Thursday Aug. 11, 2016
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Total Leads Oil Majors in Renewables Investments NUMBER OF THE WEEK BY EMILY CHASAN, BLOOMBERG BRIEFS Some big European oil producers are getting a taste for renewables as fossil fuel prices have declined. FOUR Total SA spent almost $9 billion since 2000 on clean and alternative energy investments, putting it in the lead spot among oil majors, according to a Bloomberg That's the number of Brazilian cities Intelligence analysis of public equity and debt purchases. that smashed new heat records in The French oil giant surpassed the $8.25 billion in clean energy deals spent by BP Plc 2015, according to a report released since 2000, the report said. Exxon Mobil Corp., on the other hand, hasn't made any Monday during the Olympic Games renewable acquisitions or financing deals during that time, though it does invest in the by the Observatorio do Clima. Brazil sector in other ways. Exxon spends about $1 billion annually on energy research on has heated up faster than the global technologies like carbon capture and sequestration and biofuels, which include a long- average, warming 1 degrees Celsius term project to create fuels from algae, spokesman Bill Holbrook said. (1.8 degrees Fahrenheit) in the last Companies that underinvest in renewables could potentially be exposed to future 54 years. That pace could make it too shifts in fossil-fuel demand, Bloomberg Intelligence analyst Gregory Elders said. hot to play similar Olympic games by "Waiting until the transition has already happened may prove too late, as many U.S. the end of the decade, the group coal companies have found, winding up in bankruptcy," he said. said. Total's Renewable Deals Soar Oil demand may decline as electric vehicle sales grow. While natural gas has QUOTE OF THE WEEK seen demand rise recently, its use as an electricity “Solar and batteries go source could peak by 2026 together like peanut butter as renewables are and jelly.” increasingly available and — Tesla Motors Inc. chairman Elon Musk, cheap, according to in comments on a conference call Tuesday. Bloomberg New Energy Finance. Global investment INSIDE Note: Renewables acquisitions or financing. Excludes in clean energy totaled divestments; Total SA includes deals by SunPower after 2011 $116.4 billion in the first half of 2016, according to BNEF. Q&A: Facebook Inc. aims to power Total's investment in clean energy has surged since its $1.38 billion deal in 2011 for all of its data centers with 100 60 percent of U.S. solar panel maker SunPower Corp. It's aiming to have low carbon percent clean energy, said Bill businesses make up around 20 percent of its portfolio in 20 years, a spokesman said. Weihl, director of sustainability at the Meanwhile, after investing more than $8 billion, BP has slowed new investment in social media company. renewables in the past three years. The company, which is still recovering from the CHARTS: Hundreds of new ESG costs of its 2010 oil spill in the Gulf of Mexico, said in its 2016 annual energy outlook indexes launched in the past decade that it expects renewables to be the fastest growing fuel at least through 2035. reflect improved ESG disclosure. See BP's interests in renewable energies are now focused on two material businesses — which regions are most represented. onshore wind power generation in the U.S. and sugarcane-to-bioethanol production in GUNS: A group formed days after Brazil, according to company spokesman David Nicholas. the June massacre at a gay nightclub Statoil ASA ranked third among its peers with $3 billion of public renewables in Orlando will target BlackRock Inc. investments since 2000. The company has accelerated investment since 2014, the to kick off a campaign pressuring analysis showed. Royal Dutch Shell Plc, which has lagged its European rivals, companies to cut ties with the announced a "New Energies" plan in May aimed at boosting investment in wind and firearms industry. solar, saying in an internal memo at the time that it sees "potential for material scale and upside." Shell currently has $1.7 billion invested in biofuels, wind, solar, commercial ACTIVISTS: Activist investors ran hydrogen and other projects, the company said. fewer campaigns in 2016. Chevron Corp. has invested about $1 billion invested in public renewable deals since COMMENTARY: Vivint Solar's 2000, the analysis showed. Chevron didn't respond to a request for comment. good day more flare than star as "Making relatively small investments now in renewable energy may prove a hedge rooftop solar competition intensifies. against a faster than expected clean energy shift," Elders said. — With assistance from Siobhan Wagner, Bloomberg Briefs
Q&A: FACEBOOK Aug. 11, 2016 Bloomberg Brief Sustainable Finance 2
Q&A: FACEBOOK
