From alpha focus to protecting the beta

Hear from Julie Calkins, Director of Sustainability Strategy at Generation Investment Management, as we explore how interconnected risks spanning climate, nature, inequality and AI challenge traditional approaches to risk and return.

In investing, we spend a lot of time debating alpha — what gives one portfolio an edge over another. But increasingly, the bigger question is about beta, and the underlying conditions that make any returns possible in the first place. And here we can think about a stable climate, nature as infrastructure and even social cohesion and functioning institutions.

Because when those foundations erode, risk stops looking like a set of isolated exposures, and starts to look like something deeper – perhaps systemic instability, cascading impacts, and rising uncertainty that no single firm can diversify away.

That's why in this episode we explore:

· Why some investors are starting to think more seriously about "protecting the beta", and what that means for portfolio risk and long-term resilience;

· How nature risk, climate risk, and inequality interact — with inequality not only as an outcome of shocks, but as a potential driver of fragility and political instability;

· And the tools that can help risk professionals make complex, interconnected risks more legible from scenario modelling to frameworks that build a shared language inside organisations.

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To find out more about the Sustainability and Climate Risk (SCR®) Certificate, follow this link: https://www.garp.org/scr

For more information on climate risk, visit GARP's Global Sustainability and Climate Risk Resource Centre: https://www.garp.org/sustainability-climate

If you have any questions, thoughts, or feedback regarding this podcast series, we would love to hear from you at: climateriskpodcast@garp.com

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Speaker's Bio

Julie Calkins, Director of Sustainability Strategy at Generation Investment Management

Julie Calkins serves as the Director of Sustainability Strategy at Generation Investment Management since April 2022. Previously, Calkins operated as an Advisor for an independent consultancy firm, CDAX, managing projects for notable clients including the US Climate Alliance Partnership and OECD Global Science Forum from January 2017 to April 2022.

Prior roles include Head of Climate Risk and Adaptation at Climate-KIC, a Research and Policy Fellow at Wellcome Trust, and a Postdoctoral Research Fellow at the University of Leeds/National Centre for Atmospheric Science. Calkins has also worked as a Monitoring Scientist for NOAA and an Antarctic Scientist for the US Antarctic Program. Academic credentials include a PhD in Environmental Science and Health from the University of York and an MS in Geochemistry from New Mexico Institute of Mining and Technology.

With a background spanning environmental science, disaster risk, and global policy, Julie brings a rare systems-level perspective to sustainable investing.