Climate Finance Podcast

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Dr. Rajgopal´s research is focused on ESG, Governance, Financial Reporting, Valuation, Fraud, Executive Compensation, Short-Termism, Corporate Culture, Technology, and Sovereign Debt/Fiscal Responsibility. He has 200 academic publications and 100+ op-eds on Forbes. Prior to his academic career, he started his professional career at Proctor & Gamble and CitiBank.

Dr. Rajgopal received his Ph.D. in Accounting and Finance from the University of Iowa and a Bachelor of Commerce from the University of Mumbai. He is also a Chartered Accountant from the Indian Institute of Chartered Accountants.

Topics discussed:

Dr. Rajgopal´s intellectual evolution from being a Chartered Accountant in India to writing a Doctoral Dissertation on the Commodity Price Risk Exposure of Oil and Gas Producers.

Early Research Interest: the IPO Boom in the 1990s (Source) and the Enron Scandal (Source).

Evolution of Reporting:

Did Investor Interest In Financial Reporting Peak With Enron? (Source).

ESG Is A Response To A Broken Reporting Model (Source)

Limited Role of the SEC regarding Climate Regulations: The SEC’s Attempt To Write Generally Accepted Climate Principles ( Part 1 & Part 2)

What If Both Sides Of The ESG Debate Are Right About US Majors’ Oil And Gas Investments, But For The Wrong Reasons? (Source).

Perspectives on ESG Strategies:

Screening: Does ESG Negative Screening Work? (Source).

Shareholder Engagements: Big Three (Dis)Engagements (Source).

ESG Asset Class Perspectives:

Private Equity: Does Private Equity Have An ESG Problem? ( Part 1 & Part 2).

Green Bonds: Rethinking the Value and Emission Implications of Green Bonds (Source).

REITs - Real Estate Investment Trusts:

Hotels In Name Only: The Strange Case Of Lodging REITs (Source).

The Need For Climate Risk Disclosures: A Case Study Of Physical Risk Of Two REITS, EQR and ARE (Source).

(Re)Insurance:

A Comparative Analysis Of Incorporating Climate Risk In Underwriting Insurance For AXA Vs. Chubb, Liberty Mutual, And Travelers (Source) and also within their Investment Portfolios (Source).

ESG Default Insurance (Source).

Advice to Future Generations: What Skills Should Finance Students Seek To Acquire In School? (Source)

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 11th October 2023.

Purchase the Climate Finance Course at www.climatefinancecourse.com

She is the lead author/editor of Green Growth That Works: Natural Capital Policy and Finance Mechanisms From Around The World.

Dr. Mandle works with governments, multilateral development banks, and NGOs, especially in Latin America and Asia, to incorporate the environmental impact of land management and infrastructure projects on ecosystem services, social equity, and human health within development decisions.

Prior to joining NatCap, She earned her Ph.D. in Botany from the University of Hawaiʻi at Mānoa and a combined A.B./Sc.B. in Anthropology and Biology from Brown University.

Topics discussed:

Dr. Mandle’s intellectual evolution from a Ph.D. in Botany to researching Natural Capital Policy and Financial Mechanisms.

Overview of the Natural Capital Project at Stanford University.

InVEST Software: Integrated Valuation of Ecosystem Services and Tradeoffs.

500+ National and Global Partnerships with Research Institutions, Governments, NGOs, and Private Sector.

Natural Capital Symposium in Early June 2024.

The International and Multidisciplinary Collaboration Process for  Green Growth That Works: Natural Capital Policy and Finance Mechanisms From Around The World.

Key Concepts: Natural Capital and Ecosystem Services.

Natural Capital and Policy Mechanisms and Case Studies:

Government Subsidy Mechanisms: Watershed Conservation for New York City.

Regulatory Driven Mitigation: Stormwater Retention Credit Program in Washington D.C.

Voluntary Conservation: Amazon Region Protected Areas Program.

