Harris_The Future of Municipal Finance Conference_CMF_Horizontal Color CMYK

Schedule

Environmental, Social, and Governance (ESG) themed investing has moved from the fringe to the core of public finance. ESG-labeled municipal bonds have grown more than 750% over the last decade and are expected to total $500 billion outstanding by the end of the decade. This growth offers tremendous challenges, and opportunities, for the municipal finance industry.

Welcome Remarks: Chris Berry and Tom Doe

8:30 - 8:45 AM


Keynote by David Victor, UC San Diego | Is Net Zero Out of Reach and Why is Resilience Critical to Us

8:45 - 9:30 AM

Speaker

David Victor is a professor of innovation and public policy at the School of Global Policy and Strategy at UC San Diego where he co-directs the campus-wide Deep Decarbonization Initiative (D2I), focuses on the engineering, economic and political challenges associated with bringing the world to nearly zero emissions of warming gases. Victor is an adjunct professor in Climate, Atmospheric Science & Physical Oceanography at the Scripps Institution of Oceanography and affiliated with the Mechanical and Aerospace Engineering Department in the School of Engineering. Prior to joining the faculty at UC San Diego, Victor was a professor at Stanford Law School where he taught energy and environmental law.

His research focuses on regulated industries and how regulation affects the operation of major energy markets. Much of his research is at the intersection of climate change science and policy. Victor authored "Global Warming Gridlock," which explains why the world hasn't made much diplomatic progress on the problem of climate change while also exploring new strategies that would be more effective. The book was recognized by The Economist as one of the best books of 2011.

Victor was a convening lead author for the Intergovernmental Panel on Climate Change (IPCC), a United Nations-sanctioned international body with 195 country members that won the Nobel Peace Prize in 2007. Victor has been tapped by Southern California Edison to lead the company’s Community Engagement Panel for decommissioning of the San Onofre Nuclear Power Plant, a nationally visible and unique effort to engage the community systematically through the process of shutting down one of the world’s most controversial power plants. In 2016 Victor was appointed to Co-Chair, The Brookings Institution, Initiative on Energy and Climate. He is a member of the World Economic Forum’s Global Future Council on Energy, where his work focuses on the role of natural gas as a transition fuel to deep decarbonization as well as a member of the Council on Foreign Relations. In 2020, Victor was elected to the American Academy of Arts and Sciences, one of the one of the oldest and most esteemed honorary societies in the nation.

His Ph.D. is from the Massachusetts Institute of Technology and A.B. from Harvard University.

Panel 1: The Issuer Perspective – Climate’s impact on funding options and considerations. 

9:45 - 11:00 AM

The panel will explore the needs of municipal issuers, the various funding options and the dynamics of the planning process involving resilience officers and other engaged parties.  By examining the needs, the discussion of opportunities will be explored for public finance professionals as to who to engage and what is needed as climate moves to the forefront of an issuer’s debt program.  We will also explore the impact of IRA and how it may increase the use of P3s and the impact on traditional financing.

Moderator:

Tom Doe

Panel:

Ms. Frederick is the CFO of Battery Park City Authority, a multi-billion dollar NY State Authority focused commercial and residential real estate entity spanning the southwestern tip of Manhattan. She manages all financial operations, including its investment portfolio and its tax-exempt and taxable municipal bonds. She leads the Board Audit and Investment Committees.

She previously served in senior financing roles at Citigroup, GE Capital, Fieldstone Private Capital Group, the Overseas Private Investment Corporation, and the Chase Manhattan Bank. Her expertise includes fixed income derivatives, mergers and acquisitions, commercial lending and global infrastructure project finance.  

She holds an MBA and BA from the University of Michigan, attended Hautes Etudes Commerciales in Jouy en Josas, France and previously served as a FINRA Registered Securities Representative and held Series 7 and 63 licenses.

She resides in the Town of Greenwich, Connecticut where she was elected to serve on the town council (RTM), headed the Finance Committee and currently serves as an appointee to the Town of Greenwich Retirement Board. She also serves on the Board of Governors of the Municipal Forum of New York.

