Centre for the Study of Financial Innovation (CSFI) Sustainable Finance for Breakfast (1): A monthly round-table meeting on developments in the sustainable finance space
4 May 2017, 8:30-10:00am | Wax Chandlers Hall, 6 Gresham St, London EC2V 7AD
CSFI currently organises two regular monthly morning briefings - one on EU regulatory developments (anchored by Graham Bishop, and now in its 128th month) and one on FinTech (with Izabella Kaminska, now in its 17th month).
The model seems to work. The intention is not to delve too deeply into the intricacies of policy or individual initiatives, but to offer a tour d'horizon of what is going on and what is coming up - so that both specialists and non-specialists alike can feel reasonably confident that they are up to speed and that there isn't anything particularly terrifying/exciting that they are likely to miss.
What applies to Brussels and to FinTech can apply to the field of sustainable finance as well - not least because of the pressure City firms find themselves under in regard to environment-related risk across different sectors, asset classes and geographies. There is a huge amount going on - much of it involving corporate social responsibility and much of it with direct impact on both long-term investment decisions and the role of financial markets.
For this latest step into the unknown, the Centre has teamed up with the Sustainable Finance Programme at Oxford's Smith School, which is run by Ben Caldecott - who has generously agreed to be the regular guide. In addition to being a leading academic in the field (he is currently an academic visitor at the Bank of England and a visiting scholar at Stanford), he is a former head of policy at Climate Change Capital and research director at Policy Exchange. He has a DPhil from Oxford, and is all over the media on climate-related issues.
As with our other regular breakfast meetings, we hope to bring in one or more additional panellists, to offer a complementary perspective. Kicking off for our first meeting will be Catherine Howarth, Chief Executive of ShareAction. A board member of the Scott Trust (owner of The Guardian) and a member of the investment committee of the Trust for London. Catherine is also a former trustee of The Pension Trust.
6th Stranded Assets Forum: From disclosure to data - towards a new consensus for the future of measuring environmental risk and opportunity
Day 1: Towards a new consensus on the role of asset-level data, big data, and advanced analytics in shaping company, investor, and regulator responses to environmental risk and opportunity.
Day 2: Asset-level Data Initiative (ADI) - how to realise the ambition of making accurate, comparable, and comprehensive asset-level data tied to ownership publicly available across key sectors and geographies.
The G20 Financial Stability Board (FSB), European Systemic Risk Board (ESRB), and Bank of England have all recently warned how environmental factors, particularly physical climate change impacts and societal responses to climate change, could have implications for asset values and even financial stability. While these regulators have emphasised the need to pre-emptively manage 'stranded asset' risk in financial institutions and throughout the financial system as a whole, without better data availability and improvements in the way that investors measure their exposure to environmental risk and opportunity this will be extremely challenging. Correcting this major gap is now an urgent priority.
This high-level forum will explore developments in the way that investors measure company and asset-level exposure to environmental risk and opportunity. New datasets, new analysis of existing data, and new approaches and methodologies (including advanced analytics, 'big data', and remote sensing) could all give financial institutions important information on the environmental performance of their investments. These approaches may also help to plug significant gaps in the value of existing corporate-level voluntary reporting.
The Forum will explore some of these emerging areas, as well as critically review current investor approaches for measuring environmental risk and opportunity in investment portfolios in terms of insight, accuracy, and relevancy to practitioners. We are particularly interested in how new approaches might be applied in emerging and developing country markets.
The Forum will also attempt to build some consensus on how to operationalise these development and ensure uptake happens as quickly as possible. In this regard, the second day of the Forum will host the inaugural meeting of the new Asset-level Data Initiative, a new project currently being established by the University of Oxford, Stanford University, CDP, and 2 Degrees Investing Initiative.
By Invitation only
Special Issue in Journal of Sustainable Finance & Investment
There is a Special Issue of the Journal of Sustainable Finance & Investment associated with this Forum. Details of how to submit papers can be found here.
Asset-level data and climate-related risk
6th March 2017 | Jupiter Asset Management, London
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School spoke at the launch of a new report on the importance of asset-level data and the role of the Asset-level Data Initiative (ADI), a new partnership involving the University of Oxford, Stanford University, CDP, and 2 Degrees Investing Initiative.
GIZ Strategic Alliance on Green Bond Market Development in G20 Emerging Economies: Green Bond Workshop for Regulators, Issuers, Underwriters & Verifiers
2nd March 2017 | Hotel Westin Beijing Financial Street, 9B Financial Street, Xicheng, Beijing
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School was invited to give his perspectives on green finance based on his work on sustainable finance and investment across sectors, asset classes, and geographies. The talk examined whether financial markets are important for the low carbon transition; the state of green finance; where it needs to get to; and potential reasons for optimism and concern.
Stranded Coal-fired Power Assets in China: Risks for Investors and Implications for Policymakers Closed Door Workshop
Tuesday 28 February 2017 | Fairmont Hotel, Beijing
The University of Oxford Smith School of Enterprise and the Environment, together with the UK Foreign & Commonwealth Office and North China Electric Power University (NCEPU), are organising a workshop on stranded coal-fired power assets in China and what this means for investors, policymakers, and regulators. This closed door workshop will take place on Tuesday 28 February from 1130 to 1740 at the Fairmont Hotel in Beijing. View the draft agenda.
At the workshop new research from a University of Oxford-led project on stranded coal-fired power assets in China will be launched and discussed. The research examines three important topics. The first is the environment-related risks that could strand coal-fired assets in China. New research and analysis designed to help financial institutions manage these risks will be made available. The second is the political economy and 'just transition' challenges that may need to managed as a result of the premature closure of coal assets in China. New analysis of where and when this might be most pressing will be presented, together with possible recommendations based on international experience. The third topic is how power market reforms could improve the efficiency and efficacy of the low carbon transition.
Future Pathways to 2°C-compatible oil: Investment into the oil and gas sector over the next two decades
13th February 2017 | The British Academy, 10-11 Carlton House Terrace, London SW1Y 5AH
The Sustainable Finance Programme co-organised a simulated wargame as part of a joint Oxford Smith School, E3G and Chatham House project entitled Future Pathways to 2°C-compatible oil. The project takes a systematic approach to understanding the 'real world' 2°C transition pathways for oil majors and their investors, aiming to identify potential barriers to an 'orderly transition'.
The simulated wargame is intended to help explore the different pathways companies could take and model the impact on shareholder value. This decision support tool can help inform company, investor, government, and civil society strategies to delivering and adapting to energy transition pathways.
9 February 2017 | Oslo University Aula and Thon Conference Universitetsgaten
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School gave a talk at the Research Council of Norway's annual climate change conference in Oslo. This looked at the historical role of finance in societal change and what lessons this generates for the transition to the low carbon economy.
Stranded Assets Forum Tokyo
31st January 2017 | Tokyo, Japan
The University of Oxford's Smith School of Enterprise and the Environment, with Bloomberg LP acting as host, is organising a private high-level forum on stranded assets and the future of sustainable finance. This will take place on 31st January 2017 in Tokyo and follows on from six equivalent forums organised by the University of Oxford in the United Kingdom and the United States.
The forum will bring together a small number of senior practitioners from key groups throughout the investment chain, as well as leading researchers and policymakers. Invitations are personal and non-transferable, there is no fee for attendance, and there will be no more than 70 high-level attendees.
The Paris Agreement coming into force, major developments in clean technology, changing interpretations of fiduciary duty, and parallel developments in company and investor disclosure mean that factors related to the environment are becoming ever more material and could reshape the risk and return profile of investments in key sectors around the world.
Our inaugural forum in Japan will examine the major developments in stranded assets and sustainable finance-related topics and look at their possible implications for Japanese financial institutions and financial regulators. There will also be a session discussing the work of the Task Force on Climate-related Financial Disclosures (TCFD).
Addressing climate related risks of energy investments | Energy Policy after the Paris Climate Agreement: G20 Workshop
13th December 2016 | Old Town Hall, Munich, Germany
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, is speaking on the topic of the 'Risk exposure of current and future energy assets in a transition to a well-below-2°C-world' at a G20 Workshop in the margins of the meetings of the G20 Sustainability Working Group, the Energy Sustainability Working Group and the Climate Sustainability Working Group. The workshop is organised by the German Federal Government.
Assessing and Managing Climate-related Financial Risks: the Frontier of Knowledge
16th December 2016 | Université Paris-Dauphine, Amphithéâtre Raymond Aron, Paris, France
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, is speaking on transition risk at an event organised by Banque de France, Institut Louis Bachelier, and Trésor Direction Générale. The workshop brings together climate specialists, climate and financial economists, financiers and policymakers to examine key questions regarding climate related financial risk assessment and management.
Pathways to 2 degree-compatible Oil & Gas Majors: Wargame & Decision Support Tool Workshop
10:00 - 17:00, 29th November 2016 | Royal Society of the Arts, 8 John Adam St, London WC2N 6EZ
The Sustainable Finance Programme at the Oxford Smith School, E3G, and Chatham House are undertaking a joint project on 2 degree compatible pathways for oil and gas majors. As part of the project we are developing a simulated 'wargame' within which to explore these pathways. This decision support tool will inform company, investor, government, and civil society strategies to delivering and adapting to energy transition pathways. You can find more details here.
