Cierp Alumni Perspectives: A Conversation with Athena Ronquillo-Ballesteros

By Vishal Manve

As part of the AAPI Heritage Month spotlight, The Fletcher School’s Vishal Manve spoke with Athena Ronquillo-Ballesteros, Managing Director of Global Climate Strategies, Climate Leadership Initiative. She has been actively involved in mentoring and shaping the careers of aspiring professionals in the field of climate finance and shared her insights and experiences from her extensive work in climate finance, negotiations, and mentoring emerging leaders in global climate policy. During this interview, Athena shed light on the importance of collaboration between established professionals and the next generation of leaders and her work with Fletcher faculty members including Dean Rachel Kyte, Academic Dean Kelly Sims Gallagher, and Professor Jacob Werksman.

During this interview, Athena highlighted the reliance on familiar faces within her work environment, spanning over 15-20 years, with only a few new additions, and emphasized the significance of welcoming fresh perspectives, as she has personally mentored individuals who have gone on to hold prominent positions in major private sector companies, consultancy firms, government and international financial institutions. Athena also acknowledges the transformative impact of Dean Rachel Kyte's arrival at Fletcher, as it brings expertise in academia, politics, and diplomacy, bridging the gap between theory and action.

She further highlighted how the GMAP course curriculum at Fletcher provided a unique opportunity for individuals to enhance their knowledge and skills in economics, finance, and the environment. Athena emphasizes that the program equips participants to tackle real-world challenges, such as economic prosperity, sustainability, and impending crises faced by the 40 G20 countries. Moreover, the program nurtures thought leaders who become effective decision-makers and responsible diplomats, contributing to the nonprofit sector with integrity and care. During this interview, she emphasized the need for increased interactions and collaboration between the GMAP cohort and other cohorts in MALD, MA, and MGA to nurture the next generation of leaders.

Join us as we delve deeper into Athena Ronquillo-Ballesteros' journey, gaining valuable insights into the importance of collaboration, mentorship, and the nurturing of the next generation of leaders in the field of climate finance.

VM: Could you talk about your Fletcher journey?

AR-B: I started Fletcher in 2019, and halfway through our program, COVID-19 began. I remember my last travel was the London residency and I defended my capstone in January 2020. If you look back six months before January 2020, there were cases in China, and there were already restrictions in that part of the world, and then the U.S. and UK closed.

Part of my decision to attend Fletcher, particularly for this specific course, was driven by multiple factors. Firstly, at the mid-point of my career, after holding upper-middle management positions and leading programs and organizations, I recognized the need for professional development. I wanted to focus on honing and refining my leadership and management skills. Secondly, I was genuinely seeking a program that offered a high-impact and intellectually stimulating experience in the realms of politics and diplomacy.

However, I initially struggled to find such a program that met my criteria. Despite the Fletcher team persistently recruiting me for three years, based on recommendations from previous alumni, I found it challenging to allocate the time required. It's an important lesson for professional women leaders out there: although it may be tempting to argue that time and space are lacking, it is crucial to actively create these resources for self-care and intellectual pursuit. This involves cultivating the right mindset and allocating the necessary bandwidth to foster professional and intellectual growth. Once you commit to this pursuit, the rewards on a professional level are truly gratifying.

The program I undertook at Fletcher was undoubtedly challenging, especially for someone like me who is a mother of three children, holds a full-time job, and serves on various non-profit boards. I am actively involved in my community, particularly due to my Filipino heritage, which has its own movement and community here in the U.S. Balancing all these responsibilities alongside the demanding program was no easy feat. Contrary to the perception that it might be an easier program compared to a two-year MBA, it requires significant dedication, particularly if you are juggling work and family commitments.

Despite being 53 years old, I learned the importance of discipline, hard work, and focus throughout the program. The classes covered topics typically found in graduate school, but they were tailored for individuals already engaged in macroeconomics, development finance, and environmental policy work. One of my favorite subjects was environmental policy with Professor William Moomaw, where the emphasis was on climate change and biodiversity. It wasn't about learning basic concepts, but rather bringing those concepts to life and integrating them into our daily practices. The combination of academic intellectual stimulation and the presence of practitioners in the classroom made the learning experience truly enriching.

One of the most exciting aspects of the program was the opportunity to interact with current and future global diplomats. Fletcher is renowned for training a significant number of diplomats from Southeast Asia, including countries like Singapore, Indonesia, and the Philippines. I personally took it upon myself to educate the next generation of diplomats about climate change and the pressing urgency it carries. I'm proud to share that a few of them, who were previously in the program, have now become ambassadors or deputy consuls, all with a strong commitment to embracing the climate agenda.

Through my journey at Fletcher, I not only gained valuable knowledge and insights, but I also had the privilege of sharing my passion and dedication with policymakers. Climate change is not just the foremost existential threat, but a cross-cutting issue that influences various fields such as economics, finance, politics, and social change. It has been immensely rewarding to impart this perspective and inspire others to incorporate climate considerations into their work, shaping a more sustainable and resilient future.

