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Tomorrow’s Finance : Generation Investment Management with David Blood

27th February 2013 @ 8:00 am - 5:00 pm

Venue: Berwin Leighton Paisner, Adelaide House, London Bridge, EC4R 9HA London

Tomorrow’s Finance is a programme of lectures and other events being organised by Tomorrow’s Company in partnership with Miton Group plc – we are inviting some of the most senior and thoughtful figures from and about finance to consider what is the purpose of finance and is the finance sector fit for purpose? The lectures will be challenging, often controversial, and always stimulating and enjoyable.

We are delighted that David Blood, who with former US Vice-President Al Gore, co-founded Generation Investment Management, will be giving our next Tomorrow’s Finance lecture.

David will be laying out the agenda for the new millennium, where sustainable capitalism frames the challenge for people and planet. The challenge remains: if we want to ensure that average world temperatures rise no more than by 2 degrees, we have to decarbonise the economy, provide the right incentives, find new ways of working with energy, transportation, housing and infrastructure and importantly, change mindsets and behaviours.

Climate change scenarios tell us that carbon assets – or fossil fuels – will be an under-performing and stranded option in the future, and it is time investors realise this risk. Currently, markets are neither accurately valuing hyrdrocarbon based businesses (coal, petroleum and natural gas) and consequently they are not being penalised for not adapting and changing in line with their true long-term value.

If we don’t begin to correctly value our natural resources and energy resources, and assign them their true cost, we will inevitably have different stranded assets in the near future. Cities, countries and lives will be at stake. We need to raise awareness on these risks, risks on real estate, coastline cities, the environment and so on. However we do chose to  invest, assets will be stranded. Ultimately, it is about how investors can future proof their portfolios, keeping in mind that externalities are not actually external. No one else will be picking up the price. Systemic thinking and the capacity to connect today with the reality of tomorrow is now needed.

“We are once again facing one of those rare turning points in history when dangerous challenges and limitless opportunities cry out for clear, long-term thinking. The disruptive threats now facing the planet are extraordinary: climate change, water scarcity, poverty, disease, growing income inequality, urbanization, massive economic volatility and more. Businesses cannot be asked to do the job of governments, but companies and investors will ultimately mobilize most of the capital needed to overcome the unprecedented challenges we now face.”  

from A Manifesto for Sustainable Capitalism

David Blood is co-founder and Senior Partner of Generation Investment Management.  Previously, he spent 18 years at Goldman Sachs including serving as co-CEO and CEO of Goldman Sachs Asset Management from 1999-2003.  David received a B.A. from Hamilton College and an M.B.A. from the Harvard Graduate School of Business.  He is on the Board of Harvest Power, New Forests, SHINE, Social Finance UK, Social Finance US, The Nature Conservancy, Fondation Lombard Odier and Hamilton College; the Advisory Board of Bridges Ventures and the Harvard Business School Visiting Committee.

Joining the panel are Steve Waygood, Chief Responsible Investment Officer at Aviva Investors, who is also a core partner of our Tomorrow’s Capital Marketsprogramme on setting new incentive structures for a sustainable, prosperous & equitable world; Nick Robins, Head of the Climate Change Centre of Excellence at HSBC and co-author of several books including Sustainable Investing: the Art of Long-Term Performance; and Gervais Williams, Managing Director at Miton Group plc and author of ‘Slow Finance’.

Tomorrow’s Finance is a collaboration between Tomorrow’s Company and Miton Group plc. The inaugural Tomorrow’s Finance lecture was delivered by James Featherby, author of ‘The White Swan Formula’ and Chair of the Church of England Ethical Investment Advisory Group where he set out the key arguments of his new publication ‘Of Markets and Men’. This was followed by David Pitt-Watson’s, Chair of Hermes Asset Management Ltd, lecture on ‘Regulation – but is it effective? How to avoid the next financial crisis’. More recently, Matthew Bishop, New York Bureau Chief of The Economist asked ‘How is finance socially useful?’ and economist John Kay, author of the Review of UK Equity Markets and Long-Term Decision-Making talked about ‘Building trust & confidence by changing behaviours in financial services.’

Details

Date:
27th February 2013
Time:
8:00 am - 5:00 pm