*

May 23, 2019 | 1:30 – 4:30pm
Warren Room | UC Berkeley School of Law

The global financial system faces structural risks from the worsening impacts of climate change and the various policy responses to it. As jurisdictions like the European Union (EU) and California seek to address these risks, they face significant questions about what actions will be necessary and how financial regulators and industry members across the globe will need to coordinate decision-making and resource-sharing.

To address these concerns, we hosted experts and leaders in sustainable finance from California and the EU in May 2019 for a conference to discuss climate-related financial risks and key regulatory developments in the US and Europe. These include the EU Sustainable Finance Action Plan and Green Taxonomy efforts that seek to drive sustainable investment through innovative regulatory incentives and US industry partnership in implementing new disclosure and accounting standards.

Our conference brief highlights the key insights delivered at the conference.

 

This event was co-organized by the European Union, the Center for Law, Energy & the Environment, the ClimateWorks Foundation, and UN Principles for Responsible Investment, and is supported by the European Union.

For more information about the EU’s Action Plan on Sustainable Finance, please visit their website here.


Keynote Speakers

Mario Nava (born Milan, 1966) holds an undergraduate degree in Economics from Bocconi University (1989), an MA from the Université Catholique de Louvain, Belgium (1992) and a PhD in Public Finance from the London School of Economics (1996).

Mario joined the European Commission in 1994 and held various senior positions. Since October 2018, he is the Director for “horizontal policies” in the Financial Stability, Financial Services and Capital Markets Union Directorate General. Prior to that, from 2016 to April 2018, he was Director of the “Financial system surveillance and crisis management” Directorate and, from 2011 to 2016, Director of the “Regulation and prudential supervision of financial institutions”.

Previously, he was Head of the “Banking and Financial Conglomerates” Unit, of the Financial Markets Infrastructure Unit, a member of the Group of Policy Advisers of the EU Commission President, Prof. Romano Prodi, and a member of the Cabinet of the Competition Commissioner, Prof. Mario Monti.

Alongside his current work, he is active in research and teaching. He is currently Visiting Professor at Bocconi University (Milan) and at Solvay Business School (Brussels) and has been teaching in several universities in Europe and Latin America.

From April to September 2018 he also served as Chairman of CONSOB, Italy’s financial markets supervisor.

State Controller Betty T. Yee was elected in November 2014, following two terms of service on the California Board of Equalization.  As Controller, she continues to serve the Board as its fifth voting member.  Reelected for a second term as Controller in 2018, Ms. Yee is only the tenth woman in California history to be elected to statewide office.

As the state’s chief fiscal officer, Ms. Yee chairs the Franchise Tax Board and serves as a member of the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) Boards.  These two boards have a combined portfolio of more than $570 billion.  Ms. Yee also serves on the Ceres Board of Directors, a nonprofit organization working to mobilize many of the world’s largest investors to advance global sustainability and take stronger action on climate change.

Ms. Yee serves on dozens of boards and commissions with authority ranging from land management to crime victim compensation.  As a member of the State Lands Commission (and chairperson in even-numbered years), she helps provide stewardship of public-trust lands, waterways, industrial wharves, marine terminals, pipelines, and resources through economic development, protection, preservation, and restoration consistent with the state’s environmental needs.  Through other financing authorities, Ms. Yee is dedicated to creating incentives to increase the number of affordable housing units, spur economic development, support pollution-control innovations, and strengthen health and educational facilities.

Ms. Yee has more than 35 years of experience in public service, specializing in state and local finance and tax policy.  Ms. Yee previously served as Chief Deputy Director for Budget with the California Department of Finance where she led the development of the Governor’s Budget, negotiations with the Legislature and key budget stakeholders, and fiscal analyses of legislation.  Prior to this, she served in senior staff positions for several fiscal and policy committees in both houses of the California State Legislature.  She also cofounded the Asian Pacific Youth Leadership Project, which exposes California high school youth to the public service, public policy, and political arenas.

A native of San Francisco, Ms. Yee received her bachelor’s degree in sociology from the University of California, Berkeley, and she holds a master’s degree in public administration.

