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Stranded Assets Forum Tokyo, Japan, 31st January 2017

Stranded Assets Forum, Tokyo

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Stranded Assets Forum Tokyo, Japan

The University of Oxford’s Smith School of Enterprise and the Environment, with Bloomberg LP acting as host, is organising a private high-level forum on stranded assets and the future of sustainable finance. This will take place on 31st January 2017 in Tokyo and follows on from six equivalent forums organised by the University of Oxford in the United Kingdom and the United States. The forum will bring together a small number of senior practitioners from key groups throughout the investment chain, as well as leading researchers and policymakers. Invitations are personal and non-transferable, there is no fee for attendance, and there will be no more than 70 high-level attendees. The Paris Agreement coming into force, major developments in clean technology, changing interpretations of fiduciary duty, and parallel developments in company and investor disclosure mean that factors related to the environment are becoming ever more material and could reshape the risk and return profile of investments in key sectors around the world. Our inaugural forum in Japan will examine the major developments in stranded assets and sustainable finance-related topics and look at their possible implications for Japanese financial institutions and financial regulators. There will also be a session organised together with the Task Force on Climate-related Financial Disclosures (TCFD). This one-day forum will provide an opportunity for practitioners to hear about the latest research on stranded assets and sustainable finance, as well as engage with their peers in the asset owner, asset manager, and research community.

Forum Agenda Tuesday, 31st January 2017 09:00 – 09:50 Arrival and Registration at Bloomberg L.P. 21st Marunouchi Building, 2-4-1 Marunouchi, Chiyoda-ku, Tokyo, 100-6324 09:50 – 10:00 Welcome and Opening Remarks

Ben Caldecott, Director, Sustainable Finance Programme, Smith School, University of Oxford 10:00 – 11:30 Perfect storm: public policy and technological innovation

Chair: Ali Izadi-Najafabadi, Head of Japan & Korea, Bloomberg New Energy Finance Eiichiro Adachi, Counselor and Head of ESG Research Center, The Japan Research Institute Kingsmill Bond, New Energy Analyst, Trusted Sources Nobuo Tanaka, Advisory Board, Bloomberg New Energy Finance and former Executive Director, International Energy Agency

11:30 – 12:15 Climate change: a central bank perspective

Speaker: Misa Tanaka, Senior Research Manager, Research Hub, Bank of England 12:15 – 13:15 Lunch


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13:15 – 14:30 Climate litigation and liability: an emerging risk? Chair: Yukari Takamura, Professor of International Law, Graduate School of Environmental Studies, Nagoya University Yoshihiro Fujii, Executive Director, Research Institute for Environmental Finance Ken Hokugo, Director, Corporate Governance, Pension Fund Association Natalie Smith, Lawyer, ClientEarth

14:30 – 16:00 The future of active ownership and how it relates to the environment

Chair: Takejiro Sueyoshi, CEO, Green Finance Organisation, Japan Hans-Christoph Hirt, Co-Head, Hermes EOS Philip Ripman, Senior Analyst and Portfolio Manager, Storebrand Asset Management Hideki Takada, Senior Policy Analyst, Green Finance, OECD Yasutoyo Takada, General Manager, Credit Investment, Nippon Life Insurance Company

16:00 – 16:30 Tea/Coffee 16:30 – 17:45 The evolving climate disclosure landscape: where next? Organised in partnership with the Task Force on Climate-related Financial Disclosure

Chair: Ben Caldecott, Director, Sustainable Finance Programme, Smith School, University of Oxford Ali Izadi-Najafabadi, Head of Japan & Korea, Bloomberg New Energy Finance

Jeremy McDaniels, Programme Manager, UNEP Inquiry into the Design of a Sustainable Financial System

Masaaki Nagamura, Head, Corporate Social Responsibility, Tokio Marine Holdings and TCFD Member

17:45 – 18:15 Closing Keynote: Global perspective on evolving policy and politics

Keynote: Rt Hon. Lord Deben, Chairman, UK Committee on Climate Change 18:15 – 20:00 Networking Reception


