A Specialized Guarantee Facility for Industrial Decarbonization: The Case for a Dedicated, Pooled Risk-Sharing Instrument
This blog was originally published on Illuminem, and has been co-authored with Rhian-Mari Thomas. She is the CEO...
This blog was originally published on Illuminem, and has been co-authored with Rhian-Mari Thomas. She is the CEO...



Lisa Sachs and 2 more
Financing Climate & Sustainable Development / Events
Time: edt
Date: Jun 30, 2026
Location: Online
Financing Climate & Sustainable Development / Report
Diagnosing how the sovereign ceiling functions as a simplifying shortcut that can obscure meaningful differences across borrowers, and proposing an alternative credit rating approach based on disaggregating sovereign risk into specific transmission channels.

Igor Zelezetskii and 5 more
Paul DeNoon is a Senior Advisor to the Columbia Climate School, which he joined after a 35-year career as an analyst, portfolio manager, and leader in corporate responsibility in the asset management industry. He has witnessed the good, bad, and ugly of the financial markets. At the Climate School he works on creating pro-active training engagements with the private sector around the why, what, and how of addressing climate change. Additionally, he researches and lectures on net-zero, the carbon markets, and climate finance. He wants to inject healthy skepticism into the debate on how financial markets can help address the climate emergency. During a 28-year career at Alliance Bernstein, he built the firm’s efforts in emerging market debt and lead a team that invested in all sectors of the global fixed-income market. After being named to the firm’s first Partner Class, he was asked to oversee the firmwide efforts in corporate responsibility, including Diversity & Inclusion, responsible investing, and corporate philanthropy. In that role he played an instrumental part in creating the partnership between Columbia and Alliance Bernstein, which lead to his former firm becoming a founding supporter of the Climate School. He received a BA in Economics from Union College and MBA from the New York University Stern School of Business.
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