Market-Driven Transactions

Ecosystem Certifications: Coffee Products and Eco-Tourism

Impact Investing: Environmental Impact Bond from Washington D.C.

Ongoing Global Project: People, Planet, Prosperity: Mainstreaming Nature in Policy & Investment Decisions

Recent Milestone: Launch of Pacific Natural Capital Fund with initial $15m from Global Environment Facility and Asian Development Bank.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 29th November 2023.

Purchase the Climate Finance Course at www.climatefinancecourse.com

Check out the Climate Finance Podcast Website for more information.

Topics discussed:

Alicia’s intellectual climate journey from creating her own bachelor’s degree at Duke to studying Business and writing Case Studies at Stanford GSB.

Alicia’s Cleantech 1.0 Entrepreneurship with TerraPass - Carbon Offsetting Startup (Stanford GSB Case Study).

Launching a Consulting Firm focused on Climate Philanthropy.

Returning Back to Stanford as a Managing Director of Stanford Steyer-Taylor Center for Energy, Policy, and Finance and a Lecturer at the Stanford Law School.

Studying how Federal and State-level Clean Energy Incentives can be leveraged with Impact Investing.

The evolution from the “Aligned Intermediary” concept to Prime Coalition and Azolla Ventures.

Designing the “Investing in a New Climate” Workshops.

Establishing the Sustainable Finance Initiative with Thomas Heller.

Initial Founding Document and Eventual Changes.

Co-Editing the Book: “Settling Climate Accounts: Navigating the Road to Net Zero.”

Alicia’s Contributions to Government Policymaking:

Serving on the first-ever Decarbonization Advisory Panel for the $209 billion New York State Common Retirement Fund.

Co-Chair of the State of California Climate-related Risk Disclosure Advisory Group.

Sustainability Advisory Council Member at Pacific Gas and Electric Company.

Thoughts on SEC ESG and Climate Risk Disclosures:

Written Testimony to the U.S. House of Representatives.

ImpactAlpha: How the SEC’s rules will – and won’t – solve climate change.

Emissions Liability Management

What’s Next After Carbon Accounting? Emissions Liability Management

Closing questions: Advice to future Climate Investors, Entrepreneurs, and Policymakers.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 18th July 2023.

Purchase the Climate Finance Course at www.climatefinancecourse.com

Topics discussed:

Harvard Undergrad Thesis with Dr. Richard Caves: Exploring the Relationship between Economic Power and Political Influence.

Yale Law School: Learning about Environmental Issues and International Trade.

International Environmental Pro-Bono Cases at Arnold & Porter that Shaped Daniel Esty’s Career Trajectory.

Joining the U.S. Environmental Protection Agency as Special Assistant to William Reilley in 1989 to Negotiating the United Nations Framework Convention on Climate Change in 1992.

Rio 1992 Earth Summit: “Success Versus Real Success.”

Publishing his first book: Greening the GATT: Trade, Environment, and the Future (1994), with support from the Peterson Institute for International Economics and the Council on Foreign Relations.

Early Research Publications with Michael Porter:

Industrial Ecology and Competitiveness: Strategic Implications for the firm (1998).

National Environmental Performance: An Empirical Analysis of Policy Results and  Determinants (2005).

Establishing the Environmental Performance Index in 2002 and maintaining the EPI for over two decades.

“Green to Gold” Book Publications (2006-11):

Green to Gold: How Smart Companies Use Environmental Strategy to Innovate, Create Value, and Build Competitive Advantage with Andrew Winston (2006).

The Green to Gold Business Playbook: How to Implement Sustainability Practices for Bottom-Line Results in Every Business Function with P.J. Simmons (2011).

Daniel Esty’s Accomplishments as the Commissioner of Connecticut’s Department of Energy and Environmental Protection (2011-14).

Regulatory Transformation at CT DEEP.

Formulating and Launching the United States First-ever Green Bank.

Success of the Green Bank: Mobilized $1 billion in Clean Energy Investments by 2015, and the Green Bank Concept spread around the U.S. and the World.

