Impact ABS 2020
New York, NY
April 7, 2020

Description

“Saving our planet, lifting people out of poverty, advancing economic growth… these are one and the same fight. We must connect the dots between climate change, water scarcity, energy shortages, global health, and women’s empowerment.”
– Ban Ki-Moon, Secretary General, United Nations

We are at the precipice of climate catastrophe and, at the same time, the precipice for change. Brace for Impact!

Formerly known as the Green & SRI Investing Symposium, Impact ABS: The ESG Investors' Forum will continue to expand its coverage of the renewable energy financing sector to incorporate the larger field of Environmental, Social, Governance (ESG) Investing.

With over $12 trillion in professional managed ESG assets, and following on from the ESG coverage successes of 2019’s 25th Anniversary ABS East, the expansion of this content is timely, looking at the holistic world of ESG Investing, with a focus on securitization and the capital markets. Impact ABS will continue to heavily feature the core environmental topics in the renewable energy space (Solar, PACE and Green Bonds), as well as expand in to the areas of Social and Governance issues, such as; Human Rights, Diversity, and Anti-Corruption.

By bringing together the typically disparate ABS and ESG communities for a thought leadership exchange, we hope to create a larger role for Securitization in propelling Impact Investing forward, to achieve important social and environmental goals.

At its new home, Convene Midtown on April 7th in New York, Impact ABS will continue to act as the catalyst for deal flow and the premier platform that informs, engages and delivers a competitive edge for the U.S. Structured Finance community.

Who Should Attend
  • Solar Energy Providers/Developers
  • PACE Issuers
  • ESG & Impact Investors
  • Fixed Income Investors
  • Rating Agencies
  • Investment Bankers & Financial Advisors in the Structured Finance and Energy Sectors
  • Legal Counsel
  • Servicers and Back-Up Servicers
  • Wind/Turbine Developers

Issuers & Investors 119

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Agenda

    Thursday, January 23rd, 2020

      7:45 AM
      Registration Opens & Breakfast



      8:15 AM
      Breakfast Workshop: What’s the Big Idea? The ABCs of ESGs

      • What is ESG? Where did it come from? Where is it going? Why is it so popular? Is ESG an industry or a component of investing? All questions that have no standard answer and are those which the financial markets cannot quite settle on. This breakfast workshop will be led by leading market practitioners who will dissect, explore and address the fundamentals of ESG investing for the fixed income and capital markets community.  Hosted by the Fixed Income Investor Network (FIIN)  

      9:00 AM
      IMN Welcome & Opening Remarks



      9:05 AM
      Let there be Light: Global Green Market Overview

        • How is the macro-economic and political environment affecting ESG and Green markets? Who are the global leaders in investing for impact, and what lessons can other learn from them? Market comparisons from the US, Europe and Asia.
        • What are the biggest Macro-Economic and Geo-Political factors the industry needs to take in to consideration? – Trade, Tariffs, Interest Rates, Tax, Credit Cycle etc.
        • As Nations and States work towards the UN Sustainability goals, how will the capital markets react? In what ways can new products, greater issuance, and standardized regulations assist in effecting change?
        • Overview of Traditional Green asset issuance volume; PACE, Solar, Green Bonds – Can we expect any one of these existing areas to take the largest slice? How much of these sectors are views as holistically attributable to the ESG market, and what others are emerging?
        • Effect of natural disasters on collateral and performance. Will Catastrophe Bonds become the new norm in the face of global wildfires and other disasters? Will this finally bring them in to the fold of Green and Impact assets?


      9:45 AM
      A Force to be Reckoned with: Solar & Renewable Energy Securitization

        • Review of recent transactions, and expectation for forward issuance. Trends and challenges, issuance volumes, deal structures, innovative features etc. How is Solar comparing to other Green Assets?
        • What obstacles are issuers facing coming to market? What size is necessary to scale transactions and remain effective? How do first time issuers break the barrier?
        • Outlook for distributed solar: How are utilities responding? What impact is and/or will ITC step down have, and what are the key technological drivers?
        • Opportunities for Commercial Solar - Why hasn't this been as meaningfully commoditized to the degree of Resi and Utility.
        • Who are the next wave of players looking to securitize?
        • Utility Securitization: how big of a role will securitization play in getting uneconomic assets off Utility books?
        • How are these purpose built ESG products assessing their impact against each ESG metric?


