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Formosa Petrochemical and the Sunshine Project: Environmental Justice Risks in 2022

by | Jul 25, 2022 | Research

Formosa Petrochemical and the Sunshine Project - Environmental Justice Risks in 2022

November 12, 2020, Formosa Petrochemical’s Sunshine Project.

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Summary

 In 2022, a client requested that Responsible Alpha develop 12 case studies and the underlying business, economic, and investment analysis used by 123 environmental, indigenous rights, and racial justice organizations in their letter to the Honorable Gary Gensler, Chair, U.S. Securities and Exchange Commission on the proposed rule “The Enhancement and Standardization of Climate-Related Disclosures for Investors.”

Responsible Alpha’s analysis suggests investors need companies to disclose their climate-related financial risks and strategies for managing them, their greenhouse gas (GHG) emissions, their plans to remain viable or thrive in a low-carbon future economy, and their financial resilience across these dimensions, as it relates to and is in support of the communities where these companies exist, and their impacts are often felt and underreported. To further buttress and support this analysis, Responsible Alpha wrote 12 business cases of which the case below on Formosa Petrochemical is one.

Formosa Petrochemical Corporations (“FPCC”) owns 57 percent in FG Inc., and FG Inc. owns 100% of FG LA LLC (“Sunshine Project”). According to Moody’s Orbis, FPCC is the global ultimate owner of the Sunshine Project. A Global Ultimate Owner (“GUO”) is the individual or entity at the top of a corporate ownership structure with ultimate legal liability.

Note on ownership: Formosa Petrochemical Corporation is 75.82% owned by three other publicly traded corporations: 

  • Formosa Plastics Corporation (1301 TT Equity) owns 28.56% of FPCC. 

  • Formosa Chemicals & Fibre Corporation (1326 TT Equity) owns 24.15% of FPCC. 

  • Nan Ya Plastics Corporation (1303 TT Equity) owns 23.11% of FPCC. 

Together, these four closely owned Taiwan-based companies – Formosa Plastics Corporation, Nan Ya Plastics Corporation, Formosa Chemicals & Fibre Corporation, and FPCC are engaged in oil refining and the manufacture of a wide range of chemicals and electronic materials, generating a combined EBITDA of $4.1 billion in 2020. 

The Sunshine Project was created in 2017 to be the operator of a proposed petrochemical plant on a 2,400-acre site in St. James Parish, Louisiana called the Sunshine Project. The Sunshine Project is a $9.4 billion petrochemical plant, now forecast to cost at least $12 billion. This complex will use ethane, a byproduct of fracking, as the feedstock to produce various plastics (polyethylene, polypropylene, polymer and ethylene glycol).

The Sunshine Project is located in St James Parish’s Fifth District, between State Road 3127 and State Road 18, on the west bank of the Mississippi River, at approximately 30.056, -90.901, and one mile from the local elementary school. 

The Sunshine Project is planned to be built in two phases with an estimated total investment of around $9.4 billion originally, now raised to $12 billion. 

The first phase would include:

  • 1.2 million ton/year ethane cracker. 

  • 400,000 ton/year linear low-density polyethylene (LLDPE) plant. 

  • 400,000 ton/year high density polyethylene (HDPE) plant.  

  • 800,000 ton/year ethylene glycol (EG) plant. 

  • 600,000 ton/year propane dehydrogenation (PDH) plant. 

  • 600,000 ton/year polypropylene (PP) plant. 

The second phase of the project would include: 

  • 1.2 million ton/year ethane cracker. 

  • 400,000 ton/year HDPE plant. 

  • 400,000 ton/year LLDPE plant. 

  • 800,000 ton/year EG plant.

In total, this would be equivalent to adding 13,628,091 tons annually in greenhouse gas (GhG) emissions (see Annex 1: Table 1). 

When completed the Sunshine Project would be the largest new single source of GhG emissions in the US. It would double toxic air pollution in St James Parish.  

Finally, the Sunshine Project enjoys the support of Louisiana Governor John Bel Edwards.  However, the US Army Corps of Engineers (ACE), which has regulatory authority for development along the Mississippi River, is feeling pressure, including from several northeastern state Attorneys General raising environmental justice concerns. The ACE has rescinded permits already issued and placed the project on hold for at least two years to produce a thorough Environmental Impact Statement including consultation with affected communities.

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Company Overview 

Formosa Petrochemical Corporation refines crude oil and markets petroleum and petrochemical products.  The Company operates refineries and naphtha cracking plants that provide products such as gasoline, diesel, jet fuel, fuel oil, naphtha, ethylene, and liquefied petroleum gas.  FPCC also owns three utility centers and generates electricity. 

Formosa Petrochemical Corporation (FPCC) is second only to Chinese Petroleum Corporation for oil refining in Taiwan. The company produces refined petroleum products (jet fuel, liquid petroleum gas, and gasoline) and petrochemicals (ethylene, propylene, and butadiene) from its naphtha cracking operations. It owns gas stations through subsidiary Formosa Oil. FPCC also sells electricity and steam from its co-generation plants. Its engineering and maintenance divisions carry out planning, construction, and daily maintenance services on behalf of group companies.      

