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Environmental Alpha: Institutional Investors and Climate Change
BY Angelo Calvello
BUSINESS & MANAGEMENT / FINANCE & INVESTMENTS / INSTITUTIONAL & CORPORATE FINANCE /
The definitive guide to how institutional investors should approach the risks and opportunities associated with climate change
Environmental Alpha provides institutional investors with the comprehensive framework they need to assess the risks and investment opportunities tied to climate change.
Climate change will present institutional investors with some of the most important risks and opportunities they will face for generations to come. Climate change has the potential to affect many sectors in radically different degrees over time, and institutional investors need to have a thorough understanding of the multi-dimensional risks and opportunities that could influence nearly every investment in their portfolios. This volume is composed of contributions by leading experts in environmental investment, moving beyond the theoretical or academic nature of much of the current discussion on the topic to provide you with real-world insights into an emerging market.
Examines the climate change-related drivers of returns (science, economics, policy, and technology) that make environmental alpha possible
Explores fiduciary duty and climate change
Contains in-depth explanations of each of the major
categories of environmental investing and examines related environmental alpha opportunities
Discusses practical implementation issues
Presents real-world case studies and examples
Climate change will be one of the most important investment themes of the next twenty years; the related environmental investment opportunities will provide institutional investors with some of the greatest "alpha" opportunities for years to come. This book will put you in a better position to assess and access these opportunities.
Angelo A. Calvello is the founder of Environmental Alpha, a consulting firm that helps institutional investors develop climate change¨Cbased risk management and investment strategies. He has worked in the investment business for over twenty-five years, and writes and speaks extensively about environmental investing, alpha-centric investing, and alpha/beta separation. Dr. Calvello earned a PhD in contemporary European philosophy from DePaul University and a postdoctoral certificate in business from New York University's Stern School of Business. He is on the Chartered Alternative Investment Analyst (CAIA) Association Advisory Board, and is a member of the Chicago Quantitative Alliance and the Chicago Climate Futures Exchange.
TABLE OF CONTENTS:
PART ONE INTRODUCTION TO CLIMATE CHANGE ISSUES AND CONSEQUENCES.
Chapter 1 The Science of Climate Change (Richard A. Betts, Ph.D.).
Human-Caused Climate Change: The Evidence.
Other Human Influences on Climate.
Challenges in Projecting Future Climate Change.
Future Climate Change with and without Emissions Reductions.
Chapter 2 The Economics of the Climate Change Challenge (Dimitri Zenghelis).
Considering the Case for Action.
The Policy Framework.
Summary and Conclusion.
Chapter 3 Climate Change Policy What Investors Need to Know (David Gardiner).
Overview of Policy and Policy Drivers.
Why Investors Care About Policy.
Climate Policy and Regulation: An Overview.
Designing a Domestic Approach.
The Impact of Other Policies.
Designing an International Approach.
Summary: Implications for Investors.
PART TWO CLIMATE CHANGE AND INSTITUTIONAL INVESTORS: KEY STRATEGIC ISSUES.
Chapter 4 Risks and their Impact on Institutional Investors (Mindy Lubber).
Four Categories of Climate Risk.
Investor Engagements with Companies and Policymakers on Climate Risk Assessment and Disclosure.
Investor Action on Climate Risk.
Market Meltdown: Doom or Boon to Green Economy?
EIRIS Carbon Profile Case Study: Tools for Measuring Climate Risks (Lisa Hayles).
Chapter 5 The Case for Climate Change as the Paramount Fiduciary Issue Facing Institutional Investors (Paul Q. Watchman).
The Freshfields Report.
United Nations Principles of Responsible Investment.
The Challenge of Climate Change.
Business Risks and Opportunities.
Energy and Insurance and Re-Insurance.
Case Study: Insurance in a World with Climate Change (C. Shawn Bengtson).
Chapter 6 SRI or not SRI (Dr. Matthew J. Kiernan)?
A Missed Opportunity.
After Awareness, Then What?
