Presentation to Istanbul Carbon Finance conference covering SinCo perspective on investing in a low-carbon economy and the role of the ISE Sustainability Index project ISESI in Turkey.
Istanbul Stock Exchange Sustainability index project: what institutional inve...Graham Sinclair
Presentation to Istanbul Finance Summit covering SinCo perspective on what institutional investors want and the role of the ISE Sustainability Index project ISESI.
University of Cape Town Graduate School of Business Research Seminar What is...Graham Sinclair
What is the State of Sustainable Investment in Africa?
with Graham Sinclair
This presentation will analyze the current state of sustainable institutional investment in Africa in 2012, and point to pressing research questions faced by practitioners. It will also describe a collaborative research project being conducted by AfricaSIF.org to map the marketplace in 2012.
Aggregating available information in 2011, the assets under management may be more than US$ 125 billion, making Africa a top 10 global marketplace for sustainable investment. Major emerging markets like South Africa, Morocco and Egypt, and frontier markets like Nigeria, Mauritius and Kenya represent new investable opportunities for global emerging markets investors, and African pension funds, banks and insurance companies looking for long term investments. South Africa has seen some major new developments, such as revised pensions regulation 28, voluntary initiatives such as CRISA, PRI and Carbon Disclosure Project, hosting COP17, carbon tax proposals and investment value chain projects, and the emergence of integrated reporting. The impact investing theme has attracted billions of assets from investors. But what is the impact on sustainable development? What has been learned by the Sustainable Returns project mapping the investment value chain in southern Africa, and the state of environmental, social and governance (ESG) integration?
In 2012, the inaugural AfricaSIF.org Marketplace Trends Report 2012 project will research, analyze and publish a report on the sustainable investment market size and dynamics in 54 countries in Africa. In parallel, for the first time, global SIFs are harmonizing their reporting approaches, so AfricaSIF.org will present an Africa report and contribute the Africa coverage into the global SIFs Trends Report in December 2012. The report will answer the question: how much sustainable investment is in Africa today, and what does it look like? The report is designed to offer a marketplace survey of the institutional investment industry in Africa focused on investments that in some way cover environmental, social and governance factors. The activities of portfolio investors, fund management industry, stock exchanges and other stakeholders will be covered, where relevant, to describe the marketplace. AfricaSIF.org Marketplace Trends Report 2012 project seeks to offer participants learnings on what is / is not being done in Africa, and the ongoing risks and opportunities in the context of economic development in Africa.
SinCo - http://www.sincosinco.com/sustainable-returns-project.php
AfricaSIF.org - http://www.africasif.org/marketplace-and-trends-report.php
Istanbul Stock Exchange Sustainability index project: what institutional inve...Graham Sinclair
Presentation to Istanbul Finance Summit covering SinCo perspective on what institutional investors want and the role of the ISE Sustainability Index project ISESI.
University of Cape Town Graduate School of Business Research Seminar What is...Graham Sinclair
What is the State of Sustainable Investment in Africa?
with Graham Sinclair
This presentation will analyze the current state of sustainable institutional investment in Africa in 2012, and point to pressing research questions faced by practitioners. It will also describe a collaborative research project being conducted by AfricaSIF.org to map the marketplace in 2012.
Aggregating available information in 2011, the assets under management may be more than US$ 125 billion, making Africa a top 10 global marketplace for sustainable investment. Major emerging markets like South Africa, Morocco and Egypt, and frontier markets like Nigeria, Mauritius and Kenya represent new investable opportunities for global emerging markets investors, and African pension funds, banks and insurance companies looking for long term investments. South Africa has seen some major new developments, such as revised pensions regulation 28, voluntary initiatives such as CRISA, PRI and Carbon Disclosure Project, hosting COP17, carbon tax proposals and investment value chain projects, and the emergence of integrated reporting. The impact investing theme has attracted billions of assets from investors. But what is the impact on sustainable development? What has been learned by the Sustainable Returns project mapping the investment value chain in southern Africa, and the state of environmental, social and governance (ESG) integration?
In 2012, the inaugural AfricaSIF.org Marketplace Trends Report 2012 project will research, analyze and publish a report on the sustainable investment market size and dynamics in 54 countries in Africa. In parallel, for the first time, global SIFs are harmonizing their reporting approaches, so AfricaSIF.org will present an Africa report and contribute the Africa coverage into the global SIFs Trends Report in December 2012. The report will answer the question: how much sustainable investment is in Africa today, and what does it look like? The report is designed to offer a marketplace survey of the institutional investment industry in Africa focused on investments that in some way cover environmental, social and governance factors. The activities of portfolio investors, fund management industry, stock exchanges and other stakeholders will be covered, where relevant, to describe the marketplace. AfricaSIF.org Marketplace Trends Report 2012 project seeks to offer participants learnings on what is / is not being done in Africa, and the ongoing risks and opportunities in the context of economic development in Africa.
