Investing in a New Climate – Feb. 25-26, 2015 Readings and Agenda
HOW FAMILY OFFICES CAN CAPITALIZE ON CLIMATE INVESTMENT OPPORTUNITIES AND RISKS
February 25-26, 2015
Stanford Graduate School of Business
655 Knight Way Stanford, CA
AGENDA
Wednesday, February 25, 2015
9:00-9:10 am
Welcome
Alicia Seiger, Deputy Director, Steyer-Taylor Center for Energy Policy and Finance
9:10-9:40 am
Setting the Stage—Climate Science and Economics for Investors
Noah Diffenbaugh, Associate Professor, Environmental Earth System Science, Stanford University
9:40-10:00 am
Conceptual Roadmap
Stefan Heck, Consulting Professor, Stanford Precourt Institute for Energy, Stanford University
10:00-10:30 am
Climate as a Financial Risk
Bob Litterman, Chairman of Risk Committee, Kepos Capital
10:30-10:50 am
Break
10:50-11:50 am
What Investors Need to Know About Energy Policy
Moderator: Thomas Heller, Executive Director, Climate Policy Initiative and Professor Emeritus, Stanford University
Stefan Reichelstein, William R. Timken Professor of Accounting, Stanford Graduate School of Business
Michael Wara, Associate Professor of Law, Stanford University
Dan Reicher, Executive Director, Steyer-Taylor Center for Energy Policy and Finance
11:50-1:15 pm
Lunch
1:15-2:15 pm
The Landscape of Climate Exposure for Investors
Barbara Buchner, Senior Director, Climate Policy Initiative
Dario Abramskiehn, Analyst, Climate Policy Initiative
2:15-3:10 pm
Putting Today’s Tools in Practice to Make Climate-Wise Investments
Presenter and Moderator: Donna Bebb, Research Fellow, Steyer-Taylor Center for Energy Policy and Finance, Climate Exposure Analysis of Vail Resorts (slide presentation, full case study)
Lee O’Dwyer, CFA, Equity Market Specialist, Bloomberg LP Douglas Cogan, Vice President and Asset Owner Consultant ESG Research, MSCI Inc.
Jerome Lavigne-Delville, Chief of Standards Development, Sustainability Accounting Standards Board (SASB)
3:10-3:30 pm
Break
3:30-4:30 pm
Structuring Resilient Partnerships
Suz MacCormac, Partner, Morrison and Foerster
Will Fitzpatrick, General Counsel, Omidyar Network
4:30-5:30 pm
Break/Travel to Dinner
5:30-8:00 pm
Drinks and Dinner
Realizing the Promise of Long-Term Investing
Ashby Monk, Executive Director, Global Projects Center, Stanford University
Thursday, February 26, 2015
9:00-10:00 am
Resource Revolution—How to Capture the Biggest Business Opportunity in a Century
Stefan Heck, Consulting Professor, Precourt Institute for Energy, Stanford University
10:00-11:00 am
Ideas in Practice—Investing in Deployment at Scale
Moderator: Dan Reicher, Executive Director, Steyer-Taylor Center for Energy Policy and Finance
Jonathan Silver, President and CEO, Greenbanc Global, former Executive Director Loan Programs Office, Department of Energy
Jeff Eckel, President and CEO, Hannon Armstrong
Jim Hourdequin, Managing Director, The Lyme Timber Company LP
11:00-11:20 am
Break
11:20-12:20 pm
Ideas in Practice—Private Equity
Moderator: Stephan Dolezalek, Managing Director, VantagePoint Capital Partners
Ali Partovi, Investor, Farmland LP
Reuben Munger, Managing Partner, Vision Ridge Partners LLC Scott Jacobs, CEO, Generate Capital, and Managing Director, EFW Partners
12:20-1:15 pm
Lunch
Clean Energy Investment Initiative
John J. MacWilliams, Senior Advisor to the Secretary of Energy at the U.S. Department of Energy
1:15-2:00 pm
Oil and Natural Gas Prices—Fireside Chat
Moderator: Cathy Zoi, Consulting Professor, Precourt Institute for Energy, Stanford University
Michael Levi, Senior Fellow, Council on Foreign Relations
2:00-3:00 pm
Ideas in Practice—Portfolio Management
Moderator: Sarah Stein, President, Hall Capital Partners, LLC Michelle Edkins, Managing Director, Blackrock
Raj Agrawal, Member, KKR
Kevin Johnson, Vice President and Portfolio Manager, Dodge & Cox
3:00-3:20 pm
Break
3:20-4:40 pm
Group Workshop: Integrating Climate Considerations into Everyday Investment Decisions
Stefan Heck, Consulting Professor, Stanford Precourt Institute for Energy, Stanford University
Based on key questions identified by participants prior to attendance, attendees will break up into issue-themed groups to work through the practical realities of implementing climate-wise investing tactics, before coming together to discuss next steps.