VM: Could you share your perspective on gender's role in international development and climate policy in the context of climate change and offer advice for members of the AAPI community, women, and LGBTQ individuals entering and engaging in this field?

AR-B: Throughout my career, which has spanned various roles and organizations, my work has been centered around climate and justice. I started as an activist on the ground, working with groups like Greenpeace and Friends of the Earth in the Philippines, focusing on community-based resistance against poorly planned development projects that threatened indigenous communities. In this role, I collaborated with legal and advocacy organizations to support these communities and learned how many of these projects were funded by international development institutions like the World Bank and the Asian Development Bank.These were earlier days when IFIs have yet to develop robust safeguards and internalizing climate risks.

As climate change became an emerging issue in the early '90s, I ran a campaign against a poorly planned coal-fired power project funded by the Asian Development Bank. This campaign ultimately pushed the bank to adopt a more progressive climate change framework. Over the years, I transitioned to working at the World Resources Institute (WRI) in the United States, where I led the sustainable finance practice and contributed to shaping the architecture and governance of climate finance. Our work at WRI played a role in the design of the Green Climate Fund, a key international climate finance mechanism.

Additionally, I served as a climate negotiator and advisor to the Philippine government and G77 developing country negotiators on climate finance. This experience gave me insights into how climate finance is perceived globally versus at the national level and the capacity and institutional needs of different countries. My team and I wrote extensively on these topics, highlighting the importance of ensuring equity and addressing the specific needs of vulnerable communities and countries.

Transitioning to philanthropy, I became a grantmaker and joined the private philanthropy community.  Drawing from my background in activism, policy, and diplomacy, I bring a unique perspective to climate philanthropy and emphasize the importance of considering gender and justice in our work, particularly in relation to vulnerable communities, including women, children, and under-resourced groups. By centering and integrating gender and justice in our solutions, we strive to ensure that no one is left behind in the fight against climate change. This approach applies to various areas, such as reducing emissions from coal-fired and thermal power plants, combating deforestation, and addressing methane emissions from the oil and gas industry.

Another crucial aspect is the need for gender-based and equity-based decision-making. I have been fortunate to be part of international organizations where I have had a seat at the table, allowing me to contribute to decision-making and grant-making processes that prioritize supporting those who need it most. Just transition, often discussed in climate discussions, requires a genuine commitment to fairness and equity at the community and grassroots levels, ensuring that resources reach local groups and not just large organizations.

To truly address gender justice and equity in the context of climate change, it is essential that these principles manifest in decision-making processes. Without diverse voices and perspectives at the table, decisions may not effectively address the needs and concerns of marginalized communities.

VM: Could you offer some advice to students who are foraying into international climate policy and politics?

AR-B: Entering the climate space requires a strong commitment to one's values and a clear, greater sense of urgency, ambition, of purpose. sense of purpose. It is crucial to have a North Star that guides and propels you based on your convictions and principles. Suppose individuals enter the climate space with a mindset focused solely on profit-making activities like carbon removal or offsets, without considering the integrity and quality of their solutions. In that case, it not only harms the ecosystem by failing to reduce emissions effectively but also may have unintended negative consequenes on your professional career. Recovering from activities that pose reputational risk can be extremely challenging.

In my work, I have had the opportunity to collaborate with a group of individuals who have been part of the climate space for the past 15-20 years, with some new faces joining along the way. Mentoring has been an important aspect, and I have trained individuals in climate finance, including a few from Fletcher who now hold critical roles in the international climate finance space. Recently, I had a mini-reunion with approximately 20 individuals I trained at WRI in climate finance.

The arrival of Rachel Kyte, with her expertise in academia, politics, and diplomacy, has bridged the gap between theory and action. This provides a unique opportunity for individuals like those in Fletcher to refresh their knowledge and skills in economics, finance, and the environment. The program at Fletcher equips us to address real-world challenges faced by the G-20 countries, such as economic prosperity, sustainability, and impending crises. Fletcher nurtures thought leaders who become effective decision-makers and responsible diplomats, contributing to the nonprofit sector with integrity and care. Highlighting the program's capacity to enrich careers is essential to attract experienced professionals. Encouraging more interactions between the GMAP cohort and the next generation of leaders, facilitated by Rachel Kyte's initiatives, fosters collaboration and a valuable exchange of knowledge and experiences.

I was thrilled when Rachel Kyte joined because we have a longstanding friendship and support each other as women leaders in the climate field. I knew she would face challenges, being the first woman and LGBTQ individual in an academic position without a Ph.D. compared to others. However, I saw her appointment as an example of breaking the glass ceiling. I believe her leadership will benefit not only Fletcher but the entire Tufts academic institution as a whole. I also recognize that she will need significant support. She has already initiated receptions where the GMAP cohort can interact with others. We had one in DC, which led to further opportunities for me, such as participating in career advice panels and mentoring individuals interested in pursuing careers in climate.

VM: Could you talk about climate financing, the role of climate negotiations, and other challenges you faced during your journey?