SinCo - http://www.sincosinco.com/sustainable-returns-project.php
AfricaSIF.org - http://www.africasif.org/marketplace-and-trends-report.php
Sustainability in Real Estate Investments - CERES conference 2013, San Francisconilskok
At the recent annual conference of Ceres, a forum of investors to discuss environmental issues, I moderated a nice panel on how institutional investors (can) integrate sustainability into their real estate decisions. The line-up was pretty amazing, with Laurie Weir of CalPERS, Jennifer Young of the Townsend Group, Mike Ibarra of Landon Butler & Co (responsible for the MEPT fund), and Darryl Neate of Ofxord Properties (OMERS). Here's the full slide deck, very interesting to see the different views:
The “Navigating Muddy Waters” report series represents a collaboration of work between WWF, Trucost, Carbon Tracker and SinCo that looks at the issues of carbon and water risks to investors as well as sustainable investment opportunities. Climate change and water scarcity are two of the main drivers that governments, civil society and business need to seriously address. As a significant provider of financial capital, institutional investors play an important role in our ability to shape this transformation. On the other hand, these same investors face material financial risks if this transformation does not take place. The aim of the reports is to provide empirical research to investors in and regulators of the securities markets that can guide policy and investment strategies to support the transition to a resource efficient, low-carbon, resilient and equitable global economy.
URL for reports
http://www.wwf.org.za/?7180/Investors-highly-exposed-to-climate-change-and-freshwater-risks
http://www.sincosinco.com/portfolio-climate-risks.php
LocationSelector is a proprietary technology that allows companies to compare nearly 400 site selection criteria in over 200 countries around the world.
ESG Workshop hosted by Graham Sinclair at Sustain Our Africa 26 October 2012 ...Graham Sinclair
naugural Sustain Our Africa Summit and The Festival for Change: Can Africa deliver enough for all, forever? Week-long Summit, Cape Town, South Africa, 24 - 26 October 2012 http://sustainourafrica.org/
Day One & Two Awareness and Inspiration for Change
Day Three: The Tools for Change – INCUBATING SOLUTIONS FOR ADAPTABILITY & RESILIENCE - Investment Workshop with Graham Sinclair
Re-imagined Solutions: New Models of Investing in Africa
With increased growth and investment, Africa is experiencing rapid political, economic and social change. As more African countries move toward middle income status, we ask what types of new models of investment are necessary to build an Africa beyond potential? This panel looks delves into three industries – investment data management, sustainable investment and insurance – to evaluate how investment strategies are evolving to respond to Africa’s transformation.
Confirmed Speakers:
Justin Mahwikzi, Market Atlas – Founder & CEO (Data focused investment in Africa)
Graham Sinclair, Sustainable Investment Consulting LLC (SinCo) - Sustainable Investment Architect and Global Project Leader (Sustainable Investing)
Bernard Katompa, Liberty Africa – Former CEO (Insurance).
New model we need is sustainable investment.
In old markets and new markets.
Africa needs investment that grows frontier economies and growth markets. But not at any price.
Earnings growth is expected to be the major driver of superior private equity returns for Africa in the long term.
Africa will grow its small economies with new models for inclusive, low carbon, climate resilient growth. Its started.
You will shape what happens next. What does investment in Africa's sustainable development look like.
Its small and growing.
Regional funds are the preferred route to accessing African private equity in the near term.
Environmental, Social and Governance (ESG) factors are at least equally important in Africa compared to other emerging markets.
What impact will the dollars, naira, shillings, francs, renminbi, euros, reals, pula have?
Sustainability in Real Estate Investments - CERES conference 2013, San Francisconilskok
At the recent annual conference of Ceres, a forum of investors to discuss environmental issues, I moderated a nice panel on how institutional investors (can) integrate sustainability into their real estate decisions. The line-up was pretty amazing, with Laurie Weir of CalPERS, Jennifer Young of the Townsend Group, Mike Ibarra of Landon Butler & Co (responsible for the MEPT fund), and Darryl Neate of Ofxord Properties (OMERS). Here's the full slide deck, very interesting to see the different views:
The “Navigating Muddy Waters” report series represents a collaboration of work between WWF, Trucost, Carbon Tracker and SinCo that looks at the issues of carbon and water risks to investors as well as sustainable investment opportunities. Climate change and water scarcity are two of the main drivers that governments, civil society and business need to seriously address. As a significant provider of financial capital, institutional investors play an important role in our ability to shape this transformation. On the other hand, these same investors face material financial risks if this transformation does not take place. The aim of the reports is to provide empirical research to investors in and regulators of the securities markets that can guide policy and investment strategies to support the transition to a resource efficient, low-carbon, resilient and equitable global economy.
