Working in the round the environmental aspects means dealing with the general issues such as pollution in all its forms, and new sustainable financial instruments for the benefit of the environment.

Therefore, general issues related toair pollution, treated in relation to fossil energies especially in urban areas, are recalled. Included in this chapter is the sensitive topic of nuclear risk, and unconventional weapons (chemical, bacteriological and nuclear), and waste (plastic, toxic waste).

The risks to the environment arising from the inappropriate behaviour of multinationals and sovereign countries, which are potentially at the origin of major environmental damage, are also analysed: from the failure to recycle toxic waste in the Black Sea to the damage to the environment accepted by national states as part of their military or economic policies (nuclear testing, non-adherence to international treaties, etc.).

Finally, we consider the importance given to green finance initiatives known as "green bonds", which by definition have a transversal impact on the whole environmental area, especially when they follow the quality standards of the CBI and Luxflag (see Labels).

Investors have a great responsibility when they participate in the capital or financing of nation states or multinationals that ignore environmental issues, as they are the cause of disasters (chemical leaks, black sea).

To this end, sustainable funds equip themselves with a complex system of active monitoring of dangerous situations. By means of agreements with specialised third parties, they receive 'warnings' of suspicious behaviour and can use the weapon at their disposal: the involvement of management and a vote in the Assembly. With the help of specialised Foundations and Institutions, they obtain information on the main actions carried out by Society towards multinational groups and then decide on the best course of action.

With regard to the nation states, exclusions and pressures are also implemented.

Sustainable fund managers use different management strategies:
The Exclusion Approach: Exclusions are mainly related to two issues: the non-ratification of the international nuclear non-proliferation treaty, and the unconventional weapons sector. In addition, sanctions are imposed on Society and states complicit in environmental disasters or projects that pose an all-round risk to the environment.
The Thematic Approach: Funds dedicated to 'green bonds' have recently been introduced and group together investment solutions dedicated to the Green economy. The funds often require Society where they invest to follow globally recognised transparency standards, such as the ICMA model in particular.
One can also follow thematic funds related to new generations, which often include a chapter dedicated to 'green products'.
The regulatory approach: funds make particular reference to the UN Global Compact and the Nuclear Non-Proliferation Treaty.
TheBest Practices - impact investing: 'impact' funds align their objectives with the UN SDGs and look for impact projects in the whole environmental area, without limitations.
Engagement: i.e. active militancy in the boards of directors or during meetings of Society responsible for environmental damage, so that they take action. It is noted that this practice still has difficulty in being applied to national states, partly due to a lack of information and sufficient means of pressure.

We currently use 130 criteria to evaluate fund action with respect to pollution and environmental protection in general.

Almost all Society are now active in engagement, as it is encouraged by public authorities in the EU.

There is also a large majority of Society that has aligned its conduct to the UN Global Compact. Some, through direct participation (membership), others through a process of automatic exclusion of Society that violate the principles of the Global Compact.

Finally, on the controversial topic of nuclear risk and unconventional weapons, there are numerous initiatives to ban Society that market or produce these types of weapons.

Regulation of polluting activities is a lynchpin of EU legislation that is matched by monitoring requirements for sustainable funds. Pollution can be traced to certain climate issues (Emissions of Polluting Gases and Materials) and management of discharges.

Funds will be required to monitor:

• Greenhouse gas emissions (Society/States):
  Carbon emissions divided into: Scope 1: Emissions generated by sources controlled by Society, such as an airline emitting exhaust gases; Scope 2: Emissions that are created by the generation of the electricity or heat needed by the company to sell its main products or provide its main services; Scope 3: All indirect emissions that are not covered by Scope 1 and 2 that occur in the value chain of the reporting company, including upstream and downstream emissions, particularly for sectors with a high impact on climate change and its mitigation.
• Carbon footprint:
  The ratio of greenhouse gas emissions to the total current value of investments.
• Greenhouse gas intensity of Society participated in.:
  The total greenhouse gas emissions of the parent company and its subsidiaries measured in metric tons of CO2, per million dollars of revenue.
• Emissions to water:
  Tons of water emissions generated by Society investees per million invested, expressed as a weighted average.
• Share of hazardous waste:
  Tons of hazardous waste generated by Society investees per million invested, expressed as a weighted average.

The EU also indicates the following indicators to be measured optionally:

• Emissions of inorganic pollutants.:
• Tons of inorganic pollutants per million invested.
• Emissions of air pollutants.:
• Tons of air pollutants per million invested.
• Greenhouse gas emissions (real estate):
• Total greenhouse gas emissions generated by real estate.
• Non-recycled waste ratio:
  Tons of non-recycled waste per million invested.
• Waste generation in operations:
  The share of real estate not equipped with waste sorting facilities and not covered by a waste recovery or recycling contract.