A Sustainable Future

How are multilateral development banks leaning into sustainable finance? Listen to Jason Mitchell discuss with Heike Reichelt, Head of Investor Relations and Sustainable Finance at the World Bank Treasury, about what the World Bank is doing to drive socio-environmental impact; how multilateral development banks are reshaping their climate-related investments post-COP 26; and why it’s vital that programmes like the World Bank and IDA exist to support the development goals of middle- and lower-income countries.Find the full transcript of this episode here: https://www.man.com/maninstitute/a-sustainable-future-podcastHeike Reichelt is Head of Investor Relations and Sustainable Finance at the World Bank Treasury. Heike is responsible for managing relationships with bond investors, rating agencies and the financial media, and developing new bond products. She has more than 20 years of experience in finance – including with the World Bank Treasury's Reserves Advisory Management Program and at KfW, the German development bank. Heike was recognized for her role in building sustainable capital markets as the 2017 recipient of the prestigious Joan Bavaria Award.The World Bank Treasury manages the funding programs for the World Bank--otherwise known as the International Bank for Reconstruction and Development or IBRD--and the International Development Association or IDA.

Is this latest energy shock a one-off event or a harbinger of more energy crises to come? Listen to Jason Mitchell discuss with Alex Grant, Equinor’s Senior Vice President of Business Development and UK Country Manager, the energy transition; the trade-offs that we may face between security of supply, price volatility and affordability; and the emerging energy technologies like blue and green hydrogen.Alex Grant is Equinor’s Senior Vice President of Business Development Origination and Execution as well as its UK Country Manager. Alex joined Equinor from Jefferies in 2017. His background is in investment banking where he worked on M&A and financing transactions over the past 20 years in the energy sector. Find the full transcript of this episode here: www.man.com/maninstitute/a-sustainable-future-podcast

How is climate finance reshaping COP negotiations? Listen to Jason Mitchell discuss with Leonardo Martinez-Diaz, Senior Director for Climate Finance to US Special Presidential Envoy for Climate John Kerry, the most consequential outcomes of COP26; how to think about US domestic political dynamics around climate change; and why the financial sector is fundamental in the transition to a net zero global economy.Leonardo was previously the global director of the Sustainable Finance Center at the World Resources Institute, where he led a team working to promote the flow of public and private finance to environmentally-sustainable activities, including climate adaptation and mitigation. During the Obama Administration, he served as the Deputy Assistant Secretary for Energy and Environment in the U.S. Department of the Treasury, as well as Deputy Assistant Secretary for the Western Hemisphere. Prior to that, he served as Director of the Office of Policy at the U.S. Agency for International Development. He is co-author of Building a Resilient Tomorrow: How to Prepare for the Coming Climate Disruption.

When central bank policies are driven by their primary mandates, is there a case that these mandates should expand to incorporate the systemic risk that is climate change? And how will increasingly extreme climate events force policymakers’ actions or limit the monetary policy space available to central bank institutions? Emanuel Moench, Head of Research at the Deutsche Bundesbank, joins Jason Mitchell to discuss the intersection of climate change and monetary policy; what central banks are doing to integrate climate risk in their macroeconomic models; and why it’s vital we continue to examine how climate change could impact the financial system.Read the full transcript of the episode here.BiographyCommissioner Emanuel Moench is the Head of Research at Deutsche Bundesbank, Professor of Economics at Goethe University Frankfurt and co-chair of the recent ECB Strategy Review Occasional Paper: Climate change and monetary policy in the euro area. Prior to joining the Bundesbank, Emanuel was a Research Officer at the Federal Reserve Bank of New York. His research focuses on the intersection of macroeconomics and finance and has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Monetary Economics among others. Emanuel received the Journal of Finance’s Amundi Smith Breeden First Prize in 2015 and the European Economic Association's Young Economist Award in 2008. 

How is regulatory change reshaping ESG investing? Listen to Jason Mitchell discuss with Commissioner Allison Herren Lee of the US Securities and Exchange Commission, about the SEC’s evolving views around disclosure and materiality; its enforcement efforts; and the need to work towards greater harmonisation given the multitude of global disclosure frameworks.Find the full transcript of the episode here.Jason Mitchell, Co-Head Responsible Investment, Man Group:If there’s a predominant theme in sustainable investing right now, it’s regulation. And in the broadest sense, regulation is taking on a number of forms: from driving the transition to a low carbon economy to reporting on the impacts of biodiversity; from enforcing anti-greenwashing protections to even steering private sector investment.  It’s also clear that we’re talking about different global regulatory approaches that will increasingly need to harmonise. While the EU’s legislation-driven approach has already delivered a number of investor frameworks, the US SEC’s regulatory approach to climate and ESG is evolving under the new Biden administration. In my mind, this provides a fascinating view of the arguments for how to world-build around issues like disclosure, materiality and enforcement.  And for followers of the regulatory discussion, you can’t have missed the incredibly thoughtful speeches and statements delivered by the US SEC Commissioners. Their views don’t necessarily align ideologically, but they always prove provocative and push the discussion forward.  One of the views I always look forward to reading is from Commissioner Allison Herren Lee. Her writing examines many of the fundamental elements of ESG through the prism of case law, and she is not afraid to challenge its myths and misconceptions.  It's why I’m so excited to have Commissioner Lee on the podcast. We talk about the SEC’s evolving views around disclosure and materiality; its enforcement efforts; and the need to work towards greater harmonisation given the multitude of global disclosure frameworks.More about Commissioner Allison Herren Lee:Commissioner Allison Herren Lee was appointed and sworn into the U.S. Securities and Exchange Commission in 2019. While Commissioner Lee served as Acting Chair of the Commission by President Biden earlier this year, she was responsible for establishing the Climate and ESG Enforcement Taskforce. She brings to the SEC over two decades of experience as a securities law practitioner. Commissioner Lee served for over a decade in various roles at the SEC, including as counsel to Commissioner Kara Stein, and as Senior Counsel in the Division of Enforcement’s Complex Financial Instruments Unit.

