What grade does the finance industry deserve in terms of pricing climate risk? Listen to Jason Mitchell discuss with National Oceanic and Atmospheric Administration (NOAA) Chief Scientist Dr. Sarah Kapnick, about the scope of NOAA’s mission; NOAA’s billion-dollar Weather and Climate Disasters dataset and what it means for weather attribution; and why NOAA itself represents a remarkable value to the US people as an argument against dismantling or privatising it. Dr. Sarah Kapnick is Chief Scientist at NOAA, which plays a critical role in understanding and predicting changes in climate, weather, oceans, and coasts. Bringing a unique mix of science and finance to NOAA, Dr. Kapnick's background includes serving as a senior climate scientist at JP Morgan Chase, a leadership role at NOAA's Geophysical Fluid Dynamics Laboratory, and an early career in investment banking. Note: This episode was recorded prior to Dr. Kapnick’s departure from NOAA.

Is ESG a “hopeless muddle”? Listen to Jason Mitchell discuss with SEC Commissioner Hester Peirce, about free markets and free minds; climate and ESG disclosures; the implications of Loper Bright on the Chevron Doctrine and agency authority; and the merits of financial innovation in crypto versus ESG. Commissioner Hester Peirce was appointed by President Donald Trump to the U.S. Securities and Exchange Commission in 2018. Before joining the SEC, Commissioner Peirce conducted research on the regulation of financial markets at the Mercatus Center at George Mason University. She was a Senior Counsel on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, where she advised Ranking Member Richard Shelby and other members of the Committee on securities issues. Commissioner Peirce served as counsel to SEC Commissioner Paul S. Atkins. She also worked as a Staff Attorney in the SEC’s Division of Investment Management.

Can human capital drive portfolio returns? Listen to Jason Mitchell discuss with Professor Dan Ariely, Duke University, about what a human capital factor looks like; how incentives and the basic idea of “feeling valued “are fundamental drivers behind employee motivation; and why human capital can represent an overlooked source of alpha. Dan Ariely is the James B. Duke Professor of psychology and behavioural economics at Duke University. He is a serial entrepreneur, co-founding several companies implementing insights from behavioural science including BEwork, Genie, Irrational Labs, Timeful, and Irrational Capital. Dan has written many books, including three New York Times best-selling books: Predictably Irrational, The Upside of Irrationality, and The Honest Truth about Dishonesty. His most recent book is Misbelief: What Makes Rational People Believe Irrational Things. Irrational Capital applies workplace behavioural science, financial acumen, and deep data science to capture the powerful connection between human capital and stock performance. It is the first firm to quantitatively capture the lift that strong corporate culture has on a company’s stock price in an investable way.

What’s the role of an influencer in the effort to address climate change? Listen to Jason Mitchell discuss with Assaad Razzouk, CEO of Gurīn Energy, about what’s at stake in the fight for climate action, how to think about the energy transition in the context of this year’s global electoral cycle, and, of course, why we need more angry clean energy people.

How is the Loan Programs Office providing unprecedented amounts of capital for clean energy innovations? Listen to Jason Mitchell discuss with Jigar Shah, US Department of Energy Loan Programs Office Director, his $400 billion mandate in commercialising clean energy innovations, how these technologies align with US energy security goals and climate commitments, and what the multiplier effect of LPO financing could mean for private sector investment. Jigar Shah is the Director for the Loan Programs Office (LPO) at the US Department of Energy where he leads and directs the organisation's considerable loan authority within manufacturing, innovative project finance, and tribal energy. With more than 25 years of experience in clean energy, he is an expert in project finance, clean technology, and entrepreneurship, as well as a visionary leader and innovator in the field of sustainable infrastructure. Prior to joining the DOE, Jigar co-founded and served as the President of Generate Capital, the leading investment and operating platform for distributed energy storage, microgrids, fuel cells, electric vehicles, and organic waste management. He also founded SunEdison, the inventor of the modern solar-as-a-service industry, and served as the founding CEO of the Carbon War Room, a global non-profit founded by Sir Richard Branson to help entrepreneurs address climate change. Jigar is the author of Creating Climate Wealth: Unlocking the Impact Economy, a book that outlines his mission to scale the transition to a global clean energy economy.

What does it mean to be an innovator and early adopter in sustainable aviation? Listen to Jason Mitchell discuss with David Morgan, easyJet COO, about how aviation is undergoing its own energy transition; the factors driving easyJet’s decarbonisation ambitions; and why it’s vital that airlines like easyJet keep pushing the envelope on technological innovation.

Where are the tensions in the climate science community driving research and real-world policy impact? Listen to Jason Mitchell discuss with Professor Adam Sobel, Columbia University, about what the tropics and wet bulb temperature mean in the context of climate change; how to think about the trade-offs between the applied and theoretical sides of science; and why we need to rethink the social responsibility of climate scientists. Adam Sobel is Professor at Columbia University’s Lamont-Doherty Earth Observatory and Engineering School. He studies the dynamics of climate and weather phenomena, particularly in the tropics. In recent years he has become particularly interested in understanding the risks to human society from extreme weather events and climate change. He is author or co-author of over 150 peer-reviewed scientific articles; Storm Surge, a book about Hurricane Sandy; and numerous op-eds. He is also host of the Deep Convection podcast.

What will the upcoming EU elections mean for sustainable investors? Listen to Jason Mitchell discuss with Henry Foy, the FT's Brussels Bureau Chief, about June’s EU elections, why the policy agenda will likely pivot towards defence an away from the Green Deal, and how EU policymakers may try to reframe defence and security for sustainable investors. Henry Foy is the FT's Brussels Bureau Chief, leading coverage of EU affairs and managing a team of correspondents that reports on European politics and policy. He is also the lead writer of Europe Express, the FT’s agenda-setting weekday newsletter on European affairs. Previously, Henry was Moscow Bureau Chief, where he interviewed Vladimir Putin and charted his regime's descent into repression. He has also been posted in Warsaw and London. He joined the FT in 2013 from Reuters, where he was a correspondent in India.