    

Climate Risks  

When completed the Sunshine Project would be the largest new single source of GhG emissions in the US. It would double toxic air pollution in St James Parish. This project would be equivalent to adding 13,628,091 tons annually in greenhouse gas (GhG) emissions (see Annex 1: Table 1). 

Forty percent of St. James Parish is classified as wetlands. Loss of absorptive capacity from wetlands and climate change contributed to severe flooding in St. James Parish in 2016.

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Community Risks 

If the Sunshine Project is built, estimated total permanent jobs (excluding temporary construction jobs) would be 1,200 new jobs. But this has a cost of $150 million in annual property taxes reduction totaling $1.5 billion over ten years, which equals an enormous amount of lost money for schools, libraries, climate resilience, healthcare and services in a community that is already being devastated by hurricanes and toxic chemical pollution. In 2018, St. James Parish had $24 million in lost tax revenue and $9.8 million in lost school funding from Louisiana’s Industrial Tax Exemption Program (ITEP).

The Louisiana Industrial Ad Valorem Tax Exemption Program (ITEP) is a state incentive program, which offers a tax incentive for manufacturers who make a commitment to jobs and payroll in the state. With approval by the Board of Commerce and Industry and local governmental entities, the program provides an 80% property tax abatement for an initial term of five years and the option to renew for five additional years at 80% property tax abatement on a manufacturer’s qualifying capital investment related to the manufacturing process in the state. 

For more information see Annex 2 and Table 3, Table 4 and Table 5.

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Environmental Risks 

Proceeding with the project presents an exceptional environmental justice risk on top of the climate risk the project has. St. James Parish is recorded in the 2020 Census as being composed of a population that is 49 percent White and 47 percent Black.  The parish has a poverty rate of 17 percent between 2015-2019. In 2000 the per capita income was $14,381, and 20.7 percent of the population lived under the poverty line. Out of the total people living in poverty, 27.7 percent are under the age of 18 and 15.1 percent are 65 or older.  

According to data from the U.S. EPAʼs Risk-Screening Environmental Indicators (RSEI) database, the Cancer Hazard of facilities in St. James Parish has increased by nearly 800 percent over the last decade (2007 – 2018). Each year, the Sunshine Project would be permitted to emit 86,000 kilograms of benzene, 1,3-butadiene, acetaldehyde, formaldehyde, and ethylene oxide – all known carcinogens. There are already twelve toxic petrochemical facilities within a 10-mile radius of the planned project, which forms part of an 85-mile stretch of the Mississippi River, predominantly inhabited by historic Black neighborhoods, that is widely known as “Cancer Alley.” The complex will be built adjacent to a residential area of the 5th District and one mile from an elementary school that serves an almost entirely Black student population.

For more information, see Annex 1: Table 2 and Figure 1. 

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Risks Facing Formosa Petrochemical Corporation and the Sunshine Project 

  • The Formosa Petrochemical Corporation and Subsidiaries Consolidated Financial Statements for the period from January 1, 2021, to September 30, 2021, and for the period from January 1, 2020, to September 30, 2020, contain no appropriate disclosures on climate related risk management.

  • April 23, 2018. Gov. John Bel Edwards and Formosa Petrochemical Corporation executive Keh-Yen Lin announced the company has selected St. James Parish in Louisiana for a $9.4 billion chemical manufacturing complex and has purchased a 2,400-acre site along the west bank of the Mississippi River. To secure the project, the State of Louisiana offered a competitive incentive package that would include a $12 million performance-based grant to offset infrastructure costs.

  • March 11, 2019: Formosa Group announced a $150 million investment in its FG LA cracker that FPCC owns a 57% stake. 

  • September 23, 2019: J.P.Morgan states the Sunshine Project costs $10.5 billion, not $9.4 billion.

  • Oct 30, 2019. ProPublica releases report of investigation into discriminatory plant siting in Cancer Alley favoring poor rural areas that tend to be majority black.

  • January 15, 2020: J.P.Morgan states “Sunshine project FID (final investment decision) by March 2020: FPCC (Formosa Petrochemical Corporation) mentioned that they expect the Sunshine project to take FID by March 2020, with construction expected to start “no later” than 2Q20.”

  • February 2, 2021: J.P.Morgan states “While management is confident to regain the permit in 2H21, construction might be delayed in 2022 due to sluggish rollout of COVID-19 vaccines in the US”.

  • On a related note, in July 2017, Diane Wilson, a retired shrimper, sued Formosa Plastics (1301 TT Equity) and won a $50 million judgement against the company because of its toxic chemical and nurdle pollution of the region’s shrimp fisheries. U.S. District Judge Kenneth M. Hoyt ruled against Formosa calling the company a “serial offender”. Interestingly, Formosa Plastics is a frequent recipient of Chapter 313 property tax limitations in Texas. 

Risks Facing Formosa Petrochemical and FG LA’s Investors and Lenders 

  • In 2020, the Norwegian Government Pension Fund announced the exclusion of Formosa Chemicals and Fibre (1326 TT Equity) from its portfolio citing “unacceptable risk for violation of human rights. 

  • April 27, 2021. RISE St. James issues an open letter to banks and finance managers asking that they not invest in FG LA LLC or the Sunshine Project.  

