Certified B Corp

Japan’s Green Nuclear Transformation: Transition Bonds Funding Opportunity

by | Apr 2, 2026 | Research

Japan’s Green Nuclear Transformation - Transition Bonds Funding Opportunity
DOWNLOAD RESEARCH PAPER

Key Recommendations

This paper offers three core implications for investors and financial institutions to consider:

  • Reassessing nuclear exposure as a transition finance opportunity, rather than a blanket ESG exclusion, particularly for long-duration fixed-income portfolios.

  • Prioritizing policy credibility and regulatory stability as core credit factors when pricing Japanese utility bonds, above traditional spread or yield considerations.

  • Strategically evaluating USD-denominated green and transition bonds as vehicles for accessing Japan’s Green Transformation (GX)-driven energy transition, while actively managing currency and refinancing risks.

Japan’s Energy Transition and the Urgent case for Financing

Japan now stands at a historic inflection point in its energy transition. According to the Green Transformation (GX) Basic Policy released by the Ministry of Economy, Trade and Industry (METI) in 2023, Japan has set two main goals: achieving carbon neutrality by 2050 and revitalizing industry, which includes strengthening energy security. Heavy reliance on imported fossil fuels (e.g., LNG) has become a national security vulnerability resulting in diversification into nuclear power and Japan’s national energy strategy.

Japan’s refreshed Nationally Determined Contribution (NDC) published in February 2025 set ambitious goals to reduce greenhouse gas emissions by 60% by fiscal year 2035 and by 73% by fiscal year 2040 compared to FY2013 levels. These targets align with the global 1.5 °C objective and put the country on a direct path toward achieving net-zero emissions by 2050. These enhanced commitments underscore the urgency of expanding low-carbon energy sources, including nuclear power, to meet both climate and energy-security objectives.

The GX framework commits more than ¥150 trillion (approx. $1 trillion) in public-private investment over the next decade. It is supported by new financing mechanisms (see Appendix A) such as GX Transition Bonds and growth-oriented carbon pricing*, to mobilize capital for low-carbon power and industrial upgrades. The long-term investment roadmap for the GX strategy will utilize nuclear power to ensure a stable electricity supply to achieve net-zero emissions. Priority will be given by the national government to restart nuclear reactors that pass safety reviews (METI, 2023).

Japan’s carbon-pricing framework functions as a two-pillar system integrating a carbon levy and an emissions-trading scheme (ETS) (METI, 2023). The GX Emissions Trading Scheme (GX-ETS) began with a voluntary phase through the GX League in 2023, will become mandatory in FY 2026, and is expected to introduce allowance auctions for power generators by FY 2033. In parallel, a carbon levy will be introduced from FY 2028 on fossil-fuel importers and suppliers, starting at a moderate rate and rising progressively to balance industrial competitiveness with climate ambition. Together, these tools form the core of Japan’s “growth-oriented” approach—using market incentives rather than fixed caps to drive investment.

According to the latest Organisation for Economic Co-operation and Development (OECD) (2023) Carbon Pricing in Japan report, Japan’s average explicit carbon price across existing instruments is approximately €1.65 per mtCO₂e (≈ ¥300 ≈ $2.00), while the average net effective carbon rate (ECR)—which includes energy and fuel excise taxes—reaches roughly €3.32 per mtCO₂e (≈ ¥600 ≈ $4.00). These values remain among the lowest in the OECD, underscoring the limited fiscal weight of carbon pricing in Japan’s current policy mix. Nonetheless, revenues generated under this evolving framework are earmarked to fund GX Transition Bond repayments and to subsidize industrial decarbonization projects.

Taken together, these policy commitments create not only an energy-transition challenge but a clear financing urgency. Japan expects to raise ¥20 trillion (approx. $130 billion) through GX Transition Bonds over the next decade, underscoring the scale of the funding gap that must be filled to support nuclear restarts and broader decarbonization efforts (JapanGov, 2024).

