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Jo Richardson, head of research at the Anthropocene Fixed Income Institute, explains why the global debt market holds more power over climate transition than the stock market. Of the world’s 100 largest emitters are responsible for 75% of all emissions, but only 30 are listed on the stock market, yet all have debt outstanding. This reality gives fixed income investors unique influence over governments and private companies through the cost of capital.

This episode investigates the surge in Catastrophe Bonds and Insurance Linked Securities. These niche instruments areveal what the market actually thinks about physical climate risk. Jo discusses why historical, backward-looking insurance models are failing to account for our current reality and why we are on the brink of an unprecedented financial regime shift.

Using real-world examples from California wildfires to World Bank programs in Jamaica and the Philippines, the discussion highlights how pricing tail risk can incentivise adaptation and resilience. 

Discover why the bond market is the front line for pricing the future of the climate economy.

ABOUT JO: Josephine Richardson is the Head of Research at the Anthropocene Fixed Income Institute (AFII). Based in London, Jo leads the development of AFII’s research, which supports fixed income investors in aligning their portfolios to climate and sustainability goals. Jo joined AFII from JPMorgan where she worked for 18 years in fixed income markets. She has extensive experience trading structured, flow and index credit products, and in the modelling and valuation of derivatives. Jo has an MA Hons Mathematics & Management Studies from Trinity College Cambridge and is a Fellow of the Chartered Institute for Management Accountants. She serves as trustee and advisor to a number of charities and social enterprises in the UK.

RECOMMENDATIONS: 

The Prize: The Epic Quest for Oil, Money, and Power: Jo recommends this 850-page, Pulitzer Prize-winning history of the oil and gas industry. It tracks the sector from its discovery in Pennsylvania in 1859 and provides essential context for understanding the role fossil fuels have played in global history.

Wild London: A documentary by Sir David Attenborough that showcases the ecosystems existing within the London area.

Tree Amble: A podcast focused on the ancient trees of Epping Forest, which Jo suggests as a way for individuals to connect with and appreciate local nature.

What the Catastrophe Bond Market Could Be Telling Us About Climate Risk: Joseph Jacobelli recommends Jo’s own report, which provides a deep dive into how "cat bonds" act as a tool for pricing the future of the climate economy.

HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep76 onward excerpts from Vivaldi’s La Follia, played by Luca Jacobelli.

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How is AI turning climate reporting from a tick‑box task into something useful? Greg Elders from Canbury Insights explains why financial materiality sits back at the heart of climate strategy. He shows how this shift affects investors, regulators and companies.

We examine Europe pushing for real sustainable impact under CSRD, the US facing ESG uncertainty and mixed signals from regulators, and Asian firms juggling ISSB and TCFD standards while dealing with regional economic pressures.

Greg sets out how large language models read annual reports, proxy statements and local media. They link business growth to physical climate risks such as water scarcity. The result is faster insight and sharper scrutiny.

We discuss targeted stewardship, greenwashing risks and the future of global reporting frameworks. Greg also explains why a single global standard remains a “crazy dream”. Automated scrutiny is already changing corporate behaviour, and the pace is only accelerating.

ABOUT GREG: Gregory Elders is Director, North America, at Canbury Insights. He is a recognised sustainable investing expert, leading Canbury’s North American operations and client engagements. He advises investors and companies in navigating evolving sustainability and stewardship expectations, building robust assessment and reporting systems, and aligning sustainability strategies with financial performance.

HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep76 onward excerpts from Vivaldi’s La Follia, played by Luca Jacobelli.

Comments/ideas: [email protected]

Unlock the secrets of solar bankability in this episode with Harsh Goenka from Solargis, a leading solar data and software provider. We explore how high-quality satellite data and AI-driven forecasting reduce investment risk and manage weather variability. Discover how precise resource assessment helps grid operators transition from coal to reliable, base-load renewable energy by optimising battery storage. Learn why accurate solar data is the essential "fuel" for scaling climate finance and navigating extreme weather risks like hailstorms in emerging markets.

ABOUT HARSH: Harsh Goenka is the Regional Sales Director for Europe and APAC at Solargis. An engineer by training, Harsh brings over a decade of expertise in the renewable energy sector, specialising in bridging the gap between technical solar engineering and financial risk assessment. Prior to his current leadership role, he was instrumental in mentoring commercial teams and forging strategic partnerships with major institutional investors and IPPs globally. He remains committed to advancing data-driven decision-making to accelerate the global transition to clean energy.

HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep76 onward excerpts from Vivaldi’s La Follia, played by Luca Jacobelli.

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Host Joseph Jacobelli welcomes Mike Thomas, leading energy economist and founder of The Lantau Group (TLG), for their annual review and 2026 outlook. Mike argues that we have reached a historic tipping point where solar-plus-battery hybrids are now cost-competitive with traditional gas and coal, often without requiring a premium for base-load-style power.
The conversation dives deep into the "strategic pivot" in China that has led to a global battery fire sale, the surge in data centre demand in hubs like Johor, and the counter-intuitive risks posed by government-run green energy auctions. Mike also highlights why Malaysia is currently the region's most "ready" market and explores the legal and regulatory "software bugs", such as "intertemporal equity", that must be fixed to allow the physical energy transition to keep pace with technological reality.