  • S&P Global stated, when assessing all four interlocking companies (Formosa Petrochemical, Nan Ya Plastics Corporation, Formosa Chemicals & Fibre Corporation, and Formosa Plastics Corporation) with a material ownership in the Sunshine Project: “We forecast the four companies’ aggregate ratio of debt to EBITDA will fall below 1.0x over 2021-2022 and rise slightly to 1.2x-1.4x for 2023 if they decide to go ahead with a planned chemical complex project in the U.S. state of Louisiana. This is materially lower than our previous projection of 2.0x-3.0x for the same period.”

  • S&P Global is clear in its credit outlook for Formosa Petrochemical, stating that a delay or cancellation of the Sunshine Project would “strengthen the financial buffer for the ratings.” In fact, S&P forecasts that pursuing the project would weaken FPCC credit outlook, potentially pushing its ratio of debt to EBITDA below 1.0x than the base case of 2.0x-3.0x if they choose to not pursue the project. The project clearly weakens the credit profile for FPCC putting lenders and bondholders at greater risk.  

  • According to S&P Global, without the debt overhang from financing the project, the four companies and FPCC could “repay and refinance its debt faster” and “The cancellation of the project could prevent deterioration in the group’s debt leverage during what would have been the construction period”. 

Transition risks include ongoing exposure to litigation due to toxic releases, and its reported high GhG emissions, which are out of line with current administration policies regarding the Paris Agreement and the need to reduce GhG emissions as a matter of priority. The Sunshine Project will use the oversupply of fracking gas as a feedstock for plastics production. In addition to GhG emissions public sentiment and consumer preference is turning away from single use plastics in view of the ocean plastics pollution issue.  

Regulation to curtail plastics use and reduced consumer demand may pose market risks to the Sunshine Project also. RISE St James argues in an open letter to bankers that The Formosa Group of interlocking corporations – Formosa Petrochemical Corporation, Nan Ya Plastics, Formosa Chemicals & Fibre Corporation, and Formosa Plastics Corporation – are serial offenders, citing $650 million in fines and penalties across a dozen sites, and averaging $10 million a year in fines to address environmental and worker safety violations.  

Finally, climate risks must be understood to include secondary risks from the production of GhG emissions, because the toxic releases and GhG production are one and the same process. In this line of reasoning, poisoning the environment and communities through toxic emissions is a climate impact. As such it should be disclosed, along with the costs of remediation.  

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Annex 1: Climate Risks and Environmental Risks 

Table 1: Emissions permitted for the proposed St. James Complex.

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Table 2: Health impacts from proposed chemical production by Project Sunshine.

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Figure 1: Location of proposed Sunshine Project. 

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Annex 2: Louisiana’s Industrial Tax Exemption Program and the Sunshine Project 

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Table 3: ITEP for 11 Louisiana parishes. 

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* Category is “estimated new jobs” and excludes construction jobs, as reported by ITEP applicants to the State of Louisiana. 
** Includes FPCC’s’ single-use plastic facility. 
*** Jefferson Parish has lost 30% of its land since 1960 due to subsidence, saltwater intrusion, and sea level rise. It is forecast to lose 42% of its remaining land area over the next 50 years due to these same climate-impacted physical risk factors.

Table 4: 11 Louisiana parishes ITEP funds lost. 

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The top 30 companies in the petrochemical to plastics industries in the 11 parishes are led by FPCC, Sasol and Louisiana Integrated Polyethylene (a joint venture between LyondellBasell and Sasol), who together are responsible for 49.1% of all Ad Valorem tax relief issued to the industry in these 11 parishes, see – Table 5.

 

Table 5: Top 30 petrochemical to plastics companies in Louisiana’s ITEP*. *Not adjusted for joint ventures. These three companies Ad Valorem tax relief, equal to $453 million dollars, is almost enough to pay for the missing School Districts, Fire, Libraries, Health & Emergency Services, Parks & Rec, Roads, Levees and Drainage & Flooding funding on annual basis. Instead of Ad Valorem tax relief, these corporations should be funding their contribution to health and emergency services costs. 

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Dr. Anant Jani

Advisor

Anant is a Research Fellow who works on understanding how we can improve the value of healthcare services by optimizing resource utilization, improving population health and by addressing social determinants of health. Prior to his position at the University of Oxford, Anant worked in Europe and the Middle East to help healthcare systems within these countries to focus more on value-based healthcare. Anant has a PhD in immunology from Yale University.

Chiyedza Heri

Director

Chiyedza Heri is an inter-disciplinary professional with experience spanning biodiversity conservation, carbon markets, sustainability reporting, policy advisory and innovative financing mechanisms. Her work focuses on helping governments, financial institutions, businesses and development partners mobilise capital for climate-resilient, nature-positive and inclusive economic development across Africa.

Chiyedza is the Founder and CEO of Ubuntu Alliance, where she works with public and private sector partners to improve sustainability data, reporting and access to alternative finance for environmental and social outcomes.
Her experience includes policy and advocacy leadership with BirdLife Zimbabwe, where she supported nature and climate-policy alignment, ecosystem-restoration finance and stakeholder capacity building; and service as Vice Chair of the Zimbabwe Carbon Association, where she contributed to carbon-market coordination, regulatory benchmarking. She has also facilitated carbon-finance learning for conservation practitioners, policymakers and finance professionals through Africa Leadership University.