        • Alex Kaplan, Director, Capital Markets (Mosaic)
        • Eric White, Chief Executive Officer (Dividend Finance )

      10:30 AM
      Empire State of PACE: New York in Focus

        • What is happening in NY PACE? What are the main differences between the municipalities i.e. program administrators, implementation timelines, documentation etc.
          • How can Manhattan be brought in to the fold?
        • NYSERDA Guidelines – Overview of NYSERDA guidelines, comparison to other states and applicability to other growing PACE markets?
        • How can we reduce the friction in closing deals so we can boost market volume?
        • Impact measurement and verification – what analytics and data is required to report on this successfully? What analytics and data may be collected in the future, to continue to increase the applicability of the program?
        • How can state government assist with PACE progress in NY?
        • What is the timeline for new construction eligibility? How is the market opportunity viewed between new construction and retrofits, and how does this differ between NY state and NY city? How does lender consent factor in to new builds vs retrofits?


        • Susan Morth, Chief Executive Officer (Energize NY PACE)

      11:00 AM
      Networking Refreshment Break



      11:30 AM
      Supply & Demand: Allocator Mandates and Asset Exploration

        • With the current limited volumes of available ESG assets, where are new products expected to come from? Should market participants view the greatest source of new offerings to come from "building" new assets and portfolios from scratch or looking towards existing legacy assets?
          • Outside of purpose built 'green' products that align with ESG principles, where is the supply of new products going to come from? Can we re-evaluate exisiting asset classes such as; ABS, RMBS, CLO, CMBS etc? Is this where new product innovation is ging to come from (ESG CLOs, green ABCP, transition bonds)?
        • What are asset allocators looking for, for their clients' portfolios? How can investment managers meet these requirements, and is the supply out there to match the increasing demand?
        • With a large focus on green ESG assets, what will be the next sectors to evolve towards ESG and what is currently holding them back?
        • Are there specific area (E vs. S vs. G) in which allocators are most interested today?


        • Robert McDonough, Director of ESG and Regulatory Initiatives (Angel Oak Capital)

      12:10 PM
      Impact Keynote: Women Making Waves, with Liz Luckett, RISE & The Social Entrepreneurs’ Fund

      • Presented by Helen Avery, Social and Environmental Editor of Euromoney Magazine, and in partnership with 100 Women in Finance, Liz Luckett will share her experiences on investing for higher impact. Topics will include;
        • Financing Social Impact Companies – Where are they? And what are the impediments to these companies not being properly funded?
        • What is the role of technology and data in helping low income communities – what more can be done to support these efforts?
        • How can finance and technology play a supportive role within the criminal justice system and for a range of wider social causes?


        • Helen Avery, Social & Environmental Finance Editor (Euromoney Magazine)
        • Liz Luckett, Managing Partner (The Social Entrepreneurs' Fund (TSEF))

      12:40 PM
      Delegate Luncheon



      Track A 1:40 PM
      Watch this PACE: Expanding Commercial Momentum

        • Analysis of 2019: landmark transactions, new and growing markets
        • What is the status around environmental law? What markets have added stringent requirements, and which are ‘in play’? Is this helping or hindering the development of the C-PACE market? 
        • New Construction vs. Retrofitting: what are considerations specific to each?
        • Is the current regulatory environment bolstering the PACE market and, if so, how?
        • Gap financing and Tax Credit considerations. How can this affect cost, pricing, and returns?
        • ESG considerations for C-Pace: How are environmental benefits measures for these transactions? How do social and governance aspects apply here? i.e. Tax Credit incentives for investment in economically distressed and low income areas.


        • Alexandra Cooley, Chief Operating Officer & Co-Founder (Greenworks Lending)
        • Lain Gutierrez, Chief Executive Officer (CleanFund Commercial PACE Capital)
        • Mansoor Ghori, Co-Founder & Chief Executive Officer (Petros PACE Finance)

      Track B 1:40 PM
      Impact Measurement & Management: Data Analytics and Reporting

        • What levels of data and reporting are provided, and what is viewed as necessary to better qualify ESG alignment?
        • For which party does the reporting onus reside?
        • Quantifying the Impact profile of ESG assets: how may this be analyzed? Do standardized KPI’s exist to help with this?
        • What are the expectations for how long it is until we begin to see a dominant framework for the measurement of social and environmental impact? Is there a view on whether this framework will be regional or global?
        • What is the range of returns relating to ESG investments, and how do investors view these (absolute returns or relative to all investments)? Are such investments outperforming the market and worth the risk?
          • How do investors rank order, societal benefit vs. economic returns?
        • Where does FinTech factor in to this discussion? Can AI and DLT aid the progression of ESG Investing?


      Track A 2:20 PM
      PACEmaker: Keeping Residential Ticking

        • The S factor – what social benefits can R-PACE provide to endangered or lower income communities (e.g. natural disaster protections)?
        • What are the expected effects (positive and negative) of CFPB involvement? Is there a timeline for their process?
        • Does R-PACE need a rebirth, with a twist? How can consumer protections and mortgage acts help bolster this sector?
        • Regulatory headwinds: what has the effect been on the space and have some of the consumer “protections” actually hurt?
        • What would it take to change the perception of R-PACE from a ‘second look’ product? 
        • What would the process be to achieve lender consent for R-PACE? Would lender consent improve market volume?


