Agenda

08:00

Registration and morning coffee

08:15

BREAKFAST INTERVIEW: The view from Canada:

• An update on the work of the Expert Panel on Sustainable Finance and its potential impact on ESG in fixed income

Speaker: Tiff Macklem, Chair, Expert Panel on Sustainable Finance, Dean, University of Toronto's Rotman School of Management

08:55

Environmental Finance welcome address

09:00

KEYNOTE PRESENTATION: A major issuer or investor will present on their perspective and experience

09:20

PANEL: Mainstreaming green, social and sustainability bonds in fixed income and ESG investing

  • How is the supply of green, social and sustainability (GSS) bonds expected to grow in 2019?
  • Is the growing popularity of social and sustainability bonds detracting from the green bonds market or is there room for all types of issuance?
  • Why have sustainability bonds witnessed such a jump in issuance in the past year?
  • What were the expected and unexpected trends for the green bond market?
  • What will boost the global supply of green bonds in 2019 and beyond?
  • How are issuers of bonds thinking and managing about ESG ratings and scores?

Panelists:

Chan Sin, Director, Capital Markets and Corporate Finance, Verizon

Jack Sullivan, Corporate Finance Director and Assistant Treasurer, Duke Energy

Ed Abbo, President and Chief Technology Officer, C3.ai

Moderator: Steven Nichols, Director, ESG Capital Markets, Bank of America Merrill Lynch

 

10:00

IMPACT REPORTING SESSION: Achieving consensus and standardization

  • How have the reporting needs of investors and issuers evolved in the past year?
  • The EU's proposed requirement for post-issuance impact reporting: what does it spell for issuers and investors this side of the Atlantic?
  • How are external reviewers and certifiers playing a role in the evolution of impact reporting?

Moderator: Valerie Smith, Managing Director and Global Head, Corporate Sustainability, Citi

10:10

SPOTLIGHT: Reporting on green bonds

  • What next for green bonds reporting?
  • How are investors' requirements evolving? Are investors more focused on outcome and impact indicators or outputs and processes?
  • What are the common constraints for issuers?

10:30

SPOTLIGHT: Reporting on social and sustainability bonds

  • What information do investors require?
  • Are issuers able to deliver that?
  • How can you assign a value on impact in this space? Is the data there?
  • What can be done to ensure issuers are able to make credible market claims ?

10:50

COFFEE

 ESG in fixed income stream GSS Bonds stream

 11:20

ESG as a process and SDGs as an outcome – the role of both in fixed income

  • Investing in line with the UN SDGs: what are the approaches and challenges involved?
  • How do the social and sustainable bond principles fit the North American context?
  • Is it harder to achieve than in emerging markets?
  • How should we be thinking about the broader aspects of social development policies and the potential role for investors to complement that?

Panelists:

Emily Kreps, Head of Investor Initiatives, CDP
Soffia Alarcon Diaz
, Director, Carbon Trust Mexico

 11:20

Issuing and investing in GSS bonds

  • What do potential issuers of social and sustainable bonds need to know?
  • How to assess, understand and equate for the interrelating aspects under the GSS umbrella
  • How can issuers and investors integrate GSS elements?
  • Growth prospects and pricing trends for thematic bonds
  • From the investor's perspective, how does the ESG score impact decision to invest in such bonds?

Panelists:

Ellen Duffy, Senior Vice President, Debt Issuance and Finance, New York City Housing Development Corporation

Tom Graff, Head of Fixed Income and Co-Portfolio Manager, Sustainable Bond Fund, Brown Advisory

 11:50

Rating agencies – their role in achieving transparency and assessing risk

  • What are rating agencies' priorities for ESG and fixed income?
  • How are ESG factors being captured in credit ratings and risk assessments?
  • How should investors integrate this information?
  • What does it mean for issuers of bonds and ESG investors?

Panelists:

Michael Ferguson, Director – Energy Infrastructure & Sustainable Finance, S&P Global Ratings

Trisha Taneja, Sustainable Finance Solutions Manager, Sustainalytics

 11:50

Bondholder engagement

  • Setting clear paths to escalate engagement and measuring ESG outcomes
  • How do GSS principles enable investors to engage with issuers?
  • How can bond investors and use of proceeds stimulate discussions around the Paris agreement and the SDGs?
  • What is holding bondholders back from being more proactive in this regard?
  • How can issuers facilitate engagement?
  • Does it drive motivation to issue?

Panelist: Alessia Falsarone, Managing Director, Head of Sustainable Investing, Portfolio Strategy and Risk, Fixed Income, North America, PineBridge Investments

12:20

LUNCH

13:20

PANEL: Emerging markets and Latin America focus – key to spurring the next wave of growth

  • What are the growth prospects for green bond issuance in emerging markets and Latin America?
  • What has been the experience of issuers and investors in these regions and what is the demand potential?
  • Threats to building momentum
    • Emerging market deleveraging
    • Political risk: what we can learn from Mexico City airport example
    • Challenges in getting issuers to come to market
  • Are there opportunities for more local currency issuances and how will this expand the investor base?