Chiyedza brings practical knowledge of TNFD, TCFD, carbon-crediting programmes, impact measurement, biodiversity-finance planning, ESG-related standards and the interlinkages among the Rio Conventions. She has contributed to Zimbabwe’s National Biodiversity Strategy and Action Plan and has engaged in major regional and global policy forums, including UNFCCC COP28 and 30, UNCBD COP16, UNCCD COP16, Ramsar COP15, the Africa Climate Summit one and two and the 2024 UNEP FI Africa Regional Roundtable.

Zsófia Ságodi

Analyst

Zsófia Ságodi is an International Relations student at Leiden University with experience in business development, policy research, and data analysis. She is interested in international political economy, sustainability, and using research and data-driven insights to support strategic decision-making.

William Morrissey

Manager

William Morrissey is an environmental science and policy professional who thrives at the intersection of climate, finance, and policy. As an Associate at Responsible Alpha, William leads the US federal and state contracting effort, liaising with federal partners, identifying public partnerships, and opportunities for growth. He also assists on contracts, using his project management, natural resource management, and scientific research experience. 

With 5+ years of experience as a natural resource biologist, William has worked across sectors to solve complex environmental problems. At Versar Inc., he had the opportunity to contribute to many environmental projects, such as freshwater habitat surveys and IDDE inspections. He has managed environmental and wetland permitting for the Maryland State Highway Association and served as a field biologist for the MD Department of Natural Resources.  

Recently, he obtained his MPA in Environmental Science and Policy from Columbia University School of International and Public Affairs, where he studied climate science, environmental policy, and sustainable finance. In his undergraduate career, he studied Biology at the University of Delaware with a primary focus on ecology.  

Outside of the office, William spends a lot of his time with his family, traveling abroad or to the New Jersey shore, and cooking delicious vegetarian recipes. 

 

Dr. Emily Senay, M.D., MPH

Advisor

Dr. Emily Senay, MD, MPH, is the Interim Executive Manager at the Climate Health Society. Dr. Senay is also a lecturer in the Department of Environmental Health Sciences at the Yale School of Public Health. She serves as a clinician with the Queens World Trade Center Health Program, providing care to first responders and volunteers who supported the 9/11 response. Dr. Senay’s scholarship centers on how healthcare organizations contribute to and respond to the climate crisis, with an emphasis on healthcare sustainability, transparent environmental accounting in the health sector, and climate communication for clinicians. Her clinical work highlights interventions with co-benefits for patients and the planet, including Lifestyle Medicine approaches that promote health while reducing environmental impact. Prior to her academic and clinical roles, Dr. Senay spent more than two decades as a medical broadcast correspondent for CBS News and PBS News, where she reported on health and science topics for national audiences.

Rajeev Soni

Director Product Development

Raj Soni advises enterprise leaders on capturing AI value. Over twenty years Raj has launched and scaled B2B SaaS and enterprise products globally and built teams across four continents. He works with leadership on the decisions that matter, which workflows to redesign, how to structure adoption, and how to measure and deliver against the AI value promise.

Mr. Soni has held director of product development and similar roles at Gartner, Glasswing, SEQR, and European Union Delegation to India and South Asia. He has worked at firms including Tata Consultancy. He also participated on product, delivery and engagement leadership roles with Bank of America, Boeing, JPMorgan Chase, National Bank of Greece and ABN AMRO on enterprise launches.
Career highlights include:

  • 20 years launching and scaling B2B SaaS and enterprise products across research, logistics, retail, financial services and higher education.
  • Fortune 500 and high-growth startup experience on product strategy and go-to-market.
  • Global teams of 60+ across four continents. 1M+ paying enterprise users shipped. One founder/exit.
  • Deep expertise in product market fit, retention and expansion revenue models.

Raj graduated with an MBA from the Ross School of Business, University of Michigan.

Dr. Tom Achoki, M.D., Ph.D.

Advisor

Dr. Tom Achoki, M.D., Ph.D. is a seasoned physician executive with over 15 years of global experience leading innovation in healthcare and social impact initiatives. His work spans strategic partnerships across public, private, and nonprofit sectors, driving transformative change in health systems and development programs worldwide. He is a co-founder of the Africa Institute for Health Policy, a leading research organization based in Nairobi, Kenya.

Tom is a medical doctor and has completed a PhD from Utrecht University in the Netherlands and an MBA from the M.I.T Sloan School of Management, where he focused on finance and healthcare innovation. He did his post-graduate training at the Institute of Health Metrics and Evaluation, University of Washington where he also held a faculty position. He brings deep expertise in corporate venture investing and operational model design to advance business goals while creating shared value and mitigating risk. He is a recognized thought leader in global health, digital transformation, research, and data analytics—leveraging evidence to inform strategic decisions and execution.

Dr. Achoki’s work is grounded in a commitment to equity, sustainability, and measurable impact—making him a trusted advisor in shaping the future of healthcare and social innovation.

