newsletter climate change scientific committee n 1

Impact Climate Change

Corporate & Investment BankIng / SavIngS SolutIonS / speCIalIzed FInanCIal servICes

February 2010 / number 1

In response to the challenges of climate change, natixis asset Management set up the Climate Change Scientific Committee. Chaired by Carlos Joly(1) and made up of seven renowned experts, the Committee enlightens the natixis asset Management teams on issues related to global warming. the first Climate Change Scientific Committee meeting was held on november 24 last year. Clients were invited to attend the morning session, while the afternoon was earmarked for discussion between natixis asset Manage-ment experts and Committee members.

pascal voisin, Chief executive officer of natixis asset management, kicked off the morning session by thanking the members of the scientific Committee(2) and the investors present for agreeing to be part of the Climate Change project alongside natixis asset management. a key moment of this joint undertaking was the launch of the Impact Funds Climate Change fund(3) last november.

First Climate Change Scientific Committee Meeting

(1) Carlos Joly, Chairman of the Climate Change Scientific Committee, is a specialist in responsible investment and co-founder of the United Nations Environment Programme - Finance Initiative (UNEP-FI). (2) Detailed presentation of the Climate Change Scientific Committee on page 9. (3) Impact Funds Climate Change is a sub-fund of the IMPACT FUNDS, an investment company with variable share capital organized under the laws of the Grand-Duchy of Luxembourg and authorized by the financial regulator (the CSSF) as a UCITS. The Impact Funds Climate Change fund seeks to reconcile climate change with a performance oriented strategy in a global equity fund, through active management combined with a solid thematic approach.

n Creation of the Climate Change Scientific Committee

the Climate Change project was created in the fall of 2008, in the midst of the financial crisis, with the idea of setting up a fund dedicated to the issue of climate change, which would be complemented by the contributions of a scientific Committee made up of experts in the field. “Our project would never have got off the ground without the growing awareness of this issue among institutional investors,” explains philippe zaouati, Head of Business development at natixis asset management.

the starting point: a meeting with Carlos Joly, Chairman of the Committee the project was initially discussed during a meeting with Carlos Joly. Having spent more than 20 years in socially responsable Investment, Carlos Joly is well-known

worldwide for having co-chaired the working group that drafted the Un’s principles for responsible Investment (prI). this meeting gave rise to the idea of a Climate Change scientific Committee bringing together eight experts from varied but complementary spheres (climatology,

economics, geography, planning, shipping, etc.) to support the natixis asset management teams. the Committee, which meets twice a year, produces analyses and specific memos addressed to the natixis asset management teams that are intended to help them to understand the phenomenon of climate change and its impacts(2).

natixis asset Management, an established socially responsible asset manager natixis asset management was already a ‘socially responsible’ asset manager before the Climate Change project was launched. Indeed, the management company has been investing voluntarily in related initiatives for more than 20 years: “Owing to our longstanding commitment to socially responsible investments, we naturally took a keen interest in climate change and wanted to develop specific expertise,” highlights philippe zaouati.

Carlos Joly, Président du Comité

www.am.natixis.com/climatechange/eng

First Climate Change Scientific Committee Meeting/ n°1 / February 20102

www.am.natixis.com/climatechange/eng www.am.natixis.com/climatechange/eng

Faced with the complexity and breadth of the issue of climate change, natixis asset management decided to consult experts in the field before setting up a dedicated fund. It set up the Climate Change scientific Committee, which is used particularly by suzanne senellart and Clotilde Basselier to manage the Impact Funds Climate Change fund. It informs their thinking on the portfolio and the values on which it is invested, and it provides them with a summary

of worldwide research on climate change. Impact Funds Climate Change, a thematic fund invested in global equity market, is designed to reconcile climate change with a performance oriented strategy in a global equity fund, through active management combined with a solid thematic approach.

a ‘comprehensive’ approach in a selective investment universe Impact Funds Climate Change operates on a voluntarily ‘comprehensive’ approach in a global, multi-themed, multi-sector universe, but is nonetheless based on the specific targeting of companies helping to fight against climate change or to adapt to its impacts.

this enables natixis asset management to manage its portfolio in consideration of the sustainable management of natural resources, efforts to reduce greenhouse-gas emissions and adaptation to the new environment affected by climate change.

the fund’s investment universe is structured around three ‘macro-themes’, each of which is split into ten specific sub-themes, such as energy substitution, insurance and management of climate change risk, changing consumer behavior and building energy efficiency…

• the first stage of the management process consists in identifying listed companies that offer viable solutions for the key themes identified.