Panelists:

Dante Mossi, President, Central American Bank for Economic Integration (BCIE)
Marcela Ponce
, Climate Finance Lead, Financial Institutions Group, Latin America & the Caribbean, IFC

Moderator: Divya Bendre, Vice President, Sustainable Finance, Infrastructure & Real Estate Group, HSBC

14:00

PANEL: Taxonomies and standards – ensuring they work together to encourage maximum investment and issuance

  • How are investors and issuers thinking about them; are the resolving questions or creating confusion?
  • How are different markets developing in their own standards and how do these compare?
  • In what ways are green bond standards converging on a global scale?
  • Are the proposed EU taxonomies expected to have a positive long-term market impact or do concerns remain? Are similar approaches likely to follow in North and South America?
  • How will EU regulatory developments impact North American issuers listing on European stock exchanges?

Moderator: Tanguy Claquin, Head of Sustainable Banking, Crédit Agricole CIB

14:30

DEBATE AND INTERACTIVE POLL: Transition bonds – getting greener faster, where it really matters

  • Why we need to move beyond green bonds financing projects for green companies
  • Do sustainable investors want to invest beyond pure green?
  • When is 'becoming greener' enough?
  • In what ways could oil and gas, petrochemical, cement, steel, airline, shipping, and mining companies use such bonds to fund significant sustainability efficiency improvements?
  • Transition bonds are the next frontier beyond green bonds: what's beyond the frontier of transition bonds?

Panelists:

Sophie Dejonckheere, Senior Advisor, Climate Finance, CICERO Center for International Climate Research

Alessandra Pasini, Chief Financial Officer, Snam
Stephen Liberatore
, Managing Director/Lead Portfolio Manager, Responsible Investment Fixed Income, TIAA Investments

Moderator: Hervé Duteil, Chief Sustainability Officer, BNP Paribas Americas

15:00

PANEL: ABS - how has the market evolved?

  • What projects is Fannie Mae working on and how do these relate to social and sustainability bonds?
  • Why haven't more ABS issuers followed Fannie Mae's lead?
  • What does Toyota's return to the market mean for similar types of bonds in the automotive sectors?
  • REITs and real estate: what key developments have occurred in these areas?
  • Why has this sector witnessed such a boost in growth this year?

Panelists:

Lisa Bozzelli, Director, Multifamily Capital Markets, Fannie Mae
Adam Stam
, National Manager, Secured Funding, Toyota Motor Credit Corporation
James Vergara
, Managing Director, PACEfunding

15:40

COFFEE

16:00

PANEL: Municipal bonds – using green bonds to finance sustainable, climate-smart infrastructure

  • Has muni issuance rebounded in the US? If not, what could drive future supply?
  • What can investors and issuers do to help with the growth of the green muni market?
  • What are the opportunities for munis to be issued under the social and sustainability umbrella? What are the challenges?
  • Why are states not leveraging blue bonds space to upgrade water infrastructure?
  • What can cities and states do to align themselves with the UN SDGs?

Panelists:

Michael Brown, Manager of Environmental Finance Programs, San Francisco Public Utilities Commission (SFPUC)
Mohamed Balla
, Deputy Commissioner, City of Atlanta
Anna Zubets-Anderson
, Vice President, Senior Analyst, Corporate Finance Group, Moody's Investors

Moderator: Peter Ellsworth, Senior Director, Ceres Investor Network, Ceres

16:40

PANEL: Issuer perspective – what developments are issuers hoping to see from the market?

  • Case studies of experiences from issuers from different sectors
  • What is the issuer take on the stagnation in issuance towards the end of 2018?
  • What continues to deter potential issuers from entering the market and how can this be assuaged?
  • Are issuers seeing a pricing advantage yet? Or are green bonds are becoming the curve and brown bonds are trading at a discount?

Panelists:

Jim Logush, Managing Director, Financing, Collateral & Trading, CPPIB
James McIntyre, Director of Capital Markets, New York State Homes and Community Renewal
Guillaume Pichard, Director, Capital Markets, Quebec Ministry of Finance

17:10

PANEL: Investor perspective – how ESG contributes to investment decisions in fixed income and green bonds

  • Capturing and processing ESG information as it relates to green bonds
    • What are investors' data needs?
    • How does this inform investment decisions?
    • Absolute versus risk-tilted approaches
  • Disclosure requirements: how institutional investors and asset managers are integrating ESG factors in their risk processes and decision-making
  • How can investors achieve diversification in the green bond market?
  • What is important to investors from a certification point of view? Are they concerned by a lack of standardization?
  • How compelling are investors finding social and sustainable bonds relative to green bonds?

Panelists: Joshua Linder, Credit Analyst, Fixed Income, APG Asset Management

Ashley Schulten, Managing Director, Head of Responsible Investing, Global Fixed Income, BlackRock

17:40

INVESTOR/ISSUER HUDDLE

Using the thoughts stimulated from conference discussions, a selection of investors and issuers will highlight ways in which they can work together to assist with the evolution of the green bond market. In which areas does consensus need to build and what work still needs to be done?

17:50

Close of conference and networking drinks reception