Environmental AlphaInstitutional Investors and Climate Change
Wiley Finance, Band 462 1. Aufl.
The definitive guide to how institutional investors should approach the risks and opportunities associated with climate change Environmental Alpha provides institutional investors with the comprehensive framework they need to assess the risks and investment opportunities tied to climate change. Climate change will present institutional investors with some of the most important risks and opportunities they will face for generations to come. Climate change has the potential to affect many sectors in radically different degrees over time, and institutional investors need to have a thorough understanding of the multi-dimensional risks and opportunities that could influence nearly every investment in their portfolios. This volume is composed of contributions by leading experts in environmental investment, moving beyond the theoretical or academic nature of much of the current discussion on the topic to provide you with real-world insights into an emerging market. Examines the climate change-related drivers of returns (science, economics, policy, and technology) that make environmental alpha possible Explores fiduciary duty and climate change Contains in-depth explanations of each of the major categories of environmental investing and examines related environmental alpha opportunities Discusses practical implementation issues Presents real-world case studies and examples Climate change will be one of the most important investment themes of the next twenty years; the related environmental investment opportunities will provide institutional investors with some of the greatest "alpha" opportunities for years to come. This book will put you in a better position to assess and access these opportunities.
Preface. Acknowledgments. PART ONE INTRODUCTION TO CLIMATE CHANGE ISSUES AND CONSEQUENCES. Chapter 1 The Science of Climate Change (Richard A. Betts, Ph.D.). Human-Caused Climate Change: The Evidence. Other Human Influences on Climate. Challenges in Projecting Future Climate Change. Future Climate Change with and without Emissions Reductions. Summary. Notes. References. Chapter 2 The Economics of the Climate Change Challenge (Dimitri Zenghelis). Considering the Case for Action. The Policy Framework. Summary and Conclusion. Acknowledgments. Notes. References. Chapter 3 Climate Change Policy What Investors Need to Know (David Gardiner). Overview of Policy and Policy Drivers. Why Investors Care About Policy. Climate Policy and Regulation: An Overview. Designing a Domestic Approach. The Impact of Other Policies. Designing an International Approach. Looking Forward. Summary: Implications for Investors. Acknowledgments. References. PART TWO CLIMATE CHANGE AND INSTITUTIONAL INVESTORS: KEY STRATEGIC ISSUES. Chapter 4 Risks and their Impact on Institutional Investors (Mindy Lubber). Four Categories of Climate Risk. Investor Engagements with Companies and Policymakers on Climate Risk Assessment and Disclosure. Investor Action on Climate Risk. Market Meltdown: Doom or Boon to Green Economy? EIRIS Carbon Profile Case Study: Tools for Measuring Climate Risks (Lisa Hayles). Acknowledgments. References. Chapter 5 The Case for Climate Change as the Paramount Fiduciary Issue Facing Institutional Investors (Paul Q. Watchman). The Freshfields Report. United Nations Principles of Responsible Investment. The Challenge of Climate Change. Business Risks and Opportunities. Energy and Insurance and Re-Insurance. Case Study: Insurance in a World with Climate Change (C. Shawn Bengtson). Conclusions. References. Chapter 6 SRI or not SRI (Dr. Matthew J. Kiernan)? A Missed Opportunity. After Awareness, Then What? SRI or Not SRI? The Limitations of Current Approaches. Leveraging Carbon Beta™ in the Equity Space. The Carbon Beta™ Model Itself. Whither Carbon Finance? Acknowledgments. Notes. References. PART THREE ENVIRONMENTAL ALPHA--THE INVESTMENT CASE FOR CLIMATE RELATED STRATEGIES. Chapter 7 Taxonomy of Environmental Investments (Angelo A. Calvello, Ph. D.). Climate Change: A Cluster Concept. The Drivers of Returns. Categories