How prevalent are psychological biases like confirmation bias and black-and-white in your thinking? Listen to Jason Mitchell discuss with Professor Alex Edmans, London Business School, about why misinformation is a problem that affects us all; how we can counter it through more critical, rigorous analysis; and what it means for the world of sustainable investing. Alex Edmans is Professor of Finance at London Business School. Alex serves as non-executive director of the Investor Forum, on the World Economic Forum’s Global Future Council on Responsible Investing, on Royal London Asset Management’s Responsible Investment Advisory Committee, and on Novo Nordisk’s Sustainability Advisory Council. Alex’s book, Grow the Pie: How Great Companies Deliver Both Purpose and Profit, was a Financial Times Book of the Year and has been translated into nine languages, and he is a co-author of Principles of Corporate Finance (with Brealey, Myers, and Allen). He is a Fellow of the Academy of Social Sciences. His latest book, May Contain Lies: How Stories, Statistics, and Studies Exploit Our Biases – And What We Can Do About It comes out in April 2024.

Why is the world’s largest single waste stream—demolition concrete—one of the secrets to carbon dioxide removal? Listen to Jason Mitchell discuss with Neustark Head of Carbon Dioxide Removal, Lisa Braune, about what the world’s largest waste stream—demolition concrete—means as a carbon sink; how the private sector and governments are working to support and embed CDR technologies; and why CDR certification is so important in the wake of the recent carbon offsets scrutiny.

To what degree can investors control climate outcomes? Listen to Jason Mitchell discuss with Professor Madison Condon, Boston University School of Law, about what universal ownership theory represents in the context of climate change and how this has recently changed. In addition, this far-reaching conversation highlights how private sector ownership of climate models has created a ‘climate intelligence arms race’ that has serious oversight implications. Madison Condon is an Associate Professor at Boston University School of Law where she teaches Environmental Law and Corporations. Her research focuses on climate change and its relationship to corporate governance, market risk, and financial regulators. She was first a Legal Fellow, and then an Attorney, at the Institute for Policy Integrity from 2017-2020. Before that, she clerked for Judge Jane Kelly of the Eighth Circuit Court of Appeals and was a fellow with the Earth Institute at Columbia University.

Why is a multi-disciplinary approach key to addressing biodiversity loss? Listen to Jason Mitchell discuss with Professor Simon Levin, Princeton University, about what’s at stake in the effort to preserve biodiversity loss; how his work has expanded into the sociological, political economy and policy space; and why a common language — a grammar for economic reasoning — is vital for bringing together different disciplines to understand nature. Professor Simon Levin is the James S. McDonnell Distinguished University Professor in Ecology and Evolutionary Biology at Princeton University and the Director of the Center for BioComplexity in the High Meadows Environmental Institute. His research examines the structure and functioning of ecosystems, the dynamics of disease, and the coupling of ecological and socioeconomic systems. Simon is a Fellow of the American Academy of Arts and Sciences and the American Association for the Advancement of Science, a Member of the National Academy of Sciences and the American Philosophical Society, and a Foreign Member of the Istituto Veneto di Scienze, Lettere ed Arti, and the Istituto Lombardo. He has over 500 publications and is the editor of the Encyclopedia of Biodiversity and the Princeton Guide to Ecology. Simon’s awards include: the Heineken Prize for Environmental Sciences, Kyoto Prize in Basic Sciences, the Ecological Society of America’s MacArthur and Eminent Ecologist Awards, the Tyler Prize for Environmental Achievement, and the National Medal of Science.

How is the FCA’s SDR framework a powerful example of second mover advantage? Listen to Jason Mitchell discuss with Sara Woodroffe, Manager of the FCA’s ESG Policy & Advisory Team, about what the FCA’s new SDR framework means for investors, how it aims to provide anti-greenwashing protections per its mandate of consumer protection, and why a sustainable finance investment labelling regime could well be the antidote to one purely focused on disclosure.

What is the outlook for UK climate policy in 2024? Listen to Jason Mitchell discuss with Chris Stark, CEO of the Climate Change Committee, about how the implications of COP28 could reshape the UK’s global climate leadership; what the Climate Change Committee is doing to advise the UK government on its climate action and adaptation strategy; and why it’s vital we find more powerful ways to drive the net zero transmission into the real economy into the next carbon budget. Chris Stark is Chief Executive of the Climate Change Committee, and previously Director of Energy and Climate Change in the Scottish Government where he led the development of Scotland’s approach to emissions reduction and the energy system transition. The Climate Change Committee, which was established under the UK’s Climate Change Act in 2008, is an independent, statutory body sponsored by the Department for Energy Security and NetZero that advises both the UK and devolved governments on emissions targets and on progress in reducing greenhouse gas emissions and adapting to the impacts of climate change.  

To what degree can investors control climate outcomes? Listen to Jason Mitchell discuss with Dr. Tom Gosling, London Business School, why investors may need to rethink their net zero commitments; what universal ownership theory represents in the context of climate change; and how engagement at different levels plays a fundamental role in terms of investor influence. Dr. Tom Gosling is an Executive Fellow in the Department of Finance at the London Business School and an Executive Fellow at the European Corporate Governance Institute where he contributes to the evidence-based practice of responsible business by connecting academic research, public policy, and corporate action. His projects at LBS have included a collaboration with PwC on whether and how executive pay should be linked to ESG targets and a collaboration with The Investor Forum on What does stakeholder capitalism mean for investors? Tom is also on the ESG Advisory Committee at the Financial Conduct Authority and on the Advisory Panel of the Financial Reporting Council.

