Climate Finance Podcast

Fiona Reynolds - Fr. CEO of United Nations Principles for Responsible Investment

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Fiona Reynolds was the CEO of the United Nations Principles for Responsible Investment (UN PRI) from 2013 to 2021.

The UN PRI was created in 2006 to promote the incorporation of ESG Factors (Environmental, Social, and Corporate Governance) into investment decision-making. It currently has 4900+ signatories (Asset Owners and Investment Management Firms) representing $120+ Trillion in AUM (Assets Under Management) in over 80 countries.

Prior to UN PRI, Fiona Reynolds was the CEO of the Australian Institute of Superannuation Trustees, a non-profit organization representing Australia’s $1.6 trillion profit-to-member superannuation industry. She previously studied Public Policy at Deakin University.

Check out the Climate Finance Podcast website for more information.

Topics discussed:

• Fiona’s career progression from the Australian Institute of Superannuation Trustees to the UN PRI.

• Origins and Early Days of UN PRI as an organization.

• Creation of the Six Principles and Growth in Signatories.

• Evolution in Responsible Investment and ESG Integration.

• Fiona’s Leadership Challenges and Collective Accomplishments at UN PRI.

• Role of Public Policy in ESG: Inevitable Policy Response (IPR).

• Case Studies on ESG:

  • Proxy Battle between Engine No. 1 and Exxon Mobil.

  • Brumadinho Disaster with Brazilian Mining Giant, Vale.

  • Rio Tinto blasting 46,000-year old Aboriginal Site.

• UN PRI Initiatives on Climate Change (E of ESG):

  • Montreal Carbon Pledge in 2014 (Measure & Disclose Carbon Footprint of Investment Portfolio).

  • Climate Action 100+ (Shareholder Engagement during Proxy Season).

• Focus on S of ESG: Human Rights Issues such as Modern Slavery and Human Trafficking.

• Special Focus on the Role/Importance of Women in ESG Progression (for International Women’s Day on March 8th)

• Notable Female Advocates on ESG:

  • Louise Davidson, CEO of the Australian Council of Superannuation Investors.

  • Sharan Burrow, Former General Secretary of the International Trade Union Congress.

  • Sagarika Chatterjee, Leader of GFANZ (Glasgow Finance Alliance on Net Zero).

  • Maria Lettini, CEO of FAIRR Initiative and US SIF: Forum for Sustainable and Responsible Investment.

• Fiona Reynolds’ Current Advisory Engagement Portfolio:

  • Advisory Roles at Quinbrook Infrastructure Partners, Affirmative Investment Management (Fixed Income), and UNSW Australian Human Rights Institute.

  • Chair of UN Global Compact Network Australia and Qualitas Group (Real Estate Investing).

  • Director Roles at the Australian Sustainable Finance Institute and Frontier Advisors (Institutional Investor Advisor).

• Advice to future generations on meaningful careers in ESG and Sustainable Finance.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 8th March 2023.

Marilyn Waite - Managing Director of Climate Finance Fund and Venture Partner at Aera VC

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Marilyn Waite is the Managing Director of the Climate Finance Fund and a Venture Partner at Aera Venture Capital. She is the author of Sustainability at Work: Careers that make a difference (2016), an Editor at GreenBiz, and a host of the China CleanTech Podcast with New Energy Nexus.

Prior to Climate Finance Fund, Marilyn was the Climate and Clean Energy Finance Program Officer at William and Flora Hewlett Foundation, a Strategy Executive at AREVA (Nuclear Power and Renewable Energy) in Paris, France, a Senior Research Fellow at Project Drawdown, an Energy Lead at Village Capital, and a Science and Tech Policy Fellow at the U.S. National Academies of Science, Engineering, and Medicine.

She previously studied Civil and Environmental Engineering at Princeton University, worked as a World Food Programme Fellow in Southern Madagascar, and obtained her MSc in Engineering for Sustainable Development from University of Cambridge.

Check out the Climate Finance Podcast website for more information.

