![Diaz Rainey](https://www.otago.ac.nz/__data/assets/image/0024/242385/diaz-rainey-063399.jpg)
Dr Ivan Diaz-Rainey, senior lecturer in the Department of Accountancy and Finance, is a committed member of both the Otago Climate Change Network (OCCNet) and the Otago Energy Research Centre (OERC).
"I'm concerned about climate change and I think it's important that universities do their bit," he says. Diaz-Rainey has two streams of climate change-related work – carbon markets and "clean" energy finance.
"I've explored the political economy of carbon markets: for instance, how they are operating in a post-Kyoto world and what role institutional investors can play in setting an effective carbon price.
"In this research we argue that taking into account climate change considerations is consistent with our pension managers' 'fiduciary duty' – that is, their responsibility to manage pension savings for our benefit.
"It is a real issue since the value of our pension is invariably tied to the fortune of carbon-intensive companies listed on our stock exchanges. If we suddenly get robust policies to tackle climate change, what will that do to our pensions?"
"In this research we argue that taking into account climate change considerations is consistent with our pension managers' 'fiduciary duty' – that is, their responsibility to manage pension savings for our benefit."
Diaz-Rainey is also interested in how renewable energy can be financed and what role government incentives play in the decarbonisation of energy systems.
"If you're going to do something about climate change and energy security, it will involve investment – wind turbines, more hydro and geothermal. There are large capital costs involved, so investors have a big role to play."
Diaz-Rainey and Professor Steve Davies of the UK ESCR Centre for Competition Policy recently studied 25 OECD countries to see which had been successful in promoting wind energy. Those that were successful had certain characteristics in common, one of which was feed-in-tariffs.
"This is relevant here. All parties, even the Greens, have written off feed-in-tariffs. On some levels I understand this, but it overlooks an exciting business and environmental opportunity. New Zealand has the potential to be a real global exemplar, given the renewable resources available to us."
Funding
- University of Otago