Recent Book Publications:

A Better Planet: 40 Big Ideas for a Sustainable Future (2019)

Special Essay: From Red Lights to Green Lights.

Values at Work: Sustainable Investing and ESG Reporting with Todd Cort (2020)

Special Essays: Creating Next-Generation and Investment-Grade Corporate Sustainability Metrics.

Advanced Introduction to U.S. Environmental Law with Donald Elliot (2021)

Ongoing Work at the World Trade Organization with Dr. Ngozi Okonjo-Iweala (WTO Director-General).

Co-founding The Remaking the Global Trading System for a Sustainable Future Project (Greening Global Trade).

Daniel Esty’s Advice to Listeners: Commitment to Ideas and Action.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 29th August 2023.

Purchase the Climate Finance Course at www.climatefinancecourse.com

He is the author of Geoengineering: The Gamble (2021), Climate Shock: The Economic Consequences of a Hotter Planet (2016; Co-Authored with Dr. Martin Weitzman), and But Will the Planet Notice?: How Smart Economics Can Save the World (2012).

Previously, Dr. Wagner was a Clinical Associate Professor at New York University and the Founding Co-Director of Harvard University's Solar Geoengineering Research Program. He started off his career as a Fellow at the Financial Times, a Consultant at Boston Consulting Group, and a Lead Senior Economist at the Environmental Defense Fund.

Dr. Wagner received an Economics Master's Degree from Stanford University, and a Bachelor's degree in Environmental Science/Policy, and a Ph.D. in Political Economy and Government from Harvard University.

Check out the Climate Finance Podcast Website for more information.

Topics discussed:

Importance of mentorship: The impact of Dr. Martin Weitzman on Gernot Wagner`s evolution in Climate Economics.

Gernot’s Doctoral Dissertation emphasis on Green Accounting.

How Gernot’s work at the EDF allowed him to co-author the World Bank’s Emissions Trading in Practice: A Handbook on Design and Implementation.

Gernot’s first book: But Will the Planet Notice?: How Smart Economics Can Save the World.

Gernot’s second book (with Dr. Weitzman): Climate Shock: The Economic Consequences of a Hotter Planet.

The process of co-founding Harvard University's Solar Geoengineering Research Program.

Gernot’s third book: Geoengineering: The Gamble.

Concepts: Green Moral Hazards, Free-Rider Effects, and Free-Driver Effects.

Financial Requirements for Geoengineering Research and Deployment.

Why It’s Too Late for Big Oil’s Pivot to a Carbon Tax?

Greeninflationism and the European Union’s response to the United States Inflation Reduction Act.

The Climate G2: India and China.

Gernot’s Advice to Aspiring Climate and Environmental Economists.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 12th July 2023.

Purchase the Climate Finance Course at www.climatefinancecourse.com

Topics discussed:

Todd’s two main transitions across his climate journey:

Intellectual Transition: From Biochemistry and Civil Engineering to ESG and Sustainable Finance.

Professional Transitions between Consulting and Academia.

Process of establishing Yale University's Initiative on Sustainable Finance with Daniel Esty.

Exploring how to Incentivize the direction of multi-capital toward inclusive capitalism.

Working on two books with Cary Krosinsky: Sustainable Innovation and Impact (2018) and Sustainable Investing: Revolutions in Theory and Practice (2016).

Five Sustainable Investment Strategies:

Sustainable Alpha Investors

Smart Beta Investors

Activist Investors

Impact Investors

Screening Investors

Producing “Values at Work: Sustainable Investing and ESG Reporting” with Daniel Esty in 2020.

Shortcomings of ESG Performance Data especially ESG Risks dependent on Management Quality Control.

Illustrative Case Studies on ESG Risks regarding Management Quality Control:

BP and the Deepwater Horizon Oil spill (2010).

Volkswagen Scandal: Dieselgate (2015).

Pacific Gas & Electric and Californian Wildfires (2019).