Data's CO2 Footprint Has Expanded But Efficiency Has Improved as Billions Surf Web has not been borne out because there's energy and greening that grid in the In a little over a decade, been a lot of attention paid to efficiency. process. Facebook Inc. has grown A lot of the efficiency gains that we've from a niche online portal seen over the last decade have come Q: Could you ever envision an for college student about initially because a few very large offshoot like Facebook Energy? networking to a global scale companies like us and Google, A: I think the short answer is not really. social media website with Microsoft and Amazon were focusing on Look at companies that established such more than a billion daily making our own operations more subsidiaries: Google and Apple. I was active users. As demand to efficient. Then they basically began to actually at Google for six years and was use Facebook's site and its collaborate because we can do much part of the team that did that. At least so other products like more much faster by working together. far the focus for them has been on Source: Facebook Instagram has grown, the The Open Compute Project is one getting the ability to trade in the company has needed to example that has helped drive much wholesale market, because it simplifies build more power-hungry data centers. Thirty-five higher levels of efficiency in the industry. doing some of these long-term deals. It's percent of energy going into Facebook data not because they want an energy centers in 2015 was from renewable sources, and Q: One reason Facebook said it division. It's because they want to be one day the company will power all of its data decided to build a data center in Iowa able to do deals in a way that you can't if centers with 100 percent clean energy, said Bill a few years ago was because it you're only a retail participant. It is hard Weihl, director of sustainability. He spoke with wanted to have the ability to directly in some places to enter into the kinds of Bloomberg Briefs' Siobhan Wagner. This access clean energy from a nearby contracts or do the kinds of deals we interview has been edited and condensed. wind farm. How important is local need to do to buy clean energy. We're access to renewable energy in working with others to open up the deciding where to put your next data market to improve access to renewable Q: Why are data centers so energy center? energy so it's easier for people, including intensive? A: Access to clean energy is one of the us, to do these kinds of deals. That A: If you think about what we do or what key criteria we use when choosing where means getting new policies in place that other large-scale internet companies do, to put a data center. It's not the only one. enable companies like us or others to we serve over a billion and a half people There are dozens, if not hundreds, of come into a state like Iowa and have a every month. They spend a lot of time criteria that go into picking a site. And tariff on the menu that allows you to do using our products and what they do one of the criteria is that energy should what we did but with much less requires a fair amount of computation. be reasonably cheap because these are negotiation because all the framework is We have many thousands of computers energy-intensive facilities and we don't in place. housed in these big data centers, and want to spend lots and lots of money on every one of those computers takes energy. From a business perspective, we Q: Ready for an odd question? Do energy. The amount that we use in need to manage that cost. But we also some Facebook features come with a aggregate is quite large but per person is want it to be clean, and so we are much higher CO2 footprint than others? Can quite small. less likely to site a facility in a place that I slightly cut my CO2 footprint by just makes it really difficult for us to get 'liking' photos instead of leaving a Q: Some studies show data center access to cost effective clean energy. comment? emissions are starting to rival Part of what drew us to Iowa was the A: It's certainly the case that doing things emissions from the airline industry. fact that Iowa has a great wind resource. that are very simple like just 'liking' A: It's still nothing compared to transport We were able to work with the [local] something involves much less generally, it's nothing compared to utility to develop a deal that allowed us to computation behind the scenes in our industry, it's nothing compared to buy energy from them from a new wind data centers, so it likely has a less buildings. It's nothing compared to, on farm that they built as part of the deal carbon impact. But I wouldn’t encourage average, emissions from your car. It's that brought us to Iowa. It wasn’t just a people to choose what they do and say: definitely something to worry about and matter of them saying: 'Yeah, we've got a 'Oh, I am only going to "like" this because the industry has been very focused on bunch of wind on our grid and we'll it's lower carbon.' Our job is to reduce energy efficiency for at least 10 years, if allocate some of it to you,' which would and ultimately eliminate the carbon not longer, which is why I think some of then mean everyone else is getting involved completely, and I think people the concerns from 10 or 15 years ago slightly dirtier energy. Rather, their new are going to do what they find brings about how [data centers are] on this 140-megawatt wind farm got built as part value to them. Our job is to deliver that explosive growth path in terms of energy of the agreement that brought us to the value, which I think we're doing pretty state. It was about us getting access to well, but do it in a way that is as clean environmentally responsible as possible.
