 What a nice warm welcome you guys have a lot of practice at this now I think you've had a lot of speakers and I'm you may have done this before but it really helped me I'd love to just get a quick show of hands of who's from where so how many engineers Got it. Okay, MBA Okay, law. I think you can't do it. Yeah policy. Nice Okay, anything else I missed like a big category Science okay, sorry science got it Okay, so I have I think 15 minutes to walk through a very complicated Multidisciplinary multi-factorial Subject matter, so I will do my best look forward to your questions And let's get started. So I was asked to talk to you about clean energy finance I know Dan Riker my colleague already spoke with you. I think went deep on substance. I'm gonna keep this actually light on on Substance as I was asked to do and really make this session about I have a roadmap for your time here With a starting with the question of what is clean energy finance, but really getting into where who does it on campus? And where can I learn more? So the best way I can think of to describe clean energy finance is actually a quote from Christiana Figueres I heard her speak at a Summit at the UN this was January 2017 after the Paris Agreement was signed and and she made a very poignant comment I felt which is that how capital gets deployed over the next five years will determine the fate of humanity This was Almost two years ago now, so we got to get going So when I think of clean energy finance climate finance decarbonization finance will get into all that it's really getting to this this core issue Which is how how capital is deployed One measuring stick for clean energy finance you may have been exposed to this stick already This is this idea of so the so-called clean trillion to avoid the worst effects of climate i.e. stay within a two-degree goal We need to be at a trillion dollars per year of capital investment globally by 2030 We're at about 300 billion dollars a year globally right now This number just includes clean energy generation It doesn't include energy efficiency and low carbon fuels So if you add those numbers in you get a bigger total number you also get a bigger Baseline any way you slice it. We're talking about a three time 3x three times more investment in the deploying the proven technologies of today developing innovative technologies and business models and Scaling economically or politically challenged technologies So that's clean energy finance I like to actually widen the aperture a bit and think about climate finance or even Decarbonization finance which we'll get to so climate finance is a term that gets thrown around that can mean different things to different people if you come out of the Global climate negotiations world the new NFCC process you actually think of the green climate fund Which is the north south flows of capital to? Compensate developing economies emerging economies for the carbon pathways They aren't going to get to take because the west and the north has already Emitted all the carbon that that we can emit and so they're paying a price for a rapid transition There's also a private sector Terminology for it and that's getting at this idea of mobilizing long-term sources of capital towards lower carbon more climate Resilient investment opportunities. That's really where I Focus my time and attention. There are people across campus who have the UN FCC background and have Are versed in the in the public finance sector? On the private side we're talking about themes like the disclosure of climate related risks. These are financial disclosures the corporations Could and should be making to help their investors have the x-ray vision They need to see through what they own to understand where the risks are from climate change And to their assets both the physical risks and transitional risks Also from asset owners perspectives to have their portfolios disclose the carbon risks Associated with their assets. There's also the questions around the role of business and investor communities broadly What is the financial risk and opportunity climate presents? What's the role of business and society? How can corporations play a role in addressing climate change? What is their responsibility to shareholders? What is their responsibility to customers and employees? What are some of the strategies they can employ to mitigate risk and capitalize on on opportunities? And then a question just broadly a fiduciary duty Drew little picture here is first time I've done this first time I put this definition up would love to actually bat it around with people but but again in this theme of sort of Moving out from clean energy finance on the generation side to the big picture of Decarbonization and resilience and how do we align the technology policy and finance in pursuit of cost effective pathways? To mitigate the worst impacts of climate change and build a resilient future So that's the stuff I think about and I do now we'll get into where it happens on campus And if I impress you with nothing else in this conversation today is that this stuff is embedded in people So find your people that they're those people may teach courses. They may run projects They live at centers or or in departments, but all the stuff happens through people So find your people The Steyer-Taylor Center is one hat I wear you met Dan Riker before I'm the deputy director The our theme is to innovate teach and connect So we develop economically sensible policy and financial mechanisms to scale up financing for deep decarbonization Globally and just as a side note it used to be clean energy deployment and we've removed into this decarbonization