Proposed Solutions to improve ESG Data, Metrics, and Standards.

Balanced View on the Future of ESG:

Negative Perspectives:

Political Backlash against ESG Investing.

Avoiding Greenwashing Pitfalls.

How the Tools of Impact Investing Can Undermine Resilience in the Global South.

Positive Perspectives:

Better Data is Letting Companies and Investors See Trillions in Climate Risk.

The Pragmatist’s Guide to ESG.

Brief Overview of Non-Research Engagements

Teaching the Executive Education Programs on Sustainable Finance and Corporate Sustainability.

Advisory and Consulting Engagements with Private Companies such as Merck, Third Economy, ArcelorMittal, Chevron, and Walt Disney Company.

Advisory Boards of Investment Firms:

JUST Capital, Scientific Advisory Board.

Azolla Ventures, Impact Advisory Committee, and PRIME Coalition, Academic Advisory Board.

Board of Directors of GRASFI: Global Research Alliance for Sustainable Finance and Investing.

Advice to (Aspiring) ESG Academics and Practitioners.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 15th August 2023.

Purchase the Climate Finance Course at www.climatefinancecourse.com

Prior to his teaching and investing endeavors, Vikram Gandhi was a Global Investment Banking executive for 25 years with Morgan Stanley and Credit Suisse. He graduated from the University of Mumbai and Harvard Business School as a Baker Scholar. He is also a Chartered Accountant.

Topics discussed:

Vikram’s career transition from being a Global Investment Banking Executive to teaching at Harvard Business School and initiating Climate Venture Investment firms.

The process of an alumnus coming back to Harvard Business School as a faculty member and collaborating with Shawn Cole and George Seraphim to create an award-winning course.

Growth Drivers of Sustainable and Impact Investing.

Teaching Case Studies at Harvard Business School:

Investment Banks

Goldman Sachs: Making an Imprint in Impact Investing

Morgan Stanley: Building Long-Term Sustainability

Private Equity

The Rise Fund: TPG Bets Big on Impact

Public Markets

Generation Investment Management

Public Equities Impact Investing at BlackRock

State Street—The Development and Growth of SHE

Engagement and Activism

Engine No.1: An Impact Investing Firm Engages with ExxonMobil

JANA Partners: Impact through Activism?

CalSTRS Takes on Gun Violence

Corporate Finance

TotalEnergies CVC Investment in Hyzon Motors

The Ford Motor Company Green Bond

Vikram´s Investment and Entrepreneurial Engagements

Asha Impact Ventures

Growth for Good Acquisition Corp - Sustainability SPAC

Impact Investing Potential in India (Bullish India)

Personal Advice to Investors, Young Professionals, and Students interested in Climate and Sustainable Finance and Investing.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 1st June 2023.

Purchase the Climate Finance Course at www.climatefinancecourse.com

Check out the Climate Finance Podcast website for more information.

Topics discussed:

Bruce’s two main career transitions:

From developing structured financial products for American and Japanese institutional investors to becoming the CEO of EcoSecurities Group and focusing on CDR projects in developing countries.

Eventually transitioning to Columbia Business School (Executive in Residence & Professor of Practice),  and being an author, investor, and advisor.

Publishing his first book “Renewable Energy: A Primer for the Twenty-First Century” in 2019.

Focus on Bruce’s second book “Investing in the Era of Climate Change,” published in 2022.

Five Climate Investment Strategies:

Risk Mitigation

Divestment

ESG Investing

Thematic Impact Investing

Impact First Investing

Case Studies on New Climate Investors:

Corporate Venture Capital Firms

Private Equity Clean Infrastructure Funds

Challenges with Public Equities

Assessing Net Zero Pledges of Public Companies

Picking Winners - Incumbents Versus Disrupters

Perspectives on Government Policies:

Inflation Reduction Act

Carbon Pricing

Personal Advice to Prospective Investors and the Next Generation of Climate Professionals.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 4th April 2023.

