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20-21 July 2017 | Astana, Kazakhstan
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, hosted the 4th Future Energy Forum at the Astana EXPO-2017 on the socioeconomics of a new energy model.
During the conference at the Astana EXPO-2017, political leaders and industry and financing experts seek to bolster transnational cooperation, develop new frameworks, and highlight future energy market solutions to low carbon emission economies. Presentation, keynote and workshop topics will include: green finance and investment, the role of institutions, the importance of national commitment, emission trading, resource planning and management, as well as impact investment.
Managing and accelerating the transition to a renewable-based energy system, the social, economic and environmental values created by renewable energies contribute to economic growth, employment, and welfare. Increased understanding of complex energy systems improves the knowledge base for developing new policies and business, and engaging civil society organisations in the post-carbon transition.
13 July 2017, 8:30-10:00 | London Capital Club, 15 Abchurch Ln, London EC4N 7BW
CSFI hold a regular breakfast meeting to discuss latest developments in sustainable finance together with the Oxford Smith School. As with the first two meetings, Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, sets the scene and steers the discussion. This month Ben is joined by: Meryam Omi, Head of Sustainability and Responsible Investment Strategy, Corporate Governance and Responsible Investment Team, Legal & General Investment Management; and Michael Wilkins, Head of Environmental & Climate Risk Research for S&P Global. Michael is a member of the FSB Taskforce on Climate Related Financial Disclosures (TCFD) and the G20 Green Finance Study Group (GFSG).
6pm, 6 July 2017 | Oriel College, University of Oxford
The Sustainable Finance Programme summer garden party was held on the 6th July 2017 at Oriel College, Oxford.
26 June 2017, 12:00-15:00 | British Ambassador's Residence, Madrid
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, spoke at a tertulia hosted by the British Ambassador to Spain organised jointly by the Foreign & Commonwealth Office and the Real Instituto Elcano. Other speakers included Simon Manley, HM Ambassador to Spain; Helena Fabra Cadenas, Spanish Climate Change Office; Mark Lewis, Head of European Utilities, Barclays; and Lara Lazaro, Senior Analyst, Elcano Royal Institute. The focus of the meeting was on the UK experience of the UK Climate Change Act (2008) and how it is relevant to Spain.
20 June 2017, 8:30-10:00am | Wax Chandlers Hall, 6 Gresham St, London EC2V 7AD
CSFI hold a regular breakfast meeting to discuss latest developments in sustainable finance. The first meeting was on Thursday, May 4, with Ben Caldecott (of Oxford's Smith School) setting the scene and steering the discussion. Last month, Catherine Howarth of ShareAction joined Ben. This month, Mark Fawcett and Jessica Ground are joining Ben.
If you would like to join, please let Alex know by emailing firstname.lastname@example.org
19 June 2017, 5.30pm - 7.30pm | British Academy, 10–11 Carlton House Terrace, London, SW1Y 5AH
The University of Oxford's Smith School of Enterprise and the Environment, supported by the John Ellerman Foundation, piloted a new Sustainable Finance Course in 2016. The pilot brought together mid- to senior-level leaders to develop their understanding of finance and investment, so as to help global economic and financial systems create better environmental outcomes.
The course began with a four-day residential workshop at St Peter's College, Oxford in September last year. Over the subsequent months participants have engaged in extended learning projects implementing a real-world project related to finance and sustainability. The course will continue in 2017 and starts at Balliol College, Oxford this September. Find details here.
We would like to invite contributors, participants, and supporters of the pilot course, as well as those interested in joining the 2017 iteration, to attend a reception from 5:30pm on Monday 19th June 2017 at the British Academy in London to hear about what has been achieved so far and our plans for the future.
Please RSVP with email@example.com
15 June 2017 | Development Planning Unit, University College London, 34 Tavistock Square, London WC1H 9EZ
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School is giving a talk on the development of green finance in the UK as part of a workshop organised by UCL in the context of growing UK-China collaboration on green finance.
14 June 2017, 11am - 5pm | Talbot Hall, Lady Margaret Hall, University of Oxford
Northern Europe is at the very centre of global efforts to align finance with sustainability, including in terms of policy, regulation, and crucially, investment practice. There is an urgent need to further improve this global engine for improving and multiplying the use of sustainable finance. This is also an urgent imperative if we are to ensure capital flows to support the transition to global environmental sustainability across Europe and internationally.