As part of the development of the tool, we invited graduate students and researchers from Oxford and Imperial College London to participate in the first run of the simulation. This took place on the 29th November in central London.
Investment in Hydrocarbons Session | Chatham House Energy Transitions Conference 2016
14:30 - 16:00, 28th - 29th November 2016 | The Royal Society, 6-9 Carlton House Terrace, London, SW1Y 5AG
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, chaired a high-level panel examining hydrocarbon market volatilities, forecast accuracy, the regulatory and economic drivers affecting the viability of coal, gas and oil as energy sources, and the pace of change in hydrocarbon investment.
Poppy Allonby, Managing Director Natural Resources, BlackRock
Professor Paul Stevens, Distinguished Fellow, Energy, Environment and Resources, Chatham House
Klaus Mohn, Professor of Petroleum Economics, University of Stavanger
Anthony Hobley, CEO, Carbon Tracker Initiative
Trisha Curtis, Co-Founder, PetroNerds
The financial impact of divestment from fossil fuels | Bank of England Central Banking, Climate Change and Environmental Sustainability Conference
14th - 15th November 2016 | Prudential Regulation Authority, 20 Moorgate, London EC2R 6DA
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, spoke as a respondent to a paper on 'The financial impact of divestment from fossil fuels' authored by Auke Plantinga and Bert Scholtens from the University of Groningen presented at the first ever conference hosted by a central bank on climate change.
Other speakers at the event included:
Minouche Shafik, Bank of England
Achim Steiner, Oxford Martin School, University of Oxford
Andy Haldane, Bank of England
Rowan Douglas, Willis Towers Watson
Mariana Mazzucato, University of Sussex
Olaf Sleijpen, De Nederlandsche Bank
Alexander Barkawi, Council on Economic Policies
Implementing Paris: Managing the Political Economy Implications of Stranded Assets
11th November 2016 | Marrakech, Morocco
The Oxford Smith School and the Inter-American Development Bank are organising a private high-level event on Friday 11th November at COP22 in Marrakech. Staying well below 2 degrees implies significant asset stranding in carbon-intensive sectors. The faster the pace of decarbonization, the greater the chance of stranded assets in different sectors and the larger the potential economic, social, and political consequences that might need to be managed. There is a risk that this could destabilise low carbon transitions and prevent the realisation of Nationally Determined Contributions (NDCs).
Yet this remains an under researched area and little has been done to factor these issues into NDCs and low carbon development plans. This is a significant risk to plan implementation in the short, medium, and long-term and should be remedied to enhance plan robustness. This IDB high-level dialogue aims to generate some consensus around a multi-pronged approach to deal with these issues and for the international community to be on the front-foot in terms of dealing with them.
Strictly by invitation only.
3rd OECD Green Investment Financing Forum and Launch of OECD Centre on Green Finance and Investment
13th - 14th October 2016 | Asian Development Bank Institute | Tokyo, Japan
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, was a panellist on a plenary session entitled, 'Managing financial risks arising from climate change'. The session was chaired by Michael Sheren, Co-Chair of the G20 Green Finance Study Group and a Senior Advisor at the Bank of England. Other panellists included: Brian Cahill, Managing Director at Moody's; Mitsugi Sumiya, CFO at AXA Life Japan; Mariko Kawaguchi, Managing Director, Research Division at Daiwa Institute of Research; and Kazuo Matsushita,Emeritus Professor at Kyoto University. See more details here.
Climate Risk: Economic and Financial Implications, Inter-American Development Bank Regional Dialogue
6th October 2016 | Inter-American Development Bank | 1330 New York Ave NW, Washington DC, Conference Room CR-3, Third Floor
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, is the lead author of a new report published by the Inter-American Development Bank (IDB) on stranded assets. He gave a talk on the report at a high-level event organised during the World Bank/IMF annual meetings in Washington DC. Other speakers at the event included: Ma Jun, Chief Economist, Research Bureau at The People's Bank of China; Rupert Thorne, Deputy to the Secretary General at the Financial Stability Board; Jane Ambachtsheer, Partner and Global Head of Responsible Investment at Mercer; Santiago Levy, Vice President for Sectors and Knowledge at IDB; and Amal-Lee Amin, Chief, Climate Change Division at IDB.
International Conference on Fossil Fuel Supply and Climate Change Policy
26th - 27th September 2016 | The Queen's College, Oxford
The Sustainable Finance Programme at the Oxford Smith School is co-conveing the 'International Conference on Fossil Fuel Supply and Climate Change Policy'. Ben Caldecott, Director of the Sustainable Finance Programme, is chairing the 'Managing coal transitions' session at the conference.. Lucas Kruitwagen, a Research Assistant in the Sustainable Finance Programme, is presenting a paper entitled, 'Future pathways to 1.5°C/2°C-compatible oil and gas majors: Survey of energy outlooks and key uncertainties'. More details can be found here: http://fossilfuelsandclimate.org
1.5 Degrees Conference: Meeting the challenges of the Paris Agreement
20th - 22nd September 2016 | Keble College, Oxford
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, chaired the 'Financing 1.5 Degrees' plenary session at the '1.5 Degrees Conference: Meeting the challenges of the Paris Agreement' held at Keble College, Oxford. More details can be found here: http://www.1point5degrees.org.uk
Sustainable Finance Course for environmental NGOs - 2016/17
19th - 22nd September 2016 | St Peter's College, Oxford
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, convened and taught on the first iteration of a new Sustainable Finance Course for environmental NGOs developed by the Sustainable Finance Programme. The residential component in Oxford saw 25 mid-senior level NGO leaders come to Oxford.
Inter-American Development Bank brown bag lunch - "Stranded Assets: A Climate Risk Challenge"
12:00 - 14:00 | 16th September 2016 | Inter-American Development Bank | 1300 New York Avenue NW, Washington, DC 20577
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, is the lead author of a new report published by the Inter-American Development Bank (IDB) on stranded assets and gave a talk to IDB staff on the findings.
Inter-American Development Bank Report launch - "Stranded Assets: A Climate Risk Challenge"
15:00 - 16:45 | 15th September 2016 | Inter-American Development Bank | 1300 New York Avenue NW, Washington, DC 20577
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, is the lead author of a new report published by the Inter-American Development Bank (IDB) on stranded assets. He gave the keynote speech at the launch event. Other speakers included: Santiago Levy, Vice President for Sectors at Knowledge, IDB; Graham Watkins, Climate Division, IDB; Amar Bhattacharya, Senior Fellow, Global Economy and Development, Brookings; Chris Fowle, Vice President, Investor Initiatives, CDP North America; and Robert Litterman, Founding Partner, Kepos Capital.
Despite the increasing prominence of stranded assets as a topic of significant interest to academics, governments, financial institutions, and corporations, there has been little work specifically looking at this issue in Latin America and the Caribbean (LAC). This is a significant omission, given the region's exposure to environment-related risk factors, the presence of extensive fossil fuel resources that may become "unburnable" given carbon budget constraints, and the particular challenges and opportunities facing lower-income and emerging economies in LAC.
This report includes an extensive literature review, reviews of case studies, in-depth interviews, extensive informal consultation, and a survey instrument to identify gaps in the stranded asset literature. The report builds on work undertaken in 2015 by the IDB on the issue of stranded assets. It aims to provide a deeper understanding of the issue and the existing literature about it, as well as highlight opportunities for future work, especially in LAC.
British Chamber of Commerce roundtable lunch
12pm - 2pm, Friday 2nd September 2016 | Hilton Hotel, Pitt Street, Sydney, Australia
Ben Caldecott, Director of the Sustainable Finance Programme, presented and then led a high-level roundtable discussion on sustainable finance hosted by the British Chamber of Commerce in Australia.
Roundtable on financial and business implications of climate change
2.30pm - 4pm, Wednesday 31st August 2016 | Waratah Room, John Gorton Building, Dorothy Tangney Place, Parkes ACT
Ben Caldecott, Director of the Sustainable Finance Programme, presented and then led a roundtable discussion on the financial and business implications of climate change hosted by the Australian Department of the Environment and Energy, including representatives from the Department of the Treasury, Department of the Prime Minister and the Cabinet, Attorney-General's Department, and the Department of Foreign Affairs and Trade.
Energy and climate change policy roundtable
3pm - 4pm, Tuesday 30th August 2016 | 121 Exhibition Street, Melbourne, Australia
Ben Caldecott, Director of the Sustainable Finance Programme, presented and then led a roundtable discussion on energy and climate change policy with the Victorian Government's Department of Environment, Water, Land and Planning.