Topics discussed:

• Marilyn’s climate journey / sustainable career transitions from working in Madagascar, China, and France to working in Philanthropy, Sustainable finance, and Venture capital.

• Eureka moment: How Marilyn’s experience with unreliable electricity in Madagascar and corporate R&D strategies in France shaped her focus towards mobilising capital for Climate and Clean Energy solutions.

• William & Flora Hewlett Foundation’s Climate Finance Strategy 2018-23.

• Implications of Passive Asset Management on ESG, Decarbonisation, and incorporation of Climate Risks and Impacts.

• Unrealised potential of deposits ($100+ trillion globally) at Credit Unions (Community Financial Institutions) and Retail Banks to fight climate change.

• Global expansion of Partnership for Carbon Accounting Financials (PCAF).

• Case Study: Clean Energy Credit Union - An American Credit Union providing affordable consumer loans for clean energy products and services.

• The role of Venture Capital in enabling Climate and Clean Energy solutions.

• European Union - Complex Finance and Climate Policy Landscape.

• Climate Policies and Actions in the United States
  (Check out Marilyn’s testimony to the U.S Senate Committee on Finance, Housing, and Urban Affairs and Marilyn’s response to Public Input on Climate Change Disclosures to the SEC).

• Policy Innovation in China - Pilot Zones and Central Bank Green Lending (Check out S2E7 and S3E1 on the China CleanTech Podcast).

• Diversity Imperative in Climate Investment Management

• Diversity Initiative Case study: VC Include Fellowship.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 21st February 2022.

Alexandra Wright-Gladstein - Founder & CEO of Sphere (Fossil Fuel Free 401(k)s)

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Alexandra Wright-Gladstein is the Founder and CEO of Sphere. Sphere is a public benefit corporation that is amplifying a social movement to get 401(k) retirement savings money out of fossil fuel companies. Sphere has two ‘first of its kind’ products: i) Sphere 500 Fossil Fuel Free Index (SPFFXI) which tracks the S&P500 excluding the fossil fuel companies, and ii) Sphere 500 Fossil Fuel Mutual Fund which tracks SPFFXI.

Prior to Sphere, Alex co-founded Ayar Labs, a tech startup that produces power efficient optical input-output solutions, in 2015. Ayar Labs has raised over $60 million from the likes of Founders Fund, Intel Capital, and Lockheed Martin Ventures. She previously studied Economics and Political Science at Tufts University, worked at Enel X North America, and obtained her MBA from Massachusetts Institute of Technology.

Check out the Climate Finance Podcast website for more information.

Topics discussed:

• Alexandra’s climate journey from working in the energy sector and studying entrepreneurship / technology transfer to founding Ayar Labs and Sphere.

• Eureka moment: Alex enduring an arduous three year process to be able to offer her employees, at Ayar Labs, with fossil fuel free 401(k)s.

• Brief overview of 401(k) plans. 79% of American employees have access to a 401(k) plan.

• Pain point 1: 82% of Americans believe in Climate Change and 70-80% are not happy or aware that their retirement savings are invested in fossil fuel companies.

• Pain point 2: 99% of Americans have on average $6000 invested in fossil fuel companies and only 0.1% of 401(k) assets under management is sustainably invested. This is despite 33% of professionally managed AUM using sustainable investing strategies.

• Why Fossil Fuel Free Funds instead of ESG Funds?

• Main impediments for lack of sustainability integration in 401(k)s (Fear of lawsuits, regulatory roadblocks, pricing premium for ESG products, and preference for Mutual Funds).

• Regulatory support from the current presidential administration for ESG integration in 401(k)s.

• How Sphere’s Index and Mutual Fund solves these problems?

• Sphere Fossil Fuel Free Fund - Prospectus

• How can employees and HR managers join the Sphere Movement?

• VC Funding from Pale Blue Dot, Climate Capital, and other Angel Investors.

• As You Sow Foundation and Negative Screening Methods.

• ‘Nuts and Bolts’ partnerships for developing Mutual Funds and ETFs (Distributor, Fund Administrator, and Investment Advisor - Jason Britton at Reflection Asset Management).