Francisco Lizcano Bazaldúa

Director

Francisco Lizcano Bazaldúa is an impact investing professional with a background spanning venture acceleration, institutional finance, and sustainable technology-enabled supply chains across Latin America. He holds an MSc in Astrophysics from UNAM — where he developed advanced skills in statistical modelling, quantitative data analysis, and evidence-based reasoning — which he brings to investment analysis, ESG research, and sustainability advisory. Experienced structuring blended-finance mechanisms and advising early-stage impact enterprises on capital readiness and scalability, he has worked across the full capital stack from seed-stage ventures to institutional products. His supply chain traceability work at BanQu deepened his practical understanding of ESG compliance frameworks, sustainable sourcing standards, and the role of data integrity in credible sustainability reporting. Francisco is currently a Fellow of the New England Impact Investing Initiative (NEI3), deepening his expertise in sustainable finance and impact measurement across emerging markets.

Cara Li

Project Team

Cara Li

Ruonan (Cara) Li is passionate about sustainability and global development, with a interdisciplinary background in public administration, economics, and policy studies. Currently pursuing a Master’s degree in International Relations at Johns Hopkins University SAIS Europe in Bologna, she focuses on how data-driven insights and policy innovation can advance sustainable growth and international cooperation.

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Julianne Zimmerman

Advisor

Julianne Zimmerman is a social justice investor and systems-change leader with more than 30 years of experience putting technology and capital to work for the greater good. She currently serves on the Trust Stewardship Committee for Ona Perpetual Purpose Trust and previously served as Co-CEO of Adasina Social Capital. Julianne has held leadership and advisory roles across impact investing, energy, biofuel, water purification, aerospace, and technology.

She previously served as Managing Director at Reinventure Capital, investing in US-based companies led and controlled by BIPOC and/or female founders. She is actively involved in advancing racial, social, and gender equity and serves on the board of the Criterion Institute and as an Ambassador for Global InvestHer.

She also mentors entrepreneurs and emerging leaders through organizations including MIT VMS, WPI, and Majira Project. Julianne holds two SB degrees from MIT, an MS in Aerospace Engineering from the University of Maryland, and an executive certificate in Sustainability Management from Presidio Graduate School. She is a 2020 Conscious Company World Changing Woman and a 2022 Forbes 50 Over 50 honoree.

Isabella Manzione-Dearborn

Analyst

Isabella Manzione-Dearborn is a graduate student at Johns Hopkins University’s School of Advanced International Studies pursuing a Master of Arts in International Affairs. Isabella currently serves on the project team as an analyst and works extensively with the Business Development and Marketing Team.  

Throughout her education, Isabella cultivated a strong interest in climate and sustainability issues, integrating global sustainability themes into her coursework and study abroad experience. Her professional background includes internships with the Department of Defense and the International Rescue Committee, where she supported federal operations and refugee resettlement efforts. Isabella’s interdisciplinary perspective and commitment to the environment align with Responsible Alpha’s mission to advance climate-conscious financial strategies. 

With over two years of study-abroad experience, Isabella demonstrates strong global citizenship skills. In addition to her passion for travel, Isabella enjoys training for half marathons and collecting many plants. 

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Paul Jonas

Analyst

Paul is a trained natural resource scientist studying at the School of Environment and Sustainability at the University of Michigan.

Emily Korlin

Manager

Emily's interests lay at the intersection between data, environment, and public health. She has a Bachelor of Arts in Biology, Society, and Environment from the University of Minnesota.

Jimena Faz Garza

Analyst, Special Projects

Jimena’s management role includes project tracking and management, team coordination, online marketing, and supporting RA’s participation in working groups and partnerships. She is also an analyst who conducts research and assists in writing reports and deliverables for client projects. 

Jimena has previously interned at A Wider Circle (a social support nonprofit in the DC/Maryland area), and at the Chronicle of Philanthropy (a publication covering philanthropy and nonprofits in the US and worldwide). She has also worked as a summer camp counselor and as a state lead in Virginia for a voter turnout campaign in 2020. 

Jimena attended the College of William & Mary and earned a Bachelors degree in Sociology with a concentration in Social Problems, Policy, and Justice. She enjoys studying intersections between social dynamics, environmental patterns, and economic trends, and using iterative research processes to create lasting solutions that bridge gaps between sectors. She is passionate about translating technical information into clear, compelling narratives. 

Jimena has lived in Mexico City, DC, and Virginia, and is now based in Nairobi, where she enjoys spending time with her family, exploring the city, trying new foods, meeting people from around the globe, and bonding with her cat. 

 

Dr. Mike Kroll

Advisor

Dr. Mike Kroll is a risk management and quantitative finance specialist, combining advanced technical capability with deep financial services expertise. Holding a doctorate in Physics from Ruhr University Bochum, Germany, he delivers credit and operational risk frameworks, regulatory compliance programs, and ESG/climate risk solutions for banks, insurers, and institutional investors across Europe, North America, and emerging markets.

His work spans quantitative management advisory and climate risk modelling, underpinned by proficiency in programming languages and quantitative analytics.

Mike operates at the intersection of risk methodology and data-driven implementation as he translates technical requirements into operational delivery.

Mark Bershatsky, CFA

Advisor

Mark Bershatsky, CFA has been at the cutting edge of carbon reduction technologies since 2007. Currently, Mark is a senior credit and risk manager in the renewable energy sector.

Monique Aiken

Board Member

Monique Aiken is a strategist, systems thinker, author, founder and podcaster with nearly 25 years of experience in finance and impact.