Climate Change Risk and Corporate Governance Directors' Duties and Liability Exposures in a post-Paris World
29-30 August 2016 | University of Melbourne
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, will be giving a keynote speech at this international legal symposium. The symposium will consider international developments in the law and liability for climate change damages, with a practical, inter-disciplinary perspectives provided by leading directors, economists, investors and insurance-sector executives. Invitation only event. For further information, see here
Bank of England - Met Office Workshop on climate risk and financial stability
10am - 3pm, Friday 15th July 2016 | Bank of England, Threadneedle Street, London, EC2R 8AH
Ben Caldecott, Director of the Sustainable Finance Programme, gave a talk at and participated in the Bank of England - Met Office Workshop on climate risk and financial stability
Sustainable Finance Programme Garden Party
7 July 2016 | Oriel College, Oxford
The Sustainable Finance Programme (formerly the Stranded Assets Programme) will be holding a summer garden party on the 7th of July at Oriel College, Oxford. Members of the Oxford community and practitioners with an interest of getting more involved in our work are very welcome to attend. To register please RSVP with email@example.com
Business & Climate Summit 2016
28-29 June 2016 | Guildhall, London
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, will be giving a keynote speech on environmental risk and disclosure at the Business & Climate Summit taking place at the Guildhall on 28th and 29th June 2016. For more details see here
International Symposium on Directors' Liability for Climate Change Damages
10am-6pm, Wednesday 8 June 2016 | Lady Margaret Hall, University of Oxford
The Commonwealth Climate and Law Initiative (CCLI) has the pleasure of inviting to you to the first of three high-level international symposia on the legal exposures of company directors for climate change damages. The first symposium will be help at Lady Margaret Hall, a college within the University of Oxford, on the 8th June 2016. Each symposium will facilitate a cross-institutional and cross-jurisdictional exchange of legal thought leadership on director liability risks relevant to plaintiff and defence lawyers, regulators, investors, accountants, and insurers.
It is now clear that climate change presents material - if not unparalleled - economic risks and opportunities. The Bank of England's Prudential Regulation Authority and others have recently warned of the potential liability exposure of company directors for i) their company's contribution to anthropogenic climate change, ii) a failure to adequately manage the risks associated with climate change, and iii) inaccurate disclosure or reporting of these factors. These emerging exposures have implications for corporate governance in climate-risk exposed industries (from financial services to mining, infrastructure, agriculture, and beyond), and for the insurance sector (in terms of professional indemnity and directors' and officers' insurance). Despite these risks, there remains little in-depth analysis of how prevailing corporate governance laws and fiduciary duties facilitate - or constrain - the actions of company directors confronted with complex climate change challenges.
In light of this and related developments, CCLI has been established as a research, education, and outreach project by the University of Oxford's Smith School of Enterprise and the Environment, HRH The Prince of Wales's Accounting for Sustainability Project, and ClientEarth. CCLI is focused on four Commonwealth countries (Australia, Canada, South Africa, and the United Kingdom) and is examining the legal basis for directors in common law countries to take account of physical climate change risk and societal responses to climate change, under prevailing statutory and common (judge-made) laws.
In partnership with ClientEarth, The Prince of Wales' Accounting for Sustainability Project and Minster Ellison.
1:30pm-3pm, Tuesday 7 June 2016 | Committee Room 10, House of Commons, London, SW1A 0AA
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, spoke at an event at the House of Commons on the future of the UK energy mix together with Lord Barker of Battle, former Minister of State for Energy and Climate Change and Ben Irons, Director, Aurora Energy Research. For further information, see here
The Future of Measuring Environmental Risk and Opportunity in Investment Portfolios
1200 - 1400 | 27th May 2016 | Center for International Climate and Environmental Research (CICERO) | Oslo, Norway
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School presented to researchers at CICERO on measuring environmental risk and opportunity in investment portfolios.
Norwegian Energy Research Conference 2016
0900 - 1600 | 26th May 2016 | Radisson BLU Plaza | Oslo, Norway
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School is giving a keynote address on 'How climate policy influences the energy industry - where are the possibilities, who wins and who loses?' at the Norwegian Energy Research Conference 2016. Agenda can be downloaded here
Senior Investor Climate Roundtable
0800 - 0930 | 24th May 2016 | Schroders, 31 Gresham Street, London EC2V 7QA
Andrew Bailey (Deputy Governor of the Bank of England) and Ben Caldecott (Director, Sustainable Finance Programme, Oxford Smith School) both spoke at a roundtable co-organised by the Oxford Smith School, Meteos, and the UNEP Inquiry into the Design of a Sustainable Financial System held at Schroders. Attendees included: Chris Cheetham , Chief Investment Officer, HSBC; Charles French, Head of Investment, Newton Investment Management Ltd; Peter Harrison, Chief Executive Officer, Schroders Asset Management; Dominic Rossi, Chief Investment Officer, Fidelity; Michael Sheren, Senior Advisor, Bank of England; Hendrik du Toit, Chief Executive Officer, Investec; and Mark Zinkula, Chief Executive Officer, LGIM.
International Symposium on "Climate change and energy: Approaching the coal challenge"
0930 - 1730 | 20th May 2016 | United Nations University U Thant International Conference Hall | Tokyo, Japan
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School gives a pre-recorded talk on 'Stranded Assets and Thermal Coal in Japan: An Analysis of Environment-related Risk Exposure' based on a recent research report he has co-authored. View agenda here.
Stranded Assets and Thermal Coal in Japan: An Analysis of Environment-related Risk Exposure
1400 - 1600 | 13th May 2016 | Institute for Global Environmental Strategies (IGES) | Tokyo, Japan
5-6.30pm, Wednesday 4 May 2016 | E W Gilbert Room, School of Geography and the Environment, South Parks Road, Oxford, OX1 3QY
Speaker: John Scott, Chief Risk Officer, Zurich Global Corporate Chair: Ben Caldecott, Director, Sustainable Finance Programme, Smith School of Enterprise and the Environment, University of Oxford.
The Chief Risk Officer of Zurich, John Scott, is coming to Oxford to give a talk on how physical climate change impacts and societal responses to climate change might impact the global insurance industry. This issue has gained significant prominence since the Bank of England published its report on the impact of climate change on the UK insurance sector in September 2015. Since then, the Paris Agreement and the new Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures, chaired by Michael Bloomberg, have helped to spur a growing recognition of how climate change might affect different parts of the global financial system, particularly insurance groups in their twin capacity as institutional investor and agent of risk transfer.
John Scott is Chief Risk Officer for Zurich Global Corporate. He joined Zurich in 2001 becoming Head of Risk Insight in 2007 and took on his current role in 2009. John leads the global, regional and local implementation of the Group's enterprise risk management strategy across Zurich's Global Corporate business. A graduate of Oxford University, with a PhD in geology from Aberystwyth University, John's early career was in the upstream oil & gas industry, where he gained wide-ranging international experience with BP. In 1995 he gained his MBA at Cranfield and joined BOC, working in Group Strategy & Planning team and then helping to develop BOC's fast-growing Edwards business division.
Legae Securities Boldtalk Breakfast on 'Stranded assets: the prospect for climate change to make mineral reserves unexploitable'
07:30-10:00, Thursday, 21 April 2016 | The Vineyard Hotel, Colinton Road, Newlands, Cape Town, South Africa
Ben Caldecott, Director of the Sustainable Finance Programm at the Oxford Smith School spoke to South African investors about stranded assets and the future of measuring environmental risk in investment portfolios.
5th Stranded Assets Forum: Ultra High-Net-Worth Individuals, Private Banks, and the State of Sustainable Investment
The entire global population of 211,275 ultra high-net-worth individuals (UHNWIs) was worth US$29.7 trillion in 2014, compared to OECD pension funds with assets of US$24.7 trillion. There also appears to be a propensity for many UHNWIs to be motived in part by ESG considerations - for example wanting to directly or indirectly support social or environmental objectives through their investments, while simultaneously generating an appropriate risk-adjusted returns across their portfolios.
Given this and the scale of capital involved, we feel it is important to find out how good private banks and private wealth managers are at providing advice on green investment topics. Do private banks and private wealth managers posses the skills, training, and expertise to cater to the apparently growing demand for advice on sustainability? If not, what can be done to address this problem and if it is an issue, what are its causes and consequences? Could there be structural barriers preventing the private wealth management industry from catering to these priorities and how could they be resolved? Moreover, what is the state of client demand for these products and services?
This forum will bring together family offices, UHNWIs, foundations, private banks, private wealth managers, and experts in green investment to better understand the issues involved. We are doing this in order to ratchet up the quality of green investment advice provided to UHNWIs. This could help to channel significant capital towards assets compatible with environmental sustainability and away from investments that are not.
The Future of Coal: Implications for Public Policy and Investors
12.30, Wednesday 30 March 2016 | Shriram 108, Global Projects Center
Speaker: Ben Caldecott, Director, Stranded Assets Programme, Smith School of Enterprise and the Environment, University of Oxford
In November 2015, the United Kingdom announced its intention to phase out unabated coal-fired power stations by 2025. In December, negotiators at COP 21 in Paris reached an international deal to limit climate change which will require a global transition away from fossil fuels. In this seminar, Ben Caldecott will discuss why a post-Paris, international framework for phasing out coal is necessary and will suggest a number of national and international policy mechanisms that could achieve this. He will additionally outline the implications of climate and environment policy for investors in coal assets based on recent research at the Oxford Smith School.
Ben Caldecott is Director of the Sustainable Finance Programme at the University of Oxford's Smith School of Enterprise and the Environment. The Sustainable Finance Programme incorporates and builds on the Stranded Assets Programme that he founded in 2012. He is concurrently an Adviser to The Prince of Wales's Accounting for Sustainability Project and an Academic Visitor at the Bank of England. Ben specializes in environment, energy, and sustainability issues and works at the intersection between finance, government, civil society, and academe, having held senior roles in each domain.
