OxSFG events

Event videos

We endeavour to film our events, where possible – find out more on our Youtube channel.

Smith School events

Forthcoming events

Natural Language Processing meets Climate Change ACL 2024 Workshop

12 August 2024 in Bangkok

This workshop is dedicated to discuss how Natural Language Processing can be incorporated in Climate Change science, and help mitigating or adapting to climate change.

2023

GEO BON Global Conference: Monitoring Biodiversity for Action

10-13 October 2023

Christophe Christiaen will be part of the “Innovative use of Earth Observation products in support to nature finance challenges” session.

Corporate Investments into Forestry & Biodiversity Summit

4-5 October 2023

Injy Johnstone will be speaking at the summit. CIFB helps large scale corporations to develop a strategy for investments into forestry and biodiversity, to reach a net zero future.

8th International ICARB Conference 2023

25 - 26 September 2023

Jimmy Jia is a keynote speaker in Edinburgh. The conference will focus on Carbon Accounting for Buildings and Communities.

Global Research Alliance for Sustainable Finance and Investment (GRASFI) Annual Conference

23-25 August 2023

A number of colleagues will be presenting papers at Yale.

Oxford Sustainable Finance Summit

19th-20th July 2023

The 2023 Sustainable Finance Summit will bring together leading researchers from across the University with practitioners, policymakers, regulators and civil society organisations to examine and reflect on the latest developments in sustainable finance.

Oxford Sustainable Finance Group and ShareAction one day symposium

19 June 2023

Clients and beneficiaries are increasingly demanding that investors managing their assets make a positive difference. Fixed income investors have significant potential influence over how companies adopt sustainable practices as companies regularly come to the debt capital markets. So what opportunities exist for fixed income investors to make a difference and how can they turn this growing client-driven demand for sustainability outcomes into reality? The symposium will draw upon the experiences of investor stewardship in equity and the potential to develop joined up approaches to stewardship across asset classes. Drawing on a series of case studies, we will work through the challenges of engaging with issuers, how timing engagements with debt cycles might affect success, and how collaboration between investors could generate greater impact. We will bring together the knowledge and experience of participants from a wide range of groups, including asset owners, asset managers, banks, policymakers, financial supervisors, lawyers, credit rating agencies, index providers, investment consultants, and civil society organisations, as well as think tanks and academic researchers

Downscaling techniques for thermal remote sensing of heavy industry production sites

29 March 2023

Dr Nataliya Tkachenko will be presenting her recent work at the London Hub of the Satellite Vu.

The limitations of portfolio climate data

22 March 2023

Gireesh Shrimali took part in a webinar hosted by the Financial Conduct Authority on Disclosure, Data and Metrics.

SPI symposium 2023

22-23 March 2023

Christophe Christiaen will be speaking on a panel on day two of the conference at 12:15. The subject of the panel is ‘ESG data and the green transition – hindrance or help?’

TPT in 2023: Moving your business from plans to pledges

27 February 2023

This event will feature an insightful discussion with leaders from government, regulators and business on how transition plans drive value creation for businesses across the economy. The evening will end with a drinks and canapes reception to meet with TPT stakeholders and engage with companies across the economy on transition plans

Aon Research Day

9 February 2023

Christophe Christiaen will be giving a 30 minutes presentation on CGFI in Aon offices in the Leadenhall Building (122 Leadenhall Street, EC3V 4AN).

NLP + Climate Tech

26 January 2023

Julia Bingler will be speaking in Berlin on NLP and climate commitments at a Briink event (ClimateBert)

World Built Environment Forum Week 2023

19 January 2023

Christophe Christiaen will be taking part in a session called “Spatial finance: Solutions and opportunities available” at the Royal Institute of Chartered Surveyors.

Trase Roundtable

17 January 2023

Nataliya Tkachenko will be presenting her paper “Using Graph Neural Networks to Trace Indirect Suppliers in Agricultural Supply Chains” at the Trase Roundtable Event, organised by Stockholm Environment Institute.

Fintech Scotland

11 January 2023

Christophe Christiaen will give a 15 minute presentation on spatial finance opportunities at the Fintech Scotland event around the opportunities for innovation from space technologies in fintech at Strathclyde University, Glasgow.

2022

Oxford Sustainable Finance Group Christmas Reception

15 December 2022

We will celebrate a successful year with colleagues, students, collaborators, supporters, and funders. Drinks will be served from 18.00–19.30 in the Champneys Room at Oriel College and dinner will be held in Hall.

Green Finance Research Advances

14 December 2022

Alex Clark will be presenting some early Oxford Sustainable Finance Group research on transmission mechanisms linking financial decisions at the Green Finance Research Advances conference, co-organised by Banque de France and Institut Louis Bachelier. Paris and online.

Financing of the energy transition in Hungary

12 December 2022

Gireesh Shrimali will be the keynote speaker for the panel session on UK Sustainable Investment and Finance Association, which will be livestreamed on the YouTube channel of MKT (Magyar Közgazdasági Társaság - Hungarian Economic Association).

Council on Economic Policies

23 November 2022

Julia Bingler hosted a roundtable in Singapore. The discussions covered the challenges of climate change, decarbonisation, and environmental risks for financial supervision, monetary policy and reserve management, accounting for climate-related risks in micro- and macroprudential measures to build and maintain a climate-resilient financial sector, the implications of climate risks for credit operations, asset purchases, collateral frameworks and foreign reserve management, and how to improve climate-related physical and transition resilience of central bank’s monetary policy portfolios.

Bank of England and Prudential Regulation Authority (PRA) Climate and capital conference

20 October 2022

Moritz Baer and Matteo Gasparini were part of a panel on understanding uncertainty in climate-related financial risks and its implication for capital.

Transition finance for Africa

The Oxford Sustainable Finance Group, British International Investment, NinetyOne and the Blended Finance Taskforce have co-develop a Practitioner’s Guide to Transition Finance in Africa. Its development has drawn on an active working group of sustainability professionals from leading African financial institutions and other organisations.

2022 YISF Annual Symposium

18 November 2022

Alex Clark was part of the on ‘How Sustainable Finance Creates Impact’.

Fintech Talents Festival 2022

14 November 2022

Christophe Christiaen spoke at the Festival about “Purposeful positioning: greening the financial sector with geospatial insights.

Transition Plan Taskforce: Setting the gold standard & collaborating internationally

9 November 2022

COP27 Blue Zone, UK Pavilion

Transition Plan Taskforce launch reception with GFANZ and ISSB

8 November 2022

Drinks reception with welcoming remarks from the TPT, GFANZ and ISSB. Climate action innovation zone COP27.

Sustainable Finance Masterclass

7 November 2022

A masterclass designed for policymakers and civil society actors attending COP27 who are looking to upskill on sustainable finance and expand their networks within this.

Are Financial Institutions Ready for ESG Regulation?

4 November 2022

During the Singapore Fintech Festival academics, government officials and bankers will discuss the transition to Net Zero, ESG standards, greenwashing and more.

Publication launch and industry briefing: Climate change risks for the property industry

19 October 2022

Climate change is not likely to go away anytime soon. As we take our respective steps towards meeting net zero targets as an industry, Landmark has turned the focus to climate change reporting, exploring how climate risks are currently reported – and where there is room for not only improvement but innovation and excellence.

Amplify EMEA 2022 - The Future of ESG and Sustainable Finance

13 October 2022

The closing keynote from Dr. Ben Caldecott, founding Director of the Oxford Sustainable Finance Group and Senior Research Fellow of Sustainable Finance at Oxford University.

Banking on Change: Turning the ESG Momentum into Action

12–13 September 2022 at Shangri-La Kuala Lumpur

Dr Ben Caldecott facilitated a Chartered Banker Roundtable at the Malaysian Banking Conference 2022, which convened leading Fellow Chartered Bankers and Chartered Bankers to delve deeper into the issues of climate change in Malaysia and discuss key insights on their long-term ESG plans and the challenges faced in turning the ESG momentum into action across the financial industry.

What can institutional investors and civil society learn from each other?

27 June 2022

One-day symposium to exchange learning between the civil society and institutional investment sectors and to strengthen links between them. Apply by sending details of your position, affiliation, and interest in the topic to events@smithschool.ox.ac.uk .

CGFI Annual Forum

4 July 2022

The first CGFI Annual Forum will focus on the role of data, analytics and innovation to advance green finance and capture the opportunities for the UK.

9th Sustainable Finance Forum

12 & 13 July 2022 | 09:00 to 16:00

The 9th Sustainable Finance Forum will be held at Waddesdon Manor, Buckinghamshire, with accommodation at nearby Hartwell House.

Oxford Net Zero Transition Forum

19 July 2022 | 09:30 to 21:00

The Oxford Sustainable Finance Group, in partnership with Lombard Odier, are organising this one-day conference, a deep dive into how we achieve net zero in different key sectors of the global economy and the role of finance in these overlapping sectoral transformations.

Oxford Sustainable Finance Summit 2022

20 to 21 July 2022

The University of Oxford’s first sustainable finance summit will bring together leading researchers from across Oxford with practitioners, policymakers, regulators, and civil society organisations to examine and reflect on the latest developments and trends in sustainable finance and investment.

What can institutional investors and civil society learn from each other?

27 June 2022

CGFI Annual Forum

4 July 2022

The first CGFI Annual Forum will focus on the role of data, analytics and innovation to advance green finance and capture the opportunities for the UK.

9th Sustainable Finance Forum

12 & 13 July 2022 | 09:00 to 16:00

The 9th Sustainable Finance Forum will be held at Waddesdon Manor, Buckinghamshire, with accommodation at nearby Hartwell House.

Oxford Net Zero Transition Forum

19 July 2022 | 09:30 to 21:00

Oxford Sustainable Finance Summit 2022

20 to 21 July 2022

The race of our lives

25 April 2022 | 16:30 to 19:00

The University of Oxford has the pleasure of inviting you to attend a lecture by the acclaimed investor and philanthropist, Jeremy Grantham CBE, followed by a drinks reception.

2021

The 10th Seoul Asian Financial Forum: Future Financial Innovation and Sustainable Growth

25 May 2021 | Westin Josun Seoul, Grand Ballroom (1F), Seoul, Korea

Dr Ben Caldecott delivered the keynote speech at the The 10th Seoul Asian Financial Forum and was a panelist on the panel discussion: Green Leadership for Global Sustainable Growth.

You can watch the video online

The Asian Development Banks (ADB) Southeast Asia Development (SEADS) Symposium

17 to 18 March 2021 | Online

ADB is updating its energy policy, which is instrumental in guiding the bank's investment portfolio focus to support DMC development, with a target of finalization for Board consideration at the end of 2021. This symposium provided an opportunity for experts and participants to share views on the opportunities and challenges in the South East Asian energy sector and how ADB can respond and support.

Dr Conor Hickey joined a panel discussion with ADB's energy chief and other experts to discuss the potential reforms for the banks approach to managing stranded assets in the south east Asian energy system.

The Climate Risk and Green Finance Regulatory Forum: A city and financial global virtual summit

11 February 2021 | Online

The second edition of The Climate Risk and Green Finance Regulatory Forum, provided practical, detailed guidance about the steps that financial institutions need to be taking now in order to ensure that they are prepared for, and fully compliant with, the emerging regulatory environment, as well as examined the new opportunities that this seismic shift in finance will bring.

Dr Nicola Ranger, Head of Climate and Environmental Risk, Oxford Sustainable Finance Group, Smith School of Enterprise and the Environment moderated the roundtable on scenario analysis with Aviva, IIGCC, MSci and OECD.

GARP Virtual Risk Convention: "Rise to the Moment: A New World of Risk & Resilience"

22 to 24 February 2021 | Online

The GARP Virtual Risk Convention: "Rise to the Moment: A New World of Risk & Resilience" was a dynamic live virtual event focused on the challenges and opportunities facing risk managers at this pivotal time. Featuring learning, discussion, innovation, and collaboration, Rise to the Moment brought together the leading risk managers in the world in their own time zones.

Dr Nicola Ranger, Head of Climate and Environmental Risk, Oxford Sustainable Finance Group, Smith School of Enterprise and the Environment was a panellist on the Emerging Practices in Physical Risk Management: Leveraging AI and Satellite Data session at 3pm on the 22 February.

2020

Introducing the Oxford Principles for Net Zero Aligned Offsetting

10 December 2020 | Online

Carbon offsetting is a widespread tool in efforts to achieve net zero emissions. But current approaches to offsetting are unlikely to deliver the types of offsets needed to achieve global climate goals. Net zero pledges from many companies, such as those recently from BP and Google, and the recent 2060 "carbon neutrality" pledge from China are likely to use offsets. But what types of offsets are acceptable and under what conditions should they be used?

The Oxford Principles for Net Zero Aligned Carbon Offsetting (or The Oxford Offsetting Principles) provide guidelines to help ensure offsetting actually helps to achieve a net zero society. Join our launch event to hear from the authors and leading stakeholders. Presentations from several authors, including:

Myles Allen on the importance of long-lived CO₂ storage
Ben Caldecott on creating demand for credible offsets and the role of sustainable finance in scaling supply
Tom Hale on issues of policy, politics, and governance
Yadvinder Malhi CBE FRS on the critical role of nature-based solutions and permanence in delivering net zero

Sustainable Finance Review

25 November 2020 | With Ben Caldecott (Oxford), Isabelle Laurent (EBRD) and Simon Thompson (Chartered Banker Institute) | Moderators: Andrew Hilton (Director, CSFI) and Jane Fuller (Co-director, CSFI)

Since our last meeting, there has been Rishi Sunak's pledge of a Green-led City, two important climate Summits and a US election which has led to John Kerry's re-emergence as Energy and Climate Czar. There have also been important commitments by China, Japan and Korea, and a tougher approach to asset managers in Australia. Closer to home, has the UK missed a trick by going for a 'Green' taxonomy rather than a 'Brown' one? As usual, Ben Caldecott leads our discussion to this time with two distinguished City figures to add their thoughts.

You can watch the video online: youtu.be/tlQ0j86Ve7s

Fourth AI and Sustainable Finance Seminar: From Satellite to Supply Chain: New Approaches Connect Earth Observation to Economic Decisions

28 October 2020 | Online

We would like to invite you to our fourth AI and Sustainable Finance Seminar. The series is an opportunity for researchers and practitioners working or interested in this emerging interdisciplinary field to come together and explore new methods, datasets, and research questions. It is also an opportunity to share updates with colleagues and network with your peers. The seminars are organised by The Alan Turing Institute Sustainable Finance Theme.

The seminar will be given by Dr Daniel Moran, who is an environmental economist at NTNU in Norway and uses big data and data-driven analysis to shed light on the connections between natural systems, including the climate and the economy. Dr. Moran is a co-creator Eora global supply chain model which tracks monetary and biophysical flows globally. Work on carbon and biodiversity footprints using Eora has been featured in top academic journals and featured in popular media such as National Geographic, the New York Times, and TIME magazine, and the model is in wide use in the private and government sector as well as by academic users at over 800 universities. Dr Moran holds a PhD from the School of Physics at the University of Sydney. Prior to joining academia, he worked for Nobel economist Paul Romer in Silicon Valley, and on Wall Street at MSCI's ESG research unit.

Building Back Greener and Better to 2020 IIF Annual Membership Meeting

15 October 2020 | Online

You can watch the video online

Third AI for Sustainable Finance Seminar: Using AI to classify drivers of the global forest loss

22 July 2020 | Dr Philip Curtis, Juniata Analytics | Webinar

We would like to invite you to our third AI for Sustainable Finance Seminar. The series is an opportunity for researchers and practitioners in this emerging interdisciplinary field to come together and explore new methods, datasets, and research questions. It is also an opportunity to share updates with colleagues and network with your peers. The seminars are organised by the Alan Turing Institute Sustainable Finance Theme.

The seminar will be given by Dr Philip Curtis, co-founder of the start-up Juniata Analytics that is developing a system to help food businesses measure and report the environmental and social impacts of their supply chains. Juniata Analytics provides consulting services and is currently finishing a project with ReFED, a think tank dedicated to reducing food waste, to deliver a first of its kind food waste tracking model and solutions prioritization tool. Previously, Philip served as a researcher for The Sustainability Consortium where he worked closely with retailers and brand manufacturers to model their agricultural and forestry commodity supply chains to better understand and address supply chain risks. Philip completed a Masters of Environmental Science and Management from the Bren School of Environmental Science & Management at the University of California, Santa Barbara and a bachelors in Geography and Geology from the Maxwell School of Citizenship and Public Affairs at Syracuse University.

Tropical deforestation, contributing to the GHG emissions, has been featuring prominently on the global environmental finance agenda, specifically in the context of the high-risk commodities. To end deforestation, companies must eliminate 5 million hectares of conversion from supply chains each year; However, despite regional differences and efforts by governments, conservationists, and corporations to stem the losses, the overall rate of commodity-driven deforestation has not declined. Forest loss is being driven by various factors, including commodity production, forestry, agriculture, wildfire, and urbanization. Just over a quarter of global forest loss is due to deforestation through permanent land use change for the production of commodities, including beef, soy, palm oil, and wood fiber. Global maps of forest loss depict the scale and magnitude of forest disturbance, yet companies, governments, and nongovernmental organizations need to distinguish permanent conversion (i.e., deforestation) from temporary loss from forestry or wildfire. Using satellite imagery, a forest loss classification model has been developed to determine a spatial attribution of forest disturbance to the dominant drivers of land cover and land use change over the period 2001 to 2015. Results indicate that 27% of global forest loss can be attributed to deforestation through permanent land use change for commodity production. The remaining areas maintained the same land use over 15 years; in those areas, loss was attributed to forestry (26%), shifting agriculture (24%), and wildfire (23%).