LINKS: Research From TLG.

ABOUT MIKE: Founding partner at The Lantau Group with over 30 years of consulting experience, focussing on the energy sector. He advises a wide range of energy sector stakeholders on strategic, regulatory, and competition matters; sustainability; market design and development; and commercial transactions.  Prior to co-founding in 2010, he headed the Asia Pacific Energy & Environment practice of a global consulting firm. Mike has an MPP from Harvard Kennedy School, and a BA in Economics from Carleton College. Within the Asia Pacific region, he has led many significant engagements involving the robust application of economics and analytics to a wide variety of business, policy, and regulatory challenges affecting the electricity and gas sectors. He works extensively with multinationals on sustainability strategies, focussing on the best options in different markets, and on the regulatory and policy changes needed to support increasing renewable energy contracting options.

HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep76 onward excerpts from Vivaldi’s La Follia, played by Luca Jacobelli.

Comments/ideas: [email protected]

This special year‑end episode of Asia Climate Finance unpacks the three defining themes that shaped the energy transition in 2025. Joseph Jacobelli explores the ratchet effect driving unstoppable momentum, Asia’s emergence as a global rule shaper, and the rise of blended finance models unlocking capital for clean energy. He also highlights major trends from AI‑driven electricity demand to the return of nuclear, nature as infrastructure, and new breakthroughs in hard‑to‑abate sectors. A concise, insight‑rich wrap‑up for anyone tracking climate finance, energy markets, and the transition across Asia Pacific.

HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep76 onward excerpts from Vivaldi’s La Follia, played by Luca Jacobelli.

Comments/ideas: [email protected]

Asia's climate finance landscape is evolving rapidly. In our discussion, our guest,  KPMG's Ha Do, explores how Asian governments are shifting from policy ambitions to concrete implementation, the climate finance mechanisms proving most effective in mobilising capital, and why state-owned enterprises remain at mid-stage ESG maturity. We examine green public-private partnerships, regulatory convergence around global standards, and why Asia is increasingly positioned to shape, rather than follow, global climate finance architecture.

ABOUT HA: Ha leads the Government and Public Sector, and IDAS practice for KPMG in the Asia Pacific region. She specializes in advising central and local governments, NGOs including multilateral and bilateral development banks/agencies, state-owned enterprise groups, and relevant stakeholders (private enterprises, starts-up, etc) especially in projects and transformation across areas of infrastructure, healthcare and sustainability. Before assuming the regional roles, Ha was Senior Partner of KPMG Hanoi office, Head of Infrastructure, Government & Healthcare (IGH) Sector, Head of Environmental, Social and Governance (ESG) and Head of State-Owned Enterprises of KPMG Vietnam and Cambodia. She serves as a board director of Pacific Basin Economic Council (PBEC), an international business association that promotes cross-border trades. She also sits in the Asia Pacific Advisory Council for Global Infrastructure Project Financing Association (IPFA), a global organization for the infrastructure and energy financing industry. Ha has recently participated in the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP)’s Financing Energy Transition program as one of their Advisors. Ha has been a long-time Governor in the American Chamber of Commerce (AmCham) Board of Governors in Hanoi. She is currently the Chairwoman of Women in Business Committee in AmCham. Ha has been a Board Member of Sustainable Finance Sector Committee (SFSC) under European Chamber of Commerce, working with various stakeholders to mainstream green business, abolish barriers, and create the conditions for green business to thrive. Ha was Vice Chairwoman of the Hanoi Business Association for the period of 2017 – 2021, and she is actively involved in promoting business of Vietnamese private enterprises. She sits on various advisory boards for non-profit organisations and runs SympaMeals with her friends, a charity fund providing free meals to poor patients in Hanoi’s cancer and heart hospitals.

HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep76 onward excerpts from Vivaldi’s La Follia, played by Luca Jacobelli.

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Stephen Edkins, CEO of Koya Nuclear, examines how TRISO fuel and small modular reactors could reshape Asia’s decarbonisation pathways. The discussion explains what TRISO is, why its high-temperature resilience and safety profile matter, and how it changes the economics of SMR projects. Stephen also explores government policy, financing hurdles, supply-chain needs, and why he expects a significant SMR build-out once a handful of designs reach commercial scale in the 2030s.

ABOUT STEPHEN: Stephen Edkins is the Chief Executive Officer of Koya Nuclear, a company that focuses on producing and supplying TRISO nuclear fuel for small modular reactors. He has been working and investing in the clean energy space for over 20 years. He was part of the team that took solar and battery companies to the New York Stock Exchange (ticker symbol SOL) and the London Stock Exchange (ticker symbol IKA) respectively, and was also involved in the early stages of Envision Energy. Prior to that, he was an investment banker in New York covering Latin America with Banco Santander. Originally from the United Kingdom, he holds a Master of Arts degree in Philosophy, Politics and Economics from the University of Oxford.

HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep76 onward excerpts from Vivaldi’s La Follia, played by Luca Jacobelli.

Comments/ideas: [email protected]

Explore the powerful links between climate, health, and development. Hear from Dr Vera Siesjö how the Asia Infrastructure Investment Bank is tackling health challenges in Asia and beyond. Discover how climate change, digital innovation, and infrastructure investment shape health for millions. Learn why a healthy planet means healthier lives.

REF: INFRASTRUCTURE FOR PLANETARY HEALTH

ABOUT VERA: Vera Siesjö is a global health leader with nearly two decades of international experience advancing planetary health, health systems transformation, and sustainable development. At the Asian Infrastructure Investment Bank (AIIB), she leads the Bank’s thought leadership agenda at the nexus of health, nature, climate, and inclusion—helping shape strategies that connect human well-being with the resilience of our planet. Before joining AIIB, Vera held leadership roles across leading international organizations. As Advisor to the Swedish International Development Cooperation Agency (Sida), she oversaw health programs across Asia, North Africa, and the Middle East. She also served as Senior Program Officer and founding team member of the Defeat NCD Partnership at UNOPS in Geneva, and as Director of ACCESS Health International, a global think tank and implementation partner working to accelerate health systems reform worldwide. Throughout her career, Vera has led pioneering initiatives in health financing, climate and health integration, digital innovation, and people-centered healthcare. She has contributed to the creation and management of key global collaborations, including the Center for Health Market Innovation and the Joint Learning Network for Universal Health Coverage. An entrepreneur at heart, Vera co-founded E-Pharma and continues to advise several health sector startups driving innovation and equity in care. Vera holds a Doctor of Psychology from UP and a Master’s in International Public Health from the University of Sydney.

HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep76 onward excerpts from Vivaldi’s La Follia, played by Luca Jacobelli.

Comments/ideas: [email protected]

Discover how nature itself is becoming the new infrastructure shaping our future. In this episode, experts from the Asian Infrastructure Investment Bank reveal how wetlands, mangroves, and forests are not just scenery but powerful tools for climate resilience and sustainable economic growth. We discuss innovative finance solutions mobilising private capital, the challenges of valuing natural assets, and why protecting nature is critical for survival, economics, and smart planning.

REF: INVESTING IN NATURE AS INFRASTRUCTURE

ABOUT ERIK: Erik Berglof is the Bank’s inaugural Chief Economist. He sets the vision and strategy for the Economics Department and leads the planning, implementation and supervision of its work plan in support of the Bank’s mandate. Prior to joining AIIB in September 2020, he was Director of the Institute of Global Affairs, London School of Economics, and Chief Economist of the European Bank for Reconstruction and Development from 2006 to 2015, where he was part of creating, and co-led, the Vienna Initiative, a European crisis response team credited with mitigating the impact of the 2008 Global Financial Crisis. He is an expert in transition economics and institutional transformation through private sector development. He holds a PhD in Financial Economics and an MA in Business and Economics, both from the Stockholm School of Economics. Berglof is from Sweden.

ABOUT JP: Jang Ping Thia joined the AIIB in 2016 and is currently the Lead Economist and the Manager of the Economics Department. The department is responsible for economic analysis at AIIB, covering country macroeconomics, debt sustainability analysis, review of project economics, to support investment operations. The department is also responsible for AIIB’s flagship publication, the Asian Infrastructure Finance report, which highlights infrastructure development and financing issues. He was previously with the Singapore Ministry of Finance, covering expenditures on security, sports, community and telecommunication infrastructure. With a PhD from the London School of Economics, he also held a stint as the Economics Director at the Ministry of Trade and Industry, overseeing economic forecasting, research and the development of the Economist Service. Working on trade and geography, infrastructure development and finance related issues, his research has been published in various journals.

HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep76 onward excerpts from Vivaldi’s La Follia, played by Luca Jacobelli.

Comments/ideas: [email protected]

Fuel your understanding of climate finance and energy transition. Join Woochong Um, CEO of the Global Energy Alliance, as he reveals how bold partnerships and innovative financing are powering global clean energy solutions. Discover real-world stories of impact, scaling technologies, and breaking down barriers to a greener future. Tune in to unlock the future of sustainable development.

GEAPP REPORT: Impact Report 2025

ABOUT WOOCHONG: Woochong Um is the Chief Executive Officer of the Global Energy Alliance for People and Planet (GEAPP). Following a distinguished career at the Asian Development Bank (ADB), Woochong brings a wealth of experience and expertise in sustainable development, climate financing, and strategic development to GEAPP. At GEAPP, Woochong leads the Alliance’s strategy, finance mobilization and solutions to accelerate the transition to renewable energy in emerging economies, addressing a defining challenge of our time: ending energy poverty and tackling the climate crisis through a just transition to renewable energy. His appointment marks an important milestone for GEAPP’s commitment to realizing greater change and opportunities to unlock green energy in Africa, Asia, Latin America, and the Caribbean to power progress and secure an inclusive, resilient future for all.

HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep76 onward excerpts from Vivaldi’s La Follia, played by Luca Jacobelli.