 For the first 12 years of her career in traditional finance, Monique moved between New York, London and Houston, splitting time between Debt Markets at Bank of America and Citi and Commodity Derivatives at Deutsche Bank. Monique then focused her energies on advancing the impact economy, spending ~3 years each at the Clinton Global Initiative, Tideline, a boutique impact investing strategy advisor, and Mission Investors’ Exchange where she led programs for members looking to begin or deepen a practice of impact investing.
 
In 2020, she joined The Investment Integration Project (TIIP), as Managing Director. TIIP connects systems thinking with investing for institutional investors through custom consulting, applied research and recently launched SaaS platform, SAIL, the Systems Aware Investing Launchpad that allows investors to learn about “system-level investing” at their own pace.
 
Monique is also co-founder of Make Justice Normal, a growing collective seeking to open space for people working to move capital towards justice, for which she is host of their podcast, "Into the Record", and co-cofounder of the ReStarter Fund, an economic and climate justice initiative aiming to be a small business lifeline in these times of polycrisis.
 
A Contributing Editor at ImpactAlpha, Monique also serves on the boards of Responsible Alpha and the Institute for Nonprofit Practice. Other advisory board and committee service includes: the Steering Committee for the Intentional Endowments Network (IEN), the NYC Racial Equity Endowment Fund, the Investment Committee for the NYU Impact Investment Fund, the Advisory Board for the Global Bio Fund, focused on gendersmart biotech and wellness, the WELL Certified Sustainable Finance Task Force and the Community Advisory Board for New York Radio (WNYC).
 
Monique is a proud Toigo, SEO, and INROADS alum and holds an MBA from NYU Stern School of Business and a B.Sc. in Foreign Service from Georgetown University, where she studied Spanish and Portuguese. Her first children's book, a love letter to her son (and all children), was published in January 2024.

Justin Kew, CFA

Board Member

Justin who is a CFA holder and leads the ESG research function in an alternative investment firm. He has extensive experience in the financial services ranging from investment banking to asset management and venture capital funds management. Justin has worked on building up business units, ran global business change programs, and built ESG businesses up for multiple asset management. Justin has almost a decade of experience in sustainable investing.

Peter Fusaro

Advisor

Peter is a New York Times best selling author, global thought leader focused on climate change investment and the Energy Transition for many decades. Since Earth Day 1970, he has been focused on energy & environmental issues that enhance economic development & human health through innovative clean energy technology. He is passionate about ESG & impact investing, particularly in carbon emissions reductions. He has been involved in several cleantech startups as an Advisor, Judge in the Cleantech Open for the Northeast, & Entrepreneur-in-Residence for Columbia Tech Ventures. 

 Peter is Founder of the 25th Annual Wall Street Green Summit held on March 10 and 11, 2026 in New York & focused on the nexus of finance and technology. The Summit is one of the longest running & most comprehensive events in the Sustainable Finance in the world hosting over 9,000 participants.
 
Peter wrote the New York Times best seller, “What Went Wrong at Enron” as well as 16 other books on energy & the environment with noted global publishers such as Wiley, McGraw-Hill, & Oxford University Press. His 900 page book “Energy and Environmental Project Finance Law & Taxation” published by Oxford is used as a primer at graduate school courses throughout the world. 
 
Peter was a professor at Columbia University creating & teaching a course on Renewable Energy Project Finance to second year graduate students where he taught financial modelling. Peter has lectured at leading universities including MIT, Columbia, Yale, Carnegie-Mellon, Wharton, Northwestern, Univ. of Michigan, Oxford, Univ. of Chicago, Tufts & London Business School. His belief is that economic transformation to sustainability cannot occur without the massive engagement of young professionals & he has mentored over 300 college undergraduate & graduate students on career development & opened doors for their professional careers.
 
Peter has 50 years of experience in clean energy & environmental innovation, both in the private and public sectors & believes we are in the beginning stages of a Global Energy Transformation into sustainability. He is a recognized expert in ClimateTech, ESG, & Carbon Markets, & recognized with Lifetime Achievement Award in Who’s Who in America. He has a proven track record of sourcing capital from strategic investors, venture funds for revenue-generating companies that want to scale & commercialize their climate change technology. On the advisory boards of ClimaTwins, Global Green Street and Power to Hydrogen.

Gwen Bridge

Board Member

Gwen Bridge is an Indigenous consultant specializing in Indigenous-led conservation, natural resource management, and policy development. A member of the Saddle Lake Cree Nation, she brings a deep cultural perspective to her work, emphasizing the advancement of Indigenous knowledge within a transforming Western legislative context.

Gwen excels in facilitating collaboration between Indigenous communities, governments, and organizations to create sustainable land management solutions. With a Master of Science from the University of Alberta, her expertise extends to collaborative policy-making, Indigenous strategy, organizational reform, and community engagement. She is dedicated to empowering Indigenous communities to take leadership roles in conservation and to shape policies that reflect their cultural values and sustainable practices.
 

Gwen has worked with Tribal Nations in the US and First Nations in Canada and with national and international environmental NGOs to advance Indigenous led natural resource management projects and policy development. Gwen is the co-founder of the Indigenous Engagement Institute, an initiative to share knowledge and skills with those seeking to improve indigenous relations.