INVESTING Aug. 11, 2016 Bloomberg Brief Sustainable Finance 3
INVESTING Raising Finance for Green Power Projects Seen 'Easier' BlackRock Targeted by Gay Project developer Akuo Energy SAS, which sold 44 million euros ($48 million) of Activists for Gun Holdings green bonds in late July, said that it plans to tap further green bond issues and the Gays Against Guns, a group formed market’s plentiful supply of project debt to grow its wind and solar capacity more than days after the June massacre at a gay fivefold in the next six years. nightclub in Orlando, will target Eric Scotto, chairman of the Paris-based company, told Bloomberg New Energy BlackRock Inc. to kick off a campaign Finance in a phone interview that low borrowing rates and improvements in wind pressuring companies to cut ties with the technology meant that, in France, his company is "able to invest in projects today that firearms industry. would not have been investable in the past." The group chose BlackRock because The company is targeting to grow from 560 megawatts of capacity now to 3.5 some funds run by the world’s biggest gigawatts by 2022 and expects green bonds could be a key source of funding for its asset manager hold shares in Sturm expansion plans. Ruger & Co. and Smith & Wesson "Our plan for financing the company includes continuing to issue green bonds, partly Holding Corp., makers of guns used in to finance our equity contribution during construction," Scotto said in the interview. "Our previous mass shootings, said Tim latest green bond was done in a very short period of time, and this shows the investor Murphy, spokesman for the New York- appetite." based organization. The company aims to continue expanding in South America after building three wind “We’re not afraid to shame and farms in Uruguay and is "keen" on accelerating investment in the United States where it demonize,” Murphy said. “We have a can take advantage of renewable energy tax credits, Scotto said.
READ: Bloomberg Gadfly's take: BlackRock's Gun-Control Problem is Also an Opportunity ESG INDEXES Aug. 11, 2016 Bloomberg Brief Sustainable Finance 4
ESG INDEXES Sustainability Indexes On the Rise Growth in environmental, social and governance-themed indexes across regions and strategies illustrates that global investors are exploring ways to integrate ESG factors into their investments — aiming to generate positive return and impact. The hundreds of new indexes launched in the past decade reflect improved ESG disclosure and provide motivation for companies to disclose more and higher quality data to compete with their peers. These indexes are often used by global ESG investors to define the investment universe for their region of interest and test out investment strategies with ESG indicators. Findings below are based on 486 ESG-themed indices. MSCI Inc. is the dominant global issuer of ESG indexes, followed by S&P Global Inc., according to the review. These indexes are constructed on performance and impact of member companies across ESG factors. (To backtest an ESG strategy against a benchmark, Bloomberg Terminal users can run EQBT
Indexes Bring Extra Visibility to Companies Performing Well Across ESG Factors
Global Trend Financials Lead
Required ESG disclosures by stock exchanges and regulators in the Financials, consumer discretionary and industrials account for over 50 Asia-Pacific region are driving a higher number of ESG indexes. percent of the companies in global ESG indexes.
This data compiled by Bloomberg LP employees involved with sales-support, product-development, programming or another department and was edited by the News Department. To suggest ideas or provide feedback, contact the editor for this story: Emily Chasan at [email protected].