In response, the University of Oxford Smith School of Enterprise and the Environment, together with the Finance Dialogue and other partners, is initiating the Northern European Partnership for Sustainable Finance. We would like organisations supportive of this mission to participate in and support the Partnership.
Northern Europe has driven the development of sustainable finance. For example, the Bank of England has completely shifted the debate on the relationship between climate change, finance, and financial regulation; in Denmark, the Netherlands, and Sweden pension funds have been pioneering how to take account of climate-related risks; Norway's global pension fund is setting norms for how sovereign wealth funds should consider climate change; and the French Government is pioneering new forms of mandatory climate disclosure. In Northern Europe the ecosystem of institutions across the investment chain working on sustainable finance topics is impressive - from green bonds to climate aligned indices through to new analytical approaches and regulatory innovation.
While there is obviously extensive communication and dialogue between actors across these jurisdictions, this can be enhanced and translated into more tangible examples of pioneering cooperation. There are also ways that financial institutions, regulators, and policymakers can learn from one another. Further success in Northern Europe can support efforts elsewhere in Europe, support supra-national action through the European Union (e.g. Capital Markets Union), and efforts across the G7 and G20. There is also a need for a vehicle to support European cooperation on sustainable finance that straddles both EU and non-EU member states.
The Partnership is being created to help facilitate and encourage this cooperation. It will involve finance practitioners, regulators, policymakers, and civil society. The Partnership will be launched in Autumn 2017 with a conference hosted in the UK. This will be preceded by a working meeting on Wednesday 14th June 2017 from 10:30am at the University of Oxford to develop the agenda and build consensus around an approach. The Partnership will initially involve organisations and representatives from Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, and the UK. The Partnership will then create working groups on key issues (e.g. green credit; climate-aligned indices; data; disclosure; financial stability; governance; fiduciary duty) co-chaired by representatives between two organisations from different jurisdictions. The next annual conference would take place in another partner country (TBD).
If your organisation would like to be involved in the Partnership and/or would like to attend the June event, please express your interest by replying to firstname.lastname@example.org with details of your organisation. We will make sure you receive further information as it becomes available.
12 June 2017, 12pm - 3pm (lunch provided) | CCLA, Senator House, 85 Queen Victoria Street, London EC4V 4ET
The University of Oxford Smith School of Enterprise and the Environment is beginning a new research project focused on the Investor Relations (IR) departments of companies involved in upstream fossil fuel production. IR departments are a key interface between companies and the financial community, including current and potential owners of company debt and equity. As part of the project and the consultation process we are organising a roundtable discussion on the 12th June 2017 in central London from 1200-1500.
6-7 June 2017 | County Hall, Riverside Building, Belvedere Road, London SE1 7PB
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School spoke on a plenary session entitled 'What does Brexit/Trump mean for institutional investment: the inequality and social issues undermining global capitalism'. Speakers were:
6 June 2017 | UBS Conference Centre, 5 Broadgate, London, EC2M 2QS
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School spoke on a plenary session entitled 'Emerging regulations, key implications and challenges for financial institutions'. Speakers were:
5 June 2017 | Department for Business, Energy and Industrial Strategy, 1 Victoria St, Westminster, London SW1H 0ET
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School gave a presentation on the potential of asset-level data and what it means for UK policymakers.
31 May - 1 June | The Great Hall, Guildhall, Gresham Street, London EC2V 7HH
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School, spoke on a panel at the first annual Green Finance Summit organised by the City of London Green Finance Initiative. The panel was entitled 'Megatrends - fintech and green finance'. Speakers included:
Dr Caldecott also moderated a plenary session at the Green Finance Summit entitled 'Moving the dial - the case for investment'. Speakers on his panel were:
23rd May 2017 | London
Alice Garton, co-investigator at CCLI and Company and Financial Project Leader at ClientEarth, spoke at the FT Climate Finance Summit in London, which gathered some of the leading decision makers, policy makers and investors, to explore the role of international finance in global efforts to combat climate change, as well as the risks and opportunities for businesses, financial markets and investors in the new climate economy.
