Welcome and opening remarks
Allison Lindsay, Director of Conferences, Institutional Investor Carbon Forums

8.50am - 10.15am
Session 1: OPENING KEYNOTES

Keynote opening address
Sam Napolitano, Director, Clean Air Markets, Environmental Protection Agency (EPA)

US government law shaping – what have we learned from the process so far?
• Senate debate of the Lieberman-Warner bill and expectations for the next congress
• Estimated timelines within the current political climate
• House Climate change legislation - what are the probable scenarios?
• Emerging opportunities for investment
Timothy Profeta, Director, Nicholas Institute for Environmental Policy Solutions and former Counsel for the Environment for Senator Joseph I. Lieberman

Is a cap-and-trade system the only viable solution?
• Concerns over the structured difficulties with a cap-and-trade system
• Achieving goals or transferring responsibility to developing nations?
• Costs of implementation and the debate over price sensitivity
• The prospects for a  combined tax and cap-and-trade system
Dr Nikhil Chandavarkar, Chief of Communications and Information Management, United Nations Department of Economic and Social Affairs

Financing the change - sources of funding and windows of opportunity
Andrew Ertel, President and Chief Executive, Evolution Markets

10.45am - 12.15pm
Session 2: THE KEY ELEMENTS FOR MARKET FORMATION

Chair: Ed Feo, Partner, Milbank Tweed Hadley& McCloy LLP

Questioning the need for US carbon market oversight
• The impact of the current economic climate on the drive for tighter measures
• What are the bodies potentially overseeing this market?
• A case study – the question of regulating the market in the UK
• How will the potential market oversight affect the development of carbon as a commodity?
Gia Schneider, Partner, EKO Asset Management Partners

Does permit auctioning drive a stronger carbon market?
• Is credit auctioning effectively a tax?
• Auctioning, cost containment and the safety valve
• Allocation lessons from Phase I and Phase II of the EU-ETS
• Market expectations post the first RGGI auctioning
• Case study – the example provided by the SO2 program
Alice LeBlanc, Director, Office of Environment and Climate Change, AIG Corporate Affairs

Factoring in carbon to competitiveness in the world markets
• Addressing the leakage argument - are trade measures a necessity for achieving climate change targets?
• What taxing mechanisms are being considered to address the problem?
• How will different competitive measures impact US industries?
Benjamin Tal, Senior Economist, CIBC World Markets

Federal Pre-emption over regional initiatives and the implications on the carbon market
• Fragmented market vs. state ingenuity
• The different stakeholders’ views
• Should carbon trading differ significantly from NOx and SOx?
Vincent DeVito, Partner, Bowditch & Dewey LLP

1.30pm - 3.00pm
Session 3: ANTICIPATING CHANGE: OPPORTUNITIES IN THE PRE-COMPLIANCE MARKET

Chair: William L. Thomas, Counsel, Skadden Arps

Extending business platforms into the voluntary markets - the AES-GE joint venture
• Assurance gaps in the voluntary markets and the GGS model
• The opportunities in bringing new technology to the market
Mark Wasilko, Managing Director, Greenhouse Gas Services, AES

The way out for coal - carbon capture and storage development
• Hedging exposure to carbon and the impact of regulations on utilities
• The gap in the market for CCS technology – Is it up to the government or private sector to fund the change?
Craig A. Hart, Counsel, Alston& Bird LLP

3.30pm - 5.00pm
Session 4: MARKET DRIVERS FOR TARGETED TECHNOLOGY SOLUTIONS

Emerging investment trends for VC/PE
• The traditional VC investment model and the financing challenges of renewable energy solutions
• Clean technology as an alternative investment model: scale of finance, exit points
Dr Stephen Kellert, Founding Partner, Environmental Capital Partners

The technology route to carbon investments
• Cleantech growth in response to carbon market development
• Where is the technology coming from and how is it being financed?
Jeffrey Lipton, Managing Director, Cleantech Investment Banking, Jefferies & Company, Inc

A technology company's view on the challenges of raising capital for clean technology innovation
Jon Sohn, Vice President, US Market Development, Climate Change Capital

Cleantech transfer into developing markets as a growing investment opportunity
Stephen Heins, Vice President of Communications and Government Affairs, Orion Energy Systems

Welcome and opening remarks
Vered Tsedaka, Conference Manager, Institutional Investor Carbon Forums

9.00am - 10.30
Session 5: EXPANSION AND DIVERSICATION IN CARBON TRADING

US exchanges have demonstrated remarkable multiples of growth in recent months recent months. These trends are indicative of the appetite of the US investment community for carbon products, and contribute to illuminating the market views on the price of carbon.