Post-Fukushima Structural Shock to the Power System

After the Fukushima Daiichi nuclear disaster in March 2011, Japan’s nuclear-fleet operations collapsed (which means every single nuclear reactor in Japan was shuttered): out of 54 commercial reactors prior to the accident, only 10 (≈9.5 GW capacity) had been restarted by mid-2023 (World Nuclear Association, 2023). As a consequence, thermal-fired generation (gas + oil) surged: for example, according to the 2012 report of the U.S. Energy Information Administration, in the first four months of 2012, thermal generation rose to nearly 90% of total electricity output compared to about 64% in the same period in 2011. At the same time, LNG imports by power utilities increased by around 34% year-on-year in early 2012 (first four months) to compensate for lost nuclear generation.

image.png

Figure 2: Monthly Average Generation by Electric Utilities in Japan, By Source, January 2007-April 2012. Source: U.S. Energy Information Administration.

image.png

Figure 3: Fuel Consumption for Power Generation in Japan, January 2007-April 2012. Source: U.S. Energy Information Administration.

Since 2023, responding to volatile global energy prices and geopolitical dynamics, Japan has accelerated safe nuclear restarts and placed greater emphasis on next-generation reactor technologies: by 2024, utilities had restarted at least 14 reactors since the Fukushima accident (Financial Times, 2025). For example, the restart of Onagawa Nuclear Power Plant Unit 2 (825 MW) in late 2024 marked the first time a reactor of the same type as Fukushima Daiichi returned to operation, with operators citing large fuel‐cost savings and reduced LNG dependence (Reuters, 2024).

​

Nuclear Restarts, Capital Intensity, and the USD Green Bond Inflection

While policy momentum has clearly shifted toward nuclear rehabilitation, the financial reality confronting utilities remains highly constrained. Restarting idle nuclear units requires substantial capital outlays to retrofit post-Fukushima safety systems, reinforce seismic protections, and reconfigure generation portfolios. These investment needs frequently exceed what utilities can finance through internal free cash flow, particularly in firms that remain heavily reliant on thermal power generation (Hokkaido Electric Power Company, 2025).

In 2025, Hokkaido Electric Power (HOKKEL) became the first Japanese electric utility to issue a U.S. dollar, denominated green bond in the international market, establishing a new benchmark for nuclear-linked sustainable finance. The company issued a $500 million green bond to support restart-related investments at the Tomari Nuclear Power Station. The transaction attracted exceptionally strong investor interest, generating an order book of approximately $6 billion, reflecting substantial global demand for labeled green and transition instruments (Choy, 2025).

Beyond the transaction itself, this issuance represented a strategic inflection point: it demonstrated that nuclear restart projects could be absorbed into global sustainable-finance markets, opening a scalable pathway for other Japanese utilities to access international ESG-aligned capital.

​

Nuclear Assets and Balance-Sheet Exposure of Japanese Utilities

According to Bloomberg data as of September 2025, Japan’s publicly listed regional power utilities collectively operate 51 commercial nuclear units, of which nine are currently active, 20 are suspended for inspection, and 16 are under decommissioning. Nuclear capacity remains concentrated among a handful of major utilities:

  • Kansai Electric Power (KEPCO) — 11 units at Mihama, Ohi, and Takahama, with six currently operating.

  • Kyushu Electric (KYUDEN) — 4 units at Genkai, with one in operation.

  • Tokyo Electric Power (TEPCO) — 17 units, but most remain suspended or under decommissioning.

  • Hokkaido, Hokuriku, and Shikoku Electric — each owning 2–3 reactors, all currently idle or awaiting restart.

From a financial standpoint, these utilities are significantly leveraged, further making the case for the urgent need to fund Japan’s nuclear power ambitions as a transition enabler. Bloomberg data indicates outstanding senior unsecured debt of approximately:

  • $1.89 billion for TEPCO.

  • $1.08 billion for KEPCO.

  • $991 million for Hokkaido Electric.

  • $735 million for Kyushu Electric.

  • $621 million for Chubu Electric.

