Transition Pathway Initiative (TPI)

Did you miss all or part of our webinar, #ASCOR State of Transition in Sovereigns webinar? Watch the recording on our website: https://lnkd.in/e68gSsn3 The webinar first reviewed the key findings of the #ASCOR State of Transition in Sovereigns 2024 report (https://lnkd.in/ehdM6EZe) by the Transition Pathway Initiative Centre (TPI Centre) at The London School of Economics and Political Science (LSE). The report is part of the Assessing Sovereign Climate-related Opportunities and Risks (ASCOR) project, to which the TPI Centre is the academic research expert. During the panel discussion that followed, 🎙️Claudia Gollmeier, Head of Investment Management APAC & MEA, Managing Director, Singapore, Colchester Global Investors Limited; Chair, the Principles for Responsible Investment (PRI) Sovereign Debt Advisory Committee; Co-Chair, #ASCOR, and 🎙️Sang Hyun Kwak, Director, Future Vision and Strategy Division, Future Vision and Strategy Bureau, The Ministry of Economy and Finance of the Republic of Korea, discussed, among other things: 🔹Key takeaway from the report as a sovereign investor and a sovereign issuer 🔹Progress made and challenges faced by Korea as a sovereign issuer 🔹Investor priorities and expectations of sovereigns in the net zero transition 🔹Trends in the sovereign climate finance We hope you find the presentation and the discussion insightful. Also of note, we will be hosting an LSE public lecture programme, “Making national climate action investable: why and how?” (https://lnkd.in/e9wfAuMr) on Wednesday 26 February at 18:30 GMT. We hope you will join us in person or online via LSE Live. #TransitionFinance #ClimateFinance #BlendedFinance #NetZero #TransitionRisks #Korea #GSSSLBonds

At 10am GMT, join us as we discuss national climate actions with a sovereign investor and a sovereign issuer on our #ASCOR State of Transition in Sovereigns webinar: https://lse.zoom.us/webinar/register/WN_LAelfaB2S9iSO6KdpRUVvw#/registration This webinar is organised by the Transition Pathway Initiative Centre at The London School of Economics and Political Science (LSE)

One more day to go! There is still time to register for our ASCOR State of Transition in Sovereigns Webinar: https://lnkd.in/eFxRZ_u6 This webinar is organised by the Transition Pathway Initiative Centre (TPI Centre) based at The London School of Economics and Political Science (LSE). The TPI Centre is the academic partner of the investors-led initiative, Transition Pathway Initiative (TPI) Join us for interactive discussions with our speakers. 📅 Thursday 6 February 2025 ⏲️ 10:00 GMT, 11:00 CET, 18:00 Singapore, 19:00 Seoul/Tokyo, 21:00 Sydney 🎙️Speakers: 🔸Claudia Gollmeier, Head of Investment Management APAC & MEA, Managing Director, Singapore, Colchester Global Investors Limited; Chair, the Principles for Responsible Investment (PRI) Sovereign Debt Advisory Committee; Co-Chair, #ASCOR 🔸Sang Hyun Kwak, Director, Future Vision and Strategy Division, Future Vision and Strategy Bureau, The Ministry of Economy and Finance of the Republic of Korea 🔸Antonina Scheer, Policy Fellow, Research Project Manager, TPI Centre at LSE 🔸Moderator: Carmen Nuzzo, Professor in Practice, Executive Director, TPI Centre at LSE #SustainableFinance #GreenBonds #Sustainability-linkedBonds #GSSSLBonds #TransitionFinance #ClimateFinance #ClimatePolicies #Impact Grantham Research Institute on Climate Change & the Environment CETEx (Centre for Economic Transition Expertise) Ministry of Foreign Affairs, Republic of Korea, Embassy of the Republic of Korea in the United Kingdom of Great Britain and Northern Ireland

The Transition Pathway Initiative Centre (TPI Centre) is currently looking for five part-time, hourly-paid, Research Assistants starting in May 2025. The roles will be based in the Carbon Performance team. The post holders will evaluate corporate reports and assess companies’ greenhouse gas emission reduction targets against low-carbon benchmarks, conduct in-depth data analysis and undertake assessments accurately, and contribute to methodological and/or framework updates. Take a look at our website to find out more about the roles and how to apply.

