Our guest is Mike Thomas who heads The Lantau Group, a Hong Kong-based consultancy, and who is one of the leading energy economics thinkers in the Asia Pacific region. As it is the beginning of the year, Mike evaluates a small sample of the many developments in the region’s climate business and finance in 2023. He also shares a few thoughts on 2024 and beyond. We discuss some specific markets including Malaysia, the Philippines, Singapore and China as well as examine some of the major themes such as the ASEAN grid, offshore wind, and grid capacity. Mike truly offers some unique perspectives thanks to his vast experience and extensive work with corporates, governments, and financial institutions.Link: research by The Lantau Group.Previous Episode with Mike: Ep23 Temperature check on the energy transition in Asia, ft Mike Thomas, 20 December 2022ABOUT MIKE: Mike Thomas is a founding partner at The Lantau Group with over 30 years of consulting experience, focussing on the energy sector.  He advises a wide range of energy sector stakeholders on strategic, regulatory, and competition matters; sustainability; market design and development; and commercial transactions.  Prior to co-founding in 2010, he headed the Asia Pacific Energy & Environment practice of a global consulting firm.  Mike has an MPP from Harvard Kennedy School, United States and a BA in Economics from Carleton College, United States. More specifically, within the Asia Pacific region, he has led many significant engagements involving the robust application of economics and analytics to a wide variety of business, policy, and regulatory challenges affecting the electricity and gas sectors.  He works extensively with multinationals on sustainability strategies, focussing on the best options in different markets, and on the regulatory and policy changes needed to support increasing renewable energy contracting options.  He has testified or advised as an industry economic expert in commercial contract disputes before courts or arbitral panels in Malaysia, Singapore, Hong Kong, New Zealand, and Australia, and on disputed regulatory matters before regulatory authorities in New Zealand, Australia, and the Philippines.  His experience in commercial matters includes market forecasts and revenue simulations for numerous renewable energy and conventional energy projects and market assessments in South Asia, North Asia, ASEAN, and Australia/New Zealand. HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Corporates play a crucial role in driving the energy transition. Their role is critical to accelerating change and addressing the pressing climate change challenges. It is critical for corporates to formulate transition strategies, beyond climate risk and other types of reporting. It is a tough hurdle given all of this is very new. Our guest is Summer Chen who is a Principal Consultant with ERM, a leading multinational consultancy firm. Summer works with corporates on the strategy front, among other things. In the episode, first Summer puts transition in Asia into context. Then she offers several key take aways from her COP28 visit. She then discusses how corporates approach transition strategies, including a few examples. Finally, she shares some thoughts on her long-term outlook.Helpful Link: ERM's SustainAbility Institute ABOUT SUMMER. Summer is a Principal Consultant of the Corporate Sustainability and Climate Change Team with ERM based in Hong Kong. She is experienced in climate strategy development, climate risk assessment, scenario analysis and financial impact quantification covering a broad range of sectors. Summer also provides low carbon transition advisory, supporting companies at all stages of their net zero journey, from developing a decarbonisation strategy, implementing emission reduction measures, to deploying low-carbon technologies. Prior to Hong Kong, Summer has worked for the UK Foreign & Commonwealth Office for over 5 years on climate change energy policy through the delivery of projects to support regional energy transition. She took on temporary roles in UN agencies and has previously lived and worked in Malaysia, China, Kenya and the UK.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

 Decarbonisation efforts start with the commitment by a government. Once the broad policy is set, the real hard work of regulation begins. To understand and advance sustainable finance it is absolutely imperative to understand this work. In this episode our guest is Eugene Wong who shares his unique insights on the Southeast Asian experience. Eugene is the Chief Executive Officer of the Sustainable Finance Institute Asia. The Institute is a neutral, convening platform to bring together different stakeholders to advance the sustainability agenda in ASEAN (the Association of Southeast Asia Nations). The actors include policy makers, regulators, industry, academia, and others, and are all focused on Southeast Asia’s financial sector as a catalyst for ASEAN’s sustainable agenda. Today, for example, the Institute is a host to  the ASEAN Taxonomy Board collaborating with all of the capital markets regulators in Southeast Asia. References: ASEAN Taxonomy for Sustainable Finance version 1 (Nov 2021); ASEAN Taxonomy for Sustainable Finance version 2 (June 2023); ASEAN Transition Finance Guidance (Oct 2023); ABOUT EUGENE: Eugene Wong is the Chief Executive Officer of SFIA, an independent institute established to catalyse ideas on Sustainable Finance at the policy level in ASEAN, as well as propel action in support of those policy ideas. SFIA is currently the Host of the ASEAN Taxonomy Board and convenor of the ASEAN Capital Market Regulators’ Industry Advisory Panel on Sustainable Finance. Eugene was previously the Managing Director, Corporate Finance & Investments of the Securities Commission Malaysia (SC). He also served as a member of the Audit Oversight Board in Malaysia and was an Adviser to the Malaysian Accounting Standards Board. He oversaw the SC’s ASEAN related initiatives and was a Chair of the Deputies of the ASEAN Capital Markets Forum (ACMF) and the Co-Chair of its Sustainable Finance Working Group. The ASEAN Green Bond Standards, ASEAN Social Bond Standards and ASEAN Sustainability Bond Standards were issued during his tenure as Chair of the Deputies of the ACMF. In addition, he was a Co-Chair of the ASEAN Working Committee on Capital Market Development. Eugene represents SFIA as an observer to the International Capital Market Association’s Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and Sustainability-linked Loans Guidelines Group. Eugene is a Fellow of Chartered Accountants Australia and New Zealand, Fellow of CPA Australia and a Chartered Accountant of the Malaysian Institute of Accountants. HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Industry practitioners are a key source to understand the business and finance of the energy transition in Asia. In episode 37’s we have a conversation  is Robert McGregor. Robert is the Chief Corporate Development Officer of Gurīn Energy, a pan-Asia renewable energy company. He has a long, illustrious, and unique career in the energy industry first in the UK and then in Asia. We had a broad-based and in-depth conversation on key topics revolving around clean energy.  Robert shares his thoughts on the current state of the renewable energy industry in the region, about corporate strategies and the importance of corporate culture, about the state of financing and finally offers his outlook on the sector.ABOUT ROBERT. Robert is the Chief Corporate Development Officer of Gurīn Energy, a pan-Asia renewable energy company. After a 17-year career in the UK energy industry, Robert moved to Asia in 1997 to undertake senior roles in investment banking (Hong Kong) and in private equity (Singapore). In the period from 1997 to 2014, Robert worked on transactions in India, Malaysia, Singapore, Thailand, Indonesia, Philippines, South Korea, Australia, and also collaborated with Hong Kong and Japanese corporates. In April 2014, Robert relocated to the Philippines (where his family resides) to take up employment with the Aboitiz Group where he had a concurrent role overseeing business development, investments, and divestments in both the Aboitiz Equity Ventures and Aboitiz Power companies. Robert was the chairman of the Investment Committee and project-managed almost all of the Group’s significant capital deployments over the last nine years. Robert graduated with a BSc (Hons) in Applied Chemistry (1980) and an MBA (1994), both from the University of Strathclyde in Glasgow. He recently added an MLitt in Scottish Heritage (2022) from the University of Aberdeen. HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