Table 1: Data compiled Responsible Alpha from Bloomberg Terminal (Appendix B).

image.png

Most issuances are yen-denominated corporate bonds, but a growing number, including those by Kyushu Electric and Hokkaido Electric, feature green or transition labels, with some USD tranches aimed at international investors (see Appendix B). This reflects an emerging strategic pivot toward sustainable finance to fund nuclear restarts, safety retrofits, and decarbonization projects.

While official METI data (2025) report a national total of 60 commercial reactors (14 restarted, 4 approved for modification, 8 under review, 10 unsubmitted, and 24 decommissioned), the Bloomberg dataset only includes listed utilities with tradable equity tickers, excluding state-owned or non-listed entities such as the Japan Atomic Power Company (JAPC).

image.png

Figure 4:  Current Status of Nuclear Power Plants in Japan. Source: METI, 2025

Therefore, the numerical gap between METI’s 60 and Bloomberg’s 51 units reflects different reporting scopes, not inconsistency. Together, these two datasets form a complementary picture: METI describes the regulatory and national status, while Bloomberg highlights corporate-level operational and financing structures critical to Japan’s energy transition.

​

The Rise of USD Green and Transition Bonds

According to Bloomberg data, Japan’s major regional utilities have issued approximately USD 3,023 million in green labeled bonds (see Appendix C), the majority of which are yen-denominated corporate bonds. Tokyo Electric Power (TEPCO), Kansai Electric Power (KANSEL), and Hokkaido Electric (HOKKEL) account for a substantial share of these issuances, reflecting a historical reliance on a domestic investor base. However, since 2024, several utilities have begun tapping into the U.S. dollar bond market to diversify funding sources and attract international ESG investors.

A milestone in this shift was set by Hokkaido Electric Power (HOKKEL), which in August 2025 issued a $500 million green bond, the first U.S. dollar green issuance by a Japanese electric utility. The bond, rated BBB+ and maturing in 2030, priced at a coupon of 4.587%, drawing more than $6 billion in orders from global investors. Proceeds are allocated to the safety upgrades and restart of the Tomari Nuclear Power Station, which is expected to replace up to 80% of the company’s thermal generation capacity by 2030, substantially reducing both fuel costs and carbon emissions (Choy, 2025).

Compared with yen bonds, such as KANSEL’s 2030 A3-rated green bonds (around 1.9% to  2.1%) and KYUSEL’s 2029 issues (around 1.7% to 2.0%) (see Appendix A), HOKKEL’s USD bond offers a higher yield and longer maturity, compensating investors for both currency and credit risks. Yet the strong demand suggests growing acceptance of nuclear-related green financing among international investors. This shift represents not simply financial diversification, but a structural re-embedding of nuclear power into global sustainable-finance frameworks.

Overall, the rise of USD green and transition bonds marks a turning point in Japan’s energy finance landscape. As the Green Transformation (GX) policy targets more than ¥150 trillion (approx. $1 trillion) in public–private investment over the next decade, utilities will increasingly rely on overseas capital to fund nuclear restarts and low-carbon upgrades. This evolution signals a broader trend: Japanese utilities are moving from domestic debt markets toward global sustainable finance, with nuclear power gradually being reclassified—not as a legacy risk, but as a legitimate component of the clean energy transition.

​

Risks, Regulatory Fragility and Financing Sustainability

Several risks could constrain this momentum. Policy uncertainty remains the most immediate concern: changes in government priorities or delays in nuclear restarts could undermine both funding continuity and investor confidence. Taxonomy and perception risks also persist, as global ESG standards are divided on whether nuclear power qualifies as “green.” This inconsistency may limit cross-border investment and restrict the participation of certain institutional funds.

On the financial side, currency and interest rate volatility increase the risk of borrowing costs for utilities already burdened with high leverage. For smaller regional utilities, exposure to USD debt could create refinancing pressure if market conditions tighten. At the same time, execution risk, the ability to deliver safe restarts and achieve emission targets will determine the credibility of these transition instruments.

