Financial Climate

Ben Keys, a professor of real estate and finance at the Wharton School of Business talks about the effects of climate risk on insurance, property values, and real estate markets. Relevant Links:Ben Keys New York Times guest opinion on climate risk and homeowners' insuranceBen Keys Congressional testimonyhttps://firststreet.org/https://www.nber.org/papers/w27930 (Ben Keys and Philip Mulder economic research paper on the housing markets, mortgage lending, and sea level rise)

In 2012, Emilie Mazzacurati founded a company called Four Twenty Seven. It pioneered the practice of applying esoteric scientific climate models to help businesses manage climate risk. She sold the company to Moody's in 2019, and stayed on to manage it as Moody's Global Head of Climate Solutions. She's now working on a new venture related to climate mitigation.  Emilie talks about the challenges of understanding and managing business climate risk. She discusses improvements in our ability to develop and apply climate data and the importance of doing so. She also shares insights on the lack of climate tech investment in adaptation and the breadth of entrepreneurial possibilities in the climate adaptation space. Relevant links:https://climate.moodys.com/https://www.caelistrategy.com/https://www.linkedin.com/in/emazzacurati

Ambassador Janine Felson is an expert on international climate finance frameworks and governance structures. She served as a senior diplomat from Belize to the United Nations. She contributed to crucial international negotiations, including the 2015 Paris climate agreement. She also held key roles as a negotiator and strategist on behalf of a coalition of countries facing extreme climate vulnerabilities—called the Alliance of Small Island States. Programming note: Going forward, to better accommodate the workload of producing this podcast, Financial Climate will run every three weeks, rather than every two.

In 2020, Ulf Erlandsson founded a nonprofit activist think tank called the Anthropocene Fixed Income Institute, or AFII. Through sophisticated analysis of bond markets, the organization seeks to hold corporations and governments accountable to climate goals. Erlandsson worked for many years as a bond trader and fixed income portfolio manager, including on behalf of AP4, a Swedish public pension fund which currently manages the equivalent of more than $44 billion in assets. He also worked as a quantitative strategist at Barclays Capital. He holds a PhD in Economics from Lund University in Sweden. Anthropocene Fixed Income Institute (AFII) web siteAFII on LinkedInUlf Erlandsson on LinkedIn

Today's guest is Dimitry Gershenson, co-founder and CEO of Enduring Planet. Enduring Planet is a startup financial technology firm that lends to climate-focused businesses. It provides financing without the need for an equity stake, collateral, or personal guarantee from funding recipients.

Today’s guest is Kingsmill Bond, a longtime equity analyst and strategist, who has provided insights on the energy industry on behalf of some of the largest banks and asset managers in the world. After recognizing the implications of the energy transition for financial markets, he went to work for the pioneering London-based nonprofit financial think tank Carbon Tracker Initiative. Still in London, he’s now a Senior Principal on the strategy team at the U.S.-based nonprofit RMI. Mentioned in/relevant to this episode: The Innovator’s Dilemma, by Clayton M. ChristensenHow Big Things Get Done, by Bent Flyvbjerg and Dan GardnerCarbon Tracker Initiative RMIKingsmill Bond web site

In today's episode, climate economist and lawyer Danny Cullenward discusses Making Climate Policy Work, a book he wrote with coauthor David Victor.  He talks about how structural political forces so often prevent cap-and-trade programs from working in practice the way they're supposed to in theory. He explains how industrial policy, usually thought of as less efficient than tradeable pollution permits, is often much more impactful in the real world.  He also talks about the many problems with carbon offsets--in both compliance and voluntary markets.Cullenward is a Research Fellow with the Institute for Carbon Removal Law and Policy at American University.  He co-founded the nonprofit organization Carbon Plan and serves as vice chair of California’s Independent Emissions Market Advisory Committee.Resources discussed in or related to this episode:Making Climate Policy Work, By Danny Cullenward and David G. VictorBloomberg article: This Timber Company Sold Millions of Dollars of Useless Carbon OffsetsGuardian article: Revealed: more than 90% of rainforest carbon offsets by biggest certifier are worthless, analysis showshttps://carbonplan.org/https://frontierclimate.com/How Solar Energy Became Cheap: A Model for Low-Carbon Innovation, By Gregory F. Nemet Follow Danny Cullenward on Twitter

Today’s guest is Franz Hochstrasser, CEO of Raise Green. Raise Green is an SEC and FINRA-registered online marketplace through which individuals and institutions can invest in startups and other private companies pursuing climate solutions. It serves as a vehicle for for-profit enterprises with a climate focus to raise money from small (as well as larger) investors.Note: Neither this podcast nor the host provide financial advice. Do your own diligence on financial decisions!Mentioned in this episode:Greentown labs: https://greentownlabs.com/Connecticut Green Bank: https://www.ctgreenbank.com/The Clean Fight Energy Accelerator Startup Program: https://www.thecleanfight.com/Raise Green: https://www.raisegreen.com/Raise Green’s crowdfunding site: https://wefunder.com/raisegreen/

Bryan Garcia talks about how Connecticut Green Bank has devised innovative financing tools to bring clean energy solutions to businesses and households. He explains how its programs have been designed to include people in lower-income and minority communities. We also talk about how green banks are evolving and expanding nationally, and how the tens of billions in new federal appropriations for green banks may be deployed.Mentioned in this episode:https://www.ctgreenbank.com/https://www.posigen.com/https://cbey.yale.edu/https://www.raisegreen.com/https://coalitionforgreencapital.com/

Sylvia Leyva Martinez, an expert on utility-scale solar at Wood Mackenzie, talks about the challenges and complexities of the solar industry’s current astronomical growth.