Listen to Jason Mitchell discuss with Andrew Strait, Ada Lovelace Institute, about how to think through the typology of AI harms, what to make of the different national and supranational efforts to regulate AI, and why the development of strong AI governance systems is in everyone’s interest. Andrew Strait is an Associate Director at the Ada Lovelace Institute where he is responsible for Ada’s work addressing emerging technology and industry practice. He’s spent the last decade working at the intersection of technology, law and society. Prior to joining Ada, he was an Ethics & Policy Researcher at DeepMind, where he managed internal AI ethics initiatives and oversaw the company’s network of external partnerships. Previously, Andrew worked as a Legal Operations Specialist at Google where he developed and implemented platform moderation policies on areas such as data protection, hate speech, terrorist content and child safety.

How are national policymakers driving transition finance into the real economy? Listen to Jason Mitchell discuss with Dr. Esther Wandel, German Federal Ministry of Finance, how the German Federal Ministry of Finance is evolving its Sustainable Finance Strategy and what ‘harmonisation’ holds for sustainable regulations and standards. Dr. Esther Wandel is head of division for Investment Funds and Sustainable Finance at the German Federal Ministry of Finance. She focuses on the international, European and national Agenda on sustainable finance and asset management topics. Esther led the financial services team of the Permanent Representation of Germany in Brussels for two years where she led and coordinated work on financial services during the German EU presidency. She worked for the European Commission for seven years as well as Financial Conduct Authority in London for three years.

When can sustainable investing be counterproductive? Listen to Jason Mitchell discuss with Professor Kelly Shue, Yale University School of Management, why brown firms—not green firms—will drive the greatest emissions savings, how the cost of capital can be a powerful lever for behaviour change, and why it’s vital that sustainable investors move more towards energy transition-type strategies. Kelly Shue serves as a Professor of Finance at the Yale University School of Management. Her academic interests lie at the intersection of behavioural economics and empirical corporate finance. Her research has explored the Peter Principle, compensation and promotions, gender and negotiations, the gambler's fallacy, contrast effects and non-proportional thinking in asset pricing, and executive social networks. Her research has been featured in numerous news outlets including CNN, NPR, and the Wall Street Journal, and has been awarded the AQR Insight Award, the Wharton School-WRDS Award for Best Empirical Finance Paper, and the UBS Global Asset Management Award for Research in Investments. She serves as an associate editor at the Journal of Finance and Journal of Financial Economics, and previously served as an editor at the Review of Finance.  Her latest paper is Counterproductive Sustainable Investing: The Impact Elasticity of Brown and Green Firms

In a world of artificially generated content and ideas, where is the comparative advantage for humans? Listen to Jason Mitchell discuss with Professor Anton Korinek, University of Virginia, about how to think through the economic—and specifically labour productivity—implications of generative AI, what AI could potentially mean for the last 40 years of wage inequality, and why it’s critical we rethink traditional forms of learning given the impact that AI could have on education.

What’s at stake in the next general election for UK climate policy? Listen to Jason Mitchell discuss with Rt. Hon. Chris Skidmore MP, former Minister and Chair of the UK Net Zero Review, about why it’s critical that the UK maintain its international climate leadership; what should the UK do about domestic oil and gas production in another energy security crisis; and how the UK can respond to the US and EU clean energy stimulus programmes. The Right Honourable Chris Skidmore is the Conservative Member of Parliament for Kingswood. He was the UK’s former Energy and Clean Growth Minister attending cabinet who signed the UK’s net zero commitment into law in June 2019, and also served as Minister for Universities, Science, Research and Innovation twice between 2018 and 2020. In September 2022 he was appointed Chair of the Net Zero Review, an independent review into the delivery of UK net zero climate commitments. The report of the review, Mission Zero, was published in January 2023.

Is AI your co-worker or your job replacement? Listen to Jason Mitchell discuss with Dr. Mike Kollo, CEO of Evolved Reasoning, about how to think through the implications of generative AI, what large language models like ChatGPT mean for the workplace, and why our focus needs to shift towards understanding the new areas of growth, industry and expertise that these systems open up.

Does Europe face a climate protection insurance gap? Listen to Jason Mitchell discuss with Margherita Giuzio, European Central Bank, about what’s at stake from a financial stability and macroeconomic perspective; how the ECB is proposing a ladder of approaches; and why public-private sector solutions like impact underwriting are vital to reducing moral hazard risks. Margherita is a Team Lead in the Market-Based Finance division of the Macroprudential Policy and Financial Stability Directorate at the European Central Bank. Her research interests include non-bank financial intermediation, climate-related risks to financial stability and sustainable finance. She has co-authored a number of papers examining the intersection of sustainability and financial markets including “What to Do About Europe’s Climate Insurance Gap”, “The Low-Carbon Transition, Climate Commitments and Firm Credit Risk”, and “Are Ethical and Green Investment Funds More Resilient?”

What does science reveal about a potential collapse of the Earth system? Listen to Jason Mitchell discuss with Professor Tim Lenton, University of Exeter, about what’s at stake when we talk about planetary boundaries, early warning systems and climate tipping points; how the supporting science and empirical evidence have expanded over the last decade; and why GAIA 2.0 represents a powerful framework to reinforce global sustainability.