Panelists

John Goldstein is a managing director within Goldman Sachs Asset Management. John joined Goldman Sachs in 2015 through the acquisition of Imprint Capital to help expand the firm’s Environmental, Social and Governance and impact investing capabilities. He co-founded Imprint Capital Advisors in 2007 to help foundations, families and financial institutions create and manage impact investing programs and portfolios. Imprint made and managed more than 120 investments with its clients across asset classes, geographies, and impact themes and worked with 11 of the 25 largest foundations in the United States.

Previously, John served as senior managing director of Medley Global Advisors. During that time, he co-founded and served as the executive director of the Medley Institute. Prior to that, John was a management consultant at Andersen Consulting (now Accenture).

John has served as an advisor or board member to a diverse set of organizations in the impact space including groups such as the US National Advisory Board of the G8 Social Impact Investing Task Force, the Global Impact Investing Network’s ImpactBase initiative, the Global Social Venture Competition, McKinsey’s working group on Social Impact Bonds, Global Giving, the Sustainable Food Lab, the UN Capital Development Fund, the International Interfaith Investment Group and a range of other organizations.

John graduated from Yale University with honors. He was awarded the Richter Fellowship and the Townsend Prize.

Bob Hirth was appointed to the nine-member standard setting board of the Sustainability Accounting Standards Board (SASB) upon its formation in 2017 and serves as a Vice Chair of the board. He currently heads SASB’s Technology and Communications sector committee and is a member of the Services, Healthcare and Extractive and Minerals Processing sector committees.  

Serving as COSO Chair from June 2013 to February 2018, his activities included leading COSO’s project on revising its Enterprise Risk Management Framework which was released in September 2017, issuing COSO’s Guide on Fraud Risk Management and actively promoting COSO’s 2013 Internal Control Integrated Framework around the world and through the Media. He has worked on assignments and made presentations in over 20 countries, serving more than 50 organizations and working closely with board members, C-level executives, University professors, finance and accounting personnel as well as  public accounting firm partners and employees.

He is a Senior Managing Director of Protiviti, a global internal audit and business risk consulting firm that operates in 22 countries. Prior to that, he was Executive Vice President, global internal audit and a member of the Firm’s six-person executive management team for the first ten years of Protiviti’s development.

In 2012, Bob was appointed to serve a two year term on the Standing Advisory Group of the Public Company Accounting Oversight Board (PCAOB) and was re-appointed to serve a three-year term ending December 31, 2016.

Bob started his career in public accounting and became a global equity partner of Arthur Andersen in 1988. During his tenure there, he worked in the Dallas, Melbourne Australia, San Jose and San Francisco offices, serving as a partner in both the audit and advisory practices of the firm. For over 20 years, he practiced as a CPA in Texas and California and also qualified as a chartered accountant and registered company auditor while working in Australia.

In 2013, Bob was inducted into The American Hall of Distinguished Audit Practitioners. In 2014 and 2015, he served as the Chairman of the IIA’s IPPF re-look task force. Bob graduated from Southern Methodist University in Dallas, Texas, with a concentration in accounting.

As Senior Manager for Investor Engagements, Morgan is focused on implementation of the Climate Action 100+ initiative in North America. She is responsible for supporting investor leadership on target companies and working with Ceres’ Oil and Gas, Electric Power, Transportation and Food and Water teams to track company progress in line with the goals of Climate Action 100+.

Morgan spent five years working with European investors on corporate and policy engagement at the Institutional Investors Group on Climate Change (IIGCC.) While at IIGCC and as a consultant she led the publication of a number of collaborative guides on Investor Expectations of Corporate Climate Risk Management.

In her role as a consultant for the physical climate risk research provider 427, she authored an engagement guide, “From Risk to Resilience – Engaging Corporates to Build Adaptive Capacity.”  She also advised family offices and investment advisors on integration of environmental indicators into investment practices.

Morgan holds a master’s degree in Environment and Development from the London School of Economics and a bachelor’s degree in Geography and International Business from San Francisco State University. Morgan is a native of the San Francisco Bay Area. She currently sits on the coordinating committee for the grassroots organization No Coal in Oakland. She is also a Research Advisory Council Member for the Sustainable Finance Initiative in Hong Kong.