Sustainable Finance Review

24 July 2020 | With Ben Caldecott (Oxford Sustainable Finance Group), Pippa Gawley (Zero Carbon) and Chris Faint (Bank of England) | Moderator: Andrew Hilton (Director, CSFI)

Our usual monthly wrap of what is going on in the sustainability space to with particular focus on climate change. Lots on the regulatory front to from the UK, Singapore, the US and Australia. And the BoE gets ahead of the pack by assessing its own bond portfolio to albeit not (yet) its gilts portfolio. Plus new warming metrics for commercial portfolios., and a lively discussion on funding coal projects.

You can watch the video online

What Really Matters: The economy, sustainability and the workplace in a post-pandemic world

3 July 2020 | Jesus College Oxford (online webinar)

Dr Elizabeth Harnett spoke recently on the new series of online discussions "What Really Matters" being hosted by Jesus College Oxford in light of the ongoing Covid-19 pandemic. This event brought together a panel of experts across a range of fields, including finance, economics, geography and sustainability to look at the actual and potential impacts of Covid-19 on the economy. The panellist explored both the short and long-term impacts of the virus and the policy options available to generate a sustainable recovery. Dr Harnett talked about the opportunities for catalysing financial and policy action for a green recovery that can provide for a sustainable future for people and planet.

A video of the event is available on YouTube.

No COP26-ing Out to Green Transformation Beckons

2 July 2020 | Webinar | FS Club

In rebuilding the global economy, we cannot afford to ignore the looming clouds of the climate crisis to has Covid-19 given governments and businesses valuable breathing space to reassess their economic models? Or with minds so heavily focused on tackling Covid-19, has this other crisis to the climate one to taken a bit of a back seat? With COP26 now postponed to November 2021, what will the new priorities be for world leaders? Join us for these questions and more, as Dr Ben Caldecott gives us his thoughts on the crisis that seems to have been forgotten.

Spatial Finance to Transparency Beyond Disclosure

25 June 2020 | Webinar

'Spatial finance', where geospatial data is integrated into financial theory and practice, creates a significant opportunity to increase transparency within the financial system for practitioners and data providers alike. How can the finance industry harness the opportunities that geospatial data brings?

Dr Ben Caldecott participated in a webinar on Thursday 25 June, organised by Refinitiv, The Future of Sustainable Data Alliance and the Spatial Finance Institute, which discussed new technology and datasets that support a just transition to sustainable development.

3rd Annual LSE Workshop in Environmental Economics

22 to 23 June 2020 | Online | London School of Economics and Political Science

Dr Ben Caldecott is participating in the policy panel on 'The Pandemic, Climate Change and Economic Growth' at the 3rd Annual LSE Workshop in Environmental Economics on the 23rd of June. The annual workshop in environmental economics brings together top scholars from around the world to share their latest research. The workshop is also a great platform to identify areas where further academic work is needed and to foster new collaborations. The programme will consist of full paper presentations, a session of egg-timer presentations for early career researchers (PhDs/Postdocs), and a policy session.

CogX: The Summit Stage

9 June 2020 | Online | Part of CogX 2020: Global Leadership Summit and Festival of AI & Emerging Technology

Dr Ben Caldecott is speaking at the The Summit on 'Will the Pandemic help the Paris Agreement. How are governments going to achieve carbon neutrality'. The Summit will focus on an open and inclusive dialogue discussing the most important issues facing the world today, giving our invited speakers the opportunity to speak candidly whilst fostering the spirit of an open and inclusive dialogue. After each Summit session, attendees will be invited to join a live Q&A with the panel. These sessions are a unique opportunity to ask questions directly to the speakers.

Financing Sustainability in a post Covid-19 era

9 June 2020 | Webinar | Part of Guernsey's Sustainable Finance Week

Coming into 2020, climate finance and financing sustainability had moved definitively front and centre of the global policy agenda. Despite the impact of the Covid-19 crisis, changing the world order, climate change remains a threat that has not gone away. The impacts and influences of the Covid-19 pandemic will be deep seated and structural.

While we are still living through the formative experience of Covid-19, Guernsey's Sustainable Finance Week, delivered in an online format, will look to explore these influences and impacts in series of dialogues around the central issue of the role that private capital will play in financing sustainability post Covid-19.

Dr Ben Caldecott will participate in a webinar on 'Financing Sustainability in a post COVID-19 era' together with Anjalika Bardalai, Chief Economist and Head of Research to TheCityUK.

Asset-Level Data Annual Meeting

8 June 2020 | Online | Hosted by 2° Investing Initiative and the GeoAsset Project at the University of Oxford

The GeoAsset Project at the University of Oxford, as part of the Spatial Finance Initiative, is partnering with 2° Investing Initiative to host a meeting on asset-level data on 8th June 2020. GeoAsset, successor to the Asset-level Data Initiative (ADI), has three primary goals: to improve the quality of asset-level data across all key sectors; to increase availability through the creation and maintenance of trusted, publicly-available datasets; and to generate demand for asset-level data and associated services.

Financial decision-makers face an unprecedented combination of social and environmental risks, and associated opportunities. Understanding these risks at the required level of granularity increasingly means assessing them at the asset level. As its use in investment decision-making evolves, asset-level data is increasingly found alongside satellite imagery and remote sensing data, as well as advanced artificial intelligence analytics.

This meeting will take stock of where we are today with respect to the availability and use of asset level data and how it can contribute to better decision-making. It will explore avenues for collaboration on driving asset-level data into the mainstream of risk and opportunity assessment. Most of all, the meeting is intended to be a forum for discussion, debate and learning for actors across the finance, research and policy spectrum, ranging from investment professionals, to data scientists, to government departments.

AI in Optimising the Value of Urban Areas

2 June 2020 | Zoom Seminar | AI for Sustainable Finance seminar series

The second seminar in the AI for Sustainable Finance seminar series will be given by Dr Chanuki Seresinhe and Dr Stephen Law (The Alan Turing Institute/Warwick Business School) on AI in optimising the value of urban areas. This has important potential links to sustainable finance. The seminar will be followed by wider network updates and discussion chaired by Dr Ben Caldecott.

Sustainable Finance for Breakfast (26)

7 May 2020 | With Ben Caldecott (Oxford Sustainable Finance Group), Lord Barker (EN+) and Louise Dudley (Federated Hermes)

CSFI supporters and guests are invited to join a monthly breakfast event surveying the latest investment, market, policy and regulatory developments in Sustainable Finance. The briefing, led by Ben Caldecott of the Oxford Sustainable Finance Group, covers (among other things): sector-wide developments; specific innovations that are capturing consumers, investors and regulators' attention; upcoming industry events; and industry gossip (if we have any).

You can watch the video online

What Covid-19 means for sustainable finance

28 April 2020 | Virtual Discussion

Join the All-party Parliamentary Group on Sustainable Finance at 4pm on 28 April as they explore how political and financial institutions should respond to the current crisis to build a resilient and sustainable future. Speakers include: Sir Edward Davey MP, Rhian-Mari Thomas (CEO, Green Finance Institute), Catherine Howarth (CEO, ShareAction), and Ben Caldecott (Director of Oxford's Sustainable Finance Group). Chaired by Polly Billington (Director UK100 and APPG Secretariat).

Sustainable Finance for Breakfast (25): A round-table discussion on developments in the ESG space

17 March 2020 | With Ben Caldecott (Oxford Sustainable Finance Group), Dylan Tanner (InfluenceMap) and Anna Creed (Climate Bonds Initiative) | CMS, London. With support from CMS

As you may know, the CSFI is trying to 'go virtual' for the duration of the current unpleasantness. We are a small (and impecunious) organisation, but we are now on track for multiple videos a week.

For our usual Sustainable Finance for Breakfast series, we have filmed a virtual one that still has Ben Caldecott of Oxford University Sustainable Finance Group anchoring, Andrew Hilton moderating, and also Dylan Tanner of InfluenceMap to fill out the panel.

You can watch the video online

Invitation to Oxford Sustainable Finance Executive Education Reception

10 March 2020 | British Academy, London

The Oxford Sustainable Finance Group is now inviting applications for three courses in 2020: the Sustainable Finance Foundation Course, the Climate-related Financial Risk Course, and the Engagement, Stewardship, and Sustainability Course.

Those interested in joining the courses, as well as previous alumni, contributors, and supporters are invited to attend our annual reception during which you'll find out more about the courses, hear from recent participants, and have the opportunity to learn more on our plans for the future.

Sustainable Finance for Breakfast (24): A discussion on recent developments in the ESG area

25 February 2020 | With Ben Caldecott (Oxford Sustainable Finance Group), Frank van Lerven (The New Economics Foundation) and Laura Houët (CMS) | CMS, London. With support from CMS

Sustainable Finance for Breakfast (23): A discussion on recent developments in the ESG area

21 January 2020 | With Ben Caldecott (Oxford Sustainable Finance Group) and Nadia Humphreys (Bloomberg) | Burges Salmon, London. With support from Burges Salmon

2019

Oxford Sustainable Finance Group Christmas Reception for Friends and Supporters

6 December 2019 | Oriel College, Oxford

We are delighted to invite you to our Christmas Reception for Friends and Supporters being held on Friday 6th December at Oriel College, Oxford.

We will celebrate a successful year with colleagues, students, collaborators, supporters, and funders. Drinks will be served from 17.30-19.00 in the Box Room and dinner will be held in the Champneys Room.

To secure your place for the reception and the optional dinner, please register by 27th November by emailing our events team with your details, whether you wish to stay for dinner, and any dietary requirements.

COP25: 4th Annual Climate Resilience and Adaptation Investment Side Event

10 December 2019 | Madrid Marriott Auditorium Hotel, Av. De Aragón, 400

The 4th Annual Climate Resilience and Adaptation Investment Side Event will focus on the current state of adaptation finance and recent developments around the world in private sector investment in climate resilience and adaptation. The session will feature experts in climate finance from different regions and institutions, and it will explore the role of public and private institutions in accelerating adaptation finance.

2019 was a pivotal year in terms of the growing need to build resilience to the effects of climate change. From the devastating cyclones across southern Africa, India, and Bangladesh, to the floods in landslides in Bolivia, to the California wildfires that continue to ravage in the US, the need for action and investment is increasingly palpable. Climate change continues to increase risks and impacts to lives and livelihoods around the world, particularly in developing countries. UNEP estimates that up to $300 billion per year will be needed for adaptation in developing countries alone by 2030. Yet, less than 6% of total climate finance is attributable to adaptation, and virtually none of that is from the private sector. Public and private institutions have begun to address the "adaptation gap" by evaluating physical climate risk to existing investments, mapping overall finance flows, identifying investment opportunities, and designing new instruments and initiatives.

This discussion will focus on the current state of adaptation finance, progress of existing initiatives, and exciting new developments in investment in resilience and adaptation. Panels will be followed by a lively networking cocktail.

Moderator: Amal-Lee Amin, IDB

Speakers: Barbara Buchner, Climate Policy Initiative; Jay Koh, Lightsmith Group/GARI; Gianleo Frisari, IDB; Carlos Sanchez, Willis Towers Watson; Martin Berg, European Investment Bank; Barbara Schnell, KfW; Serena Shi, Lightsmith Group; and Dr Ben Caldecott, Smith School of Enterprise and the Environment, Oxford.

Sustainable Finance for Breakfast (22): A discussion on recent developments in the ESG area

27 November 2019 | With Ben Caldecott (Oxford Sustainable Finance Group), Charles Seaford (Demos), and a representative from Sustainalytics | Deloitte, London. With support from Deloitte

5th Green Finance Forum

21 November 2019 | Congress Center Messe Frankfurt, Frankfurt am Main

Dr Ben Caldecott, Director of the Oxford Sustainability Finance Programme & Associate Professor at the University of Oxford spoke on the panel at the 5th Green Finance Forum at Euro Finance Week, Green finance: a mainstream business model?

Moderator: Karsten Löffler, Managing Director, Green and Sustainable Finance Cluster Germany, Frankfurt am Main

Speakers:

Dr Ben Caldecott, Director, Oxford Sustainable Finance Group & Associate Professor, University of Oxford
Matthias Kopp, Director Sustainable Finance, WWF Germany, Berlin
Rüdiger Senft, Head of Sustainability, Commerzbank, Frankfurt am Main
Frank Sibert, Head of Sustainable Business Germany, BNP Paribas, Frankfurt am Main

Spatial Finance Connect: What Geospatial Data and Analysis Could Financial Institutions Require

14 November 2019 | Geovation, Sutton Yard, London

'Spatial finance' is the integration of geospatial data and analysis into financial theory and practice. We launched the Spatial Finance Initiative (SFI) this year to "mainstream geospatial capabilities enabled by space technology and data science into financial decision-making globally."

This vision is now possible as the result of rapid developments in data capture (cheaper sensors and platforms, particularly new satellite constellations with much more regular revisit periods) and data processing (developments in AI and cloud-based computing to scan and interpret imagery quickly), as well as continuous improvements in predictive modelling (that help to turn geospatial data into insights).

These capabilities will upend the current information asymmetries that exist between companies and their investors, and between financial institutions and their regulators. Spatial finance has the potential to transform the availability of information in our financial system creating a significant opportunity for the financial services industry.

Spatial Finance Connect events are designed to help current and future financial institution users of spatial finance to connect with producers of new spatial finance products and services. Our second Spatial Finance Connect event will be held on Thursday 14 November at Geovation and it is intended for suppliers and producers of geospatial data and analysis for the financial sector.

Join us if you are a business, organisation, or researcher interested in or currently developing spatial finance research, products, and services. During this half-day event you will get an opportunity to:

Hear directly from various financial institutions on their needs for geospatial data and use cases
Interact with a panel of geospatial and finance sectors experts
Learn about SFI initiatives and collaboration opportunities in this field
Network over a drink

Mutual Funds Association Global Summit

12 November 2019 | Four Seasons Hotel, Park Lane, London

Dr Elizabeth Harnett, Lead, Future of Engagement at the Oxford Sustainable Finance Group spoke recently at the MFA Global Summit. This conference was designed specifically for fund managers and institutional investors to gain clarity about investing trends in EU and U.S. capital markets. Dr Harnett spoke on a panel ‘ESG: Managing Expectations, Risks, and Money', giving an overview of the ESG landscape across different geographies. The panel was moderated by Zoe Knight, Managing Director, Group Head, HSBC Centre of Sustainable Finance, and also featured Steven Desmyter, Co-Head of Responsible Investment, Man Group and Michel de Jonge, Manager International Public Affairs, PGGM.

Swedish Bankers' Association's Annual Bank Meeting 2019

7 November 2019 | Grand Hôtel, Stockholm, Sweden

At this year's Bank meeting, we address two topical and important issues: money laundering and sustainability. The financial market has a key role to play in creating financial driving forces that encourage a sustainable transition. How can banks contribute to slowing down climate change? How do we make sure that the transition towards a long-term sustainable society does not jeopardise economic stability and growth?

Welcome | Johan Torgeby, President and CEO of SEB and Chair of the Swedish Bankers' Association, Hans Lindberg, Managing Director of the Swedish Bankers' Association
Keynote speaker | 15.30 Per Bolund, Minister for Financial Markets and Housing
How can we prevent banks from being used for money laundering? | Sir Rob Wainwright, partner at Deloitte and former head of Europol

Panel discussion

Hans Lindberg, Managing Director of the Swedish Bankers' Association
Nicklas Lundh, Head of Financial Affairs Department, Swedish Police Authority
Linda Staaf, Head of Intelligence at the Swedish Police National Operations Department (NOA)
Erik Thedéen, Director General of the Swedish Financial Supervisory Authority
Carina Åkerström, President and CEO, Handelsbanken

How are banks contributing to a green transition? |Dr Ben Caldecott, Director, Oxford Sustainable Finance Group & Associate Professor, University of Oxford

Panel discussion

Anna Breman, Group Chief Economist and Global Head of Macro Research, Swedbank
Magnus Emfel, Senior Advisor Finance, World Wide Fund for Nature (WWF)
Christopher Flensborg, Head of Climate & Sustainable Finance, SEB
Anders Langworth, Co-Head Group Sustainable Finance, Nordea

Truvalue Labs ESG Investing Forum 2019

5 November 2019 | Chartered Accountants Hall, London

Dr Ben Caldecott, Director of the Oxford Sustainability Finance Programme & Associate Professor at the University of Oxford spoke on the panel at the fourth ESG Investing Forum organised Truvalue Labs, The Future of ESG Research to Consolidation, Regulation & New Technology.

