29 October 2010
CATS celebrated its 10th anniversary in 2010 and held an event on 29 October 2010 to mark the occasion. An afternoon of talks covered a broad range of CATS work - the talks included:
'Representing Climate Model Uncertainty by Stochastic Parametrisation' presented by Tim Palmer, University of Oxford; ECMWF.
Ever since their inception, weather and climate models have been formulated deterministically. And why not – after all the underlying partial differential equations on which these models are built are deterministic? Here I give five reasons why not.
'Pricing Spread Options between European Emission Allowance and Certified Emission Reductions' presented by Max Fehr, LSE.
We propose a model for risk neutral futures price dynamics in the European Union Emissions Trading Scheme (EU ETS). Historical price dynamics suggests that both allowance prices for different compliance periods and CER prices for different compliance periods are significantly related. To obtain a realistic price dynamics we take into account the specific details of the EU ETS compliance regulations, such as banking and the link to the Clean Development Mechanism (CDM), and exploit arbitrage relationships between futures on EU allowances and Certified Emission Reductions.
'Delivering the benefits of the Global Ocean Observing System' presented by Ralph Rayner, ImarEST; COL.
This talk will describe the Global Ocean Observing System setting it in the context of wider initiatives for integrated observation of the Earth System as a whole. It will examine how data and information derived from ocean observations are used to support a wide range of socioeconomic benefits associated with ensuring safe, economic and environmentally sound maritime operations. It will then consider the critical role of global ocean observations in understanding how the oceans drive weather and climate before concluding with a look at the prospects for regular routine forecasting of the ocean environment at a global scale.
'Valuation and Risk (and Environmental Change) in Financial Services' presented by Richard Max-Lino, Quest4 Consulting Ltd.
One day soon, all companies traded on major and minor exchanges will report on "non-financial" risks such as sustainability, climate change and corporate responsibility given the expected changes to our natural environment.
Some are already doing so.
Even fewer are developing and publishing performance reports which combine financial information with environmental and social measures. These are being scrutinised by pressure groups and investment analysts.
Based on work that has been conducted over the past three years, this presentation will outline a vision of how the different parties involved in providing and assessing valuations of - and risks to - companies and financial assets might leverage excellent science assets in ways that strengthen the credibility of valuations and risk pricing to better manage environmental change.
The following photos from the event were taken by Jonathan Adams, External Relations Division, LSE: