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GeoPark: Environmental Justice Risks in 2022

by | Jul 25, 2022 | Research

GeoPark - Environmental Justice Risks in 2022

A GeoPark Oil Drilling Facility in the Morona Block (Block 64)

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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 GeoPark is one.

GeoPark Ltd, $1 billion market capitalization, $641 million in fixed income securities, 463 employees, is an independent Chilean oil and gas explorer, operator and consolidator with assets and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina. Adjusted revenues peaked at $689 million in 2021. 

The location of risk is GeoPark’s Situche Central project (“Block 64” or “Morona Block”), in the Marañon Basin of Peruvian Amazon. The site Block 64 light oil field in the Morona District of Loreto Region, northern Peru, is near the border with Ecuador. Block 64 covers more than 7,600 km2 of rainforest. Block 64 overlaps with much of the Indigenous Achuar Nation’s 8,020 km2 (3,100 m2) homeland, as well as a portion of the neighboring territory of the Wampís people. GeoPark owned 75 percent of this concession. Petroperú and GeoPark planned a 44 km pipeline across Achuar territory to a military base in the Wampís territory, from whence crude oil would be transferred by barge 225 km down the Morona River to the NorPeruano Pipeline. In 2019, the Morona Block accounted for 16 percent of GeoPark’s net proven reserves, representing a substantial asset for the company. 

October 1, 2014, GeoPark acquires a 75 percent interest Morona Block (Block 64) in a joint operation with Petroperú. Then on December 1, 2016, the Peruvian government approves the amendment to the License Contract of Morona Block (Block 64) appointing GeoPark as the operator and holder of 75 percent of the license/contract.  

In 2020, GeoPark reported 50.6 million of barrels equivalent (MMboe) proven (1P) and probable (2P) reserves in Block 64. This was equal to 37% and 24% of total proven and probable reserves for GeoPark globally. Block 64 had a net present value of $222 million and $336 million proven and probable reserves, together at $558 equal to 22% of GeoPark’s total net present value of $2.5 billion for the company’s overall proven (1P) and probable (2P) reserves.

In the face of the environmental review process and ongoing protests by the Achuar and Wampís Indigenous Peoples’ nations on which Block 64 overlapped, on July 15, 2020, GeoPark notified Peruvian authorities their irrevocable decision to retire from the non-producing Morona Block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. GeoPark then executed an agreement to transfer the Morona block contract and operatorship to Petroperú. Petroperú accepted the assignment of Geopark Perú SAC’s 75% stake in the license contract for Block 64. Petroperú obtained 100% of the rights and obligations as a contractor for the exploration and exploitation of hydrocarbons in the deposit. 

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Furthermore, GeoPark did not disclose forecast greenhouse gas (GhG) emissions associated with its proven (1P) and probable (2P) reserves.  

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Company Overview 

Geopark Limited is an oil and gas exploration and production company. The Company owns, operates, and produces properties in Chile, Colombia, Brazil, and Argentina. GeoPark is currently ranked the third-largest oil operator in Colombia and the first private oil and gas producer in Chile. It also has a non-operating working interest in one of the largest non-associated gas field in Brazil. As of January 1 2022, GeoPark reported that it has 159 millions of barrels equivalent (MMboe) proven (1P) and probable (2P) reserves with 84.9 percent in Colombia, 10.7% in Chile, 2.5% in Argentina, and 1.9% in Brazil. 

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Climate Risks 

A key development in the Peruvian Amazon has been the collaboration of the Agency for Environmental Assessment and Enforcement (OFEA) with Indigenous environmental monitors since 2017. OFEA accepts georeferenced information provided by monitors for its investigations.  

In 2014 the EU agreed. Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), an amendment to Directive 2013/34/EU (the Accounting Directive). The NFRD requires certain companies to report information regarding four sustainability issues (the environment, social and employee issues, human rights, and bribery and corruption), on an annual basis. The NFRD recommends disclosures on human rights due diligence and efforts to prevent human rights abuses, including Indigenous rights. It requires companies to disclose information about their business model, due diligence processes, outcomes, risks and risk management, and key performance indicators. The NRFD employs the “double materiality perspective”. This requires companies to disclose how sustainability issues affect its bottom line, but also how the company affects society and the environment. In June 2019, the European Commission published additional guidelines on climate-related information, which integrate the recommendations of the Task Force on Climate-Related Financial Disclosures. This reporting requirement seeks to make non-financial information that is material to investment more reliable and comparable, more comprehensive, make companies more transparent, and make it easier for investors and others to find non-financial information. This process is intended to address systemic risks to the economy from investments that do not adequately price sustainability-related risks to the economy, and to promote accountability for impacts on society and the environment.