“We consult with the Climate Change Committee regarding the development of the regulatory context in specific sectors, such as renewable energies, energy transportation and waste management.

They also help us to develop our knowledge of technologies that help to reduce greenhouse-gas emissions and to adapt to the effects of climate change. As managers, we expect the Committee members to keep us informed of the latest advances in their areas of specialization, in particular of the most efficient technologies.

For example, the expert Miklos Konkoly-Thege(4) recently informed us of the existence of an eco-friendly painting technique that can be used in shipping.

Stéphane Hallegatte(4), a researcher in environmental economics and climate science, made us aware of the impact of the increasing number of natural disasters on the reinsurance sector, which is one of the investment sub-themes in our fund.

We listen carefully to all new investment ideas, even though our investment universe is already vast, covering numerous business sectors and geographical areas.

At the first Scientific Committee meeting, we reviewed all of the themes covered by the portfolio. At the next Committee meeting, which will be held on April 8, we will be focusing more specifically on planning and shipping.”

(4) See Presentation of the Scientific Committee and member biographies on page 9.

n Impact Funds Climate Change: the natixis asset Management fund dedicated to climate change

Points of view

Clotilde Basselier and Suzanne Senellart,portfolios managers of the Impact

Funds Climate Change fund

www.am.natixis.com/climatechange/engwww.am.natixis.com/climatechange/eng www.am.natixis.com/climatechange/eng

First Climate Change Scientific Committee Meeting/ n°1 / February 2010 3

(5) The United Nations Global Compact is a pact created in 2000 by which companies undertake to bring their operations and strategies in line with ten universally accepted principles concerning human rights, labor, the environment and anti-corruption.

the selected equities in the portfolio reflect the management team’s fundamental convictions. In addition to ’traditional’ securities in industries linked to clean energy and soil treatment, the fund also operates in sectors such as reinsurance and - more surprisingly - teleworking and e-commerce, which are related to business trends. the latter examples clearly have an indirect link to global warming, but they nonetheless play an important role in adapting to its impacts. Unfortunately, climate change in current financial offerings is too often confined to its most obvious aspects, which constitutes a ‘monolithic’ financial risk and lessens the impact capital could have in the fight against climate change as a whole.

the key idea is therefore to find ‘climate inefficiency’. Companies that provide climate change solutions have encouraging financial prospects: more growth, underpinned both by regulatory stimulus and increasing consumer awareness, protection against coercive regulations and competitive advantages, both technological and intangible. such prospects are undervalued on the markets, since - apart from a few ‘obvious’ sectors involved with the issue of climate change - the market is still not positively discriminating in favor of these innovative companies.

“We ultimately built up a focused portfolio, currently invested in 77 companies across 24 different countries, both industrialized and emerging. Certain sectors such as the pharmaceutical and financial sectors, which make little contribution to the issue of climate change, are practically absent from the portfolio. On the other hand, the industrial and power generation sectors are largely represented” explain portfolios managers Clotilde Basselier and suzanne senellart.

Impact Funds Climate Change has already attracted more than 15 French institutional investors since it was authorized in France by the country’s stock market regulator, the amF, on october 30, 2009. It currently has more than $117 million of assets under management (as of February 11, 2010).

Climate Change thematic filter1 - Mitigation2 - Adaptation

3 - Management of natural resources

• Quantitative filter• Qualitative/strategic

• Financial

Concentratedportfolio

global equities universe

Scientific CommitteeExternal:NGOs, academic studies, etc

Externe :Sell-Slide

Portfolios managers and equities investment team

Exclusion of worst offenders

• the second stage, which leverages the know-how provided by the equity management teams at natixis asset management, identifies and prioritizes investment opportunities in this universe (by the end of this stage, the equities selected combine thematic relevance and market investment viability).

• Before being included in the portfolio, all of the securities selected are checked for compliance with the key principles of sustainable development using the ‘worst offenders’ filter. Based on the United nations global Compact(5), this filter is intended to exclude companies whose social and ecological practices go against the principles of responsible investment.

the investment team finally builds a concentrated portfolio which reflects its convictions, without any sector or country constraints in relation to an index.