URL for reports
http://www.wwf.org.za/?7180/Investors-highly-exposed-to-climate-change-and-freshwater-risks
http://www.sincosinco.com/portfolio-climate-risks.php
LocationSelector is a proprietary technology that allows companies to compare nearly 400 site selection criteria in over 200 countries around the world.
ESG Workshop hosted by Graham Sinclair at Sustain Our Africa 26 October 2012 ...Graham Sinclair
naugural Sustain Our Africa Summit and The Festival for Change: Can Africa deliver enough for all, forever? Week-long Summit, Cape Town, South Africa, 24 - 26 October 2012 http://sustainourafrica.org/
Day One & Two Awareness and Inspiration for Change
Day Three: The Tools for Change – INCUBATING SOLUTIONS FOR ADAPTABILITY & RESILIENCE - Investment Workshop with Graham Sinclair
Re-imagined Solutions: New Models of Investing in Africa
With increased growth and investment, Africa is experiencing rapid political, economic and social change. As more African countries move toward middle income status, we ask what types of new models of investment are necessary to build an Africa beyond potential? This panel looks delves into three industries – investment data management, sustainable investment and insurance – to evaluate how investment strategies are evolving to respond to Africa’s transformation.
Confirmed Speakers:
Justin Mahwikzi, Market Atlas – Founder & CEO (Data focused investment in Africa)
Graham Sinclair, Sustainable Investment Consulting LLC (SinCo) - Sustainable Investment Architect and Global Project Leader (Sustainable Investing)
Bernard Katompa, Liberty Africa – Former CEO (Insurance).
New model we need is sustainable investment.
In old markets and new markets.
Africa needs investment that grows frontier economies and growth markets. But not at any price.
Earnings growth is expected to be the major driver of superior private equity returns for Africa in the long term.
Africa will grow its small economies with new models for inclusive, low carbon, climate resilient growth. Its started.
You will shape what happens next. What does investment in Africa's sustainable development look like.
Its small and growing.
Regional funds are the preferred route to accessing African private equity in the near term.
Environmental, Social and Governance (ESG) factors are at least equally important in Africa compared to other emerging markets.
What impact will the dollars, naira, shillings, francs, renminbi, euros, reals, pula have?
Frontiers in sustainable investment, ESG and real assetsGraham Sinclair
Images for New frontiers in responsible investment: ESG integration and direct sustainable investments
3:30 PM - 4:20 PM = 50min
Bloomberg LP 731 Lexington Avenue New York, NY 10022 USA
10-11 December 2013
#RIAmericas2013 @RI_News_Alert @SinCoESG @AfricaSIF @ESGarchitect
Panel Moderator:
Graham Sinclair, Principal, SinCo - Sustainable Investment Consulting LLC
Panelists:
Rina Kupferschmid-Rojas, CEO, ESG Analytics
Matt Christensen, Global Head of Responsible Investment, AXA Investment Managers
Stephen Scofield, Associate Director of Institutional Relations, North America, Sustainalytics
Robert Schwob, Principal, Style Research
ESG in Africa Investment: Too Little or Too Late? Graham SinclairGraham Sinclair
Keynote presentation on ESG in investment in Africa for Trading Africa 7 November 2013, Cape Town, South Africa for Thomson Reuters for AfricaSIF.org and SinCo
Investment As If The Future Matters for TEDxTableMountain 2013 Graham Sinclair
Live version edit of TEDxTableMountain 2013 presentation, first speaker for a good day @TEDxTableMtn with some inspiring ideas and speakers #TEDxTM2013 @esgarchitect
Integrating ESG Into Investment Strategy: Risks and Opportunities. Presentati...Graham Sinclair
Presentation by SinCo on sustainable investment in Africa, promoting AfricaSIF.org.
InterContinental HOTEL & RESORTS, Lusaka - ZAMBIA | JANUARY 30 - 31, 2013 Zambia Pension Fund Investment Forum Charting a sustainable retirement and Pension funds Investment strategy
http://www.mncapital-group.com/past-event-detail.php?ref=zambia-pension-fund-investment-forum
SinCo briefing on Institutional Investors, Sustainable Investment and ESG in ...Graham Sinclair
Presentation to ERM client event focused on role of institutional investment, integration of ESG features, and impact on long-term capital budgeting (investment) decisions by companies in Africa. Contact @SinCoESG www.sincosinco.com info[at]sincosinco.com.