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Community Risks 

GeoPark’s Block 64 venture followed failed attempts by a partnership of Occidental Petroleum Corp. and Canadian oil company Talisman. The land where Block 64 is located is the customary land of the Achuar and Wampís Indigenous Peoples. These Indigenous communities have been excluded from operational and drilling areas in their territories. Oil pipelines cross rivers that Indigenous communities are dependent on. GeoParks’ proposed oil platform would have been situated close communities and sensitive riparian areas. 

Water sources upon which Achuar and Wampís people depend are being routinely contaminated by oil spills. Achuar representatives argue that lead and mercury deposits from oil exploration have leaked into groundwater and are causing deaths in their community. 

The Achuar and Wampís have had limited contact with non-indigenous people until recently and contact with oil workers has been associated with the introduction of diseases to which they have limited or no immunity. 

Environmental Risks 

A research report published in 2019 documented 474 oil spills along the in the Peruvian Amazon affecting 41 Indigenous communities. 65 percent of these were caused by corrosion in pipelines and operational failures. Indigenous communities were routinely blamed for these spills. Oil companies were not resourcing the costs of cleanup. The government of Peru has allocated up to $51.4 million, which covers approximately 10 of the prioritized sites. 


Risks Facing GeoPark ​

  • GeoPark’s 2018 SEC filings note $36.8 million in construction costs.  

  • GeoPark’s 2020 SEC filings note an impairment loss of $34 million.

  • In 2020, GeoPark reported 50.6 millions of barrels equivalent (MMboe) proven (1P) and probable (2P) reserves in Block 64. This was equal to 37% and 24% of total proven and probable reserves for GeoPark globally. Block 64 had a net present value of $222 million and $336 million proven and probable reserves, together at $558 equal to 22% of GeoPark’s total net present value of $2.5 billion for the company’s overall proven (1P) and probable (2P) reserves.


Risks Facing Investors and Lenders

  • With the loss of 22% of GeoParks proven (1P) and probable (2P) reserves with the cancellation of GeoPark’s Block 64, GeoPark is able may be positive for investors as it improves operating-cost reductions and frees investment capacity to pursue growth elsewhere. 


Overall, the benefits of operating are overshadowed by the damages to Indigenous communities and to a firm’s own reputation. Political risks include a trend of nationalization in the region, possibly sparked by Indigenous conflict.   

Changing policies may result in greater regulatory scrutiny and financial liability for damages to the environment and communities. Policies globally to reduce GhG emissions are expected to place market pressure on fossil fuel energy producers and could result in stranded assets including both concessions and infrastructure.  

To better understand the performance of a company, including the impacts of its activities, a company should disclose all relevant information on environmental and social matters. This includes information relating to risks of negative impacts on the climate and on the company. Social and environmental impacts of oil production operations should be reported because they materially affect the value of the company. In FY 2019, GeoPark’s SEC filing Form 20-F indicated that: 

“the Morona Block is located in land inhabited by native communities. Though we have already signed certain agreements with native communities authorizing the execution of the environmental impact assessment for the Morona Project, similar projects in the Peruvian rainforest have faced significant social conflicts and work delays due to community claims. Social conflicts or community claims could adversely affect the recoverability of our future investments, our future production and revenues related to the Morona Block.”

In this case, GeoParks mentions an impairment loss but does not address community opposition to the project in its 2020 SEC filing, which proved materially relevant.  

Timeline: 

​1964: Oil discovered in Amazon.

  • 1965: Block 64 defined.

  • 1970: 2D seismic study conducted by Occidental Petroleum Peru. 

  • 1999: Occidental Petroleum Corp and Burlington Resources win concession contract to explore 800,000 ha in Loreto Region. Occidental has been producing oil in Peru since the mid-1970s.  

  • 1999: Pluspetrol purchases Occidental production facilities and assumes responsibilities for land and operations. 

  • 2002: Geopark founded.

  • 2003: US based oil company Burlington Resources withdraws from Block 64 due to indigenous opposition. Occidental Petroleum Corp takes over Burlington’s stake.

  • May 17, 2004: Occidental Petroleum Corp in partnership with Talisman Energy Inc. and Ameranda Hess Corp. win concession to explore Block 64.

  • 2006: Indigenous environmental monitoring initiated in Amazonia. Environmental monitoring is voluntary with limited support. Evidence collected has resulted in a sharp increase in the number of documented oil spills.  