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Speaker Biographies Eiichiro Adachi, Counselor and Head of ESG Research Center, The Japan Research Institute After graduating from Hitotsubashi University in Japan in 1986 with a Bachelor’s degree in Economics, Mr. Adachi joined The Japan Research Institute, Limited (JRI) in 1990. Currently Counselor at JRI, he previously served in the Management Consulting Department and Technology Research Department. He is mainly engaged in conducting industrial surveys and corporate evaluations from the perspective of corporate social responsibility. He was one of the experts in the Japanese delegation to the ISO/Social Responsibility Standards (ISO 26000) Working Group (March 2005-May 2009). He has co-authored numerous books including CSR Management and SRI (Kinzai, 2004), Businesses That Grow with Global Warming (Toyo Keizai Inc., 2007), Introduction to Environmental Management (Nikkei Publishing Inc., 2009), Ten New Things to Know about Environmental Management: From Carbon Risk to Natural Capital (Nikkei Publishing Inc., 2015), Introduction to Natural Capital: The Challenge of the Nation, Local Governments, and Companies (NTT Publishing, 2015) and ESG Reader for Investors and Business persons (Nikkei Business Publications Inc, 2016). Kingsmill Bond, New Energy Analyst, Trusted Sources Kingsmill Bond is the new energy strategist for TS Lombard, a leading investment research company. He is a research affiliate of the Smith School of enterprise and the environment at the University of Oxford. He worked as an analyst and strategist for 20 years (1996-2015) with a focus on emerging markets, Russia and energy. He was global emerging market strategist for Deutsche Bank, global thematic strategist for Citibank, and Russia strategist for Sberbank and Troika Dialog. His focus is on the implications of the new energy revolution for financial markets. Ben Caldecott, Director, Sustainable Finance Programme, Smith School, University of Oxford Ben Caldecott is Director of the Sustainable Finance Programme at the University of Oxford Smith School of Enterprise and the Environment. The Sustainable Finance Programme aims to be the world's leading centre for research and teaching on sustainable finance and investment. He is concurrently an Adviser to The Prince of Wales's Accounting for Sustainability Project, an Academic Visitor at the Bank of England, and a Visiting Scholar at Stanford University. Ben holds a doctorate in economic geography from the University of Oxford. He initially read economics and specialised in development and China at the University of Cambridge and the School of Oriental and African Studies, University of London. He has been a Visiting Scholar at Peking University and held Visiting Fellowships at the University of Oxford, the University of Sydney, and the University of Melbourne. Ben is also a Fellow of the Royal Asiatic Society and Royal Geographical Society, an Associate Fellow at Bright Blue, a Senior Associate at E3G, and a Member of the Senior Common Room at Oriel College, Oxford.


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Rt Hon. Lord Deben, Chairman, UK Committee on Climate Change The Rt. Hon John Gummer, Lord Deben, was the longest serving Secretary of State for the Environment the UK has ever had (1993-97). His sixteen years of top-level ministerial experience also include Secretary of State for Agriculture, Fisheries & Food, Minister for London, Employment Minister and Paymaster General in HM Treasury. He has consistently championed an identity between environmental concerns and business sense. To that end, he set up and now runs Sancroft, a Corporate Responsibility consultancy working with blue-chip companies around the world on environmental, social and ethical issues. Lord Deben is Chairman of the Committee on Climate Change, Valpak Limited, and the Association of Professional Financial Advisers. Yoshihiro Fujii, Executive Director, Research Institute for Environmental Finance Mr. Yoshihiro Fujii is currently a visiting professor for Sophia University, after serving there by spring of 2015 as a full-time professor spending 9 years. Before then he was a senior staff writer in charge of financial fields for Nihon Keizai Shimbun over 30 years. In professional side, he is an expert on environmental finance in Japan. He has managed non-profit organization called RIEF (the Research Institute for Environmental Finance) as an executive director and has still engaged several corporative and governmental works. He has written several books on environmental and sustainable finance fields. Hans-Christoph Hirt, Co-Head, Hermes EOS Dr Hans-Christoph Hirt is an executive director and board member at Hermes EOS and as Co-Head of the organisation is responsible for the sustainable success of the business. Hans leads and oversees the global engagement programme and the quality of the services Hermes EOS provides to its clients around the world. He also leads some high-profile stewardship activities, including priority engagements with major companies in Asia and Germany, as well as interactions with key regulators and organisations. Prior to joining Hermes EOS, Hans worked with international law firm Ashurst. He is the author of numerous publications on corporate governance and law, responsible investment and stewardship. Currently, he is a member of the Steering Committee of the UN PRI Investor Engagement Clearinghouse and the Shareholder Responsibilities Committee of the International Corporate Governance Network. In 2015, he joined the Institutional Investor Council in Malaysia. Hans is a UK-qualified lawyer, holds degrees in Business Administration from universities in Germany and the UK, the ACCA qualification and a PhD from the London School of Economics (LSE). He continues to be involved in academia as a Corporate Governance Fellow at the LSE’s Financial Markets Group and a Teaching Fellow at University College London. Hans speaks French, German and Mandarin. Ken Hokugo, Director, Corporate Governance, Pension Fund Association Ken Hokugo is Director, Head of Corporate Governance at Pension Fund Association of Japan. Prior to joining PFA, he worked at the Sumitomo Mitsui Banking Corporation’s (“SMBC” or “Sumitomo”)


