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GET-2

Global ESG Think-Tank

Finance and Law Engaging our Society

An initiative by the Fide Foundation

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Multi-Stakeholder Group to look for pragmatic solutions to cope with ESG challenges

Multi-Stakeholder Group.

Welcome Experts from:

  • Supranational Institutions.
  • National regulators.
  • Mutual Fund Associations.
  • Asset Owners.
  • Asset Managers.
  • Banks.
  • Stock Exchanges.
  • International Consultants.
  • Legal Firms.

Introduction

Fide held the ESG Think-tank event last April in the framework of the 2nd Congress in Oxford. As a result of the reflections and debates produced in the ESG event, 7 challenges emerged on different issues derived from the different interventions of these panels. These 7 challenges will be analysed in the working sessions of the Global ESG Think-Tank with the final objective of preparing a Document to be presented in Oxford, expected in September 2023.

Challenges

Challenge 1

Balkanisation across global ESG taxonomy by regions and institutions. 

Date: November 28th, 2022

Challenge 2

ESG key metrics and Ratings

Date: October 20th, 2022

Challenge 3

To quantify the cost of transition from fossil fuels to a clean energy economy

Date: November 3rd, 2022

Challenge 4

ESG elephants in the room: Indicators for Sovereigns & Social Bonds

Date: November 10th, 2022

Challenge 5

New trends in ESG regulations. enhancements required

Date: November 24th, 2022

Challenge 6

Challenges for ESG commitment across End-Investors

Date: December 1st, 2022

Challenge 7

Best practices to avoid Greenwashing

Date: December 15th, 2022
Challenge 1: Balkanisation across global ESG taxonomy by regions and institutions

Monday, November 28th, 2022 – Online

Confirmed Speakers:

  • Eva Gutiérrez, Lead Financial Economist in the Latin American and Caribbean Region of the World Bank.
  • Helena Viñes, Commissioner of the Spanish Financial Markets Authority, Rapporteur of the EU Platform on Sustainable Finance, CNMV.

Moderator:

Stephanie Maier, Global Head of Sustainable and Impact Investment, GAM Investments

Regional Balkanization.

  • Euro vs UK vs US vs LATAM taxonomies. West vs East taxonomy? Would global taxonomy be the least common multiple on a regional level?
  • Different taxonomies in the same country across the market leaders.
  • Balkanization in the taxonomy across different business units in the same company.

Opportunistic Balkanization.

Political, geopolitical and sociality drivers the most influential ones for ESG Opportunities/Risks future developments?

  • Does Russian invasion into Ukraine justify a change taxonomy: Is armament ESG compliance for defensive purposes? What about nuclear energy and gas here in after?
  • Opportunistic Sector Bias: Would be apply the same taxonomy changes in energy sectors if China would do something as Russia?
  • Opportunistic Country Bias: Will negative filters applied to Russia the same as to other world leader if China or US would do something similar?

Lawyers and regulator engaging with corporates and asset owners.

Challenge 2: ESG key metrics and Ratings

Thursday, October 20th, 2022 – Online

Confirmed Speakers:

  • Ana Rivero, Global Sustainable Investments Director for Santander Group’s Wealth Management & Insurance Division.
  • Eric Boremans, Head of Environmental, Social & Governance, Pictet Asset Management

Moderator:

María Mazo, Technical Coordinator of GET2

  • Which are the key ESG metrics? Suggestions for the top 10 metrics which anyone should miss?
  • Should be the investment community a forced buyer from the ESG Information Providers? Is it not an oligopoly? Which metrics could be fully available from financial statements or public corporate data.
  • Solutions to cope with data dispersion across providers.
  • Measuring Sociality risks: taxation, inequality, water access… . Connectivity between political decisions, corporate delegation and market implementation.
  • “ESG Impulse”. First and Second derivative of ESG indicators. CO2 level vs CO2 2Y ago vs CO2 2YFoward
  • ESG metrics / ESG Goals linked with macro or market growth indicators. ESG “Future Performance Linked” Concep. Key metrics for accountability and/or engagements. Best Dashboards / Carbonization frameworks.
  • Relative Metrics plus Credible Peers.
  • Net zero transitional benchmarks
  • Special Indicator for Impact Investing. (1) Breath (size) vs Depth (influence) = Impact.  (2) Intentionality vs Additionality. (3) Impact investing metrics should be positive and negative. (4) It’s about managing objectives and not about managing risks.
  • Exploring AI and big data algorithms to demonstrate the value of backward-looking metrics.
Challenge 3: To quantify the cost of transition from fossil fuels to a clean energy economy. Does it make sense scenarios to define ESG Targets?

