SUMMARY

Illustrates the increasingly important role played by financial markets in government and corporate initiatives designed to combat global warming and climate change. Investigates the financing, insuring and investing effects of climate change.
This book informs, educates and manages the expectations of investors, governments, project developers and financiers. It enables these parties to operate more effectively, based on a better understanding of each other's requirements and risk appetites through the dissemination of best practices, case studies and lessons learned.

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 TABLE OF CONTENTS

Introduction
Kenny Tang
Oxbridge Capital

SECTION 1: FRAMEWORK AND FINANCE POLICY ISSUES
1 A Changing Climate for the Finance and Insurance Sector
Kenny Tang; Andrew Dlugolecki
Oxbridge Capital; University of East Anglia

2 Climate Change and Capital
James Cameron, James Allen
Climate Change Capital

3 The "Finance-Policy" Gap: Policy Conditions for Attracting Long-Term Investment
Kirsty Hamilton
International Policy Consultant

4 REEEPing the Benefits: The Case for Renewable Energy
Marianne Moscoso-Osterkorn, Mike Allen
REEEP

SECTION 2: FINANCING AND CARBON FUNDS

5 Commodifying Carbon
Martijn Wilder, Monique Willis, Katherine Lake
Baker McKenzie

6 Securing Investment for Climate-Friendly Projects: Uses and Limitations of Carbon Trading
Karen McClellan
CIP

7 Unlocking Additionality in CDM Projects
Gerhard Mulder
ABN AMRO Bank

8 Procuring Carbon: The Dutch JI/CDM Approach Through ERUPT/CERUPT
Stefan Leclaire, Daniël van der Weerd
SenterNovem

9 Financing Photovoltaic Projects - Plus ça change, plus c'est la même chose?
Stefan Schmitz
Field Fisher Waterhouse

SECTION 3: TRADING PERSPECTIVES

10 Carbon Facilities as a Means of Sourcing Emission-Reduction Credits
Pedro Moura Costa; Bruce Usher; Allan Walker
EcoSecurities; Standard Bank

11 Purchasing Pools in Corporate Carbon Compliance: Survey of the Strategic Advantages
Dirk Forrister; Paul Vickers
Natsource Europe (London); Natsource Asset Management

12 Choices Facing Firms in a CO2 Cap-and-Trade Emissions Trading Scheme
Charles Donovan; Mustafa Hussain
Enviros Consulting; Frontier Economics

13 Banking the Valuation of the Commons
Claire Byers
Fortis Bank

14 Weather Derivatives and Carbon Emissions Trading
Stephen Jewson; Stuart Jones
RMS; Centrica

15 Verifying Value: The Anchor for the Carbon Emissions Markets
James Anderson
BSI

SECTION 4: INVESTOR PERSPECTIVES

16 Corporate Carbon Disclosure - The Work of the CDP
Paul Dickinson
Carbon Disclosure Project

17 Investor Collaboration on Climate Change: The Work of the IIGCC
Rory Sullivan; Nick Robins; David Russell; Helen Barnes
Insight Investment; Henderson Global Investors;
Universities Superannuation Scheme; IIGCC

18 Climate Change, Investment Risk and Fiduciary Responsibility
Matthew Kiernan
Innovest Strategic Value Advisors

SECTION 5: SECTOR DEVELOPMENTS

19 Climate Change and the Automotive Industry - Impact on Companies' Value
Philipp Mettler
SAM Research AG

20 Climate Change Policies and Energy Intensive Industry
David Pocklington, Richard Leese
British Cement Association

21 Best Practice in Strategies for Managing Carbon
Abyd Karmali
ICF Consulting

22 Aviation and Climate Change: Can Emissions Trading Deliver a Solution?
Andrew Sentance, Andy Kershaw
British Airways

23 Insuring Climate Change: Implications for the Insurance Industry
George Walker; Charles Crosthwaite Eyre; Alan Punter
Aon Re Australia; IRMG, Aon Ltd; Aon Capital Services Ltd

24 Protecting Your Carbon Asset: Risk and Insurance in the Greenhouse Gas Markets
Christopher Walker, Brian Thomas
Swiss Re

SECTION 6: GLOBAL DEVELOPMENTS

25 CDM Financing and its Practice - An Asian Perspective
Kyoko Tochikawa, Mari Yoshitaka, Junji Hatano
Mitsubishi Securities

26 CDM and Renewable Energy in China
Lu Xuedu; Li Junfeng; Song Yanqin; Liu Yingchun
Tsinghua University; Chinese Renewable Energy Industries Association; Energy Research Institute of National Development and Reform Commission; Building Capacity for CDM in China

