ARX Series 2 February 2021
Economic and Market Impacts of Climate Change
A presentation of the CFA Institute report “Climate Change Analysis in the Investment Process” is followed by a discussion of economic and market implications of climate change, carbon pricing, and recent developments in carbon markets.
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Climate change presents a significant challenge to global markets and economies, posing additional costs and risks to all parts of society. A hotter planet means a higher number of droughts, famines, extreme weather events, and more property damage and dislocation of humanity than any of us have seen in our lifetimes. Against this backdrop, the financial industry plays a pivotal role in allocating capital towards more sustainable activities. This is particularly relevant in Asia Pacific, where a significant part of the population and assets are located in areas prone to floods and extreme weather events.
In a recent report “Climate Change Analysis in the Investment Process” published by CFA Institute, we examined how climate risks can be incorporated into financial analysis and portfolio management. The investment profession needs to incorporate these new realities into its analysis in order to help efficiently allocate capital in a world where the effects of climate change are increasing. Issuers need to provide timely, relevant, consistent data on climate change in order to provide investors with decision useful information. In this webinar, we will present the findings of our research report and discuss:
- the economic and market implications of climate change,
- carbon pricing and recent developments in carbon markets, and
- the role of regulators / stock exchanges in promoting disclosures by issuers and in fostering greater transparency.
- Mary Leung, CFA, head of advocacy for Asia-Pacific, CFA Institute
- Matt Orsagh, CFA, senior director of capital markets policy, CFA Institute
- Grace Hui, managing director, head of green and sustainable finance, HKEX
- Ken Hokugo, director of hedge fund investments, Pension Fund Association
Watch the Webinar
Matt Orsagh is the senior director, capital markets policy, at CFA Institute, where he writes and speaks about pressing issues in global market integrity and corporate governance. He leads projects aimed at fostering greater transparency and accountability in global financial markets; promulgates CFA Institute’s Capital Markets Policy Group corporate disclosure positions, policies, and standards; and coordinates and supports related public awareness activities.
Matt’s expertise is in the area of corporate governance and disclosure best practices, ESG, shareowner rights, short-termism, and financial regulation. He was previously named one of the “Rising Stars of Corporate Governance” by the Millstein Center for Corporate Governance and Performance at the Yale School of Management.
Matt holds a BA degree in Communications and English from the University of Notre Dame and an MBA degree in Finance from Georgia State University.
Mary is the Head, Advocacy, Asia Pacific at CFA Institute. She leads the team that is responsible for building market integrity in APAC by developing and advocating capital markets policy positions that raises investor protection and fosters sustainable industry growth. She also oversees the promotion and development of Asia-Pacific Research Exchange (ARX), a research hub through which we engage with societies, members, governments, regulators, academia and other industry stakeholders 6o advance the wider CFA Institute mission.
Mary has over 20 years of experience in the global financial industry, having worked in corporate finance, wealth management advisory, and fund management. She joined Coutts & Co, where she was director of Business Development and Management for North Asia. Prior to that she was executive director at UBS AG, where she led the Corporate Advisory Group in Hong Kong. With experience in both the buy- and sell-sides, Mary has a strong understanding of the drivers and dynamics of different investor groups, including institutional investors, corporates, family offices, asset owners, and high-net-worth individuals.
Mary graduated from Peterhouse, Cambridge with a degree in Engineering. She is a CFA charterholder and speaks English, Putonghua, and Cantonese.
Grace Hui is the Head of Green and Sustainable Finance at Hong Kong Exchanges and Clearing Limited (HKEX) with responsibility for the development of HKEX’s green and sustainable finance programme. From 2013 to April 2020, Ms. Hui was the Chief Operating Officer of HKEX’s Listing Division responsible for structured products & fixed income, primary market information, listing policies, listing enforcement and accounting affairs. Prior to joining HKEX, Ms. Hui was with UBS in various roles including Chief of Staff and Global Chief Operating Officer of UBS Legal & Compliance Department. Ms. Hui is an Honorary Adviser and a member of the Inspection Committee of the Financial Reporting Council; a member of both the Regulatory Oversight Board and the Sustainability Committee of The Hong Kong Institute of Certified Public Accountants; and co-chairs the Market Development Work Stream of the Green and Sustainable Finance Cross-Agencies Steering Group established by Hong Kong Monetary Authority and Securities and Futures Commission.
Ken Hokugo is the Co-Head of Hedge Fund Investments at Pension Fund Association (“PFA”) overseeing USD5bn hedge fund portfolio which is approximately 5% of PFA’s total AUM of approximately USD100bn equivalent. Prior to joining PFA, he worked at the Sumitomo Mitsui Banking Corporation’s (“SMBC” or “Sumitomo”) Tokyo Head Office, responsible for designing and implementing the strategy for its global asset management business. Until 2010, he was at Sumitomo’s New York Office for 15 years from 1995. From 2005 to 2010, he was CFO of the Americas Division overseeing all investment – PE, HF, Structured Credit, ILS, etc. - and portfolio management as well as ALM. Americas Division had more than 1500 head counts. From 1998 to 2005, as the Head of Financial Products and Special Projects Group of the Division, he was responsible for prop investment portfolio as well as assigned to negotiate and close the special projects by the Head Office Management including the ones directly from its CEO. He is also the head of Corporate Governance at PFA and speaks at various conferences and seminars domestic and abroad on Japan’s corporate governance status.
Mr. Hokugo received his Bachelor’s Degree in Economics from Keio University and MBA from Columbia Business School.