 Corporates all over the world are under immense pressure to address their carbon footprint.  They must worry about their own footprint as well as that of other companies their linked with, such as their suppliers. In this episode I chat with a specialist in this area, Albert Sutanto. Albert is the Southeast Asia Markets Manager at Mt. Stonegate Green Asset Management based in Taiwan. Albert shares his experience on how he helps corporates to identify and reduce their carbon footprints as well as raising their consumption of clean energy.  He discusses corporate decarbonisation strategies in Asia in general and in Southeast Asia in particular.  He also touches on the financing side of the equation. ABOUT ALBERT: Albert is the Southeast Asia Markets Manager at Mt. Stonegate. He is a dynamic and results-driven business development professional, with a proven track record in the renewables and environment industry. Specialize in driving growth and market penetration for carbon credits and energy attribute certificates in the Southeast Asian market. Forge strategic partnerships, identify emerging market trends, and deliver innovative solutions to maximize sustainable impact. Successfully establish and expand business operations, leveraging strong stakeholder relationships. Committed to fostering collaboration and advancing sustainable initiatives for a greener future. HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Asia will account for 50% or more of global energy transition investments in the next three plus decades. Financing is of primary importance and is a challenge. In this episode, Andrew Kinloch, a leading infrastructure finance expert, discusses some of these challenges. He looks at financing renewable energy projects in general and then he discusses in detail some of the challenges such as how to address Asia’s young coal fired power plants fleet. He also has interesting thoughts about the role of multilateral banks financial institutions.ABOUT ANDREW. Andrew Kinloch is a consultant on infrastructure finance in Asia and founder of the Logie Group. He has been Lead Arranging and advising on infrastructure finance for over 30 years.  In 2003, he set up in business as Logie Group to advise across the whole investment cycle namely: governments and public sector on policy; institutional investors on strategy; transaction preparation and advisory; and acting as an expert witness in arbitrations. Andrew is a member of the UNECE roster of PPP experts; acts as a peer reviewer for them; and is on IFC’s Nominee Directors database. He is a Fellow of the HKICPA, ICAEW and HKIoD; and a member of the HKSI, HKIB and APIEx. Andrew worked originally with KPMG then PWC in London, Hong Kong, and Sydney; he then switched to investment banking with Westpac in Sydney and project finance at Mizuho then UBS in London; he returned to Asia in 1998 as Head of Global Structured Finance, Asia Pacific for WestLB when it was a top five Lead Arranger of project finance globally.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

The development of China's solar industry is key to the nation’s as well as the world’s net zero ambitions. Installed capacity was 392 GW in 2022 and is set to continue to grow further. In this episode, we speak to Frank Haugwitz who has been involved in the sector for over two decades. He is a Senior Advisor and China Representative of Apricum, a transaction advisory and strategy consulting company. We first briefly look at the history and background of the industry and identify the reasons behind the massive growth. We then look at the current state of the industry. Finally, we evaluate the future opportunities and challenges in the industry. ABOUT FRANK. Frank Haugwitz is Senior Advisor and China Representative of Apricum, a Berlin-based globally active transaction advisory and strategy consulting company dedicated to the cleantech industry. He is an industrial mechanic by profession and obtained a degree in Applied Business Languages (Sinology) and International Business Management. Frank worked in Beijing for over two decades through 2022. Originally from Germany, he has been working as a long-term expert on photovoltaic and renewable energy projects in China. He was supported by the German government and the European Union between 2002 and 2009 and in 2009 he jointly founded the Asian Photovoltaic Industry Association (APVIA) headquartered in Singapore. Since late 2009 he has been an independent solar energy consultant running a consultancy he founded, Asia Europe Clean Energy (Solar) Advisory Co. Ltd. (AECEA), from 2012 to 2022. He was Head of Intersolar's Global Conference Development, from 2010 to 2021. He also was the Vice-Chairman of the Renewable Energy Working Group of the European Chamber of Commerce in China from 2013 through 2016. HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Sustainability and green finance can be highly complex subjects as they comprise a multitude of disciplines. Recent years have seen the creation of a variety of advisor and consulting firms specialising on sustainability. In this episode, Wee Boon Siong, CEO of RHT Green which specialises in advising on sustainability and green finance, discusses how RHT Green helps corporates in their sustainability journey, something increasingly key to their operations and fund raising. Boon Siong provides insights on two aspects. He first discusses, the actual nuts and bolts of advising organisations in sustainable value creation strategies and also the partnering with clients to capture sustainability opportunities. He then focuses on the green finance aspect of the work, especially capital raising such as a Singapore-based green fund focused on SMEs.ABOUT BOON SIONG. Wee Boon Siong has over 30 years’ experience in various industries, holding different responsibilities in research departments, user organizations and vendor service providers. In particular, he spent many years in insurance companies and is still closely associated with the industry as a partner. He is familiar with the regional markets having been in charge of the whole Asia Pacific region when he was with CallidusCloud, and has intimate knowledge of China, Indonesia, and Vietnam markets as he had direct responsibilities to set up offices and manage the operation there to support the regional expansion. In addition, he has some knowledge of several Asian languages. He spent several years in government service and hence understand both public and private sectors well. Boon Siong read mathematics at Cambridge University and graduated with triple first class honours in 1990. He also holds a diploma in auctorial science from the Institute of Actuaries. HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Carbon exchanges are an important component of sustainable finance as they enable the sale of carbon credits to reduce emissions. In this episode, we have Bill Pazos, Co-founder and Co-CEO of the AirCarbon Exchange (ACX), which won Environmental Finance’s Best Carbon Exchange award twice. The discussion starts with an overview of the role of carbon exchanges and Bill’s views on the current state of carbon markets and trading. We then delve into ACX's history, shareholders and stakeholders, operations, how carbon credits are organised on the platform, and other aspects. ABOUT BILL.  Bill is a carbon market pioneer who has managed emerging market and high yield investments for more than 25 years and currently serves as director of Kuber Energy, a renewable energy and climate finance advisory company in Singapore.  Previously, he was a Managing Director at Standard Bank.  In this capacity he was the Global Head of Carbon origination and Finance, as well as a member of the board of Standard Merchant Bank Singapore.  As the CEO and founding partner of Ecoinvest Carbon S.A., a joint venture company with Bunge S.A., he built what became one of the world’s largest aggregators of carbon credits.  In his early career he was a bond trader at JP Morgan Chase (MHTCo.) in New York as well as a partner at Dartley a large Emerging Markets Fixed Income Fund.  He holds a Bachelor Degree in Economics with a concentration in Mathematics from The College of Wooster, Ohio, and an MBA in International Management from ASU’s Thunderbird Graduate School of International Management. HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

A circular economy transforms goods nearing the end of their useful life into resources for reuse. It aids climate action in three ways. It complements decarbonization measures, it supports the sustainable scaling of the clean energy transition, and it enhances adaptation to a changing climate. The value creation opportunity is US$4.1 trillion, according to one estimate. Our guest, Ellen Martin from Circulate Capital, is greatly involved in investing in this space. In the podcast, she first provides some background on the circular economy in general and plastic circularity in particular, and how it ties in with climate action. She also describes the investable market as well as government policy and regulation. From the perspective of private equity, we then dive into the business and investment opportunities in the Asia region, including a discussion on the types of investors as well as some examples of Circulate Capital’s investments. (Link to The Circulate Initiative's report referred to by Ellen: Plastics Circularity Investment Tracker)Ellen Martin is Circulate Capital’s Chief Impact Officer. In her role, Ellen is responsible for driving impact and insights for the firm and managing ESG through the investment process. As a member of Circulate's leadership and investment teams, Ellen is focused on ensuring the firm's collective strategies, assets, and relationships deliver impact as it grows. She is also a senior advisor to Circulate Capital's mission-aligned non-profit, The Circulate Initiative. Prior to that, Ellen was Vice President for Impact and Strategic Initiatives at Closed Loop Partners where she led impact, research, and portfolio management for Closed Loop’s Infrastructure Fund. During her tenure, the Fund deployed $50M with $200M co-invested in projects in North America, resulting in avoidance of 2 million tons of GHG emissions in the first three years. Before she discovered her passion for the circular economy, Ellen was a strategy consultant at FSG, the social impact consulting firm, where she worked with Fortune 500 companies, philanthropic foundations, development banks, and nonprofit organizations to develop, implement and evaluate impact strategies. She is a regular speaker and contributor on the topic of investing in the circular economy.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Hundreds of billions of dollars in global assets follow ESG principles. The massive growth seen in the past few years is set to continue, estimate various investments banks. This means that ESG research has become one of the pillars of green finance, socially responsible investing, impact investing and the like and is becoming part and parcel of standard investment research. In this episode, one of the region’s most respected ESG analysts, Charles Yonts who heads Asian ESG Research at Macquarie Group, first discusses the basics of the research that he does including the approach and the challenges. We then take a deeper dive into some of the interesting issues including battery supply chains – especially cobalt and nickel, greenwashing, coal divestment and other hot topics.ABOUT CHARLES. Charles Yonts has been working as the Head of Asian ESG Research at Macquarie since 2020. He has spearheaded ESG integration efforts for the team, rolling out proprietary corporate governance and sustainability scores alongside stock analysts around the region. Before joining Macquarie, Charles led the ESG and Power Research teams at CLSA, where he worked for fifteen years. He also directly covered Greater China climate tech stocks from 2004 and was the top-rated earnings estimator for Asian Utilities in both 2018 and 2019 according to StarMine. Charles has a BS in Finance from the University of Minnesota and studied Chinese language and economics at Fudan University in Shanghai.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Offshore wind generation capacity is one of the fastest growing forms of green energy globally. It will rise 10-fold this decade – to 330 GW by 2030 from about 34 GW in 2020 –based on one estimate (Wood McKenzie) and will need tens of billions of dollars. Our guest, Mark Hutchinson is one of Asia’s leading veteran experts in the energy sector in general and clean energy in particular. In our conversation we first discuss the current state of the US and European offshore wind markets. We then deep dive into the current state as well as the outlook for offshore wind in some key jurisdictions around the region, including Japan and South Korea. As well as markets which are offering enormous potential including India, the Philippines, and Vietnam. In addition to the business opportunity, Mark also shares some interesting thoughts on financing trends.ABOUT MARK. Mark Hutchinson has over three decades of energy sector experience, including over 25 years consulting and research experience in Asia. He has expertise in strategic advice, finance, M&A, contract negotiations and due diligence in the power and renewables, and the oil and gas sectors. He is the chair of the Southeast Asia Task Force for the Global Wind Energy Council. Mark works with the GWEC members in Asia and globally to represent the wind industry in policy and regulatory discussions across the region. GWEC convenes both in-person and virtual meetings with key stakeholders, providing fact-based analysis and guidance to help shape policies that affect the wind industry.Note: Link to details on GWEC’s Global Wind Report Launch 2023HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

The Blue Economy’s annual turnover is US$3–6 trillion (UN), which some estimate will double by 2030, presents a growing opportunity for business and investment. In this episode, Dr Mike Abundo, CEO of OceanPixel, first offers a clear and detailed definition of the Blue Economy, its ecosystem, including ocean and marine clean energy, as well as the intersection with decarbonisation and the energy transition. Mike also discusses the data management and intelligence angle. We then move to OceanPixel as a case study in the Blue Economy with Mike offering three examples of projects the company has been working on. Finally, Mike shares his insights about the outlook of the Blue Economy opportunity.ABOUT MIKE. Dr Michael Lochinvar Sim Abundo is a green (and blue) techno-preneur who specializes in Marine Renewable Energy (with pilot projects in small island developing states and ‘tropical’ solutions) and other technology-enabled, innovation-infused sustainability transitions. He has over 15 years of experience in various roles in the Innovation and Research, Development, & Demonstration (RD&D) Ecosystems of the Asia-Pacific Region working with academe, industry, and government. He has contributed to the inclusion Marine Renewable Energy into Southeast Asia’s Energy mix at various scales (e.g. energy harvesting, micro-grid, grid-tied/large scale) and for a spectrum of applications (e.g. vessel, ports, aquaculture, etc). Michael is handling R&D/Project collaborations between industry, academe, and government focusing on Digitalization, Data Processing and Management, Autonomous Vehicles (land, air, sea -surface and underwater), Internet-of-Things (IoT), Human Factors, etc in applications such as robotics, food security, resiliency, energy, defence, traffic management (air and vessel), sustainable operations, and the wider Blue Economy. He has successfully initiated, executed, and handed-over a community-based energy intervention programmes especially for accelerated post-disaster recovery with a sustainability plan involving various stakeholders (e.g. NGOs, Academe, Industry, local gov’t). HOST, PRODUCTION, ARTWORK: Joseph Jacobelli  |  MUSIC: The Open Goldberg Variations, Kimiko Ishizaka  |  FEEDBACK: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

The global carbon markets are an important source for funding the decarbonisation needed to mitigate the climate crisis. The compliance and the voluntary global carbon markets amount to almost US$1 trillion or so. They are set to grow dramatically. The smaller of the two, the voluntary one, will grow five-fold by 2030 from US$2 billion in 2022, Shell and BCG expect. China will be a key player in the growth given it has the world’s largest carbon market. Julien Hage from CICC Asset Management first shares his thoughts on the basics of the carbon markets and trading, especially the EU Emissions Trading System. He then evaluates the current state of the markets in the EU and in China. ABOUT JULIEN. Julien Hage is Managing Director and Head of International Business at CICC Hong Kong Asset Management. Julien started his career in asset management with AXA Rosenberg in London where he joined the trading desk and went on to act as deputy head of trading for Europe. He then spent the next 10 years in Hong Kong in investment banking, first with BNP Paribas then with Société Générale. There he held several roles including Asia Pacific head of cash equity execution and later as APAC head of trading and product management across cash equity and listed derivatives. In 2021, he moved back to the buy side, joining Rayliant asset management as head of derivatives trading. In 2022, he joined CICC Hong Kong AM as head of international business. Julien holds a master’s degree in computer science as well as a postgraduate degree in financial engineering from SKEMA business school in France. This podcast episode and the information contained in it are for general information only and do not constitute financial, professional, investment or any other kind of advice in any way and shall not be considered as an offer or solicitation to deal in any investment products. Also, it shall not be regarded as an offer or solicitation of business in any jurisdiction to any person to whom it is unlawful to offer or solicit business in such jurisdictions. Although the information in this podcast has been obtained from sources which China International Capital Corporation Hong Kong Asset Management Limited (“CICCHKAM”) believes to be reliable, it does not guarantee the accuracy of such information and such information may be incomplete or condensed.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli  |  MUSIC: The Open Goldberg Variations, Kimiko Ishizaka  |  FEEDBACK: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

The Japanese government should be treating decarbonisation with the outmost importance and urgency.  It is one of the largest energy consumers in the world – fifth largest oil consumer for example –and it is almost totally reliant on fossil fuel imports. The authorities did set out a net zero road map which has been broadly criticised for not being robust. Our guest, Mika Ohbayashi of the Renewable Energy Institute in Japan, is uniquely qualified to discuss the government’s renewable energy past track record as well as its path going forward. In the episode, we also discuss the approach to various energy technologies including nuclear energy.ABOUT MIKA. Mika Ohbayashi is a Director at Japan’s Renewable Energy Institute. Before joining the Institute, she worked for International Renewable Energy Agency (IRENA) as Policy and Project Regional Manager for Asia Oceania, in Abu Dhabi, from May 2010 to Aug 2011. She is one of two founders of Institute for Sustainable Energy Policies (ISEP), and served as Deputy Director for 8 years since its establishment in 2000. She also worked for UKFCO at the British Embassy to Japan, as Advisor for Climate Change Projects and Policies. She started her carrier in the energy fields by joining Citizens’ Nuclear Information Center in 1992, after some years work experience. She coordinates many scientific study projects, takes leadership to team up various networks including national parliamentarians and local authorities, domestically and internationally to improve sustainable energy society. She was awarded the Global Leadership Award in Advancing Solar Energy Policy by the International Solar Energy Society (ISES) in 2017.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli  |  MUSIC: The Open Goldberg Variations, Kimiko Ishizaka  |  FEEDBACK: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

 The Asian and global electric vehicle market is massive and growing fast. One of the many forecasts put the value of the sector to rise six-fold, to almost $1,110 billion by 2030 from about $180 million in 2021. Key to the growth of EVs, and thus to decarbonisation and the energy transition, is the charging and the companies that operate the charging infrastructure. Our guest is Vincent Yip, the Chief Executive Officer of Cornerstone Technologies Holdings Limited. The listed company specialises in the supply and installation of EV chargers, infrastructure, and central management systems. Vincent first examines EV charging in general.  We then look at the actual business and the charging point operators’ business models, including financing issues. Finally, we chat about Vincent’s company specifically as a case study. ABOUT VINCENT. Vincent graduated from Oxford University with a Master’s Degree in Engineering and Computer Science. He started his career at McKinsey & Company and had been with the firm for 12 years. Subsequently, he has been an entrepreneur and senior management in building and transforming businesses. Before joining Cornerstone Technologies, he was the CEO of K11 Cultural Enterprise Businesses. Prior to that, he was the Group CEO of G2000 (Apparel) Limited.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli  |  MUSIC: The Open Goldberg Variations, Kimiko Ishizaka  |  FEEDBACK: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

The real estate sector accounts for about two-fifths of global carbon dioxide emissions meaning it plays a direct key role in decarbonisation and a major indirect role in the energy transition. This is something particularly important to Asia given the region has eight of the top ten largest urban agglomerations worldwide. Our first guest for 2023 is Johan Tellvik who is the CEO of ESG Real Estate Lab. He shares his experience and insights on the latest trends in real estate and smart cities when it comes to decarbonisation. ABOUT JOHAN. Johan Tellvik brings 30+ years of experience in finance as a highly successful hedge fund manager, investment banker, and strategic advisor. He has managed large absolute return portfolios at billion-dollar hedge funds with special focus on real estate, sustainability, capital markets, and technology. He has analysed and invested in hundreds of IPOs and is a strategic advisor working with private start-ups helping with business development, financial planning, and business evolution. He brings a wealth of experience as an educator having been an active speaker throughout his career. He has for the past few years been involved in business development and fundraising roles for a variety of different companies. He is the CEO and co-founder of ESG Real Estate Laboratory which is focused on educating and up skilling professionals working in the real estate ecosystem with regards to sustainability and profitability. HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: The Open Goldberg Variations, Kimiko Ishizaka | FEEDBACK: Email the Host. HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

In Episode 23, the last for 2022, we measure the current temperature of the energy transition in some key Asia economies with one of the region’s most experienced and respected energy economist and consultant, Mike Thomas. He explains how the region is rapidly transitioning today though it came very late in the game. He broadly talks about the great amount of investment interest and activity that he has been witnessing. Some of the selected countries discussed include Australia, India, Malaysia, the Philippines, Thailand, and Vietnam. Finally, he offers an overall outlook on Asia’s decarbonisation path. ABOUT MIKE.  Mike Thomas is a founding partner at The Lantau Group with over 30 years of consulting experience, focussing on the energy sector.  He advises a wide range of energy sector stakeholders on strategic, regulatory, and competition matters; sustainability; market design and development; and commercial transactions.  Prior to co-founding in 2010, he headed the Asia Pacific Energy & Environment practice of a global consulting firm.  Mike has an MPP from Harvard Kennedy School, United States and a BA in Economics from Carleton College, United States. More specifically, within the Asia Pacific region, he has led many significant engagements involving the robust application of economics and analytics to a wide variety of business, policy, and regulatory challenges affecting the electricity and gas sectors.  He works extensively with multinationals on sustainability strategies, focussing on the best options in different markets, and on the regulatory and policy changes needed to support increasing renewable energy contracting options.  He has testified or advised as an industry economic expert in commercial contract disputes before courts or arbitral panels in Malaysia, Singapore, Hong Kong, New Zealand, and Australia, and on disputed regulatory matters before regulatory authorities in New Zealand, Australia, and the Philippines.  His experience in commercial matters includes market forecasts and revenue simulations for numerous renewable energy and conventional energy projects and market assessments in South Asia, North Asia, ASEAN, and Australia/New Zealand. HOST, PRODUCTION, ARTWORK: Joseph Jacobelli  |  MUSIC: The Open Goldberg Variations, Kimiko Ishizaka  |  FEEDBACK: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