• Closing question 1: Advice to Tech entrepreneurs who want to engage in (Climate) Finance entrepreneurship.

• Closing question 2: Advice to internal corporate sustainability change makers.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 4th January 2022.

Cary Krosinsky - Co-Founder of Sustainable Finance Institute

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Cary Krosinsky (LinkedIn | Website) is the Co-Founder of the Sustainable Finance Institute and the Carbon Tracker Initiative. He has co-published seven books on sustainable finance and investing. Cary has undertaken teaching and research roles at several universities including Columbia University, Brown University, Yale University, Concordia University, New York University, and University of Maryland. He has consulted the likes of the UN Principles of Responsible Investing, KPMG, Robeco, and UN Environment Programme. Cary was recently a Sustainability Advisor for the SPAC transaction of The Metals Company and a member of the New York State Common Retirement Fund Decarbonization Advisory Panel. He previously studied Computer Science at Hofstra University and was a Senior Vice President at S&P Global TruCost.

Check out the Climate Finance Podcast website for more information.

Topics discussed:

• Cary’s journey from working with big data for major institutional investors to researching and teaching Sustainable Finance.

• Early days of Sustainable Finance research (2007-08). Experience with co-Founding Carbon Tracker Initiative and publishing 1st book.

• The Long and Necessary Death of Socially Responsible Investing.

• Divestment versus Engagement.

• Evolutions in Sustainable Investing: Strategies, Funds, and Thought Leadership (2011).

• Examples of Prominent ETFs and Mutual Funds.

• Climate Tech VC Newsletter and SPACs.

• How Private Equity and Hedge Funds can delve into Sustainable Finance.

• Sustainable Real Estate: Multiple Approaches to an Evolving System (2019).

• The State of Sustainable Finance in the United States (2016).

• Overview of the Sustainable Finance Institute.

• Certified Sustainable Finance Analyst (CSFA) Program.

• Importance of Asia in the future of Sustainable Finance.

• Modern China: Financial Cooperation for Solving Sustainability Challenges (2020).

• U.S. - China Climate Finance Relations.

• Thoughts about COP26: Success or Failure?

• The COP process in broken - How can we fix it?

• Closing question: Advice to Academics and Youth interested in Sustainable Finance.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 1st December 2021.

Sean Kidney - CEO & Co-Founder of Climate Bonds Initiative

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Sean Kidney is the Co-Founder and CEO of Climate Bonds Initiative (CBI). CBI is an international investor focused NGO working to mobilise global capital for climate action. CBI is the only organisation working solely on mobilising the $100 trillion bond market for climate change solutions. Sean Kidney studied at University of Sydney and he is currently a Professor of Practice at SOAS University of London.

Check out the Climate Finance Podcast website for more information.

Topics discussed:

• Sean’s journey from running several media ventures in Australia to focusing on global climate action.

• Origin story of Climate Bonds Initiative.

• Evolution of Green Bonds (Milestones).

• Projection of $5 trillion annual Green Bond issuance by 2025.

• Climate Bonds Standard and Certification.

• CBI’s Transition Finance Framework and Label (for Transforming Companies).

• Green Bond Pricing and Post Issuance Reporting.

• CBI’s Interactive Data Platform, Bond Library, Underwriters’ League Table, and Stock Exchanges with Green Bond Segments.

• Policy Areas for Green Bond Markets.

• CBI’s North America 2021 State of the Market report.

• CBI’s China 2020 Green Bond Market report.

• 12 Brilliant News from COP26.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 16th November 2021.