ENVIRONMENT Aug. 11, 2016 Bloomberg Brief Sustainable Finance 5
ENVIRONMENT SolarCity Growth Slows Even More as Musk Details Energy Vision SolarCity Corp. is facing near-term Cash Is Sinking at SolarCity roadblocks as installations slow and the pending acquisition by Tesla Motors Inc. hinders its financing efforts. For billionaire Elon Musk, the long-term picture is more significant, as he rolls out more products and services that will make the biggest U.S. rooftop solar company a key part of his energy strategy. SolarCity is developing a roofing product that incorporates solar technology and a storage system that uses Tesla batteries at customers’ homes to provide power-management SolarCity's cash balance at the end of June was less than a third the level of a year earlier. services to utilities. Both will be introduced “in the coming months,” electric cars. The new products go even photovoltaic power a more important part according to a statement Tuesday. further to demonstrate how he plans to fit of the grid. Musk, the chairman and largest the companies together, creating an “Solar and batteries go together like shareholder of Tesla and SolarCity, has energy company with broad reach that peanut butter and jelly,” Musk said touted his vision of a smart home incorporates storage technology to make Tuesday on a call.
Chevron Pollution Victory Opens Door Watch Your Coastal Property. Here Solar Manufacturers Pivoting Away for US Firms to Shirk Foreign Verdicts Comes the Sea From Big U.S. Utility Projects A lone lawyer’s defeat in a $9.5 billion Climate scientists have long warned of The top two U.S. solar manufacturers lawsuit may have wide-reaching effects. a rise in sea level as global warming are shifting away from the biggest Chevron wasn’t the only winner in melts the world’s glaciers. But while the domestic market because utilities aren’t Monday’s ruling by a federal appeals level has been increasing at about 3.5 signing as many deals to buy electricity court over its long-running Ecuadorian millimeters a year, the rate of increase from their giant power plants. pollution litigation. The victory, in which itself has fluctuated, leading some people SunPower Corp. the No. 2 U.S. the court affirmed that a lawyer for to doubt the warnings and the broader panelmaker, said Tuesday it’s turning its victims engaged in wrongdoing to secure impact of rising carbon emissions. attention to rooftop power, while First a $9.5 billion verdict in the South Fresh evidence, in a study published Solar Inc., the biggest producer, now American country, may benefit other Wednesday in Scientific Reports, expects more of its growth to come from corporations seeking to avoid suggests the scientists were right, and selling panels to other companies. enforcement of foreign judgments they that satellite measurements have been The two companies built some of the contend are based on corrupt distorted by the eruption in 1991 of biggest solar farms in the world, projects proceedings. “The decision hands well- Mount Pinatubo in the Philippines. that would never have been completed heeled corporations a template for The volcanic eruption, the second- unless utilities had agreed to buy the avoiding legal accountability anywhere in largest of the 20th century, is estimated power. Because of a shift in tax policy at the world.” That’s the assessment of to have spewed almost 20 million tons of the end of 2015, those power-plant deals Deepak Gupta, the lawyer for Steven sulfur dioxide into the stratosphere, are slowing, which may drag down Donziger, the controversial New York lowering global temperatures by about 1 results. attorney who’s been battling Chevron degree Fahrenheit from 1991 to 1993, The culprit is the federal investment tax over pollution liability in Ecuador for and causing sea levels to drop. The credit, which for years has been one of decades. researchers used models to calculate the the biggest drivers of the U.S. solar Whichever take one prefers — resisting impact of the Pinatubo eruption and industry. It was scheduled to expire at corruption or avoiding accountability — found that sea levels fell about six the end of this year, but got an the ruling said that an American millimeters. unexpected five-year extension in corporation hit with a big-ticket judgment From today's vantage, that makes it December. To qualify, construction must abroad can come home to the U.S. and look like the rate of increase hasn’t risen begin before the deadline, so developers use the Racketeer Influenced and over the past few decades. In fact, it need to line up a power-purchase Corrupt Organizations Act as a weapon makes it look as if it's fallen. agreement, or PPA, many months before to go after the lawyers on the other side