University of Oxford, Risky Business, and Ceres event in San Francisco
9.30-12.30, Tuesday 29 March 2016 | The University Club of San Francisco, 800 Powell Street, San Francisco, CA 94108
Speakers: Dave Jones, California's Insurance Commissioner, and Ben Caldecott, Director, Stranded Assets Programme, Smith School of Enterprise and the Environment, University of Oxford
The University of Oxford's Smith School of Enterprise and the Environment, in partnership with Risky Business and Ceres, has the pleasure of inviting you to an event in San Francisco on Tuesday 29th March 2016 on the future of measuring exposure to environmental risk and opportunity in investment portfolios.
In February 2016 the European Systemic Risk Board (ESRB) - which is responsible for macro-prudential oversight across the European Union - joined the Bank of England and the G20 Financial Stability Board (FSB) in highlighting how a late and abrupt transition to a low carbon economy could have implications for financial stability. While the ESRB emphasised the need to pre-emptively manage 'stranded asset' risk in financial institutions and throughout the financial system as a whole, without better data availability this will be extremely challenging. Correcting this major gap is now an urgent priority.
In parallel, the new Task Force on Climate-related Financial Disclosures (TCFD), established in December 2015 by Mark Carney as Chair of the FSB and chaired by Michael Bloomberg, has been created to make recommendations on these issues by the end of 2016. These will have a very significant role in ensuring that different users of data have what they need to manage the risks recently identified by the ESRB, Bank of England, FSB, and others.
The event will explore the opportunities to transform the way investors measure company exposure to environmental risk and opportunity. Advanced analytics, 'big data', and remote sensing could give asset managers and asset owners, as well as regulators and civil society, critically important information on environmental performance currently missing from existing corporate-level voluntary reporting. The aim of the event is to develop a view on how these new approaches could support the objectives of the TCFD and what new research could be done in these areas.
Ben Caldecott, Director of Sustainable Finance Programme, gave a keynote talk at a conference organised by the Jiangsu Information Centre, Jiangsu Development and Reform Commission, and the UK Foreign & Commonwealth Office for policymakers in Jiangsu Province on climate change, energy, and sustainability topics. This is the second capacity building event in Jiangsu and follows a high-level visit from Jiangsu to Oxford in October 2015.
Public Private Partnerships and the low carbon transition - exchange between UK and Chinese experts
16th March 2016 | JunHe Offices | Beijing, China
Ben Caldecott, Director of Sustainable Finance Programme, gave a talk and participated in an exchange between UK and Chinese experts on the opportunities and challenges of public private partnerships, particularly in the context of the low carbon transition.
Stranded Assets and Thermal Coal: An Analysis of Environment-Related Risk Exposure
8pm, Tuesday 15 March 2016 | Media Cafe, New Street Courtyard Bldg 8A, West Side, 2nd Floor, Chaoyang Road, Beijing, China
Ben Caldecott, Director of the Sustainable Finance Programme at the University of Oxford's Smith School of Enterprise and the Environment, will be speaking on his recently published research on Stranded Assets and Thermal Coal at an event organised by the Beijing Energy Network.
The Future of Coal: Implications for Public Policy and Investors
12.45pm, Friday 4 March 2016 | The Institute of International and European Affairs
Speaker: Ben Caldecott, Director, Stranded Assets Programme, Smith School of Enterprise and the Environment, University of Oxford
In November 2015, the UK announced their intention to phase out unabated coal-fired power stations by 2025. In December, negotiators at COP 21 in Paris reached an international deal to limit climate change which will require a global transition away from fossil fuels. In this address, Ben Caldecott will argue that in a post-Paris world an international framework for phasing out coal is necessary and will suggest a number of national and international policy mechanisms that could achieve this. He will then outline the implications of climate and environment policy for investors in coal assets.
Ben Caldecott is Director of the Sustainable Finance Programme at the University of Oxford's Smith School of Enterprise and the Environment. The Sustainable Finance Programme incorporates and builds on the Stranded Assets Programme that he founded in 2012. He is concurrently an Adviser to The Prince of Wales's Accounting for Sustainability Project and an Academic Visitor at the Bank of England. Prior to joining the Oxford Smith School he was Head of Policy at investment bank Climate Change Capital. Mr. Caldecott has previously worked as Research Director for Environment and Energy at the think tank Policy Exchange, as Head of Government Advisory at Bloomberg New Energy Finance, as a Deputy Director in the Strategy Directorate of the UK's Department of Energy and Climate Change, and as Sherpa to the UK Green Investment Bank Commission.
The International Energy Agency (IEA) and the post-Paris landscape
5-6.30pm, Monday 29 February 2016 | Beckit Room, SoGE, South Parks Road, OX1 3QY
Speaker: Philippe Benoit, Head, Energy Environment Division, International Energy Agency
Chair: Ben Caldecott, Director, Stranded Assets Programme, Smith School of Enterprise and the Environment, University of Oxford
Going into and coming out of Paris, energy sector emissions remain at the center of the climate change challenge. From greater ambition, to longer timeframes, to increasing innovation, to an expanding membership, various new factors are simultaneously driving greater prospects for success and expanding the potential for disappointment. Philippe Benoit, Head of the IEA's Energy Environment Division, will present on various IEA strategies and analyses to support decarbonisation, and insights into how the IEA is adapting to changes in the landscape coming out of Paris.
Philippe Benoit is the Head of the IEA's Energy Environment Division that is responsible for analysing an array of climate change related issues, including policies to incentivize decarbonisation, analysing the impact of the COP negotiations on the energy sector and vice versa, the use of market mechanisms and other non-pricing drivers, exploiting synergies between mitigation and air quality and other non-climate objectives, and energy sector resilience issues. Mr Benoit previously was the Head of the Energy Efficiency Division at the IEA that analysed the role of energy productivity in supporting growth and decarbonization. Mr. Benoit has represented the IEA at the last five COPs. Mr. Benoit previously served as the Energy Sector Manager for the Latin America and Caribbean Region of the World Bank. Mr. Benoit has also worked in the private sector, both as an investment banker and a corporate lawyer specializing in energy project financings. He has a BA in Economics and Political Science, magna cum laude, from Yale University and a JD, cum laude, from Harvard Law School.
Stranded Assets and Thermal Coal: An Analysis of Environment-related Risk Exposure
Morgan Stanley, 1585 Broadway, NY, NY 10036, 27th Floor | 12:30-1400 | 29th January 2016
The Stranded Assets Programme at the University of Oxford's Smith School of Enterprise and the Environment organised a lunchtime roundtable in NYC to present new research on thermal coal. Morgan Stanley kindly hosted the event. Ben Caldecott, Founder & Director of the Stranded Assets Programme at the University of Oxford presented.
The top 100 coal-fired utilities, top 20 thermal coal miners, and top 30 coal-to-liquids companies were comprehensively assessed for their exposure to environment-related risks, including water stress, air pollution concerns, climate change policy, carbon capture and storage retrofitability, future heat stress, remediation liabilities, and competition from renewables and gas. The event was the first opportunity to hear about the project globally. The research has clear implications for coal companies, as well as for current disclosure processes, including the new Task Force on Climate-related Financial Disclosures chaired by Michael Bloomberg.
1st Stranded Assets Forum USA
28th January 2016 | New York City (Harvard Club of New York City)
After the Paris climate change conference in December and historic agreements between the United States and other leading countries, as well as major clean tech developments, our inaugural forum in NYC will examine the next major developments in stranded assets-related topics and look at their possible implications for US financial institutions and financial regulators.
Over the last three years the topic of 'stranded assets' created by environment-related factors, including climate change, has loomed larger and larger. Not only has it sparked off one of the fastest growing social movements in history - the fossil free divestment campaign - it has also prompted reaction from a wide-range of key global actors, including President Barack Obama, UN Secretary-General Ban Ki-moon, Jim Kim (President of the World Bank), Mark Carney (Governor of the Bank of England and Chair of the G20 Financial Stability Board), Christiana Figueres (Executive Secretary of the UNFCCC), Angel Gurría (Secretary-General of the OECD), Lord Stern of Brentford, and Ben van Beurden (CEO of Shell plc).
This invitation-only event will provide an opportunity for practitioners to hear about the latest research on stranded assets and carbon asset risk, as well as engage with their peers in the asset owner, asset manager and research community around this key emerging issue.
By Invitation only
Workshop on climate litigation and financial markets
2° Investing Initiative, WeWork Building, 205 East 42nd Street, 20th Floor, Room 20C, New York City | 1430 - 1730 | Tuesday 26th January 2016
The University of Oxford's Stranded Assets Programme and the 2 Degrees Investing Initiative co-hosted a workshop in NYC on climate litigation and financial markets.
The investment and technology transition: matching the rhetoric with money | 'What now? Climate change and energy after Paris' Conference
Selwyn College, University of Cambridge | Friday 22nd January 2016
Ben Caldecott, Founder & Director of the Stranded Assets Programme at the University of Oxford, was a discussant on a panel at the 'What now? Climate change and energy after Paris' Conference held at the University of Cambridge in January 2016.
Private high-level meeting on climate liability and litigation at Paris COP21
Cercle de l'Union Interalliée, Paris, France | Friday 4th December 2015
The Bank of England's Prudential Regulation Authority recently pointed out that fiduciaries, including company directors and pension fund trustees, could be held liable for i) contributing to anthropogenic climate change and ii) not reasonably managing the risks associated with climate change. The Bank, and others, have said that this could potentially have significant implications for the insurance sector (in terms of directors and officers insurance), but also for other parts of the financial system and for fossil fuel companies as well.
