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Environmental Markets: a New Asset Class

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Environmental Markets: a New Asset Class ENVIRONMENTAL MARKETS: A NEW ASSET CLASS Richard L. Sandor Nathan J. Clark Murali Kanakasabai Rafael L. Marques Named Endowments The Research Foundation of CFA Institute The Research Foundation of CFA Institute acknowledges with sincere gratitude the Board of Trustees generous contributions of the Named Endowment participants listed below. 2013–2014 Gifts of at least US$100,000 qualify donors for membership in the Named Endowment category, which recognizes in perpetuity the commitment toward unbiased, practitioner- Chair John T. “JT” Grier, CFA John D. Rogers, CFA oriented, relevant research that these firms and individuals have expressed through Jeffery V. Bailey, CFA Virginia Retirement System CFA Institute their generous support of the Research Foundation of CFA Institute. Target Corporation Pranay Gupta, CFA Brian Singer, CFA Manu Bhaskaran Lombard Odier Darier William Blair, Dynamic Ameritech Meiji Mutual Life Insurance Company Centennial Asia Advisors Pte Hentsch (Asia) Limited Allocation Strategies Limited Anonymous Miller Anderson & Sherrerd, LLP Walter V. “Bud” Haslett, Jr., CFA Wayne H. Wagner Renee Kathleen-Doyle Blasky, CFA Institute Venice Beach, CA Robert D. Arnott John B. Neff, CFA CFA George R. Hoguet, CFA, FRM Arnold S. Wood Theodore R. Aronson, CFA Nikko Securities Co., Ltd. Vista Capital Limited State Street Global Advisors Martingale Asset Asahi Mutual Life Nippon Life Insurance Company of Japan Dwight Churchill, CFA Aaron Low, CFA Management Batterymarch Financial Management Nomura Securities Co., Ltd. Sunapee, NH Lumen Advisors Boston Company Payden & Rygel William Fung Alan Meder, CFA Boston Partners Asset Management, L.P. Provident National Bank London Business School Duff & Phelps Investment Gary P. Brinson, CFA Frank K. Reilly, CFA Diane Garnick Management Clear Alternatives LLC Brinson Partners, Inc. Salomon Brothers *Emeritus Capital Group International, Inc. Sassoon Holdings Pte. Ltd. Concord Capital Management Scudder Stevens & Clark Dai-Ichi Life Company Security Analysts Association of Japan Officers and Directors Daiwa Securities Shaw Data Securities, Inc. Executive Director Secretary Mr. and Mrs. Jeffrey Diermeier Sit Investment Associates, Inc. Walter V. “Bud” Haslett, Jr., CFA Tina Sapsara CFA Institute CFA Institute Gifford Fong Associates Standish, Ayer & Wood, Inc. Gary P. Brinson Director of Treasurer Investment Counsel Association State Farm Insurance Companies Research Kim Maynard of America, Inc. Sumitomo Life America, Inc. Laurence B. Siegel CFA Institute Jacobs Levy Equity Management T. Rowe Price Associates, Inc. Research Foundation of CFA Institute John A. Gunn, CFA Templeton Investment Counsel Inc. Jon L. Hagler Foundation Travelers Insurance Co. Research Foundation Review Board Long-Term Credit Bank of Japan, Ltd. USF&G Companies Lynch, Jones & Ryan Yamaichi Securities Co., Ltd. William J. Bernstein Stephen A. Gorman, CFA Alan Marcus Efficient Frontier Advisors Wellington Management Boston College Company Stephen J. Brown Paul O’Connell Senior Research Fellows New York University Elizabeth R. Hilpman FDO Partners Barlow Partners, Inc. Financial Services Analyst Association Sanjiv Das Krishna Ramaswamy Santa Clara University Paul D. Kaplan University of Pennsylvania Morningstar, Inc. Andrew Rudd Bernard Dumas Robert E. Kiernan III Advisor Software, Inc. For more on upcoming Research Foundation INSEAD Advanced Portfolio Lee R. Thomas publications and webcasts, please visit Stephen Figlewski Management Pacific Investment www.cfainstitute.org/learning/foundation/. New York University Robert W. Kopprasch, CFA Management Company Research Foundation monographs Gary L. Gastineau The Yield Book Inc. Robert Trevor ETF Consultants, LLC are online at www.cfapubs.org. Andrew W. Lo Macquarie University William N. Goetzmann Massachusetts Institute of Yale School of Management Technology Richard L. Sandor Environmental Financial Products, LLC Nathan J. Clark Environmental Financial Products, LLC Murali Kanakasabai Environmental Financial Products, LLC Rafael L. Marques Environmental Financial Products, LLC Environmental Markets: A New Asset Class Statement of Purpose The CFA Institute Research Foundation is a not-for-profit organization established to promote the development and dissemination of relevant research for investment practitioners worldwide. Neither the Research Foundation, CFA Institute, nor the publication’s editorial staff is responsible for facts and opinions presented in this pub- lication. This publication reflects the views of the author(s) and does not represent the official views of the Research Foundation or CFA Institute. The CFA Institute Research Foundation and the Research Foundation logo are trademarks owned by The CFA Institute Research Foundation. CFA®, Chartered Financial Analyst®, AIMR-PPS®, and GIPS® are just a few of the trademarks owned by CFA Institute. To view a list of CFA Institute trademarks and the Guide for the Use of CFA Institute Marks, please visit our website at www.cfainstitute.org. © 2014 The CFA Institute Research Foundation All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the copyright holder. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. ISBN 978-1-934667-66-8 10 January 2014 Editorial Staff Elizabeth Collins Book Editor Mary-Kate Hines Cindy Maisannes Assistant Editor Manager, Publications Production Christina Hampton Publishing Technology Specialist Biographies Richard L. Sandor is CEO at Environmental Financial Products, LLC (EFP), which specializes in inventing, designing, and developing new finan- cial markets. He was honored by the city of Chicago for his recognition as the “father of financial futures.” In 2007, Dr. Sandor was honored as one of TIME magazine’s “Heroes of the Environment” for his work as the “Father of Carbon Trading.” In July 2013, he was named a Chevalier in the French Legion of Honour. Dr. Sandor is a lecturer in law and economics at the University of Chicago Law School, a visiting fellow with the Smith School at the University of Oxford, and a Distinguished Professor of Environmental Finance at Guanghua School of Management at Peking University. He is the author of Good Derivatives: A Story of Financial and Environmental Innovation. Dr. Sandor is a senior fellow at the Milken Institute and a board member of the Clean Energy Trust and is on the advisory board for the Smithsonian Tropical Research Institute and the Center for Financial Stability. He received his bachelor of arts degree from the City University of New York, Brooklyn College, and earned his PhD in economics from the University of Minnesota. Dr. Sandor is the recipient of an honorary degree of doctor of sci- ence from the Swiss Federal Institute of Technology. Nathan J. Clark is managing director at EFP. Prior to his work at EFP, he was senior vice president and managing director of offset programs for the Chicago Climate Exchange (CCX). In that capacity, Mr. Clark managed the process of defining and implementing project-based emission-reduction initiatives. Murali Kanakasabai is managing director at EFP, where he leads design and implementation efforts for environmental markets and guides investment strategy for clean energy projects investments. He has more than a decade of academic and private sector experience researching climate change issues and helping design and launch several environmental markets, including the CCX. At the CCX, Dr. Kanakasabai served as senior vice president in the research department and contributed to the development of several of the world’s first derivative instruments for hedging environmental risks and pro- moting sustainable development. He was also extensively involved in build- ing environmental market design and market readiness around the world. Dr. Kanakasabai was senior member of the CCX Carbon Offsets team and led its international offsets portfolio. He holds a master’s degree in extension educa- tion and rural sociology from the Indian Agricultural Research Institute in New Delhi and a master’s degree in economics and a PhD in agricultural economics from the University of Kentucky. Rafael L. Marques is a managing director at EFP. He previously served as senior vice president of the CCX, where he was actively involved in all phases of its development and launch. He was involved in the development and implementation of CCX international activities and joint ventures. Mr. Marques has been a delegate and presenter to several Conferences of the Parties to the United Nations Framework Convention on Climate Change. He has lectured on the subject of market-based solutions to environmental problems in the United States, Brazil, India, and China. He co-authored articles on the CCX published by the United Nations Conference on Trade and Development and by Great Britain’s Royal Society. Mr. Marques holds a bachelor of arts degree from Luther College and a master’s degree in econom- ics from the University of Illinois at Chicago. Acknowledgments We would like to thank the following individuals who provided valu- able
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