FoCuS

Source: Natixis AM (02/2010)

the fund’s investment universe• a thematic universe with some 400 equities (multinational companies) • across 36 countries in all continents • covering 40 sectors linked to climate change

Equities selection: Finding ‘climate inefficiency’

Portfolios managers




n the Challenges of Climate Change

Estimed deaths attributed to Climate Change in the year 2000, by Subregion *

*Change in climate compared to baseline 1961-1990 climate

Sources : McMichael, JJ, Campbell-Lendrum D, Kovats RS, and al. Global Climate Change. In comparative quantification of health risks: global and regional burden of disease due to selected major risks factors.M.Ezzati, Lopez, AD, Rodgers A, Murray CJL. Geneva, World Health Organization, 2004

Map produced by the Center For Sustainability and the Global Environment (SAGE)

Mortality per Millionpopulation

0 - 2

2 - 4

4 - 70

70 - 120

no data

Reducing emissions and adapting to the effects of climate change

However, investors and public authorities should not confuse ‘mitigation’ of global warming with the need to ‘adapt’ to the consequences of this phenomenon. mitigate global warming addresses the causes of the issue through the implementation of policies to reduce greenhouse-gas emissions, while adaptation deals with the consequences (how to live in a world with a changing climate) and covers both protective measures and the development of consumer behaviors. according to the Committee, the ‘adaptation’ aspect should no longer be treated as taboo, as it plays an important role in the measures that must be taken.

Human interference

CLIMATE CHANGEincluding variability

Exposure

Initial impacts or effects

Autonomous adaptation PlanedADAPTATION to the impacts and vulnerabilitiesRedidual or net impacts

Policy Responses

MITIGATION of Climate Change via GHG sources

and sinks

VU

LNE

RA

BIL

ITIE

S

IMPA

CT

S

Source : UNEP - Grid Arendal, Environmental knowledge for change

"Since the mid 1980s, scientists have been warning politicians of the issue of global warming” explains Carlos Joly, Chairman of the scientific Committee. “Since then, the public authorities have been trying to take steps to reduce the effects of the phenomenon. Financial markets are also increasingly aware of the issue. As members of the Climate Change Scientific Committee at Natixis Asset Management, our role is to help managers to integrate these developments into their asset management strategy” [see presentation of the scientific Committee and member biographies on page 9].

Climate change is having a visible impact on the environment, notably causing the progressive melting of glaciers. It is also impacting the world’s population through the disastrous flooding in Bangladesh in 2004 and the droughts in argentina in 2008–2009. In africa too, global warming has already caused the death of millions of people [see graph], something which the scientific Committee feels “ought to encourage politicians to implement an ambitious strategy.”.

Climate Change: mitigation or adaptation?



n Debate and analysis: Discussion between experts and portfolios managers

at this first meeting of the Climate Change scientific Committee, after an open-morning for clients, the afternoon

on the issue of ’reducing global warming’, the creation of a carbon market is considered to be a flagship measure by experts because it encourages people and industry to reduce their greenhouse-gas emissions. “However, the price of carbon must take into account the sector and geographical area in which the business is being developed, as well as its future growth,” insists Carlos Joly, Chairman of the Committee. some countries are able to take advantage of this new carbon market by selling ‘carbon credits’ to other countries or foreign companies. this is true of China, which, under the kyoto protocol, acquires carbon credits by financing ecological projects, such as building wind farms instead of coal-fired power stations. these carbon credits also help to stimulate investment in renewable energies and to facilitate energy transfers. “Developed countries believe that the BRIC countries (Brazil, Russia, India and China) are committed to reducing their greenhouse-gas emissions. However, they are more skeptical about the ambitions of other emerging countries,” stresses Carlos Joly.

Increasing awarenessthe increasing awareness of the media and general public of the challenges related to global warming is a major step forward, and steps must be taken to ensure this situation continues. However, there is concern that all climate events may be systematically linked to the issue of climate change.

as a result, there is a risk that the problems will become confused in the mind of the general public, undermining their belief in the issue.

although the public, media and politicians seem to be aware of the changes needed, a lot of work remains to be done on the financial markets. Indeed, these markets have paid very little attention to the impact of climate change on the future development of the economy, and therefore of businesses. Climate change is a complex and multidimensional issue, and most market players find it difficult to visualize its impact.

In fact, most are failing to take advantage of the invest-ment opportunities that this issue is throwing up. that is exactly what the Impact Funds Climate Change fund intends to do.

In the approach adopted by the fund managers, land management is split into two sectors: agriculture and forests.

“Climate change means higher temperatures and an increasing number of extreme weather events (hurricanes, flooding, drought, etc.) which may have a major negative

impact on agricultural output,” explains Clotilde Basselier.