How are the courts reshaping client action? Listen to Jason Mitchell discuss with Amy Rose, Global Director of Litigation, Governance and Legal Services for ClientEarth, about what strategic impact litigation represents; how constitutional and human rights theories are providing a framework for climate legal action; and why the courts, not policymakers, may well end up reshaping definitions of ESG and greenwashing. Amy Rose is Global Director of Litigation, Governance and Legal Services for ClientEarth. She specialises in strategic impact litigation and oversees the strategy and management of ClientEarth's diverse and growing litigation portfolio. Amy headed the ClientEarth Strategic Litigation Programme which laid the groundwork for bringing litigation at scale across Europe. She focuses on supporting our legal teams to bring a wide range of climate and environmental cases across Europe and around the world. Amy also manages ClientEarth's organisational Monitoring, Evaluation and Learning framework, and sits on the Risk and Compliance Committee, ensuring compliance with ethical and practice of the law obligations of ClientEarth lawyers licensed in over 15 countries. 

How is climate change redefining security narratives? Listen to Jason Mitchell discuss with General Tom Middendorp, former Chief of Defence for the Netherlands and author of Climate General, about what’s at stake when we talk about climate security; how the defence sector is evolving to address climate risk, from net zero paths to disaster relief missions; and why the military’s level of readiness, resilience and redundancy offers compelling lessons for how to tackle climate change. General (Ret.) Tom Middendorp General (Ret.) Tom Middendorp was the Chief of Defence for the Netherlands from 2012 to 2017 in a military career spanning 38 years, and the author of a new book, Climate General. He commanded soldiers on all levels, led a large multinational taskforce in the south of Afghanistan and was involved in over twenty different military missions as the Director of Operations. As the Chief of Defence for the Netherlands, General Middendorp led the Defence organisation through an intense period of transition and international cooperation. He joined the Clingendael Institute as a Senior Research Associate and is Chairman of the International Military Council on Climate and Security. He is also the Netherlands’ Special Envoy on European Defence Cooperation and a Senior Advisor in the areas of security, defence and strategic leadership. 

After the energy crisis, what comes next? Listen to Jason Mitchell discuss with Tim Gould, IEA Chief Energy Economist, the IEA’s latest World Energy Outlook report, the implications of the energy crisis, and policymakers’ efforts to balance decarbonisation, energy security and price affordability. Tim Gould is the International Energy Agency’s Chief Energy Economist. He provides strategic advice on energy economics across a wide range of IEA activities and analysis. Tim, is also Head of the Division for Energy Supply and Investment Outlooks, in which capacity he co-leads the World Energy Outlook, the IEA’s flagship publication, and oversees the Agency’s work on investment and finance, including the World Energy Investment report. Tim joined the IEA in 2008, initially as a specialist on Russian and Caspian energy, and in recent years has designed and directed the World Energy Outlook together with the IEA’s Chief Energy Modeller. Prior to joining the IEA, Mr Gould was Senior Advisor to the Secretary General of the Energy Charter and has ten years of experience in Eastern Europe, primarily in Ukraine.

What makes someone an ESG expert? Listen to Jason Mitchell discuss with Professor Kim Schumacher at Kyushu University, about what competence greenwashing represents; how to capacity plan and build around subject matter expertise in the natural sciences; and why we need to consider an ESG Skills Materiality framework towards this effort. Professor Kim Schumacher is an Associate Professor in Sustainable Finance and ESG at Kyushu University in Japan. He’s also a Visiting Lecturer at the Tokyo Institute of Technology Japan and an Honorary Research Associate at the University of Oxford. His research focuses on ESG data and impact metrics, sustainability reporting, greenwashing, green bonds, natural capital, nature-based carbon offsets, biodiversity and ecosystem services, renewable energy project development, and TCFD/TNFD disclosures. He is also a Lead Author for the UN’s Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services, a member of the Technical Working Groups of the Climate Disclosure Standards Board, the Climate Bonds Initiative, and the Green Finance Network Japan.

What does the data say about our net zero ambitions? Listen to Jason Mitchell discuss with Vaclav Smil, academic and author of the New York Times bestseller How the World Really Works, what the energy transition by 2050 realistically means; how energy transitions have evolved historically; and what are the real implications when people talk of a climate ‘earthshot’. Vaclav Smil Vaclav is Distinguished Professor Emeritus at the University of Manitoba. Regarded as being among the most important thought leaders of our time, he’s the author of forty-five books and over 500 papers, including the New York Times bestsellers How the World Really Works and Energy and Civilization: A History. One of Bill Gates’ favourite authors, Vaclav has spent his career exploring new ground in the fields of energy, environmental and population change, food production and nutrition, technical innovation, risk assessment and public policy. He’s been named by Foreign Policy as one of the Top 100 Global Thinkers.

How is the UK FCA driving the next evolution of sustainability regulation? Listen to Jason Mitchell discuss with Sacha Sadan, FCA Director of ESG, what the FCA’s new SDR framework means for investors; how it aims to provide anti-greenwashing protections; and why we need to work towards greater harmonisation across the multitude of global sustainability standards. Sacha Sadan Sacha Sadan is the Director of ESG at the UK Financial Conduct Authority (FCA) where he oversees ESG across the wide spectrum of regulatory activities and reports to the CEO. Prior to the FCA, Sacha was Director of Investment Stewardship and on the board at Legal and General Investment Management where he had responsibility for investment stewardship, collaborating with other investors, governments and regulators. Sacha was previously a UK equity manager at Gartmore where he co-managed a range of UK equity hedge, retail and institutional funds.

Can the fashion industry become truly sustainable? Listen to Jason Mitchell discuss with Janice Wang, Alvanon CEO, what sustainability means in a fashion context, how to adapt to shifting demographics and changing body types, and why efficiencies like 3D and digital technologies are already revolutionising the market. Janice Wang, CEO Janice Wang is CEO of Alvanon and Chairwoman of the Board at MOTIF, the online professional development platform for the apparel industry. She is a Member of the Board of The Hong Kong Research Institute of Textiles and Apparel Limited, a Member of the Advisory Board for The Mills Fabrica, and Director of the Board, Hong Kong Chapter, for the International Women’s Forum.

