On June 2, our founder and CEO, Jason Tu, delivered a keynote at New York University Shanghai, discussing the new sustainability standards introduced by China's three major stock exchanges.
The Annual Forum on Climate Change and Business Innovation forum at NYU Shanghai brought together leaders from the global university and beyond to address corporate climate actions, carbon pricing, and sustainable city initiatives. It was co-hosted by the Center for Business Education and Research (CBER) and the Volatility Institute (VINS).
During the forum, NYU Shanghai leadership extended a warm welcome to guests and participants. Chancellor Tong Shijun stressed the importance of collective efforts from both the private and public sectors in addressing climate change for the benefit of society and future generations. Vice Chancellor Jeffrey Lehman introduced the work of CBER and VINS, underscoring the value of collaboration among academia, government, and business in driving innovations in technology, finance, and business to confront the challenges posed by climate change.
🟩 Left: Chancellor Tong Shijun; Right: Vice Chancellor Jeffrey Lehman
In his keynote, Jason highlighted the significant impacts the new standards have on public companies in China, particularly some 467 large-cap and emerging tech enterprises that are now required to report on sustainability.
🟩 Jason Tu, Founder and CEO of MioTech
Nearly 90% of these mandated companies have published a sustainability report this year, he said. However, many are still not well-prepared to report key metrics, such as scope emissions.
🟩 Left: Dean Chen Yuxin; Right: Executive Director Zhou Xin
The forum was co-chaired by Dean of Business and Global Distinguished Professor of Business, Chen Yuxin and VINS Executive Director Zhou Xin.
The forum's inaugural speaker was Robert Engle, a distinguished Professor Emeritus of Finance at NYU Stern School of Business and the 2003 Nobel Laureate in Economics. Serving as the co-director of VINS, he delved into the concept of termination risk associated with fossil energy. Engle elaborated on the definition, key attributes, real-world instances, and recommended strategies for businesses and governments to navigate these risks effectively. Stressing the significance of factoring in termination risks when making investment decisions, he highlighted how thoughtfully crafted policies could help mitigate the challenges posed by climate change, ultimately guiding stakeholders towards more informed and prudent investment selections.
🟩 Professor Robert Engle
Lai Xiaoming, Chairman of the Shanghai Environment and Energy Exchange and Ari Ginsberg, NYU Stern School of Business Professor of Entrepreneurship and Management who is also the former director of the Berkley Center for Entrepreneurship and Innovation were also invited to deliver keynote speeches.
Additionally, 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 joined together in a panel discussion moderated by CBER Senior Advisor Fan Songlu to share their insights on collaboration on climate action and sustainable city initiatives.