Kenneth Rice’s interest in finance, climate change, and energy policy led him to move from Norway to Seattle to obtain his Master’s in Public Administration at the University of Washington’s Evans School of Public Policy & Governance. Prior to departing Norway, he worked in the energy sector where he gained a broad understanding of the interconnectedness of energy, social, and climate policy. He expanded upon these interests while at the University of Washington by researching climate initiatives in Washington State, the Energy Transition in Germany, and the mechanisms that support the Norwegian Sovereign Wealth Fund. In 2019 and 2020, he worked for Seattle City Light, serving on its utility assistance programs and piloting rates that could better serve the community. In his current role as the capital finance debt coordinator at King County Wastewater Treatment Division, two of his main priorities are to identify cost-savings opportunities and coordinate efforts to provide low-cost financing for a growing capital program.

David Dodd is an international leader in sustainable economic development, disaster recovery, public private partnerships and climate adaptation. In 2017, David founded the International Sustainable Resilience Center, or ISRC, a Specialist Center of Excellence in New Orleans Louisiana, US, focused on disaster resilience and recovery utilizing public private partnerships. He transitioned from economic development to disaster recovery beginning Hurricane Katrina, which hit the US Gulf Coast in 2005. David was asked to lead the Gulf Coast Reinvestment Forum, a national recovery summit, and subsequently co-authored a report with the International Economic Development Council, used in developing the federal Gulf Opportunity Act.

From there, he led efforts in Mexico, Japan, and consulted with Australia and the Philippines, all on actions to enable robust economic recovery and resilience.  In his role as Founding President and CEO of the International Sustainable Resilience Center, a not for profit corporation (NGO), David co-founded the World Association of Public Private Partnership Units and Professionals (WAPPP) dedicated to the principles of Next-Generation PPPs, based on the UN Sustainable Development Goals, that promote transparency, equity/inclusion, stakeholder engagement, are fit for purpose, and are sustainable/resilient.

In addition to his standing in WAPPP, he is in leadership positions in the, the American Society of Adaptation Professionals (finance group leadership committee and policy and practice leadership committee), the International Economic Development Council (Former Board Member and member of the International Advisory Committee). David is a Certified Economic Developer, Fellow Member, and Honorary Life Member.

David was also Dean of the Economic Development Institute and Founding Chairman of the Resilience Development Institute, both at the    University of Oklahoma. David is a graduate of Louisiana Tech University and the Graduate School of Banking at Louisiana State University. 

Panel 2: Public Finance Bankers

11:15  - 12:15 PM

What are the current opportunities and challenges related to climate change and Green Bonds in the municipal sector and how will this affect growth going forward?  This panel will discuss the current post-issuance additional burdens of such issuances and how this impacts the current supply/demand imbalance. It will also highlight the value opportunity Green Bonds provide and how participants can take advantage of this, including lessons learned from the corporate space.

Moderator:

Marcus Martin is the Managing Director and Head of Environmental, Social and Governance (ESG), for Commercial Products, at U.S. Bank, the nation’s fifth-largest commercial bank. His responsibilities include expanding the bank’s Sustainable Capital Markets activities, providing issuer and investor clients with a full range of options to address their ESG needs – including newly added sustainable Blockchain advisory – and strengthening the bank’s diversity, equity and inclusion efforts within the Commercial Products business.

Before joining U.S. Bank, Marcus was the CEO and founder of Global Oak Capital Markets, a global investment bank focused on assisting corporate, institutional and family office clients. Prior to that, he held a number of senior leadership and management positions across trading and banking with Lehman Brothers and Merrill Lynch in London and Moscow.

Marcus has 20 years of industry experience spanning institutional and entrepreneurial settings. He began his career at UBS Investment Bank in New York.

Panel:

Randy Layman is a Director and lead analyst within S&P Global Ratings’ Public Finance practice, primarily focusing on local government and utility system credit quality. Mr. Layman is S&P’s specialist in land-secured financing and has provided credit ratings on nearly 1,000 public debt transactions. Mr. Layman is a member of S&P’s ESG taskforce and leads the public finance group’s environmental data and analytic efforts.
 