What climate data do investors really want? https://lnkd.in/e-MYXkZF Carmen Nuzzo, Executive Director of the Transition Pathway Initiative (TPI) Centre (TPI Centre) at The London School of Economics and Political Science (LSE), spoke with Elza Holmstedt Pell, deputy editor, The Responsible Investor, in its latest podcast episode. Carmen covered a range of topics, including: 🔹Key findings from the latest TPI entity assessments - covering 2,000 firms, as well banks and sovereigns 🔹How the TPI Centre’s expansion plans will address investor demand 🔹What will shape the 2025 discussion on #NetZero and #TransitionFinance 🔹What parts of the #SustainableFinance regulatory agenda can move the needle on #decarbonisation Listen to the podcast: https://lnkd.in/e-MYXkZF #ClimateFinance #ClimatePolicies #TransitionRisks #ManagementQuality #CarbonPerformance Grantham Research Institute on Climate Change & the Environment

It will be an honour to join an amazing cast list of speakers at this upcoming Transition Pathway Initiative (TPI) public event on making national climate action investable. Do join us if you can - either in person at The London School of Economics and Political Science (LSE) or online. Details below. Many thanks Carmen Nuzzo and Antonina Scheer for the opportunity.

A week to go! Sign up for our ASCOR State of Transition in Sovereigns Webinar: https://lnkd.in/eFxRZ_u6 ❓What are key takeaways from the assessments of 70 countries in terms of their emission pathways, climate policies and climate finance? ❓What are key priorities for investors in sovereign transition to net zero? ❓ How should sovereign issuers work with the private sector to raise capital for transition finance? These are some of the questions that will be answered during our #ASCOR State of Transition in Sovereigns 2024 Webinar: Tracking national climate action for investors. This webinar is organised by the Transition Pathway Initiative Centre (TPI Centre) based at The London School of Economics and Political Science (LSE). The TPI Centre is the academic partner of the investors-led initiative, Transition Pathway Initiative (TPI) Join us for interactive discussions with our speakers. 📅 Thursday 6 February 2025 ⏲️ 10:00 GMT, 11:00 CET, 18:00 Singapore, 19:00 Seoul/Tokyo, 21:00 Sydney 🎙️Speakers: 🔸Claudia Gollmeier, Head of Investment Management APAC & MEA, Managing Director, Singapore, Colchester Global Investors Limited; Chair, the Principles for Responsible Investment (PRI) Sovereign Debt Advisory Committee; Co-Chair, #ASCOR 🔸Sang Hyun Kwak, Director, Government Bond Policy Division, Treasury Bureau, The Ministry of Economy and Finance of the Republic of Korea 🔸Antonina Scheer, Policy Fellow, Research Project Manager, TPI Centre at LSE 🔸Moderator: Carmen Nuzzo, Professor in Practice, Executive Director, TPI Centre at LSE #SustainableFinance #GreenBonds #Sustainability-linkedBonds #GSSSLBonds #TransitionFinance #ClimateFinance #ClimatePolicies #Impact Grantham Research Institute on Climate Change & the Environment CETEx (Centre for Economic Transition Expertise) Ministry of Foreign Affairs, Republic of Korea, Embassy of the Republic of Korea in the United Kingdom of Great Britain and Northern Ireland