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Tokyo Head Office, responsible for designing and implementing the strategy for its global asset management business. From 1995 to 2010, he worked at Sumitomo’s New York Office, where he was assigned to lead and execute special projects by the management team in Tokyo, and various portfolio management initiatives being mindful of shareholders’ value as the CFO of Sumitomo’s Americas Division. Mr. Hokugo received his Bachelor’s Degree in Economics from Keio University and MBA from Columbia Business School. He also is Director, Hedge Fund Investments at PFA. Ali Izadi-Najafabadi, Head of Japan & Korea, Bloomberg New Energy Finance Ali oversees an analyst team focused on research and analysis of Japan and Korea’s energy sector. His prior experience includes working at Japan's National Institute of Advanced Industrial Science and Technology, and the fuel cell manufacturer, Ballard Power Systems. Ali holds an undergraduate degree in Engineering Physics and a Masters in Electrical Engineering from the University of British Columbia, and a Doctorate in Materials Science from Meijo University. Jeremy McDaniels, Programme Manager, UNEP Inquiry into the Design of a Sustainable Financial System Jeremy McDaniels is Programme Manager with the UNEP Inquiry into the Design of the Sustainable Financial System, where he advises governments, regulators, and international institutions on sustainable finance, and leads research and partnerships on risk management. Jeremy leads the Inquiry's work on the insurance sector, including the Sustainable Insurance Forum. Prior to joining UNEP, Jeremy worked as a management consultant, and contributed to applied research on sustainable finance. Jeremy holds an MSc from the University of Oxford, where he conducted research on the policy implications of stranded assets in the German and UK electricity sectors. Masaaki Nagamura, Head, Corporate Social Responsibility, Tokio Marine Holdings and TCFD Member Masaaki Nagamura has been Division Head of Corporate Social Responsibility, Corporate Planning Department at both Tokio Marine Holdings, Inc. and Tokio Marine & Nichido Fire Insurance Co., Ltd., since August 2011. He is a member of the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures. He helped the launch of the Principles for Sustainable Insurance (PSI), an offspring of the United Nations Environment Programme Finance Initiative (UNEP FI) in June 2012. Prior to assuming the current position at Tokio Marine, he was involved in international insurance regulatory issues, between 2004 and 2011, as Manager in charge of international issues at Tokio Marine & Nichido Fire's Corporate Planning Department. Between 1997 and 2004, he was stationed in Chicago, Illinois, as an insurance account executive serving commercial clients in the U.S. Midwest.


