The Nature & Biodiversity Challenge

Online in Zoom

Tuesday 10th December 2024

13:10 – 17:10 GMT

Engaging with Nature for Better Pensions

During our 4-Part “Rethinking” series on Climate Change in Q1 of 2024, 180 delegates debated in detail how pension schemes are confronting the real risks of climate change and investing more effectively and profitably in the energy transition. But what of nature and biodiversity, for which degradation on a global scale has been well documented and on which the effect of most investment decisions is pervasive?

Are the considerations the same, or are there key differences in the stewardship and governance challenges impacting natural assets and in the investment opportunities they offer?

Pensions practitioners from across the industry – representing both LGPS and corporate schemes – will discuss how they are confronting these challenges. Assisted by some compelling Case Studies, there will be particular emphasis on the practical choices they are taking in pursuit of nature goals for the greater benefit of their members and society at large. 

In common with all SGPE Masterclasses, the event will be highly interactive, with free and frank exchanges of views, and participants encouraged to engage and contribute proactively throughout.

Chair

Marian D'Auria, Head of Risk & Sustainability GFG Alliance

Marian D'Auria

Group Head of Risk & Sustainability
GFG Alliance

Chair

Marian D'Auria, Head of Risk & Sustainability GFG Alliance

Marian D'Auria

Group Head of Risk & Sustainability
GFG Alliance

Keynote Speaker

Dr. Beccy Wilebore

Chief Science Officer
Natcap Research

Agenda
Devil's Advocates

Mark Barry, Partner, Black Isle Advisory Partners
Sally Bridgeland, Chair, Brunel Pension Partnership
Bobby Riddaway, Managing Director, HS Trustees

A panel of Devil’s Advocates will be on duty for the course of the afternoon.

They will be available to pose challenging questions to any of the conference speakers when invited to do so by the Moderator of each session. They will provide an end of day summary of the main learning and action points from the conference.

13.10 – 13.30
Meet & Greet
13.30 – 13.50
Welcome & Introduction

Masterclass Chair:
Marian D’Auria
Global Head of Risk & Sustainability
GFG Alliance

Programme Director:
Stephen Glover
Director
SG Pensions Enterprise

13.50 – 14.30
Panel Discussion: Identifying the "Win-Win" in Nature & Biodiversity Investments

Moderator:
Maria D’Auria 
Global Head of Risk & Sustainability
GFG Alliance

Julius Pursaill
Strategic Adviser
Cushon NatWest

Paul Hewitt
Responsible Investment Manager
London Pensions Fund Authority

Mark Hill
Climate & Sustainability Lead
The Pensions Regulator

Our expert panel will debate how leading pension schemes and wealth managers are managing nature risks in investment portfolios through effective stewardship in the main asset classes.

Equally they will consider natural capital and biodiversity investment opportunities in an asset allocation context. What does an increased allocation to nature investments look like, how is it financed, and what are the increased return and diversification benefits expected from it?

14.30 – 14.55
Presentation: Identifying & Incorporating Nature Risks in Investment Portfolios

Eveliina Sario
Product Strategist
EMEA Sustainable Indexing
BlackRock

Arne Klug
Biodiversity Research Director
MSCI

How to identify the main nature and biodiversity risks embedded in investment portfolios is a critical question.

Our speakers will give expert insights into the risks they consider most important to consider, and share key insights into how to maximise investment outcomes based on the available data sets.

14.55 – 15.20
Case Study 1: The Practical Implementation of a Nature Investment Strategy

Marion Maloney
Head of Investment
Environment Agency Pension Fund

Ruth Murray
Investment Director
Gresham House

Speakers from the EAPF and Gresham House will explore the practical implementation of a current nature and biodiversity investment strategy the EAPF is pursuing and how it became an investable opportunity.

They will describe how this fits in with existing SAA policy at the EAPF, the risk and return benefits it is expected to deliver, the key decision factors and the wider societal gains to be anticipated

15.20 – 15.45
Coffee Break
15.45 – 16.10
Case Study 2: How to Make Nature an Investable Asset Class

Robert Gardner
CEO & Co-Founder
Rebalance Earth

Darran Ward
Head of Alternatives
West Yorkshire Pension Fund

Climate change and Nature loss are driving water risks – too much (flooding), too little (drought), and too dirty (pollution) – These challenges are rippling through financial systems, value chains, and communities. 

Darran Ward, from West Yorkshire Pension Fund, will discuss their investment in Rebalance Earth, a fund manager committed to investing £10 billion over the next decade to restore natural infrastructure in the UK. 

Using Plymouth as an example, Rob Gardner will showcase how investing in Nature as business-critical infrastructure delivers financial returns by mitigating risks like flooding while providing environmental and social benefits to create a world worth living in. 