It is a ideal time to take a temperature check of the state of sustainable finance in Asia as the year draws to an end. The episode’s guest is an expert in all things sustainable finance given his background and interactions with regulators, corporations, and investors. Tasos Zavitsanakis if the head of Sustainable Finance for Greater China at UBS’ APAC Sustainable Finance Office. We first define sustainable and transitional finance and then focus down on the evolution of this area in Asia. We evaluate where we stand today, and finally where we are heading. All in an easy-to-understand format. We also discuss current and long term areas of opportunities for corporations and for capital markets investors.ABOUT TASOS. Tasos, is Head of Sustainable Finance for Greater China within the APAC Sustainable Finance Office at UBS where he is responsible for driving Sustainable Finance business initiatives. His focus is on client and regulatory engagement, thought leadership development, capacity building, and forging strategic partnerships in the sustainability ecosystem. Tasos, specializes in Decarbonisation strategies supporting clients in formulating Credible and Just Transition Plans and Impact towards Net Zero. In addition, he leads UBS's global Carbon working group and has represented UBS in the global industry Taskforce for Voluntary Carbon Offset Markets and developing UBS’s Carbonplace infrastructure. Tasos, supports UBS’s Sustainability and Impact Institute contributing in thought leadership and has co- authored “The Green Inflection Point, driving decarbonization of the real economy” and the “Voluntary Carbon Market Primer”. Tasos, regularly advises regulators and exchanges in APAC to develop the Sustainability Finance agenda including Climate and Risk Management Frameworks, Disclosures, Taxonomies and Carbon market development and is regularly called upon to represent the firm in sustainability conferences. He also represents UBS as a co-chair of HKMA’s Capacity Building Cross Agency Steering Group. Tasos is a graduate from Imperial College, Electrical and Electronic Engineering in the UK. In addition, he holds an MBA in Entrepreneurship and certificates in CFA Institute in ESG Investing, Sustainability and Climate Risk from GARP and Circular Economy from Cambridge. Finally, he is a GRI Certified Sustainability Professional and a Certified Al Gore Climate Reality Leader speaker.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Our guest is Jan Napiorkowski, global head of clean energy at Ariel Re. Jan first discusses his background and his work in insurance in clean energy, an area which is vital to sustainable finance. The elephant topic! Then we launch into two sections. In the first part of the episode, we look at some of the basics. Namely, the insurance and reinsurance of clean energy projects in the world in general and in Asia in particular. In the second part of the discussion, we take a deeper dive in the topic. We discuss a little bit more in depth about technologies and couple of examples as well. Two technologies which feature prominently are battery energy storage and bioconversion/Waste-to-Energy.ABOUT JAN. Jan Napiorkowski is Global Head Clean Energy, Vice President, Ariel Syndicate of Lloyd's (Ariel Re). Before 2010 Jan held various positions in the insurance and reinsurance sector across Europe. Since 2010 he developed the insurance market for renewable energy performance warranties and headed Munich Re’s APAC Clean Energy unit out of Hong Kong. In 2015 Jan established Ariel Re's Clean Energy practice specialized in a wide range of Performance Guarantee solutions for utility scale and C&I portfolios of solar, waste to energy and storage projects. Jan is a trained theoretical physicist and holds a MBA in Insurance and Risk Management.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli  |  MUSIC: The Open Goldberg Variations, Kimiko Ishizaka  |  FEEDBACK: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Welcome to the 20th episode. Our guest is Nicolas Leong from Wärtsilä Energy, based in Tokyo. We first discuss the company, a leading technology provider, as a case study of a firm heavily involved in the energy transition and decarbonization in Asia.  A firm which, amongst other things, is focused on grid balancing gas engines and energy storage systems. Nicolas also shares his thoughts and insights about Japan and the developments there on the clean energy front, as well as his thoughts on the net zero journey of some other Asian jurisdictions.Link to articles, webinars and other resources from Wärtsilä ABOUT NICOLAS. Nicolas Leong is the Energy Business Director, North & Southeast Asia at Wärtsilä Energy. In his role, he leads the sales and business development teams, ensures customer satisfaction, and accelerates the energy transition in his region. Nicolas is an active speaker and thought leader in the market where he is passionately promoting the need for flexibility as the key enabler for renewable integration in today’s energy transition and tomorrow’s decarbonisation. Nicolas holds a bachelor’s degree in Electrical Engineering with Honours from National University of Singapore. He is currently located in Tokyo, Japan. HOST, PRODUCTION, ARTWORK: Joseph Jacobelli  |  MUSIC: The Open Goldberg Variations, Kimiko Ishizaka  |  FEEDBACK: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Andrew Koscharsky, Energy Markets Project Director at Australia’s Squadron Energy, shares his views on Singapore as a Asian clean energy hub at the operational level and at the sustainable finance levels. We compare and contrast two highly different clean energy markets Singapore and Australia and he evaluates key recent developments and challenges they each markets face. Other topics include LNG as part of the sustainability discussion as it is still the best firming capacity to help accommodate renewable energy into a grid.  Also, Andrew discusses energy commercialisation, trading, and risk management and how clean energy projects look at de-risk while taking advantage of any potential upside over the long-term. While discussing all of these topics, as well as others, Andrew clearly divides up the physical aspects and the financial aspects .ABOUT ANDREW. Andrew has worked in the Asian Energy Markets across Power, Gas, Coal and Retail for 21 years in various roles. For 10 years he worked at Origin Energy in Sydney, initially as a Spot Trader, managing the nomination of gas on the East Coast markets and dispatch of power stations to manage Origin’s significant spot and cross commodity exposure, then as a Derivatives Trader, building a long-term portfolio while hedging Origin’s 4 million retail customer accounts. In 2011, Andrew moved to Singapore to initiate the Castleton Commodities International expansion into Asia, building an Asian Energy Trading business from inception. This involved Wholesale and Trading, asset due diligence and also BD opportunities. He was Co-Founder of Jade Energy Holdings, pioneers of electricity Trading in Singapore and was involved in exchange and OTC traded markets. Andrew also co-founded iSwitch Energy, a carbon neutral retail business which was awarded “Fastest growing Energy Company in Asia” in 2020 by Straits Times. Andrew was a member of the Singapore Govt Market Advisory Panel and also Chairman of the SGX Electricity Committee. Now based in Sydney, Andrew is the Energy Markets Project Director, with Squadron Energy, a fast-growing renewables and infrastructure company which is laying the pathway for a modern and more efficient Australian power grid. Andrew was formerly a Director of a Credit Union in Australia and holds degrees in Psychology and Commerce.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Brief yet comprehensive discussion on current developments in climate finance in mainland China, Hong Kong, in Taiwan. We first touch on the recent evolution of international Environmental and Social Performance Standards related to project financing. We then discuss what international banks require to make a project “bankable”. We talk about some of ERM’s experiences with companies and financial institutions and assess if there is a standard approach or methodology that companies can use on their journey to Net Zero.ABOUT PIERS. Piers Touzel is the Managing Partner for ERM across mainland China, HK and Taiwan. He has advised both project lenders and sponsors on the sustainability aspects capital projects across greater China and elsewhere in Asia for over 20 years.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli  |  MUSIC: The Open Goldberg Variations, Kimiko Ishizaka  |  FEEDBACK: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Southeast Asia is a massively important region given its population of almost 700 million and fast-growing energy consumption of 30 exajoules – the EU’s was 57 EJ. Many of the individual economies in the region are in the process of decarbonizing. Given the bulk of them are still developing, financing the energy transition is a crucial aspect. We discuss with one of the region’s thought leaders, John Yeap of Pinsent Masons, about three areas. We address, developments in regulatory consistency and transparency, which is absolutely key to any investment in energy and infrastructure. We talk about the financing of energy projects including clean energy ones but also addressing legacy assets, namely coal-fired power plants. Finally, we talk about one of the fastest growing areas in climate finance in Asia, carbon financing and the carbon markets.ABOUT JOHN. John, based in Hong Kong with UK headquartered international law firm Pinsent Masons, is a qualified lawyer focussed on Energy Transition and Climate Change in Asia.  Over the past three decades, he has witnessed the Asian power sector evolve through the emergence in the Nineties of independent power producers, market deregulation at the turn of the current century, and in the past few years, the emergence of decarbonisation as a key factor in the energy strategy of nations across the region.  H  is current activities include advising on the design of mechanisms to support the region’s energy transition, including supporting the Asian Development Bank on its energy transition plans for Indonesia, Philippines and Vietnam, and also advising on the evolving carbon trading and voluntary carbon market in the region.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli  |  MUSIC: The Open Goldberg Variations, Kimiko Ishizaka  |  FEEDBACK: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