What is COP27 set to accomplish? Listen to Jason Mitchell discuss with Quamrul Chowdury, COP27 Lead Climate Negotiator, about what to expect going into COP27, how G-77 and LDC negotiating positions are taking shape, and what’s at stake for the most climate-vulnerable countries. Quamrul Chowdury has been a climate negotiator for over thirty years. He serves as a Lead Climate and Sustainable Development Negotiator of the 48 Least Developed Countries (LDCs) and 134 G-77 Developing Countries at UN bodies including UNFCCC and UNCBD. He’s also a part of the Bangladesh climate negotiation team. He served as Chair of UN Kyoto Protocol Joint Implementation Committee and was a member of UN Climate Adaptation Committee as a nominee of the developing countries.

Is the criticism of ESG well-founded or political posturing? Listen to Jason Mitchell discuss with Professor Ioannis Ioannou, London Business School, about what is at stake in the backlash to ESG, how to think about the factors driving its politicisation, and why we need to work harder towards finding ways to turn down the heat in this increasingly partisan debate. Prof. Ioannis Ioannou Ioannis Ioannou is a professor at London Business School, and strategy scholar whose research focuses on Sustainability and Corporate Social Responsibility. He consults on and researches how environmental, social and corporate governance (ESG) strategies are adopted, embedded and successfully implemented by organizations globally. His work has been published in top academic journals, including the Strategic Management Journal, Organization Science and the Journal of International Business Studies. He is the co-Chair of the Sustainability Advisory Panel of Merck KGaA and a member of the ESG Advisory Board of the DWS Group. Ioannis also recently served on the Stakeholder Working Group of the UK Treasury's Asset Management Taskforce.

How are multilateral institutions like the IMF helping close the gender gap? Listen to Jason Mitchell discuss with Dr. Ratna Sahay, IMF Senior Advisor on Gender, about what’s at stake when we talk about gender disparities, how the IMF’s first Strategy Toward Mainstreaming Gender advances this effort and why it’s vital that we focus on the multiplier effects to drive great, more inclusive economic growth. Dr. Ratna Sahay is Senior Advisor on Gender in the Office of the Managing Director at the International Monetary Fund. She is responsible for mainstreaming gender in the Fund's core activities-surveillance, programs, and capacity development. Prior to this role, she was a Deputy Director in the Monetary and Capital Markets Department. She has worked in several regional departments in the IMF and has previously served as Advisor to Stanley Fischer (First Deputy Managing Director) and Michael Mussa and Kenneth Rogoff (both Economic Counselors at the IMF).

If the carbon offset market is falling short, how do we fix it? Listen to Jason Mitchell discuss with Professor Thomas Hale, Oxford University, about what’s at stake in net zero commitments, how to think about potential policy solutions and why it’s vital that we work towards a more robust regulatory system to oversee carbon offsets markets. Find the full transcript of this episode and the latest responsible investment insights from Man Institute here: https://www.man.com/maninstitute/responsible-investment Biography Thomas Hale is a professor at the University of Oxford’s Blavatnik School of Government. His research explores how we can manage transnational problems effectively and fairly, and to explain how political institutions evolve to face the challenges raised by globalisation and interdependence, with a particular emphasis on environmental, economic and health issues. He also leads the Oxford COVID-19 Government Response Tracker. His books include Beyond Gridlock; Between Interests and Law: The Politics of Transnational Commercial Disputes; Transnational Climate Change Governance; and Gridlock: Why Global Cooperation Is Failing when We Need It Most.

What’s at stake for hedge funds in the path to net zero? Jason Mitchell talks to Keith Guthrie, Deputy Chief Investment Officer at Cardano, about the role of short selling in sustainable investing, how to incorporate hedge funds and derivatives into net zero strategies, and why it’s vital we distinguish economic risk materiality from real world impact. Keith Guthrie is the Deputy Chief Investment Officer at Cardano and a member of its Sustainability Steering Committee and Investment Committee. Keith is also co-lead of the IIGCC Derivatives and Hedge Fund Working Group where he oversaw the Derivatives and Hedge Funds Discussion Paper. Keith’s primary focus at Cardano is on Investment Philosophy and Frameworks, and Sustainable Investing, with oversight of the Manager Research and LDI teams. Prior to joining Cardano, Keith worked at GAM managing a variety of multi-asset and hedge fund portfolios. 

Is market-driven short termism a convenient scapegoat? Jason Mitchell talks to Professor Mark J. Roe, Harvard Law School, about why short-termism may not be the problem it’s purported to be, how the narrative around short-termism has evolved over the past 30 years, and the potential policy solutions. Biography Mark J. Roe is a professor at Harvard Law School, where he teaches corporate law and corporate bankruptcy. He is the author of Missing the Target: Why Stock Market Short-Termism Is Not the Problem (Oxford, 2022), and one of the most prominent voices in the short-termism debate. He’s also author of Strong Managers, Weak Owners: The Political Roots of American Corporate Finance (Princeton, 1994), Political Determinants of Corporate Governance (Oxford, 2003) and Bankruptcy and Corporate Reorganization (Foundation, 2014).

Will the energy transition — now complicated by the drive to diversify energy sources away from Russia — lead to a full-blown energy crisis? Listen to Jason Mitchell talk to Rob West, CEO of Thunder Said Energy, about what’s at stake for the energy complex as we begin this diversification, the first and second order impacts of the conflict, and the trade-offs that we may face between energy security, decarbonisation and price affordability.

