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British Consulate-General Hong Kong	Association for Sustainable & Responsible Investment in Asia

See the Post-event page, with full presentations and photos at: http://www.asria.org/events/hongkong/05march

Climate Change and Emissions Risk in the Asian Capital Markets:
Picking the Winners and the Losers

Date: 17 March, 2005, 4:00PM - 5:30PM
Venue: British Consulate General, No. 1 Supreme Court Road, Central, Hong Kong

The Kyoto Protocol came into effect on February 16th, 2005, placing the force of law behind commitments to sharply reduce CO2 emissions in much of the developed world.

With energy consumption soaring, China now generates more CO2 emissions than the entire European Union, and is second only to the United States. Although China enjoys a “Developing Country” exemption from the most stringent requirements of the Kyoto Protocol, major Asian firms face the possibility of escalating emissions-related costs in future international agreements. Indeed, Hong Kong companies such as CLP Holdings and Cathay Pacific Airways are already beginning to report on carbon emissions and potential remediation strategies.

While the eventual approach to CO2 emission reduction in Asia remains uncertain, the path of market-based policies taken in Europe will likely have a strong influence on policy in Asia. Many leading European companies began implementing strategies to reduce carbon emissions in 2003 and they can now trade carbon credits under the EU Emissions Trading Scheme which started trading on January 1, 2005. Lessons learned from Europe today will give farsighted investors and companies an edge in anticipating the opportunities, risks, and costs associated with emissions reduction policies in the future.

Join us at the British Consulate General for a presentation from two leaders in the European emissions trading and investment research field, who will describe emerging approaches to emission reduction and the impact of these changes on valuations in the EU.

Vince Chaney, Head of Commercial Development, Trucost Plc., London, United Kingdom.
Mr. Chaney is an expert on the economics of emissions trading and has analyzed and forecasted the economic impacts of trading programs under development in the UK. Headquartered in London, Trucost is an environmental and economic research firm that assists companies and investors in the identification of environmental costs with the potential to have material impact on future earnings. www.trucost.com

Pierre Trevet, Managing Director, Innovest Strategic Value Advisors, Paris, France.
Mr. Trevet works in the equity research and asset management practice at Innovest, where he has helped to pioneer the integration of environmental performance indicators with traditional equity valuation techniques. Headquartered in New York, Innovest publishes a wide range of company and industry research, manages more than US$1B through direct sub-advisory mandates, and provides custom research, consulting, and portfolio analysis services. www.innovestgroup.com

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The British Consulate General in Hong Kong (www.britishconsulate.org.hk) has generously provided funding to make this presentation possible, which is the latest in the “ASrIA Presents” series of forums developed by the Association for Sustainable and Responsible Investment in Asia (www.asria.org).