SRI or Not SRI?
The Limitations of Current Approaches.
Leveraging Carbon Beta™ in the Equity Space.
The Carbon Beta™ Model Itself.
Whither Carbon Finance?
PART THREE ENVIRONMENTAL ALPHA--THE INVESTMENT CASE FOR CLIMATE RELATED STRATEGIES.
Chapter 7 Taxonomy of Environmental Investments (Angelo A. Calvello, Ph. D.).
Climate Change: A Cluster Concept.
The Drivers of Returns.
Categories of Environmental Investments.
The Risks and Challenges of Environmental Investing.
Chapter 8 Investing in Climate Change (Mark Fulton and Bruce Kahn, Ph. D.).
Persistence of Climate Change as an Identifiable Source of Excess Returns.
Fundamental Attributes of the Climate Change Universe.
Applying Climate Change to Different Asset Classes.
Benefits of Including Climate Change in Asset Allocation.
Market Demand and Supply.
Chapter 9 Carbon as an Investment Opportunity (Jurgen Weiss, Ph. D. and V¨¦ronique Bugnion, Ph. D.).
The Kyoto Protocol and Emission Targets.
The Clean Development Mechanism and Joint Implementation.
The European Union Emissions Trading Scheme.
Emerging Carbon Schemes.
Flavors of Carbon.
Why Invest in the Carbon Space Today?
Carbon Will Be a Huge Market.
Alpha, Information, and Resources.
Conclusions and Outlook.
Chapter 10 Market-based Solutions to Reduce Emissions from Deforestation and Degradation (REDD) (Stefanie Engel, Ph. D., Charles Palmer, Ph. D., and Martin Berg).
Section One: Science and Policy.
Section Two: Market-Based Solutions.
Chapter 11 Liquid Alpha The Case for Investing In Water (Rod Parsley and Hua Liu).
The Impact of Accelerating Demand on Water Supplies.
Structural Impacts on Water Supply.
Impact of Climate Change.
Investing in Water.
Capturing Liquid Alpha.
Risks to Investing in Water.
Chapter 12 Effective Clean Tech Investing (Russell Read, Ph.D., CFA and John Preston).
Classifying the Scope of Cleantech Investments.
The Pace of Clean Tech Innovation and Future Prospects for Investing.
Fitting Clean Tech Investments into an Effective and Diversified Portfolio.
Conclusions and Implications.
Chapter 13 Sustainable Commercial Property (Tim Dixon, Ph.D.).
Background and Context.
Buildings and Climate Change: A Global Challenge.
Size of the Market for Sustainable Property.
Sustainable Property Drivers and Barriers.
The Investment Thesis for Sustainable Property.
Sustainable Property Investment Opportunities.
Future Trends and Risk: A Perfect Storm?
Part Four: Practical Considerations.
Chapter 14 A Collaborative Response to Climate Change (By Danyelle Guyatt, Ph.D.).
Diaries of an Investment Consultant.
Why Might a Collaborative Approach to Climate Change be Appealing.
What are the Pitfalls of Collaboration?
A Collaborative Framework Applied to Climate Change.
Collaboration in Action: Asset/Liability Modeling and Scenario Analysis.
Chapter 15 Corporate Responsibility and Environmental Investing (Tony Hoskins and Martin Batt).
What is CR and Environmental Responsibility?
What Comprises an Asset Manager's Environmental Footprint?
What Role does ER (and CR) Play in a Corporate Entity's Business Model?
What ER Statement Should An Investor Expect From A Corporation?
An Investor's Approach to ER.
Appendix: An Interview with Michelle Clayman of New Amsterdam Partners.
Chapter 16 Beyond Best Practices (Angelo A. Calvello, Ph. D.).
Step 1: Understanding Climate Change and the Virtual Team.
Step 2: Assessment (Environmental Stress Test).
Step 3: From Theory to Praxis.
Step 4: General Observations.
Case Study: Two Meanings of Stewardship.
About the Author.
About the Contributors.