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Philip Ripman, Senior Analyst and Portfolio Manager, Storebrand Asset Management After finishing a masters between Edinburgh and Tianjin, Philip joined Storebrand in 2006. He has been working with the Energy and Utility sectors for close to 10 years, and has been focusing on the intersection of politics, business and sustainability. He has held several positions within the company, ranging from analyst to corporate CSR and currently portfolio manager for the funds TrippelSmart and Global Topp 100. The funds just ended their most successful year, both over 5% ahead of their indexes on the year. Natalie Smith, Lawyer, ClientEarth Natalie Smith is a Company and Financial Lawyer within the Strategic Litigation Programme at ClientEarth. Prior to joining ClientEarth, Natalie was an environmental litigator at the boutique law firm of Eric K. Gillespie Professional Corporation in Toronto, where she appeared before tribunals and courts (including the Ontario Court of Appeal) on matters relating to renewable energy and species at risk. She was called to the Bar of Ontario after completing her legal training with Ecojustice Canada. She was also called to the Bar of England and Wales in 2009, and is currently in the process of qualifying as a solicitor of England and Wales. She is a also part-time Associate Lecturer at Queen Mary School of Law, University of London. Takejiro Sueyoshi, CEO, Green Finance Organisation, Japan Takejiro Sueyoshi is a Special Advisor to UNEP FI in the Asia Pacific region. During his years with Nikko Asset Management as Deputy President, he was appointed as a member of the UNEP FI Steering Committee. After graduating from Tokyo University, Takejiro Sueyoshi joined the Mitsubishi Bank (the Bank of Tokyo-Mitsubishi UFJ) in 1967 and worked for the bank until 1998. He is advisors to mayors of local governments and outside directors of corporations in Japan. He is a member of the Central Committee on Environmental Plan for Ministry of the Environment. He is a Trustee member of CDP (Carbon Disclosure Project). He is CEO of Green Finance Organization Japan (Green Fund) since May 2013. He is Vice-Chair of Executive Board of Renewable Energy Institute in Japan since 2011. He was a member of the Council for Japan`s Prime Ministers (Mr. Fukuda and Mr. Aso) on Climate Change Policy. Hideki Takada, Senior Policy Analyst, Green Finance, OECD Mr. Hideki Takada is a Senior Policy Analyst on green finance in the Environment Directorate at OECD since July 2015. Mr. Takada is seconded from Japanese Ministry of Finance which he joined in 1995. He has had a wide range of experience in policy-making at the heart of the government including public finance, tax, trade policies and financial services. During over 20 years of his career he spent 5 years in the UK: study at Cambridge and LSE (1997-99), and secondment to HM Treasury (the UK finance ministry, 2003-06) where he worked on financial regulation, investment market policies and public spending.


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In 2009, he became the first staff of the newly created National Policy Unit and worked in the Prime Minister’s Office and the Cabinet Secretariat as an architect of the new public finance framework and as a private advisor to the Prime Minister. His latest position in Tokyo which he held until 2015 was the Director of Public Relations, in charge of management of external communications of the Ministry of Finance. Mr. Takada received a Bachelor degree in Law (University of Tokyo), a Master degree in Law (Cambridge University) and an MBA (Imperial College London). Yasutoyo Takada, General Manager, Credit Investment, Nippon Life Insurance Company Yasutoyo Takada is General Manager, Credit Investment Department at Nippon Life Insurance Co., with responsibility for the global credit investment. He has 26 years’ experience with Nippon Life in Tokyo and New York, and has previously served as General Manager, Public Relations Department; Chief Manager, Finance and Investment Planning Department; and Deputy General Manager, Equity Investment Department. He holds a Bachelor of Law degree from the University of Kyoto and finished the AMP at The Wharton School of the University of Pennsylvania in 2015. Yukari Takamura, Professor of International Law, Graduate School of Environmental Studies, Nagoya University Yukari TAKAMURA is Professor of International Law at the Graduate School of Environmental Studies, Nagoya University, Japan. She has widely published as author and co-author books and articles especially on the subject of international law of environment. She is the co-author of Dynamism in Climate Policy (co-edited with Hidenori Niizawa) (2015) (in Japanese). She serves as member of governmental advisory bodies of Japan, including Procurement Price Calculation Committee for Feed-in Tariff Scheme for Renewable Energy; New and Renewable Energy Committee; Subcommittee on Long-term Energy Supply-demand Outlook (Ministry of Economy, Trade and Industry); Central Environmental Council (Ministry of the Environment); and Science Council of Japan. She is Editor-in-Chief of Journal of Japan Association for Environmental Law and Policy. Nobuo Tanaka, Advisory Board, Bloomberg New Energy Finance and former Executive Director, International Energy Agency Nobuo Tanaka is Chairman of The Sasakawa Peace Foundation. As Executive Director of the International Energy Agency (IEA) from 2007 to 2011, he initiated a collective release of oil stocks in June 2011. He also played a crucial and personal role in the strengthening of ties with major non-Member energy players, including China and India. He began his career in 1973 in the Ministry of Economy, Trade and Industry (METI), and has served in a number of high-ranking positions, including Director-General of the Multilateral Trade System Department. He was deeply engaged in bilateral trade issues with the US as Minister for Industry, Trade and Energy at the Embassy of Japan, Washington DC. He has also served twice as Director for Science, Technology and Industry (DSTI) of the Paris-based international organization, OECD.