of Environmental Investments. The Risks and Challenges of Environmental Investing. Investments. Conclusion. References. Chapter 8 Investing in Climate Change (Mark Fulton and Bruce Kahn, Ph. D.). Persistence of Climate Change as an Identifiable Source of Excess Returns. Fundamental Attributes of the Climate Change Universe. Applying Climate Change to Different Asset Classes. Benefits of Including Climate Change in Asset Allocation. Market Demand and Supply. Conclusion. References. Chapter 9 Carbon as an Investment Opportunity (Jurgen Weiss, Ph. D. and Véronique Bugnion, Ph. D.). The Kyoto Protocol and Emission Targets. The Clean Development Mechanism and Joint Implementation. The European Union Emissions Trading Scheme. Emerging Carbon Schemes. Flavors of Carbon. Why Invest in the Carbon Space Today? Carbon Will Be a Huge Market. Alpha, Information, and Resources. Conclusions and Outlook. Chapter 10 Market-based Solutions to Reduce Emissions from Deforestation and Degradation (REDD) (Stefanie Engel, Ph. D., Charles Palmer, Ph. D., and Martin Berg). Section One: Science and Policy. Section Two: Market-Based Solutions. Conclusion. Notes. References. Chapter 11 Liquid Alpha The Case for Investing In Water (Rod Parsley and Hua Liu). The Impact of Accelerating Demand on Water Supplies. Structural Impacts on Water Supply. Impact of Climate Change. Investing in Water. Capturing Liquid Alpha. Risks to Investing in Water. Summary. Acknowledgements. Notes. References. Chapter 12 Effective Clean Tech Investing (Russell Read, Ph.D., CFA and John Preston). Classifying the Scope of Cleantech Investments. The Pace of Clean Tech Innovation and Future Prospects for Investing. Fitting Clean Tech Investments into an Effective and Diversified Portfolio. Conclusions and Implications. References. Chapter 13 Sustainable Commercial Property (Tim Dixon, Ph.D.). Background and Context. Buildings and Climate Change: A Global Challenge. Size of the Market for Sustainable Property. Sustainable Property Drivers and Barriers. The Investment Thesis for Sustainable Property. Sustainable Property Investment Opportunities. Future Trends and Risk: A Perfect Storm? Notes. References. Part Four: Practical Considerations. Chapter 14 A Collaborative Response to Climate Change (By Danyelle Guyatt, Ph.D.). Diaries of an Investment Consultant. Why Might a Collaborative Approach to Climate Change be Appealing. What are the Pitfalls of Collaboration? A Collaborative Framework Applied to Climate Change. Collaboration in Action: Asset/Liability Modeling and Scenario Analysis. Conclusion. References. Chapter 15 Corporate Responsibility and Environmental Investing (Tony Hoskins and Martin Batt). What is CR and Environmental Responsibility? What Comprises an Asset Manager's Environmental Footprint? What Role does ER (and CR) Play in a Corporate Entity's Business Model? What ER Statement Should An Investor Expect From A Corporation? An Investor's Approach to ER. Conclusion. Appendix: An Interview with Michelle Clayman of New Amsterdam Partners. References. Chapter 16 Beyond Best Practices (Angelo A. Calvello, Ph. D.). Step 1: Understanding Climate Change and the Virtual Team. Step 2: Assessment (Environmental Stress Test). Step 3: From Theory to Praxis. Step 4: General Observations. Case Study: Two Meanings of Stewardship. Conclusion. Notes. References. About the Author. About the Contributors. Index.
Angelo A. Calvello is the founder of Environmental Alpha, a consulting firm that helps institutional investors develop climate change–based risk management and investment strategies. He has worked in the investment business for over twenty-five years, and writes and speaks extensively about environmental investing, alpha-centric investing, and alpha/beta separation. Dr. Calvello earned a PhD in contemporary European philosophy from DePaul University and a postdoctoral certificate in business from New York University's Stern School of Business. He is on the Chartered Alternative Investment Analyst (CAIA) Association Advisory Board, and is a member of the Chicago Quantitative Alliance and the Chicago Climate Futures Exchange.