16.10 – 16.50
Panel Discussion: Reimagining the Future – Action Points & Practical Takeaways

Moderator:
Kerry King
Executive Director of Capital Markets
Accounting for Sustainability

Emma Hunt
Head of Responsible Investment
HSBC Bank Pension Trust

Kaisie Rayner
Director
A Future Worth Living In

Nick Spencer
Sustainable Investment Strategist
Gordian Advice

For nature and biodiversity losses to be reversed and tangible gains to be realised, practical stewardship, asset allocation and investment policies need to be devised that genuinely embrace the
nature challenge and can demonstrate clear results, impact and financial performance.

Drawing upon the success stories from the case studies this afternoon, our panel will debate the lessons that key market participants – asset owners, trustees, consultants, managers – must learn and apply to
make these goals a sustainable reality.

16.50 – 17.00
Devil's Advocates' Summary

Mark Barry
Partner
Black Isle Advisory Partners

Sally Bridgeland
Chair
Brunel Pension Partnership

Bobby Riddaway
Managing Director
HS Trustees

The Devil’s Advocates will offer their summary and main takeaways from the afternoon’s proceedings.

17.00 – 17.10
Final Thoughts & Closing Remarks
Speakers

Mark Barry

Partner
Black Isle Advisory Partners

Sally Bridgeland, Chair Brunel Pension Partnership

Sally Bridgeland

Chair
Brunel Pension Partnership

Rob Gardner, Co-CEO & Co-Founder of Rebalance Earth

Rob Gardner

Co-CEO & Co-Founder
Rebalance Earth

Paul Hewitt, Responsible Investment Manager, LPFA

Paul Hewitt

Responsible Investment Manager
LPFA

Mark Hill

Climate & Sustainability Lead
The Pensions Regulator

Emma Hunt, Head of Responsible Investment, HSBC Bank Pension Trust

Emma Hunt

Head of Responsible Investment
HSBC Bank Pension Trust

Kerry King, Executive Director of Capital Markets, Accounting for Sustainability

Kerry King

Executive Director
A4S

Arne Klug

Biodiversity Research Director
MSCI

Marion Maloney

Head of Investment
EAPF

Ruth Murray

Investment Director
Gresham House

Julius Pursaill, Strategic Adviser, NatWest Cushon

Julius Pursaill

Strategic Adviser
Cushon NatWest

Kaisie Rayner

Director
A Future Worth Living In

Bobby Riddaway, Managing Director HS Trustees

Bobby Riddaway

Managing Director
HS Trustees

Eveliina Sario

Product Strategist
BlackRock

Nick Spencer, Sustainable Investment Strategist, Gordian Advice

Nick Spencer

Sustainable Investment Strategist
Gordian Advice

Darran Ward

Head of Alternatives
West Yorkshire Pension Fund

Sponsors
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Marian D'Auria, Head of Risk & Sustainability GFG Alliance

Marian D'Auria

Global Head of Risk & Sustainability
GFG Alliance

Marian is the Global Head of Risk & Sustainability at GFG Alliance. 

Prior to joining GFG, she was a Managing Director at Redington and before that led Deloitte’s Trustee Advisory team in London. Her experience covers pension risk management, sustainability, trusteeship, scheme actuarial work, corporate advisory and investment consulting.

Dr. Beccy Wilebore

Chief Science Officer
Natcap Research

Beccy Wilebore is Chief Science Officer at natcap, with responsibility for setting the science vision and overseeing model development. She is a quantitative ecologist, with 10+ years of experience at the interface between natural sciences and economics. 

Beccy is experienced in working with clients from the public and private sectors, including global asset managers, financial institutions, NGOs and individual landowners and farmers, to understand the investment opportunities in natural capital and biodiversity in a credible and data-driven way. She also specialises in data analysis from earth observation and remote sensing.

Beccy holds a PhD in forest ecology and REDD+ carbon markets from the University of Cambridge. 

Mark Barry

Partner
Black Isle Advisory Partners

Mark has worked with institutional investors around the world for the past 30 years working for firms including WTW, AGI, Russell and Robeco.

More recently, he has transitioned to focussing on a range of projects. He provides advice and raises capital for ventures and private market firms.

He works with a number of FinTech businesses, and he has a particular passion for innovative firms focused on addressing the challenges of developing natural capital as an asset class, with a particular focus on the blue economy and aquaculture.

Sally Bridgeland, Chair Brunel Pension Partnership

Sally Bridgeland

Chair
Brunel Pension Partnership

Sally is Chair at Brunel Pension Partnership and at the Development Bank of Wales, as well as non-executive director at insurers Pension Insurance Corporation and Royal & Sun Alliance. 