2:45-4:00 The Role of China in Africa
Listen to podcast >
* David Shinn, George Washington University
Remarks
* Graham Sinclair, Sinclair & Company
* Maurice Carney, Friends of the Congo
* John Wilson, TIAA-CREF
Presentation
* Simon Billenness, Unitarian Universalist Association (moderator)
2010 Spring Symposium
The Paradox of China's
Transformation
May 17-18 in Washington, DC
This symposium addressed the rising tension between China's tremendous economic growth and international influence over recent decades as it faces environmental and developmental challenges. As China increases its international reach, internal issues of transparency, human rights, product safety, pollution, energy and water have emerged. We discussed issues of concern to social investors as they look to Chinese firms and the Chinese market to make sound investments and make a difference for their clients.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
2. Carbon Finance: Investment Risks and Opportunities*
• Investment Risks and Opportunities
• The traditional and emerging risks involved in carbon mitigation project
• Overcoming credibility challenges
• What types of offsets attract the most investment?
• What are the risks of investing in pre- 2012 VERs? How can these be
addressed?
2
3. Carbon Finance: Investment Risks and Opportunities
INVESTMENT OPPORTUNITIES
• “Climate change investment covers several key areas - clean energy, energy efficiency, agriculture
and water, and is a secular beneficiary of global growth trends, particularly in developing markets.
• Overall, clean energy, energy efficiency, water and agribusiness managed to outperform the
world equity markets from the bottom of the market through the end of 2009. They also exhibit
out-performance on a three year basis.
• Market drivers for climate change investments remain robust driven by mandates and innovation
policy. Our 2010 Outlook is bullish for public markets, private equity / venture capital and
infrastructure investments.”
RISKS
But direct and indirect investors must KNOW the risks
– Legal
– Project/regulatory
– Political/country
– Financial markets/carbon pricing
FOR TURKEY
• Emerging markets best space for emerging capital especially if with appropriate underwriting.
• What role for Turkey?
Sources: Investing in Climate Change: Strategic Asset Allocation Perspective, Deutsche Bank Climate Change Advisors, Jan 2010
3
5. ISE Sustainability Index Project 2010 - 2011 Launch Briefing
Istanbul Turkey, 10 August 2010
isesi.org
6. About ISE Sustainability Index
APPROACH KEY MILESTONES
• Opportunities to attract capital • Project launch announced @ ISE on 10
• Identifying winners in sustainability meta- August 2010 by Presidents of ISE + TBCSD
theme; competitive context drives changes • Briefing to companies, investors and
• Indices will be used by investment managers stakeholders in Turkey on project; input on
to integrate Environmental, Social and core ESG issues for Turkey, Oct 2010
Governance criteria into their investment
– Further briefings and workshops to develop
processes for benchmarking, asset allocation.
relevant criteria that map to international
standards developed for Turkey.
TEAM – Regular updates and reporting online
• ISE seeking local and international partners: • Criteria finalized and first annual rating
– TBCSD/WBCSD - company initiative process begins; companies assessed on ESG
promoting sustainability, Cheryl Hicks
factors; rating agency and company
– SinCo - sustainable investment architect
– SAM - ESG ratings and indexes
reporting.
• Index model tested with company ESG
ARCHITECTURE profiles based on data/criteria/ranking
• Universe of ISE-listed companies ranked on
financial fundamentals and ESG factors e.g. LAUNCH
energy efficiency, jobs creation, separation
• Index modeled and launched by ISE +
of executive/board positions
TBCSD around Dec 2011.
• Index committee of Turkey /investment/
sustainability experts. Third-party rating
method with verification, review of ratings
6
7. What do investors want? 1/3: global marketplace
• Global SIFs identified USD
6.7 trillion [2009] is
invested in sustainable
investment. But where is
data for Turkey?
• How may we define what
the challenges are for
investment integrating ESG
factors in Turkey today?
• “Institutional portfolios with
Socially Responsible
Investment (SRI) and
environmental, social and
governance (ESG)
mandates have been
obvious early adopters and
climate change is likely to
remain an important
theme.”
Sources: Investing in Climate Change: Strategic Asset Allocation Perspective, Deutsche Bank Climate Change Advisors, Jan 2010, AfricaSIF analysis, 2009.
What is the state of responsible investment1 in South Africa in 2007? UNISA/UNEP Fi/NOAH Financial, Oct 2007. 7
8. What do investors want? 1/3
• Institutional GEM:
– CalPERS USD 250 bn pension fund USA emerging markets guidelines include 1.
Promotion of sustainability. Appropriate disclosure on ESG; 2. Dedicated Clean Tech and
Green Real Estate funds seeking deals
• New themes:
– US-based fund launched 15 Sept 2010 specializing in markets for ecosystem services such
as carbon, water and biodiversity; “Capturing Carbon Opportunities.”