In light of these developments, the Stranded Assets Programme at the University of Oxford's Smith School of Enterprise and the Environment, together with ClientEarth, are bringing together key people attending COP21 to help navigate the path ahead. ClientEarth is doing significant work in this area, and the Stranded Assets Programme, together with ClientEarth and The Prince of Wales's Accounting for Sustainability Project, are looking at these issues across Commonwealth common law jurisdictions, particularly Australia, Canada, South Africa, and the UK.
At the meeting we will share information about these activities, explore how these issues might develop in 2016, and identify areas of potential mutual support and collaboration.
By Invitation Only
Stranded Assets and Multilateral Development Banks Workshops
16th and 17th November 2015 | Inter-American Development Bank, 1300 New York Avenue NW, Washington, DC 20577
Ben Caldecott, Founder and Director of the Oxford Stranded Assets Programme, is facilitating three workshops at the Inter-American Development Bank on how stranded assets could be relevant to multilateral development banks. The three workshops are on:
Understanding systemic climate risks: implications for the financial sector and lessons for central banks and financial regulators. November 16th, 2 - 4PM
Stranded assets and development: ensuring low carbon development pathways are resilient to asset stranding. November 17th, 9 - 11AM
Investor exposure to stranded assets: managing investments and portfolios exposed to environment-related risks. November 17th, 2 - 4PM
The agendas can be downloaded here and a discussion document can be downloaded here.
By Invitation Only
Roundtable on coal-to-liquids, coal-to-gas, and underground coal gasification
10 November 2015 | 12:00-2:30pm | Smith Centre - Science Museum | South Kensington, London, SW7 2DD
The Smith School of Enterprise and the Environment would like to invite interested parties to a roundtable discussion involving researchers, practitioners, and policymakers on the state of coal-to-liquids (CTL), coal-to-gas (CTG), and underground coal gasification (UCG) globally.
There is renewed interest in some of these technologies in certain jurisdictions and as part of a research project we are undertaking we are keen to better understand the potential environment-related risks facing these technology families, exposure to companies, and the information financial institutions may need to understand these risks.
Open to all. To confirm your place, please RSVP to Angela Sidaway by 2 November 2010.
4th Stranded Assets Forum: Environment-Related Risks and the Future of Prudential Regulation and Financial Conduct
23 October 2015 | Waddesdon Manor | Aylesbury, Bucks, HP18 0JH
There is a large and growing literature on how environment-related risk factors resulting in stranded assets are material to companies, financial institutions, and policy makers. There are recent examples of how these factors have impacted macroeconomic stability, such as the Arab Spring and the 2011 floods in Thailand. Looking ahead there are numerous plausible scenarios where environment-related risks, including physical climate change impacts and societal responses to climate change, materialise in a way that could impact financial stability.
Recognising this, in Q1 2015 the Bank of England added these issues to its new 'One Bank Research Agenda'. In H2 2015 the Bank of England Prudential Regulation Authority will finalise and publish a report on physical climate change impacts and the UK insurance sector. In Q3 2015 the United Nations Environment Programme Inquiry into the Design of Sustainable Financial System ('UNEP Inquiry') will make its final report after an 18 month research and consultation process involving central banks (and a host other financial actors).
In light of these developments and given that environment-related risk factors appear to be increasing in their frequency and scale, we are organising the 4th Stranded Assets Forum on Friday 23rd October 2015. This is hosted jointly with The Rothschild Foundation at Waddesdon Manor. This one day forum will bring together leaders and experts from central banks and research institutions internationally working on macro and micro prudential regulation, as well as financial conduct. The scope of the forum is intentionally broad and the objective is to help crystallise a research agenda and pathway to operationalisation.
By Invitation OnlyUniversity of Oxford-Jiangsu Province Low Carbon Policy Seminar
St Edmund Hall and Balliol College, Oxford | Monday 26th October
Ben Caldecott, Founder and Director of the Oxford Stranded Assets Programme, hosted a workshop for a senior delegation of policymakers from Jiangsu Province on climate change, energy, and sustainability topics. The delegation were brought to Oxford by the UK Foreign and Commonwealth Office (FCO) and is part of ongoing collaboration between the Smith School of Enterprise and the Environment, the FCO, and the Jiangsu Information Centre, an important think tank and research institute in one of China's largest and most developed provinces.
By Invitation Only
Road to Paris: Taking the Wall Street Shortcut At the Energy Symposium 2015 | 17 October 2015 | Harvard University
MODERATOR: Joanna Messing, Executive Director, Growald Family Fund David A. Schlissel, Director of Resource Planning Analysis, Institute for Energy Economics and Financial Analysis (IEEFA) Bob Litterman, Chairman of Risk Committee, KEPOS Capital Ben Caldecott, Head of Stranded Assets Programme, University of Oxford
A series of developments in the past few years have raised questions among investors on the risks associated with firms that maintain significant exposure to fossil fuels. Businesses have had to deal with an ever-increasing number of government policies that are shifting the energy mix away from fossil fuels in many countries. And despite slow progress on climate change talks, several governments - encouraged by technological advances and evolving social norms - have already enacted regulations that put a price on carbon emissions. Pressure is building up on fossil fuel businesses as demonstrated by several recent activist campaigns that have successfully lobbied large funds into exiting positions held in fossil fuel companies.
Changing expectations of investors can have significant impacts on the business community. This panel will review the drivers of risks associated with fossil fuel businesses and investments in the sector. In preparation for the Paris Conference of Parties, the panel will discuss whether and how changing expectations on Wall Street could further accelerate de-carbonization and the transition to non-fossil fuel energy sources.
Launch event of new report from the University of Oxford's Project for Protected Area Resilience
8 October | 5:30pm | J.P. Morgan | 60 Victoria Embankment | London | EC4Y 0JP
We would like to invite interested guests to attend the launch of a new report from Oxford's Project for Protected Area Resilience (PPAR). The launch will take place on Thursday 8th October 2015 at 5:30pm and will be held at J.P. Morgan, 60 Victoria Embankment, London, EC4Y 0JP, UK. There will be a presentation, high-level panel discussion, and then a reception with drinks and canapes.
The project was established last year by Ben Caldecott and Paul Jepson at the University of Oxford's Smith School of Enterprise and the Environment. PPAR aims to help reinvigorate the Protected Area (PA) conservation discourse. It examines the monetizable and non-monetizable values PA assets generate, who creates orcaptures this value, and how more value can be generated through new public, private, and philanthropic investments into PA assets. The project is also concerned with how to safeguard PAs in light of current and emerging risks threatening their ability to generate value sustainably - in other words we want to avoid PA assets becoming 'stranded assets'. In addition, the project is looking at how to prioritize different types of PA funding and how PAs can achieve the most impact given limited public funds.
The first phase of the project began in Spring 2014 and will be completed in Q4 2015, with subsequent phases beginning thereafter. The report published on the 8th October will be a distillation of the project's work so far and indicate plans for future work.
Stranded Assets in Forests and Agriculture
1 October 2015 | Chatham House | Royal Institute of Internation Affairs | London
Ben Caldecott, Founder and Director of the Oxford Stranded Assets Programme, spoke at a workshop exploring how stranded assets in forests and agriculture may result from national low-carbon development plans and physical climate impacts. The potential for asset stranding in these sectors present risks to a number of stakeholders including asset owners, companies, communities and policy-makers. This workshop explored how these risks can be managed.
The University of Oxford's Smith School of Enterprise and the Environment invites researchers and interested practitioners to a major academic conference on stranded assets and the environment on 24th-25th September 2015. As the first international and interdisciplinary conference on the topic, we expect the event to lead to a special issue in a leading journal and result in new research projects, networks, and partnerships.
Despite its growing prominence as a topic, there remains a great deal of confusion about: what stranded assets are; what assets might be affected; what drives stranding; how financial institutions and companies can manage the risk of stranded assets; what it means for policy makers and regulators; and how it links to climate change policy. To critically review and help formulate a better understanding of stranded assets the conference will bring together leading scholars and practitioners from a range of disciplines, including geography, economics, finance, management, political economy, and public policy. The conference will help provide much needed clarity as research on stranded assets gathers further momentum.
PRI in Person 2015 Conference
8-10 September 2015 | ICC, ExCel London | London
Ben Caldecott, Founder & Director of Oxford's Stranded Assets Programme, spoke on the panel entitled "Active Ownership stream: How are active owners tackling resource scarcity?" at the Principles for Responsible Investment in Person 2015 Conference.
Sino-UK sustainable low carbon transition seminar
29-30 July 2015 | Xi Kang Hotel | Nanjing, China
Ben Caldecott, Founder & Director of Oxford's Stranded Assets Programme, co-led a two-day workshop with the UK Foreign & Commonwealth Office, for policymakers in Jiangsu Province on climate change, energy, and sustainability topics.
The impact of low oil prices and the role of the G20 in global energy governance
27-28 July 2015 | Shanghai Institutes for International Studies (SIIS) | Shanghai, China
Ben Caldecott, Founder & Director of Oxford's Stranded Assets Programme, spoke on a panel at a SIIS conference on G20 energy governance. The objective of the conference was two-fold: (1) to catalyze discussion at the G20 about the opportunities and challenges for its role in global energy governance, and (2) to provide ideas for China's role in the G20 and global energy governance. Other speakers included: Pascal Laffont, Chief Legal Counsel, IEA; David Sandalow, Inaugural Fellow, Center on Global Energy Policy, Columbia University, the former U.S. Under Secretary of Energy; LI Junfeng, Director General of National Center of Climate Change Strategy and International Cooperation (NCCS); and Wang Wen, Executive Dean, Chongyang Institute for Financial Studies, Renmin University of China (RDCY).