Prior to joining S&P in 2015, Mr. Layman held positions with FHN Financial Capital Markets, FactSet Research Systems, and the federal government. Randy holds a BA in Economics and a MPA from Indiana University. Randy is a member of the National Federation of Municipal Analysts and the Phi Beta Kappa Society.

Kristin has extensive experience in environmental, health, and safety matters. She advises companies on Environmental, Social, and Governance (ESG), corporate sustainability, and climate change issues. She provides guidance on the development and implementation of ESG policies, on transactions involving significant ESG issues, and in connection with sustainability auditing, reporting, and disclosures. Kristin has worked with clients involved in the development, purchase, sale, and financing of a variety of renewable energy projects, including wind, solar, and hydroelectric facilities.

In addition, Kristin is well-versed in assessing and negotiating environmental liabilities and represents lenders, bidders, developers, targets, and investors with the environmental aspects of a wide variety of transactions, including finance, real estate development, divestitures, mergers, and acquisitions. She advises clients in connection with environmental compliance, due diligence, permitting, site remediation, and insurance matters and regularly represents clients in private disputes and in investigations and proceedings before state and federal agencies.

Kristin also counsels clients across a variety of sectors in connection with occupational safety and health inspections, employee complaints, and citations. She has guided clients through the COVID crisis, in OSHA mediation proceedings, and in contested cases before federal review boards.

Kristin serves as Chapman's Environmental Sustainability Partner, managing the firm's environmental and sustainability initiatives.

Lunch speaker: Jeff Schutes – The Nature Conservancy, Director of Capital Markets and Tax Strategy

12:15 - 1:45 PM

Interviewer:

Justin Marlowe, UChicago

Speaker:
Jeff Schutes is a seasoned Senior Executive and thought leader with more than 30 years of success across the financial services, investment management, and private equity industries. Leveraging extensive experience providing change management for clients on a global scale, he is a valuable asset for late-stage startups in need of a turnaround and/or reorganization to optimize company performance and profitability.  His broad areas of expertise include strategic planning and implementation, profit and loss management, operational development and improvement, and mergers and acquisitions.  Jeff is currently the Director of Capital Markets and Tax at The Nature Conservancy overseeing the majority of corporate finance roles.  Prior to joining TNC Jeff providing similar services through JJS Capital Advisors.  Jeff is Chair of a private equity advisory committee for a financial services firm, along with other private equity advisory roles.  

Throughout his impressive tenure at Mercer Investment Consulting/Mercer Consulting, Jeff has risen from a Senior Consultant role to a Senior Partner and Global Leader. He has seen tremendous success with this company, overseeing a team of more than 300, and successfully building 1,3,and 5-year strategic plans for multiple business segments. He has been responsible for overseeing the due diligence to post acquisition responsibilities for two major mergers and successfully retained 95% of all clients in the transition. Additionally, Jeff has served as a key contributor in increasing market share by 20% and developing Mercer’s first fund-of-funds.  He also established a revenue diversifying service and improved client service standards which has resulted in reduced client turnover by 25% and staff churn by 50%. 

Jeff received his Bachelor of Science in Management and Finance from Purdue University. As a highly respected industry expert, he has been acknowledged in publications such as Chief Investment Officer’s Magazine where he has been on the list of the world’s top most influential investment consultants three times. Jeff continues to make significant strides in his field and is dedicated to sharing his knowledge and experience with emerging organizations.

Panel 3: Data - Resources

1:45 - 3:00 PM

Measuring climate risk and adaptation is essential for issuers and investors. Industry leaders will discuss data availability and data gaps, dataset construction and challenges with data utilization by investors, regulators, and issuers.

Moderator:

Chris Berry, UChicago

Panel:
Dr. Evan Kodra is the Senior Director of Climate and ESG at Intercontinental Exchange (ICE) and was formerly the CEO of risQ, a National Science Foundation grant funded spinout of Northeastern University that ICE acquired in 2021. He leads a team of scientists and engineers that build products to empower leaders in the financial markets to respond to climate change and growing socioeconomic inequality. He holds a Ph.D. in Interdisciplinary Engineering from Northeastern University in Boston. His academic research has been cited by the International Panel on Climate Change and has been highlighted by publications including Nature, USA Today, Yahoo!, and MSNBC. His work at risQ and ICE has been highlighted by the Wall Street Journal, Politico, the Los Angeles Times, and MarketWatch, among others.