How does sustainable finance regulation represent a sea change for investors? Listen to Jason Mitchell talk to Alain Deckers, European Commission Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), about greenwashing, enforcement, materiality, regulatory harmonisation and how the European Commission’s Sustainable Finance Strategy is bringing transparency to the ESG space. Alain Deckers is the newly-appointed Head of the Asset Management Unit within the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union or DG-FISMA. He was the Vice-Chairman of the EFRAG European Lab Steering Group. With over 20 years of experience at the European Commission, Alain has been responsible for policy reviews and policy development in areas including trade in goods, environmental policy, public procurement and financial services regulation.   * The views set out in this podcast are those of Alain and not the official position of the European Commission, nor the views of individual Commissioners or other officials of the European Commission.

Why is extreme heat the “silent killer” in climate change? Listen to Jason Mitchell discuss with Dr. Eleni Myrivili, Chief Heat Officer for the city of Athens, Greece, about what the impact of heat stress means; how cities around the world are addressing it from a policy perspective and why it’s likely we’ll see more of these positions and more intervention going forward. Dr. Eleni Myrivili is the Chief Heat Officer for the city of Athens, Greece. She designs, leads, and promotes heat adaptation programs that protect people at risk while building better urban environments, in Athens and beyond. From 2014 to 2019, she served as Athens’ Deputy Mayor for Urban Nature and Climate Resilience pioneering multimillion-euro programs in equitable blue and green infrastructure development. She is also senior advisor and senior fellow at the Atlantic Council’s Arsht-Rockefeller Resilience Center which she joined in the summer of 2020.

How are multilateral development banks leaning into sustainable finance? Listen to Jason Mitchell discuss with Heike Reichelt, Head of Investor Relations and Sustainable Finance at the World Bank Treasury, about what the World Bank is doing to drive socio-environmental impact; how multilateral development banks are reshaping their climate-related investments post-COP 26; and why it’s vital that programmes like the World Bank and IDA exist to support the development goals of middle- and lower-income countries. Find the full transcript of this episode here: https://www.man.com/maninstitute/a-sustainable-future-podcast Heike Reichelt is Head of Investor Relations and Sustainable Finance at the World Bank Treasury. Heike is responsible for managing relationships with bond investors, rating agencies and the financial media, and developing new bond products. She has more than 20 years of experience in finance – including with the World Bank Treasury's Reserves Advisory Management Program and at KfW, the German development bank. Heike was recognized for her role in building sustainable capital markets as the 2017 recipient of the prestigious Joan Bavaria Award. The World Bank Treasury manages the funding programs for the World Bank--otherwise known as the International Bank for Reconstruction and Development or IBRD--and the International Development Association or IDA.

Is this latest energy shock a one-off event or a harbinger of more energy crises to come? Listen to Jason Mitchell discuss with Alex Grant, Equinor’s Senior Vice President of Business Development and UK Country Manager, the energy transition; the trade-offs that we may face between security of supply, price volatility and affordability; and the emerging energy technologies like blue and green hydrogen. Alex Grant is Equinor’s Senior Vice President of Business Development Origination and Execution as well as its UK Country Manager. Alex joined Equinor from Jefferies in 2017. His background is in investment banking where he worked on M&A and financing transactions over the past 20 years in the energy sector.  Find the full transcript of this episode here: www.man.com/maninstitute/a-sustainable-future-podcast

How is climate finance reshaping COP negotiations? Listen to Jason Mitchell discuss with Leonardo Martinez-Diaz, Senior Director for Climate Finance to US Special Presidential Envoy for Climate John Kerry, the most consequential outcomes of COP26; how to think about US domestic political dynamics around climate change; and why the financial sector is fundamental in the transition to a net zero global economy. Leonardo was previously the global director of the Sustainable Finance Center at the World Resources Institute, where he led a team working to promote the flow of public and private finance to environmentally-sustainable activities, including climate adaptation and mitigation. During the Obama Administration, he served as the Deputy Assistant Secretary for Energy and Environment in the U.S. Department of the Treasury, as well as Deputy Assistant Secretary for the Western Hemisphere. Prior to that, he served as Director of the Office of Policy at the U.S. Agency for International Development. He is co-author of Building a Resilient Tomorrow: How to Prepare for the Coming Climate Disruption.

When central bank policies are driven by their primary mandates, is there a case that these mandates should expand to incorporate the systemic risk that is climate change? And how will increasingly extreme climate events force policymakers’ actions or limit the monetary policy space available to central bank institutions?  Emanuel Moench, Head of Research at the Deutsche Bundesbank, joins Jason Mitchell to discuss the intersection of climate change and monetary policy; what central banks are doing to integrate climate risk in their macroeconomic models; and why it’s vital we continue to examine how climate change could impact the financial system. Read the full transcript of the episode here. Biography Commissioner Emanuel Moench is the Head of Research at Deutsche Bundesbank, Professor of Economics at Goethe University Frankfurt and co-chair of the recent ECB Strategy Review Occasional Paper: Climate change and monetary policy in the euro area. Prior to joining the Bundesbank, Emanuel was a Research Officer at the Federal Reserve Bank of New York. His research focuses on the intersection of macroeconomics and finance and has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Monetary Economics among others. Emanuel received the Journal of Finance’s Amundi Smith Breeden First Prize in 2015 and the European Economic Association's Young Economist Award in 2008. 