Moderator: Daniel Brooksbank, Editor, Responsible Investor

Speakers:

Ben Caldecott, PhD, Director, Oxford Sustainable Finance Group, Associate Professor, Smith School of Enterprise and the Environment, University of Oxford
Julie Hudson, PhD, Global Head of ESG Research, UBS Investment Bank
Thomas Kuh, PhD, Head of Index, Truvalue Labs

Inception meeting for a potential new UK Climate Transition Impact Assessment

28 October 2019 | Royal Society, London

Achieving a net zero target by 2050 will not be easy. As with any economic transformation, assets will become stranded and there will be winners and losers unevenly distributed across sectors and regions. To ensure an effective and "just transition", we need to know who will be affected, how they will be affected, and when they will be affected. This should then shape and inform responses including from central and local government, regulatory bodies, companies, and investors.

But we currently lack a consistent, comprehensive, and robust baseline review of climate transition impacts that can be trusted and used by a wide range of public, private, and civil society actors. In contrast, the UK has comprehensive, consistent, and forward-looking publicly available projections of physical climate impacts that can be used to inform decision-making by companies, local authorities, public bodies, and central government over different time horizons. While there are outstanding questions about the actual adoption of these datasets, they exist, and the government and relevant regulators are committed to their improvement and greater use.

We need something similar for climate transition impacts to understand which parts of the economy will be impacted by the transition to net zero and when. Such datasets and projections, based on the latest social science research, will make a just transition easier to achieve and help to reduce future carbon lock-in. This work should enable proactive actions from government and the private sector, as well as civil society.

But what needs to be done to create these datasets and analysis? Who should undertake this work? How should we deploy, disseminate, and support the adoption of these datasets? Are there existing initiatives and projects that can be brought together to speed up this process? What asset-level datasets and scenarios can underpin both physical and transition impact assessments to ensure they are consistent with one another?

These are all questions that are important and becoming increasingly acute given the scale of the net zero transition. We are holding an inception meeting for what we are currently calling a "UK Climate Transition Impact Assessment" (CTIA). At this meeting we would like to bottom out what a UK CTIA should look like and how we could make it happen. The meeting is being convened by the University of Oxford Smith School of Enterprise and the Environment, together with the LSE Grantham Research Institute, the Environment Agency, and the Green Alliance.

Sustainable Finance for Breakfast (21): An open discussion on recent developments in the ESG area

23 October 2019 | With Ben Caldecott (Oxford Sustainable Finance Group), Franziska Jahn-Madell (Ruffer) and Chris Vernon (MSCI) | Ruffer, London. With support from Ruffer

Spatial Finance Connect

21 October 2019 | Level 39, Canary Wharf, London

Earlier this year four leading institutions to The Alan Turing Institute, City of London Green Finance Initiative (now the Green Finance Institute), Satellite Applications Catapult, and the University of Oxford to launched a new initiative to mainstream geospatial capabilities enabled by space technology and data science into financial decision-making globally.

The Spatial Finance Initiative (SFI) is a multi-disciplinary and multi-stakeholder programme with global scope. Our first "Spatial Finance Connect" networking event was held on Monday 21 October 2019 at Level 39, Canary Wharf, London.

Following on from our launch we presented an update on the Initiative's activities and future plans and invited attendees to be part of the initiative. Participants also saw some of the latest spatial finance applications, demonstrated by some of the most innovative organisations in this area. The event was followed by networking drinks and canapes.

Public Sector Green Finance Summit 2019: Realising the ambition of the UK Green Finance Strategy

17 October 2019 | One Great George Street, Westminster, London

In the UK Green Finance Strategy published on 2nd July 2019 the Government announced that it will be strengthening its training for the public sector by organising a public sector conference on green finance, to take place in October 2019.

The UK Government, with support from the University of Oxford and the UK Green Finance Institute, is hosting the first conference focused on green finance and the public sector on the Thursday 17th October 2019 in central London. It will be an opportunity for representatives from central government departments, devolved administrations, local government, regulators, public bodies, UK overseas posts, and officials from key partner governments to come together to explore the role of public policy and the public sector in green finance.

Fast Stream Environment Network Launch Event

15 October 2019 | Home Office Conference Centre, London

Dr Ben Caldecott, Director of the Oxford Sustainability Finance Programme and Associate Professor at the University of Oxford spoke at the launch of the new Fast Stream Environment Network. Other speakers were Nick Bridge (the Foreign Secretary's Special Representative for Climate Change) and Dr Gemma Harper (Deputy Director for Marine at DEFRA).

The Cooler Earth Sustainability Summit

1 to 2 October 2019 | Kuala Lumper Convention Centre, Malaysia

Dr Ben Caldecott, Director of the Oxford Sustainability Finance Programme and Associate Professor at the University of Oxford spoke on the panel at the CIMB organised Cooler Earth Summit, Accelerating Climate Action: What it Would Take to Move Towards a Low-Carbon Economy.

Asia Risk Cxongress

10 to 11 September 2019 | Marina Bay Sands Expo & Convention Centre, Singapore

Dr Matthew McCarten, Lead, Spatial Finance in the Oxford Sustainable Finance Group spoke recently at the 15th Asia Risk Congress in Singapore. The Asia Risk Congress is a practitioner focused conference that helps financial market participants to understand the latest developments and challenges of risk management and regulation in the region. This year's event boasted 1100 attendees from 350 leading international and local financial institutions from over 20 countries. Dr McCarten presented in a session entitled "Data from space: What's in it for investors?". His presentation covered work currently being undertaken by the Spatial Finance Initiative. In the session he provided insight into what geospatial data is, how geospatial data and analyses can be incorporated in to traditional financial analyses and potential future applications for spatial finance.

Sustainable Finance for Breakfast (20): A round-table meeting on developments in the sustainable finance space

9 September 2019 | With Ben Caldecott (University of Oxford) and Blake Goud (Responsible Finance & Investment Foundation)

UK-China Green Performance Premium Workshop

3 September 2019 | Oxford, UK

The Oxford Sustainable Finance Group at the University of Oxford and the International Institute of Green Finance at the Central University of Finance and Economics (CUFE) in Beijing are undertaking a joint research project entitled 'The Green Performance Premium (GPP): Examining historical green asset performance and the contribution of ESG-practices to micro- and macro-economic performance'. This is funded by the UK Government.

As part of the project we are hosting a workshop at the Oxford Martin School, University of Oxford on 3rd September 2019. The workshop is a side-event of the 2nd Annual Conference of the Global Research Alliance for Sustainable Finance and Investment (GRASFI). The main conference begins on the 4th September and we are taking advantage of the concentration of researchers in Oxford taking part in the largest ever academic conference on sustainable finance.

As part of the project we are preparing two papers. The first paper examines the default risk of green bank loans. The second research paper investigates the hypothesis that micro-economic performance improvements from the adoption of ESG-related practices could influence macro-economic performance.

Global Research Alliance for Sustainable Finance and Investment Conference 2019

3 to 6 September 2019 | Oxford, UK

The Oxford Sustainable Finance Group is hosting the 2nd Annual Conference of the Global Research Alliance for Sustainable Finance and Investment (GRASFI). GRASFI was founded in 2017 to promote multi-disciplinary academic research on sustainable finance and investment. The Alliance consists of 22 global research universities, each with expertise in this emerging field.

Registration for the GRASFI 2019 Conference is now open, and the Conference Committee are seeking 40 high quality papers for the conference with each paper having a 30-minute speaking slot. Within each session papers are likely to come from different disciplines to foster inter-disciplinary collaboration and learning. More details and the Call for Papers can be found on the conference website.

UBS ESG and Sustainability Symposium 2019

2 September 2019 | UBS Offices, London, UK

The inaugural UBS ESG and Sustainability Symposium brought together global business leaders, academic experts and policy makers to discuss the advancement of sustainable investing. The event was a full day of expert panels and presentations held at our London UBS offices.

Dr Ben Caldecott, Director of the Oxford Sustainability Finance Programme and Associate Professor at the University of Oxford spoke on the panel Is Alphabet Soup to ESG, SI, RI, SRI, PRI to making a difference?

UBS ESG and Sustainability Expert Event

2 September 2019 | UBS Hong Kong, Telepresence from UBS London

Dr Ben Caldecott, Director of the Oxford Sustainability Finance Programme and Associate Professor at the University of Oxford, took part in a small group meeting in HK on sustainable finance via telepresence from London. This was part of UBS's inaugural UBS ESG and Sustainability Symposium in London.

Oxford Sustainable Finance Group Summer Garden Party

15 July 2019 | Oriel College, Oxford

An opportunity to celebrate a successful year with colleagues, students, collaborators, supporters, and funders.

Sustainable Finance for Breakfast (19)

11 July 2019 | CSFI, London. With Ben Caldecott (University of Oxford) and Michael Mainelli (Z/Yen)

More information: Sustainable Finance for Breakfast (19)

Climate Change Liability Risk Conference

5 July 2019 | Willis Towers Watson, London

The event will delve into current trends in climate change litigation including an increase in product liability claims brought by activists, states and cities against oil majors which are passing through the courts, especially, but not exclusively, in the United States.

The discussions will also look at the increase in claims against those who fail to adapt their businesses or professional advice to the physical risks a changing climate poses to infrastructure, processes, inputs or supply chains. Or who fail to adapt their business plans to account for the transition to a low-carbon economy. Climate risk must increasingly be built into business decision-making and directors and officers who fail to consider how climate risk impacts their bottom line may face claims now or in the future.

Session 2: Indirect exposures to the sleeping giant of liability risks to corporations
Moderator: Avryl Lattin, Partner, Clyde & Co.
Panelists: Richenda Connell, CTO and Co-founder of Acclimatise; Miroslav Petkov, Director, Head of Finincial Services Environmental and Climate Risk Research, Standard & Poors; and Ben Caldecott, Director and Associate Professor, University of Oxford Sustainable Finance Group.

DivestInvest Your Capital

4 July 2019 | BMA House, London

Keynote speaker David Blood (Generation Investment), panel chairs Deputy Mayor Shirley Rodrigues and Jonathan Rowson (Perspectiva), and expert speakers Ben Caldecott (Smith School of Environment and Enterprise), Deirdre Duff (MedAct), Kelly Trout (Oil Change International), the Big Exchange, and Lewisham Councillor Sakinha Sheikh, with closing remarks from Mark Campanale (Carbon Tracker).

Two expert panels and roundtable discussions examine how sustainable finance can help to avoid dangerous climate change and accelerate the transition to clean energy. The DivestInvest Your Capital event is for financial decision makers and influencers from across London in all sectors including local authorities, churches, museums, mosques, royal colleges, NHS Trusts, synagogues, universities, foundations and asset managers.

This is how we prevent the climate challenge from triggering the next financial crisis

1 July 2019 | Swedbank Almedalen

By 2050, the EU wants to reduce emissions by 80-95 per cent compared with 1990 levels as part of the industrialized countries' efforts. There is a conviction that, as it becomes more energy efficient and low in carbon dioxide, the EU will strengthen its economy, jobs will be created and competitiveness increased. But how will the change go? And how do we ensure that it is done in a long-term sustainable way that does not jeopardize economic stability and growth?

Moderator: Aurore Belfrage, entrepreneur, former investor, EQT Ventures

Speakers:

Dr Ben Caldecott, Director, Oxford Sustainable Finance Program, University of Oxford
Catherine L. Mann, Global Chief Economist, Citi
Anna Breman, PhD, chief economist and Head of Global Macro Research, Swedbank
David Cairns, the UK's ambassador to Sweden
Liza Jonson, CEO, Swedbank Robur
Magnus Billing, CEO, Alecta
Martin Guri, Head of Nordic Strategy, Kepler Chevreaux
Katarina Areskoug Mascarenhas, Head, Representation of the European Commission in Sweden

Sustainable Finance in Almedalen Week

1 July 2019 | Almedalen, Swedbank House, Visby, Gotland

Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, participated in several sustainable finance events during Almedalen Week 2019. He gave the Opening Keynote to the Swedbank seminar "How to prevent the climate challenge from triggering the next financial crisis".

Other speakers included:

Catherine Mann, Chief Economist, Citi (former Chief Economist at OECD)
Anna Breman, Chief Economist and Head of Global Macro Reseach, Swedbank
David Cairns, British Ambassador to Sweden and the FCO's Director for the Nordic Baltic Region
Liza Jonson, CEO, Swedbank Robur Asset Management
Magnus Billing, CEO, Alecta
Martin Guri, Head of Nordic Strategy, Kepler Cheuvreaux
Katarina Areskoug Mascarenhas, Head of Representation, European Comission in Sweden

He also spoke on a Swedbank panel discussing the "Future tension in technology, politics and economics" together with:

Catherine Mann, Chief Economis Citi (former Chief Economist at OECD)
Birgitta Bergvall Kåreborn, Vice-Chancellor, Professor, Luleå University of Technology
Anna Breman, Chief Economist and Head of Global Macro Reseach, Swedbank
David Cairns, British Ambassador to Sweden and the FCO's Director for the Nordic Baltic Region

Geospatial Finance for Sustainability: a co-design summit

20 to 21 June 2019 | Planet Labs Inc., San Francisco

Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, gave the Opening Keynote on 'The Future of Spatial Finance'.

Large-scale action on climate change and sustainable development has never been more urgently needed; if we're going to get it, the world needs to shift private finance in a more sustainable direction. Financing the UN's Sustainable Development Goals, for example, will require an investment of $2-3 trillion per year, each year, for the next 11 years, while keeping the world within 2°C of global warming is estimated to require an additional investment of $1.5 trillion per year.

Though the numbers seem intimidating, there is plenty of long-term, institutional capital available in private financial markets to meet these goals to over $83 trillion in the OECD countries alone. Yet, because many sustainable development phenomena are difficult to measure, and otherwise construed as externalities to the global financial system, virtually all of this capital remains underinvested in these challenges. Without an efficient mechanism to measure progress, and to assess and incorporate social and environmental risks, this capital is likely to sit on the sidelines.

Fortunately, parallel technological advances in remote sensing and machine learning are changing this paradigm. The combination of improved Earth observation data, machine learning, and cloud computing is enabling the creation of highly accurate, automated, spatially-explicit indicators on global change -- what we call 'big indicators' -- that allow for the measurement of social and environmental risks with unprecedented detail, in real-time. These indicators can potentially power a wide array of new financial instruments to from novel insurance programs to pay-for-performance investment vehicles. At this event, multidisciplinary teams of participant specialists explored these possibilities.

Launch of the Poseidon Principles

18 June 2019 | Cotillon Room, The Pierre Hotel, New York

Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, spoke at the panel discussion at the launch of the Poseidon Principles. The panel discussed the relevance of the Poseidon Principles for the broader financial sector and what lessons the development of the Poseidon Principles might offer to future initiatives. Other panellists included:

Paul Bodnar, Managing Director at the Rocky Mountain Institute's Global Climate Finance Program.
Alberto Cribiore, Vice-Chairman, Institutional Clients Group at Citi.
Hugo de Stoop, CEO of Euronav, the largest NYSE listed independent crude oil tanker company in the world.
Ramsay Ravenel, Executive Director, Grantham Foundation

The Poseidon Principles are a new type of climate change agreement, the significance of which is difficult to overstate. As the first global, sector-wide, and self-governing climate alignment agreement among financial institutions, these principles redefine the role of banks in the maritime shipping sector and lay a clear path for the broader financial sector to make new, significant contributions to global decarbonization.

The Poseidon Principles are the first example of financial players joining forces to drive greenhouse gas (GHG) emissions reductions in line with a climate target. Signatories to the Poseidon Principles will work to foster the decarbonization of the maritime shipping sector, which represents two to three percent of global GHG emissions-around the same amount as the nation of Germany. They will do this in line with the International Maritime Organization's (IMO's) climate target of 50 percent absolute GHG reductions by 2050.

Responsible Investor Europe 2019

11 to 12 June 2019 | etc. venues, London

Responsible Investor's 12th annual RI Europe conference in London returns on 11th-12th June 2019. 2019 will be a pivotal year for ESG and sustainable/impact finance, particularly in Europe where the European Commission is pulling together its landmark Action Plan for Sustainable Finance backed by regulatory/incentive input from the Financial Stability Board and the G7 and G20 countries.

The Action Plan, to be introduced during the year, will have huge operational and strategic ramifications for institutional investors in Europe and beyond.

In addition, EU member states are busying themselves with their country action plans for low carbon and sustainable finance as part of commitments to the Paris Agreement on Climate Change and the United Nations Sustainable Development Goals.

The RI Europe conference, which brings together 700+ top-level investment professionals, is the place to learn, share, and debate the opportunities and challenges from these major regulatory and business shifts at an event renowned for high quality networking and conviviality.

Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, spoke on the third plenary session "Getting Technical with the Green Taxonomy". Other speakers included:

Brenda Kramer, Advisor, Responsible Investment, PGGM and Member, European Commission's Sustainable Finance Technical Expert Group
Mireille Martini, Policy Analyst, Green Finance and Investment, Organisation for Economic Co-operation andDevelopment (OECD)
Katie Beith, Senior Investment Strategist, Responsible Investment, New Zealand Superannuation Fund
Nathan Fabian, Chief Responsible Investment Officer, Principles for Responsible Investment (PRI) and Rapporteur, Taxonomy Subgroup, European Commission's Sustainable Finance Technical Expert Group

Sustainable Finance for Breakfast (18)

11 June 2019 | CSFI, London. With Ben Caldecott (University of Oxford), Veronica Poole (Deloitte) and Fong Yee Chan (FTSE Russell)

More information: Sustainable Finance for Breakfast (18)

The Alan Turing Institute to Sustainable Finance Interest Group

10 June to 9 July 2019 | The Alan Turing Institute, London

The Alan Turing Institute is the UK's national institute for data science and artificial intelligence. It was founded in 2015 and is headquartered at the British Library in London. The Turing has 13 partner universities, including five founders (Cambridge, Edinburgh, Oxford, UCL, and Warwick) and eight others that joined in 2018 (Leeds, Manchester, Newcastle, Queen Mary University of London, Birmingham, Exeter, Bristol, and Southampton).

The Alan Turing Institute has recently established a new Sustainable Finance Interest Group to explore how data science techniques can be deployed to align financial institutions with global environmental sustainability. Interest Groups allow researchers to gather around areas of interest in data science and AI, with the aim to share ideas and knowledge and spark new ideas for collaborations and projects.

8th Sustainable Finance Forum: The Future of Engagement and Active Ownership

13 to 14 June 2019 | Waddesdon Manor

The Oxford Sustainable Finance Group at the University of Oxford Smith School of Enterprise and the Environment, together with The Rothschild Foundation and the KR Foundation, organised the 8th Sustainable Finance Forum on Thursday 13th and Friday 14th June 2019. The 8th Forum focused on the future of investor engagement and active ownership.

Investors to from the largest institutions (such as pension funds, insurers and sovereign wealth funds) to the smallest millennial retail saver to are increasingly concerned with ensuring that their investments across different asset classes (such as listed equities, bonds, private equity and property) have smaller environmental footprints and that these become better aligned with different environmental thresholds.

Yet there is a pervasive collective action problem in terms of effectively executing concerted and coordinated engagement strategies with other like-minded investors. Further, investor influence on companies and their environmental footprints differs enormously by asset class, sector, and geography, as well as (of course) by the size and reputation of the investor(s) in question.

These are familiar problems and much progress has been made to improve engagement. But much more needs to be done to secure the implementation of the Paris Agreement and the Sustainable Development Goals. Fortunately emerging technologies, changing client preferences, new regulatory landscapes, and evolving economic geographies create new opportunities for more effective engagement and forms of active ownership. Now is also a good moment to take stock of what has been achieved so far, what lessons have been learnt, and to consider what best practice can and should look like in the future and how we achieve it.

The forum has have sessions on these issues, including on using game theory to enhance engagement, the economic geography of engagement, climate litigation, retail investors and fintech, engagement beyond listed equities, and measuring engagement performance.

British Peruvian Chamber of Commerce Green Drinks

4 June 2019 | British Embassy Lima

Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, delivered a two-day sustainable finance course in Lima for the FCO network across Latin America. In addition to meeting with the CEO of the Lima Stock Exchange and the Ministries of Environment, Production, and Finance, he gave a talk to the British Peruvian Chamber of Commerce on sustainable finance.

Reception for Alumni, Prospective Students, and Partners

29 May 2019 | British Academy, London

The Oxford Sustainable Finance Group at the University of Oxford Smith School of Enterprise and the Environment now runs two open application short-courses on sustainable finance.

Those interested in joining the courses, course alumni, contributors, and supporters were invited to attend a reception from 6:30pm on Wednesday 29th May 2019 at the British Academy, Carlton House Terrace, London, SW1Y 5AH. At the reception attendees found out more about the courses, heard from recent participants, and had the opportunity to hear our plans for the future.

The SFFC was launched in 2016 and is the premier short-course on sustainable finance globally. We aim to attract the best and brightest current and future leaders and deliver a unique experience that equips participants with the knowledge and networks required to undertake significant future work on sustainable finance. The course is centred around a five-day residential workshop held at Jesus and Keble colleges from Monday 23rd to Friday 27th September 2019.

The CFRC is a new short course course launching in 2019. Measuring and managing climate-related financial risks will be critical for institutions across the financial system. This has been made clear by the G20 Task Force on Climate-related Financial Disclosures (TCFD), as well as by central banks and financial regulators around the world. This course will equip participants with the very latest knowledge on climate-related financial risks, as well as the expertise, networks, and confidence to design and implement practices for measuring and managing these risks. The course takes place during a three-day residential workshop held at Keble College, Oxford from Wednesday 17th to Friday 19th July 2019.

SEB Climate & Sustainable Finance Investor Breakfast

15 May 2019 | SEB Kungsträdgårdsgatan 8, Stockholm

Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, gave a talk about spatial finance at an SEB Climate & Sustainable Finance Investor Breakfast. Other speakers included:

Professor Bob Eccles, Visiting Professor, Said Business School, University of Oxford
Dr Chris Kaminker, Head of Research, Climate & Sustainable Finance, SEB
Thomas Thygesen, Head of SEB Research &l Strategy

2nd Northern European Partnership for Sustainable Finance Conference: Finance driving sustainability to exploring the opportunities and obstacles

14 May 2019 | Nalen, Stockholm, Sweden

The Stockholm Sustainable Finance Centre organised the 2nd annual conference of the Northern European Partnership for Sustainable Finance (NEPSF) in collaboration with WWF and Mistra Center for Sustainable Finance (MISUM).

This conference explored the opportunities investors have to steer their portfolios towards sustainability and discuss how obstacles can be overcome. How can science-based targets help, and what are investors' experiences with using methods for aligning their portfolios with the Paris climate targets? How can investors be effective active owners? How can investments be geared towards more long-term sustainable value creation?

Read here what NordSip wrote about the conference.

Sustainable Finance for Breakfast (17): A round-table discussion on developments in the ESG space

1 May 2019 | CSFI, London. With Ben Caldecott (University of Oxford), Catherine Howarth (ShareAction), Chris Huhne and Paul Sheridan (CMS)

More information: Sustainable Finance for Breakfast (17)

Workshop on Environmental Risk Quantitative Analysis Methodology and Environmental Data Application

25 April 2019 | Energy Foundation China, Beijing

Significant practices have been carried out by global financial institutes to quantify the environmental and climate risks. However, the analytical methodologies and tools can be further developed. Meanwhile, there is still space to improve data availability and the standard consistency and comparability.

It has been noticed that environmental and climate risks will transform as market, credit and legal risks facing by financial institutes. As the response, the risks should be accurately identified, quantified and managed.

This workshop aims to:

Identify the available data sources which are needed for environmental risk analysis in existing policy frameworks
Establish and strengthen the interconnection between climate change policies and qualitative environmental risk analysis
Enhance international exchange on quantitative environmental and climate risks analysis by introducing Greening BRI Data and Analysis Platform

The Green Performance Premium: examining green loan default risk and the micro ESG-practices effect on macro-economic growth

24 April 2019 | Central University of Finance and Economics, Beijing

We are delighted to invite you to the workshop on 'The Green Performance Premium: examining green loan default risk and the micro ESG-practices effect on macro-economic growth' at Central University of Finance and Economics on 24th April 2019.

The Oxford Sustainable Finance Group at University of Oxford and the International Institute of Green Finance at Central University of Finance and Economics are undertaking a research project on 'The Green Performance Premium' funded by the UK Government. Accordingly, two research papers are produced. The first paper exams the default risk of bank green loan in China and the UK. The second research paper investigates the hypothesis that micro-economic performance improvements from the adoption of ESG-related practices can result in macro-economic benefits.

We would like to take this opportunity to disseminate our preliminary findings on green finance performance. In addition, we intend to collect inputs/thoughts/comments from various stakeholders, inspire more research interests/ideas, and enhance further collaborations between China and the UK in this area.

Climate-Related Financial Reporting Conference

2 to 3 April 2019 | Cambridge, United Kingdom

Matthew McCarten, Spatial Finance Lead at the Oxford Sustainable Finance Group, presented an overview of research being undertaken as a part of the Spatial Finance Initiative at the Climate-Related Financial Reporting Conference organised by the University of Cambridge. The conference focused on discussions of frameworks, risks, implementation issues and opportunities associated with climate-related financial reporting. The presentation showcased the work of the Spatial Finance Initiative highlighting the main objectives, the key potential use cases and how these use cases can be translated into financial decisions.

More information: Climate-Related Financial Reporting Conference: Frameworks, Risks, Implementation & Opportunities

Sustainable finance: new data for investors on environmental performance

20 March 2019 | ClimateWorks Australia | Melbourne, Australia

ClimateWorks Australia held a discussion with Ben Caldecott, Director of the Oxford Sustainable Finance Group at the University of Oxford on the role of finance in limiting climate change to well below 2 degrees and new tools for investors to manage the risks and opportunities.

The Paris Agreement commits almost all countries in the world to keeping global temperature rise this century, well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5°C.

However, greenhouse gas emissions estimated to sit within existing global fossil fuel reserves are around three times higher than these targets would allow. It means much of the world's fossil fuel reserves underlying current balance sheets and valuations of investments must remain unused. This situation presents serious challenges for investors and the financial system more broadly.

Dr Ben Caldecott is the founding Director of the Oxford Sustainable Finance Group and a Senior Research Fellow at the University of Oxford Smith School of Enterprise and the Environment. He is concurrently an Academic Visitor at the Bank of England and a Visiting Scholar at Stanford University. He is also a Senior Advisor at SYSTEMIQ and a Policy Associate at the UK's Department for Environment, Food and Rural Affairs (DEFRA), where he is a director-level secondee in the Strategy Directorate providing advice on a range of policy issues, many of which are related to finance, investment and market design.

In conversation with ClimateWorks Australia's CEO Anna Skarbek, Dr Caldecott discussed his work developing new tools to support investor influence on companies and their environmental footprints, drawing on his recent publications on Carbon Lock-In Curves and on the findings of the 7th Sustainable Finance Forum.

Topics for discussion included:

Stranded assets analysis through a global database of coal power stations worldwide, including those to exceed the carbon budgets set by the Paris Climate Agreement. Recent analysis by Ben and his colleagues found that 87.7% of Southeast Asia's current fossil fuel generation assets are incompatible with 1.5°C, 17.8% are incompatible with 2°C, and 56.2% of Southeast Asia's planned fossil fuel generation assets are incompatible with 1.5°C, 46.5% are incompatible with 2°C, and 14.8% with 3°C. This highlights the scale of premature closures required to meet climate change objectives and the potential for significant asset stranding in the future.

The potential for ultra-transparency through improved environmental data availability in future. Sustainable Finance Forum discussions show new technologies are increasingly being used to develop real-time and near real-time data on supply chains. For example, new satellite instruments allow the measurement and reporting almost real-time of air pollution, including the use of apps to measure localised pollution. Data capture in the form of pervasive sensors (e.g. internet of things, earth observation, cheap smartphones) is being combined with new data science techniques (e.g. machine learning) and algorithms (e.g. distributed ledgers) which have the potential to create new synthetic datasets and make corporate supply chains much more transparent. The number of earth observation sensors is growing exponentially to with hundreds of sensors launched in 2017 compared to only several per year, just a few years ago.

ClimateWorks Australia and Dr Ben Caldecott provided a rare opportunity to hear a global expert discussing these and other critical areas related to sustainable finance.

Sustainable Finance for Breakfast (16): A round-table meeting on developments in the sustainable finance space

25 March 2019 | Burges Salmon, London. With Ben Caldecott (University of Oxford), Eugenia Unanyants-Jackson (Allianz) and Brian Scott-Quinn (ICMA)

I have just come back from the US, where the buzz around the so-called Green New Deal is now deafening. It sounds semi-crazy to me and easy to parody (kill all the cows and ban domestic air travel, to produce carbon neutrality by 2050 and to combat the threat from methane), but Alexandria Ocasio-Cortez has clearly hit a nerve. At least three potential presidential candidates have signed up, and everyone is taking it very seriously. Closer to home, the Romanian Presidency of the European Council has been working closely with the Commission on low carbon benchmarks, on a draft Taxonomy Regulation and, more broadly, on a framework to facilitate sustainable investment as the third pillar to the EU's Sustainable Finance Plan. Even closer to home, the CBI has been calling for action on the UK's Sustainable Development Goals, DEFRA is consulting on plastic waste, HSBC is facing growing pressure against its funding of coal projects, and the recent International Petroleum Week here in London was heavily focused on cutting emissions. Oh, and the Australian mining industry just took a hit when the courts blocked the development of the Rocky Hill thermal coal project on the grounds of its potential contribution to climate change.

And all that was the product of a 20-minute Google crawl to which reinforces the key point: the sustainable finance space is growing by the day, and has unequivocally moved into the mainstream.

Fortunately, the intrepid Ben Caldecott to founding director of the Oxford Sustainable Finance Group and co-chair of the Global Research Alliance for Sustainable Finance and Investment to has agreed, once again, to guide us through the various rules, regulations, initiatives and conferences that make up his daily diet as one of the UK's leading authorities on sustainability. Helping him out this month are:

Eugenia Unanyants-Jackson, Global Head of ESG Research at Allianz Global Investors and former Head of Corporate Governance at BMO Global Asset Management.
Brian Scott-Quinn, emeritus professor at Henley's ICMA Centre, a member of the EU's High-level Group on Sustainable Finance and an adviser to Penultimate Energy. He has also recently published an important article on financial sustainability.

Sustainable Finance for Breakfast (15): A round-table meeting on developments in the sustainable finance space

19 February 2019 | Deloitte, London

It has been a mixed month, but I guess the direction of travel is still encouraging.

One the one hand, EdenTree published a report on the continued prevalence of 'greenwashing' to which rather surprised me since I had thought we were beyond that. And Financial News had a story on green bonds, describing them as "good for the City, pointless for the environment" to which also set me back.

Plus there was a distinctly underwhelming World Economic Forum meeting in Davos, where (as far as I can judge) ESG issues got even less traction than in the past, although TPG agreed to change its analytics, Refinitive (ex-Thomson Reuters) introduced a new benchmark and Blackrock went all gooey-eyed.

On the other hand, 16 utility companies (led by EDF, but including our own super-sewer) launched their Corporate Forum on Sustainable Financing, and Bloomberg reported that "financial vehicles linked to environmental and/or social benefits" raised a record US$247 billion last year around the world to with the US leading the way through Fannie Mae's green home loan programme. And, if correct, the well-trailed bankruptcy of PG&E to though it cannot be directly tied to climate change to does emphasise just how vulnerable utilities are.

But that is only a taster. The expert in this field, and our guide for the last fourteen sessions, is Ben Caldecott, founding director of the Sustainable Finance Group at Oxford's Smith School. As usual, he will sort the wheat from the chaff to assisted, this time, by:

Sophie Robinson-Tillett, deputy editor of Responsible Investor, where she focuses on climate finance, green bonds and policy-related news. She was previously news editor at Environmental Finance and a reporter at The Guardian.
James McManus an investment manager and head of ETF research at Nutmeg, which he joined in 2015 from Coutts.

Spatial Finance Initiative Launch Event

1 February 2019 | The Willis Building, London

Earth observation and remote sensing combined with machine learning has the potential to transform the availability of information in our financial system and change how risks, opportunities, and impacts are measured and managed by financial institutions. 'Spatial finance', where geospatial data is integrated into financial theory and practice, creates a significant opportunity for the financial services industry.

The Spatial Finance Initiative has been established to bring together research capabilities in space, data science, and financial services to make them greater than the sum of their parts. The Initiative is designed to be a funnel, undertaking and coordinating world-leading academic research and channelling these into real-world finance-related applications. The research will be translated into practical and pre-operational products and services by working closely with the finance community and geospatial and financial services providers.

The Initiative has been established by the Alan Turing Institute, Green Finance Initiative, Satellite Applications Catapult, and the University of Oxford. It is a multi-disciplinary multi-stakeholder project focused on globally significant research and applications.

The Initiative will have a number of outputs over multiple years: research projects, (pre-) operational demonstrators, events, training and capacity building, and the incubation of applications.

Speakers included:

Rt Hon Claire Perry MP, Minister of State, UK Department for Business, Energy and Industrial Strategy
Sir Roger Gifford, Chair, City of London Green Finance Initiative and the UK Green Finance Taskforce
Rowan Douglas CBE, Head of Capital, Science & Policy Practice, Willis Towers Watson
Will Marshall, Co-Founder and CEO, Planet
Ben Caldecott, Director, Oxford Sustainable Finance Group, University of Oxford
Sam Adlen, Chief Strategy Officer, Satellite Applications Catapult
Anastasia Shteyn, Programme Manager, Finance and Economic Data Science, Alan Turing Institute
Roger Urwin, Global Head of Investment Content, Willis Towers Watson
Gordon L. Clark, Professorial Fellow, St Edmund Hall, University of Oxford
Martin Ewald, Managing Director and Head of Investment Strategy for Infrastructure Equity, Allianz GI
Will Goodhart, Chief Executive, CFA Society of the United Kingdom
Jessica Fries, Executive Chairman, The Prince of Wales's Accounting for Sustainability Project
Carel Cronenberg, Lead, MRV, European Bank for Reconstruction and Development
Jonathon Gascoigne, Director of Risk Analytics, Capital, Science & Policy Practice, Willis Towers Watson
Rebecca Self, CFO, Sustainable Finance, HSBC
Ben Yeoh, Senior Portfolio Manager, Global Equities, RBC Global Asset Management

Watch the YouTube playlist (9 videos)

Green Alliance Annual Debate 2019: Can satellite earth observation help to save the planet?