Language in fact, I don't think I've updated the slide So we do that by developing and disseminating supportive policies and financial instruments Excuse me train the next generation leaders and then convening academics the academic business and policy leaders so again this idea of innovating teaching and connecting Centers what are centers? centers are Can be referred to as the interdisciplinary way to raise money for the university But they they they serve a really valuable purpose, which is a bridge between academics and markets so centers live inside of schools and they Interface with the real world and in ways that departments Don't have as don't always have as much flexibility and ability to do part of that is by bringing in practitioners Who have these market connections to stir up? research and courses and advisory services for students that have a sort of an outward-facing orientation How we do it we publish research We teach courses provide testimony. We host workshops. We do extracurricular program We do a lot of one-on-one meeting with students both terms of helping them chart their course through Stanford But also as they think about summer internships or Long-term career pursuits these are the people This is Steyer Taylor Center You met Dan you probably met Stefan you might have met Jeff ball like a war I think is following this conversation These are some of our folks Now I'm going to take off my Steyer Taylor Center hat and put on my pre-court hat I'm also now the managing director of the pre-court clean energy finance initiative. This is a new initiative new this year Launched with support of Bank of America its first phase is going to take the shape of Research agenda defined by eight solution papers and a framing paper As an umbrella under which these solutions papers will be loosely categorized and themed We're going to host a big forum on November 1st secretary Kerry is confirmed as a speaker We have a great lineup of speakers beyond these three and we're going to explore topics in and around clean energy in terms of the market policy project development risks in US China and India How to design innovative? Financial and market mechanisms to support high clean energy penetration and complimentary generation dispatch storage and electricity Transmission infrastructure development and related governance and then the influence of carbon pricing on clean energy finance There's going to be opportunities. We're going to host Breakout workshops during this day where we'd like to be inviting students and faculty to roll up their sleeves and help us Get feedback on the solution papers, but also help craft a future research agenda for Stanford in and around these areas So I encourage you if you're interested to reach out on that This is a list of the contributors in this first phase as a sub bullet I've got the titles of their solution papers if they are authoring them or noted that they're on the the framing paper Not going to spend we don't have time to go through this, but I'm happy to answer questions And then this is kind of a an open question of phase two. So after we After the forum, we're going to regroup and think about what phase two of this project would look like and I'm thinking about it again From this this idea of widening the aperture to a more of a decarbonization lens And and these are some great people around campus again This idea of people who are you can see you've got FSI woods Hoover seeper the school medicine law school GSB these are people who are thinking about these issues in some way shape or form through their own disciplines And they're more and not all of these people are necessarily involved although they are on my target list to recruit Last thing I'll leave you with how we're doing on time Is a new course so I I'm actually an entrepreneur. I'm a graduate of the GSB I'm always say I'm not an academic, but I'm gonna get it good So in the sense that I don't publish peer-reviewed journal research But I but I'm gonna start teaching next year this winter with Tom Heller who's an emeritus professor at the law school and probably one of the most not the most knowledgeable and experienced global climate Thought leader from from multiple disciplines including negotiating part of negotiating Various UN FCC climate treaties The themes of this course is that the title is climate politics finance and infrastructure again trying to wrap all these themes into one Two-unit course that's gonna meet nine times for two hours To really reframe climate from an environmental problem to a macroeconomic problem Walking through the themes of the economics and psychology of climate change the historical context This concept of risk mitigation and disclosure Taking a case study of India and its pursuit of its INDC It's internationally determined commitment to meet the Paris Agreement looking at innovative investment models and resilience We're gonna do some simulations. We're gonna have a resource revolution And more these are some of the speakers we've got lined up. I'm really excited about this I will also caveat it this first time we've taught this class. It's gonna be a learning lab for everyone so your feedback and input will be welcome and will benefit future generations of students that come through and That's it for what I've got covered. So I'm happy to take your questions Email me basically so there's gonna be as I said about an hour and a half of workshop time in that day and each solution paper author is Not all of them because they're eight papers and we're gonna four or five workshops But most of them are gonna be leading a Conversation and so depending on your interests and where it