Emilie Mazzacurati is the founder and CEO of Four Twenty Seven (427mt.com), the leading provider of market intelligence on the impacts of climate change for financial markets. Four Twenty Seven provides climate risk screening for listed securities and real assets to help financial institutions, corporations, and governments understand their exposure to the physical impacts of climate change and build resilience.

Emilie has received multiple awards for her work as a thought-leader and social entrepreneur. She has published extensively on the impacts of climate change in financial markets, on climate risks disclosure (TCFD), and on adaptation finance opportunities. She also served as on the state of California’s Technical Advisory Group for the implementation of Governor Brown’s Executive Order on climate change (EO B-30-15) and teaches at the University of California, Davis Executive MBA on Business & Climate Change.

Previously, Emilie was Head of Research at Thomson Reuters Point Carbon, where she directed research and modeling on carbon pricing. She also served as a policy advisor to the Mayor of Paris on environmental policy. Emilie holds a Master’s of Political Science from the Institut d’Etudes Politiques de Paris and a Master’s of Public Policy from UC Berkeley.

Emilie is the recipient of multiple awards, including Top 100 People in Finance (2019), Berkeley Visionary Award (2016), and Cartier Women’s Initiative Award (2013). Four Twenty Seven was named 2019 Best Alternative Data Provider by Risk Magazine.

Dave Jones is the Director of the Climate Risk Initiative at UC Berkeley’s Center for Law, Energy and the Environment (CLEE) and a Senior Fellow at The ClimateWorks Foundation.

Dave Jones served two terms as California’s Insurance Commissioner from 2011 to 2018. He led the Department of Insurance and was responsible for regulating the largest insurance market in the United States where insurers collect $310 Billion a year in premiums and have $5.5 trillion in assets under management.  Jones led the Department’s response to California’s increasingly deadly and destructive catastrophic wildfires, including the 2015 Butte and Valley Fires, the 2017 NorthBay and Thomas fires, and the 2018 Mendocino, Carr, Woolsey, and Camp Fires.

Dave Jones is a national leader and expert on climate risk and insurance regulation.  From 2011 to 2018 he led the implementation of the National Association of Insurance Commissioners (NAIC) Climate Risk Disclosure Survey of insurers.  In 2016 he launched the Climate Risk Carbon Initiative which required insurers to disclose publicly their investments in coal, oil, gas and utilities. Concluding that there is a significant risk that coal investments will become “stranded assets” as markets and governments move away from burning coal consistent with the Paris Agreement, he asked insurers to divest their investments in coal. He was the first regulator to join the United Nations Environment Program’s (UNEP) Principals for Sustainable Insurance (PSI). Jones was the Founding Chairperson of the international Sustainable Insurance Forum (SIF) which is a network of insurance regulators from around the globe who are developing and sharing supervisory practices related to climate risk and insurance sustainability.  Jones was one of the first financial regulators to endorse the recommendations of the G-20 Financial Stability Board’s Task Force on Climate Related Financial Disclosures (TCFD).  In 2018 Jones led the California Department of Insurance in undertaking a “2 Degree scenario analysis” of the transition and physical risks facing the top 600 insurers’ investment portfolios, with the assistance of the 2 Degree Investing Initiative.

Prior to serving as Insurance Commissioner, Jones served in the California State Assembly (2004-2010), as a Sacramento City Councilmember (1999-2004), as Special Assistant and then Counsel to United States Attorney General Janet Reno (1995-1998) and provided free legal representation to low income families and individuals with the non-profit Legal Services of Northern California (1989-1995).

Jones was one of 13 Americans in 1995 awarded the prestigious White House Fellowship in recognition of his academic, civic and professional accomplishments.   Jones holds degrees from DePauw University (B.A), Harvard Law School (J.D.) and Harvard’s Kennedy School of Government (MPP). He and his wife, Kim Flores, have two college-age children, Isabelle and William.

Agenda

1:15  Registration and Coffee
1:30  Welcome & Introductions
1:45 Keynote – EU Commission Director Mario Nava
2:15  Keynote – California Controller Betty Yee
2:45  Coffee & Networking Break
3:00  Panel Discussion & Audience Q&A
4:30  Reception