The planet is heating at record speed to ever-increasing record temperatures. Even if countries meet their current emissions reduction pledges submitted under the Paris Agreement, we remain on track to reach 1.5°C between 2030 and 2052. Unless global GHGs are halved by 2030, an unliveable 3- degree rise is predicted by the end of the century. This means that there is an urgent need to focus on cutting emissions, by decommissioning high-carbon emitting assets. Fossil fuels – coal, oil and gas – are the largest contributor, of all economic activities, to climate change, accounting for over 75% of global greenhouse gas emissions and nearly 90% of all carbon dioxide emissions. The United Nations’ Intergovernmental Panel on Climate Change (IPCC) is clear on its guidance to phase-down fossil fuel production. The climate justice movement is advocating for a more complete phase-out.

In this event we will be talking to two globally leading Asset Managers, Philip Dawes and Julien Halfon, who are motivated to decommission and close fossil fuel assets, from their positions at BNP Paribas Asset Management, where they have invented and implemented the world’s first decommissioning bond. Decommissioning bonds finance transitions away from fossil fuels. So far, they have already stopped investing in coal, oil and gas exploration to close, repurpose and decommission fossil fuel assets, stopping COeT emissions entering the atmosphere.

We would like to welcome them to King’s to talk about how asset managers, the financial sector and government [with later contributions from panel discussants Professors David Aikman and Sarah Bracking] can decarbonise our economy, all under the assured Chair of the ex BBC World Service presenter Mr Esau Williams of WORLD: We’ve Got This podcast fame.

Participants

Chair: Esau Williams: African Leadership Centre, King's College London. Host of the WORLD: We’ve Got This podcast series. Former BBC Word Service presenter.

Panelists:

Philip Dawes, BNP Paribas, Asset Managers

Philip is Head of Distribution (UK & Ireland) and a member of the UK Executive Committee. Since joining BNPP AM in November 2017 Philip has worked in tandem with the Solutions team to develop innovative new products including Diversified Private Credit / Markets for DC pension investors, Decommissioning Reserve Funds for corporates with environmental liabilities and Net Zero Transition strategies.

Philip has 24-years industry experience having held a variety of Global, European and UK roles across consultant relations, institutional and wholesale sales, client servicing, marketing and product development. He joined BNPP AM from Allianz Global Investors where he was Head of UK Institutional Sales and responsible for the redevelopment of their product suite across public and private markets including the launch of the first UK Infrastructure Debt fund focused on greenfield transactions.

Philip studied climate change and environmental science at Kings College London in the mid-1990s. Philip holds an M.Sc. (1996) and a BA (1993) in Geography from Kings College, University of London.

Julien Halfron, BNP Paribas, Pensions Solutions

Julien Halfon is Head of Corporate and Pension Solutions within BNP Paribas Asset Management’s Multi-Asset and Solutions investment group. Based in London, Julien is responsible for constructing customised solutions for clients, including balance sheet management, private asset and overlays. He also runs BNP Paribas Asset Management’s efforts in developing and managing Decommissioning Prefunding Solutions.

Julien has extensive financial industry experience, gained within asset management, investment banking and consulting. He joins from Mercer, where he was a Senior Consultant in the Structured Solutions Group. Previous roles include Head of UK & European Coverage at P-Solve, Head of European Solutions at Lazard, Senior Consultant at Hewitt, Bacon & Woodrow and Senior Associate within European Pensions & Insurance Strategy at Goldman Sachs. He began his career as an economist at the French Finance Ministry, before working for the European Commission.

Julien holds a Masters in Banking, Finance & Insurance and a Masters in International Economics & Finance, both from Paris Dauphine University, an MBA from The Wharton School at the University of Pennsylvania and an MA from The School of Advanced International Studies at Johns Hopkins University.

Professor David Aikman

Professor of Finance (Practice) and Director of the Qatar Centre for Global Banking and Finance, KCL. He is the co-organiser (with Richard Barwell) of the Bank of England Watchers’ conference, and he co-edits with Richard a blog dedicated to financial stability policy (www.macroprudentialmatters.com). Former economist at the Bank of England, including as Technical Head of Division in Financial Stability. David also served on the Board of Governors of the Federal Reserve System in Washington DC, where he worked as an advisor in the Division of Financial Stability.

Professor Sarah Bracking

Professor of Climate and Society, KCL. She has published extensively on development, climate and green finance from a critical social science and financial geography perspective, including The Financialization of Power in Africa (2019). She has advised or consulted with may organisations, including the European Commission, UK Select Committee of International Development, South African Presidency, OECD DAC Committee, A4ID, FCDO, BII, UNCTAD, and the Climate Investment Funds.