• 4 MAR 2020
• HBS Campus

The global financial landscape is increasingly being shaped by factors associated with climate change––including forecasts about its physical effects and public sector responses. The wide-ranging effects of environmental risks, technological advances, infrastructure challenges, business model innovations, and national and international policy shifts are impacting the financial sector in unprecedented ways. This conference seeks to address broad systemic risk across every aspect of the finance sector.

Risks, Opportunities, and Investment in the Era of Climate Change is a groundbreaking and timely Harvard Business School conference that will ask a fundamental question: What will you do to stay ahead of the curve, preserve access to capital, anticipate and manage risk, and invest in new opportunities?

This event is by invitation only.

REGISTER

Update on COVID-19 coronavirus for conference attendees

For more information, please contact Alumni Programs at alumniprograms@hbs.edu.

Agenda

	Program
8:00 a.m.	Registration Open & Networking/Continental Breakfast Women's Breakfast Elizabeth A. Keenan, Assistant Professor of Business Administration Ashley V. Whillans, Assistant Professor of Business Administration
9:00–9:15 a.m.	Welcoming Remarks Ramana Nanda, Sarofim-Rock Professor of Business Administration George Serafeim, Charles M. Williams Professor of Business Administration Michael W. Toffel, Senator John Heinz Professor of Environmental Management
	PART 1: PUTTING CLIMATE RISK IN CONTEXT FOR INVESTORS
9:15–9:45 a.m.	Fireside Chat: Leading a Financial Institution in the Era of Climate Change  Moderator: George Serafeim, Charles M. Williams Professor of Business Administration Ronald O'Hanley (MBA 1986), Chairman and CEO, State Street Corporation
9:45–11:00 a.m.	Case Discussion and Fireside Chat: Japanese Government Pension Investment Fund (GPIF): Incorporating Climate Risk in Investment Decisions Moderator: Vikram Gandhi (MBA 1989), Senior Lecturer of Business Administration Hiro Mizuno, Executive Managing Director and CIO, Government Pension Investment Fund
11:35 a.m.–12:30 p.m.	Uncovering and Pricing Climate Risk in Long-Term Investments   Moderator: George Serafeim, Charles M. Williams Professor of Business Administration Luca Albertini, CEO and Founding Partner, Leadenhall Capital Partners Audrey Choi (MBA 2004), Chief Sustainability Officer and Chief Marketing Officer, Morgan Stanley Wendy Cromwell, Vice Chair, Senior Managing Director, Partner, Sustainable Investment and Portfolio Manager, Wellington Management Tony Davis, CEO and CIO, Inherent Group
12:30–1:00 p.m.	The Science of Forecasting Climate Change: What We Know and What We Don't Daniel P. Schrag, Sturgis Hooper Professor of Geology; Professor of Environmental Science and Engineering; Director, Harvard University Center for the Environment; Co-Director, Science, Technology, and Public Policy Program, Belfer Center, Harvard Kennedy School
1:00–2:15 p.m.	Lunch
	PART 2: NEW FRONTIERS
2:15–3:10 p.m.	Integrating Climate Risk into Risk Models Moderator: Ramana Nanda, Sarofim-Rock Professor of Business Administration Nushin Kormi (MBA 2005), Trustee and Partner, Loring, Wolcott & Coolidge Robert Litterman, Chairman, Risk Committee, Kepos Capital Kevin J. Stiroh, Executive Vice President, Federal Reserve Bank of New York
3:10–4:10 p.m.	Innovative Mitigation and Adaptation Strategies Moderator: Michael W. Toffel, Senator John Heinz Professor of Environmental Management David Keith, Gordon McKay Professor of Applied Physics, Harvard John A. Paulson School of Engineering and Applied Sciences Professor of Public Policy, Harvard Kennedy School; Board Member and Founder, Carbon Engineering David Perry (MBA 1997), President, Chief Executive Officer, and Director, Indigo Ag Jennifer Wagner, President, CarbonCure Technologies Ted Wiley (MBA 2009), Cofounder, President, and COO, Form Energy, Inc.
4:10–4:15 p.m.	Closing Remarks Ramana Nanda, Sarofim-Rock Professor of Business Administration George Serafeim, Charles M. Williams Professor of Business Administration Michael W. Toffel, Senator John Heinz Professor of Environmental Management
4:15–5:00 p.m.	Networking Reception

Who Should Attend?