Cary S. Krosinsky has raised some interesting points about how to measure the climate actions of companies such as EV manufacturers. At the TPI Centre, we measure corporate climate action in two ways, Management Quality and Carbon Performance: 🔹Management Quality evaluates companies’ governance of carbon emissions, and the risks and opportunities that the low-carbon transition presents. 🔹Carbon Performance quantifies companies’ emissions pathways, both historical and forward-looking, and it compares them with low-carbon benchmark scenarios that are aligned with international climate goals like Below 2°C and 1.5°C. Management Quality (MQ) and Carbon Performance (CP) are complementary -- MQ focuses on inputs and processes, CP focuses on outcomes. Therefore, it’s important to look at them together. We very deliberately do not provide a single aggregate ESG-type score. Often, companies with high MQ have high CP. But sometimes MQ and CP don’t correlate. We see plenty of companies that have high MQ but low CP. Generally speaking, these are companies that have set up professional structures to manage carbon (e.g., emissions measurement and risk management), but which have a made a strategic decision not to align with international climate goals. We also sometimes see companies with high CP but low MQ. Tesla is a case in point. Tesla makes green products that help decarbonise the economy and our CP scores reflect that -- Tesla could not do any better on CP based on our metric for the autos sector of new vehicles’ emissions intensity. But to score well on MQ, a company must make clear public disclosures about its climate governance, and some companies fall short on this. The TPI Centre only uses public disclosures to assess companies. We cannot credit companies for actions that are not disclosed and cannot be observed. Only using publicly available information makes the analysis more defensible/replicable and encourages companies to be accountable and transparent. Moreover, all our methodologies are publicly available, providing stakeholders with full visibility into our approach. There is a productive discussion to be had on how to evaluate the climate governance of companies that focus on green products, and we thank Cary for prompting this. It is important to emphasise that many such companies score well on MQ, e.g., in the electricity sector. So, there is no intrinsic obstacle to doing so, even if, like other frameworks and data providers, our MQ framework is designed primarily with the transition in mind, i.e., companies that start dirty and want to transition to clean. However, for companies producing solely green products, some MQ indicators might be judged to be less relevant. We provide transparent, indicator-level information to support investor-company engagement and encourage people to think about what is most relevant. We welcome the opportunity to discuss these challenges further!

Join David Russell, Chair of the Transition Pathway Initiative (TPI) at the Net Zero Investor’s Defined Contribution Forum 2025 on Thursday 30 January: https://lnkd.in/eMhKx8Fi David will discuss achieving interim (2030) targets and recalibrating action plans for #NetZero zero along with Jonathan P. at Redington. There is still time to register: https://lnkd.in/eQnm8nQ7 #ClimateFinance #TransitionFinance #TransitionRisks #SustainableFinance

📣Invitation📣“Making national climate action investable: why and how?” on Wednesday 26 February at 18:30 GMT: https://lnkd.in/e9wfAuMr Please join us at our forthcoming public event, “Making national climate action investable: why and how?” organised by the Transition Pathway Initiative Centre (TPI Centre) based at The London School of Economics and Political Science (LSE). 📅 Wednesday 26 February ⏲️ 18:30 GMT, 19:30 CET, 13:30 ET 👉 Format: Hybrid 🔸In-person, first come first served, at the Auditorium, Centre Building (CBG) at LSE: see the map here: https://lnkd.in/eSqAmX9u 🔸Online via LSE Live: register here: https://lnkd.in/eaQTwkNb Nationally Determined Contributions (#NDCs) are national commitments that countries submit to the United Nations Framework Convention on Climate Change (#UNFCCC). Updated #NDCs are due no later than February 2025. A key focus is making #NDCs ‘investable’ to enable financing for limiting global temperature rise to 1.5°C above pre-industrial levels. This requires clear investment plans as well as private and public finance to support #ClimateAction. Panellists will outline key features of ‘investable’ NDCs and explore real-world cases of how governments disclose financing needs and climate-related spending, drawing on the Assessing Sovereign Climate-related Opportunities and Risks (#ASCOR) project. This event will also reflect on lessons from the UK’s Green Gilt programme. Confirmed Speakers: 🎙️Tom Dillon, Head of Sovereign ESG, Aviva Investors 🎙️Rahul Ghosh, Global Head of Sustainable Finance at Moody's' Investors Service 🎙️Mark Manning, Visiting Senior Fellow, CETEx (Centre for Economic Transition Expertise), LSE 🎙️Jessica Pulay, Chief Executive Officer of the UK Debt Management Office (#DMO) 🎙️Antonina Scheer, Policy Fellow, Research Project Manager, TPI Centre, LSE 🎙️Chair: Carmen Nuzzo, Professor in Practice, Executive Director, TPI Centre, LSE We look forward to welcoming you at the event in person or online.