The event was very well attended by some 100 guests, and started with welcoming words from Colin Warren, Senior Manager, Asia Portfolio of the International Finance Corporation (IFC), an ASrIA member. He provided examples of how the IFC is internally grappling with climate risks, lowering greenhouse gas emissions, and investing for a low-carbon economy in Asia.
Alison McEwen, Vice Consul Economics and Environment of the British Consulate-General Hong Kong, described the British government's effort at raising awareness on climate change and supporting climate-related investments to help position society for a low-carbon economy.
Rob Stewart, Head of Asia Pacific Marketing and Communications of Bank of America Merrill Lynch (BOA ML), discussed the reasons for his firm's strong support for the Carbon Disclosure Project, noting that, as CDP's Global Sponsor and this event's Lead Sponsor, BOA ML is attempting to accelerate the collection and disclosure of key corporate climate change data from corporate around the world.
During the first session David St. Maur Sheil, Joint Executive Director, Association for Sustainable & Responsible Investment in Asia (ASrIA), provided background information on the Carbon Disclosure Project and emphasised the business case for Carbon Disclosure by companies. He gave a global and regional update on CDP and introduced CDP's upgraded reporting and scoring systems. David highlighted both the increase in investor signatories this year and the increase in companies being sent the CDP questionnaire.
The second session delivered the rationale for investor interest in climate change data and an overview of quantifying carbon and climate risks for companies. Frances Chang, CEO of Asia Investment Center, Greater China & South East Asia ROBECO, stressed that having corporate climate data and clear targets for future emissions in a central database is key to compare and value companies.
Hugh Grossman, Executive Director & Head of Research of RepuTex, an ASrIA member, highlighted the firm's proprietary models to measure risk: Emissions Modelling, Carbon Liability Modelling, Climate Risk Modelling. He also talked about BHP, Ltd as a case study in measuring carbon exposure for a basic resources company.
During the third session Dr. Glenn Howard Frommer, Sustainability Development Manager of the MTR Corporation and Christopher Hazen, Director (Asia) of WSP Environment & Energy, an ASrIA member detailed information to help guide companies in thinking about climate change. Glenn explained why MTR Corp. reports on its environmental and social issues, noting that it helps attract and retain top talent as well as manage risks. He also walked us through the company's climate change risk map, which differentiates risks in terms of frequency and severity of consequences.
Christopher, from WSP, discussed the crucial role of carbon-related information management systems. He noted that the market for carbon management software and services grew 84% globally from 2008 to 2009, reaching US$384 million. He argued that not all companies need carbon software today but that it enables and sustains complex business processes across large organisations.
There was very lively discussion throughout the day, as well as valuable networking during and after the event. The event provided strong evidence that there is a growing network of individuals and organisations focused on how corporates can respond to climate change. Continued leadership by the investment and corporate communities will be crucial to catalyzing this.
ASrIA strongly appreciates the support of Bank of America Merrill Lynch, the Lead Sponsor; International Finance Corporation, the Venue Sponsor; and the UK Government Foreign and Commonwealth Office and Carbon Disclosure Project for their event partnership.
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