Integrating Energy Transition Scenarios into Credit Analysis

Overview

Title: Integrating Energy Transition Scenarios into Credit Analysis

Duration: 1 hour

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Summary

Join us to hear the highlights of our recently released report, “Connecting the Dots: Energy Transition Scenarios and Credit Quality”. Trucost produced this report as part of our commitment to the EU Commission funded Energy Transition Risk project. The project, spear headed by the 2 degree investing initiative, aims to develop key analytical building blocks to facilitate the integration of energy transition risk assessment in financial analysis. This report explores how energy transition scenarios and scenario adjusted financials could be integrated into credit models to determine whether there could be a material impact on a company’s credit quality.

Introduction

Topic 1: Overview of the Energy Transition Risk project, the challenges posed to investors from the disconnect between climate scenarios and financial models and the work of the consortium.

Topic 2: Trucost’s role in the project and the findings of our analysis.

Topic 3: Potential future directions for the integration of energy transition scenarios in credit modelling. Q&A

Speakers

Jakob Thomä
Managing Director
2 degree Investing Initiative

Jakob Thomä is Managing Director of the 2° Investing Initiative. He co-founded the 2° Investing network in New York and Berlin and manages the think tank’s research on 2°C scenario analysis for financial institutions and companies.

Jakob led the development of the first 2°C scenario analysis tool for financial portfolios, which is now applied by more than 250 financial institutions worldwide. In addition, he leads the organisation’s partnerships with a number of financial supervisors and governments, including as academic adviser to the Bank of England 2017-2018. He holds a PhD in Finance from the Conservatoire National des Arts et Metiers in Paris. Jakob also teaches a green finance course at the School of Oriental and African Studies at the University of London.

Lauren Smart
Global Head of Financial Institutions Business
Trucost, part of S&P Global

Lauren is Managing Director, Global Head of Financial Institutions Business at Trucost, part of S&P Global. A leader in carbon and environmental risk analysis, Trucost assesses risks relating to climate change, natural resource constraints and broader ESG factors, enabling companies and financial institutions to understand their ESG exposure to these factors, inform resilience and identify transformative solutions for a more sustainable global economy.

Lauren is an expert in sustainable finance and, over the last decade, has advised leading fund managers, pension funds, banks and DFIs globally on how to integrate climate change and natural capital analysis into their investment decision making.

Prior to joining Trucost, Lauren was a Senior Investment Associate in Global Equity Research at Putnam Investments specialising in Pharmaceuticals, Chemicals and Aerospace & Defence. She was also a consultant at DFID (UK Department for International Development), working on the Millennium Development Goals for Girls’ Education.

Lauren holds a BA (Hons) and MA from Cambridge University in Archaeology and Anthropology and an MSc in Anthropology and International Development from the London School of Economics. Lauren is a member of the Decision Maker Panel of the Bank of England and is also a regular speaker and respected commentator on environmental finance issues.

Drew Fryer
Research Manager
Trucost, part of S&P Global

Drew is a research manager at Trucost, part of S&P Global, with a focus on next generation energy transition analysis for investors.

He has 10 years of experience analysing environmental, social and governance (ESG) issues on behalf of institutional investors. In his last role he was senior analyst on CDP’s investor research team in London, with a focus on CDP’s multi-award winning quarterly sector research series on the low carbon transition. He was previously a senior responsible investment consultant at Mercer Investments in Melbourne, serving asset owner clients on a wide range of projects, covering ESG integration, portfolio climate risk management, ethical- and risk-based exclusions, manager selection, and engagement strategies. Before that he spent almost 7 years at MSCI ESG Research and its precursor companies, including holding the position of vice president and regional lead analyst for Europe, Middle East and Africa, and before that regional lead analyst for Asia Pacific. At MSCI ESG he was also industrials sector lead and covered high greenhouse gas emitting sectors including autos, airlines and air freight, and led a number of bespoke projects for high profile clients in Australia and the US on topics as diverse as carbon pricing and labor rights. Prior to his time in the ESG research industry, he spent 5 years in central banking at the Reserve Bank of Australia, including 2 ½ years as a fixed income dealer and analyst in the Bank’s domestic markets dealing room, and before that analytical roles in its financial system and business services groups.

Drew is a Chartered Financial Analyst (CFA) charterholder and holds a Bachelor of Economics with Honours from the Australian National University.

Cristiano Zazzara Ph.D.
Managing Director, Head of Risk Services EMEA
S&P Global Market Intelligence

Dr. Cristiano Zazzara is Managing Director and Head of Risk Services Relationship Management, focusing on key market stakeholders, including C-level Executives and Regulators. He is an expert in financial risk management with over 20 years’ experience at banks, government agencies, service providers, Universities and think tanks.

Cristiano joined S&P Global Market Intelligence from MSCI Risk Metrics where he was the Head of Market, Credit, Counterparty Risk and OTC Clearing Business for the EMEA Banking sector and Global Head of Credit Advisory Business for Buy-side and Sell-Side Institutions. Previously, he was Managing Director in the Research & Strategy Unit of Unicredit Group, Managing Director and Head of the Internal Rating Unit at Capitalia Banking Group, and General Manager of the Italian Association of Banking and Finance (ASSONEBB). Dr. Zazzara also served as a financial economist at the Fondo Interbancario di Tutela dei Depositi, where he was the Head of the Research Department.

Dr. Zazzara received a BSc in Economics & Business and a MSc in Banking from the University La Sapienza of Rome, and a PhD in Management (Finance) from the Swiss Federal Institute of Technology in Lausanne (EPFL).

Cristiano Zazzara Ph.D.
Managing Director, Head of Risk Services EMEA
S&P Global Market Intelligence

Dr. Cristiano Zazzara is Managing Director and Head of Risk Services Relationship Management, focusing on key market stakeholders, including C-level Executives and Regulators. He is an expert in financial risk management with over 20 years’ experience at banks, government agencies, service providers, Universities and think tanks.

Cristiano joined S&P Global Market Intelligence from MSCI Risk Metrics where he was the Head of Market, Credit, Counterparty Risk and OTC Clearing Business for the EMEA Banking sector and Global Head of Credit Advisory Business for Buy-side and Sell-Side Institutions. Previously, he was Managing Director in the Research & Strategy Unit of Unicredit Group, Managing Director and Head of the Internal Rating Unit at Capitalia Banking Group, and General Manager of the Italian Association of Banking and Finance (ASSONEBB). Dr. Zazzara also served as a financial economist at the Fondo Interbancario di Tutela dei Depositi, where he was the Head of the Research Department.

Dr. Zazzara received a BSc in Economics & Business and a MSc in Banking from the University La Sapienza of Rome, and a PhD in Management (Finance) from the Swiss Federal Institute of Technology in Lausanne (EPFL).

 
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