Her non-executive portfolio has included roles at the Nuclear Liabilities Fund, NEST Corporation and the Lloyds Bank pension schemes and as Chair of the first local government pensions pool, Local Pensions Partnership Investments (LPPI) Limited.  She was CEO of the BP Pension Scheme in the interesting years of 2007-14 after twenty years with Aon Hewitt working as a pensions consultant and in investment research and innovation.

Rob Gardner, Co-CEO & Co-Founder of Rebalance Earth

Rob Gardner

Co-CEO & Co-Founder
Rebalance Earth

Rob is an entrepreneur, investor and innovator with a proven track record of success in protecting and growing assets in the pensions and wealth management industry.

Previously Director of Investments at FTSE100 company SJP, he managed over £150 billion in client investments.

Rob is also a successful B-Corp founder, having built companies such as Redington and mallowstreet and a financial education charity called RedSTART. Rob’s dream is a world worth living in – economically, environmentally, and socially. He is currently the Co-Founder and Co-CEO of Rebalance Earth. They create high-integrity nature credits that protect and grow biodiversity and generate prosperity for the communities that preserve nature and capture carbon.

Over the next decade, Rebalance Earth aims to protect and restore nature, capturing over one gigatonne of CO2 and generating daily income for millions worldwide to create a world worth living in

Paul Hewitt, Responsible Investment Manager, LPFA

Paul Hewitt

Responsible Investment Manager
London Pension Fund Authority

Paul joined LPFA in October 2022, and is responsible for developing and overseeing the implementation of LPFA’s approach to responsible investment, including their net zero commitments. 

Paul has worked in the responsible investment industry for 20 years. Prior to joining LPFA, he had 14 years working at Minerva with institutional investors – including a portfolio of LGPS clients – on a variety of stewardship-related solutions including proxy voting, monitoring of manager voting, RI policy development, company engagement and stewardship reporting. He also spent 4 years working for Vigeo Eiris (later Moody’s ESG), providing ESG integration-related solutions to investors. 

Paul has also served as Vice-Chair of the Pension Advisory Board at the Essex Pension Fund, as well as member of the Pensions Climate Risk Industry Group, which was tasked with drawing up guidance for the private pensions industry in the UK to meet climate risk reporting regulations.

Mark Hill

Climate & Sustainability Lead
The Pensions Regulator

Mark is the Climate & Sustainability Lead at The Pensions Regulator (TPR), responsible for developing the regulatory response to climate change and sustainability disclosure requirements and delivering TPR’s Climate Change Strategy. He brings 30 years of experience working predominantly in the public sector.

Prior to joining the TPR, Mark worked for the Ministry of Defence (MoD) within the Defence Infrastructure Organisation, where he led on climate change and sustainability. During his time at MoD, Mark contributed to the Defence Climate Change and Sustainability Review, which ultimately led to the publication of the Climate Change and Sustainability Approach in 2021. 

In tandem, he developed a Defence Energy and Emissions Strategy, and was involved in work to mobilise third party capital to invest in renewables across the Defence estate, before attending COP26 as part of the Cabinet Office’s COP26 Unit.

Just before leaving the MoD to join TPR, he was busy supporting across sector work to integrate climate risks into sustainable land management and specifically brownfield land development.

Emma Hunt, Head of Responsible Investment, HSBC Bank Pension Trust

Emma Hunt

Head of Responsible Investment
HSBC Bank Pension Trust

Emma has been at the forefront of developments in stewardship, ESG, sustainable investment for 25 years.

She is an expert in change management and the development and implementation of policy and strategy. The power of strong partnerships, effective change management, commercial acumen and good humour are cornerstones of Emma’s approach to work. 

Kerry King, Executive Director of Capital Markets, Accounting for Sustainability

Kerry King

Executive Director for Capital Markets & Fundraising
Accounting for Sustainability

Kerry is the Executive Director for Capital Markets & Fundraising at Accounting for Sustainability (A4S), where she is responsible for leading their Capital Markets programme to accelerate awareness and action towards a global sustainable financial system.  

This includes running the A4S Asset Owners Network for pension fund chairs, supporting their commitments to embed sustainability into their strategic and investment decisions; convening senior finance to address specific challenges faced by the financial sector; and leading on guidance to scale up adoption of sustainable action by pension scheme trustees and finance within the banking and insurance sectors.

Having worked on numerous sustainability initiatives of His Majesty King Charles III, Kerry first joined A4S in 2006 and returned in 2017, to drive support for and adoption across a global CFO community on the recommendations of the Taskforce for Climate-related Financial Disclosures (TCFD). 

Arne Klug

Director, Biodiversity Research
MSCI

Arne Philipp Klug, as Director of Biodiversity Research for MSCI, oversees thematic research on biodiversity and natural capital. He engages with investors and key stakeholders to help clients set and prioritize their investment objectives to biodiversity. In addition, Arne serves on the ESG Editorial Committee.
 