SUMMARY. We discuss with Fulvio Bartolucci the current state as well as the future of renewable energy trading in the world’s largest electric power market, China. Fulvio, a highly experienced industry participant and GM at Tera Energies, first provides his insights on the nation's energy transition from brown to green emphasising the country’s advantages and disadvantages in undertaking the transition. We then assess the current state of electricity trading and direct power sales in general, and that of renewable energy trading in particular. Other issues covered include distributed renewable energy, Green Energy Certificates and carbon trading, and the crucial importance of the digital infrastructure currently being built. Finally, Fulvio examines the key forward factor in the development of the energy transition in China, flexible or modular clean energy generation.ABOUT FULVIO. Fulvio has spent nearly two decades developing solutions for sustainable energy projects across Europe and the Asia-Pacific region. Beginning as an environmental strategy consultant, he was inspired by early field work in Cambodia and Bangladesh to create a microfinance start-up operating in Italy. Active in Asia’s renewables industry since 2007, Fulvio’s work has focused on low-carbon, renewable and energy efficiency projects. Before co-founding Adenergy and its JV Tera, Fulvio served as Director for several companies operating in green Energy and carbon reduction in China: Azure International, Ecofys / OneCarbon, Orbeo. He then piloted the Sustainable Energy transition in APAC region for a multinational industrial player: Rhodia / Solvay group. Besides his renewable energy leadership, Fulvio is also active in Asia’s smart building and smart city movement.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli  |  MUSIC: The Open Goldberg Variations, Kimiko Ishizaka  |  FEEDBACK: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Summary. In-depth discussion with UBS Global Wealth Management’s Stephanie Choi about sustainable investing (SI) and finance. The discussion first puts SI into the global context as well as the regional one. Then Stephanie tackles SI products from a variety of perspective. Stephanie also clearly unpacks some of the SI critique which has been grabbing headlines recently and offered her insights as to what SI is supposed to do and what it cannot address. Other areas examined include corporates’ attitudes, SI in Asia in general and in China in particular as well as a longer term “hope” of how SI will develop in the region over the next few decades.About Stephanie. Stephanie Choi is a Sustainable Investing (SI) Strategist in the Chief Investment Office, Global Wealth Management, UBS. Stephanie was most recently Partner at Sustainable Finance initiative, an investment community that is both a consultancy for regional family offices in impact strategy development and implementation, and an advocacy for broader SI development in Asia. Prior to her specialising in sustainable and impact investing, Stephanie began her career at Citigroup Global Markets, where she gained 11 years’ experience in institutional advisory with a focus on Asian equities & equity-linked products. Stephanie is a graduate of the University of Cambridge (MA Economics) and a SASB FSA Credential holder. Host, production and artwork: Joseph Jacobelli  |  Music: The Open Goldberg Variations, Kimiko Ishizaka  |  Feedback: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Summary. Ep.14 is a comprehensive, insightful, and honest discussion on ESG and sustainable finance and investing with Matt Orsagh, a thought leader on the subject. It is a lively two-way chat covering all of the latest key trends and developments globally and putting Asia in the global context. Matt also honestly addresses why we are where we are and where we are going ESG-wise, including why it used to be easier and now it’s a lot more complex. He offers a rich array of insights and clearly explains why he preaches patience when it comes to the evolution of sustainability.About Matt. Matthew Orsagh is a director, capital markets policy, at CFA Institute, where he writes and speaks about pressing issues in global market integrity and corporate governance. He leads projects aimed at fostering greater transparency and accountability in global financial markets; promulgates CFA Institute’s Capital Markets Policy Group corporate disclosure positions, policies, and standards; and coordinates and supports related public awareness activities. Mr. Orsagh’s expertise is in the area of corporate governance and disclosure best practices, ESG, share owner rights, short-termism, and financial regulation. He was previously named one of the “Rising Stars of Corporate Governance” by the Millstein Center for Corporate Governance and Performance at the Yale School of Management. Mr. Orsagh holds a BA degree in Communications and English from the University of Notre Dame and an MBA degree in Finance from Georgia State University.Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations, Kimiko Ishizaka. Feedback: Email the Host.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Summary. Carbon finance and investing is a crucial area of development in climate and sustainable finance. Fund flows have been increasing exponentially and currently only the tip of the iceberg can be seen from the perspective of opportunities. It is a topic which is complex and, in some marketplaces, generates quite a bit of controversy. The Asia Climate Capital Podcast guest, Charles Bedford, unpacks carbon from the sustainable finance and investment perspective in general and in particular in the Asia Pacific context. Charles is an active participant in the region’s carbon markets. He has been involved in conservation and climate for over a quarter of a century and today plays a leading role in carbon related finance in both the investment as well as academic world. Charles is also the host of the Smarter Carbon podcast.Note: all opinions are personal and do not reflect those of present or past employers.About Charles. Charles was born in the UK and grew up in the US.  He currently serves as Chief Impact Officer at Carbon Growth Partners, a leading global investment manager in carbon finance, a principal at Keelback Consulting, a sustainability advisory firm, and as Adjunct Professor at the Hong Kong University of Science and Technology. He recently stepped down as the AP Regional Managing Director for The Nature Conservancy (TNC).  Before that, he led TNC’s Colorado Chapter in the United States. Prior to joining TNC, Charles served as director of the Colorado State Land Board, overseer of 3 million hectares of state lands, Legal Counsel to Colorado Governor Roy Romer and attorney with the firm of Kutak Rock. He is the author of journal articles, blogs and a book on land tenure and conservation.  He graduated from Georgetown University’s School of Foreign Service and holds a Juris Doctor from the University of Colorado School of Law.Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations, Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.com.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Summary. In episode 12 we go back to discuss Australia because of important recent developments in terms of clean energy policy as well as an ongoing energy crisis. Policy-wise the newly elected government is proving to be serious about shifting the energy system to a green and sustainable one. Crisis-wise, the nation has seen its national electricity market temporarily suspended, power supply failures and electricity prices have been skyrocketing. We discuss with our guest Rebecca Tilbrook these issues and then focus on corporate action. Within all of this turmoil corporates are undertaking climate action but so far, it has mostly been by large corporates.  But what about small to medium size enterprises and also residential households. Do the recent developments make there shift to green and sustainable energy easier or harder? What about the climate capital stack? Where are the investment returns and what is going on with financing?Note: all opinions are personal and do not reflect those of present or past employers.About Rebecca. Rebecca Tilbrook is the Business Development Manager - Emerging Technologies at Hydro Tasmania, a leading clean energy business and largest generator of renewable energy in Australia. Inspired by the promise of a greener world, Rebecca future-gazing influences incremental changes in thinking today to seismically shift the trajectory of what’s possible tomorrow. With almost two decades of international experience in clean energy with utilities, consulting and finance, Rebecca combines her creativity and strategic focus to forge innovative net-zero pathways for businesses that precipitate greater profitability, longevity, and climate resilience. Also, Rebecca currently sits on the Market Advisory Panel of the Business Renewables Centre Australia. Last year, she won the inaugural Amcham Australia Alliance Award for Energy & Clean Technology. Rebecca holds a Bachelor of Engineering (Renewable Energy).Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations, Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.com HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Summary. In Ep11 we had the pleasure of chatting with a deeply experienced financier about the financing of clean energy projects around the world, Robert Todd from CIBC Capital Markets, a leading North American financial institutional with a global footprint.  He first touches on the key trends that he is experiencing in his day-to-day work and then digs in deeper into some of these areas, including the growing role of partnerships and also the shift for single assets investments to a more systematic approach. He also discusses the changing role of private capital in the decarbonisation as well as some of the approaches from the development banks. He also addresses some of the challenges currently potentially impacting clean energy financing.Note: all opinions are personal and do not reflect those of present or past employers.About Robert. Robert joined CIBC after having spent fourteen years at HSBC with his last position as Global Head of Power, Utilities and Renewables based in London.  Prior to 2016, Robert lived in Hong Kong for ten years and was a founding member of the Resources and Energy Group.  He was originally with Barclays Capital in London for nine years focused on broader energy, utilities and infrastructure segments. Robert has a Combined Honours Biology & Psychology degree from Aston University, an Associateship from the Chartered Institute of Bankers and further degree in Finance from University of Manchester.  Robert has represented England and Great Britain as a senior hockey international and lives with his wife and son near London.Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations, Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.com HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Summary.  The episode, recorded on June 16 20022, is an important discussion. It is about Australia evolving into a regional or even global clean energy leader from being a laggard. The Australian energy market may be small by Asian standards, but it has a leading global place in the energy markets. Innovation, ample capital, and a new clean energy-friendly government is going to change things quite a bit. The show’s guest is one of the region’s prominent thought leaders, Tim Buckley who heads the Australia-based think tank Climate Energy Finance. We first ask Tim about his journey to becoming an active participant in Asia’s decarbonisation.  Then we evaluate the current state of clean energy in Australia and have a very honest discussion on the opportunities and challenges in the sector. Finally, Tim offers some thoughts about the shape of thing to come over the next 28 years. I should add that we recorded this interview right in the middle of one of Australia’s most serious energy crises historically. (Please note all opinions are personal and do not reflect those of present or past employers.)About Tim. Tim Buckley is the Director of Climate Energy Finance, Australasia. Tim has 30 years financial markets experience, including providing public interest related financial analysis in the seaborne coal and electricity sectors since 2013, studying energy efficiency and renewables across China and India, and the resulting stranded asset risks in Australia. Tim has founded Climate Energy Finance Australasia in 2022, having worked with the global thinktank IEEFA over 2013-2021. Tim was co-founder of a start-up global listed clean energy equities fund with Westpac as a cornerstone investor. From 1998 to 2007 Tim was a Managing Director at Citigroup, Head of Australasian Equity Research, and worked at Macquarie Group in Australia then Deutsche Bank in Singapore. Tim has published over 100 reports on the global energy transition.Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations, Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.com HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Summary.  In this episode nine we focus on the relative success of the green drive adopted in Singapore. We tried to dig into the various business and finance aspects of the current state and the future outlook of Singapore’s transition towards a green and sustainable future. A transition which has been supported by government but also actively driven by local and international corporations. We first look at Singapore’s clean energy landscape and gauge the various government efforts, including the national decarbonisation-related policies and strategies. We discuss areas such as renewable energy imports, we domestic virtual corporate PPAs, corporate sustainability actions, as well as briefly assessing some longer-term energy solutions for the city state such as green hydrogen.About Lathika.   Lathika is a Sustainability Consultant at ENGIE Impact, the sustainability strategy consulting arm of French energy company ENGIE, where she supports clients with setting targets and strategy for decarbonisation including renewable energy procurement across APAC. Prior to ENGIE Impact, she worked as a Business Development Manager at Vertech Capital, where her focus was on facilitating investment into clean technology start-ups in South and Southeast Asia for venture capital firms as well as government innovation funds. She has worked with a range of start-ups looking at clean energy technologies including renewable energy generation, smart grids, EV charging and energy storage. Before that, Lathika led business development strategies for a renewable energy start-up in Shanghai, where she focused on digital solutions for solar microgrids and electric vehicles. Lathika has a bachelor’s in electrical engineering from New York University Shanghai. She is passionate about using emerging technologies to make cities more sustainable, safe, and inclusive.Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations, Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.comHOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Summary. The podcast focuses on the challenges faced by private equity firms when investing in clean energy projects in Asia. Asia Renewable energy expert Fabian D’Avola provides is insights on some of the key current issues as well as his outlook on the issues. In the first part, Fabian details his background in the clean energy industry as well as introducing Glennmont Partners and the firm’s strategy in Asia. He then spotlights some key issues, including clean energy projects’ land usage, grid capacity constraints, human capital availability and limitations, concerns surrounding offshore wind development, and also corporate power purchasing agreements. Finally, Fabian offers some insights on the outlook of these and other areas. About Fabian. Fabian joined Glennmont Partners in 2021 as the Head of APAC. Prior to joining, Fabian worked at BayWa r.e. in Asia. where he led the expansion of the Project Development and Project Management activities in the region, including launching operations in South Korea, Taiwan and Vietnam, and expanding in Indonesia, Philippines and Malaysia. Before BayWa r.e. he worked for Jinko Power in Asia where he started the Japanese team from scratch and acquired, implemented and sold the initial solar PV projects in the country, and for Canadian Solar International, where he started the Project business in Japan that resulted in a pipeline of more than 300MWp of solar PV projects under development in the initial 18 months. At Canadian Solar, he also launched the Global C&I business. Before moving to Asia, he was an Investment Banker in London with Merrill Lynch International and Macquarie Capital Europe in the Energy, Infrastructure and Real Estate business. Fabian holds an MBA from New York University, a MSc in Sustainable Energy Futures from Imperial College London and a BS in engineering from Universidad de Buenos Aires.Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations, Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.comHOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Summary.  The conversation started with a discussion on bankable nature solutions. These are financially viable projects which support the development of more climate resilient and sustainable landscapes and economies. Their bankability enables projects to accelerate scaling and replication, realizing large-scale positive impact on nature and communities (WWF). We then took a deep dive into public and  / or private financing examples and track record, as well as going through several examples of successful proof of concept projects, About. Jean-Marc. Jean-Marc is the head of Bankable Nature Solutions for the Asia-Pacific region, which originates and develops scalable bankable projects with positive environmental and social impact. This includes overseeing project work in the region for the Dutch Fund for Climate and Development and leading finance and bankable projects for WWF’s global Freshwater Practice. He co-established the Climate Impact Asia Fund, a long-only equity fund, and sits on its investment advisory committee.  Jean-Marc also advises institutional investors, lenders, and underwriters on the financial and economic risks and opportunities related to climate change and environmental issues. Prior to WWF, he spent 17 years in the financial industry advising institutional investors on equities and equity derivatives. He started his investment banking career in 1997 with Merrill Lynch in New York City and has been based in Hong Kong since 2004, working for BNP Paribas and Jefferies. He graduated from Clarkson University in Potsdam, New York.Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations, Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.comHOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

