Upcoming Events at CAFIN


CAFIN and UC Investments Speaker Series: Season 2

We are excited to continue our speaker series in 2021-22 academic year.  This new set of webinars will focus on issues related to the interaction between the financial system and sustainable development goals: environmental, social, and governance (ESG). The talks will focus on financial sustainability, green finance, and, more generally, the role of the financial system in combating climate change as well as addressing other ESG golas. We will also touch on the issues related to the measurement and reporting of ESG sustainability by financial institutions. 

The webinars are targeted to a broad audience. Stay tuned for upcoming events!

All meetings are 9-10am Pacific Time on Fridays, unless otherwise indicated.


    November 5, 2021

  • Settling Climate Accounts: Navigating the Road to Net Zero

    Video  Slides   Bulletin

     Abstract:

    As drivers of climate action enter the fourth decade of what has become a multi-stage race, Net Zero has emerged as the dominant organizing principle. Hundreds of corporations and investors worldwide, together responsible for assets in the tens of trillions of dollars, are lining-up for the UN Race to Zero. This latest stage in the race to save civilization from heat, drought, fires, and floods, is defined by steering toward zeroing out greenhouse gas emissions by 2050.

     

    Alicia Seiger will discuss the material of her recent book, Settling Climate Accounts, which probes the practice of Net Zero finance. It elucidates both the state of play and a set of directions that help form judgements about whether Net Zero is going to carry climate action far enough. The book delves into technical analyses and activates the reader’s imagination with narrative accounts of climate action past, present, and future. Settling Climate Accounts offers context and foundation to ground the rapidly evolving practice of Net Zero finance. Targeted at seasoned practitioners, newly activated leaders, educators, and students of climate action the world over, this book embraces the complexity of climate action and, in so doing, proposes to animate and drive hope.

     

    Speaker

    Alicia Seiger, Lecturer, Stanford Law School; Managing Director, Precourt Institute Sustainable Finance Initiative; Managing Director, Steyer-Taylor Center for Energy Policy and Finance

    Alicia Seiger is a lecturer at Stanford Law School and leads sustainability and energy finance initiatives at Stanford Law, Graduate School of Business, and the Precourt Institute for Energy. Alicia has served as an advisor to the Governors of California and New York, the New York State Comptroller, and numerous pension fund, endowment, and family office CIOs on the topics of climate risk, opportunity, and resiliency. A student of sustainability since 1992, Alicia has designed and executed climate and energy strategies for businesses, foundations, investors, and NGOs since 2004. She has served on the management teams of multiple startups, including at TerraPass, a pioneer of the US carbon offset market, and Flycast Communications, one of the world’s first web advertising networks. She serves on the boards of Ceres and PRIME Coalition, the G7 Impact Taskforce Advisory Panel, PG&E’s Sustainability Advisory Council, and co-founded Stanford Professionals in Energy (SPIE).  Her first book, and edited volume of Stanford research entitled "Settling Climate Accounts: Navigating the Road to Net Zero" is forthcoming October 20, 2021.

    Moderator

    Galina Hale, Professor of Economics, co-Director of CAFIN, University of California at Santa Cruz

    Galina Hale is a Professor of Economics at UC Santa Cruz. Previously she was a Research Advisor at the Federal Reserve Bank of San Franciscoon and the economics faculty at Yale University. She also taught as a visiting faculty at Stanford and UC Berkeley.  Galina began to study economics in Russia, first in Moscow State University and then at the New Economic School.  She briefly worked as a consultant for the Russian Ministry of Finance and as chief editor for a weekly newsletter of the Russian Central Bank. She received her PhD in economics from UC Berkeley.

     


  • October 15, 2021

  • Net-Zero Carbon Portfolio Alignment

    Video Slides Bulletin

    Abstract

    This talk will outline a simple and robust methodology for portfolio managers to align their portfolios with the carbon neutrality goals (Net Zero Targets) set out following the Paris Agreement in 2015. The approach is based on dynamically limiting the portfolio carbon footprint so that it satisfies a time-varying, science-based, carbon budget consistent with maintaining an average temperature rise to less than 1.5 oC. We show how the tracking error of a Net Zero Aligned portfolio with respect to a global market index can be maintained at a negligible level for large portfolios even as they progressively reduce their carbon footprints to remain within their carbon budget.

    Speaker

    Frederic Samama, Chief Responsible Investment Officer at CPR AM, Amundi Group.

    Frédéric Samama is Chief Responsible Investment Officer at CPR AM, Amundi group.