Purchase the Climate Finance Course at www.climatefinancecourse.com

Check out the Climate Finance Podcast website for more information.

Topics discussed:

Simmi’s career evolution from working at a Bulge-Bracket Investment Bank to focusing on Climate Finance and Social Impact in India.

Process and reasoning behind launching Climake and emphasizing on data-driven research and pilot programs.

Climake’s 2023 Edition of “State of Climate Finance in India” report.

India’s Short-Term (Peak Emissions in 2030) and Long-Term (2070) Decarbonization Targets.

India requires USD $1 Trillion by 2030 - $120 Billion of Annual Investments - to reach its 2030 target.

Breakdown of USD $22.5 Billion in Indian Climate Tech Investments in 2022.

Investment Opportunities in Indian Climate Tech:

Renewable Energy.

Electric Mobility.

Lithium-Ion Battery Cell Manufacturing.

Agriculture Technology.

Waste Management and Circularity.

Climate Adaptation Solutions (Water, Heating, and Cooling).

Industrial Decarbonization Solutions.

India’s Climate Finance Landscape:

Publicly-Listed Climate Tech Companies.

Universe and Segmentation of Climate Equity Investors.

Local Debt and Non-Dilutive Financing Ecosystem.

Pilot Program currently in progress at Climake:

Climate Asset Financing Facility.

Climate Venture Studio.

Simmi’s advice to Investors (Survey) and Young Entrepreneurs interested in the Indian Climate Tech and Finance Sector.

Subscribe to Climake’s Substack Newsletter for the latest insights.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 3rd May 2023.

Purchase the Climate Finance Course at www.climatefinancecourse.com

The UN PRI was created in 2006 to promote the incorporation of ESG Factors (Environmental, Social, and Corporate Governance) into investment decision-making. It currently has 4900+ signatories (Asset Owners and Investment Management Firms) representing $120+ Trillion in AUM (Assets Under Management) in over 80 countries.

Check out the Climate Finance Podcast website for more information.

Topics discussed:

Fiona’s career progression from the Australian Institute of Superannuation Trustees to the UN PRI.

Origins and Early Days of UN PRI as an organization.

Creation of the Six Principles and Growth in Signatories.

Evolution in Responsible Investment and ESG Integration.

Fiona’s Leadership Challenges and Collective Accomplishments at UN PRI.

Role of Public Policy in ESG: Inevitable Policy Response (IPR).

Case Studies on ESG:

Proxy Battle between Engine No. 1 and Exxon Mobil.

Brumadinho Disaster with Brazilian Mining Giant, Vale.

Rio Tinto blasting 46,000-year old Aboriginal Site.

UN PRI Initiatives on Climate Change (E of ESG):

Montreal Carbon Pledge in 2014 (Measure & Disclose Carbon Footprint of Investment Portfolio).

Climate Action 100+ (Shareholder Engagement during Proxy Season).

Focus on S of ESG: Human Rights Issues such as Modern Slavery and Human Trafficking.

Special Focus on the Role/Importance of Women in ESG Progression (for International Women’s Day on March 8th)

Notable Female Advocates on ESG:

Louise Davidson, CEO of the Australian Council of Superannuation Investors.

Sharan Burrow, Former General Secretary of the International Trade Union Congress.

Sagarika Chatterjee, Leader of GFANZ (Glasgow Finance Alliance on Net Zero).

Maria Lettini, CEO of FAIRR Initiative and US SIF: Forum for Sustainable and Responsible Investment.

Fiona Reynolds’ Current Advisory Engagement Portfolio:

Advisory Roles at Quinbrook Infrastructure Partners, Affirmative Investment Management (Fixed Income), and UNSW Australian Human Rights Institute.

Chair of UN Global Compact Network Australia and Qualitas Group (Real Estate Investing).

Director Roles at the Australian Sustainable Finance Institute and Frontier Advisors (Institutional Investor Advisor).

Advice to future generations on meaningful careers in ESG and Sustainable Finance.

Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 8th March 2023.