This session will look at how the carbon markets evolve through analysis of both European markets and the US’s growing voluntary market

Key topics for discussion include:
• Trading infrastructure and reporting challenges
• Voluntary trading growth in the US
• Analyzing the impact of  the carbon price in Europe on its US equivalent under different policy measures on emission reduction sourcing
• How to create and manage environmental commodities?
• How carbon market infrastructure solutions can ensure market integrity?
• The Importance of Standards in the Voluntary Market
Geoff Sinclair, Head of Carbon Finance and Trading, Standard Bank Plc
Christian del Valle, Environmental Markets, BNP Paribas
Jeffrey Maron, Head of trading Systems, North America, GFI Group
Thomas Claßen, Carbon Management Service, TÜV SÜD Industrie Service GmbH
Sakis Asteriadis, Managing Director, APX Inc.

11.00am - 12.30pm
Session 6: SHIFTS AND OPPORTUNITIES IN THE US ENERGY MARKET

Co-Chairs:
Kenneth Markowitz, Senior Counsel, Akin Gump
Brian Prusnek, Vice President, US Market Development, Climate Change Capital

This session will explore the likely changes to the energy mix in the near and mid term future, and gauge how this impacts decisions on investments that are strongly correlated with the energy market.
• Projected changes in the energy mix - gaps and opportunities
• Will the price of carbon be enough to build the necessary infrastructure?
• How do we bring clean energy to the grid?
• The institutional investors’ view on factoring in new build exposure to carbon
• What do investors see as risks in the energy markets?

Keith McCoy, Vice President, Energy and Resources Policy, National Association of Manufacturers
James G. Mellody, Senior Vice President, First Energy
Senior representative, The Federal Energy Regulatory Commission (FERC)
Michael Cosgrove, President, Amerex Brokers LLC

2.00pm - 3.30pm
Session 7: EXPRESSING ENVIRONMENTAL PERFORMANCE IN FINANCIAL TERMS

Chair:Peter de Graaf, Managing Director, Trucost Plc

Analysis of threats posed to businesses by climate change
• Defining the types of risks companies face
• Quantifying risk levels by sector
• How should companies address these challenges and what are the financial justifications?
Eric Israel, Forensic Managing Director, KPMG

The impact of carbon auditing and carbon management on financial performance
• Index analysis – modelling environmental performance across markets and sectors
• Key observations on performance post EU-ETS implementation
• How do these lessons apply to the US economic landscape?
Hewson Baltzell, President, Innovest Strategic Value Advisers

How do climate change risks factor into investment decisions across asset classes?
• Taking advantage of market inefficiencies created by the response to climate change
• The Four Pillars that can used as signposts for investment analysis
• The impact on balance sheets, P&L Statements and risk management
Dr Bruce M. Kahn, Director and Senior Investment Analyst, Climate Change Investment Research Group, Deutsche Asset Management

4.00pm - 5.00pm
Session 8: INVESTING IN CARBON CREDIT ORIGINATION

The global community‘s engagement in the carbon markets is creating investment opportunities in credit generation both in the voluntary and regulated markets.
This session will look at how carbon is being incorporated into project finance and will feature debate on the choice between investments in the origination of voluntary and CDM credits

Key topics for discussion include:
• Developing markets for credit origination – outlook on the potential in Latin America
• Case study - VER origination and the structuring of a dedicated carbon fund
• Seeking investment in credit origination – taking the voluntary or regulated path?
• Assessing investments in projects – potential returns and timelines
• What are the opportunities in developing US projects?

Vinod K. Mukani, Director, Corporate and Structured Finance – Americas, NORD/LB
Björn Fischer, Managing Director, First Climate
Roger Feldman, Co-Chair, Clean Energy Group, Andrews Kurth LLP