​

Conclusion

Japan’s shift toward green and transition bonds, especially in the U.S. dollar market, marks a practical step in funding its low-carbon transition focused on nuclear energy. These instruments broaden Utility companies access to international capital while reinforcing the financial foundation for the Green Transformation (GX) agenda. The success of HOKKEL’s 2025 USD green bond shows that investors are willing to support nuclear-linked projects when they are transparent, measurable, and clearly aligned with climate goals.

The central challenge is no longer whether capital is available, but whether institutional credibility and regulatory stability can be maintained.

Japan’s energy financing strategy is entering a more disciplined and internationally visible stage, setting a precedent for sovereign transition bonds. The key challenge is no longer issuance volume but maintaining policy stability and proving genuine environmental outcomes while managing currency and refinancing risks. If managed well, green and transition bonds can evolve from a temporary funding tool into a robust mechanism for Japan’s decarbonization and energy security, positioning the country as a credible regional leader in sustainable finance.

Appendix A. Key Financing Mechanisms under Japan’s Green Transformation (GX) Framework

Japan’s Green Transformation (GX) Basic Policy establishes a comprehensive investment and financing system to mobilize more than ¥150 trillion (≈ $1 trillion) of public-private capital over the next decade.

The framework combines sovereign financing, carbon-pricing revenue recycling, and market-based instruments to accelerate decarbonization while maintaining energy security and industrial competitiveness.

​

The four core mechanisms are summarized below.

GX Transition Bonds (GX Transition / Climate Transition Bonds)

The Government of Japan issues Japan Climate Transition Bonds (also called “GX Economic Transition Bonds”) to raise advance investment funds. According to the Ministry of Finance: “Japan will issue approximately ¥20 trillion (≈ $130 billion) in transition bonds to promote GX.”

The bond issuance allows the government to mobilize capital in advance for industrial decarbonization, low-carbon energy, hydrogen, and ammonia value chains, and CCUS technology upgrades.

The bond redemption is linked to future carbon-pricing revenues: the government explicitly states in its framework that the bonds will be supported by fiscal resources generated from the introduction of carbon pricing (Ministry of Finance Japan. (2025). Japan Climate Transition Bonds Framework).

​

Growth-Oriented Carbon Pricing Scheme

According to the GX Basic Policy, Japan proposes a “growth-oriented carbon-pricing” concept aimed at promoting both economic growth and emissions reduction.

The system includes three main policy tools (METI, 2023):

  • National bond financing support (mobilizing capital through the GX Transition Bonds).

  • Emissions Trading System (GX-ETS): Japan has launched GX-ETS as a national emissions-trading framework, voluntary at first and planned to become mandatory later.

  • Carbon Levy / GX Surcharge: Scheduled to be implemented around FY 2028 on fossil-fuel import and supply stages.

Public-Private Blended Finance and Tax Incentives

Under the GX framework, the government promotes industrial transition to low-carbon models through blended finance (public funds guiding private investment), preferential loans, debt guarantees, and tax reductions.

For example, the government states (METI, 2023, Basic policy for the realization of GX (Green Transformation, and GR Japan, 2023, Overview of Japan’s Green Transformation (GX) plans.)

“We will increase the added value of GX-related products and enterprises through carbon-pricing mechanisms.”

Although the full details of tax incentives have not been disclosed, this mechanism is clearly defined as part of the “new financing methods.”

Transition Finance and Private-Sector Green / Transition Bonds

The Japanese government and related institutions encourage industries to issue labeled “transition bonds” or green bonds to provide financing for key sectors—such as steel, chemicals, and power generation—that are difficult to decarbonize quickly.

Reports indicate that by 2024, Japan’s cumulative issuance of transition bonds accounted for a significant share (70%) of the global market (Nomura Connects. (2024). Japan Pioneered Transition Bonds but Needs Demand to Grow the Market).

Appendix B: Japanese Electric Utilities Debt Outstanding

Table 2: Japanese Electric Utilities Debt Outstanding (September 2025). Source: Bloomberg, L.P.

​

image.png
image.png

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.

Linked In

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. 

LinkedIn

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.

Linked In

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.