Finance and Climate change: Metrics

The financial sector and climate change: measuring climate performance and carbon risk exposure


You can access the relevant studies presented by the panelists here.

8:00am to 12:45pm — Measuring Performance

Climate performance is defined as the contribution (positive or negative) to financing the transition to a low-carbon economy, and therefore reduce the GHG emissions related to financing activities. The morning sessions will explore the drivers and methods behind theses investment strategies. They build on the findings of the forthcoming 2°ii/UNEP-FI/GHG Protocol report on this topic.

8:30am — Introductory speech

Pierre Ducret, Special Advisor for climate change & COP21 at Caisse des Dépôts Group

8:45am — Demand for stakeholders

Moderator: Stephanie Pfeifer, CEO, Institutional Investors Group on Climate Change (IIGCC)

  • Demand from civil society and individual investors — Anne-Catherine Husson-Traore, CEO, Novethic and Dominique Blanc, Director of Research, Novethic
  • Investors pledges — Paul Chandler, Manager, UNPRI
  • Mandate of policy banks — Ian Cochran, Research Unit Manager, CDC Climat
  • Mandate of central banks — Pierre Monnin, Fellow, Council on Economic Policies
  • People’s Voices in the Investment System: Lessons from the Frontline — Catherine Howarth, Chief Executive, ShareAction

9:45am — Setting the scene: connecting goals, investment strategies and performance metrics

Presentation of the 2°ii/UNEP-Fi/GHG-Protocol study on climate performance metrics and target-setting for institutional investors — Stanislas Dupré, Founder & Global Director, 2° Investing Initiative and Remco Fischer, ‎Programme Officer, UNEP FI

10:00am — Break

10:15am — Deep dive into climate performance metrics

Moderator: Remco Fischer, ‎Programme Officer, UNEP FI

  • For project finance
    • Assessing the carbon performance of an infrastructure portfolio — Gautier Chatelus, Director Energy Sector, CDC Infrastructure
    • Carbon performance metrics: measuring net positive in project finance and green bonds — Lauren Smart , Executive Director, Trucost
  • For equity and corporate bonds
    • Overview of existing carbon data — Erik Borremans , Sustainability Expert at Pictet Asset Management and IIGCC Vice-Chairman
    • Integrating scope 3 — Erwan Crehalet , ESG Analyst, Climate Change Specialist, Exane
    • Extending assessment to emissions reductions — Hervé Guez , Head of SRI Research, Mirova and Esther Finidori, Manager, Carbone 4
    • Climate impact of private equity — Maximillian Horster, Partner, South Pole Group
  • For banks
    • Footprinting corporate loans — Jérôme Courcier , Member of the Board, ORSE (French study center on CSR)
    • Footprinting the balance sheet of ASN Bank — Giel Linthorst , Programme Leader Science-based Targets, Ecofys
    • Gauging the deal flow — Jan Willem van Gelder, Director, Profundo
  • Next steps in research
    • Translating 2D scenarios into financing roadmaps — Thomas Ruaudel, Senior Manager Sustainability, Accenture
    • Measuring the alignment of assets and portfolios with climate scenarios — (Jakob Thomae , Fabien Hassan, 2° Investing Initiative)

12:45pm to 1:30pm — Lunch Break

1:30pm — Coffee roundtable: The role of indexes in decarbonizing portfolios

Moderator: 2° Investing Initiative

2:15pm — Break

2:30pm to 7:00pm — Measuring Carbon Risk

Carbon risk is defined as exposure of assets and investors to financial risks related to the transition to a low-carbon economy, including policy-risks and the impact of new market trends. The afternoon sessions will explore the best practices in this field and the key obstacles related to methodologies, uncertainties on scenarios and short investment horizons. They build on the findings of the forthcoming reports form WRI/UNEP-FI, and 2°ii/UNEP Inquiry/CDC on this topic.

2:30pm — Setting the scene: Landscape of assessment approaches and key challenges

Moderator: Nick Robins, Co-Director, UNEP Inquiry into the Design of a Sustainable Financial System, UNEP

  • Carbon Asset Risks guidance — Mark Fulton for WRI/UNEP-FI
  • Opportunities for carbon stress-testingHugues Chenet, Scientific Director, 2° Investing Initiative

3:00pm — Stock valuation & corporate credit risk

Moderator: Nick Robins, Co-Director, Inquiry into the Design of a Sustainable Financial System, UNEP

  • The low-carbon energy transition, a blueprint for fossil fuel companies and investors — Mark Campanale, Founder and Executive Deputy Chairman, Carbon Tracker Initiative & Mark Fulton, ET Advisors
  • Carbon risk — tool for oil & gaz — Gregory Elders, Senior ESG Analyst, Bloomberg
  • Power generation for a 2º World — Mark Lewis, Senior Analyst for Energy & Climate, Kepler-Cheuvreux
  • Corporate Carbon Risks Go Well Beyond Regulated Liabilities — Mike Wilkins, Managing Director of Infrastructure Finance Ratings, S& P
  • Impact of carbon policies on corporate credit ratings — Neil Griffiths-Lambeth, Associate Managing Director, Moody’s
  • A new paradigm shift? Financial modelling of industry carbon risks — Bozena Jankowska, Director Global Co-Head of ESG, Allianz Global Investors and Nicole Röttmer, CEO, The CO-Firm

4:15pm — Break

4:30pm — Sovereign credit risks: integrating carbon, climate and natural resources risks

Moderator: Anne-Catherine Husson-Traore , CEO, Novethic

  • Energy risks in sovereign risk ratings — Rodolphe Bocquet, CEO & Co-Founder, Beyond Rating
  • Environmental risks in country risk — Susan Burns, CEO, Global Footprint Network / Erisc
  • The potential risk of climate change on sovereign creditworthiness — Patrice Cochelin, Analytical Head for sovereign rating in France and Southern Europe, S&P

5:00pm — Break

5:20pm — Integrating carbon and climate risk in portfolio management

Moderator: Anne-Catherine Husson-Traore, CEO, Novethic

  • Overview of current practices from investors — Julian Poulter, CEO, AODP
  • Climate risk and strategic asset allocation. — Jane Ambachtsheer, Partner, Chair Responsible Investment, Mercer Investments

6:15pm — Conclusion: Keynote

Jean Boissinot, Head of Banking and Financial Sector Analysis Division, Finance Department, Direction Générale du Trésor