Climate change will present institutional investors with both complex risks and dynamic opportunities in the years ahead. This situation has the potential to affect many sectors in radically different ways and to varying degrees over time. Institutional investors need to have a thorough understanding of the multidimensional risks and opportunities that could influence nearly every investment in their portfolios. While Environmental Alpha has value for all investors, it was specifically written for institutional investors—defined pension funds, endowments, foundations, insurance companies, and superannuation funds—with delegated investment responsibilities. The information found here will enhance your understanding of environmental investments, as well as the excess returns, or "alpha," their strategies offer, and put you in a better position to prudently direct and commit capital in the face of continuous climate change. Composed of four parts—Introduction to Climate Change Issues and Consequences, Climate Change and Institutional Investors, Environmental Alpha: The Investment Case for Climate-Related Strategies, and Practical Considerations—each of which contains contributions by leading experts in the environmental investing arena, this comprehensive guide moves beyond many of the theoretical or academic discussions on the topic to provide you with real-world insights into an emerging market. Page by page, Environmental Alpha: Examines the climate change–related drivers of returns (science, economics, policy and regulation, and technology) that make environmental alpha possible Explores fiduciary duty and climate changeContains in-depth explanations of each of the major categories of environmental investing and examines related environmental alpha opportunities Discusses practical implementation issues Presents real-world case studies and detailed examples Climate change will be one of the most important investment themes of the next twenty years. The related environmental investment opportunities will provide institutional investors with some of the greatest "alpha" opportunities for years to come. This book will provide you with a framework for effectively assessing and accessing these opportunities.
Praise for Environmental Alpha "Dr. Calvello defines an emerging global theme and creates a framework for reconstructing portfolios based on the incentives of producing investment alpha. This compendium of leading experts dispels the notion of environmental investing as a socially responsible niche market and places it squarely at the center of investment strategies for the next decade."—Stuart Mason, Chief Investment Officer, University of Minnesota "Angelo Calvello has compiled a very readable collection of essays on climate change and investing. This book is an excellent overview of the topic and covers a broad array of questions in an accessible way."—Erik Valtonen, Chief Investment Officer, AP3 "In Environmental Alpha, Dr. Calvello has provided an invaluable resource for institutional investors. With clear and unambiguous language, the reader is introduced to the concepts and nomenclature regarding climate change. From there, experts from across the field discuss potential consequences for the economy, risks for investors, and ultimately, opportunities."—William R. Atwood, Executive Director, Illinois State Board of Investment "Environmental Alpha should be considered the definitive primer to uncovering investment opportunities that are hiding inside the worldwide push to solve global climate change."—James J. Dunn, Vice President and Chief Investment Officer, Wake Forest University "Environmental Alpha explains the science, politics, and the range of investment opportunities that investors in climate change strategies need to know. Fiduciaries who need to understand how green investing has moved from the realm of socially responsible investments to financially feasible investments need to read this book."—Keith H. Black, CFA, CAIA, Associate member of the Opportunistic Strategies and Green Investments Manager Research Teams, Ennis, Knupp + Associates "In Environmental Alpha, Angelo Calvello combines thoughtful analysis and investment experience to guide investors through the challenges and opportunities presented by climate change."—Kerry Brick, Manager of Pension Investments, Cargill "Dr. Calvello provides a strong resource for institutional investors. His work supports our view that environment, specifically climate change, is a key macro factor impacting investment themes."—Sarah Cleveland, Senior Consultant, Watson Wyatt Investment Consulting "Informative and practical, Environmental Alpha is a rich informational resource for environmental investing—an area that cannot be ignored by today's asset owners and asset managers."—Kathryn Wilkens-Christopher, PhD, CAIA, Director of Curriculum,Chartered Alternative Investment Analyst Association®
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