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Event Registration - Addressing Climate as a Systemic Risk: A Call to Action for U.S. Financial Regulators

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Thursday, September 17, 2020
1:00 PM - 2:30 PM Eastern Daylight Time
Addressing Climate as a Systemic Risk: A Call to Action for U.S. Financial Regulators

Systemic risks have the potential to destabilize capital markets and lead to serious negative consequences for financial institutions and the broader economy. Climate change is indisputably a systemic risk. Climate is the largest, most all-encompassing system in the world. Wide-ranging physical impacts now becoming evident, combined with expected transitions to a net-zero carbon economy and other socio-economic ripple effects, are likely to manifest in both cumulative and unexpected ways and present clear systemic risks to U.S. financial markets -- and the broader economy.

A recently-published Ceres report combines a clear explanation of the case for climate change as a systemic risk with a call to action to US regulators. It is ground-breaking in breadth, with specific recommendations to eight federal-level regulators and state insurance regulators. In July, the Ceres Accelerator for Sustainable Markets coordinated letters to the regulators from a broad-based and bipartisan collection of businesses, former regulators, former elected officials, and 40 investors managing a combined $1 trillion in assets. The letters were a next step in a multi-pronged effort to spur regulators to act on climate change, catching up to their counterparts in Europe and elsewhere.

Join CFA Society of Boston on September 17th from 1:00 - 2:30 pm for a conversation with Steven Rothstein , the Managing Director of the Ceres Accelerator for Sustainable Capital Markets, about "Addressing Climate as a Systemic Risk: A call to action for U.S. financial regulators". Our conversation will provide a concise description of the systemic risk of climate change, followed by a discussion of the recommendations in the context of the specific roles of the different regulators, and closing with actions investors can take.



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Steven Rothstein
Steven M. Rothstein is the founding Managing Director of the Ceres Accelerator for Sustainable Capital Markets. Ceres Accelerator aims to transform the practices and policies that govern capital markets in order to accelerate reduction of the worst financial impacts of the climate crisis and other sustainability threats. Steven's 40 years of experience will be critical to explore the most effective strategies for the Accelerator to focus on and move capital markets towards climate sustainability.

Steven has had a successful career starting, managing and growing several non-profit, social change and government organizations. After college he was one of the founding team of Citizens Energy Corporation, the world's only non-profit oil company. This enterprise, and its related organizations, grew to provide tens of millions of service for low income and needy individuals through oil, natural gas, electricity, energy conservation, pharmaceuticals and renewable energy. After several years, Steven went on to manage a Massachusetts $300 million human service state agency's programs and facilities for people with intellectual disabilities. He then started and ran Environmental Futures, a management and market consulting company serving a wide range of enterprises in the US and internationally seeking to grow their environmental work. He also ran the New England market for Constellation's entry and expansion into this market as a successful electricity broker. His career also includes running the world renowned, Perkins School for the Blind, as well as Citizen Schools and the John F. Kennedy Library Foundation.

He has worked at local, state, federal and international levels of government. Steven served on many non-profit and government boards. He has spoken and written extensively and worked with partners in the corporate, non-profit, government and philanthropy sectors.

Steven has a BA with Honors in Political Science from Williams College and an MBA from Northeastern University's D'Amore - McKim School of Management. He also studied at Duke University's, Institute of Public Policy. He and his wife, Susan, live in Somerville. They have two grown sons. He is currently on the Brady Campaign for Gun Safety Board and the Mass Civic Learning Coalition's Steering Committee.



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Veena Ramani
Veena is the author of the 2020 Ceres report, Addressing Climate as a Systemic Risk: A call to action for US Financial Regulators, which makes the case that climate change poses systemic risk to US financial markets, and outlines over 50 action steps that financial market regulators can take to address this risk. Veena has also authored and co-authored a number of reports on board sustainability governance.

Veena leads Ceres' work on critical market levers that will help scale the transition to sustainable capital markets. This includes governance systems that companies should put in place at the corporate board level to allow for effective board sustainability oversight. She also oversees Ceres work to engage financial regulators on climate change as a systemic risk, under the umbrella of the Ceres Accelerator for Sustainable Capital Markets.

From 2006 to 2015, Veena managed the relationships with a wide portfolio of Ceres Company Network members, including the financial services sector and the electric power sector. Veena worked with boards and senior company management on opportunities to integrate sustainability into their business structures and decision making, including policy and program development, disclosures and stakeholder engagement processes.



Non-members and CFA Society Global members must create an account, or log into their Boston specific account, to register for this program.



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