Until 2021, Arne has led MSCI’S ESG research on the transportation sector. He authored several reports on ESG issues with a special focus on the automobiles and airlines industries.
 
Prior to joining MSCI, Arne worked for more than six years as an ESG analyst and account manager at Sustainalytics in Frankfurt and Toronto. Arne holds a master’s degree in communications science, political economics and Hispanic studies from the University of Münster in Germany.

Marion Maloney

Head of Investment
EAPF

Marion has a long background in public policy issues at regional, national and European level.  This included a number of years working for the Environment Agency in England as a senior adviser on the environmental regulation of renewable technologies and the oil and gas industry.

Marion started working for the Environment Agency Pension Fund in 2018, following a period as trustee to the Fund. 

Ruth Murray

investment Director
Gresham House

Ruth is an Investment Director in the Gresham House Sustainable Infrastructure Team. 

Ruth has been with Gresham House since 2020. The move to asset management marked a career change for Ruth who was previously a senior partner in a top 100 law firm leading the Energy, Waste and Projects teams. 

The Sustainable Infrastructure Team manage the BSIF Funds’ strategies, investing in new Sustainable Infrastructure that can support and accelerate the changes and innovative solutions required to address key environmental and societal challenges whilst also delivering attractive returns. 

Ruth is the co-fund manager of the Gresham House Biodiversity Co-Invest strategy, a dedicated vehicle to fund portfolio company, Environment Bank, in establishing biodiversity rich habitat banks across England, catalysed by the introduction of mandatory biodiversity net gain for planning permissions under the Environment Act 2021. 

Ruth is a director of Environment Bank, and two of the BSIF Funds’ waste portfolio companies. 

Julius Pursaill, Strategic Adviser, NatWest Cushon

Julius Pursaill

Independent Expert
Pensions Adviser

Julius spent his executive career working with DC pensions in both the insurance and asset management industries. In his subsequent non-executive career, Julius has held a number of independent pension and investment governance roles. He was one of the founding trustee directors of NEST Corporation and chaired both its investment and risk committees.

Bobby Riddaway, Managing Director HS Trustees

Bobby Riddaway

Managing Director
HS Trustees

Bobby is a Senior Pensions leader, who has over 25 years of experience advising both trustees and employers of Occupational Defined Benefit (DB) and Defined Contribution (DC) schemes.

Bobby is a qualified Actuary and a council member of AIMSE. He is a past Chair of the Association of Consulting Actuaries Investment Sub-Committee and has also served on the Finance and Investment Board of the Institute of Actuaries. 

He is a past winner of the MallowStreet Most Influential Investment Advisor Award, and has also twice won the industry Battle of the Bands, as a Bass player. 

Bobby is also a regular speaker on pensions issues at various conferences, and has participated as a judge for a number of industry awards. He has held leadership roles in areas including ESG, professional standards and governance, asset liability modelling and liability driven investment.

Eveliina Sario

Product Strategist - Emea Sustainable investing
BlackRock

Eveliina is a Product Strategist in the Sustainable Indexing Team, and is responsible for the development, distribution and client engagement of BlackRock’s sustainable equity index funds and bespoke client mandates. 

In her previous role at BlackRock, Eveliina focused on the sustainability data available across the Aladdin platform, including Aladdin Climate risk offering. 

Prior to joining BlackRock, Eveliina spent 6 years working as a multi-asset class risk and portfolio optimisation specialist.

She holds a degree in Accounting and Finance from the University of Strathclyde. 

Nick Spencer, Sustainable Investment Strategist, Gordian Advice

Nick Spencer

Founder
Gordian Advice

Nick Spencer is a Founder at Gordian Advice and a Senior Consultant at Milliman. He is an award-winning thought leader with over 30 years of risk and investment experience. Nick helps clients develop practical capabilities for the challenges of tomorrow. More specifically, he leverages systems thinking to identify resilience-building and opportunity-making pragmatic actions and thus helps create solutions for a world at risk. 

Nick is the author of Accounting for Sustainability’s Nature-Risk guide. He regularly contributes to The Actuary, the IFoA Blog and papers for Milliman.

Nick has been an early proponent of integrating Biodiversity risks. He received a President’s Award for helping develop the IFoA’s Biodiversity Policy and has been an expert witness to the UK Parliament’s Environment Audit Committee. 

Nick is an advocate for aligning the asset management industry with a broader societal purpose; he recently co-authored a paper on Climate Change Inequalities

Darran Ward

Head of Alternatives
West Yorkshire Pension Fund

Darran leads the WYPF Alternatives team to deliver diversified, risk-adjusted returns aligned with long-term themes and beliefs critical to West Yorkshire Pension Fund and its members. 

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