4:40-4:45 pm
Closing Remarks
Alicia Seiger, Deputy Director, Steyer-Taylor Center for Energy Policy and Finance
Suggested Reading
Climate Science
“Changes in Ecologically Critical Terrestrial Climate Conditions” Noah S. Diffenbaugh and Christopher B. Field, Stanford University
Science
August 2013
Energy Finance Policy
“Modifying the U.S. Investment Tax Credit for Solar Energy: Alternatives to the Anticipated 2017 Step-Down”
Stefan J. Reichelstein and Stephen D. Comello, Stanford Graduate School of Business
January 2015
(See Program Briefing Book)
“Smarter Finance for Cleaner Energy: Open up Master Limited Partnerships (MLPs) and Real Estate Investment Trusts (REITs) to Renewable Energy Investment”
Felix Mormann and Dan Reicher, Stanford University
Brookings
November 2012
“An Economic Perspective on the EPA’s Clean Power Plan” Meredit Fowlie, Lawrence Goulder, Matthew Kotchen, et. al.
Science
November 2014
Conceptual Frameworks
“Climate Investing Scope Definitions and Framework” Stefan Heck, Stanford University
Presentation to Investing in a New Climate, Stanford University
2015
(See Program Briefing Book)
“The New Climate Economy” Jeremy Oppenheim
The Global Commission on the Economy and Climate, Presentation 2014
(See Program Briefing Book)
“The Global Landscape of Climate Finance 2014”
Barbara Buchner, Martin Stadelmann, Jane Wilkinson, et. al., Climate Policy Initiative Climate Policy Initiative
November 2014
Climate Exposure Tools
“Climate Exposure Impact on Equity Valuation: Case Study of Vail Resorts” Donna Bebb, Steyer-Taylor Center for Energy Policy and Finance Presentation to Investing in a New Climate, Stanford University
2015
“The Landscape of Climate Exposure for Investors”
Barbara Buchner and Dario Abramskiehn, Climate Policy Initiative Presentation to Investing in a New Climate, Stanford University
2015
“Understanding and Managing Climate Risk in Institutional Portfolios”
MSCI, Q1 2015
“Corporate Bonds: Spotlight on ESG Risks”
Mark Nicholls, MRG Comms
United Nations Principles for Responsible Investment Initiative
2013
“Integrated Analysis: How Investors are Addressing Environmental, Social, and Governance Factors in Fundamental Equity Valuation”
ESG Working Group
United Nations Principles for Responsible Investment Initiative
February 2013
“Mapping the World Bank Group Risk Mitigation Instruments for Climate Change”
Valerio Micale, Gianleo Frisari, and Federico Mazza, Climate Policy Initiative
Climate Policy Initiative
September 2013
“Risk Gaps”
Gianleo Frisari, Morgan Herve-Mignucci, Valerio Micale, Federico Mazza, Climate Policy Initiative
Climate Policy Initiative
January 2013
Structuring Resilient Partnerships
“How I Did It: EBay’s Founder on Innovating the Business Model of Social Change”
Pierre Omidyar, Omidyar Network
Harvard Business Review
September 2011
Resource Revolution
“Resource Revolution: How to Capture the Biggest Business Opportunity in a Century”
Stefan Heck, Stanford University, and Matt Rogers, McKinsey
New Harvest
2014
“Resource Revolution: Investor Opportunities in a New Climate”
Stefan Heck, Stanford University
Presentation to Investing in a New Climate, Stanford University 2015
(See Program Briefing Book)
Putting Capital to Work
“A Deeper Look into Yieldco Structuring”