The Podcast. Energy efficiency (EE) may well be the misunderstood piece of the energy transition. To many EE is all about money saving. In reality EE projects offer attractive returns to asset owners and investors. In the episode, Joseph Jacobelli and Jim Maguire first demystify EE and highlight examples and case studies in Asia. As usual, first the guest briefly explains how he got involved in Asia’s decarbonisation efforts. Then Jim digs into cooling efficiency in Asia.  Finally, he offers some forward thinking on future opportunities in the cooling and energy efficiency space in the region.Link to Sustainable Development Capital LLP.The Guest. Jim Maguire is a Partner at Sustainable Development Capital, LLP (SDCL), a privately-owned institutional investment management and advisory firm based. He is Managing Director, Asia, and currently leads an SDCL grant under the Clean Cooling Collaborative (formerly K-CEP), an initiative of ClimateWorks Foundation, transforming the cooling sector and making efficient, climate-friendly cooling accessible for all. Jim is also an original investor in REI (transportable solar), Sustainable Living Partners (sustainable housing) and kWh Analytics (solar risk management); and, Advisor to Intensel (NatCat modelling). Jim holds an M.A. from UT Austin (1989); and, a B.S.F.S. from Georgetown University (1986). Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations, Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.comHOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Content. In this episode, Joseph Jacobelli discusses with India power expert Arun Kumar how to go about digitally de-risking clean energy investments in India. Joseph first asks Arun about how he became involved in Asia’s energy transition. Then they discuss the crossover of digitalisation and clean energy projects investments and what is the role of digital energy technologies and solutions in reducing the investment risks in clean energy projects. Finally, Arun offers some forward-looking thoughts on the subject. About Arun. Arun has been an active participant in India’s energy sector for over 25 years. He worked as a management consultant at leading domestic and global firms including KPMG. He was also a senior equity analyst at global financial institutions where he covered utilities in India and in ASEAN and was involved in one of Malaysia’s largest IPO. Arun served as the CEO of .Kreate and is currently the technology leader at the largest power trading company in India, PTC India, which annually trades almost 90 terawatt-hours of electricity.  He has a Master’s in Economics, an MBA with a major in Finance, and is now studying Software Engineering - IoT, Cloud Computing and Blockchain - from Indian Institute of Technology Madras, one of the top institutes in India. Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations, Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.com.HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

