Climate Finance- The Challenges of Transitioning from Funding Climate Change to Funding Net-Zero

Information Session Attendees that joined live will receive 10% Discount Code

Description: Trillions of dollars of annual funding are needed to achieve the goals of the Paris Agreement.  Society must transition away from fossil fuels, transform the global agriculture sector, preserve and restore forests and other natural resources, adapt to the impact of rising temperatures, and prepare to pay for losses and damages.  Thus, it is imperative that global finance transitions away from funding the causes of climate change to funding the efforts toward net-zero.  Making the transition and mobilizing the money is feasible with appropriate policies, incentives, investment vehicles, and financial instruments.  

This course will explore a wide array of issues and controversies regarding climate finance with the objective of helping participants understand the challenges of mobilizing money to mitigate GHG emissions and adapt to the physical impacts of climate change.  A holistic approach is taken to understanding what circumstances make this multi trillion-dollar mobilization feasible.  Broader questions, such as public versus private goods, the sources and causes of market failures, the role of the private sector versus governments, and the structure of the global financial markets will be covered.  More focused topics will include the financial tools that can be employed, the key actors in the transition, the role of government regulations, ESG and impact investing, and what role markets should play.  Sessions will be led by Paul DeNoon and Gerry Paul along with experts on specific topics. 

Learning objectives / themes:

• Framing the Challenge: The Pathways and Progress to a 1.5° World — What is the goal of the transition?  Dimension the challenge of mitigation?  What are the sources of GHG emissions by sector?  What progress has been made toward net-zero?  Public and private goods and appropriate roles of the government versus private sector?  How much money is invested in creating climate change versus mitigating GHG emissions?  What are the needs of developed, developing, and less developed economies?
• The structure of global financial sector — How large is the pool of global savings and who controls its allocation – corporations, Institutional investors, asset managers, individuals?  What are the incentives that drive their decisions?  What is the role of debt versus equity in funding investment?  What is the impact of public versus private securities in driving the transition?   What structural issues need to be addressed?  Is ESG investing enough to get us to net-zero?
• Dimensioning the financial risks and opportunities of action and inaction — What are the investment risks and opportunities of action and inaction on climate change?  Are they being appropriately measured?    Differentiating between Mitigation as a return seeking investment, Adaptation as an insurance policy against future losses, and Loss  & Damage as a pure cost that must be paid if we don’t mitigate or adapt?  Inadequacy of the modeling of the financial risks of climate change?
• Tools to mobilize funding — What are Green Bonds, Sustainable Investment Funds, ESG/Impact Investing, Carbon Pricing, Carbon Markets, Debt for Nature Swaps, Divestment, Blended Finance, MDBs guarantees, and tax incentives?

Who this workshop is intended for: This workshop is intended for individuals interested in exploring the numerous issues and controversies of climate finance.  A strong foundation will be built with the goal of participants playing an active role in the debate and discussion on how to fund mitigation and adaptation. No prior knowledge of finance is expected.  

Learning modalities: This workshop will be offered in a virtual format via Zoom. It will feature a mix of lectures, discussions, and audio/visual materials. Guest speakers will share their practical knowledge and experience as well.

Please note that all courses are taught in English. Proficiency in written and spoken English is required.

Schedule: VIRTUAL March– May 2024. Session 1 will be 2 hours in length. All other sessions will run for 2 hours and 10 minutes.

Session 1: Wednesday, March 27, 5.30-7.30pm

Session 2: Wednesday, April 3, 5.30-7.40pm

Session 3: Wednesday, April 10, 5.30-7.40pm

Session 4: Wednesday, April 17, 5.30-7.40pm

Session 5: Wednesday, April 24, 5.30-7.40pm

Session 6: Wednesday, May 1, 5.30-7.40pm

Session 7: Wednesday, May 8, 5.30-7.40pm

Instructor Bio:

Paul DeNoon is a Senior Advisor to the Columbia Climate School bringing the knowledge and experience of the financial markets gained over a 35-year career as an analyst, portfolio manager and leader in corporate responsibility.  He is also an advisor to the Coalition for Rainforest Nations, helping advance their mission of making rainforests worth more alive than dead.  During a 28-year career at AllianceBernstein, he built the firm’s efforts in emerging market debt and lead its global, multi-sector, fixed-income investing team. After being named to the firm’s first Partner Class, Paul was asked to oversee the firmwide efforts in corporate responsibility, including Diversity & Inclusion, responsible investing, and corporate philanthropy. In that role he played an instrumental part in creating the partnership between Columbia and AllianceBernstein, which led to his former firm being the founding member of the Corporate Affiliate Program. In his current roles, Paul is focused on carbon markets and climate finance, hoping to bring healthy skepticism to the debate on how financial markets can help address the climate emergency. He received a BA in Economics from Union College and MBA from the New York University Stern School of Business.

Joseph G. (Gerry) Paul has nearly 35 years of experience in investment research and management with AllianceBernstein. Most recently, he was the Chief Investment Officer for Strategic Equities, a $20 billion US Stock portfolio, and Chief Investment Officer – US Value Equities. Mr. Paul started his career in investment research specializing in the global automobile industry and was named to Institutional Investor’s All American Research Team every year from 1990-1996. He has managed a number of different portfolios across a variety of asset classes including small-capitalization, long-short, real estate, and multi-asset. 

Starting in 2019, Mr. Paul was involved with the partnership between AllianceBernstein and the Columbia Climate School. The partnership’s goal is to shape the next generation of professionals striving to address the impact of climate change and develop new solutions. He is also a part-time lecturer in Sustainability Science at the Columbia University School of Professional Studies. He holds a BS from the University of Arizona and an SM from the Massachusetts Institute of Technology.