Thursday, November 3rd, 2022 – Online

Confirmed Speakers:

  • Mark Chaichian, Managing Partner, Buckthorn Partners.
  • Miguel Muñoz Rodríguez, Head of Climate Policies and Alliances, Iberdrola.
  • Michael Rae, Global Energy & Chemicals Analyst at M&G Investments.

Moderator:

Jaime Martínez Gómez, Global Head of Asset Allocation. BBVA Asset Management.

Are we modelling the impact of mass migration or drastic changes in the White House when we define ESG Targets?  It’s key to quantify the cost of change like with the speed to make the change by new tech. Specially under the New World Economic Order post Ukraine invasion.

  • Green inflation. Social Cost
  • Lower forward GDP growth or recessions
  • Forward market performance implications.
  • Fiscal deficit sensitivities.
  • Corporate Incentives: “big potential losers” control the energy distribution.
Challenge 4: ESG elephants in the room: Indicators for Sovereigns & Social Bonds

Thursday, November 10th, 2022 – Online

Confirmed Speakers:

  • Mike Biggs, Macro Strategist and Investment Manager, GAM Investments. (EM Sovereigns Bonds).
  • Benjamin Kelly, Director, ESG & Impact Investments, Fixed Income, Columbia Threadneedle Investments(Social Bonds).
  • Ana Guardia, Head of Capital Markets, ICO

Moderator:

Pedro Jacome, Director responsible for building and strengthening relationships in Latin America at GAM

  • Sovereigns are parked. How long? Potential Solutions. ESG Qualitative Indicators to Geopolitical Risks: (military manoeuvres triggering u/w? Indicators senstive to polítical risks.
  • Are ESG Ratings and ESG Consulting services lagging indicators?  Learning from EM Sovereign ESG Special Case. Solutions.
Challenge 5: New trends in ESG regulations. enhancements required

Thursday, November 24th, 2022 – Online

Confirmed Speakers:

  • Marie-Laure Schaufelberger, Head of Group ESG & Stewardship at Pictet Group.
  • Andrea González, Deputy Director General at SpainSIF.
  • Gonzalo Yebes Gómez, Portfolio Management Expert, European Central Bank.
  • Carolina Fernández González, Inverco.
  • Carlos Montalvo Rebuelta, Partner, PwC.

Moderator: 

Mike Clark, Founder Director of Ario Advisory

Regulation is key to redirecting capital.

  • Level 1 was great to link SGDs to SFDR-Paris/COP2015 but key changes for Level 2 are required to avoid misunderstandings with art 8 suitability. Art 9 is 100% SFDR but Art 8 is a big uncertainty.
  • EET would be enough?
  • Taxonomy for Social bonds to become Art 9
  • Scope 3. CO2 measures based on different business models.
Challenge 6: Challenges for ESG commitment across End-Investors

Thursday, December 1st, 2022 – Online

Confirmed Speakers:

  • Carlos Garay Gómez-Arroyo, Head of ESG investments at Sabadell Urquijo Gestión.
  • Gonzalo Meseguer, General Manager at Santalucia.
  • Guillermo Hermida, Head of ESG at La Caixa.

Moderator: 

Javier Estrada, Senior Advisor in financial institutions and FFOO.

  • Are clients really aware of what ESG investing means? Do they know pros and cons? An honest client education is needed.
  • The ESG Alphabet Soup Risk. A new slang widening the gap between experts and retail investors.
  • Lack of end client engagement after a decade of low inflation and bull markets. Which would be the change in client perception after 3 years of bear market and/or a period of stagflation.
Challenge 7: Best practices to avoid Greenwashing

Thursday, December 15th, 2022 – Online

Confirmed Speakers:

  • Eric Borremans, Head of Environmental, Social & Governance, Pictet Asset Management
  • Pranjal Mathur, ESG Analyst at Eight Versa
  • Benjamin Kelly,Director, ESG & Impact Investments, Fixed Income, ColumbiaThreadneedle Investments(Social Bonds).
  • Maria José Gómez Yubero, Head of Resolution, Benchmarks and Financial Stability Issues at the National Securities Market Commission, CNMV.
  • Rodolfo Fracassi, Co-Founder and Managing Director at MainStreet Partners

Moderator: 

Mike Clark, Founder Director of Ario Advisory

  • Engagement should be closed to the voting process but we need to be aware that voting in 40.000 resolutions in a short period of time triggers some challenges. Voting for benchmarks?
  • Credible Transition Plans. Action Plans.
  • Clear minimum disclosure requirements.
  • Unintentional greenwashing: imagine someone defending investing in weapons for defensive purposes.one year ago. To protect transparency.
  • Negative effects from overreaction against greenwashing. “Sell first and ask” later mode.

Timeline

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