HSBC Client Briefing: Stranded Assets
22 July 2015 | Jackson Room, HSBC Main Building | Hong Kong
Ben Caldecott, Founder & Director of Oxford's Stranded Assets Programme, spoke at a lunch event in Hong Kong on stranded assets, subcritical coal and investor responses to managing the risks, together with Wai-Shin Chan, a Director at the HSBC Climate Change Centre of Excellence.
The Future of Natural Gas
16 July 2015 | Portcullis House | London
Policy surrounding natural gas affects tax revenues, energy security, energy prices and efforts to mitigate climate change. With production of natural gas from the North Sea falling and policy to reduce greenhouse gas emissions developing, there is debate about the size of the role natural gas will play in the energy sector over the coming decades, where the supply will come from and the possibility of stranded assets.
Upcoming parliamentary debate is likely to cover the Government's 2016 review of whether to set a power sector decarbonisation target for 2030 and the upcoming Energy Bill is set to transfer the Oil and Gas Authority further regulatory powers.
This roundtable briefing brought together Parliamentarians and senior representatives from business, government and academia to discuss the future of natural gas and related issues.
Ben Caldecott, Director of the Stranded Assets Programme at the Smith School spoke at the session Future of Production and supply on global carbon budgets.
Stranded Assets Programme Garden Party
14 July 2015 | Oriel College | University of Oxford
Garden Party for friends and colleagues of the Stranded Assets Programme and the Smith School of Enterprise and the Environment
Thinking Ahead Institute Topical Day: Stranded Assets
6 July 2015 | Towers Watson | London
Ben Caldecott, Founder & Director of Oxford's Stranded Assets Programme, spoke at one day workshop organised by Tower Watson's Thinking Ahead Institute on stranded assets. The agenda was as follows:
9:00 - 9:15 Tim Hodgson: Welcome
9:15 - 10:00 Roger Urwin: Introduction to stranded assets
10:00 - 10:45 Doug Crawford-Brown: Is the threat of stranded (carbon) assets real?
10:45 - 11:15 Break
11:15 - 12:00 Aled Jones: Geo-politics and energy prices
12:00 - 12:45 Anthony Hobley: Capital allocation and misallocation to carbon
12:45 - 2:00 Lunch
2:00 - 2:45 Ben Caldecott: The value chain and stranded assets
2:45 - 3:30 Amundi: Asset managers' role and stranded asset and carbon
3:30 - 4:00 Break
4:00 - 5:00 Panel discussion and wrap up
Roundtable on Stranded Assets and Insurance
17 June 2015 | Lloyd's of London
Roundtable organised by Lloyd's of London and the Smith School of Enterprise and the Environment to disucss how insurance and reinsurance could be impacted by stranded assets, particularly those caused by environment-related risk factors such as environmental regulation (including climate policy), clean technology, social norms, and litigation. Sectors discussed include property, shipping, agriculture, power generation, and upstream fossil fuel reserves.
Greening China's Financial System Workshop
4 June 2015 | Deutsche Bank London Office| London
Ben Caldecott spoke on 'Panel 3: International best practice for overseas investment: Implications for the AIIB, BRICS Bank and Silk Road Fund'
HSBC Expert: Stranded Assets
29 April | Andaz Liverpool Street London Hotel | London
Expert breakfast event on stranded assets, subcritical coal and investor responses to managing the risks, with Ben Caldecott, Director of the Stranded Assets Programme at SSEE, and Ashim Paun of the HSBC Climate Change Centre of Excellence.
Divesting from Fossil Fuels/Investing in Health Energy
17 April | Skoll World Forum | Oxford
As the public health consequences of climate change become more dire in their scope, the health sector is waking up to a new healing mission: health professionals need to take the lead on climate change mitigation and advocacy. This session will focus on how health systems and health associations are investing in renewable energy as a strategy to improve global health while divesting from fossil fuels as part of their mission-related and moral imperative.
The Future of Fossil Fuels in a Climate-Challenged World
31 March 2015 | Law School, University of Sydney | Sydney, Australia
Over the last two centuries, the growth of our modern global economy has been fundamentally based upon the exploitation of cheap fossil fuel-based energy. However, as climate science has highlighted, the combustion of fossil fuels and resulting greenhouse gas emissions now pose an existential threat to our environment, and indeed, the very future of human society. While politicians and business obfuscate over the need to reduce greenhouse gas emissions, the latest climate science emphasises our window of opportunity in avoiding catastrophe is closing. In response, new social movements have emerged aiming to reduce humanity's addiction to coal, oil and gas. Technological developments in renewable energy also offer the potential to fundamentally disrupt the fossil fuel economy. In this special Sydney Ideas event, a panel of leading thinkers will address the issue of the future of fossil fuels in a climate challenged world.
Subcritical Coal in Australia: Risks to Investors and Implications for Policy Makers
26 March 2015 | University of Sydney Business School | Australia
The latest research from the University of Oxford's Stranded Assets Programme helps investors screen and engage with companies exposed to subcritical coal assets. It identifies subcritical assets in Australia and internationally that are likely to be at the most risk from concerns about climate change, air pollution, and water stress. The research also shows which companies own these assets and ranks companies by exposure. The research also examines how risks facing subcritical coal assets might develop in the future. As subcritical power stations are typically the oldest and least efficient part of national power generation fleets, they represent a practical policy choice for closure by budget-constrained policymakers looking for cost-effective emissions reductions. Our research conservatively estimates how much it would cost to compensate the owners of Australian subcritical assets to prematurely retire them. We examine why this could be desirable from a climate, air, and water perspective. We also say something about how this could be done in the most cost-effective way possible and what the best policy instruments might be, especially given Australia's recent experience of the Contracts for Closure scheme.
European Pension Fund Investment Forum - "Stranded Asset: Implications for Pension Funds"
3 March 2015 | Zurich, Switzerland
The purpose of The European Pension Fund Investment Forum is to improve the quality of information available to pension fund managers leading to the development of more relevant and efficient management, a better understanding of investment processes and eventually, improved performance. This is achieved by holding lectures, discussions, debates and other activities.
- What are the current and emerging risks that lead to stranded assets in a portfolio?
- What is the implication from an asset allocation perspective of stranded assets?
- What are the potential costs and risks/return implications?
- How should schemes approach investing in low carbon stocks?
- What role should an ESG policy play when dealing with stranded assets
- What can be done?
- Are there other non-carbon related stranded assets which schemes should be concerned about?
- How can schemes deal with stranded assets in other asset classes such as bonds and property?
Conservation Finance Seminar: New bond financing structures for marine and terrestrial conservation
19 February 2015 | International Sustainability Unit | The Prince's Charities
There are number of organisations working on different bond financing structures for marine and terrestrial conservation efforts. These 'bonds' range from grant/donation mechanisms, others focus on improved accountability/verification, and others can be used commercially to attract private capital. Examples across this spectrum include social impact bond-type structures for results-based funding, 'blue' bonds to pay for the rehabilitation of degraded fisheries, and forest bonds to frontload donor commitments into rainforest conservation. Bonds with other conservation funding objectives are also under active consideration.
To share learning between the organisations working on different bond financing structures for conservation, The Prince of Wales' International Sustainability Unit will co-host a seminar on the topic in early 2015, together with ZSL, TNC, and the University of Oxford's Smith School. There will be two sessions. The first session will provide organisations with an opportunity to present the details of their various bond initiatives to peers. This will allow those working in this area to get a clearer sense of the similarities and differences of various initiatives. The second session will focus on finding collaborative solutions to common barriers that may exist.
Delivering our Green Energy future: Impacts, Risks & Investment opportunities
12 February 2015 | Edinburgh Centre for Carbon Innovation | Edinburgh
The twin challenges of climate change and changing demographics have led many energy industry leaders and government decision-makers to identify infrastructure investment as perhaps the single, largest wealth creation opportunity of the 21st century.
The World Bank estimates the global infrastructure gap to be in the area of $35 trillion over the next twenty years. Unlocking this scale of investment responsibly will require new ways of thinking about impacts and new models for delivering sustained, green economic growth that protects and preserves our most valuable assets for future generations.
This half-day event brings together some of the cutting-edge investors, academics and entrepreneurs operating at the frontlines of this challenge. We invite you to enjoy a riveting discussion, which will explore the key concepts, risks and opportunities we must seek to better understand in order to deliver a fundamental shift in the way we do business.
Developing finance and investment capabilities within environmental NGOs - how, where, and when?
29 January 2015 | The Athenaeum Club | London
High-level dinner to discuss how universities and others can help support the development of finance and investment capabilities within environmental NGOs.
This meeting, which will primarily consist of NGO leaders and philanthropic funders, will be centred on the following questions: What's the best way to develop finance and investment capabilities within environmental NGOs? What model of courses, masters programmes, joint research projects, internships would be most effective? How do NGOs currently approach this need and what is the potential role of universities like Oxford in supporting these objectives? What can funders do to support this ongoing process of capacity development? Are there analogous examples of where capacity in a specific area has been developed quickly in the past? What has worked well before and can be scaled up quickly?
