Carbon4 Finance’s Scientific Committee

2 March 2020

Carbon4 Finance is pleased to announce the establishment of its Scientific Committee. The group of financial and climate change experts will convene three times per year to provide insight and perspective on Carbon4 Finance’s methodologies for assessing the climate change risks associated with investment portfolios and loan books and to reinforce the group’s distinction for developing innovative and technically robust carbon assessment methods.

The Committee is composed of eight experts from diverse backgrounds.


Orith Azoulay is the Global Head of Green & Sustainable Finance at Natixis Corporate & Investment Banking division. She started her career in 2000 at JP Morgan Chase in London as an Equity Analyst. Following working for French think tank ORSE (Observatoire de la RSE – Observatory for Corporate Social Responsibility), in 2003, she joined Groupama Asset Management as a senior SRI analyst, where she created and led their socially responsible investment (SRI) research practice. She joined Natixis in 2008 to create and lead the SRI sell-side Research team and was appointed in 2017 to create and lead the Natixis CIB Green & Sustainable Finance Hub, (from green & sustainable financing to investment solutions & advisory).



Francois-Marie Bréon is a climate researcher and Deputy Director of the Laboratoire des Sciences du Climat et de l’Environnement, a joint research unit of CEA, CNRS, and Université de Versailles St Quentin.  He was involved in writing the fifth IPCC report. In addition to his research work, he is involved in the public debate on climate and energy. François-Marie is a graduate from Ecole Normale Supérieure de Paris (1984).






Philippe Brossard graduated from Ecole Normale Supérieure and is a professor of social and economic sciences. He started his career with the French Treasury as a delegate for monetary policy, before heading up the supervision of publicly owned companies in the Energy Sector. He then managed international teams of economists and financial analysts for Credit Lyonnais, ABN AMRO, Fortis, and Euler Hermes. He is currently Chief Economist at AG2R LA MONDIALE, a French insurance company with over 100 billion euros in assets.




Dr Ben Caldecott is the founding Director of the Oxford Sustainable Finance Programme. He is an Associate Professor and Senior Research Fellow at the University of Oxford Smith School of Enterprise and the Environment, a Visiting Researcher at The Alan Turing Institute, and a Visiting Scholar at Stanford University. Ben is also Senior Advisor to the Chair and CEO of the UK Green Finance Institute (GFI) and a Policy Associate at the UK’s Department for Environment, Food and Rural Affairs (DEFRA), where he is a Director-level secondee in the Strategy Directorate, providing advice on a range of policy issues.




Jean-Marc Jancovici is a founding partner of Carbone 4, a Paris based consultancy and data services company specializing in the low-carbon transition ( He is the founder and president of The Shift Project, a Paris-based think tank on the low-carbon economy ( Jean-Marc is also an associate professor at Mines ParisTech and a member of the French High Council for the Climate. Jean-Marc is a graduate of Ecole Polytechnique and Telecom Paris.




Mark Lewis is Global Head of Sustainability Research at BNP Paribas Asset Management, having joined in January 2019. Previously, he was Managing Director and Head of Research at the Carbon Tracker Initiative (April-December 2018), Managing Director and Head of European Utilities Research at Barclays (2015-18), Chief Energy Economist at Kepler Cheuvreux (2014-15), and Managing Director and Global Head of Energy Research at Deutsche Bank (2005-13). He has also been a member of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures since May 2016. Mark holds a BA (First-Class Hons) in Modern Languages and Economics from Sheffield University, an MPhil from Cambridge University, and an MA from London University.




Lionel Martellini is a Professor of Finance at EDHEC Business School and the Director of EDHEC-Risk Institute. He is a former member of the faculty at the Marshall School of Business, University of Southern California, and has also taught at U.C. Berkeley and at Princeton University. Professor Martellini holds Master’s degrees in management (ESCP Europe), economics and statistics (ENSAE), pure mathematics (Paris 6 University), probability and stochastic processes (Paris 6 University), as well as a PhD in finance from the Haas School of Business, University of California at Berkeley. He also completed a PhD in Relativistic Astrophysics (University Côte d’Azur) and is a member of the LIGO/Virgo international collaboration for the observation of gravitational waves. Professor Martellini is a member of the editorial board of The Journal of Portfolio Management, The Journal of Alternative Investments, and The Journal of Retirement.


Ladislas Smia is Co-Head of Responsible Investment Research at Mirova where he manages a team of ESG assessment analysts and has published a number of research papers on sustainable development issues. Before joining Mirova in 2010, Ladislas was a sustainability consultant at PwC. He holds an MSc in Sustainability and Social Innovation from HEC Paris and a Master’s in engineering from Ecole Nationale Supérieure des Mines de Nancy.

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