– Appetite for green bond fund focused on “investing in ‘green’ projects and initiatives that
support a conversion to a low carbon economy in emerging markets.”
• New asset classes:
– Private equity: At least 10 private equity funds looking to raise up to USD 3.6 billion, with
the four cleantech dedicated funds making up USD 1.4 billion of the sum. Actis USD 10
bn Private Equity goal: to promote sustainable growth in emerging markets to ensure “a
lasting tangible and positive difference” in target countries. ESG Guidelines, policies and
methods for monitoring the ESG approach in companies within portfolio and under
consideration [environmental, climate change]
– Green DFI bonds: Allocated capital to existing global development bank green bond
programs. World Bank/IFC both issued green bonds, new issuers are expected to come to
market in 2010. Both are AAA rated entities with zero risk weighted capital treatment.
Investor takes on World Bank or IFC credit and does not face direct/indirect project
exposure. All project screening is by qualified teams of environment specialists within bank.
Investments can replace existing exposure to government bond allocations to created a
“greener” Aggregate Bond Fund
8
9. What do investors want? 2/3: mainstreaming through pension funds
• 2009 influence survey: Asset Owners: do you expect to implement ESG
policies in your emerging market investments within the next 3 years?
Yes 81.5%
No 18.5%
0 10 20 30 40 50 60 70 80 90 100
…however 80% also state that they are currently not able to find fund
managers with the required capacity
Source: IFC/Economist Intelligence Unit, 2009 international investor opinion survey, 2009
9
11. What do investors want? 3/3: indexes offering carbon exposure; driving projects?
• Environmental indices represent the MSCI Global Climate Index
performance of focused investment • The MSCI Global Climate Index is an equal
opportunity sets that reflect specific weighted index consisting of 100 developed
environmental themes, such as renewable market large, mid and small cap companies
energy or clean technology that are leaders in mitigating the causes or
impact of climate change
• MSCI Global Environment Indices include
developed and emerging market large, mid • Constituent companies are classified as
and small cap companies that have pure- leaders in one of three themes: Renewable
play involvement in five environmental Energy, Future Fuels, or Clean Technology
themes [A company that derives 50% or and Efficiency
more of its revenue from products and
services from one of the five environmental • Criteria for being a leader include market
industries]. share, strategic commitment, investment in
research and development, intellectual
property and reputation. Constituents are
• The MSCI Index is the aggregation of the added and removed at Quarterly Index
five thematic sub-indices Reviews
– MSCI Global Alternative Energy Index
– MSCI Global Clean Technology Index
– MSCI Global Sustainable Water Index
– MSCI Global Green Building Index
– MSCI Global Pollution Prevention Index
11
12. Carbon markets
Compliance markets
• Cap and trade/“Price on
carbon”
• $144 BILLION or 8,625
MtCO2e in 2009
• Geographic coverage (mostly
EU; US regional)
• 15% Offsets by volume (tons)
Voluntary markets
• Differential value/ton based on
quality and co-benefits of
reductions (“charismatic” or
“boutique” carbon)
• $388m or 94 MtCo2e in 2009
• Global in supply; demand
driven by U.S. and EU
Sources: Adapted from EKO Asset Management, Sep 2010, correspondence with author 12
13. Risks & opportunities 1/3
SIZE SELECTION
• Carbon projects have not existed on the scale • Focus on eligible credits; highest value
necessary to attract large institutional investors. • Lack of standardization amongst project
Developing conservatively sized investment vehicle types – scope of “Green Projects” is
takes into account current regulatory uncertainty very wide.
• Does “aggregator” either ring-fence existing – Renewable energy systems
projects or create captive pools of capital. – Energy efficient retro-fit initiatives
– Avoided deforestation, reforestation,
Afforestation
PROCESS – Methane capture technology
• Without rigorous investment process marketing – Global greenhouse gas abatement
hype and emotion cloud investments
TRENDS
DIVERSIFICATION
• Key trends in environmental markets:
• Hedge risk through portfolio diversified by:
– Trading in compliance AND pre-
– Registry and standard (e.g., CAR, VCS and ACR)
compliance Carbon market
– Project type (e.g., avoided conversion, reforestation
and ag)
already taking place
– Investment type e.g., options, forwards, project – Strong regulatory interest in
equity “Green Carbon” in OECD
– Geography (by state/province, region and country) countries [from why to how?]