Abhishek is a Director at Assured Guaranty, focusing on fintech strategy and new product development. Over the last 3 years he has been building out AGs fixed income analytics and ESG & climate risk initiatives.

Before joining Assured, Abhishek led product, engineering and data science teams at numerous tech startups building portfolio management, trading, and credit platforms. He has a master's degree in operations research from Columbia University and bachelor's in mechanical engineering from University of Mumbai, India.

Joe DiStefano is CEO and co-founder of UrbanFootprint, a software company that serves the world’s first Urban Intelligence Platform to public and private-sector organizations taking on the urban, climate, and social equity challenges of the 21st century. UrbanFootprint’s data and web-based geospatial software unifies previously siloed climate, environmental, urban, and socio-economic data and helps governments, utilities, financial institutions, and urban and transportation planners to answer fundamental resource questions—where to invest, where to deploy resources, and where to optimize for risk, return, resilience, and community.

Before starting UrbanFootprint, Joe spent more than 20 years as a leading practitioner in the urban planning and disaster response field, working with governments and enterprises across the globe in designing cities and new technologies to tackle critical challenges in climate, land use, mobility, hazard risk, and social equity. 

Panel 4: Climate's Implications on Portfolios, Budgets and Credit

3:15 - 4:30 PM

This panel will explore the still nascent but growing focus on climate risks in municipal portfolios. Client demand for the quantification and mitigation of fire, flood, drought and other environmental risks is pushing the municipal asset management industry to adopt new research methods, portfolio construction techniques and ultimately new product offerings. The panelists – municipal portfolio managers and research analysts actively contributing to such products at their respective firms – will weigh on in where the industry is today and where it might be headed in the future. Topics will include issuer disclosure, labelled and unlabeled bonds, whether the industry needs to move to a common standard for assessing environmental risks, and political and regulatory risks.

Moderator:

Shawn O'Leary

Panel:
Jim Colby is Portfolio Manager and Strategist, Municipal Bonds, at VanEck. A specialist in the U.S. municipal bond markets, Jim regularly shares his views on the municipal fixed income space across news media, from mainstream to targeted industry news organizations. He draws his insights from his over 20 years of experience in municipal fixed income portfolio management. This experience guides his approach to portfolio strategy and security analysis.
Emily Robare is a vice president and credit research analyst on the PIMCO Municipals credit research team, where she covers a portfolio of municipal credits from around the U.S. She also leads the integration of ESG factors across PIMCO’s municipal strategies, including incorporation of climate and other environmental risks. Prior to joining PIMCO in 2021, she was the head of ESG research at Gurtin Municipal Bond Management, a PIMCO company. Prior to joining Gurtin in 2012, Ms. Robare was a municipal credit analyst at Moody’s Investors Service, and previously she held several positions within state and local governments in the workforce and economic development fields. She has 13 years of investment experience and holds a master’s degree in public policy and management from Carnegie Mellon University and an undergraduate degree in biology from Grinnell College. Outside PIMCO, she serves as the chair of the PRI's (Principles for Responsible Investment) sub-sovereign debt advisory committee.
David is a portfolio manager at Nuveen Asset Management, responsible for managing separate accounts, including those with an ESG-focus, for the municipal fixed income team.

When David joined the firm in 1996, he led the firm’s credit research in California, leveraging his experience in tax-backed, land-secured, utilities, multi-family housing, and toll road bonds. Prior to his current portfolio manager role, David was a municipal portfolio manager and credit analyst at PIMCO, and then an account manager for their public pension clients. David started working in the investment industry in 1991.

David graduated with a B.A. in Economics from the University of California, Santa Barbara and an M.B.A. from the University of Chicago. He holds the CFA designation and is a member of the CFA Institute and
the CFA Society of Orange County.

Wrap Up with Justin Marlowe

4:30 - 5:00 PM


Conference Sponsors

MMA
Assured
Ice