How is regulatory change reshaping ESG investing? Listen to Jason Mitchell discuss with Commissioner Allison Herren Lee of the US Securities and Exchange Commission, about the SEC’s evolving views around disclosure and materiality; its enforcement efforts; and the need to work towards greater harmonisation given the multitude of global disclosure frameworks. Find the full transcript of the episode here. Jason Mitchell, Co-Head Responsible Investment, Man Group: If there’s a predominant theme in sustainable investing right now, it’s regulation. And in the broadest sense, regulation is taking on a number of forms: from driving the transition to a low carbon economy to reporting on the impacts of biodiversity; from enforcing anti-greenwashing protections to even steering private sector investment.  It’s also clear that we’re talking about different global regulatory approaches that will increasingly need to harmonise. While the EU’s legislation-driven approach has already delivered a number of investor frameworks, the US SEC’s regulatory approach to climate and ESG is evolving under the new Biden administration. In my mind, this provides a fascinating view of the arguments for how to world-build around issues like disclosure, materiality and enforcement.  And for followers of the regulatory discussion, you can’t have missed the incredibly thoughtful speeches and statements delivered by the US SEC Commissioners. Their views don’t necessarily align ideologically, but they always prove provocative and push the discussion forward.  One of the views I always look forward to reading is from Commissioner Allison Herren Lee. Her writing examines many of the fundamental elements of ESG through the prism of case law, and she is not afraid to challenge its myths and misconceptions.  It's why I’m so excited to have Commissioner Lee on the podcast. We talk about the SEC’s evolving views around disclosure and materiality; its enforcement efforts; and the need to work towards greater harmonisation given the multitude of global disclosure frameworks. More about Commissioner Allison Herren Lee: Commissioner Allison Herren Lee was appointed and sworn into the U.S. Securities and Exchange Commission in 2019. While Commissioner Lee served as Acting Chair of the Commission by President Biden earlier this year, she was responsible for establishing the Climate and ESG Enforcement Taskforce. She brings to the SEC over two decades of experience as a securities law practitioner. Commissioner Lee served for over a decade in various roles at the SEC, including as counsel to Commissioner Kara Stein, and as Senior Counsel in the Division of Enforcement’s Complex Financial Instruments Unit.

Is the cynicism around net zero justified? Listen to Jason Mitchell discuss with Chris Stark, Chief Executive of the UK’s Climate Change Committee discuss the world’s expectations going into COP26; what the Climate Change Committee is doing to advise the UK government on its net zero path; and why it’s vital that we frontload climate investment in order to turn strong words into strong action on the reality of climate change. Chris Stark is Chief Executive of the Climate Change Committee. He was previously Director of Energy and Climate Change in the Scottish Government where he led the development of Scotland’s approach to emissions reduction and the energy system transition. Established under the UK’s Climate Change Act in 2008, the Climate Change Committee is an independent, statutory body that advises both the UK and devolved governments on emissions targets. The Committee also reports to Parliament on progress in reducing greenhouse gas emissions and adapting to the impacts of climate change.   Find the full transcript of this episode on Man Institute.

It is well established that climate change poses significant risks to businesses and future investments but these concerns are often intricately connected to biodiversity and nature-related issues. Elizabeth Mrema, Executive Secretary of the United Nations Convention on Biological Diversity, and co-chair of the Taskforce on Nature-related Financial Disclosures joins the podcast to discuss how firms can report and act on evolving nature-related risks.  In this far-reaching conversation, Elizabeth Mrema and Jason Mitchell, co-Head of Responsible Investment at Man Group, talk about the upcoming UN Biodiversity Conference COP-15, the legacy of the 2010 governmental Aichi Biodiversity Targets and what the new expectations may be for a post-pandemic global biodiversity framework.  You can find the full transcript of this episode at: https://www.man.com/maninstitute/a-sustainable-future-podcast Elizabeth Maruma Mrema Elizabeth Maruma Mrema is United Nations Assistant Secretary General and Executive Secretary of United Nations Convention on Biological Diversity, a multilateral treaty addressing the loss of biodiversity and climate change, and co-chair of the Taskforce on Nature-related Financial Disclosures (TNFD). Elizabeth has two decades of experience working in the development and environment sectors. She is biodiversity leader and lawyer, from Tanzania, with a track record of negotiating next-generation policies and enabling instruments for planet, people, and prosperity. Elizabeth’s work as Deputy Director of the Ecosystems Division at the UN Environment Programme (UNEP) focused on the development, implementation, and enforcement of environmental laws both at the national, regional, and international level.  Her previous work includes being the Executive Secretary of the UNEP/Secretariat of the Convention on the Conservation of Migratory Species of Wild Animals in which she oversaw the conservation of migratory animals globally.

Is ESG outperformance coming to end? Is an ESG asset bubble brewing? Listen to Jason Mitchell talk with Abraham Lioui, Professor of Finance at EDHEC Business School, about his latest paper, Chasing the ESG Factor. In this deep-dive episode, the two discuss how investors may be mispricing ESG, the implications of identifying ESG risk premia and why more rigorous approaches are absolutely essential to understanding ESG in the context of quantitative finance.

What does climate risk represent to the US financial system? Listen to Jason Mitchell discuss with Commissioner Rostin Behnam, Acting Chairman of the US Commodity Futures Trading Commission, about how the CFTC is thinking about climate risk, what those implications mean for derivatives markets and why well-developed carbon and carbon offset markets will support the transition to a net zero economy. To read the full transcript of this episode here. Commissioner Ross Behnam is Acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC). As sponsor of the CFTC’s Market Risk Advisory Committee, Chairman Behnam led the development of the report, Managing Climate Risk in the US Financial System, published in September last year. Previously, he was a senior counsel to Senator Debbie Stabenow (D-MI) at the Senate Agricultural Committee, focusing on p

How do corporate boards work? Listen to Jason Mitchell discuss with Dambisa Moyo, international economist and author, how the nature of board oversight is evolving, what that means in the context of greater pressure on socio-environmental issues and why calls to reform capitalism ultimately mean a turn towards a multi-stakeholder model and away from traditional shareholder-centrism. We're giving away copies of Dambisa's new book. Tag Man Group on social media with a comment about your thoughts on this episode or send your thoughts to [email protected] to potentially win a free copy. You can find a full transcript of this episode here.