SOCIAL Importers Should Keep Watchful Eye on Supply Chains for Forced Labor Importers who don't adequately audit Asia-Pacific Leads Regions in Deriving Forced Labor Profits their supply chains risk detention of goods as well as harm to reputation if there is a reasonable suspicion that products they want to bring into the U.S. were produced with forced labor. Under the recently enacted Trade Facilitation and Trade Enforcement Act of 2015, imports made with forced labor are no longer allowed into the US. The amendment to a decades old statute — the 1930 Tariff Act — closed a loophole that allowed such imports to enter the U. S. market. The loophole's removal is a “game- manufacturers in foreign countries know Retail, seafood, and other key changer” that opens up new possibilities about the law, he said. industries as well as human rights in what had previously been a difficult The U.S. government has additional advocates will advise Customs and enforcement environment, Ken Kennedy, work to do in answering questions that Border Protection on implementing the a U.S. Immigration and Customs have arisen, he said. Collaboration new law, a Customs spokeswoman said Enforcement senior policy adviser, told among the government, non- in an e-mail. Since the statute took effect, Bloomberg BNA. Importers should read governmental organizations and industry Customs has issued withhold/release the current regulations as well as the will be key to the statute's goal of orders based on suspicions goods were statute and should not assume that protecting vulnerable individuals, he said. made by convict or forced labor. — Rossella Brevetti, Bloomberg BNA
Trump, Chamber of Commerce Try Opposite Strategies on Corporate Tax Inversions Donald Trump vowed this week to Pace of U.S. Company Inversions slash corporate tax rate to no more than 15 percent in a move he says would end “job-killing” inversions. Trump made the comments Aug. 8 in a speech at the Detroit Economic Club, just days after the U.S. Chamber of Commerce challenged an Internal Revenue Service rule change it claims improperly stymies the ability of U.S. companies to shift their headquarters overseas to shelter global profits from American tax collectors. If the suit is successful, tax inversions could keep the deals legal. The Washington-based chamber and a Congress and short-circuiting legislative agency said was “based on strong policy Texas trade group sued the government debate over a hotly contested issue by interests and clear legal authority.” Thursday, objecting to a policy the IRS unilaterally imposing the administration’s House Ways and Means Committee implemented in April that they say wasn’t preferred policy,” the groups said in the Chairman Kevin Brady (R-Texas) said a made available for public comment first. complaint in federal court in Austin. new lawsuit against IRS anti-inversion The change makes it significantly less The new rule upends more than a rules shows they hurt companies—and profitable for companies to merge with decade of tax policy “in order to stop demonstrates the need for the tax foreign partners to be considered foreign- otherwise lawful cross-border mergers of overhaul Republicans plan to keep based entities for U.S. tax purposes, a private companies that federal executive pushing. Brady said the Aug. 4 legal practice known as inversion. branch officers apparently do not want to action by the Chamber is the “direct “Although it might seem esoteric, this occur,” according to the chamber and the result of regulations that will make it action is a clear case of federal executive Texas Association of Business. harder for America to compete.” branch officers and agencies bypassing The Treasury Department said it — Kim Chipman, Kevin Cirilli, Laurel Brubaker would defend its regulations, which the Calkins, Bloomberg News, and Alison Bennett, Bloomberg BNA
GOVERNANCE Aug. 11, 2016 Bloomberg Brief Sustainable Finance 7
GOVERNANCE Activist Investors Take Stock of Markets With Fewer Campaigns in 2016 BY MICHAEL THIEME, BLOOMBERG DATA Activist Campaigns on Track for Fewest Since 2011 Activists have launched the fewest new campaigns so far this year since July 2012 in a sign that difficult market conditions may be weighing on new investments, according to Bloomberg Data analysis. A survey of 35 prominent U.S. activist investors tracked by Bloomberg showed that there have been 35 new campaigns this year through July. That's down from 61 in 2015 and the lowest level since 2012, when there had been 32 at the same point of the year. If activists continue at this pace through the end of the year, they may only reach 61 new campaigns in 2016 — 40 fewer than those launched in 2015, according to the data. That would put new campaigns his son, Brett Icahn, and his investing provide an opportune time to embark on launched this year on track to be the partner, David Schechter. The two will large new investments," according to a fewest since 2011 when there were 59. oversee a new portfolio of investments in statement. The slowdown comes as activist the future, but terms haven't been (For more on activist investor investor Carl Icahn announced he is finalized because the three men agree campaigns, run BI ESG