        • Craig Braun, Chief Capital Officer (Renovate America, Inc.)
        • James Vergara, Chief Investment Officer (PACE Funding Group)
        • Rasool Alizadeh, Chief Financial Officer (Energy Efficient Equity (E3))

      Track B 2:20 PM
      Into the Matrix: ESG Strategies & Rating Agency Methodologies

        • What are the implementation challenges and risks when it comes to ESG for ABS, compared to other financial instruments?
        • Does ESG pose a chance to evolve the role of Rating Agencies in the market, and how are they adapting to this?
        • Exclusionary and Positive Screening techniques, ESG Integration and Active Ownership: What approaches exist and how can investors choose to maximize ROI?
        • What are the key stakeholders requirements and how does this shift the approach taken in choosing the best strategy and methodology?
        • Manager selection processes: How can these be incorporated, do these differ and what qualities appeal to investors most?
        • Aggregating scores for the E, S, and G – How are these weighted to result in a total ESG score?


      3:00 PM
      Networking Refreshment Break



      Track A 3:20 PM
      All for One, and One for All: Community Solar Outlook

        • In what way may community solar become more feasible for communities?
        • Solar Storage capabilities – Are Utilities and Solar companies on the same page? can this help mitigate blackout risks?
        • What effect does government support have for community solar projects? Impact of tariffs, potential policy changes etc.
        • What sources of financing are available? Does this create opportunities for local partnerships?
        • How can community solar evolve into a real investor opportunity? What are the available models and potential risks?
        • What are other ways to finance the broader world of green? Do we move outside of solar and look to wind or geothermal?


        • Daniel Poydenis, Chief Executive Officer (Sea Oak Capital)

      Track B 3:20 PM
      Credit Enhancement: Risk Mitigation for ESG Investments

        • What is the rationale for “de-risking” Green Investments?
        • In what ways can Private Capital be unlocked for Green Investments?
        • How to consider the various mechanisms available under credit-enhancement schemes, including First-Loss, PCG/PRG, Contingent Loans, and Viability Gap Funding?
        • What is the application of bi-lateral Credit-Enhancement for Green Structured Finance transactions?
        • What tools are States incorporating to promote Green Investments?
        • How should investors view the role of philanthropy for contingent grant-based credit-enhancement


        • John Joshi, Director of Financing Solutions (NYSERDA)

      Track A 4:00 PM
      Bonds Exploration: From Green to Blue, and SDG Alignment

        • How will mapping SDGs into green and Social Bond Principles help drive the market forward?
        • Are governments and Regulators helping stimulate the social bond market as they have with green?
        • How are investors and issuers assessing the value of social bonds in comparison to green bonds?
        • How can the market apply metrics to social bonds to address aspects including; Women’s empowerment, affordable housing, and healthcare?
        • As the markets continue to develop, how can participants encourage harmonization of agreed principles? Is it essential for harmonization to advance the market? What lessons from Europe can be adapted and applied to the US market?
        • What regulatory lessons can be learned from Europe and China? How can the ICMA principles be adopted in to a global set of standards? Would this help standardize Green Bonds and grow the US market?


      Track B 4:00 PM
      What the S! A Blended Finance Approach to ESG Advancement

        • Beyond securitization, how can the market utilize other financial instruments (such as venture debt, micro finance, and public sector capital) to continually advance ESG successes?
        • Are blended finance transactions the key to enabling more funding to social causes and unlocking emerging market potential?
        • Is innovation possible still in the financial markets, and how can it be applied to address these unique needs?


      4:40 PM
      The ESG Investor Roundtable

        • What are investors' major focus areas in socially responsible and ESG investing today? How have views on these sectors changed in the last 6-12 months?
        • What makes SRI and ESG considerations top priority for investors? What investor-specific factors are key in focusing on these investing areas?
        • Are SRI and ESG sectors or factors which are becoming part of the overall investing climate?
        • What are the implementation challenges and risks when it comes to ESG within ABS, as opposed to other financial instruments?
          • Are key parties addressing these? How are investors individually seeking to do so where deficiencies still exist?
        • How has the market reacted to various social and environmental initiatives (Paris Climate Accord, United Nations, and global climate disasters)? Is ESG investing based on global, regional or local factors?
        • How do investors view ‘green’ vs. ‘green-washing’? What can be done to prevent market spoilage due to bad market participants?
        • Where do investors see these markets evolving in the coming year or two?


        • Joseph Lau, Chief Operating Officer (Lord Capital LLC)
        • Yvonne Tai, Senior Fixed Income Analyst (Impax Asset Management)

      5:30 PM
      Conference Concludes & Networking Reception



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1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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