The ability to absorb risk and be truly ‘additional’ in the world of impact investing sets development finance institutions apart from markets. Listen to Jason Mitchell discuss with Nick O’Donohoe, CEO of CDC Group, on how institutions are providing much-needed liquidity and capital during the pandemic and why investor action on climate and the Sustainable Development Goals (‘SDGs’) is vital to advancing the development agenda. In this far-reaching episode, Nick discusses the roots of impact investing, the popularisation of impact investing and the SDGs, the dearth of venture capital that’s needed to support young entrepreneurs and digital businesses, and how DFIs can move towards higher risk projects. You can find the full transcript of this episode and more information about responsible investing at Man Group here.

What does the race to net zero carbon emissions represent for the investment community? And how can investor network initiatives like the Institutional Investors Group on Climate Change (‘IIGCC’) develop meaningful investment frameworks to support it?Listen to Jason Mitchell discuss with Faith Ward, Chief Responsible Investment Officer at Brunel Pension Partnership, why it’s so important for investors to work alongside government, corporates and civil society to reach net zero if we’re going to make the Paris Agreement a reality. For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 23 Feb 2021.

How will the climate agenda change under the new Biden administration? Listen to Jason Mitchell talk with Alice Hill, Senior Fellow for Energy and the Environment at the Council on Foreign Relations and former special assistant to President Obama, about how the White House will govern on climate through regulation and executive orders; what opportunities exist to reframe climate change as a national security issue; and why the US must rebuild its leadership position in climate security. For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 9 Feb 2021.

How can companies become effective forces for good? Former Unilever CEO Paul Polman joins Jason Mitchell on this episode of ‘A Sustainable Future’ podcast to discuss his new foundation Imagine and its mission to help businesses fight inequality and climate change.In this far-reaching conversation, Paul talks through how the multi-stakeholder model is driving a rethink of traditional shareholder-centrism and why strong leadership is vital not only in steering through the current crisis, but also long-term sustainability issues like climate change.   For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 9 September 2020.

How is the State of Illinois embedding sustainability factors into its investment process? Listen to Jason Mitchell discuss with Rodrigo Garcia, Deputy State Treasurer and Chief Investment Officer for the Illinois State Treasury, how sustainability is driving his allocation and diversification process, what the implications could be for the Department of Labor rule proposals around ESG and why it’s vital to improve access to capital to address the disproportional socio-economic impacts of the pandemic. For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 9 September 2020.

How is the European Investment Bank (‘EIB’) positioning itself as the EU’s climate bank? Listen to Jason Mitchell discuss with Andrew McDowell, Vice President of the European Investment Bank, why the EU Recovery Plan represents Europe’s Roosevelt New Deal moment and what wider EU sustainable finance legislative efforts are doing to reinforce the EIB’s climate objectives. For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 1 July 2020.

How is the pandemic reshaping labour markets and labour rights? Listen to Jason Mitchell discuss with Sharan Burrow, General Secretary of the International Trade Union Confederation, how trade unions are preparing for a pandemic-induced reallocation shock; what unions are doing to respond to systemic issues through climate action and the Just Transition; and why the erosion in the ITUC Global Rights Index warrants a new social contract. For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 1 July 2020.

How will the pandemic recast the social contract? Listen to Jason Mitchell discuss with Mary Robinson, former President of Ireland and UN High Commissioner, why a feminist critique of climate change and COVID-19 is necessary; how the pandemic amplifies inequities in power, privilege and justice; and what needs to be done by government, businesses and stakeholders to ensure a fairer society. For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 27 May 2020.

What are the second- and third-order implications of COVID-19? Listen to Jason Mitchell discuss with Dr. Amesh Adalja, Senior Scholar at the Johns Hopkins University Center for Health Security, about the tragic irony of US and UK pandemic preparedness, what to make of antiviral and vaccine game changers, centralised versus de-centralised policy responses and why pandemic preparedness could well be a major political platform issue in the next electoral cycle. For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 06 May 2020.

What constitutes a responsible business, and what trade-offs does it involve? Listen to Jason Mitchell discuss with Alex Edmans, author of Grow the Pie, how the relationship among stakeholders, shareholders and corporate purpose doesn’t have to be a zero-sum game, and why our expectations for companies and their contribution to society needs to be both re-examined and rebased. For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 01 May 2020.

What are the organising principles and ambitions behind the Swedish AP National Pension Funds? Listen to Jason Mitchell discuss with John Howchin, Secretary General of the Swedish Council on Ethics, how the nature of stewardship through greater investor coordination and collaborative engagements has the power to reshape industry practices. For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 04 Feb 2020.

Firms are increasingly setting committing to climate action and circular economy goals. But what that really mean? Listen to Jason Mitchell discuss with Pia Heidenmark Cook, Chief Sustainability Officer of INGKA Group (IKEA), why establishing ambitious climate targets is vital and how they can be reinforced by the power of 100%. For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 03 Feb 2020.

Despite the systemic risk it poses, climate change still remains largely outside the scope of traditional financial and asset allocation models. Are incentives like a US carbon price the right answer? And how can markets formally treat climate change as a risk factor? Bob Litterman, co-inventor of the Black-Litterman Model, discusses all this and why climate change is like a flaming trucking barrelling toward us. For more information visit www.man.com/maninstitute/responsible-investment This podcast was recorded on 20 Sep 2019.