Lesley Ndlovu - African Risk Capacity (Climate Risk Insurance in Africa)

Purchase the Climate Finance Course at www.climatefinancecourse.com

Lindelwe Lesley Ndlovu is the CEO of the African Risk Capacity ‘‘ARC’’ Ltd. ARC Ltd is a specialist insurance company that provides parametric insurance coverage to African countries against extreme weather events and natural disasters. Prior to ARC, Lesley worked with AXA Group, AXIS Capital, and Deloitte in various senior management roles. Lesley is a graduate of Christ Church, University of Oxford in England and at the Institut Européen d’Administration des Affaires (INSEAD) in France. Lesley sits on the Board of Directors of the UN Environment Programme Finance Initiative for the Principles of Sustainable Insurance, and the Weather Risk Management Association, and he is a Non-Executive Director of PULA. He is a CFA charter holder, a member of the Institute of Chartered Accountants of England & Wales, and a member of the Institute of Directors. 

Check out the Climate Finance Podcast website for more information.

Topics discussed:

• Lesley’s journey from Zimbabwe, to working in Bermuda, London, Paris, and Singapore in the Hedge Fund and Reinsurance sector before moving back to Africa.

• Introduction of the African Risk Capacity and ARC’s two entities: African Risk Capacity Agency and ARC Limited (Ltd).

• Tools: Parametric Insurance, Catastrophe (Insurance-Linked) Bonds, Risk Pooling, Green Bonds, and Climate Adaptation Finance.

• ARC’s Country Engagement Process.

• Four Phases of ARC Capacity Building Programme.

• ARC’s Extreme Climate Facility (XCF).

• ARC Replica addressing the Humanitarian Funding Gap.

• ARC’s Outbreaks and Epidemics (O&E) Programme.

• ARC’s Impact and Risk Pools.

• ARC’s Gender Strategy with Disaster Risk Management.

• ARC Ltd 2020 Annual Report and 2025 (Inclusive) Growth Strategy.

• Lesley’s advice to Institutional Investors and Startups interested in Climate Risk Insurance in Africa.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 11th October 2021.

Delton Chen - Global Carbon Reward (Carbon Quantitative Easing)

Purchase the Climate Finance Course at www.climatefinancecourse.com

Delton Chen founded the Global Carbon Reward initiative in 2013. Delton is a qualified civil engineer and geo-hydrologist, and he holds a Ph.D. in engineering from the University of Queensland, Australia. Delton did his doctoral research on the hydrology of a coral cay in the Great Barrier Reef, and he has 20 years of combined experience in groundwater management, environmental impact assessment, geothermal energy and climate mitigation. Delton is a thought-leader in the development of public policies based on Central Bank Digital Currencies, and is a member of the Blockchain Climate Institute. Delton founded the “Global Carbon Reward” initiative to help reduce and remove carbon at the speed and scale that are needed to stabilize the climate and meet the 2015 Paris Agreement. Delton believes that the Global Carbon Reward can fill the funding gap for climate mitigation and help protect communities and ecosystems from the ravages of climate change and over-consumption.

Check out the Climate Finance Podcast website for more information.

Topics discussed:

• Introduction of the Global Carbon Reward (and Carbon Quantitative Easing).

• Modern Monetary Theory inspiration for ‘Ministry for the Future’ by Kim Stanley Robinson.

• Bloomberg articles and Wikipedia pages.

• Relevance to Modern Monetary Theory, Green Quantitative Easing, and Central Bank mandates moving towards Climate Change.

• Project phases of the Global Carbon Reward.

• Details about  the Carbon Currency.

• Pricing theory of the Carbon Currency.

• Governance and Implementation of the Global Carbon Reward.

• Weightings of the Global Carbon Reward

• Biophysical analysis for Monetary Policy (Living Systems Economy)

• How can you contribute to the Global Carbon Reward?

• Advice to STEM researchers who want carry out finance and economics research: ‘Using an epistemic way of thinking’.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 27th September 2021.

Tiza Mafira - Climate Policy Initiative (Climate Finance in Indonesia)

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Tiza Mafira is an Associate Director at the Climate Policy Initiative (CPI) and the founder of the Plastic Bag Diet Movement in Indonesia. Prior to working at the CPI, she studied at Harvard Law School and worked as a corporate lawyer. Climate Policy Initiative in Indonesia has 10 analysts and over 60 publications / articles, and works alongside several Indonesian government institutions to support the scaling up of innovative financing instruments.

