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Jane Korhonen: The coronavirus pandemic may be a once-a-century event – but it is crashing into what many consider the ongoing challenge of our time – climate change. This collision is “fueling” a slump in energy demand that is unparalleled since the Great Depression; at the same time, a combination of new technologies, consumer behavior and policy decisions are contributing to a surge in renewable energy. As the backdrop to this singular year in our lives and in energy markets, we recognize that the global economy is migrating to lower carbon energy sources. Yet, across the world, we still generate more than 80% of our energy from fossil fuels – oil, gas and coal. As an investor, I am constantly studying these trends to understand what they are telling me about how to make better investment decisions for our clients.
I’m Jane Korhonen and I’m a partner at Brown Advisory. When I want to understand what is going on with the global energy landscape, I turn to one of the world’s foremost thinkers on energy and its relationship to international politics and economics: Dr. Dan Yergin. Dan is Vice Chair of IHS Markit, one of the world’s largest research and information companies, and creator of CERA Week, the leading gathering of energy CEOs and policy makers from around the world. Dan is the author of numerous books, including "The Prize: the Epic Quest for Oil, Money & Power" – for which he won a Pulitzer prize. And he just published a fascinating new book – "The New Map: Energy, Climate and the Clash of Nations".
In this time of global crisis, I wanted to sit down with Dan to understand what he’s thinking about and where he thinks we are going.
Daniel Yergin, Ph.D.
Pulitzer Prize-winning Author and Vice Chair, IHS MarkitThe Pulitzer prize-winning author of The New Map, The Prize and The Quest, Dr. Yergin is vice chairman of IHS Markit and founded IHS CERA (now part of IHS Markit). He is an authority on energy, international politics and economics. His awards include Lifetime Achievement from the Prime Minister of India and the United States Energy Award for lifelong achievements in energy and the promotion of international understanding. He holds a Bachelor of Arts from Yale University and a Ph.D. from Cambridge University, where he was a Marshall Scholar.
Jane Korhonen, CFA
Portfolio Manager, Brown AdvisoryJane is a partner and serves as a portfolio manager in the Washington, D.C. office. She is head of the firm’s Private Client Investment Committee and is responsible for balanced portfolios for both nonprofit and private clients. Previously at Brown Advisory, Jane was an analyst covering the health care and the technology sectors for both the Large-Cap Growth and Large-Cap Value strategies. Prior to joining Brown Advisory in 1994, Jane worked as an equity research analyst for the Howard Hughes Medical Institute in that organization’s investment group.
S2 | Episode 1 | Radical Transparency: The Secret to Building a Purpose-Driven Business that Does Good and Performs WellNovember 29, 2020
Thinking that you have to trade off financial performance and sustainability is a “false dichotomy” and a “ridiculous mindset,” according to Alan Jope, CEO of Unilever, one of the largest consumer goods companies on the planet. Jope wants Unilever to be famous for three things: creating an envied portfolio of purpose-driven brands, proving the link between sustainable business and better financial outcomes, and serving as a beacon for diversity and inclusion—and he believes that radical transparency is the way to get there.
Brown Advisory’s Mick Dillon sat down with Jope to discuss radical transparency, attracting the next generation of consumers and employees, shaping social and environmental change, the power of capitalism and the need to evolve it. And then Mick and Brown Advisory’s Katherine Kroll sat down the next day to consider their takeaways as investors.