31 January 2019 | 1 Wimpole Street, London

For our annual debate, we explored how recent developments in earth observation and data science could transform both our understanding of and approach to environmental challenges.

Will Marshall's speech was followed by brief presentations from Sam Adlen and Corli Pretorius, showcasing environmental uses of earth observation. The speakers then took part in a panel discussion, chaired by Charlotte Smith, on how earth observation and data science could accelerate solutions and support better decision making.

This event was organised in association with:

Satellite Applications Catapult
UNEP-WCMC
Oxford Sustainable Finance Group
Planet

More information: Annual debate 2019: Can satellite earth observation help to save the planet?.

Carbon Lock-in Curves (CLICs): Objectively assessing the (in)compatibility of power assets with the Paris Agreement

24 January 2019 | China's Ministry of Ecology and Environment, Beijing

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, gave a lecture to staff at the China's Ministry of Ecology and Environment on greening China's Belt & Road Initiative.

Sustainable Finance for Breakfast (14): A round-table meeting on developments in the sustainable finance space

15 January 2019 | CMS, London

Our last meeting (November 20) made a convert out of me… For the first time, I really got the message that sustainability is now at the core of investment decisions at the institutional and retail levels, and that its salience is only going to increase.

Since then, I guess, the big event has been COP24, held in the deeply unlovely coal-mining town of Katowice. As I read the runes, it was (at best) a mixed success to and that may be pushing it. Although there was no agreement on a global carbon market, Germany and Norway did pledge to double their contribution to the global fund for emerging markets, and the EBRD did commit to a "no coal, no caveats" policy. Still, I am sure there is a lot more to say to as well as about the kerfuffle that Shell's pledge on climate change has caused.

Key to explaining what is going on is our regular anchor, Ben Caldecott to founding director of the Sustainable Finance Group at Oxford's Smith School (and many, many other things). Backing him up this month are:

Jessica Fries, executive chair of A4S to better known (to me, at least) as Accountability for Sustainability, which is The Prince of Wales's initiative to (in his words) "help ensure that we are not battling to meet the 21st century challenges with, at best, 20th century decision-making and reporting systems". Jessica is also on the board of the Natural Capital Coalition, and was responsible for establishing and running the International Integrated Reporting Council.
Paul Sheridan, partner and head of CMS' environmental law practice. With almost 25 years' experience, he advises clients on domestic, EU and international environment laws, specialising, inter alia, on clean energy, energy efficiency, cleantech, climate change and corporate reporting.

2018

Franco British Green Finance Summit

7 December 2018 | British Ambassador's Residence, Paris

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, spoke at the first Franco-British Green Finance Summit. The summit covered the latest trends, from the financial benefits of "going green" to the future leadership of global green finance.

Other speakers included:

David Harris, London Stock Exchange Group
Arthur Charbol, AVIVA France
Caroline Le Meaux, BNP Paribas CIB
Morgan Despres, Banque de France
Sean Kidney, Climate Bonds Initiative
Cecile Moitry, Caisse des depots Group
Philippe Zaouati, Finance For Tomorrow
Pierre Ducret, I4CE-Insitute for Climate Economics

Green Finance Research Advances

27 November 2018 | Auditorium de la Banque de France, Paris

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, presented research on using measures of corporate solvency to optimise climate policy at the Green Finance Research Advances conference organised by the Banque de France and the Institut Louis Bachelier.

Other speakers included:

Sylvie Goulard, Deputy Governor, Banque de France
Benoît Leguet, Managing Director, I4CE
Morgan Després, NGFS Secretariat, Banque de France
Hubert Kempf, ENS Paris-Saclay
Dirk Schoenmaker, Bruegel, Erasmus University Rotterdam
Irene Heemskerk, Nederlandsche Bank to DNB, Senior Policy Advisor Climate Risks and Sustainability, NGFS member

He was also a judge for the inaugural Banque de France Young Researcher Scholarship for a Sustainable Financial Sector and the prize was presented at the conference.

More information: Green Finance Research Advances.

Sustainable Finance for Breakfast (13): A round-table meeting on developments in the sustainable finance space.

20 November 2018 | Burges Salmon, London

There wasn't much in this autumn's budget for sustainable finance (unless patient capital becomes green capital) and much of the rest of this month's news has been dour for the sector:

S&P reported that only 3% of private capital mobilized by multilateral lending institutions finds its way to low-income countries;
Z/Yen's Green Finance Index highlighted the narrowness of sustainable finance centres around the globe (and a slip in the ranking for London);
Industry concern over the EC's Action Plan on Sustainable Finance rumbles on; and
A CFA survey found its members were split over whether ESG should be part of the fiduciary duty of managers.

Still, it hasn't all been Eeyorish. The PRA has released its consultation on banks' and insurers' approaches to managing the financial risks from climate change, the FRC and FCA are considering complaints over lack of climate risk reporting made by ClientEarth, and UNCTAD announced that 78 exchanges are now members of the Sustainable Stock Exchange Initiative.

As ever, we will have Ben Caldecott, founding director of the Oxford Sustainable Finance Group and founder and co-chair of the Global Research Alliance for Sustainable Finance and Investment, to steer us through the biggest stories of the month.

Joining Ben, we are delighted to welcome Paul Lee, independent consultant and former Head of Corporate Governance at Aberdeen Asset Management. Alongside them will be Alice Garton, senior lawyer and Head of Climate at ClientEarth.

Grieg Investor Conference 2018 'Do Good, Do No Harm'

7 November 2018 | Oslo, Norway

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, gave a keynote speech at the Greig Investor Conference 2018 on 'Sustainable Finance: Where are we and where are we heading?'

Other speakers included:

Al Gore, former Vice President of the United States
Yngve Slyngstad, CEO, Norwegian Global Pension Fund
Hoesung Lee, Head of the IPCC

More information: Grieg Investor-konferansen 2018.

Keynote Lecture | The future of sustainable finance in Europe

7 November 2018 | Olivier Guersent, Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA)

This event was hosted by the Oxford Sustainable Finance Group with support from the Oxford Martin School. Following the outbreak of the financial crisis the EU has put forward unprecedented reforms to secure financial stability and improve the supervision of financial markets. The mission of the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), which Olivier leads, is to monitor the effectiveness of these reforms, ensure that EU legislation is fully implemented, and to respond to emerging financial risks. In addition, DG FISMA are working to develop well-regulated, stable, and globally competitive financial markets. To improve access to capital for businesses, especially SMEs, and thereby promote growth and job creation, they have brought forward initiatives to create an EU capital markets union. This includes globally significant work on sustainable finance. The EU High-level Expert Group on Sustainable Finance published its final report in January 2018 and this was rapidly followed by the EC Action Plan on Financing Sustainable Growth and the adoption of a proposed EU legislative package on sustainable finance. The proposals have implications for financial institutions and capital markets across Europe (whether EU or non-EU) and internationally. Olivier shared his perspectives on these developments and what the future of sustainable finance in Europe could look like.

Watch on YouTube

Government of Canada Expert Panel on Sustainable Finance Roundtables

29 to 31 October 2018 | Montreal, Ottawa, Toronto

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, spoke at a series of roundtables in Montreal, Ottawa, and Toronto organised by the Government of Canada Expert Panel on Sustainable Finance and the Public Policy Forum Canada.

Others speakers included:

Tiff Macklem, Dean of the University of Toronto's Rotman School of Management
Kim Thomassin, Executive Vice-President of Legal Affairs and Secretariat, with the Caisse de dépôt et placement du Québec
Barbara Zvan, Chief Risk & Strategy Officer for the Ontario Teachers' Pension Plan
Sean Kidney, CEO of the Climate Bonds Initiative

More information: Sustainable Finance Roundtable Series Summary, Public Policy Forum.

Innovating for a Greener Great Britain

19 October 2018 | Financial Conduct Authority, 12 Endeavour Square, London

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, spoke on a panel at an FCA conference on 'Innovating for a greener GB'.

FCA Innovate shared how they are encouraging financial services to play a positive role in assisting the global climate effort. They also launched the FCA GreenFintech Challenge.

More information: Going green: the FCA's developing approach.

Sustainable Finance for Breakfast (12): A round-table meeting on developments in the sustainable finance space

10 October 2018 | Deloitte, London

We have been a bit quiet on the ESG/climate change area since July. But there's been a lot going on to much of it reflected in the meetings of the UN General Assembly and Security Council in New York. In other words, a lot to discuss. I am, therefore, delighted that Ben Caldecott, founding director of the Oxford Sustainable Finance Group and founder of its Global Alliance for Sustainable Finance, has, once again, agreed to anchor this month's discussion. He has recently been deeply immersed in the Smith School's very successful Sustainable Finance Foundation Course, but we are delighted that he has been able to tear himself away to fill us in on recent developments.

Backing him up are two more ESG experts:

Raj Thamotheram, founder and chairman of Preventable Surprises (which aims to stop "dysfunctional corporate and market behaviour"), and a pioneer in responsible investing. I am sure you all know Raj, who has been described (and not just by himself) as "one of the 10 most influential figures in the corporate governance field". Before setting up PS, he spent seven years as an independent strategic adviser on responsible investment, six years at the Network for Sustainable Financial Markets and five years at AXA. By background, he is a medic.
Marte Borhaug, head of ESG Strategic Projects at Aviva and vice-chair of the Business at OECD Finance Task Force. Before joining Aviva, she was head of financial services and corporate governance at the CBI.

FT Climate Finance Summit London 2018: Aligning Policy and Practice to Investing for a 2 Degree World

9 October 2018 | London

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, will join a panel discussion at the FT Climate Finance Summit London 2018.

Sector Focus: Clean energy transition and a low carbon future

Will the return of oil giants such as Shell, Statoil and BP have an impact on the evolution of the clean energy sector?
Technological developments and climate policy are combining to slow fossil fuel demand -how can investors achieve an "orderly energy transition" which minimises financial disruption in the process?
Managing the grid: will virtual power plants be a profitable opportunity for green investment?
Is block chain technology a key enabling technology for distributed energy systems?
Can fossil fuels investment ever be be green? An update on clean coal and sequestration technologies
The latest trends in clean energy finance and the listed vs unlisted infrastructure debate

Moderator: David Sheppard, Energy Editor, Financial Times

Panellists:

Ben Caldecott, Director, Oxford Sustainable Finance Group, University of Oxford
Carol Pepper, CEO, Pepper International
Raffaele Della Croce, Senior Economist to Long Term Investment, OECD
Mark Lewis, Head of Research and a Managing Director, Carbon Tracker Initiative
Alzbeta Klein, Director and Global Head, Climate Business, IFC

Economics of Climate Change | National Association of Business Economics (NABE) 60th Anniversary Annual Meeting

30 September 2018 | Boston, United States

The NABE Annual Meeting took place at Westin Copley Place in Boston with the theme of "Revolution or Evolution? Reexamining Economic Paradigms." The meeting explored the changing global economy in a world in recovery from the global financial crisis.

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, spoke at a session jointly with Professor Martin Weitzman (Harvard University) on the 'Economics of Climate Change'.

Other speakers at the NABE conference included:

Jerome Powell, Chairman, Board of Governors of the Federal Reserve System
Dani Rodrik, Ford Foundation Professor of International Political Economy, Harvard Kennedy School
Cass R. Sunstein, Robert Walmsley University Professor, Harvard University Niraj Shah, CEO, Wayfair
Christina Paxson, President, Brown University
Catherine L. Mann, Global Chief Economist, Citi

World Cooperative Management 2018

24 to 25 September 2018 | Belo Horizonte, Brazil

Ben Caldecott, founding director of the Oxford Sustainable Finance Group, gave the opening keynote at the World Cooperative Management 2018 conference on "Sustainable Finance: What is it, why does it matter, and what are the latest developments? to an audience of leading cooperatives in Brazil.

Sustainable Finance Foundation Course 2018

10 to 14 September 2018 | Keble College and Brasenose College, Oxford

The course, now in its third iteration, has been designed and developed by the Oxford Sustainable Finance Group as an introduction to sustainable finance for current and future leaders working in a range of sectors, for example: staff at environmental NGOs who would like to help the global financial system create better environmental outcomes; civil servants and regulators working to develop policies that can foster the development of sustainable finance; executives working in financial institutions that need an introduction to sustainability, the environment, and climate change as they relate to finance and investment; philanthropic funders looking to navigate sustainable finance topics so as to support the most impactful activities; and trustees or company directors that want to understand how sustainable finance relates to their fiduciary duties.

Fourth Industrial Revolution for Climate-Related Financial Risk

13 September 2018 | World Economic Forum, Centre for the Fourth Industrial Revolution, San Francisco

This event showcased the latest developments in utilizing satellite data, big data analytics and artificial intelligence to assess and quantify the climate-related financial risks associated with a range of policy, asset and weather-related issues.

Speakers:

Curtis Ravenel, Global Head, Sustainable Business and Finance, Bloomberg
Ben Caldecott, Founding Director of the Oxford Sustainable Finance Group
Ed Wells, Head, Policy, Global Markets, Sustainable Finance and Conduct, HSBC
Simon Young, Senior Adviser, African Risk Capacity, South Africa

PRI in Person Taskforce on Climate-related Financial Disclosures (TCFD) Side Event: International Regulatory Update Panel

11 September 2018 | Four Seasons, San Francisco

Growing regulatory interest in TCFD has been another indicator of change over the past year. In many countries, this has in part been a product of green / sustainable finance taskforces, which have enjoyed government backing and proposed changes to reporting rules and codes to incorporate the Taskforce's recommendations. This session will provide an opportunity to hear directly from regulators and taskforce members who are leading this work in China, Europe and the UK.

Speakers:

Martin Spolc, Head of Unit, Capital Markets, FISMA, European Commission
Ma Jun, Special Advisor to the PBoC, Chair, China Green Finance Committee
Ben Caldecott, Member of the UK Green Finance Taskforce, Director of the Oxford Sustainable Finance Group
Moderated by: Edward Baker PRI

Global Research Alliance for Sustainable Finance and Investment (GRASFI) Inaugural Conference

5 to 7 September 2018 | Maastricht, Netherlands

The Global Research Alliance for Sustainable Finance and Investment was founded by the University of Oxford and other Member Universities in 2017 to promote multi-disciplinary academic research on sustainable finance and investment. The Alliance consists of global research universities, each with expertise in this emerging field. Ben Caldecott, founding director of the Oxford Sustainable Finance Group and co-chair of the Alliance, was delighted to welcome attendees to the inaugural conference held at Maastricht University.

Sustainable Finance for Breakfast (11): A round-table meeting on developments in the sustainable finance

18 July 2018 | Burges Salmon, London

As usual, we are pleased to have Ben Caldecott, founding director of the Oxford Sustainable Finance Group and founder and co-chair of the Global Research Alliance for Sustainable Finance and Investment, to help us sort wheat from chaff.

Joining Ben, we are delighted to welcome back Meryam Omi, head of sustainability and responsible investment strategy at Legal & General Investment Management. Meryam is responsible for developing ESG products, research and integration across the asset classes, and recently announced LGIM's climate engagement programme, Climate Impact Pledge, and a series of Future World funds.

Alongside them will be Jakob Thoma, managing director of the 2° Investing Initiative and head of their research into climate scenario analysis for financial portfolios.

Oxford Sustainable Finance Group Summer Garden Party

9 July 2018 | Oriel College, Oxford

An opportunity to celebrate a successful year with colleagues, students, collaborators, supporters, and funders.

Prediction Markets for Environmental Outcomes Symposium

21 June 2018 | London

Prediction markets are markets specifically designed to reveal information. They share many features with traditional gambling and financial markets, but the latter are primarily designed to provide entertainment or risk transfer. For the operators of these markets, whether bookmakers or exchanges, the discovery of information is merely an advantageous side effect.

The idea of using a prediction market to aid climate change-related information discovery was first suggested more than 25 years ago by the US economist Robin Hanson. Since then, other economists, scientists, and lawyers have elaborated on the idea, but no long-range prediction markets for climate have been established.

Long-range prediction markets could have a variety of uses for different stakeholder groups, including for financial institutions, regulators, policymakers, and researchers. The information could help improve assumptions used to underpin a wide range of decisions related to climate change and help inform scenarios and other forms of analysis. Prediction markets could also be created for other environmental outcomes, potentially from global biodiversity to local environmental pollution. Again, these could reveal information relevant to improving environmental outcomes and, of course, managing different environment-related risks.

The Symposium brought together a small number of senior practitioners, policymakers, and researchers to explore the potential of prediction markets for climate change and for other environmental outcomes.