Musa Collidge-Asad

Board Member

Musa has been engaged with a broad range of sustainable finance and development, climate resilience, and related thematic areas for the bulk of his career.  His sustained commitment traverses his lengthy tenure with the World Bank Group overseeing a multi-billion-dollar portfolio of diverse sustainable development projects to U.S.-based entrepreneurial and green bank endeavors across diverse asset classes at the intersection of climate finance, renewable energy, real property, and impact capital. 

Additionally, the following highlights some of his unique contributions and capabilities based on relevant leadership roles in diverse organizational contexts:

  • Inclusive Prosperity Capital -- as CIO and a core member of IPC’s leadership team, roles included oversight of all capital formation, investment strategy and transactions, risk-portfolio management, team expansion and a $10M OpEx budget, for a ~$350M blended finance investment platform.

  • Montgomery County Green Bank and MD Clean Energy Center -- MCGB roles include BoD, Investment Committee, and Fin-Ops Committee; MCEC roles include Advisory Council (Governor's Office Appointment) and Energy Innovation Accelerator Exec-in-Residence.

  • Quantified Ventures -- led teams in an entrepreneurial culture to deliver environmental impact bond and fund solutions resolving climate resilience, water quality, and sustainable land use.

  • World Bank Group -- led numerous multidisciplinary teams for a multi-billion dollar portfolio of diverse sustainable development and Global Environment Facility programs delivering long-term impactful results.

  • High-Level Professional Network -- cultivated an extensive network of government, business, banking, NGO and academic leaders in the U.S. and globally who are deeply engaged with an array of renewable energy, climate finance, economic development, and impact investments.

  • Relevant Academic Background -- includes a J.D. (environmental law), an M.B.A. in Finance, and Harvard Executive Management Program.

Neil Hyman, Esq.

General Counsel and Corporate Secretary

Neil Hyman is the General Council at Responsible Alpha and the founder of the Law Office of Neil S. Hyman, LLC, where he practices employment law, commercial litigation and civil litigation. Neil represents workers and employers alike, in state and federal trial and appellate courts. He has argued on behalf of his clients before the United States Equal Employment Opportunity Commission, the Maryland Commission on Human Rights and the Montgomery County Office of Human Relations. He provides legal counsel to clients who wish to reduce their liability as employers. In service of this goal, he can draft protective contracts, employee handbooks, noncompete agreements and other documents that help shield employers from potentially damaging litigation.

Steve Zwick

Director

Steve Zwick produces the popular Bionic Planet podcasts and serves as director of media relations for standard-setting body Verra. Before this, he served as chief business correspondent for TIME Magazine from 1998 to 2006.

He built Ecosystem Marketplace into the world’s leading provider of freely available news and analysis on payments for ecosystem services covering all aspects of environmental finance – including carbon markets, but also mitigation banking, green bonds, and performance-based payments. He launched Bionic Planet in 2016 explicitly to break down information asymmetries among those on the front lines of the climate challenge.

Previously, he was the radio host and producer at Deustche Welle Radio reaching over 20 million listeners, a contributing writer to Time Magazine, and a futures trader and broker in Chicago.

Ashley Fritz, CFA

Advisor

Ashley Fritz has over 15 years of experience in the asset management industry, focusing on sustainability, global markets and data analytics. 

Most recently, she was a Senior Investment Analyst on the Emerging Markets Debt investment team at Loomis, Sayles & Company where she helped develop, implement and execute the team’s sustainability framework covering the investable universe.  Her work included aggregating relevant third party data to evaluate current and prospective holdings for portfolio inclusion as well as meeting with portfolio company management to learn more about sustainability efforts. She constructed several portfolios aligned to the International Energy Agency (IEA) climate scenarios using both current and projected industry relative carbon emissions.

Prior to this, she was a Vice President and Senior Portfolio Analytics Specialist at FactSet Research Systems, where she served as a subject matter expert in portfolio level products across the system. Her responsibilities during this time included assisting large asset managers, endowments and foundations create and analyze custom sustainability reports on the platform.

She is passionate about sustainable investing and has written several frequently cited blog posts detailing her work.

Ashley earned a BS from Bentley University. She is a CFA® Charterholder and holds a certificate in Sustainable Investing from the CFA Institute. She is active in her community and serves on the Board of Directors for her town’s Green Committee.

Chris Donn, MBA

Advisor

Chris thrives at the intersection of sustainability, communications, and business development—helping companies and investors grow, fund, and demonstrate their impact. With 20+ years’ experience across Asia, Europe, and the Americas, he excels at translating complex climate, sustainability, and ESG requirements into clear, compelling strategies that secure financing from investors and contracts with Fortune 500 companies. His track record includes $50 million in contracts and funding across corporates, governments, and investors.

Chris' core strengths:

    • Strategic communications & investor relations (impact storytelling, stakeholder engagement).
    • Fundraising & business development (winning contracts and funding at scale).
    • Sustainability, climate, and ESG reporting & regulatory alignment (CSRD, ISSB, GRI, TCFD).

Chris has an MBA (ESCP Business School) and Postgraduate Diploma in Digital Business (Columbia × MIT).

Peter Graham

Director

Peter Graham is a Director at Responsible Alpha, where he focuses on climate transition, nature-based solutions, sustainable finance, and ESG risk and opportunity. He supports clients and partners in developing strategies that enhance valuation, reduce risk, expand market opportunities, and contribute to a resilient, nature-positive circular economy.