Governance News in Brief
ComScore Names New CEO, CFO Montag’s $15.5 Million Pay at BofA ISS Seeks Feedback on Board Amid Accounting Investigation Draws Questions From SEC Refreshment, 'OverBoarding' ComScore Inc., the internet and Bank of America Corp. got called out Proxy advisory firm Institutional entertainment research firm, replaced its by Wall Street’s top regulator for not Shareholder Services Inc.'s annual chief executive officer and chief financial adequately explaining why Chief policy survey is seeking feedback on officer as the board’s accounting probe Operating Officer Thomas Montag and board refreshment, “overboarding” and dragged on into its sixth month. other executives received millions of “say-on-pay” votes. Co-founder Gian Fulgoni was named dollars for 2015. “Overboarding” occurs when directors CEO, replacing Serge Matta, who will While the Securities and Exchange sit on too many boards and are serve as executive vice chairman, Commission broadly chided the lender overcommitted. according to a statement Wednesday. earlier this year for not describing what The firm's survey asks, among other Chief Revenue Officer David Chemerow drove compensation decisions, it took questions, whether executive chairs takes over as CFO for Melvin Wesley III, particular interest in the $15.5 million should be evaluated under the same who will leave the company after a paid to Montag, according to standard as chief executive officers for transition.
COMMENTARY BY LIAM DENNING, BLOOMBERG GADFLY Aug. 11, 2016 Bloomberg Brief Sustainable Finance 8
COMMENTARY BY LIAM DENNING, BLOOMBERG GADFLY Vivint Solar's Good Day Was More Flare Than Star Solar Leasing Stocks Hit Hard Vivint Solar was on fire on Tuesday. Think of this as a sudden flare rather than the start of a long, balmy afternoon, though. There's no doubt the distributed solar-power company's second-quarter results, released on Monday, took the market by storm. Vivint Solar's stock jumped by more than 10 percent on Tuesday. But context is all, and you don't have to go back too far in Vivint's history to get that context. Go back one year, and Vivint's jump looks less impressive. Vivint has suffered more than its peers because of something it didn't do — namely, merge with flame-out SunEdison — but Note: Performance indexed to 100 the drama put a cloud over it for much of the past year anyway. The big three solar leasing stocks have all declined in the last year. Still, the whole sector has slumped.
The Tallest Short And in a heavily shorted sector, Vivint stands out in another way. Almost half of Vivint's float is sold short. All of which helps explain why Vivint slightly beating its installations target in the latest quarter juiced its stock so much. In addition, recently installed CEO David Bywater said a lot of the right things on the earnings call, much of it around squeezing costs and targeting customers (and pricing) smartly to build a sustainably self-funding business rather than growing at all costs. Having rewarded Vivint with a double-digit stock pop for Vivint's short interest exceeds peers. sending the right message, though, investors must now focus on the delivery of the content.
Flat Roof In this regard, it is still early days. For example, getting costs down isn't just about being efficient, but growing installations quickly enough to spread overheads across more watts of solar capacity. In that regard, while the second quarter reversed a worrying string of recent declines, it still looks in line with the same run rate of the past year. Yes, that still represents strong growth of cumulative installations, at 69 percent year-over-year. But in terms of getting unit costs down, particularly sales and administrative expenses, it is the ability to accelerate that quarterly pace that counts. Vivint is rolling out a loan product, as opposed to the prevailing Vivint's solar installation rate ticked up in the second quarter but is in leasing business, and has a "smart home" offering that, well, line with the past year makes your home smarter in terms of connected appliances and energy management. These are worthwhile initiatives that could help cut into those unit costs further.