Her presentation titled "Climate Change Disclosure and Liability-Implications for Companies and Investors" provided insights into how recent legal action in the United States initiated by the New York Attorney General against companies that failed to adequately disclose material, physical, regulatory, legislative and reputational risks to their business from climate change might have serious implications for climate vulnerable companies, and for those who invest in them-from the potential for criminal and civil actions, restitutions as well as loss of social license.
To the question of how climate disclosure laws and regulations might evolve, and what are the risks for companies and investors, the World Bank's head climate official John Roome argued in a prior presentation that the reporting duties for companies still merely remain voluntary in most instances.
In response Ms. Garton counter-argued that corporate and legal risk requirements already apply to climate risks in places such as the UK. According to Garton "It's clear that the law requires these risks to be taken into account when making investment decisions," "It's not the laws that need to evolve, it's the understanding [of companies and investors] of how laws apply to new risks." (Quotes taken from Carbon Pulse)
For further information see: https://live.ft.com/Events/2017/FT-Climate-Finance-Summit and https://carbon-pulse.com/34794/
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.
6 & 7 April 2017 | Waddesdon Manor | Aylesbury, Bucks, HP18 0JH
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.
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.
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.
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.
If you would like to apply for attendance, please contact email@example.com
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.
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).
By Invitation only
12th January 2017 | CPA Australia, Melbourne
Panel featuring Prof Mervyn King SC and CCLI's Australian convenor, Sarah Barker (Minter Ellison), hosted by CPA Australia and Melbourne Law School's Centre for Resources, Energy and Environmental Law (CREEL) and Centre for Corporate Law and Securities Regulation (CCLSR). This event explored the changing role of the corporation and how this may play out in complex regulatory and legal environments. The panel discussions revolved around the potential effects of local and international developments in climate change litigation. Some of questions that being addressed included whether or not and how increased shareholder activism will force corporate decision-makers to consider and manage climate change risks, and if this will drive a longer term perspective and preserve corporate value, among others.
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.
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.
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.
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
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
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.
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.
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.
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
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
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.
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.
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.
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.
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.
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.
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
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
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 firstname.lastname@example.org
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
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.
Download agenda here.
In pictures: University of Oxford hosts inaugural CCLI conference
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
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.
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
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.
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.
1400 - 1600 | 13th May 2016 | Institute for Global Environmental Strategies (IGES) | Tokyo, Japan
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School gave a talk to a delegation of financial institutions and government officials organised by the Ministry of Environment, which included representatives from the Global Pension Investment Fund and Development Bank of Japan, on 'Stranded Assets and Thermal Coal in Japan: An Analysis of Environment-related Risk Exposure'.
1000 - 1200 | 12th May 2016 | Institute for Global Environmental Strategies (IGES) | Tokyo, Japan
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School gave a talk to financial institutions, including Bank of Japan, The Bank of Tokyo Mitsubishi, and Sumitomo Mitsui Banking, on 'Stranded Assets and Thermal Coal in Japan: An Analysis of Environment-related Risk Exposure'.
1500 - 1630 | 11th May 2016 | Marubeni Corporation | 4-2, Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100-8088, Japan
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School gave a talk to the Marubeni Corporation, as well as invited investors and power companies on 'Stranded Assets and Thermal Coal in Japan: An Analysis of Environment-related Risk Exposure'.
1030 - 1200 | 11th May 2016 | Institute for Global Environmental Strategies (IGES) | Tokyo, Japan
Ben Caldecott, Director of the Sustainable Finance Programme at the Oxford Smith School gave a talk to IGES staff and Japanese academics, researchers, and NGOs on 'Stranded Assets and Thermal Coal in Japan: An Analysis of Environment-related Risk Exposure'.
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.
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.
15 April 2016 | Waddesdon Manor | Aylesbury, Bucks, HP18 0JH
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.
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
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.
17th March 2016 | Xi Kang Hotel | Nanjing, China
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.
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.
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.
4-6pm, Friday 11 March 2016 | Halford Mackinder Lecture Theatre, School of Geography and the Environment
A panel discussion including Ben Caldecott, Director, Stranded Assets Programme, Smith School of Enterprise and the Environment, University of Oxford
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.
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.
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.
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.
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.
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.
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
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:
By Invitation Only
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.
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
IG Windkraft, Vienna | 30 September 2015
Ben Caldecott participated in the pioneering energy talks 'Wind Directions' at IG Windkraft.