Peter has more than 20 years of experience across government, international NGOs, consulting, and multilateral climate diplomacy, including roles with Climate Advisers, WWF, Natural Resources Canada, and Verdant Futures LLC. His work has focused on forest and land-sector climate policy, carbon markets, climate finance, corporate sustainability, nature-related financial risk, REDD+, and international negotiations, including chairing UNFCCC negotiations that produced the Warsaw Framework for REDD+.

Peter holds a Master of Forestry (Economics) degree from the University of British Columbia and a Bachelor of Science in Forestry (Forest Resource Management) from the University of New Brunswick. He has authored and contributed to peer-reviewed publications on forest carbon, climate policy, REDD+, nature-based solutions, and the role of forests and land use in climate mitigation.

Liesel D'Souza, SCR

Project Team

Liesel D’Souza is a seasoned Risk Management and Sustainable Finance Strategist with over 20years of experience spanning global financial institutions and regional markets. She has held leadership roles at Standard Chartered Bank in Singapore, including Regional Director for ESG & Climate Risk, and previously worked at Goldman Sachs and Deutsche Bank in New York and London.

Liesel graduated from New York University with a degree in Finance and International Business and is certified by the Global Association of Risk Professionals in Sustainability and Climate Risk. She is passionate about enabling organizations to navigate the evolving sustainability landscape, and excels in driving Sustainability Policy, ESG Governance and leading cross-functional teams to deliver complex Decarbonization Strategies, Climate Scenario Analysis, and Regulatory engagement aligned with TCFD, ISSB, and Net-Zero frameworks.

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Liesel D'Souza, SCR

Managing Director

Liesel D’Souza is a Managing Director at Responsible Alpha, where she leads Energy Transition and Natural Capital advisory work focused on climate riskand supply chain resilience. She guides corporates, investors, and financial institutions on integrating climate and social risk into decision‑making, shaping resilience strategies, and mobilizing capital toward high‑impact outcomes. Her work spans risk diagnostics, portfolio‑level analytics, and executive‑level narrative development for clients across global markets. She previously served as Head of Climate and ESG Risk at Standard Chartered Bank, where she built and implemented operationalized frameworks across multiple jurisdictions and asset classes.

Her broader career includes deep Asia‑Pacific experience in banking, policy, and sustainability, with specialization in climate‑related financial risk, transition finance, and impact‑aligned capital allocation. She has advised multinational corporates, asset managers, and development institutions on risk transmission, regulatory alignment, and long‑term value creation. Liesel holds degrees in Finance and International Business from New York University, along with certifications in Sustainability and Climate Risk management.

Her academic background reflects a focus on financial systems, development, and environmental governance. Outside of work, she is engaged in community‑focused environmental initiatives and enjoys travel, contemporary art, and exploring nature across the Asia‑Pacific region.

Gabriel Thoumi, CFA, FRM, Certified Ecologist, LEED AP

President and CEO

Gabriel Thoumi, President and Founder of Responsible Alpha, is an award-winning sustainable finance research manager with over 20 years’ experience leading scientifically rigorous, replicable, and scalable approaches for capital deployment and impact. He has worked with financial institutions, banks, asset managers, corporations, civil society, and governments in more than 30 countries focusing on financing and modeling the necessary energy transition and nature transition pathways for a sustainable future.
In his career, he has spoken at or moderated more than 300 events including TV appearances from the NYSE; has published more than 120 sustainable investment research reports, chapters, peer review articles, and finance textbooks edited; and sat on numerous global boards and advisory committees including the S&P Global Sustainable Finance Scientific Council.
Mr. Thoumi has also participated on and led teams winning numerous awards, such as:
  • Rockefeller Foundation Bellagio Center – cohort of top 25 global natural capital leaders (2014, individual award)
  • Lipper Award: Best in Class Natural Resources Fund Globally for the Calvert Global Water Fund (2014, team award)
  • Environmental Finance: ESG innovation of the year (research) (2020, team award as co-author)
  • Global Innovation Lab for Climate Finance, Agricultural Supply Chain Adaptation Facility (2015, group award representing Calvert Investments co-won with the Inter-American Development Bank)
  • Gotham Network: Gotham Green Award (2021, individual award)
Since 2010, Mr. Thoumi has lectured on sustainable finance and impact investing, energy transition, and natural capital at various universities including Ross School of Business, University of Michigan, Smith School of Business, University of Maryland, Johns Hopkins University SAIS, and the University of Applied Sciences, Upper Austria. He has also frequently guest lectured at leading universities globally including Oxford University, Yale University, Columbia University, and others.
For 8 years, Thoumi was a political appointee supporting Washington DC regional energy transition, nature conservation, air quality, climate modeling, and urban planning.
As a trained scientist, he has experience at sea conducting oceanographic research and on land assessing forest and biodiversity health.
Mr. Thoumi has an MBA, MSc in Sustainable Systems, and a Graduate Certificate in Real Estate Development from the University of Michigan where he was both a Consortium and Erb Institute fellow. He has a MIM in International Finance from the University of St. Thomas where he was a NSHMBA fellow. He also has a B.A. in Art History and Archaeology and a B.A. in Studio Arts from the University of Maryland where he was Summa Cum Laude and Phi Beta Kappa.