Rule of $3 Time for a dose of that context again, though. The fact is all the solar companies are doing much the same thing. SolarCity, for example, has just rebooted its loan product and is now on the cusp of being bought by Tesla Motors with a view to, you guessed it, offering a more integrated energy management, storage and transportation product. Two things flow from this. First, competition is intensifying. Second, all these efforts to differentiate the product and get into the loans business underline a natural, but challenging trend: The commoditization of solar installation and financing. Vivint's unit costs have hovered around $3 per watt since late 2014 as customer acquisition expenses and overheads have proven stubborn
This column has been edited and shortened. It does not necessarily reflect the opinion of Bloomberg LP and its owners. INDEXES Aug. 11, 2016 Bloomberg Brief Sustainable Finance 9
INDEXES Global ESG Indexes
Source: Bloomberg. For a live version of this chart run G # SF.BRIEF 20 on your terminal or click on the image above. Green Bond Indexes
Source: Bloomberg. For a live version of this chart run G # SF.BRIEF 21 on your terminal or click on the image above. Low Carbon and No Carbon Indexes
Source: Bloomberg. For a live version of this chart run G # SF.BRIEF 22 on your terminal or click on the image above. GREEN BONDS Maturity Schedule: Bonds Due
ISSUER NAME MATURITY COUPON $ AMOUNT OUTSTANDING SolarCity Corp 8/13/2016 1.6 5,000,000 SolarCity Corp 8/20/2016 1.6 5,000,000 Credit Agricole Corporate & Investment Bank SA 8/24/2016 6 3,552,395 SolarCity Corp 8/27/2016 1.6 5,000,000 Source: Source: Bloomberg; SRCH
CALENDAR TO SUBMIT AN EVENT, E-MAIL [email protected] Aug. 11, 2016 Bloomberg Brief Sustainable Finance 10
CALENDAR TO SUBMIT AN EVENT, E-MAIL [email protected]
DATE(S) EVENT ATTENDEES OF NOTE LOCATION The Intentionally Designed Endowment Forum at San Aug. 25-26 See website for details. San Francisco Francisco State University Aug. 31 Women in Green Forum Rose Mckinney-James, MGM Resorts; Natalie Mindrum, United Airlines Los Angeles Sept. 6-8 PRI In Person 2016 See website for details. Singapore Sept. 7 NYSSA: Sustainability & Value Jens Peers, Mirova; Matt Orsagh, CFA Institute, Michael Kinstlick, SASB New York Sept. 13 Social Capital Markets See website for details. San Francisco Sept. 18 Impact Investing Conference See website for details. Denver Sept. 19-22 Verge 2016 Conference Dave Bartlett, GE Current; Paula Kehoe, San Francisco Public Utilities Santa Clara Sept. 20 Responsible Investments Forum See website for details. Berlin Sept. 21-23 World Energy Engineering Congress See website for details. Washington D.C. Sept. 21-23 Yale Sustainability Leadership Forum Richard Kauffman, Chairman of Energy and Finance for New York New Haven Sept. 22-23 RobecoSAM Forum See website for details. Zurich Sept. 26-28 Corporate Renewables 2016 Conference See website for details. Washington D.C. Michael Bloomberg, Bloomberg LP; James Kenney, Philadelphia Mayor; Oct. 5-6 Bloomberg Sustainable Business Summit New York Erik Fogelberg, SolarCity; Ken Mehlman, KKR; Mike Pedersen, TD Bank Oct. 7 Sustainability Forum 2016 GRI, Cambridge University, Hellenic Republic Ministry of Economy Athens Oct 9-12 Sustainatopia See website for details. Boston Oct. 10-11 The Future of Energy Summit (BNEF) See website for details. London Oct. 18 High Water Women's Investing for Impact Symposium See website for details. New York Nov. 1-2 The Future of Energy Summit (BNEF) See website for details. Shanghai Nov. 9-10 Impact Capitalism Summit See website for details. London Nov. 9-11 The SRI Conference See website for details. Denver Dec. 1 Moving the Markets: The SASB 2016 Symposium To be announced. New York Feb. 14-16 GreenBiz 17 See website for details. Phoenix
Bloomberg Brief: Sustainable Finance
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