Note: We apologise for the minor sound quality issue between the first and fourth minute.

Please check out the Climate Finance Podcast website for more information. 

Topics discussed:

• Tiza’s journey from Environmental Law to Climate Finance and Policy.

• Climate Policy Initiative (in Indonesia) and the Global Innovation Lab for Climate Finance.

• Economic and financial risks related to Indonesia’s Coal sector.

• Optimising Indonesia’s Fiscal / Public Finance capacity with Private Investments.

• Potential of Municipal Green Bonds in Indonesia.

• Developing Guarantee Instruments to catalyse Renewable Energy Investments in Indonesia.

• Sustainability emphasis for Indonesian Village Funds.

• Business Models for Decentralised Renewable Energy Investments in Indonesia.

• How Indonesia can benefit from Voluntary Carbon Markets?

• State of Climate Adaptation Finance in Indonesia and the rest of world.

• Personal career advice for lawyers interested in Climate Finance and Policy.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 27th September 2021.

Mark Tercek - Fr. CEO of The Nature Conservancy (The Instigator Newsletter on Substack)

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Mark Tercek is the former CEO of The Nature Conservancy (TNC). Prior to his work at TNC, he was a partner and managing director at Goldman Sachs for 24 years. He is the author of the Washington Post bestselling book - Nature’s Fortune: How Business and Society Thrive by Investing in Nature. Mark advises corporations, investment funds and NGOs on ambitious environmental strategies that make business sense.  He also serves as a board member, investor  and advisor to startups focused on environmental problem solving.  Mark publishes a newsletter ("The Instigator") available on Substack.

Check out the Climate Finance Podcast website for more information.

 

Topics discussed:

• Mark’s journey from teaching English in Japan, studying at Harvard Business School, and working at Goldman Sachs to moving to The Nature Conservancy.
• NatureVest - TNC’s internal investment bank / brokerage.
• KPIs for Conservation Finance (Stanford Natural Capital Project)
• What can Private Equity do?
• Biden Administration’s Infrastructure Plans
• Prospects for US-China Climate relations.
• Endowment Funds for Water (Ecuador and New York examples)
• Debt for Nature Swaps (Seychelles example)

• Biodiversity Financing Gap

• Climate Finance Philanthropy

• Voluntary Carbon Offsets
• How to increase capital flows from Institutional Investors?
• Considerations for Emerging / First time Climate Finance Fund Managers.
• Personal advice: ‘Your critics are your friends’.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 24th September 2021.

Matt Tilleard - Crossboundary (Renewable Energy Investments in Fragile and Conflict States)

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Matt Tilleard is the Co-Founder and Managing Partner of CrossBoundary. CrossBoundary is an investment firm that focuses on renewable energy investments in developing countries and fragile and conflict states. So far, CrossBoundary has advised in over $700m of closed transactions, and has a pipeline of commercial and industrial projects worth over $100m. CrossBoundary is also pioneering an open source infrastructure investing methodology for scaling mini grid implementation.

Check out the Climate Finance Podcast website for more information

 

Topics discussed:

• Matt’s journey from an environmental science and law student in Australia to working in Afghanistan and co-founding CrossBoundary.
• Importance of context, humility, and using a bottom up  private sector approach in developing countries. 
• CrossBoundary’s localized talent recruiting strategy.
• Looking for opportunities through maximum disillusion mode.
• CrossBoundary’s research with IFC on investment flows into Fragile and Conflict states.
• CrossBoundary’s Investment Facilitation Revisited report
• How Crossboundary interacts with development finance institutions via blended finance structures.
• CrossBoundary Energy - Commercial and Industrial projects
• More than 600 million Africans lack access to electricity
• CrossBoundary Energy Access - Open Sourcing Infrastructure Investing for Mini Grids
• CrossBoundary Lab Publications
• Scaling-Up Investment for Economic Recovery and Jobs in Africa
• Personal life advice: Identifying purpose and combining it with intentional and deliberate work.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 27th August 2021.