Marley Urdanick, National Renewable Energy Laboratory National Renewable Energy Laboratory
September 2014
“Creating Climate Wealth: Unlocking the Impact Economy”
Jigar Shah, Generate Capital
2013
“FACT SHEET: Obama Administration Announces Initiative to Scale Up Investment in Clean Energy Innovation”
The White House: Office of the Press Secretary
February 2015
“Food is the New Frontier in Greentech”
Ali Partovi, Partovi Investments
TechCrunch
April 24, 2011
“Global Resource Risk and Opportunities”
Stephan Dolezalek, Lee Burrows, Stefan Heck, Martin Lagod, Peter Shannon, and Andrew Shapiro, Resource Productivity Capital
2015
(See Program Briefing Book)
“Growing the Role of US Forests in the Climate Movement”
Brian Kittler, Pinchot Institute for Conservation
Pinchot Institute for Conservation
2015
“Impact Investing in the Energy Sector: How Federal Action Can Galvanize Private Support for Energy Innovation and Deployment”
Alicia Seiger, Steyer-Taylor Center for Energy Policy and Finance
Sarah Kearney, PRIME Coalition
Peter Berliner, Mission Investors Exchange
October 2014
“Sustainable Investing: Establishing Long-Term Value and Performance”
Mark Fulton, Bruce Kahn, and Camilla Sharples, Deutsche Bank Group
Deutsche Bank Group
June 2012
“The DOE Loan Program is a Winner: Here’s Why the Critics Were Wrong”
Jonathan Silver, Greenbanc Global
Huffington Post December 5, 2014
“Venture Investment’s Potential to Further Mission Impact for Charitable Foundations”
Kiki Tidwell, Tidwell Idaho Foundation
Kauffman Fellows Press
2012
Fossil Fuel Prices
“A Cheat Sheet on Lower Oil Prices”
Scott Nyquist, McKinsey&Company
McKinsey&Company
February 2015
“As Oil Prices Plunge the Politics are Pivotal”
Michael Levi, Council on Foreign Relations
Financial Times
January 19, 2015
“Vindicating Volatility: Why Fluctuating Oil Prices Are Here to Stay”
Robert McNally and Michael Levi, Council on Foreign Relations
Foreign Affairs
November 4, 2014
“Why Falling Oil Prices Don’t Hurt Demand for Renewable Energy”
Victor Rojas and Paul Stinson, Environmental Defense Fund
Environmental Defense Fund
January 2015
“Why the World Missed the Oil Price Crash”
Michael Levi, Council on Foreign Relations
Washington Post
December 5, 2014
Portfolio Management Strategies
“Building a Carbon-Free Equity Portfolio”
Patrick Geddes, Lisa Goldberg, Robert Tymoczko, and Michael Branch, Aperio Group
Aperio Group
2014
“Climate Change Scenarios—Implications for Strategic Asset Allocation”
Mercer LLC, Carbon Trust, and International Finance Corporation
2011
“Fossil Fuels: Exploring the Stranded Assets Debate”
Jane Goodland, Towers Watson
Towers Watson 2014
“How to Use Your Risk Budget Sustainably”
Ashby Monk, Stanford University
Institutional Investor Blog
July 2014
“Inside Stanford’s Coal Divestment Decision”
Alicia Seiger, Steyer-Taylor Center for Energy Policy and Finance
Institutional Investor Blog
May 2014
“Navigating Climate Risk: Ceres’ Primer for Family Offices”
Lindsey E. White, Ceres Ceres
September 2013
“The 21st Century Investor: CERES Blueprint for Sustainable Investing”
Peter Ellsworth and Kirsten Snow Spaulding, Ceres
Ceres
June 2013
“The New Dawn of Financial Capitalism”
Ashby Monk, Stanford University
Institutional Investor
September 2014
“Towards Sustainable Investment: Taking Responsibility”
CalPERS
2012