OPTION – Long-term: pricing of ecosystems
• Protect downside exposure to slow-moving and their services will create more
compliance markets by ensuring credits also have mega-markets
appeal to high-value (“boutique”) voluntary buyers
Sources: Adapted from EKO Asset Management, Sep 2010, Bill Page CFA in GEOS Strategy Sep 2010 courtesy of Bill Page, Sep 2010, correspondence 13
14. Risks & opportunities 2/3
Legal risks
RISK MITIGATION & MANAGMENT
Third party claims ownership to credits - Performing due diligence. Warranties in ERPA
Litigation affecting project - Due diligence. Warranties
Counterparty fails to make payments -Due diligence regarding counterparty’s credit
-Third party guarantees obligations (Guarantor)
Environmental liabilities - Due diligence. Warranties. Indemnities
Failure to obtain/ comply with local - Due diligence. Warranties. Indemnities
authorizations/ permits
Project/regulatory risks
Failure to obtain letter of Approval - Letter of Approval as precondition in contract. Guarantee
from Host Country. Option to sell credits as “VERs” (Seller)
Project fails validation or registration - Validation as a precondition. Payment only upon delivery
(Buyer). Option to sell credits as “VERs” (Seller)
Methodology fails to be approved - Methodology approval as a precondition
Project under-performance - ERPA obligation to source replacement credits. Duty to pay
liquidated damages
Registry delays / malfunctions - Flexible delivery provisions. Force Majeure. Alternative
accounts for delivery
Source: Managing carbon project risks Presented by Adam Shepherd, Regional Workshop on Legal, Institutional and Financial aspects of Carbon Finance, Istanbul, Turkey, 21-22 January 2008
14
15. Risks & opportunities 3/3
Host Country/Political risks Financial Risk: carbon markets risk
• Participants in carbon projects will • Managing Market Risk:
consider political risks in the host
– Pricing
country prior to making investment
decisions • Fixed price
• Sample Host Country risks… • Floating price with floor/ceiling
– Delays in obtaining Letters of Approval – Secondary sales (forward)
– Uncertainty regarding criteria for
• Passing on the market risk
Letters of Approval
– Uncertainty regarding taxes • What about delivery issues?
– Nationalization of project assets or
carbon credits
– Coup d'état or civil strife
– Strikes: labor, transport
“IEA urges Turkey to take on emissions target: Turkey’s fight against climate change should include a carbon
market and an emissions target.”
- Point Carbon 23 Jul 2010
“Turkey eyes domestic carbon trade: Turkey could launch a domestic carbon scheme in a few years’ time, a
government official said today.”
- Point Carbon 28 Sep 2010
Source: Managing carbon project risks Presented by Adam Shepherd, Regional Workshop on Legal, Institutional and Financial aspects of Carbon Finance, Istanbul, Turkey, 21-22 January 2008
15
16. Investment case for environment: driving carbon finance 1/2
• Realities
– Most countries very slow to establish carbon capital & finance.
– Carbon finance still too peripheral.
– Developing countries only beginning to understand how to position and communicate
investment opportunities…
– Emerging markets best space for emerging capital; especially if with appropriate
underwriting. Combining/coherence of ODA. Carbon capital finance based on FTT etc.
• Multiple, long-term global catalysts.
– Rise of sustainability as economic development meets “Tragedy of the Commons”
– Environmental regulatory direction intact
– Clean tech is now a competitive advantage
• Broad opportunities not recognized by the markets.
– Beyond the solar horizon
– New solutions, old benchmarks
– Most significant environmental externality is pricing
Sources: Investing in Climate Change: Strategic Asset Allocation Perspective, Deutsche Bank Climate Change Advisors, Jan 2010;
WWF Sep 2010; Bill Page CFA in GEOS Strategy Sep 2010 courtesy of Bill Page, Sep 2010
16
17. Investment case for environment: driving carbon finance 2/2
•“We will vigorously develop renewable energy and nuclear energy. We will endeavor to increase
the share of non-fossil fuels in primary energy consumption to around 15% by 2020.”
- Chinese President Hu Jintao, address at UN Climate Change Summit, September 22, 2009.
•At least USD 10 trillion dollars of infrastructure investment overall, to be deployed globally into a
variety of projects over the next 5-10 years, with a significant component going to water (50%),
power (22%) and critical infrastructure for agriculture such as roads and rails (19%).”
- Source: Investing in Climate Change: Strategic Asset Allocation Perspective, Deutsche Bank Climate Change Advisors, Jan 2010
Photo courtesy of The Guardian. View from the Shanghai World Financia 17
18. Carbon Finance: Investment Risks and Opportunities
INVESTMENT OPPORTUNITIES
• “Climate change investment covers several key areas - clean energy, energy efficiency, agriculture
and water, and is a secular beneficiary of global growth trends, particularly in developing markets.