Sustainable Finance for Breakfast (10): A round-table meeting on developments in sustainable finance

20 June 2018 | Deloitte, London

With World Environment Day on June 5th, the clamour of competing reports and conferences on sustainable finance is louder than ever. Fortunately, ready to help us make sense of the din, we have Ben Caldecott, founding director of the Oxford Sustainable Finance Group and founder and co-chair of the Global Research Alliance for Sustainable Finance and Investment.

The format for our monthly round-up is the same: our guest panellist(s) will share their latest insights, Ben will run through the latest developments to and then everyone else will (I hope) wade in.

What will make the final agenda we can't say, but on our radar so far:

the industry has been responding to the EC's Sustainable Finance legislative proposals, particularly the thorny topics of taxonomy and prescriptiveness;
HMG's investment criteria are under scrutiny following the Swansea Bay lagoon decision;
Germany has convened a commission drawn from the economy, finance, interior and labour ministries to plan its withdrawal from coal;
EU Vice-President Timmermans visited Denmark to discuss migration to the circular economy with CEOs; and
Trump skipped the environment and climate sessions at the G7 meetings.

Joining Ben this month we're delighted to welcome Karthik Iyer, commercial director at the Climate Bonds Initiative, responsible for their investor engagement and green bond certification services and coverage of India, China and Asia Pacific, and Katie Stafford, a client portfolio manager at Schroders and former product manager for the GAIA hedge fund platform.

Climate change: opportunities and risks for the financial sector. Final event of the research project 'Carbon Bubble'

15 June 2018 | Frankfurt School of Finance and Management

The Oxford Sustainable Finance Group has been part of a high-level consortium researching the 'Carbon Bubble' for the German Environment Agency (Umweltbundesamt). Elizabeth Harnett travelled to Frankfurt on the 15th June to present our research and a policy analysis tool examining the opportunities for the integration of carbon risks in financial markets. This policy analysis formed part of the wider research project on the opportunities and risks related to climate change for the financial sector in Germany. The final project event was attended by 85+ senior figures from German finance and policy sectors, including Heads of Department from the German Federal Environmental Agency, the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety, and the Deutsche Bundesbank.

Sustainable Finance Forum

7 to 8 June 2018 | Waddesdon Manor

The Oxford Sustainable Finance Group together with The Rothschild Foundation and the KR Foundation hosted the 7th Sustainable Finance Forum (formerly called the Stranded Assets Forums) on Thursday 7th and Friday 8th June 2018.

The first day of the forum focussed on impact. We examined the latest developments in how to measure and track the impact investments and investee companies have on climate change and the different Sustainable Development Goals (SDGs). We also explored how to reduce information asymmetries in impact investing, both in terms of originating opportunities and finding opportunities within existing company, government, and NGO portfolios. We are particularly interested in how new approaches might be applied in emerging and developing country markets.

On the second day we hosted 2nd annual meeting of the Asset-level Data Initiative (ADI) and focussed on how to realise the ambition of making accurate, comparable, and comprehensive asset-level data tied to ownership publicly available across key sectors and geographies. ADI was established in 2017 by five founding organisations: the University of Oxford, Stanford University, CDP, World Resources Institute, and 2 Degrees Investing Initiative.

Green Finance Roundtable | Shanghai Forum 2018

26 to 28 May 2018 | Fudan University

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group gave a talk on green finance at the Shanghai Forum 2018. He also attended the launch of the China University Green Finance Research Union.

Shanghai Forum, launched in 2005, is known as one of the most famous international forums held in Shanghai. Co-hosted by Fudan University and Korea Foundation for Advanced Studies, undertaken by Fudan Development Institute (FDDI), the Forum is a non-governmental and non-profit academic organization, which holds an annual symposium each May in Shanghai

Global Green Finance Leadership Program

21 to 26 May 2018 | Tsinghua University | Beijing, Huzhou, Shanghai

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group gave a featured talk on green capital markets at the first Global Green Finance Leadership Program.

The Global Green Finance Leadership Program, as part of the 2018 Tsinghua PBCSF Global Finance Forum, provides a platform for knowledge sharing on best practices of, and inspiring innovations for, scaling up green and sustainable finance. It builds on the global momentum created by the Paris Agreement, UN SDGs, the G20 Green Finance Study Group and the World Bank Group. The Program focuses on generating new ideas to promote green finance from policy innovators and market leaders and disseminating practical knowledge and know-how on green and sustainable finance for the global financial community. Co-hosted by the Center for Finance and Development of Tsinghua University, the IFC-supported Sustainable Banking Network (SBN), China Council for International Cooperation on Environment and Development (CCICED), supported by the Belt and Road Bankers Roundtable and the CFA Institute, this inaugural Program will mark the beginning of a series of events on green finance knowledge generation and dissemination.

Sustainable Finance for Breakfast (9): A round-table meeting on developments in the sustainable finance / ESG space

16 May 2018 | Ben Caldecott (SSEE) and Catherine Howarth (ShareAction) | Deloitte, London

As usual, Ben Caldecott to Director of the Oxford Sustainable Finance Group and co-chair of the Global Research Alliance for Sustainable Finance and Investment to has agreed to walk us through the key developments in the sustainable finance/ESG space, and to give us his own take on what we need to be looking out for. This month, his co-conspirator is a familiar face to Catherine Howarth, who has been chief executive of ShareAction since 2008, as well as a board member of the Scott Trust (owner of The Guardian) and a member of the Treasury's Asset Management Taskforce.

As always, there's a lot to discuss to not least: UNEP's latest report, "Making Waves: Aligning the financial system with Sustainable Development"; and a new report from the EU's Economic and Monetary Affairs Committee on sustainable finance, calling inter alia for a uniform taxonomy and common standards.

In addition, UNEP has decided to establish the secretariat for its new network of financial centres for sustainability in Geneva, S&P has put out new (and genuinely impressive) numbers on US decarbonisation efforts and the role of 'green bonds', and Wells Fargo and Bloomberg have announced a new JV to help advance the objectives of the Paris Agreement... And so on. There is an awful lot going on, and I am delighted that Ben and Catherine have agreed to hold our hands and walk us through the Green Maze.

Sustainable Finance Foundation Course to reception

16 May 2018 | British Academy, London

The Sustainable Finance Foundation Course is running again in September 2018. The course, from the University of Oxford Smith School of Enterprise and the Environment, is now in its third year and is intended as an introduction to sustainable finance for current and future leaders.

Those interested in joining the course, alumni, contributors, and supporters are all invited to attend a reception from 6:30pm on Wednesday 16 May 2018 at the British Academy, London. At the reception you'll find out more about the course, hear from recent participants, and have the opportunity to hear our plans for the future.

The course is designed for those working in a range of sectors, for example: staff at environmental NGOs who would like to help the global financial system create better environmental outcomes; policymakers and regulators working to foster the development of sustainable finance or improve the resilience of financial institutions to environmental factors; executives working in financial institutions that need an introduction to sustainability, the environment, and climate change as they relate to finance and investment; philanthropic funders looking to navigate sustainable finance topics so as to support the most impactful activities; and trustees or company directors that want to understand how sustainable finance relates to their fiduciary duties.

A framework for asset allocators on sustainable investing and climate change

4 May 2018 | First Annual Meeting | Bretton Woods II Responsible Asset Allocator Initiative | London

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group gave a featured talk on "A framework for asset allocators on sustainable investing and climate change at the Bretton Woods II conference in London.

The Bretton Woods II Responsible Asset Allocator Initiative is dedicated to mobilizing capital from the world's largest institutions to the sovereign wealth and government pension funds to toward responsible investing and laying the groundwork for supporting the UN's Sustainable Development Goals. As a first step, the BWII RAAI created the Index, rating over 120 asset allocators on their responsible investment practices, and the Leaders List: the 25 Most Responsible Asset Allocators, to provide a benchmark for action. In this session, we will review the work of the BWII RAAI and discuss key findings to for example, why responsible investing practices are important for mitigating risk, improving returns and creating long-term value for stakeholders. In addition, we will focus on several case studies illustrating how government funds are using active ownership and engagement strategies to influence portfolio companies.

Lecture | Energy, Environment, and Climate: The Ontario Environmental Bill of Rights

3 May 2018 | Dianne Saxe, Environmental Commissioner of Ontario

Climate Litigation and Liability in Commonwealth Common Law Juristiction to Report Launch and Reception

17 April 2018 | London

To coincide with the Commonwealth Heads of Government Meeting in London in April 2018, the Commonwealth Climate and Law Initiative (CCLI) is launching and publishing a series of research reports, including an actionable framework for directors to integrate climate change issues into governance practice and policy recommendations for directors' associations and financial regulators.

CCLI has been examining the legal basis for directors in Commonwealth 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. This topic is relevant to a wide range of organisations working on or interested in climate change issues.

CCLI is a research, education, and outreach project that was launched at the last Commonwealth Heads of Government Meeting in Malta in 2015. CCLI is led by the University of Oxford Smith School of Enterprise and the Environment, HRH The Prince of Wales's Accounting for Sustainability Project, and ClientEarth.

Confirmed speakers at the event include: Hon. Lord Carnwath, Justice, The Supreme Court of the United Kingdom (UK)

Cynthia Williams, Osler Chair in Business Law, Osgoode Hall Law School, York University (Canada)
Sarah Barker, Special Counsel, MinterEllison (Australia)
Nigel Brook, Partner, Clyde & Co LLP (UK)
Alice Garton, Company and Financial Project Leader, ClientEarth (UK/Australia)
Ben Caldecott, Founding Director, Oxford Sustainable Finance Group (UK)

Watch on YouTube

Fiduciary Investors Symposium

15 to 17 April 2018 | Oxford | Top 1000 Funds

Ben Caldecott, founding Director of the Oxford Sustainable Finance Group gave a talk on The future of measuring and managing environmental risks, impacts, and opportunities at the Fiduciary Investors Symposium.

The Symposium brings global investors together to examine best-practice strategy and implementation, including the latest thinking related to asset allocation, risk management, beta management and alpha generation.

Held over three days, the event enables institutional investors to engage with industry thought leaders in academia and practice in a collegiate environment that promotes shared discussion. The on-campus venues facilitate a unique space for innovative thought and conversation, and the event includes tours of various university faculties.

The Fiduciary Investors Symposium at Oxford University will tackle the challenges long-term investors face in an environment of disruption. The program draws on world-class academics in financial geography, economics, technology, climate change and private equity, to delve into how investors can look into the long term in an increasingly disrupted and discombobulated market environment. This includes: the impact of technology and artificial intelligence on finance; the impact of Brexit on financial markets; the disintegrating fossil-fuel market's impact on industry and labour markets; and the ability of investors to engage with companies for the long term.

How to implement TCFD-aligned scenario analysis

9 April 2018 | Webinar | Engaged Tracking

This webinar will explore the recommendations from the Task Force on Climate-related FInancial Disclosures (TCFD) with a particular focus on how investors can implement scenario analysis.

Discussion of key trends in the market.
Learn more about what the TCFD recommendations mean for your organisation.
Gain insights from Engaged Tracking's new TCFD-aligned scenario analysis tool.
Leverage insights from your peers in overcoming key challenges.

Speakers include:

Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Group at the University of Oxford Smith School of Enterprise and the Environment
Sam Gill, CEO at Engaged Tracking and Pekka Piirainen, Senior Engagement Manager at Engaged Tracking
James Cameron, Chairman at Engaged Tracking

Exploring the possibilities of green fintech

20 March 2018 | City of London Green Finance Initiative (GFI) and the Green Finance Committee

members of the City of London Green Finance Initiative (GFI) and the Green Finance Committee, China Society for Finance and Banking (GFC) discussed applications of technology driven innovation to enhance green finance outcomes.

This exciting workshop was led by two global leaders in green finance to Sir Roger Gifford, Chairman of the GFI and Dr Ma Jun, Chairman of the GFC. Read more

Oil and Gas Company Energy Transition Wargame

15 March 2018 | New York City; 23 March 2018 | San Francisco

Which oil & gas company strategies are more or less likely to be successful under different energy transition scenarios? How can we identify company strategies more 'robust' to climate-related transition risks? Which company strategies exhibit these characteristics and which ones don't?

These are questions that the Oxford Sustainable Finance Group and E3G have been exploring in the context of our 2 Degree Pathways project. At the heart of the project is a simulated 'wargame', where players roleplay oil & gas companies, exploring for and buying and selling assets, diversifying to 'green' investment, and setting dividend policy. This wargame is designed to discover unintended consequences and path dependencies to help understand how decisions today could affect company success not just in the 1-3 years ahead, but over the longer term. It can be used by those new to oil & gas markets, as well as industry experts.

Inaugural Conference: Northern European Partnership for Sustainable Finance (NEPSF)

6 March 2018 | Guildhall, City of London

On Tuesday 6th March, the Northern European Partnership for Sustainable Finance (NEPSF) Inaugural Conference was held at the City of London's Guildhall. The partnership has been established as an international collaboration designed to ensure that Northern Europe continues to be the centre of innovation in sustainable finance and investment and drives progress internationally.

The Partnership will initially involve organisations and representatives from Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, and the UK, as well as representatives from relevant European institutions. It will be open to financial institutions, regulators, policymakers, civil society, researchers, and investor coalitions.

The inaugural NEPSF conference was an opportunity to see and mobilise around the latest innovations in Northern Europe as they relate to sustainable finance and investment. The conference also created opportunities to collaborate with and learn from peers working on sustainable finance and investment.

Symposia on Directors' Liability for Climate Change Damages

16 January 2018, Johannesburg | 18 January 2018, Cape Town

The Commonwealth Climate and Law Initiative (CCLI) organised two high-level symposia in South Africa on the legal basis for directors and trustees to consider, manage, and report on climate change-related risk, and the circumstances in which they may be liable for failing to do so. These events are increasingly relevant to a wide range of organisations working on or interested in climate change issues.

The first symposium was held at The Westcliff Hotel in Johannesburg on Tuesday 16 January 2018. The second symposium was held at the Vineyard Hotel in Cape Town on Thursday 18 January 2018.

Both events saw attendance from a broad range of industry representatives, legal practitioners, auditors, consultants and members of the non-profit sector. The panelist presentations and subsequent discussions amongst attendees covered a wide range of topics and contributed to the growing awareness of the potential legal consequences of company directors' approaches to climate change risk management and disclosure.

The symposia were fora for open dialogue providing a platform for the exchange of innovative ideas and multifaceted points of view. They revealed that South Africa is confronted with some unique challenges in how to address climate-related transition risks affecting most of its carbon intensive industry sectors and the portfolios of investors holding stakes in the latter. At the same time, the symposia also revealed numerous opportunities for more advanced collaboration and transparency between the various stakeholder groups.

The discussions and presentations reinforced the need for rapid action, as the country is particularly exposed to physical climate change risks and its legal frameworks already mandate companies to appropriately assess, manage, and disclose these risks to regulators and shareholders. Therefore inactivity on behalf of companies and investors will likely engage the liability of directors for violation of their fiduciary and competence duties.

2017

Space data for environmental and climate financial risk disclosure services

19 December 2017 | London's Living Room, City Hall

Breakfast briefing and networking event by Space4Climate and London Climate Change Partnership

London is a base for world class financial services, environmental consultancies and geo-spatial innovation. The Space4Climate group is working with the London Climate Change Partnership to ensure these industries are aware of, and can make use of, advances in Earth Observation climate data, helping ensure that the UK continues to provide leadership in the environmental, capital and financial services needed for the transition towards global environmental sustainability.

This breakfast briefing event will comprise of briefings on Climate-related Financial Disclosures and current satellite data platforms and products that can support UK based environmental, geo-spatial and financial services organisations in their delivery of environmental and climate financial risk disclosure services.

Full programme

People's Bank of China-Bank of England Inaugural Joint Research Symposium

15 December 2017 | The Westin Beijing Financial Street

Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, spoke on the first panel focused on green investment, together with Michael Sheren, Senior Advisor, Bank of England; Luo Shiyi, Head of Green Finance at China Industrial Bank; Wang Yao, Director of the Green Finance Institute at CUFE; Eoin Murray, Head of Investment at Hermes; and Edward Northam, CEO of the Green Investment Group.

Other speakers at the Research Symposium included Chen Yulu, Deputy Governor, People's Bank of China; Sara Breeden, Executive Director, Prudential Regulation Authority, Bank of England; Sir Danny Alexander, Vice President of the AIIB; Ma Jun, Chairman of China's Green Finance Committee

Greening the Belt and Road: UK-China Dialogue

14 December 2017 | Central Beijing

The successful implementation of the Paris Climate Change Agreement and the Sustainable Development Goals will be impossible if the huge amount of capital invested under the Belt and Road Initiative (BRI') is inconsistent with climate change and sustainable development. Greening' BRI is therefore a priority of global significance.

Greening BRI requires actors to understand the i) impacts that current and planned BRI projects could have on the local and global environment, as well as on sustainable development and ii) the stranded asset risks current and planned BRI projects face from different physical and transition risks related to environmental change, particularly climate change.

This UK-China dialogue will explore the information and analysis required to green BRI and to successfully inform decision-making by governments, private and public financial institutions, financial regulators, companies, and civil society. The event coincides with the annual UK-China Economic and Financial Dialogue.

