct 29, 2021

Net Zero Index Strategies for Developed Markets

The S&P PACTTM Indices (S&P Paris-Aligned & Climate Transition Indices) comprise the S&P Climate Transition (CT) Indices and the more ambitious S&P Paris-Aligned (PA) Indices. These indices are intended to meet the EU’s minimum standards for EU Climate Transition benchmarks and EU Paris-aligned benchmarks under the Regulation (EU) 2016/1011 (EU Benchmark Regulation). The indices follow…

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Feb 17, 2021

S&P PACT Indices Sector Weight Explanation in Developed and U.S. Markets

In April 2020, we launched the S&P PACTTM (Paris-Aligned & Climate Transition) Indices. The indices aim to align with a 1.5oC climate scenario, the EU’s minimum standards for EU Climate Transition Benchmarks and EU Paris-Aligned Benchmarks, and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), while maintaining a broad, diversified exposure. The…

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Dec 10, 2020

What Drives the S&P PACT Indices’ Weights?

In April 2020, we launched the S&P PACTTM Indices (S&P Paris-Aligned & Climate Transition Indices). The indices aim to align with the following: a 1.5oC climate scenario, the relevant aspects of the EU Low Carbon Benchmark regulation (BMR), and recommendations from the Task Force on Climate-related Financial Disclosures (TCFD), while maintaining a broad, diversified exposure….

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Jun 17, 2020

Is ESG a Factor? The S&P 500 ESG Index’s Steady Outperformance

Since launching the S&P ESG Index Series, we have been continuously asked the same question: Can environmental, social, and governance (ESG) be considered a factor that outperforms? In short, since its launch in January 2019, the S&P 500® ESG Index has outperformed (see Exhibit 1). We further analyzed the performance characteristics of the S&P 500…

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Mar 16, 2020

The S&P Eurozone Paris-Aligned Climate Index Concept: A Greenwashing Minimization Approach to High Climate Impact Sector Neutrality

In January 2020, S&P Dow Jones Indices released a paper for the S&P Eurozone Paris-Aligned Climate Index Concept (PAC Concept). The PAC Concept aims to align with the proposals of the EU Technical Expert Group on Sustainable Finance (TEG), as published in its Final Report on Climate Benchmarks and Benchmarks’ ESG Disclosure dated September 2019,[1]…

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Mar 10, 2020

The S&P Eurozone Paris-Aligned Climate Index Concept: Implementing the Proposed EU Climate Benchmark Regulation

Introduction In January 2020, S&P Dow Jones Indices (S&P DJI) released a paper for the S&P Eurozone Paris-Aligned Climate Index Concept (PAC Concept).  The PAC Concept conceptualizes the proposals of the EU Technical Expert Group on Sustainable Finance (TEG), as published in its Final Report on Climate Benchmarks and Benchmarks’ ESG Disclosure dated September 2019,[1]…

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Mar 6, 2020

The S&P Eurozone Paris-Aligned Climate Index Concept Sensitivity Analysis: Decarbonization over Time

To meet the proposals for CTBs or PABs,[1]—as published by the EU Technical Expert Group (TEG) in its Final Report,[2] —active share[3] and therefore tracking error are uncertain over time,[4] due to the TEG’s absolute decarbonization proposal.[5] This blog assesses the S&P Eurozone Paris-Aligned Climate Index Concept’s (PAC Concept) potential active share sensitivity to future…

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Nov 7, 2019

The EU Climate Transition and Paris-Aligned Benchmarks: A New Paradigm

Since the release of the Intergovernmental Panel on Climate Change (IPCC) report[1] in October 2018, there has been growing investor interest in 1.5οC scenario-aligned portfolios. In May 2018, the EU announced its action plan for sustainable finance, which included proposals to create two new carbon transition benchmarks (EU Climate Transition [CTB] and Paris-aligned Benchmarks [PAB])….

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Oct 21, 2019

ESG: Why Not? Insignificant Alpha Observed between the S&P 500 ESG Index and the S&P 500

Does the S&P 500® receive a premium over the S&P 500 ESG Index? Absent a premium from the S&P 500, investors could have their cake and eat it too with the S&P 500 ESG Index: similar or better performance, along with the benefits of ESG. Academic literature suggests no sin stock premium over their non-sin…

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