• Overall, clean energy, energy efficiency, water and agribusiness managed to outperform the
world equity markets from the bottom of the market through the end of 2009. They also exhibit
out-performance on a three year basis.
• Market drivers for climate change investments remain robust driven by mandates and innovation
policy. Our 2010 Outlook is bullish for public markets, private equity / venture capital and
infrastructure investments.”
RISKS
But direct and indirect investors must KNOW the risks
– Legal
– Project/regulatory
– Political/country
– Financial markets/carbon pricing
FOR TURKEY
• Emerging markets best space for emerging capital especially if with appropriate underwriting.
• What role for Turkey?
Sources: Investing in Climate Change: Strategic Asset Allocation Perspective, Deutsche Bank Climate Change Advisors, Jan 2010
18
19. Thank you
Sustainable Investment Architects
Graham Sinclair
graham.sinclair@sinclairconsult.com
sinclairconsult.com
19
20. EU Emission Trading Scheme cap&trade improves economics of low carbon technologies
20
26. Who We Are: Sustainable Investment Architect
• SinCo at a Glance • Experienced
– SinCo is a boutique investment advisory firm – Established boutique in Boston in Q4 2006.
specializing as an ESG investment architect Inaugural engagement for Wall St
for sustainable investment in frontier and proprietary and third party manager with
emerging markets. USD 900bn AUM, 200 analysts, mutli-asset
– Bespoke investment advisory focused on classes
sustainable investment architecture – Sabbatical to establish PRI in Emerging
– Architect + 2 analysts with support team Markets Project for UN Environment
operating projects with partners in Geneva, Programme Finance Initiative 2007/8.
Seattle, London, Nairobi, Washington DC, Ramped membership in EM 57%
Cape Town, Istanbul – Since 2006, SinCo has delivered sustainable
– Word-of-mouth, below-the-radar approach investment architecture globally to pension
funds, asset managers and international
organizations integrating environment, social
• Philosophy and governance (ESG) factors into
– SinCo offers the domain knowledge and investment practice.
global experience to help investors
understand the threats and opportunities of
the sustainability meta-trend.
• Proven Project Leader
– SinCo helps clarify questions, design & – Multi-year, multi-stakeholder, multi-country
develop answers, and project manages project management experience.
thinking into action. – Developed framework for 25 country
rollout by PRI in EM project.
Investment architect that believes sustainability + investment are integrated
26
27. Who We Are: SinCo helps leading clients tackle challenges
• Developed strategy for assessing innovative financing mechanisms to attract new capital in new
ways 2008-. Designed global ESG index architecture for developed, emerging and frontier markets
covering nutrition sector 2009-2011.
• Prepared strategy and lead the Africa Sustainable Investment Forum (AfricaSIF) project team
developing pan-African network for investment stakeholders 2009-.
• Supported stakeholder engagement connecting investors, analysts and companies assessing practice
of investment valuation globally in 2008.
• Designed sustainable investment ESG architecture across trillion-dollar AUM, 200 analyst private
equity, equity, fixed income and global real estate asset classes. Provided peer benchmarking for
ESG strategy and developed change management program for global ESG roll-out 2006-2009.
• Developed strategy for 25 emerging markets in 2007 and launched EM project for sustainable
investment by institutional investors. Created network infrastructure, stakeholder relationships and
built PRI in EM through 2008.
• Conducting seminal study of sustainable investment in sub-Saharan Africa [S.Africa, Nigeria, Kenya]
across PE and listed equities in 2010 in partnership with RisCura; conducting primary research
interviewing over 130 investors. In PE and listed asset classes inside/outside Africa 2009-2010
• Developed investment map and index architecture for Istanbul Stock Exchange/ Turkish Business
Council for Sustainable Development covering 100+ ISE-listed stocks on ESG profiles 2010-2011.
27
28. Credentials: testimonials for SinCo…
• “Graham is an exceptional professional in all that he does. His work is at the crossroads of business intelligence,
finance and investments and sustainability. His ability to clarify objectives and execute on solutions has demonstrated
the fruitful success of the business case for sustainability.”
– Director and Senior Investment Analyst, global institutional asset manager, New York City.
• Graham served as a strategic adviser to a large US Asset manager as we worked together on developing their
sustainable investment strategy. He provided on-going support to their internal team and served as a knowledgeable
and helpful sounding board as their staff tried to move sustainability forward
– - Senior Client Relationship Manager, Global ESG ratings and research provider, London
• Graham is a very focused, passionate and results driven promoter and believer in the change role that a shift to of
Responsible Investments can and will effect in our globalising world. He is comfortable with holding a strong opinion
yet cable of being a consensus builder
– - Portfolio Manager, Responsible Investment equity portfolio, Cape Town.
