Jun 13 2024
Published by
NYU Shanghai
On June 2, NYU Shanghai held the 2024 Annual Forum on Climate Change and Business Innovation, co-hosted by the Center for Business Education and Research (CBER) and the Volatility Institute (VINS). The forum featured keynote speeches and roundtable discussions, focusing on climate change’s impact on the global economy, finance, and business. Nearly 200 participants attended, bringing together representatives from academia, industry, and government to discuss climate change-focused technological, financial, and business innovations, as well as international cooperation and policies.
NYU Shanghai leadership welcomed the guests and attendees to the forum. Chancellor Tong Shijun emphasized that the joint efforts to tackle climate change from both the private and public sectors will benefit our society and also future generations. Vice Chancellor Jeffrey Lehman introduced the work of CBER and VINS to the audience, highlighting the significance of collaboration between academia, government, and business in exploring innovations in technology, finance, and business in the face of the challenges brought on by climate change.
Left: Chancellor Tong Shijun; Right: Vice Chancellor Jeffrey Lehman
The forum was co-chaired by Dean of Business and Global Distinguished Professor of Business, Chen Yuxin and VINS Executive Director Zhou Xin. They noted that in the context of global climate change, this forum can inspire collaborative thinking and practice for high-quality economic development and business innovation.
Left: Dean Chen Yuxin; Right: Executive Director Zhou Xin
NYU Stern School of Business Professor Emeritus of Finance and 2003 Nobel Laureate in Economics Robert Engle, the co-director of VINS, was the forum’s first speaker. He shared his insights on the termination risk for fossil energy, discussing the definition, characteristics, empirical experiences, and strategies for businesses and governments to address these risks. He emphasized the importance of considering these termination risks in investment decisions and noted that well-devised policies could mitigate the risks posed by climate change, leading to wiser investment choices.
Professor Robert Engle
Chairman of the Shanghai Environment and Energy Exchange Lai Xiaoming gave a speech titled “Carbon Trading and Carbon Management.” He outlined the development of China’s carbon market, explained the basic mechanisms of carbon trading, carbon asset management, factors influencing carbon asset prices, and carbon credits. Discussing the future of China’s carbon market, Lai said, “The decades or even centuries of effort and costs in carbon reduction are not for immediate returns but for creating a miracle that reverses the catastrophe of climate change.”
Chairman Lai Xiaoming
CBER Senior Advisor Fan Songlu moderated the forum’s roundtable discussion featuring diverse perspectives from a range of fields. Participants included McKinsey Global Institute Director and Senior Partner Emerita Lola Woetzel, King & Wood Mallesons Partner Su Meng, and Shanghai Key Laboratory of Urban Design and Urban Science (LOUD) Founding Co-Director Guan ChengHe. Woetzel discussed collaboration between individuals, businesses, and governments; Su emphasized the importance of non-legal incentives for reducing carbon emissions; and Professor Guan provided new ideas for urban green and low-carbon transformation using the example of climate parks.
From left to right: Fan Songlu, Lola Woetzel, Su Meng, and Guan ChengHe
In the second half of the forum, MioTech Founder and CEO Jason Tu delved into China’s new sustainability standards. The company provides scientific data analysis for businesses and aims to help companies understand the new standards through a comparative analysis project led by the China Association for Public Companies. Tu pointed out that although most companies do submit mandatory annual sustainability reports, there are still delays in reporting key metrics.
Founder and CEO of MioTech Jason Tu
The final speaker was NYU Stern School of Business Professor of Entrepreneurship and Management Ari Ginsberg, the former director of the Berkley Center for Entrepreneurship and Innovation. Ginsberg spoke on surveying the landscape of climate technology startups in New York City and made a distinction between climate tech and clean tech, introducing emerging climate tech hubs in New York and various startups focusing on different fields. He encouraged cross-disciplinary and cross-sector collaboration to tackle future climate challenges.
Professor Ari Ginsberg
NYU Shanghai Vice Provost for Research Anqi Qian concluded the forum with her hope that NYU Shanghai will continue to focus its research on contributing to urban and social development, well-being, and prosperity. She added that many professors at the University are deeply interested in climate change research, and CBER and VINS serve as two major platforms that can promote research collaboration and foster the integration of research with real-world applications.