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Q3 2024 Engagement case study: PFAS phase-out
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Objective
Phase-out hazardous PFAS chemicals from manufactured firefighter turnout gear.
Background
Per and polyfluoroalkyl substances, also known as PFAS, are highly stable man-made molecules. Their ability to resist breaking down can make products highly resistant to water, grease and stains. PFAS have therefore been useful in a range of applications including helping firefighter turnout gear meet regulatory safety requirements. However, a growing understanding of their impacts means that the same properties that make them useful are also creating a planetary scale health risk. Without the ability to biodegrade, PFAS are accumulating in the environment and in the tissues of living organisms. From there, evidence suggests their presence can lead to cancers, autoimmune disorders, male and female infertility, obesity and diabetes1,2.
Though not a manufacturer of PFAS chemicals themselves, MSA Safety assembles turnout gear that has only been able to meet regulatory safety requirements thanks to the water and oil repelling properties of PFAS. However, in light of growing awareness of the negative impacts associated with PFAS, alternative technologies and regulatory standards are evolving to limit the need for these chemicals.
We have therefore been engaging MSA Safety to encourage them to commit to a time-bound phase-out of the chemicals. To date, the company has cited a reliance on supplier R&D as the primary obstacle to this. It had however, been working with the International Association of Firefighters to support the PFAS Alternatives Act, which would secure federal funding to support innovation.
Actions
Following announcements that the final layer of protective clothing is now available without PFAS chemicals and has recently been certified to national standards in North America3, WHEB requested a call with MSA Safety to understand its position on phase-out.
Progress/outcome
M3:Â Company develops or commits to develop an appropriate method or strategy to manage the issue
Though certified alternative components are now available, each of MSAâs new PFAS-free products will still need to undergo certification before being brought to market. Given the high-profile nature of the chemicals, the company expects the bar to be high and it has therefore been somewhat reserved in its marketing so far. Still, the company was confident it could bring PFAS- free products to market in early 2025.
We will continue to push MSA Safety for a time-bound commitment to total phase-out. However, we also believe the company is making meaningful progress towards this being a reality as evidenced by its work to bring PFAS-free alternatives to market as quickly is as reasonably possible.
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OEICs
An investment in FP Sustainable Future Themes Fund, FP Foresight Global Real Infrastructure Fund, FP Sustainable Real Estate Securities Fund, FP UK Infrastructure Income Fund or FP WHEB Sustainability Impact Fund and Liontrust Diversified Real Assets Fund (together the âFundsâ) should be considered a long-term investment that may be higher risk. Portfolio holdings are subject to change without notice.
The Authorised Corporate Directors FundRock Partners Limited (registered office at Hamilton Centre, Rodney Way, Chelmsford, England, CM1 3BY) and Liontrust Investment Partners LLP (registered office 2 Savoy Court, London WC2R 0EZ), are authorised and regulated by the Financial Conduct Authority with Firm Reference Numbers 469278 and 518552 respectively. The Funds are incorporated in England and Wales.
ICAVs
An investment in the WHEB Sustainable Impact Fund and the WHEB Environmental Impact Fund (together the âFundsâ) should be considered a longer-term investment that may be higher risk. Portfolio holdings are subject to change without notice.
The Manager of the Funds is FundRock Management Company S.A., authorised and regulated by the Luxembourg regulator to act as UCITS management company and has its registered office at Airport Center Building, 5, Heienhaff, L-1736 Senningerberg, Luxembourg.
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