27 Making Climate-Change Investments in Emerging-Market Countries
Mark Goldsmith, Ben McKeown
Actis Capital LLP

28 The Clean Development Mechanism in Sub-Saharan Africa: Left Out but not Left Behind
William Greene
Africapractice

29 The Spectre of Liability: Part 1 - Attribution
Myles Allen
Oxford University

30 The Spectre of Liability: Part 2 - Implications
Myles Allen
Oxford University

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 QUOTES

″It is my belief that climate change presents a significant long-term threat to the world. Climate change is now more than the subject of scientific analysis or environmental campaigning. It is on the board agendas of the world's financial institutions, multinational companies, and businesses. In a single book ″The Finance of Climate Change″ shows those opportunities presented to business in the transition to a low carbon economy. I commend it as a valuable and comprehensive resource.″
Tony Blair, Former UK Prime Minister

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 REVIEW

″The quality of the articles tends to be excellent. They are informative and well written... This book will be extremely useful for readers who have some prior knowledge of emissions trading. They will benefit from its detailed information about the many developments taking place around the world.″
Glyn Holton, Contingency Analysis

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 AUTHOR BIOGRAPHY

Kenny Tang is founder and CEO of Oxbridge Capital. With postgraduate degrees from the universities of Oxford and Cambridge, he has worked in corporate finance with the Union Bank of Switzerland and has strategy consultancy experience with KPMG Consultants and Stern Stewart. He is European Partner at Enhancement Partners LP, is the Founder President and CEO of SUSTAIN, and is part of the Asian Strategic Leadership Institute. Kenny earned his doctorate at The Judge Institute of Management Studies, Cambridge University's business school, and is a member of the board of governors of Middlesex University. He is a Chartered Financial Analyst and holds the Investment Management Certificate. Kenny is the lead author of Taking Research to Market: How to Build and Invest in Successful University Spinouts (Euromoney Books, 2004). He has written for the Wall Street Journal Europe and Asian Wall Street Journal and was a member of the Global Judging Panel of the Wall Street Journal's Global Technology Innovations Awards, 2004.

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 CONTRIBUTORS

Kenny Tang, Oxbridge Capital; James Allen, Climate Change Capital; Mike Allen, REEEP; Myles Allen; James Anderson, British Standards Institution (BSI); Helen Barnes, UK Social Investment Forum (UKSIF); Claire Byers, Fortis Bank; James Cameron, Climate Change Capital; Pedro Moura Costa, EcoSecurities; Paul Dickinson, Carbon Disclosure Project; Andrew Dlugolecki, University of East Anglia; Charles Donovan, Enviros Group; Charles Crosthwaite Eyre, IRMG; Dirk Forrister, Natsource Europe; Mark Goldsmith, Actis Capital LLP; William Greene, africapractice; Kirsty Hamilton, UK Business Council for Sustainable Energy; Junji Hatano, Mitsubishi Securities Co, Ltd; Mustafa Hussain, Frontier Economics; Stephen Jewson, Risk Management Solutions; Stuart Jones, Accord Energy Limited; Li Junfeng, Chinese Renewable Industrial Association; Abyd Karmali, ICF Consulting; Andy Kershaw, British Airways; Matthew Kiernan; Katherine Lake, Baker&McKenzie; Stefan Leclaire, Carboncredits.nl; Richard Leese, British Cement Association; Richard Lord, Brick Court Chambers; Karen McClellan, Climate Investment Partnership; Ben McKeown, Actis Capital LLP; Philipp Mettler, Sustainable Asset Management Research; Marianne Moscoso-Osterkorn, REEEP; Gerhard Mulder, ABN AMRO; David Pocklington, British Cement Association; Alan Punter, Aon Capital Services Limited; Nick Robins, Henderson Global Investors; David Russell, Universities Superannuation Scheme; Stefan Schmitz, Field Fisher Waterhouse; Andrew Sentence, BA; Rory Sullivan, Insight Investment; Brian Thomas, Swiss Re America Holding; Kyoko Tochikawa, Mitsubishi Securities; Bruce Usher, EcoSecurities; Paul Vickers, Natsource-Tullett (Alberta) Co; Allan Walker, Standard Bank; Christopher Walker, Swiss Re; George Walker, Aon Re Australia; Martijn Wilder, Baker&McKenzie; Monique Willis, Baker&McKenzie; Daniël van der Weerd, carboncredits.nl; Lu Xuedu, Office of Global Environmental Affairs; Song Yanqin, Energy Research Institute, National Development and the Reform Commission; Liu Yingchun, CDM; Mari Yoshitaka, Mitsubishi Securities.
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