    He is the founder of the SWF Research Initiative, co-edited a book on long-term investing alongside Nobel Prize Laureate Joseph Stiglitz and Professor Patrick Bolton, and has published numerous papers on green finance. 

    Formerly, he oversaw Corporate Equity Derivatives within Crédit Agricole Corporate Investment Banking in New York and Paris. During his tenure, he developed and implemented the first international leveraged employee share purchase programme, a system now widely used among French companies. 

    In recent years, he has focused on climate change with a mix of financial innovation, research and policymaking recommendations, advising central banks, sovereign wealth funds and policymakers. 

    Moderator

    Daniel Friedman, Distinguished Professor Emeritus, University of California, Santa Cruz, and Founder and Director, LEEPS lab

     Daniel Friedman is a Distinguished Professor of Economics at the University of California, Santa Cruz. He has broad research interests in applied economic theory, laboratory experiments, and financial markets. He is one of the world’s leading researchers in behavioral and experimental economics and the founder of LEEPS, a pioneering laboratory studying human behavior in market settings. 


  • October 1, 2021

  • Investors are Waking Up to Climate Risk

    Video  Summary

    Abstract

    The severity of this summer's extreme weather events is creating a new sense of urgency for action to achieve a net-zero global economy by mid-century to avoid the most severe impacts of climate change. To achieve this, global carbon emissions must decline rapidly from their current levels. The changes required have huge implications for the energy sector, which is already facing mounting risks. Sensing a sea change in the importance of understanding climate risk in assessing firm valuation, institutional investors, large blockholder asset managers, and other investment advisors are clamoring for more detailed sustainability information and climate friendly stocks. Amy Myers Jaffe discusses the change in strategies across the energy investment landscape from private equity firms to large asset owners to the energy companies themselves and what it means for the future of the planet. 

    Speaker

    Dr. Amy Jaffee,  Research Professor and Managing Director of the Climate Policy Lab The Fletcher School at Tufts University

    photojaffe,-amy_019.jpgAmy Myers Jaffe is author of Energy's Digital Future: Harnessing Innovation for American Resilience and National Security and managing director of the Climate Policy Lab and a research professor at The Fletcher School at Tufts University. A leading expert on global energy policy and sustainability, Jaffe has previously served as the David M. Rubenstein Senior Fellow for Energy and the Environment at the Council on Foreign Relations and Executive Director for energy and sustainability at the University of California, Davis, where she led research on low or zero carbon fuels and transportation policy. Jaffe has also served as senior advisor for sustainability at the Office of the Chief Investment Officer at the University of California, Regents, assisting with the design and launch of their sustainable investing strategy. She currently is co-chair of the steering committee of the Women in Energy Initiative at Columbia University’s Center on Global Energy Policy. Jaffe has taught international energy policy, business, and sustainability courses at Tufts University, Rice University, University of California Davis and Yale University. Jaffe is widely published, including as co-author of Oil, Dollars, Debt and Crises: The Global Curse of Black Gold, with Dr. Mahmoud El-Gamal.  A frequent media commentator, Jaffe was 2020 president of the US Association for Energy Economics and holds a Senior Fellow award from that organization for her career contributions to the field of energy economics. She is a member of the Global Future Council on Net Zero Transition at the World Economic Forum (Davos) and a member of the Council on Foreign Relations.

    Moderator

    Jagdeep Bachher, Chief Investment Officer, University of California Office of the President

    jagdeep-300x200.jpgJagdeep Singh Bachher is the University of California’s chief investment officer, responsible for managing the UC retirement, endowment and working capital investment products with $170 billion in assets under management. Before joining the UC system in 2014, Bachher was an executive vice president of venture and innovation for one of Canada’s large investment fund managers. He was with Alberta Investment Management Corp (AIMCo), based in Edmonton since 2009. He also served as the corporation’s deputy chief investment officer and chief operating officer. Prior to his position at AIMCo, Bachher served as president at JH Investments (Delaware) LLC and worked in the U.S. Wealth Management, Canadian, and Investments divisions of Manulife Financial and John Hancock. Before joining Manulife in 2004, he was an entrepreneur. Bachher received his Ph.D. and Master’s degrees in management sciences and B.A.Sc. degree in mechanical engineering from the University of Waterloo. He is the vice chair of the University of Waterloo Board of Governors and has been a champion for change in the investment business and gained an international reputation as an innovator.


  • Prior CAFIN and UC Investments Speaker Series

  • CAFIN and UC Investments Speaker Series

  • Prior CAFIN Quarterly Lectures

  • CAFIN Quarterly Lectures