The dinner is part of a project the Smith School is undertaking on these issues and will inform the development of courses and related initiatives at the University of Oxford. It will also be the beginning of a process that could help ratchet up ambition, capacity, and peer learning on finance and investment issues within environmental NGOs.
Guest Lecture with Michael Liebreich - Founder and Chairman of Bloomberg New Energy Finance 28 November 2014 | 4:30pm | Milner Hall | Rhodes House | South Parks Road | OX1 3RG
The entire global energy system is undergoing profound and rapid change. But while energy policy research often focuses on the economics of energy production, it can often ignore or assume away the importance of both finance and management. Finance questions extend beyond the cost of capital and to topics such as scaleable financing structures (e.g. 'green' bonds, yieldcos), capital recycling and refinancing, yield expectations/asset characteristics, portfolio construction, investor engagement, divestment, and capacity bottlenecks (e.g expertise, balance sheet capacity). While management questions might encompass issues such as how incumbent utilities can adapt to energy market transformations, the challenges of scaling renewable energy companies, operational efficiency, and how companies interact with and shape public policy.
Michael covered some of these issues, linking together developments in energy economics with parallel and inter-related changes in energy finance and management.
Michael Liebreich is Chairman of the Advisory Board for Bloomberg New Energy Finance, the definitive source of insight, news and data on the transformation of the energy sector. Michael founded the company in 2004 and acted as Chairman and Chief Executive until its acquisition by Bloomberg in 2009. Michael is a member of the UN Secretary General's High Level Advisory Group on Sustainable Energy for All, the World Economic Forum's Global Agenda Council on the New Energy Architecture and Accenture's Global Energy Board. He is a former member of the advisory board of the Clinton Global Initiative's Energy and Climate Change working group, and of the selection panel for the Zayed Future Energy Prize.
Ben Caldecott chaired and lectured on a course on strategic climate change adaptation organised by the International Centre for Parliamentary Studies.
21 November 2014 | Oslo, Norway
Ben Caldecott gave a presentation on climate risk and green investments as part of a workshop organised by the Norwegian Ministry of Climate and Environment.
19 November 2014 | Edinburgh, UK
Ben Caldecott gave a presentation to the UK Green Investment Bank Board on stranded assets.
18 November 2014 | Beijing, China
Ben Caldecott gave a presentation on environmental stress testing as part of the Green Finance Working Group organised by the People's Bank of China, Renmin University, and UNEP Financial System Inquiry.
2nd China SIF Annual Conference - Responsible Investment for Green Growth
14 November 2014 | Beijing, China
China SIF (Social Investment Forum) Annual Conference is the leading annual responsible investment conference in China. On November 14, 2014, China SIF will hold the second annual conference under the theme of "Responsible Investment for Green Growth", and launch the second SRI survey report of Chinese fund market.
Panel Discuss 2: Stranded Assets, investment risks and low carbon energy mix
Host: Dr Wang Yao, the director of the Research Center for Climate and Energy Finance in the Central University of Finance and Economics. She will lead the discussion of this session.
Ben Caldecott, Director, Stranded Assets Programme, the Smith School of Enterprise and the Environment, Oxford University
Jackrit Watanatada, Deputy CEO, Association for Sustainable &Responsible Investment in Asia (ASrIA)
Paul Cooper, Corporate Reporting Director, ACCA London
Wang Xiaoshu, Senior Analyst, MSCI ESG Research
Stranded Assets: How can policymakers act to ensure economic stability while reducing emissions? 5 November 2014 | 10am-12pm | House of Commons | London | SW1A 0AA
Event co-hosted by the UK Sustainable Investment and Finance Association (UKSIF) and The All Party Parliamentary Group on Climate Change (APPCCG).
This event brings together a panel of experts to discuss the current potential for a 'carbon bubble' and the associated risks to economic stability; opportunities for economic growth and carbon emission reduction; consider shale gas and CCS technology progress and advise on practical next steps for UK policymakers and investors.
Mr Ben Caldecott, Director of the Stranded Assets at the Smith School of Enterprise and the Environment, will present an overview of the conditions leading to assets becoming stranded, why they matter and how policymakers must manage the systemic risks.
Stranded Assets Networking Event 23 October 2014 | Institute and Faculty of Actuaries | London
This event will introduce the concept of stranded assets to the actuarial profession, use specific example of the assumed carbon bubble, outline possible implications for actuarial work and suggest further avenues for personal member research and CPD.
Speakers inlcude: Ben Caldecott, Programme Director, Stranded Assets Programme, Smith School, Oxford University, Faith Ward, Environmental Agency and Kenneth Donaldson, Resource and Environment Board.
Stranded Assets Forum 4 September 2014 | Rothschild Foundation | Waddesdon Manor
Regardless of whether there is an investment or ethical rationale for fossil fuel divestment, the divestment campaign has quickly put a series of tough questions on the agenda for many institutional investors. First, should asset owners consider managing exposure to fossil fuel assets and what's the rationale for doing so? Second, if exposure should be managed, what are the options? And third, what can be done quickly and easily today, and how might management of exposure evolve over time?
These questions are particularly acute for endowments (especially university endowments), where public pressure and attention is most sharply focused. Endowments also have characteristics that could allow them to deal with these issues more effectively than other asset owners - e.g. permanent capital and no beneficiaries (with the associated fiduciary responsibilities that entails).
So what should endowments do? This half day forum will bring together endowment fund managers and investment experts, including those from the University of Oxford, to discuss these pressing issues.
Megaproject and capex mania among international oil companies? Causes, consequences and remedies 27 June 2014 | Generation Investment Management | 20 Air Street, London W1B 5AN
On 27 June the Smith School's Stranded Assets Programme hosted a roundtable to look at whether there is a capex bias among international oil companies and if there is, what the causes of this might be and how this could then be addressed by company management and investors.
Fossil fuel divestment roundtable hosted by Oxford University and WWF-UK 20 June 2013, 14:00 | Generation Investment Management | 20 Air Street, London, W1B 5AN
The Smith School of Enterprise and the Environment and WWF-UK is hosting a roundtable discussion on the fossil fuel divestment campaign and what it could mean for polluting companies and assets.
The fossil fuel divestment campaign has rapidly gained traction throughout US university campuses and elsewhere since its launch in 2012. The movement aims to secure commitments from university endowments, public funds and others to divest from fossil fuel assets, though the primary focus is on securing commitments from university endowments.
It has potential consequences for the valuations of fossil fuel assets in the US and internationally. These consequences could be direct (university endowments divest) and indirect (e.g. changes norms among investors) and may happen in the near term or over a longer period of time. The Smith School has begun a research project to understand and analyse these issues, which will be published in September. We are also looking to understand the similarities between this divestment campaign and others on apartheid, munitions and tobacco.
Investing in clean energy to ensure future development. Roundtable Discussion organized by The Guardian and WWF 3 June 2014 | at The Guardian, London
This roundtable discussed the importance of investing in clean energy. This debate on clean energy investment was timed to coincide with the UK government's Clean Energy Summit in June. The roundtable discussed how best to act upon latest UNIPCC report which concluded that there needs to be a rapid shift in investment patterns, out of polluting energy technologies and into renewable energy and efficiency to avoidfurther climate instability and ensure future development and prosperity.
This roundtable was hosted and chaired by Larry Elliot, the Guardian's Economics Editor.
Read the write up of the discussion here.
REDD+ commodities and landscapes - stranded assets or golden opportunity - Roundtable Discussion 2 June 2014 | Norton Rose Fulbright, 3 More London Pl, London SE1 2AQ
Event co-hosted by the Smith School of Enterprise and the Environment
Given the recent IPCC findings which recognises the need to take immediate action to reduce deforestation and restore degraded land, it is important that governments, corporates, the financial services sector and the NGO community work together to develop landscape level approaches which not only mitigate climate change but also help in incentivising a transition to the sustainable management of forests, agriculture and natural resources more broadly.
In particular this roundtable discussion examined issues such as:
How do current financial and investor policies around soft commodities align with those of consumer goods companies? Where are the gaps? What should be best practice when it comes to financing decisions which cut across the entire value chain?
What can governments, industry and the finance sector do to increase the transparency around soft commodity supply chains like palm oil?
What do international policy developments such as REDD+ and Nationally Appropriate Mitigation Activities (NAMAs) etc. mean for current investments and assets such as land banking in regions such as Asia? What other forestry and landscapes associated risks exist and how can these bebetter addressed by the finance sector?
What are the potential opportunities that arise from REDD+ activities e.g. carbon credits, bonds, sustainable commodity products, mitigation of security threats (water, energy, food and health).
Progressive Energy Governance Conference - University of Exeter 21 May 2014 | Royal Geographical Society | 1 Kensignton Gore, London SW7 2AR
This event explored the key governance challenges that the UK energy system is currently facing, along with potential solutions. The affordability of energy is now a highly controversial issue, there are growing arguments over the Climate Change Committee's recommended pace of decarbonisation, and concerns continue to mount over short - and long-term energy security. At the same time the GB electricity market is going through major reform as part of the 2013 Energy Act, along with the wider changes coming from the EU such as market coupling. Overall, energy is becoming increasingly politicised.The event explored these issues with some of the leading thinkers on energy. These experts set out their own views on the future of the energy system, the problems its faces and how these might be overcome.