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Misa Tanaka, Senior Research Manager, Research Hub, Bank of England Misa Tanaka is Senior Research Manager in the Research Hub, Bank of England. After leaving Japan as Keidanren’s United World College scholar in 1993, she has completed B.A. in Economics at McGill University and M.Phil and D.Phil in Economics at Nuffield College, University of Oxford. She joined the Bank of England in 2002 and worked in several areas of the Bank, including international finance, international economic analysis and prudential policy. Misa's current research interests are primarily in the areas of financial stability, macroprudential policy and microprudential policy.


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Participant List Eiichiro Adachi, Counselor and Head of ESG Research Center, The Japan Research Institute Matthew Anderson, Corporate Sustainability Department, Mitsubishi Corporation Kiyoshi Ando, Senior Staff Writer & Editorial Writer, NIKKEI Jun Arima, Professor, University of Tokyo Naoki Asanuma, Journalist, NIKKEI Kenji Baba, Senior Vice President, Sumitomo Mitsui Banking Corporation May Boeve, Executive Director, 350.org Kingsmill Bond, New Energy Analyst, Trusted Sources Ben Caldecott, Director, Sustainable Finance Programme, Smith School, University of Oxford Rt Hon. Lord Deben, Chairman, UK Committee on Climate Change Katsuji Emura, Sumitomo Electric Industries Akane, Enatsu, Senior Analyst, Nomura Institute of Capital Markets Research Yoshihiro Fujii, Executive Director, Research Institute for Environmental Finance Kaori Fujita, Journalist, Nikkei BP Yuko Fukuda, Senior Policy Officer, British Embassy Tokyo Shiori Fukuhara, Writer, The Environmental News Kawanishi Fumito, Secom Shin Furuno, Japan Divestment Campaigner, 350.org Ms Gendatsu, Japanese public broadcasting producer, NHK Fumiaki Goto, Social & Environmental Risk Assessment, Sumitomo Mitsui Trust Bank Ayumi Goto, Senior Programme Manager, Institute for Global Environmental Strategies


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Masaru Hasebe, Environment and CSR Department, Development Bank of Japan Michiko Hasegawa, Nissay Asset Management Hiroshi Hashiguchi, TMEIC Tony Hay, Publisher, Responsible-Investor.com Toshikazu Hayashi, Nissay Asset Management Hana Heineken, Rainforest Action Network Kimiko Hirata, International Director, Kiko Network Hans-Christoph Hirt, Co-Head, Hermes EOS Ken Hokugo, Director, Corporate Governance, Pension Fund Association Takashi Hongo, Senior Fellow, Mitsui Global Strategic Studies Institute Hirokazu Ikebukuro, Corporate Communication, Mitsubishi UFJ Financial Group Satoshi Ikeda, Director of International Affairs Office, Financial Services Agency Japan Tsuyoshi Inajima, Reporter, Bloomberg News Tomoaki Ishigaki, Director of Climate Change Division, Ministry of Foreign Affairs, Japan Toru Ishii, Staff reporter, Asahi Newspaper Osahiro Ito, Deputy General Manager of Planning Department, Federation of Electric Power Companies Ali Izadi-Najafabadi, Head of Japan & Korea, Bloomberg New Energy Finance Shusaku Izumi, Head Manager, Mitsubishi Corporation Hiroaki Kamei, Corporate Communication, Mitsubishi UFJ Financial Group Yasushi Katakura, Social & Environmental Risk Assessment Office, The Bank of Tokyo Mitsubishi UFJ, Ltd. Yoshiki Kato, Corporate Sustainability Department, Mitsubishi Corporation


