Charles Sandmel became a Senior Fellow at the Intentional Endowments Network to continue his pioneering work in the integration of sustainability and fixed income investing. His current focus is supporting wider bond investment in green infrastructure projects in furtherance of the COP21 goals through the development of ISO-type standards for green bonds. *
Most recently, Charles worked as a Portfolio Manager at Shelton Capital Management, advancing their green bond strategies. From 1998 to 2014, he was an Investment Advisory Representative of First Affirmative Financial Network, where he managed bond portfolios for individual and institutional clients, integrating client values into investment decisions. Charles earned his Master of Public Administration and Bachelor of Arts at New York University. He began his career as an economist and policy analyst with the City of New York, and then worked as a municipal bond analyst at Paine Webber, as an underwriter of financial guaranties at Ambac Indemnity Corporation and as a manager of bond investments for Ambac and Liberty Mutual Insurance. Charles served as Treasurer and chair of the investment and finance committees of the Unitarian Universalist Service Committee, where he led the development of a comprehensive investment policy. He is a longtime member of the National Federation of Municipal Analysts and a past Chairman of the Municipal Analysts Group of New York.
* Raising the ~$90 trillion needed to convert global infrastructure will require raising capital in the bond markets. World bond markets are far larger than equity markets, bond investing impacts more directly than stock investing, and many of the likely infrastructure builders (include the entire public sector) can’t issue stock. Uptake of green (defined by the financing of environmentally beneficial projects) bonds is inhibited by proliferation of non-uniform proprietary standards, cost hurdles for issuers, data challenges for purchasers, insufficient impact metrics, and fear of greenwashing. Inputs from the fields of finance, law and engineering will be needed. Creating broadly-embraced metrics and protocols might be best accomplished within a non-profit such as IEN with no commercial “skin in the game.”