Climate change is closely linked to the issue of global food security. “It may increase the scarcity of natural resources, be it water or cultivatable land,” adds Clotilde Basselier. “Moreover, certain agricultural malpractice increases damage to the environment.” a good example of this is deforestation

in Brazil, which is making this country the world’s fifth largest generator of greenhouse gases.

“To feed an ever expanding global population, we need to improve agricultural output in a sustainable manner, i.e. by protecting the environment,” continues Clotilde Basselier. “Adopting best agricultural practice means optimizing the use of fertilizers, in particular through better training for farmers, and improving irrigation systems, transport and refrigeration of goods.”

as part of their investment strategy, Clotilde Basselier and suzanne senellart focus on companies whose business helps to improve the management of natural resources, such as Suzano Papel e Celulose and Yara.

land management: one of the topics spoken




Examples of equities in the portfolio Theme: Land management

Suzano Papel e Celulose (Brazil / capitalization: €2.5 billion)

suzano is a fully integrated manufacturer of pulp and paper in latin america. the company owns 570,000 hectares of forest in Brazil (50% eucalyptus), of which 40% has been turned over for conservation. suzano’s carbon equation (emissions against sequestration) leaves a positive balance, which allows the company to sell carbon credits on the Chicago Climate exchange (CCX). the Brazilian paper industry currently generates 50% of its electricity from biomass (wood shavings).

Yara (Norway / capitalization: €8.4 billion)

Yara’s main business is the production and distribution of nitrogen-based mineral fertilizers (ammonia, urea, ni-trates). the group also distributes a vast range of phosphate- and potash-based fertilizers. although europe accounts for 50% of Yara’s sales, it is the only fertilizer producer that has a global presence. the group has positioned itself in the sustainable land management niche, with two major objectives: optimizing agricultural output and protecting the environment.

While all of the experts at the first Committee meeting acknowledged the utility of fertilizers in helping to stabilize agricultural prices in certain regions (such as south east asia), they are also aware of the flipside: in 2007, for example, an increase in the price of fertilizers, linked to strong demand from farmers in developed countries, had a brutal impact on the price of foodstuffs in developing countries. some experts also highlight certain hidden ecological factors, as in the case of Suzano Papel e Celulose, a Brazilian company that specializes in the production of paper and pulp from eucalyptus (see insert above), stressing that eucalyptus also has negative impacts on soil, including degradation and erosion, and on hydrology as it can exhaust the water table. However, the eucalyptus tree has the major advantage of growing very quickly and can be used quickly by local populations for heating and cooking; two reasons why it has been planted extensively in ethiopia in particular.

a definitive answer to climate change?

In concluding the first scientific Committee meeting, Carlos Joly recalled that “the Impact Funds Climate Change fund cannot be THE response to the world’s problems.” He stated that we also need to facilitate and encourage any initiative aimed at reducing energy costs and acknowledging climate change. “In my mind, the experts on the Climate Change Scientific Committee and at Natixis Asset Management have shown a clear commitment to taking increasingly effective action against global warming...”

Point of view “Our involvement in Impact Funds Climate Change is the first time we have bought into a responsible investment. It was motivated by three factors: firstly, as the FGAO is providing a public service, we were keen to invest in an ethical and socially aware manner. Moreover, we believe that environmental issues ought to be incorporated into our overall

economic thinking. In the end, we opted for this fund because it is managed by Natixis Asset Management, an asset manager that enjoys our complete trust and that has demonstrated a genuine commitment. We have invested a total of €5.2 million, which has been incorporated into a portfolio worth a total of €2.7 billion. Another positive feature of the fund that I find particularly attractive is the existence of a Scientific Committee dedicated to the issue of climate change, and the right of investors to attend its meetings.

n Choosing responsible investment

Impact Funds Climate Change has already attracted more than 15 French institutional investors since it was authorized in France by the country’s stock market regulator, the amF, on october 30, 2009. Here are some of their accounts...

François Werner, CEO - FGAO

FoCuS



These are special opportunities that give investors - especially of my generation - a chance to improve their understanding of the environmental issues at stake. Let’s face it: there are not many over 50s who got this sort of training during their school days!

The Scientific Committee also points us towards the most promising new technologies. There are lots of potential candidates, so it is particularly useful to get the insight of experts from a variety of spheres: French and foreign, scientists as well as economists, sociologists, etc.

By supporting initiatives such as the one run by Natixis Asset Management, investors are backing the most environmentally friendly companies and allowing managers to prove that this type of investment is profitable in the long term. If this venture proves to be successful, we will be making more extensive investments in socially responsible funds.”