The event will also brief participants on a new Greening BRI Data and Analysis Platform being created by the Oxford Sustainable Finance Group at the University of Oxford, with the support of Energy Foundation China, the Children's Investment Fund Foundation, Growald Family Fund, and others.

Sessions were:

Greening BRI Data and Analysis Platform | Ben Caldecott, Founding Director, Oxford Sustainable Finance Group, University of Oxford
Environmental stress testing | Yin Hong, Deputy Director, Urban Finance Research Institute, ICBC

Panel Discussion on Greening BRI | Moderated by Liu Shuang, Energy Foundation China.

Yin Hong, Deputy Director, Urban Finance Research Institute, ICBC
Professor Wang Yao, Director General, International Institute of Green Finance, Central University of Finance and Economics
Ma Li, Strategy Director, State Grid Energy
Michael Sheren, Senior Advisor, Bank of England and Co-Chair, G20 Green Finance Study Group Sherry Madera, Special Advisor for Asia, City of London
Cai Yu, Deputy Secretary-General, Insurance Society of China.

Milken Institute London Summit 2017 to Sustainable Investing: ESG, Green Bonds and Beyond

4 December 2017 | Milken Institute, London

In a world where climate change, global development and corporate accountability dominate conversations among policymakers, asset owners and consumers, there is a need for a more robust discussion around what sustainable investing means to different stakeholders. This invitation only session will include pressing questions that include: How can investments across asset class's factor in environmental and social impact? What types of investments, from public to private, can best mitigate long-term risk and meet ESG standards without sacrificing returns? The roundtable discussion will focus on the types of products available, from screened equity funds to green bonds; how ESG factors can better integrate into an investment strategy and how investors and industry can improve cooperation to most effectively channel investment.

Moderated by Caitlin MacLean, Director, Innovative Finance, Milken Institute, speakers included: Dr Ben Caldecott, Founding Director, Sustainable Finance Group, Smith School of Enterprise and the Environment, University of Oxford; Christa Clapp, Research Director, Climate Finance, CICERO; Marisa Drew, CEO, Impact Advisory and Finance Department, Credit Suisse; and Liesbet Peeters, Managing Partner, D. Capital Partners.

Conservation Spatial Intelligence Workshop

29 to 30 November 2017 | The Living Planet Centre, WWF-UK | Woking, UK

Leading biodiversity and conservation specialists met with private sector data providers and finance industry data users at The Living Planet Centre in Woking, UK. The attendees discussed the potential merits and methods for wider conservation spatial intelligence collaboration to improve conservation impact and the sustainability of private sector decision making.

Spatial intelligence, for example in the form of remote sensing or spatially-linked conservation and environmental data, is emerging as key opportunity for delivering biodiversity conservation and the Sustainable Development Goals. Applications of spatial intelligence vary from difficult-to-enforce compliance activities like as deforestation/illegal logging, extractive industry monitoring, and fisheries and shipping monitoring, through to public- and private-sector decision-making and risk analysis. A wide array of spatial conservation tools have been developed, such as the Integrated Biodiversity Assessment Tool, Global Forest Watch, and the Sustainable Policy Transparency Toolkit. While conservation NGOs are comfortable with the use of spatial intelligence in their advocacy work, private sector actors are only just beginning to see the potential of spatial intelligence as a risk management and due diligence tool. Collaboration among conservation NGOs may help the development and delivery of tools more suitable for use by private sector actors. This two-day meeting brought together key actors from the conservation, technology, business intelligence, and finance sectors to explore how such tools might be better developed and disseminated.

Lucas Kruitwagen, the Data Lead of the Oxford Sustainable Finance Group, presented the Asset Level Data Initiative (ADI), a joint initiative of the Oxford Sustainable Finance Group, Stanford University, 2 Degree Investing Initiative, and CDP. The ADI was offered as an initiative which could support coordination on the development and sharing of spatial conservation and industrial asset data.

Green Solutions: Science, Technology and Finance

27 November 2017 | London

Hosted by FTSE Russell, the invite-only session, 'Green Solutions: Science, Technology and Finance', features talks about investing in a green economy from guest speakers, including Dr Ben Caldecott, Director of the Oxford Sustainable Finance Group, who will talk on 'Fintech and climate change'. The session ends with a panel discussion and Q&A, followed by a drinks reception.

CSFI Sustainable Finance for Breakfast: A round-table meeting on developments in the sustainable finance space

22 November 2017 | Burges Salmon, London

What progress can we hope for towards the Sustainable Development Goals in 2018? And what announcements can we expect to hear between now and Christmas?

Six weeks have passed since our last SF4B, and since then the Annual Meetings in Washington have been and gone, the Bonn climate conference has got underway, and HSBC has found $100bn to commit towards climate goals. As usual, Ben Caldecott, Director of the Sustainable Finance Group at Oxford University's Smith School, will walk us through what has been going on, and what he sees as the main things to watch for over the next few months.

As usual, also, this is really an opportunity to share: knowledge about sustainable finance is not a zero-sum game. The more we all know, the better placed we all are.

Joining Ben, we are pleased to welcome Adam Matthews, co-chair of the Transition Pathway Initiative, head of engagement for the Church Commissioners and the Church of England Pensions Board and secretary of the Ethical Investment Advisory Group (EIAG).

International launch of the Clean Growth Strategy

16 November 2017 | UK Pavilion, Bonn

Dr Ben Caldecott, Director of the Oxford Sustainable Finance Group, spoke alongside Claire Perry MP, Minister of State for Climate and Industry, at the International launch of the Clean Growth Strategy, the articulation of the UK's next steps in reducing emissions from across the economy while driving growth, at COP23 in Bonn.

Managing climate risk in smaller emerging market banks to high level dinner at COP23

15 November 2017 | Bonn

The Inter-American Development Bank (IDB) and the Oxford Sustainable Finance Group are organising a high-level dialogue over dinner on Wednesday 15th November at COP23 in Bonn on the implementation of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations in emerging market banks, particularly small to medium sized financial institutions.

The TCFD has made important recommendations for how companies, investors, and banks should report on the physical and transition risks they face and the steps they are taking to proactively manage these risks. But much of the discourse on this critically important topic has been on implementation by major listed companies or large international banks and institutional investors in OECD countries.

While this is critically important, non-listed companies and smaller financial institutions in non-OECD countries are likely to be more vulnerable to climate change impacts. These institutions are also critical for providing the financing and financial services required to implement NDCs in developing countries.

TCFD Workshop

9 November 2017 | Principles for Responsible Investment, 25 Camperdown Street

Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, spoke at a UN PRI workshop on TCFD implementation, particularly in relation to the work of the UK Green Finance Taskforce. Other speakers included Martin Skancke, Chair, PRI; Faith Ward, Chief Responsible Investment and Risk Officer, Environmental Agency Pension Fund; and Abigail Herron, Head of Responsible Investment Engagement, Aviva Investors.

Strategic materials for a low-carbon future: from scarcity to availability

2 to 3 November 2017 | St Catherine's College, Oxford

Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, spoke on a session on financing sustainable resource availability. Other speakers were Jamie Butterworth, Partner, Circularity Capital and Karina Litvack, Independent Non-Executive Board Director, ENI.

The session addressed some of the following issues: More investors today are scrutinizing the non-financial impacts of their investments. What role does the financial sector play in sustainable resource extraction? How does it integrate interdependent risks related to resource scarcity? What innovative financial tools might stimulate efficient and responsible resource extraction? Will the cost of capital increase significantly for mining companies in the future? How can investments be directed towards solutions which might have higher upfront capital costs and even sustained periods of negative value, but which are the most sustainable -and therefore most valuable-solution in the long term?

Private Roundtable: Mobilising to tag and back-tag all new and outstanding issuance of securities 'green'

26 October 2017 | Central London

The current 'green' tagging of securities is focussed on new bond issuance wanting to self-identify as green. This accounted for only 2.1% of total new bond issuance globally in Q1 2017 and 0.25% of the global bond market. Many bonds that do not self-identify as green are as 'green' as their officially labelled equivalents.

The prize is larger. Accurately tagging all 'green' securities would enable institutional investors to shift allocations in the right direction over time. A major new undertaking is required by actors engaged in sustainable finance: the systematic tagging and back-tagging of all new and outstanding issuance of securities 'green' or 'sustainable'. A related endeavour is required for bank loans. This is not an unsubstantial task and organisations and researchers will need to organise themselves accordingly.

This private roundtable discussion is an attempt to bring together interested actors in order to spur coordinated and significantly enhanced progress on back-tagging. There will be several short presentations followed by a moderated discussion to develop consensus on next steps.

The Equator Principles Annual Meeting 2017

24 to 25 October 2017 | São Paulo, Brazil

Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Group, gave a webinar on Measuring and managing environmental risks, returns, and impacts' at The Equator Principles Annual Meeting 2017. The event was attended by 130 individuals representing 60 Equator Principles Financial Institutions (EPFIs), including 3 new adopters in attendance from key markets (inc. China, South Korea).

The meeting served to debate and share knowledge on key topics of concern to EPFIs including application of Free, Prior and Informed Consent (FPIC) in different jurisdictions, the 'Designated Countries' approach within the EPs, climate risk, applying EP beyond scope, and effective approaches for EPFIs to manage environmental and social (E&S) risks during the monitoring phase of projects. Non-member participants joined specific sessions bringing expert views from Brazilian and international academia, civil society, consultancy companies, and clients.

The Future of Climate Change and Financial Regulation: A Perspective from the Dutch Central Bank

24 October 2017 | Oxford

Executive Director of De Nederlandsche Bank (DNB to the Dutch Central Bank), Frank Elderson, is giving a talk on what financial regulators, particularly DNB, are doing on climate change. DNB are working on climate change given the acute exposure that the Netherlands has to flood risk and storm surges. Frank leads this work and is responsible for pension supervision at DNB, among other things.

Watch on YouTube

Conferences on Climate Change and Liability Risks to Directors, Officers and Companies in Canada

Vancouver, 18 October 2017 | Toronto, 20 October 2017

The conferences will highlight what leading companies are doing to manage climate change risk and to develop opportunities from the policy transition underway to a low-carbon economy.

The conferences will involve leading members of Canada's business, law and investment communities to discuss the liability risks to Canadian directors and companies from failing to take seriously the need to transition to a low-carbon economy, and to think through strategies to ameliorate those risks and to promote strong, facilitative governance and regulatory policies for both companies and investors. Discussions will address (a) boards' and investment trustees' fiduciary obligations to develop climate-resilient strategies; (b) securities disclosure requirements and liability risks; and (c) the best thinking on operationalizing Canada's transition to a low-carbon economy.

These conferences are being developed as part of the Commonwealth Climate and Law Initiative (CCLI), a joint initiative originally founded in 2016 by three organisations: The University of Oxford Smith School of Enterprise and the Environment, The Prince of Wales' Accounting for Sustainability Project, and ClientEarth. Since then, Osgoode Hall Law School of York University and the Peter A. Allard School of Law at the University of British Columbia joined to become founding Canadian partners.

Oxford Smith School Sustainable Finance Course 2017

18 to 21 September 2017

We are inviting applications for our Sustainable Finance Course in 2017. The Sustainable Finance Course was successfully piloted in 2016 and is designed as an introduction to sustainable finance for current and future leaders working in policy, regulation, civil society, and investment. The course is centred around a four-day residential workshop held at a college of the University of Oxford and over the subsequent six to nine months, participants engage in an extended learning project implementing a real-world project related to finance and sustainability. The course is developing a global network of practitioners working at the intersection of finance and the environment.

Astana EXPO-2017: 4th Future Energy Forum to Socioeconomics of a new energy model

20 to 21 July 2017 | Astana, Kazakhstan

Ben Caldecott, Director of the Sustainable Finance Group 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.

Centre for the Study of Financial Innovation (CSFI) Sustainable Finance for Breakfast (3): A monthly round-table meeting on developments in the sustainable finance space

13 July 2017 | London Capital Club, London

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 Group 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).

Sustainable Finance Group Summer Garden Party

6 July 2017 | Oriel College, University of Oxford

The Road to 2050: Climate laws and climate finance

26 June 2017 | British Ambassador's Residence, Madrid

Ben Caldecott, Director of the Sustainable Finance Group 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.

Centre for the Study of Financial Innovation (CSFI) Sustainable Finance for Breakfast (2): A monthly round-table meeting on developments in the sustainable finance space

20 June 2017 | Wax Chandlers Hall, London

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.

Mark Fawcett is Chief Investment Officer for NEST, a position he's held since before auto-enrolment began. He has been investing for 30 years and along the way has held senior roles with Gartmore, Amex and Thames River Capital;
Jessica Ground is Global Head of Stewardship at Schroders, responsible for embedding ESG analysis into Schroders' investment processes, a director of the Investor Forum (which promotes stewardship in institutional investment), and an occasional markets commentator for the BBC.

Reception for Oxford Smith School-John Ellerman Foundation Sustainable Finance Course

19 June 2017 | British Academy, London

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.

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.

Green Finance and UK-China Collaboration

15 June 2017 | Development Planning Unit, University College London, 34 Tavistock Square, London

Ben Caldecott, Director of the Sustainable Finance Group 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.

Northern European Partnership for Sustainable Finance (NEPSF) Inception Meeting

14 June 2017 | 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 to 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).

Roundtable on Investor Relations Departments

12 June 2017 | CCLA, Senator House, 85 Queen Victoria Street, London

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 12 June 2017 in central London.

Responsible Investor Europe 2017

6 to 7 June 2017 | County Hall, Riverside Building, London

Ben Caldecott, Director of the Sustainable Finance Group 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:

Moderator: Catherine Howarth, Chief Executive, ShareAction
Ben Caldecott, Director, Sustainable Finance Group, Smith School of Enterprise and the Environment, University of Oxford
The Right Reverend David Urquhart, Bishop of Birmingham, Church of England
Nick Silver, Managing Director, Callund Consulting and Director, Climate Bonds Initiative
Fiona Reynolds, Managing Director, Principles for Responsible Investment (PRI)

UBS 2017 Policy Outlook Conference

6 June 2017 | UBS Conference Centre, 5 Broadgate, London

Ben Caldecott, Director of the Sustainable Finance Group at the Oxford Smith School spoke on a plenary session entitled 'Emerging regulations, key implications and challenges for financial institutions'. Speakers were:

Moderator: Prof. Robert G. Eccles, Arabesque Asset Management, Chairman
Alyssa Heath, PRI, Senior Policy Manager
Ben Caldecott, University of Oxford, Director Sustainable Finance Group
Eleanor Davison, Fountain Court Chambers, Barrister
Nick Robins, Inquiry into the Design of a Sustainable Financial System at UNEP, Co-Director
Richard Howitt, International Integrated Reportng Council, Chief Executive Officer

BEIS Brownbag Lunch

5 June 2017 | Department for Business, Energy and Industrial Strategy, 1 Victoria St, Westminster, London

Ben Caldecott, Director of the Sustainable Finance Group at the Oxford Smith School gave a presentation on the potential of asset-level data and what it means for UK policymakers.

Green Finance Summit 2017

31 May to 1 June | The Great Hall, Guildhall, Gresham Street, London

Ben Caldecott, Director of the Sustainable Finance Group 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 to fintech and green finance'. Speakers included:

Moderator: Dr Simon Zadek, Co-Director, UNEP
Ben Caldecott, Director of Sustainable Finance Group, University of Oxford Smith School
Rhian-Mari Thomas, Barclays, Managing Director, Business Transformation and Chair, Barclays Green Banking Council
Bruce Davis, Founder and Joint Managing Director, Abundance

Dr Caldecott also moderated a plenary session at the Green Finance Summit entitled 'Moving the dial to the case for investment'. Speakers on his panel were:

Nathan Fabian to Director of Policy & Research, PRI
Sergio Gullo to Chief Representative for Europe, the Middle East and Africa, B3
Anke Richter to Associate Managing Director to Corporate Finance Team, Moody's
YE Yanfei to Director General, China Banking Regulatory Commission
Dan Carson to Head of Green Solutions, FTSE Russell

FT Climate Finance Summit: Scaling up Finance for Climate Action

23 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: Carbon Pulse

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 | Wax Chandlers Hall, London

CSFI currently organises two regular monthly morning briefings to 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 to 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 to 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 to 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 Group at Oxford's Smith School, which is run by Ben Caldecott to 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 to towards a new consensus for the future of measuring environmental risk and opportunity

6 to 7 April 2017 | Waddesdon Manor

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) to 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.

Asset-level data and climate-related risk

6 March 2017 | Jupiter Asset Management, London

Ben Caldecott, Director of the Sustainable Finance Group 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

2 March 2017 | Hotel Westin Beijing, Xicheng, Beijing

Ben Caldecott, Director of the Sustainable Finance Group 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

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.

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

13 February 2017 | The British Academy, London

The Sustainable Finance Group 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.

Research Council of Norway Climate Conference 2017: How to achieve the tough transformation

9 February 2017 | Oslo University Aula and Thon Conference Universitetsgaten

Ben Caldecott, Director of the Sustainable Finance Group 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

31 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).

Value Creation in a Sustainable Manner

12 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.

2016

Addressing climate related risks of energy investments | Energy Policy after the Paris Climate Agreement: G20 Workshop

13 December 2016 | Old Town Hall, Munich, Germany

Ben Caldecott, Director of the Sustainable Finance Group 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

16 December 2016 | Université Paris-Dauphine, Paris

Ben Caldecott, Director of the Sustainable Finance Group 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

29 November 2016 | Royal Society of the Arts, London

The Sustainable Finance Group 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.

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

28 to 29 November 2016 | The Royal Society, London

Ben Caldecott, Director of the Sustainable Finance Group 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.

Panellists included:

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

14 to 15 November 2016 | Prudential Regulation Authority, London

Ben Caldecott, Director of the Sustainable Finance Group 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

11 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.

3rd OECD Green Investment Financing Forum and Launch of OECD Centre on Green Finance and Investment

13 to 14 October 2016 | Asian Development Bank Institute | Tokyo, Japan

Ben Caldecott, Director of the Sustainable Finance Group 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.

Climate Risk: Economic and Financial Implications, Inter-American Development Bank Regional Dialogue

6 October 2016 | Inter-American Development Bank | Washington DC

Ben Caldecott, Director of the Sustainable Finance Group 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.

Fossil Fuel Supply and Climate Policy: An International Conference

26 to 27 September 2016 | The Queen's College, Oxford

From investors to activists and world leaders, there is growing interest in whether and how climate policy should seek to limit the supply of fossil fuels in addition to reducing demand. Research suggests a large share fossil fuel reserves will need to stay in the ground to keep warming below 2°C - but achieving this will be a daunting challenge.

For many countries fossil fuel extraction and trade are central to energy security and economic development. And despite growing insights into environmental impacts of fossil fuel extraction and the financial risks of further investment in fossil fuel development, the options for supply-side climate policies and actions, their potential role and effectiveness all remain under-explored.

This two-day conference aims to fill that gap. It will bring together academics and practitioners to discuss how to enable policies, plans and investment decisions on further fossil fuel extraction and trade to be more consistent with long-term global climate and sustainability goals. For further information, see Fossil Fuels & Climate

1.5 Degrees Conference: Meeting the challenges of the Paris Agreement

20 to 22 September 2016 | Keble College, Oxford

Ben Caldecott, Director of the Sustainable Finance Group 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.

Sustainable Finance Course for environmental NGOs to 2016/17

19 to 22 September 2016 | St Peter's College, Oxford

Ben Caldecott, Director of the Sustainable Finance Group 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 Group. The residential component in Oxford saw 25 mid-senior level NGO leaders come to Oxford.

Inter-American Development Bank brown bag lunch to "Stranded Assets: A Climate Risk Challenge"

16 September 2016 | Inter-American Development Bank | 1300 New York Avenue NW, Washington, DC

Inter-American Development Bank Report launch to "Stranded Assets: A Climate Risk Challenge"

15 September 2016 | Inter-American Development Bank | 1300 New York Avenue NW, Washington, DC

Ben Caldecott, Director of the Sustainable Finance Group 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.

Abstract

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

2 September 2016 | Hilton Hotel, Sydney, Australia

Ben Caldecott, Director of the Sustainable Finance Group, 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

31 August 2016 | John Gorton Building, Parkes ACT

Ben Caldecott, Director of the Sustainable Finance Group, 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

30 August 2016 | 121 Exhibition Street, Melbourne, Australia

Ben Caldecott, Director of the Sustainable Finance Group, 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

Climate change presents material – if not unparalleled – economic risks and opportunities. These emerging exposures have implications for corporate governance in climate-risk exposed industries (from financial services to mining, infrastructure, agriculture, and beyond), investors (banks, asset owners and managers) and for the insurance sector (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 and trustees confronted with complex climate change challenges.

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.

Bank of England to Met Office Workshop on climate risk and financial stability

15 July 2016 | Bank of England, London

Ben Caldecott, Director of the Sustainable Finance Group, gave a talk at and participated in the Bank of England to Met Office Workshop on climate risk and financial stability

Sustainable Finance Group Garden Party

7 July 2016 | Oriel College, Oxford

The Sustainable Finance Group (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.

Business & Climate Summit 2016

28 to 29 June 2016 | Guildhall, London

Ben Caldecott, Director of the Sustainable Finance Group 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.

International Symposium on Directors' Liability for Climate Change Damages

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 to if not unparalleled to 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 to or constrain to 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.

Security of Supply After Coal

7 June 2016 | Committee Room 10, House of Commons, London

Ben Caldecott, Director of the Sustainable Finance Group 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.

The Future of Measuring Environmental Risk and Opportunity in Investment Portfolios

27 May 2016 | Center for International Climate and Environmental Research (CICERO) | Oslo, Norway

Ben Caldecott, Director of the Sustainable Finance Group at the Oxford Smith School presented to researchers at CICERO on measuring environmental risk and opportunity in investment portfolios.

Norwegian Energy Research Conference 2016

26 May 2016 | Radisson BLU Plaza | Oslo, Norway

Ben Caldecott, Director of the Sustainable Finance Group at the Oxford Smith School is giving a keynote address on 'How climate policy influences the energy industry to where are the possibilities, who wins and who loses?' at the Norwegian Energy Research Conference 2016.

Senior Investor Climate Roundtable

24 May 2016 | Schroders, London

Andrew Bailey (Deputy Governor of the Bank of England) and Ben Caldecott (Director, Sustainable Finance Group, 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

20 May 2016 | United Nations University U Thant International Conference Hall | Tokyo, Japan

Ben Caldecott, Director of the Sustainable Finance Group 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, pdf he has co-authored.

Stranded Assets and Thermal Coal in Japan: An Analysis of Environment-related Risk Exposure

13 May 2016 | Institute for Global Environmental Strategies (IGES) | Tokyo, Japan

Ben Caldecott, Director of the Sustainable Finance Group 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'.

Stranded Assets and Thermal Coal in Japan: An Analysis of Environment-related Risk Exposure

12 May 2016 | Institute for Global Environmental Strategies (IGES) | Tokyo, Japan

Ben Caldecott, Director of the Sustainable Finance Group 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'.

Stranded Assets and Thermal Coal in Japan: An Analysis of Environment-related Risk Exposure

11 May 2016 | Marubeni Corporation | 4-2, Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100-8088, Japan

Ben Caldecott, Director of the Sustainable Finance Group 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'.

Stranded Assets and Thermal Coal in Japan: An Analysis of Environment-related Risk Exposure

11 May 2016 | Institute for Global Environmental Strategies (IGES) | Tokyo, Japan

Ben Caldecott, Director of the Sustainable Finance Group 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'.

Climate Change and the Insurance Industry

4 May 2016 | School of Geography and the Environment, Oxford

Speaker: John Scott, Chief Risk Officer, Zurich Global Corporate
Chair: Ben Caldecott, Director, Sustainable Finance Group, 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'

21 April 2016 | The Vineyard Hotel, 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

15 April 2016 | Waddesdon Manor

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 to 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

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.

University of Oxford, Risky Business, and Ceres event in San Francisco

29 March 2016 | The University Club of San Francisco, San Francisco

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) to which is responsible for macro-prudential oversight across the European Union to 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.

View Ben Caldecott's presentation: The Future of Measuring Environmental Risk and Opportunity in Investment Portfolios, pdf.

Watch on YouTube

Sino-UK sustainable low carbon transition seminar

17 March 2016 | Xi Kang Hotel | Nanjing, China

Ben Caldecott, Director of Sustainable Finance Group, 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 to exchange between UK and Chinese experts

16 March 2016 | JunHe Offices | Beijing, China

Ben Caldecott, Director of Sustainable Finance Group, 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

15 March 2016 | Media Cafe, Beijing, China

Ben Caldecott, Director of the Sustainable Finance Group 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.

Diesel Deception to the Volkswagen emission scandal and its aftermath

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

Listen to the podcast

The Future of Coal: Implications for Public Policy and Investors

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 Group at the University of Oxford's Smith School of Enterprise and the Environment. The Sustainable Finance Group 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.

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The International Energy Agency (IEA) and the post-Paris landscape

29 February 2016 | Beckit Room, School of Geography and the Environment, Oxford

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

29 January 2016 | Morgan Stanley, New York

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

28 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 to the fossil free divestment campaign to 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.

Workshop on climate litigation and financial markets

26 January 2016 | 2° Investing Initiative, WeWork Building, New York City

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

22 January 2016 | Selwyn College, University of Cambridge

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.

2015

Private high-level meeting on climate liability and litigation at Paris COP21

4 December 2015 | Cercle de l'Union Interalliée, Paris, France

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.

Stranded Assets and Multilateral Development Banks Workshops

16 and 17 November 2015 | Inter-American Development Bank, Washington, DC

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 16, 2 to 4PM
Stranded assets and development: ensuring low carbon development pathways are resilient to asset stranding.
November 17, 9 to 11AM
Investor exposure to stranded assets: managing investments and portfolios exposed to environment-related risks.
November 17, 2 to 4PM

Roundtable on coal-to-liquids, coal-to-gas, and underground coal gasification

10 November 2015 | Smith Centre to Science Museum, London

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.

4th Stranded Assets Forum: Environment-Related Risks and the Future of Prudential Regulation and Financial Conduct

23 October 2015 | Waddesdon Manor

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.

University of Oxford-Jiangsu Province Low Carbon Policy Seminar

26 October | St Edmund Hall and Balliol College, Oxford

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.

Road to Paris: Taking the Wall Street Shortcut

17 October 2015 | At the Energy Symposium 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 to encouraged by technological advances and evolving social norms to 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-carbonisation 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 | J.P. Morgan, London

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 8 October 2015 at 5:30pm and will be held at J.P. Morgan. 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 to 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 8 October will be a distillation of the project's work so far and indicate plans for future work.

Watch on YouTube

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.

Fossil Fuel Divestment to Climate Investment

30 September 2015 | IG Windkraft, Vienna

Ben Caldecott participated in the pioneering energy talks 'Wind Directions' at IG Windkraft.

1st Global Conference on Stranded Assets

24 to 25 September 2015 | The Queen's College | Oxford

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 24 to 25 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 to 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 to 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 to 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.

Tim Hodgson: Welcome
Roger Urwin: Introduction to stranded assets
Doug Crawford-Brown: Is the threat of stranded (carbon) assets real?
Aled Jones: Geo-politics and energy prices
Anthony Hobley: Capital allocation and misallocation to carbon
Ben Caldecott: The value chain and stranded assets
Amundi: Asset managers' role and stranded asset and carbon

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 2015 | 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 2015 | 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.

Watch video | Listen to podcast

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.

Watch video

The Australian Knowledge Competition 2015 Launch

24 March 2015 | KPMG Auditorium | Sydney

Keynote Speaker: Ben Caldecott, University of Oxford
Panel of Judges and Winners

Networking and drinks with the country's key cleantech experts.

3rd Stranded Assets Forum: Investment Consultants and Green Investment

6 March 2015 | Waddesdon Manor

Download summary of proceedings, pdf

The Rothschild Foundation and the Smith School of Enterprise and the Environment announced the Third Forum on Stranded Assets taking place at Waddesdon Manor.

Investment consultants play a key role as advisers to asset owners, particularly pension funds. They have a key role in helping to match fund demand from asset owners with fund supply from asset managers.

Interviews with pension fund trustees and experts suggests that there appears to be an under-provisioning of advice on green investments, environment-related risks, and stranded assets by investment consultants. This could be due to a lack of client-demand, as well as the existence of barriers within the sector itself hindering service provision, such as misaligned incentives, conflicts of interest, and insufficient training. Or it could be that the industry does not consider these issues to be material for strategic asset allocation.

At the 3rd Stranded Assets Forum, held together with The Rothschild Foundation at Waddesdon Manor, we will investigate whether the investment consultant industry is up to the job on environmental, climate, and sustainability topics and explore ways to address potential barriers. The Smith School will present preliminary research being done on this topic.

European Pension Fund Investment Forum to "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.

Programme Synopsis

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.

See summary of proceedings, pdf

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 to 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.

Read discussion paper, pdf

2014

Guest Lecture with Michael Liebreich to Founder and Chairman of Bloomberg New Energy Finance

28 November 2014 | Milner Hall | Rhodes House | South Parks Road

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.

Watch video | View slides, pdf

Lecture

24 to 26 November 2014 | London, UK

Ben Caldecott chaired and lectured on a course on strategic climate change adaptation organised by the International Centre for Parliamentary Studies.

Presentation

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.

Presentation

19 November 2014 | Edinburgh, UK

Ben Caldecott gave a presentation to the UK Green Investment Bank Board on stranded assets.

Presentation

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 to 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.

Panellists:

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 | House of Commons | London

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 include: 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 to 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.

Download programme, pdf

Megaproject and capex mania among international oil companies? Causes, consequences and remedies

27 June 2014 | Generation Investment Management, London

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 | Generation Investment Management, London

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 | 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

REDD+ commodities and landscapes to stranded assets or golden opportunity to Roundtable Discussion

2 June 2014 | Norton Rose Fulbright, London

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 to University of Exeter

21 May 2014 | Royal Geographical Society | London

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 to 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.

More information

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.

Stranded Assets

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.

Listen to the Programme

Future challenges for energy assets

3 April 2014 | University of Queensland | Brisbane, Australia.

Global Change Institute and International Energy Centre Public Lecture. Lecture by Ben Caldecott

Stranded assets, environment-related risks and the challenges facing Australia

1 April 2014 | University of Melbourne | Melbourne, Australia.

Melbourne Sustainable Society Institute Public Lecture. Lecture by Ben Caldecott.

Stranded assets, environment-related risks and the challenges facing Australia

1 April 2014 | Responsible Investment Association Australasia and AustralianSuper | Melbourne, Australia.

Australian Superannuation Funds Briefing. Talk by Ben Caldecott.

Stranded assets, environment-related risks and the challenges facing Australia

1 April 2014 | Norton Rose Fulbright | Melbourne, Australia.

Client Breakfast Briefing. Talk by Ben Caldecott.

Stranded assets, environment-related risks and the challenges facing Australia

31 March 2014 | National Australia Bank | Melbourne, Australia.

Lecture by Ben Caldecott.

Stranded assets, environment-related risks and the challenges facing Australia.

28 March 2014 | Responsible Investment Association Australasia and Investors Group on Climate Change | Sydney, Australia.

RIAA/IGCC Member Lecture. Lecture by Ben Caldecott.

Stranded assets, environment-related risks and the challenges facing Australia.

27 March 2014 | Sydney Environment Institute | University of Sydney | Sydney, Australia

Sydney Ideas Lecture. Lecture by Ben Caldecott.

Stranded assets, environment-related risks and the challenges facing Australia

25 March 2014 | The Australian National University. Canberra, Australia

Regulatory Institutions Network Public Lecture. Lecture by Ben Caldecott.

Stranded assets, environment-related risks and the challenges facing Australia.

25 March 2014 | Crawford School of Public Policy | The Australian National University | Canberra, Australia

Centre for Climate Economics and Policy Lecture. Lecture by Ben Caldecott. Read More

Stranded assets, environment-related risks and the challenges facing Australia to Goldman Sachs Investment Manager Briefing

24 March 2014 | Goldman Sachs | Sydney, Australia

Lecture by Ben Caldecott.

Environmental Protection and Rare Disasters

15 March 2014 | Founder's Room | Saïd Busines School | Oxford

Lecture with Prof Robert Barro, Paul M. Warburg Professor of Economics at Harvard University

1st Stranded Assets Forum

14 to 15 March 2014 | Waddesdon Manor

Download summary of proceedings

The Rothschild Foundation and the Smith School of Enterprise and the Environment had the pleasure of hosting the First Forum on Stranded Assets taking place at Waddesdon Manor, a National Trust property in the heart of Buckinghamshire built by Baron Ferdinand de Rothschild in 1874.

There are a wide range of environment-related risks that could result in 'stranded assets', where assets suffer from unanticipated or premature write-downs and devaluations. These risks range from climate change, through to new environmental regulations, developments in clean energy technology, and litigation, and these are poorly understood and regularly mispriced.

The Stranded Assets Forum brought together a select number of key people from across the investment chain to better understand these risks, their consequences and how to develop effective responses to the challenges they could generate.

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 | Beckit Room | OUCE | South Parks Road

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 to Training for Trustees

11 Feb 2014 | AXA IM, London

Ben Caldecott, Director of the Stranded Assets Programme, lectured at a Training for Trustees organized by the Association of Member Nominated Trustees

2013

Stranded Assets and Environment-related Risks

27 Nov 2013 | 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 to sustainability in investment, business and government strategy

20 Nov 2013 | 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 | 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 | Standard Chartered, London

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 | 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 | Chatham House, London

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 | 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

8 Oct 2013 | Aviva Investors, No1. Poultry, London

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.

Speakers include:

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, Oxford

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.

Speakers included:

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, London

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 to 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.

Speakers included:

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, London

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.

Speakers included:

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, London

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.

Speakers included:

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, Oxford

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 to Managing Director, Infrastructure Finance Ratings, Standard & Poor's, London

Carbon Lock-in, Path Dependencies and Asset Stranding

11 February 2013 | Saïd Business School, Oxford

Speaker: 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