1/24/14, "Heading to Davos to discuss carbon bubble and attend Carbon Bubble Cocktails," Anthony Hobley
12/4/13, "Anthony Hobley named CEO of Carbon Tracker Initiative," Assn. for Sustainable and Responsible Investment in Asia
"The Carbon Tracker Initiative – the London-based financial
think-tank that has identified the need to prevent a ‘carbon bubble’ becoming
the next systemic risk for the financial markets – has announced the
appointment of its first CEO.
Anthony Hobley, a London-based Partner at law firm Norton Rose
Fulbright, and Global Head of its Sustainability and Climate Change Practice,
will formally take the reins on 1st February.
"Concerns about climate exposures and stranded assets are growing within
the investment community, and I am keen to build on that momentum,” says
Hobley. "Our message is that investors and their advisors have a duty of care
to their clients and beneficiaries – and ignoring the climate change issue is
putting value at risk.”
The carbon arithmetic has been clear for many years; if dangerous
climate change is to be avoided, a large percentage of the world’s fossil fuel
reserves will have to remain in the ground. This challenges the
assumptions around demand and price for the fossil fuel commodities produced by
the world’s oil, gas and coal mining companies – and therefore around their
valuation, creditworthiness and business models.
Yet the capital markets have failed to factor in these risks and
exposure continues to grow. In response, Mark Campanale and Nick Robins
developed the ‘unburnable carbon/stranded assets’ thesis and, in 2009, Carbon
Tracker was set up. Its seminal report, Unburnable Carbon, quantified these
exposures at the company and stock market level for the first time.
Carbon Tracker’s thesis has been picked up and developed by financial analysts
at HSBC, Citi and Standard & Poor’s, among others, while its work on
stranded assets has led to partnering with investors to scrutinise fossil fuel capital expenditure plans. Its latest output
– a review of the economic and environmental risks posed by the Keystone
XL pipeline – demonstrates the increasing financial analysis
capabilities Carbon Tracker will employ....
"In a quarter of a century of work on the climate issue, I have never
seen an intervention gain traction so rapidly and deeply as Carbon Tracker's
first report did in July 2011,” says chairman Jeremy Leggett, the founder of
leading UK solar company Solar Century. "To build on the brilliance of Mark
Campanale's game-changing work on carbon-fuel stranded-asset risk, we are
thrilled to be joined now by a world-class CEO."...
Hobley has held posts at a number of large international law-firms and
was General Counsel at boutique investment bank Climate Change Capital. In
addition to his legal career, he has been involved in establishing and leading
a number of industry associations, including the Climate Markets & Investment Association, of which he is
the current president.
The Carbon Tracker Initiative has been widely recognised for its work in
recent years, including by Investment Week, which awarded Carbon Tracker its
2013 Environmental, Ethical, Social & Governance Investment Award for
Innovation, and by online publication BusinessGreen, which named it NGO of the Year.
Carbon Tracker Initiative
The Carbon Tracker Initiative is a think-tank
established by its directors to align the capital markets with efforts to
tackle climate change. Carbon Tracker has demonstrated the incompatibility of
current capital expenditure plans in the energy sector with delivering
emissions reductions to improve air quality and prevent climate change. This
was captured in its 2013 report: ‘Unburnable Carbon: Wasted Capital and