Point of viewPatrick viallanex : “Our investment in this fund is a direct result of the general policy adopted by the company. It is both a strategic investment decision and a practical manifestation of the AGICAM’s social responsibility in the field of financial

investment. We have already applied an ethical filter to about €750 million of our portfolio.” Philippe Dutertre : “Our reasons for investing in the Impact Funds Climate Change fund were threefold: firstly, we were attracted by the authenticity of the expertise developed by Natixis Asset Management and by the commitment of its managers, which is particularly evident in the book “Investir Responsable” written by the firm’s Head of Business Development, Philippe Zaouati. We are also aware that we need to take urgent measures by quickly changing our behavior in order to prevent the disasters inherent in climate change. It was the robust and serious nature of the proposal put forward by Natixis Asset Management that ended up convincing us. The management company has effectively mobilized both internal and external resources by setting up a Scientific Committee dedicated to the issue of Climate Change. Our attention was drawn particularly to the experience and talent of the Committee’s members.”

Patrick viallanex : “We are looking to get involved in issues directly and indirectly related to climate change as part of a process of responsible investment. The idea of participation is at the very heart of our

actions. We want to benefit from the contributions made by the teams and resources related to the Impact Funds Climate Change fund - such as the Scientific Committee - just as much as we want to use our understand and experience to contribute to the discussions related to the fund.”

Philippe Dutertre : “Investing in this fund allows us to remain consistent with our decision to make our investments more ethically sound. Our management structure is open to talent we recruit directly, but it is also naturally open to ‘outside’ talent, be it from France or abroad. In our opinion, value is created

through dialog and discussion, and this is precisely the relationship we have built up with Natixis Asset Management and the different parties to this genuine process.”

Patrick Viallanex, Vice Chairman of the

Executive Board - AGICAM

Philippe Dutertre, Chairman of the

Executive Board - AGICAM

agicam manages financial assets related to supplementary pensions, providence funds and insurance for the shared structures of the ag2r la mondiale group. It also manages a range of financial products for save-as-you-earn schemes.

the Fgao is a state-run compensation agency that provides a public service, namely compensating victims of accidents not covered by insurance companies, taking action against those liable for the damage once they have been identified and ensuring reimbursement of the sums paid to victims by the Fgao.




Point of view nicolas Demont : “We chose to invest €5 million in Impact Funds Climate Change on behalf of our EGAMO Multi Action fund because it satisfies our clients’ requirements perfectly and it is consistent with their humanitarian values. These values go beyond

the traditional confines of responsible investment. Moreover, EGAMO is not investing in ethical funds to clear its conscience; it is making a real commitment to more responsible investing.”

Charles Bouffier : “We are very critical and very demanding when it comes to responsible investments. Unfortunately, we often find that the existing offering includes many products that are just about marketing or that are managed

by ’preachers’. Natixis Asset Management’s approach is totally different because it is designed to take advantage of entirely responsible investments. Impact Funds Climate Change has the advantage of being managed with the help of a Committee of scientific experts. Moreover, the fund investment process incorporates human values in the broad sense of the term. Last but not least, the fund has a clear ambition: to reconcile climate change with a performance oriented strategy seeking long-term growth above that of its reference index. This last point is particularly important because profitability is often completely overlooked in many responsible investment products on the market.”

nicolas Demont : “As an early investor in the Impact Funds Climate Change fund, we were able to attend the presentation of this Committee on November 24 last. We were totally satisfied with the range of expertise offered by its members. The Committee members notably include a CNRS (French National Center for Scientific Research) researcher, a shipping specialist and even an economist; a diversity that promises constructive debate. Another asset for the Committee is its chairman Carlos Joly, who is a renowned specialist in responsible investment. Carlos has even visited us at EGAMO since the initiative began.”

Second Committee meeting scheduled for april 8 in Paris

DisclaimerThis document is destined for professional clients. None of the information contained in this document should be interpreted as having any contractual value. Natixis Asset Management will not be held responsible for any decision taken or not taken on the basis of information contained in this document, nor in the use that a third-party may make of it.

The opinions expressed in the research and analyses are the sole responsibility of their authors and are not necessarily shared by Natixis Asset Management. Natixis Asset Management shall not be held liable for the accuracy and exclusivity of the information provided.

Charles Bouffier, Deputy CEO

EGAMO

Nicolas Demont,CEO

EGAMO

DIaRY

EgaMo is a subsidiary of the mgen group (private health insurance for employees of the French state education system), for which it manages assets worth more than €2 billion.