slots into those broad categories. I outlined I would connect you with that With that lead and we'd love to have students in the room for that There may be other opportunities beyond the workshop, but that's a great place to start So I didn't see a whole lot of policy hands come up when you ask at the beginning But I'm sure that a lot of us will run into that throughout our career or education So my question for you is how how can we not only cope with existing policy But also find some mechanisms that can help us shape it throughout our diverse careers or educations That's a really good question. There are courses ours is one That will provide you some tools and frameworks and historical context for thinking about it There is a course at the GSB that the sustainable energy course that has that had a policy flavor to it I'm not sure if it still does There are a couple other Courses cross-listed with there's a law school course cross-listed with the ERE that Danny Cullen Ward is teaching He should be actually he should have been on that list so Those are courses there are also Good, you know the GSB energy club. Are you were you GSB? No, you're So the the Stanford energy club too the clubs do a really good job of bringing speakers to campus and So I would keep an eye out for folks that that are coming to campus One of the great gifts of being at this university is the people who Not only are here It was part of the institution But who who come to campus to share their thoughts and so there's good learning opportunities that way The law school also now has these policy practicum That are like the law clinic But with a policy emphasis so they have a client and they have a Directed question or subject matter and you get an experiential Education opportunity to to carry forward as an inquiry with a where there's a policy solution demanded and so you can Try that too Yeah, so that was that Bullseye that I Just tried for today and you'll see and maybe it was hard to see um But land use and Sustainable agriculture Are are very much part of that so it's going to take longer. There we go. So, you know as you kind of Wide in the aperture you're getting that piece and that's you know, then you're talking about woods You're talking about a natural capitalism project You're talking about you know other people around campus who have who work on these issues who don't think of themselves as working in climate but They do And so part of this is is really thinking about a harmonization coordination of all of this work across campus So that we're addressing these issues in a strategic way Yes How do we think about it? Yeah, great question. Um Think about a lot because it matters a great deal And again, that's sort of the embedded expertise. And so a lot of people that were in that other slide as my dream dates on phase two have a Have a diverse geographic expertise one of the Resources all also flag here, although it's it's not yet coordinated, but is seed um, I mean coordinated in terms of this work, uh, which is this institute The acronym is seed, but it doesn't stand for what the words actually are so I always forget what it is But it's the stanford institute for emerging Entrepreneurship and emerging economies and development or something like that But they're they're sort of bringing the gsb's entrepreneurship and innovation curriculum to on the ground in parts of africa and india And so there's there are some models natural capitalism project is doing this in some capacity too where you're they're really there's a There's more of a lab like environment where the university is connecting with with People and institutions and organizations on the ground in key Parts of the world where there can be a more efficient idea exchange So that's it's a great question. And it's something I think we need to keep very much in mind This is kind of interestingly, but is there a coalition of universities maybe around the country that are interested in anything energy finance because And like stanford's role model is like pushing sustainable energy and showing that it can be profitable I I want to give this for my undergrad and I absolutely loved it But one of the frustrations a lot of the students had was the ways that they didn't necessarily promote sustainability as much as they had And I think in this area, there's a huge area to expand for other universities So I was wondering if you guys have a meeting or anything like that Yeah, great question. So I as I said my background is as an entrepreneur and actually particularly in the business development capacity so I'm always looking to forge partnerships and And and relationships and so toward that end and again with the business background I think about this from the perspective of the MBA student the MBA curriculum In particular and and excited about a new collaboration actually with with all the With most of the gsb's peer business schools on programming curriculum for MBA students to Develop the tools and frameworks and expertise To better understand the risks and opportunities that business leaders will face in the 21st century vis-a-vis climate And there's going to be a I'll make a plug for this now Conference in march at fukua duke. They're the first to host this but worton mit harvard stanford I'm forgetting there are others that are all part of a planning committee to put together this first of its kind But hopefully rotating symposium for MBA students to get exposed to these ideas and start to develop curriculum and programming in that area So there there are efforts. There are other there others like that, but it's a it's a great question and it's I think needed Okay, thank you