This unique conference is an opportunity for a select group of alumni leaders, industry experts, and HBS faculty members to explore new ideas, learn from each other, and create strategies for the future. Anticipated attendees will include financial professionals from the following sectors:

• Insurance and re-insurance
• Corporate and investment banking
• Asset management
• Private equity, hedge funds, and venture capital
• Real estate and construction
• Infrastructure
• Energy
• Food and agriculture
• Manufacturing
• Transportation

Attendee List

HBS Faculty Chairs

Ramana Nanda, Sarofim-Rock Professor of Business Administration
George Serafeim, Charles M. Williams Professor of Business Administration
Michael W. Toffel, Senator John Heinz Professor of Environmental Management

Readings and Conference Materials

Reading Materials

Climate Change in 2020: Implications for Business

Decarbonization Factors

Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds

Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG

Supplementary Readings

Conference Presentations

Presentation by Daniel P. Schrag, Harvard University Center for the Environment

Remarks by Kevin J. Stiroh, Federal Reserve Bank of New York

Presentation by David Perry, Indigo Ag

Presentation by Wendy Cromwell, Wellington Management

Video from David Keith, Carbon Engineering

Video from David Perry, Indigo Ag

Video from Jennifer Wagner, CarbonCure

Conference Session Video Recordings

Ramana Nanda Opening Remarks
Professor Ramana Nanda introduces faculty conference co-chairs Mike Toffel and George Serafeim, welcomes alumni participants, and outlines what this unique conference hopes to accomplish throughout the day.

Leading a Financial Institution in the Era of Climate Change
In conversation with George Serafeim, Charles M. Williams Professor of Business Administration, Ron O’Hanley (MBA 1986), Chairman and CEO of State Street Corporation, describes leading one of the world’s largest financial institutions in the era of climate change and discusses the concept of values vs. value in approaches to investment decisions.

Japanese Government Pension Investment Fund (GPIF): Incorporating Climate Risk in Investment Decisions
Hiro Mizuno, Executive Managing Director and CIO of GPIF, and Vikram Gandhi (MBA 1989), Senior Lecturer of Business Administration, discuss the steps GPIF has taken to incorporate climate risk in its investment process. Mizuno highlights the challenges of pricing this risk and offers perspective on different approaches.

Uncovering and Pricing Climate Risk in Long-Term Investments
In a panel discussion moderated by George Serafeim, Wendy Cromwell, Tony Davis, Audrey Choi, and Luca Albertini discuss their significant work and various approaches to identifying and valuating climate risk. The discussion covers these approaches in the context of asset management, alternative investing, investment banking to insurance, and highlights both the bridges and the gaps between ESG measurement and climate risk management.

Daniel Schrag on the Science of Forecasting Climate Change: What We Know and What We Don’t
Harvard Professor Daniel Schrag presents the scientific projections of climate change, including the expected timing of risk, with striking examples of how this risk is already manifesting.

Incorporating Climate Risk into Financial Models: Bob Litterman on Transition Risk
In conversation with Ramana Nanda, Sarofim-Rock Professor of Business Administration, Bob Litterman, Founder and Chair of Risk Committee at Kepos Capital, and former head of Risk at Goldman Sachs discusses transition risk in detail, covering the expected timing and market implications of a carbon price in the United States.

Incorporating Climate Risk into Financial Models: Sustainable Finance
Nushin Kormi (MBA 2005), Partner and Trustee at Loring, Wolcott, & Coolidge, discusses the evolution of sustainable investing in her multi-family office and highlights her firm’s newly developed approach to incorporating climate risk into investment decisions.

Innovative Mitigation and Adaptation Strategies
Professor Mike Toffel leads a panel discussion with leaders of firms involved in innovative technologies ranging from large-scale battery storage to different applications of carbon capture and sequestration techniques. Panelists discuss surprises in the fundraising process and explain how their technologies fit in the context of climate change mitigation and adaptation strategies.

Key Topics

• Uncovering and pricing investor risks in long-term investments
• Integrating climate risk in analytical models
• Technology innovation and opportunities
• Systemic risk and central banks

HOTEL & TRANSPORTATION INFORMATION

DoubleTree Suites by Hilton
400 Soldiers Field Road
Boston MA 02134
617-783-0090 or 800-222-8733

Reference: HBS Alumni Conference
Group Rate: $209 plus taxes and fees
Reservation Deadline: February 4, 2020
Online Reservations

Parking and Transportation

Complimentary parking will be available for conference attendees in the Soldiers Field Garage. Please reference that you are attending the HBS Alumni Conference.

View a map of the HBS Campus.

The designated area for ride share pick-up and drop-off is located directly behind Klarman Hall. Enter via Kresge Way from Western Avenue. The campus GPS address is 111 Western Avenue.