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Daisuke Kawaguchi, Mutual Company Credit Investment Department, Nippon Life Insurance Company Atsuko Kawaguchi, Kyodo News Tatsusaburo Kimura, Sumitomo Corporation Hiroshi Komori, Government Pension Investment Fund Kiyoshi Maekawa, General Manager, ORIX Energy & Eco services business Headquarters Harald Martens Holm, Chief Advisor to the CEO, Storebrand Jeremy McDaniels, Programme Manager, UNEP Inquiry into the Design of a Sustainable Financial System Heather McLeish, Senior Manager, Ernst & Young ShinNihon LLC Mortimer Menzel, Augusta & Co Limited Masamichi Miyanohara, Sumitomo Corporation Global Research Institute Takashi Miyao, Responsible Investment Department, Nomura Asset Management Co Ryotaro Morokuma, Deputy General Manager, Mitsui & Co Akiko Murakami, Corporate Communications Division, Mizuho Financial Group, Inc. Masaaki Nagamura, Head of Corporate Social Responsibility, Tokio Marine Holdings and TCFD Member Murakami Nakaharu, Kikkoman Corporation Environment Department Sumie Nakayama, Councillor, J-Power Kaori Nomura, Senior ESG Specialist, UNEP FI Japan Kazunori Ogisu, Division Manager of Business Development, Envipro Holdings, Inc. Yuri Okubo, Renewable Energy Institute Shuji Oshiro, Sumitomo Corporation Global Research Institute Hiroshi Ozeki, Chief Investment Officer, Nippon Life Insurance Company


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Philip Ripman, Senior Analyst and Portfolio Manager, Storebrand Asset Management Athena Ronquillo-Ballesteros, Asia Climate Finance Director, Growald Family Fund Futoshi Saito, Head of Stewardship Enhancement Section, Sumitomo Mitsui Asset Management Company, Ltd Gen Saitou, Nissan Motor Noriko Shimizu, Climate and Energy Area, IGES Morihiro Shiozawa, Tokyo Electric Power Holdings Natalie Smith, Lawyer, ClientEarth Takejiro Sueyoshi, CEO, Green Finance Organisation, Japan Taeko Suzuki, HQ EHS Department, LIXIL Corporation Masayuki Tabata, Mitsubishi Heavy Industries Masato Tahara, Development Bank of Japan Yasutoyo Takada, General Manager, Credit Investment, Nippon Life Insurance Company Hideki Takada, Senior Policy Analyst, Green Finance, OECD Yukari Takamura, Professor of International Law, Graduate School of Environmental Studies, Nagoya University Jun Takashina, Deputy Director, Ministry of Trade, Industry and Economy (METI) Junichi Taki, Writer for Climate Change issue, NIKKEI Hirao Takuya, Credit Investment Department, Nippon Life Insurance Company Nobuo Tanaka, Advisory Board, Bloomberg New Energy Finance and former Executive Director, International Energy Agency Misa Tanaka, Senior Research Manager, Research Hub, Bank of England Kiyoshi Tanigawa, Manager, Environment & Energy Policy Bureau, Keidanren Miki Tsutai, Responsible Investment Group, T&D Asset Management Co.,Ltd


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Miyoshi Tsuzuki, Sumitomo Corporation Emi Urabe, Reporter, Bloomberg News Keiichi Ushijima, Managing Director, Ernst & Young ShinNihon LLC Chisaki Watanabe, Reporter, Bloomberg News Mio Yamaguchi, Deputy General Manager, Mitsui & Co Akemi Yamasaki, Chief Consultant, Japan Shareholder Services Ltd Amane Yamazaki, General Manager of Social & Environmental Risk Assessment Office, Bank of Tokyo-Mitsubishi UFJ Yuko Yasukawa, Head Manager of Corporate Sustainability Department, Mitsubishi Corporation

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Stranded Assets Forum - Smith School of Enterprise and the ... · Stranded Assets Forum ... Natalie Smith, Lawyer, ... 2004), Businesses That Grow with Global Warming (Toyo Keizai