In the meantime, additional information on the Climate Change expertise developed by natixis asset management can be obtained from our dedicated website: www.am.natixis.com/climatechange/eng

this meeting will focus on two major themes, with presentations on shipping and planning given by experts miklos konkoly-thege and Blaise desbordes.



addItIonalThe Climate Change Scientific Committee of Natixis Asset Management

n Recognized experts

natixis asset Management’s Climate Change Scientific Committee has three main objectives:

1. Enlighten the members of natixis asset Management's Executive Committee and portfolio managers on climate change and its consequencesIts members summarize research that has taken place on climate change throughout the world and assist natixisasset management's teams in analyzing the consequences of climate change for the various business sectors, countries and regions. they identify technological developments that may contribute to reducing greenhouse gas emissions and help in adapting to the inevitable consequences of climate change.

2. to give opinions on the appropriateness of the securities in which the portfolio is investedIts members assess the appropriateness of investment choices in relation to the previously-mentioned subjects. they warn natixis asset management's executive Committee and portfolio managers of any securities that diverge from the investment philosophy. nevertheless, the investment decisions remain the sole responsibility of the management team.

3. to provide informationthe members write "position papers" on controversial subjects (nuclear power, bio-fuels, etc.,) and contribute to reporting research work by speaking at meetings of the scientific Committee or at specific events.

n Complementary areas of expertise

Chairman of the Climate Change Scientific CommitteeCarlos Joly, Chairman of the Climate Change scientific Committee. Co-founder and Chairman of Unep-FI*. He co-chaired the experts group which drew up the Un prI (principles for responsible Investment). He was the founder and Ceo of miljøInvest as, which developed

a range of srI funds and senior vice-president of storebrand, where he launched the storebrand environment Fund.

Certification, shippingMiklos Konkoly-Thege, currently member of the boards of director of several shipping companies and of the certification company moody International. He is a specialist in the shipping industry and certification, both on a sector level and with regard to financial and risk control aspects.

Waste, natural disastersYves Le Bars is currently Chairman of gret (groupe de recherche et d’echanges technologiques, the most important secular ngo for international solidarity) and is completing a term of office as vice-Chairman of the French association for the prevention of natural disasters. His areas of expertise cover the

relationships between research, innovation and society, and in particular the issues associated with sustainable development.

Energy efficiencyPierre Radanne, is Chairman of the 4d association (4d: dossiers et débats pour le développementdurable) and a founder of the company “Futur Facteur 4”, which combines activities of consulting, research, training and communication on energy management, combating climate

change and sustainable development.He has served as Chairman of the ademe (the French environment and energy management agency) from 1998 to 2003.

green buildingBlaise Desbordes, is director of sustainable de-velopment in the “Finance, strategy and sustai-nable development department” of Caisse des dépôts et Consignations. specialized in public and corporate sustainable development policies, he takes part in several market working groups, particularly within the Unep-FI*.

adaptation to climate changeRichard Klein, researcher at the stockholm en-vironment Institute, where he co-ordinates re-search on climate policies across seven research centers. He has specialized for over 15 years in the methodological aspects of climate risk, vulne-rability assessment and climate adaptation pro-

cesses in society. He is now concentrating on the integration of climate issues in development policy.

Socio-economic impact of climate changeStéphane Hallegatte, researcher in environmen-tal economics and climate science at the ecole nationale de la météorologie, météo-France and the CIred (International Centre for research on the environment and development) He also par-ticipated in the IpCC (Intergovernmental panel on Climate Change, in 2007.

Forestry and agroforestryAnne Gouyon, founding partner of Becitizen and expert in forestry and agroforestry. she was a founder and director of Idé-Force, a consulting firm specializing in assessing the socioeconomic and environmental impact of rural development and plantation culture projects. the firm’s clients include various international institutions ngos

and private companies

* UNEP-FI, United Nations Environment Programme-Finance Initiative.

natIxIS aSSEt ManagEMEntlimited liability Companyshare Capital 50 434 604,76 eurosrCs number 329 450 738 parisregulated by amF under n°gp 90-009registered office: 21 quai d'austerlitz75 634 paris, Cedex 13 tel. +33 1 78 40 80 00

www.am.natixis.com

this document is a natixis asset management's publication - natixis asset management - Communications department - Business development

[email protected] - February 2010.

newsletter climate change scientific committee n 1

Documents