HIGHLIGHTS First Edition Smith School of Enterprise and the Environment
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HIGHLIGHTS First Edition Smith School of Enterprise and the Environment WORLD LEADING INNOVATION IN ENTERPRISE AND THE ENVIRONMENT Smith School of Enterprise and the Environment Contents: Message from the Founder 2 Message from the Director 3 About the School 4 Research 8 Enterprise 26 Education 27 Participants at the People 32 Oxford Adaptation Events 34 Academy, August 2015 (photo Publications 38 courtesy of GCAP) HIGHLIGHTS 1 Smith School of Enterprise and the Environment Message from the Founder In 2006, our family proposed to Professor Clark’s plan of focussing Oxford University the idea of a on economic policy, enterprise new cross disciplinary research management and the behaviour of and teaching institution aimed at financial markets is ideally suited to linking academics specialising in a world in which the initiative for environmental change to public and change is increasingly being seized in private enterprises. the marketplace rather than relying on intergovernmental negotiation. The Smith School opened its doors in October 2008, and since then the Despite public inertia, more and more School has progressed significantly business leaders are realising that towards becoming a world leading society is destined to change rapidly contributor to this crucial debate. We are and massively as we inevitably move extremely proud of the Smith School’s towards a low or no fossil fuel economy, “We feel achievements, and wish it the very best and abandon the wasteful practices that for the future. were developed in the era of cheap coal immensely and oil. Our first five years at the Smith School privileged to were focussed on reputation building. I believe the Smith School, operating have played a This was done through the recruitment within the wider Oxford community, is of a wide range of top class resident rapidly establishing itself as an institution role in creating and visiting academics, a large number uniquely positioned to understand and of government and corporate research advise on this transition, and to teach this inspiring projects, a programme of lectures the leaders of the future the skills and seminars, and four major Annual required to run our planet better. initiative.” Forums involving high level government, corporate and academic leaders We feel immensely privileged to have engaged in the environmental field. played a role in creating this inspiring initiative. We are thrilled now to be embarking on the second phase of our development Sir Martin Smith under the leadership of Professor Founder Gordon Clark, working in affiliation with Oxford’s world-leading School of Geography and the Environment. 2 HIGHLIGHTS Smith School of Enterprise and the Environment Message from the Director As Sir Martin Smith remarks, the environmental issues that confront School was established to set the humanity. At the same time, we have agenda on the nexus between learnt a great deal from our partners in enterprise and environment with business—knowledge and understanding ambitions to talk to the world— of the nexus between enterprise and the including academics, civil societies, environment is a two-way street. While policy makers and the business this report highlights our progress, it also community. Building upon the provides important markers as to how we firm foundation provided by the will develop over the next few years. establishment of the Smith School, the past couple of years have seen We have been fortunate indeed to a remarkable transformation in the capitalise upon our merging strengths School, and its relationships to the in areas such as the economics of the University and our stakeholders. environment, managing the environment, “We welcome and investing in the environment. As well, I am pleased to report that much has our outreach programmes, including the those that share been accomplished—as is evident in Business Fellows’ programme, Executive this report! New programmes have Education, lecture series, and industry- with us a sense been initiated, new partnerships have sponsored conferences and workshops of urgency been formed inside and outside of the have allowed us to develop and deepen University, and the research and teaching our skills and expertise in ways that will about realising programmes of the School have been substantiate our plans for the future. grounded in close collaboration with our We welcome those that share with us the potential Oxford stakeholders, including the School a sense of urgency about realising the of Geography and the Environment, the potential embodied in the enterprise and embodied in the Environmental Change Institute, the environment agenda. enterprise and Transport Studies Unit, the Institute for New Economic Thinking, the Oxford One advantage of working with environment Martin School, and the Saïd Business stakeholders is the ability to School. communicate the fruits of our research agenda.” and teaching to the global community. There is no doubt that these As such, we are an academic organisation collaborations have made the dfference in with a clear agenda to fundamentally embedding us in the University. transform the relationship between Much of our work is at the interface enterprise and the environment. between academic research and the world of business, the environment, In these ways, the Smith School report and public policy. Here we have been provides a reference point for progress privileged to forge new relationships and to date, and a pathway for future substantiate existing partnerships so as development consistent with the vision to underpin the quality and relevance of our founders. of our academic research. In so many ways, we see high-quality research as Professor Gordon L. Clark key to informing innovation in business Director and government on the fundamental HIGHLIGHTS 3 Smith School of Enterprise and the Environment The Smith School of Enterprise and the Environment’s (SSEE) mission is to educate, undertake research, and THE SMITH engage with enterprise, business, institutions and government. Our strengths lie in environmental economics and policy, enterprise SCHOOL management, and financial markets and investment. 4 HIGHLIGHTS Smith School of Enterprise and the Environment We identify innovative solutions in these areas through collaboration with Oxford-based Physical and Social Sciences colleagues, particularly those in our home-based department, the School of Geography and the Environment, and related units: the Environmental Change Institute and the Transport Studies Unit. To realise our objectives, the Smith School has three core research themes, and related programmes as well as several educational initiatives. Sustainability, Financial Markets & Investment The first core programme is concerned with how financial institutions assess and value the environmental strategies of enterprise and the means by which these are translated from short-term investment opportunities into long-term commitment to sustainable practices. Areas of interest include: • The disclosure and valuation of enterprise environmental £2.1M footprints, the pricing of environmental shocks, and financial research income (2013-14) institutions’ promotion of a long-term perspective on enterprise-wide environmental performance Up to £17M in 2014-15 Enterprise Management and Strategy The second core programme is concerned with the way in researchers which businesses and non-for-profit institutions manage their 18 environmental footprints and liabilities as well as their shareholder and stakeholder relationships. Areas of interest include: 40 visiting research fellows • Supply chain management, incentive systems, long-term investment in eco-efficiency, and the management of 12 business fellows enterprise-based environmental risks Economic Policy & Markets 25 initiatives in countries The third core programme is concerned with economic policy initiatives that impact both enterprise and the environment. Areas of interest include: 50 publications • The use of economic instruments to promote environmental quality, and the role of markets designed to facilitate 2 books enterprise environmental performance in pricing Our Education Programmes are complementary to the 62 media articles research themes. Core teaching, on departmental Masters courses and doctoral student supervision, are delivered DPhil students through the School of Geography and the Environment, while 26 related initiatives range from MBA modules to executive education for practitioners. MSc student super- 16 vision HIGHLIGHTS 5 Smith School of Enterprise and the Environment Funding Initiatives Supporters of the Smith School of In 2014/2015 revenue from a variety Enterprise and the Environment of sources including research councils, 2° Investing Initiative granting agencies, government Arabesque Partners, Germany tenders, corporations and institutions, Ashden Trust was secured to support Smith School Asset Owners Disclosure Project research projects. Bangladesh University of Engineering and Technology (BUET), Bangladesh This support is key to the delivery of BASE Resources, Kenya research programmes and academic Bunge Ltd activities at the Smith School. To Carbon Disclosure Project illustrate: in Autumn 2014, the Water Carbon Tracker Initiative Programme, directed by Dr Rob Hope, CCLA Good Investment was successful in securing a tender for Coca-Cola £15 million from the Department for Corporate Knights Capital International Development to ‘Improve Craigmore Sustainables Water Security for the Poor in Asia and Africa