  • 2006: Occidental Petroleum Corp announces that it is pulling out of Peru. Occidental denies pressure from Indigenous people influence its decision, citing a refocus on operations in the Middle East and North America. Occidental owns drilling rights for three blocks of land totaling approximately 25.5 million ha. 

  • 2009: Indigenous peoples demonstrate against extractive industries and land grabs in the city of Bagua, where 34 people died in clashes. 

  • October 1, 2014: GeoPark acquires a 75 percent interest Morona Block (Block 64) in a joint operation with Petroperú. 

  • November 29, 2015: Wampís Nation autonomous territorial government declared.  

  • 2015: Peruvian government assumes responsibility for remediating impacted areas through a Contingency Fund for Environmental Remediation.  

  • December 1, 2016: Peruvian government approves the amendment to the License Contract of Morona Block (Block 64) appointing GeoPark as the operator and holder of 75 percent of the license/contract.  

  • 2017: Fourth Constitutional Court rules that a private company granted permission from the Peruvian government to run assessments on the Wampís’ land could not continue their work without the approval of the Indigenous group’s government. 

  • 2019: GeoPark withdraws its Environmental Impact Assessment due to a lack of definition from the Peruvian Government about whether a prior consultation process was needed for deforestation. Petroperú grants GeoPark a new force majeure until the Government pronounces a definite statement regarding the need of performing prior consultation for reforestation works. 

  • 2020: The 2020 income tax expense included the writedown of the deferred income tax asset in Peru due to the decision to retire from the Morona Block (US$8.4 million). 

  • July 15, 2020: GeoPark notifies the government of its irrevocable decision to retire from the non-producing Morona Block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. Force majeure refers to regulatory hurdles, but nowhere is it explicitly linked to community opposition. 

  • July 15, 2020: “On July 15, 2020, GeoPark notified its irrevocable decision to retire from the non-producing Morona Block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. On April 6, 2021, the final agreement with Petroperu was signed and, on May 31, 2021, the joint operation agreement was terminated. On September 28, 2021, the supreme decree approving the assignment was issued by the Peruvian Government, and the public deed corresponding to that assignment was finally executed by GeoPark and Petroperu on November 15, 2021. Consequently, from such date, all the rights and obligations under the Morona Block license contract are the exclusive responsibility of Petroperu. 

  • 2020: During 2020, the Group recognized an impairment of its Property, plant and equipment for a total amount of US$ 33,976,000, wrote-down VAT credits for US$ 6,017,000 and Deferred income tax asset for US$ 8,353,000, recognizing those charges within Other expenses and Income tax expenses, respectively, in the Consolidated Statement of Income, and recognized a provision for environmental obligations for a present value of US$ 1,886,000, with impact in Other expenses in the Consolidated Statement of Income.”  

  • 2020: As a consequence, the impairment loss recognized by GeoPark for its Morona block, when last reported in 2020 due the segment being merged within the Ecuadorian segment, was negative $33,975,000. 

  • 2022: According to GeoPark’s 2022 20F:

    • “In October 2014, we expanded our footprint into Peru by acquiring the Morona Block in a joint operation with Petroperu. This transaction awarded us a 75 percent working interest of the Morona Block. In December 2016, we obtained final regulatory approval for our acquisition of the Morona Block in Peru. The Joint Investment and Operating Agreement dated October 1, 2014 and its amendments were closed on December 1, 2016, following the issuance of Supreme Decree 031-2016-MEM. 

    • On July 15, 2020, we notified our irrevocable decision to retire from the non-producing Morona Block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. On April 6, 2021, the final agreement with Petroperu was signed and, on May 31, 2021, the joint operation agreement was terminated. On September 28, 2021, the supreme decree approving the assignment was issued by the Peruvian Government, and the public deed corresponding to that assignment was executed by us and Petroperu on November 15, 2021. Consequently, from such date, Petroperu holds all the rights and obligations under the Morona Block license contract.” 

    • Thus, the current operating segment managing the Morona Block is now Ecuador. Aggregated at the Ecuador segment, which includes, resulted in 2021 adjusted EBITDA of negative $2,071,000. 2021 adjusted EBITDA included a sub-account “Others” that “includes termination costs and write-down of tax credits in Argentina and, in 2020, also includes termination costs, and write-down of VAT credits and recognition of a provision for environmental liabilities in Peru”. 

    • 2020 Operating Profit (loss) for the Morona Block were a loss of $36,980,000.

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.