Is the cynicism around net zero justified? Listen to Jason Mitchell discuss with Chris Stark, Chief Executive of the UK’s Climate Change Committee discuss the world’s expectations going into COP26; what the Climate Change Committee is doing to advise the UK government on its net zero path; and why it’s vital that we frontload climate investment in order to turn strong words into strong action on the reality of climate change.Chris Stark is Chief Executive of the Climate Change Committee. He was previously Director of Energy and Climate Change in the Scottish Government where he led the development of Scotland’s approach to emissions reduction and the energy system transition. Established under the UK’s Climate Change Act in 2008, the Climate Change Committee is an independent, statutory body that advises both the UK and devolved governments on emissions targets. The Committee also reports to Parliament on progress in reducing greenhouse gas emissions and adapting to the impacts of climate change.  Find the full transcript of this episode on Man Institute.

It is well established that climate change poses significant risks to businesses and future investments but these concerns are often intricately connected to biodiversity and nature-related issues. Elizabeth Mrema, Executive Secretary of the United Nations Convention on Biological Diversity, and co-chair of the Taskforce on Nature-related Financial Disclosures joins the podcast to discuss how firms can report and act on evolving nature-related risks. In this far-reaching conversation, Elizabeth Mrema and Jason Mitchell, co-Head of Responsible Investment at Man Group, talk about the upcoming UN Biodiversity Conference COP-15, the legacy of the 2010 governmental Aichi Biodiversity Targets and what the new expectations may be for a post-pandemic global biodiversity framework. You can find the full transcript of this episode at: https://www.man.com/maninstitute/a-sustainable-future-podcastElizabeth Maruma MremaElizabeth Maruma Mrema is United Nations Assistant Secretary General and Executive Secretary of United Nations Convention on Biological Diversity, a multilateral treaty addressing the loss of biodiversity and climate change, and co-chair of the Taskforce on Nature-related Financial Disclosures (TNFD).Elizabeth has two decades of experience working in the development and environment sectors. She is biodiversity leader and lawyer, from Tanzania, with a track record of negotiating next-generation policies and enabling instruments for planet, people, and prosperity. Elizabeth’s work as Deputy Director of the Ecosystems Division at the UN Environment Programme (UNEP) focused on the development, implementation, and enforcement of environmental laws both at the national, regional, and international level. Her previous work includes being the Executive Secretary of the UNEP/Secretariat of the Convention on the Conservation of Migratory Species of Wild Animals in which she oversaw the conservation of migratory animals globally.

Is ESG outperformance coming to end? Is an ESG asset bubble brewing? Listen to Jason Mitchell talk with Abraham Lioui, Professor of Finance at EDHEC Business School, about his latest paper, Chasing the ESG Factor. In this deep-dive episode, the two discuss how investors may be mispricing ESG, the implications of identifying ESG risk premia and why more rigorous approaches are absolutely essential to understanding ESG in the context of quantitative finance.

What does climate risk represent to the US financial system? Listen to Jason Mitchell discuss with Commissioner Rostin Behnam, Acting Chairman of the US Commodity Futures Trading Commission, about how the CFTC is thinking about climate risk, what those implications mean for derivatives markets and why well-developed carbon and carbon offset markets will support the transition to a net zero economy.To read the full transcript of this episode here.Commissioner Ross Behnam is Acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC). As sponsor of the CFTC’s Market Risk Advisory Committee, Chairman Behnam led the development of the report, Managing Climate Risk in the US Financial System, published in September last year. Previously, he was a senior counsel to Senator Debbie Stabenow (D-MI) at the Senate Agricultural Committee, focusing on p

How do corporate boards work? Listen to Jason Mitchell discuss with Dambisa Moyo, international economist and author, how the nature of board oversight is evolving, what that means in the context of greater pressure on socio-environmental issues and why calls to reform capitalism ultimately mean a turn towards a multi-stakeholder model and away from traditional shareholder-centrism.We're giving away copies of Dambisa's new book. Tag Man Group on social media with a comment about your thoughts on this episode or send your thoughts to podcasts@man.com to potentially win a free copy.You can find a full transcript of this episode here.