Stranded Assets: Forum for Natural Resources Companies 12 May 2014 | Saïd Business School and Magdalen College, Oxford
The first in a series of roundtables on the challenges natural resources companies face as a result of environment-related risks and stranded assets. Invitation only.
23 April 2014 | ABC Radio National's Big Ideas programme
Measures to offset the impact of climate change are likely to reduce demand for fossil fuels. So is it wise to continue to invest in fossil fuels or will they end up as stranded assets with a huge loss in value. Investment analysts discuss the need for governments and private companies to manage climate risk.
Stranded assets, environment-related risks and the challenges facing Australia - Goldman Sachs Investment Manager Briefing
24 March 2014 | Goldman Sachs | Sydney, Australia
Lecture by Ben Caldecott.
Environmental Protection and Rare Disasters
15 March 2014 | 17:00 | Founder's Room | Saïd Busines School | Park End Street, Oxford, OX1 1HP
Lecture with Prof Robert Barro, Paul M. Warburg Professor of Economics at Harvard University
The challenges the international climate change negotiations face 20 years in and what this means for current attempts to secure a global deal in 2015.
27 February 2014 | 17:30 | Beckit Room | OUCE | South Park Road | OX1 3QY
Lecture with Mr Simon Upton, Environment Director at the Organisation for Economic Co-operation and Development (OECD)
'Understanding the implications of Climate Change for Investment Returns and for Beneficiaries' - Training for Trustees
11 Feb 2014 | 10:30 | AXA IM, 7 Newgate Street, London, EC1A 7NX
Ben Caldecott, Director of the Stranded Assets Programme, lectured at a Training for Trustees organized by the Association of Member Nominated Trustees
'Stranded Assets and Environment-related Risks'
27 Nov 2013 | 11:00 | Oxford University Centre for the Environment
Ben Caldecott, Director of the Stranded Assets Programme, gave a lecture to MSc students on the Biodiversity, Conservation and Management course at Oxford.
Attracting Long-term Finance to Clean Energy Infrastructure
22 Nov 2013 | Bloomberg New Energy Finance Leadership Forum 2013
Ben Caldecott, Director of the Stranded Assets Programme, gave a presentation on Risks for investors in clean and fossil-fuel energy.
'Managing Risk and esuring resilience - sustainability in investment, business and government strategy'
20 Nov 2013 | 8:45 | Cleantech Summit 2013
Ben Caldecott, Director of the Stranded Assets Programme, gave the plenary opening address on managing risk and ensuring resilience-sustainability in investment, business and government strategy.
'Natural Capital Declaration Webinar: Natural Capital Risks in Agriculture'
18 Nov 2013 | 16:00 - 17:00 | Natural Capital Declaration
Ben Caldecott, Director of the Stranded Assets Programme, presented findings from the report, 'Stranded Assets in Agriculture: Protecting Value from Environment-related Risks'
'Stranded Assets Webinar'
12 Nov 2013 | 10:00 - 11:00 | Standard Chartered, London, United Kingdom
Ben Caldecott, Director of the Stranded Assets Programme, spoke to Standard Chartered staff about stranded assets and environment-related risks and how it relates to the banking sector.
'Towards a renationalisation of energy policies?'
7 Nov 2013 | 11:00 - 12:00 | Brussels, Belgium
Ben Caldecott, Director of the Stranded Assets Programme, was a guest speaker at Friends of Europe's 10th annual Energy Policy Summit entitled 'Europe's energy outlook: Heading in the right direction?'
'Environment-related risks and stranded assets: the valuation of fossil fuel assets in emerging production regions'
5 Nov 2013 | 09:30 - 13:00 | Chatham House, 10 St James's Square, London, SW1Y 4LE
Ben Caldecott, Director of the Stranded Assets Programme, was a guest speaker at Chatham House's 'The Changing Dynamics of Global Energy Markets' Conference on 4-5 November 2013.
'FT/IFC Investing in Climate Business Forum'
1 Nov 2013 | Istanbul, Turkey
Ben Caldecott was one of the panellists on the 'Policy: Creating an Enabling Environment' session, discussing:
Navigating the region: building mission critical partnerships with co-investors, governments, regulators and finance institutions
Necessary improvements in policies of the region: Public policy solutions to develop a structure for sustainable growth.
'Global Green Growth Forum'
22 Oct 2013 | 08:00-09:30 | Copenhagen, Denmark
Ben Caldecott was one of the panellists at 3GF's Green Growth Best Practices session, discussing Public Private Partnerships. 'Fossil fuel divestment and what it could mean for companies and investors'
The divestment campaign has rapidly gained traction throughout US university campuses and elsewhere since its launch in 2012. The movement aims to secure commitments from university endowments, public funds and others to divest from fossil fuel assets. It has potential consequences for fossil fuel companies and investors and the Smith School's research has objectively looked to understand and analyse these issues. Part of this research has involved investigating the similarities between this divestment campaign and others, including on tobacco and apartheid.
Prof Gordon Clark, Director, Smith School of Enterprise and the Environment
David Nussbaum, CEO, WWF-UK
David Pitt-Watson, Co-Chair of the UNEP Finance Initiative and Executive Fellow at London Business School
Steve Waygood, Chief Responsible Investment Officer, Aviva Investors
'Delegation of Chinese Financial Institutions briefed on stranded assets'
30 July 2013 | Smith School of Enterprise and the Environment, 75 George Street, Oxford, OX1 2BQ
A delegation of leading Chinese financial institutions were hosted by the Smith School for a briefing on stranded assets. The delegation was brought to the UK by the Foreign & Commonwealth Office and included representatives from the China Banking Regulatory Commission, China's Ministry of Environmental Protection, China Banking Association, China Development Bank, ICBC, Agricultural Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank, Shanghai Pudong Development Bank and Industrial Bank.
Ben Caldecott, Programme Director and Research Fellow, Smith School
Liesel van Ast, Global Canopy Programme
Edward Mott, Partner, Oxford Capital Partners
'Can poor product nutrition profiles put company value at risk?'
29 July 2013 | The Exchange, 28 London Bridge St, SE1 9SG
On Friday 29 July, Forum for the Future launched a new report which examines value at risk in the food sector from a new perspective. It explores how some assets in the food sector Ð including both physical assets and brand value - risk becoming stranded or losing significant value, as consumer demand for products with better health and nutrition outcomes continues to grow and government reactions against increasing prevalence of diet-related disease escalates. You can read more in their blog.
This roundtable discussion explored what companies and investors can do to both position themselves for success in the face of changes in the health and nutrition agenda and to drive a big shifttowards a food system fit to provide nutrition for 9 billion people.
Chair: Mark Driscoll, Head of Food at Forum for the Future
Ben Caldecott, Programme Director and Research Fellow, The Smith School of Enterprise and the Environment
Simon Howard, CEO, UK Sustainable Investment and Finance Association
'Transitioning energy investment into clean technologies'
16 July 2013 | Edelman, Southside, 105 Victoria Street, London SW1E 6Qt
The event at Edelman UK was about financial markets and their ability to finance required investement in renewable energy and to what extend environment-related risks might strand assets.
Chair: Nick Hay, Director, Cleantech, Edelman UK
Ben Caldecott, Programme Director and Research Fellow, The Smith School of Enterprise and the Environment
George Day, Head of Economic Strategy, The Energy Technologies Institute (ETI)
Church Investors Group Conference: Beyond Al Gore: Climate Change What Can Church Investors Do?
23 June 2013 | CCLA Investment Management, 85 Queen Victoria Street, London, EC4V 4ET
On Friday 19th June 2012, Al Gore came to St Paul's Cathedral in London to speak to an invited audience of Church investors, businesses, investment managers and our fellow asset owners with a vision of how capitalism might be renewed in a sustainable way. He reminded investors of their obligation to future generations stating that they "will ask of us, what were you thinking? Was your attention focussed elsewhere? They'll ask if we rose to the difficult challenge we face." This session discussed practical steps that Church investors can, and have, taken to respond to this challenge.
Chair: Stephanie Pfeifer; Executive Director Institutional Investors Group on Climate Change
Nick Robins, Head, HSBC Centre for Climate Change Excellence
Angus McCrone, Managing Editor, Bloomberg New Energy Finance
Ben Caldecott, Programme Director and Research Fellow, The Smith School of Enterprise and the Environment
Susan Makos, Vice President of Social Reponsibility, Mercy Investment Services
'How Global Carbon Constraints Could Impact The Oil Sector's Creditworthiness'
8 May 2013 | SSEE, Hayes House, 75 George Street, Oxford OX1 2BQ
An increasingly carbon-constrained world could pose formidable challenges for the global oil sector, according to a report published by Standard & Poor's Ratings Services and Carbon Tracker Initiative. In this talk Standard & Poor's managing director Michael Wilkins assessed the implications of such a scenario on moderately sized, independent, unconventional oil companies as well as major oil and gas producers.
Speaker: Michael Wilkins - Managing Director, Infrastructure Finance Ratings, Standard & Poor's , London
'Carbon Lock-in, Path Dependencies and Asset Stranding'
11 February 2013 | Saïd Business School, Park End Street, Oxford OX1 1HP
Rt Hon John Gummer, Lord Deben Chairman of the Committee on Climate Change
Chaired by Prof Gordon Clark, Director of the Smith School of Enterprise and the Environment