• "For many investors, getting to grips with ESG issues in emerging markets is a top priority. [He] was crucial in
encouraging new partnerships in diverse markets..."
– Clean tech private equity fund manager and former Executive Director, ASRIA, Hong Kong.
• Graham has shown a fantastic drive and commitment to the PRI initiative. He clearly helped promote the ESG
thematic to the top of our priorities.
– - Chief Risk Officer, hedge fund-of-funds investment house, Zurich.
• “Graham is a hard-working, dedicated investment professional. He approaches his work with a creative pragmatism
and is committed to promoting the importance of ESG thoughout the value chain.
– - Project team member, Principles for Responsible Investment, Geneva.
• "Graham is one of our leading thinkers on SRI. The work that Graham is doing will transform SRI and take it to the
next level."
– Managing Director, equity investment manager, Boston.
• "Graham Sinclair's work is excellent."
– Executive Diretor, billion-dollar global foundation, Philadelphia.
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29. Who We Are: About Graham Sinclair
• Graham Sinclair is a sustainable investment strategist, ESG architect and global project leader at
Sinclair & Company [SinCo]. Graham has eight years specialist experience in sustainable investment
globally after eight years in pensions consulting and investment banking in Africa. Recent consulting
engagements in sustainable investment include:
– Leading IFC-funded research into private equity and liquid equity ESG strategies in sub-Saharan Africa in South
Africa, Kenya and Nigeria to be published in Q2 2010.
– Developing innovative financing mechanisms strategy and ESG index architecture for developed, emerging and
frontier markets for a Swiss-based international organization.
– For a global institutional investment firm in New York with a USD 1 trillion AUM portfolio, designing ESG
architecture across private equity, liquid and global real estate portfolios covering philosophy and process
innovations and investment strategies.
– As consultant to the UN, developed strategy for 25 emerging markets and launched PRI in Emerging Markets
project in Q3 2007 for UNEP FI, creating a network infrastructure, building relationships with 108 investor
stakeholders including in Africa through 2008.
– Lecturing on ESG in investment strategies at investment practitioner symposia and leading business schools in
Europe, Africa and the US. Currently developing case studies on ESG investment in emerging markets for his
forthcoming book.
• Before starting his eponymous investment advisory boutique SinCo in 2006, he was Product Manager
at KLD Research & Analytics, Inc, based in Boston. He is a former contributor to the CSR Initiative at
Harvard Kennedy School, Distinguished Member of Net Impact, alum of WWF One Planet Leaders
programme and the Tallberg Forum New Leaders Program. He holds diplomas in retirement funds
and insurance law, and in 1998 he was one of the youngest ever dual-FILPAs. He currently leads the
AfricaSIF Project building a not-for-profit Africa Sustainable Investment Forum network.
• Graham earned his MBA on scholarship at Villanova University USA where he co-managed the
Arnone-Lerer SRI Fund equity portfolio in 2004. He holds a B.Com from the University of Natal and
LL.B from its Howard College School of Law as well as numerous industry specialist certifications.
29
30. About Project team
Name Location Biography
Formerly he was Product Manager at KLD Research & Analytics, Inc, based in Boston. In 2006 he started his eponymous
investment advisory boutique SinCo, where he is a sustainable investment strategist, ESG architect, and global project leader. He
Graham Sinclair Cape Town currently leads the AfricaSIF Project building an independent, not-for-profit Africa Sustainable Investment Forum network.
Mr. Sinclair received his M.B.A. From Villanova where he co-managed the Arnone Lerer SRI Fund equity portfolio in 2004. He
holds a B. Com from the University of Natal and LL.B from Howard College School of Law. He holds diplomas in retirement
funds and insurance law, and in 1998 he was one of the youngest ever dual-FILPAs.
Pierre Taljaard Cape Town Mr Taljaard has been an analyst at SinCo since April where he conducts research and analysis for sustainable investment
strategy, processes and indexes. He has since spent a year working as a fund administrator at Close Fund Services, a subsidiary
of Close Brothers. He has also been pursuing his CFA Charter and in June 2010 passed the Level III exam. He received his
Bachelor of Business Science [Finance Honours] from the University of Cape Town in 2007.
Roselyne Yao Dakar Ms Yao is a analyst at SinCo on special projects. Formerly, she was a Research Analyst for JPS Global Investments [a California-
based money management company focusing on sustainable investing] and an Intern in the Social Research and Advocacy
Team at Walden Asset Management [a Boston-based socially responsible investing company]. She is currently an AfricaSIF
Steering Committee member. Ms Yao received her M.B.A. [Finance and Marketing] from the University of Illinois in 2009. She
passed the CFA level I exam in June 2009 and plans on sitting for the CFA level II exam in June 2011.
30