In this audioblog, podcast host Joseph Jacobelli details how Russia's invasion of Ukraine has a negative short term impact on Asia's path to net zero emissions but beyond the 24-month horizon, the region's outlook for decarbonisation remains bright.Full article published in the April 2022 edition of The Energy Industry Times.Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations by Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.comHOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Conversation about corporate power purchasing agreements (CPPAs) featuring Steven Lu, a four-decade energy and banking veteran.We first discuss how to become part of the energy transition in the Asia Pacific region from the jobs perspective. Then we dig deep into the current dynamics of CPPAs in the region. Finally, we do a bit of crystal gazing on the outlook of CPPAs in the region in the next several decades. About Steve:  He is a seasoned project and structured finance banker who also has a broad-based corporate experience in the renewable energy sector.  Following a 10-year banking career in Canada, Steve returned to Hong Kong in the mid-1990s and joined HSBC Investment Bank as a project and export credit finance banker. He also worked at Macquarie Capital and ANZ with a focus on infrastructure investments, debt advisory and arranging.  In 2012, Steve switched to a corporate career in solar power development and investment.  He rounded out his full-time professional career recently at Canadian Solar where he focused on project and structured financing for solar power projects in the emerging market.  Steve is currently a Consultant to the AIIB.Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations by Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.comHOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Conversation with Asia energy markets thought-leader Mark Hutchinson on the present and future of Asia's offshore wind market, including Vietnam.About Mark: he has over 30 years of energy sector experience, including 25+ years consulting and research experience in Asia. He has expertise in strategic advice, finance, M&A, contract negotiations and due diligence in the power & renewables, and oil & gas sectors. He is the chair of the Southeast Asia Task Force for the Global Wind Energy Council. Mark works with the GWEC members in Asia and globally to represent the wind industry in policy and regulatory discussions across the region. GWEC convenes both in-person and virtual meetings with key stakeholders, providing fact-based analysis and guidance to help shape policies that affect the wind industry.Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations by Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.comHOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

This first episode discusses the key elements of Asia's massive energy transition, including two fundamental drivers, the two transformations, and the related climate finance elements.  This audio-blog allows for a better understanding of all of the key elements.Feedback is really important so as to make the content useful and relevant to you and other listeners. So, please “like” this podcast in whatever podcast app you use and also please send us your comments, thoughts, and ideas for topics: theasiaclimatecapitalpodcast@gmail.comProduction and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations by Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.comHOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Welcome to the Asia Climate Capital Podcast. I’m your host Joseph Jacobelli. I would like to tell you the “what” and the “why” of the podcast series.First, the “what”? The Podcast is about identifying and discussing current and future business and finance trends in the energy transition in Asia from the capital markets perspective. For most of the episodes I will be joined by an expert guest.Second, the “why?” I’m an analyst, author and investor focused on the net zero emissions path the region is taking I felt that there are limited dedicated resources looking at Asia’s decarbonisation from a capital markets perspective. So, the aim of the podcast is to evaluate trends and provide as much food-for-thought as possible when it comes to discussing climate, ESG, green, and sustainable investment topics and trends.Feedback is really important so as to make the content useful and relevant to you and other listeners. So, please “like” this podcast in whatever podcast app you use and also please do send us your comments, thoughts, and ideas for topics. Contact details are in the show notes. Thank you.Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations by Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.comHOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.

Transcript. Hello there. This is Joseph Jacobelli. I am the host of The Asia Climate Capital Podcast where we talk about what's going on in the world of | decarbonisation and the energy transition in Asia, with finance and economics in mind and linking ESG and sustainability issues. Please listen to The Asia Climate Capital Podcast on Spotify, Apple Podcasts, or wherever you get your podcasts. Thanks! Production and artwork: Joseph Jacobelli. Music: The Open Goldberg Variations, Kimiko Ishizaka. Feedback: theasiaclimatecapitalpodcast@gmail.comHOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | FEEDBACK: Email the Host.