AR-B:  Over the years, there have been significant changes in the approach to climate financing. Previously, there was a heavy emphasis on public money, grants, and concessional loans as the primary means of meeting climate finance needs. However, there has been a significant shift towards exploring innovative financing mechanisms and engaging the private sector while still upholding the principle of common but differentiated responsibilities.

The focus on reaching the target of $100 billion in climate finance has evolved to encompass broader discussions on meeting the needs of developing countries without disregarding historical responsibilities. Blended finance mechanisms and the catalyzing role of the private sector are considered critical part of the solution. It's important to strike a balance between the responsibility of Annex I countries to provide climate finance and the differentiated participation of emerging economies like China, which have made significant strides in renewable energy.

The negotiations themselves have been influenced by various groups within the climate space. The emergence of the green group of developing countries, led by the Alliance of Small Island States (AOSIS), Climate Vulnerable Forum and including countries like the Philippines and Costa Rica, has brought a progressive and ambitious perspective. These countries recognize climate change as an existential threat and advocate for action irrespective of historical responsibilities. This viewpoint has led to some isolation and resistance from other countries that are not as forward-looking or are protecting fossil fuel interests.

India and China, historically seen as less ambitious in the negotiations, have also made significant progress in renewable energy and technology. Recognizing the diverse levels of development and the need for equity, it is important to find a balance that respects historical responsibilities while acknowledging the evolving leadership from emerging economies.

In the Paris Agreement, breaking the glass ceiling was evident in setting the goal of limiting global warming to 1.5 degrees Celsius. This ambition came from the climate-vulnerable countries, demonstrating that collective action can have a strong impact even if countries are not part of the G7 or major economies. The negotiations have also emphasized the alignment of finance with climate goals, placing responsibility on the global financial community rather than solely on specific countries.

Overall, the dynamics of the negotiations need to reflect the rapid and evolving complexity of the external world, where leadership in climate action is not limited to historically responsible countries but also emerges from developing and emerging economies. Balancing commitments and responsibilities while engaging the global financial community can be a fruitful experiment in driving progress and achieving climate goals.

VM: What are the major trends in international climate policy, and what message would you like to convey to members of the AAPI community, particularly students, in relation to these trends?

AR-B: I am going to focus on climate finance because I believe it is the most critical aspect that I emphasize as a thought leader. The current issue we face is a $4 trillion investment gap in climate-friendly technologies, initiatives, and programs globally, especially in emerging economies. The urgency to address this need is crucial in the next 3/5/7 years before reaching the tipping point. We must shift the financial system to ensure fairness, and equity, and align with economic prosperity and development goals without causing further harm to ecosystems and vulnerable communities.

It's important to note that addressing this problem goes beyond the UNFCCC negotiations. While the UNFCCC plays a significant role in shaping pathways for change, other mechanisms must reinforce and enable the achievement of our financial goals. My advice to Fletcher students interested in climate finance is to start thinking locally at the country and regional levels, as that's where impactful change needs to happen. Then feed the valuable work on the ground on to the ambition at the global level.

The first step is to prepare and empower financial institutions, regulators, supervisory boards, and investors in each country to embrace climate risks. This will influence the country’s development trajectory. For example, countries like Bangladesh and Sri Lanka are in dire need of economic development programs, but they lack jobs and opportunities. Merely shutting down a coal-fired power plant without addressing these issues would harm millions of people. Thus, we must focus on economic justice and a fair transition. Working at the country level is essential to enable this transition, which involves finance and economic discussions.

Most countries are now considering their medium-term strategic frameworks. Fletcher students can provide valuable input on low-carbon planning and the development of resilient infrastructure plans. Understanding concepts like the Infrastructure Investment and Jobs Act (IRA) in the US is crucial, but it’s equally important to explore what it means in other countries.

The second important aspect is addressing the role of large corporations and conglomerates, particularly oil and gas companies, which contribute to over 70 percent of emissions. Shifting and transforming investor action, banks, and financial institutions is a global imperative. Collaboration with partners thought leaders, economists, and organizations such as CERES, GFANZ, the Climate Disclosure Project and other science-based target initiatives is necessary. Changing the behavior of these corporations can have a significant impact on the global community. It also helps transcend the North-South divide since the focus shifts from countries to corporations generating emissions. Pressuring them to change their business practices and transition to cleaner and more sustainable models will lead to a greener economy and livelihood opportunities.

The third crucial point to consider is the immediate threat countries face at risk of disappearing due to climate change. Countries like the Philippines and Mali are highly vulnerable and lack the capacity to cope with the devastation. Climate finance cannot solely focus on catalytic investment vehicles; it must incorporate finance mechanisms that allow these countries to meet their economic development targets while addressing climate concerns. Proposals such as climate swaps and debt reforms should be on the table, utilizing resources like Special Drawing Rights at the IMF to provide breathing space for these countries.

In addition to these three areas, I want to emphasize the importance of movements, strategic communications, and the power of media in driving the necessary change. Without the involvement of communities and effective communication strategies, the desired transformations will only occur in a high-level, technocratic space.

Regarding career paths, I suggest exploring various opportunities. Data and analytics play a significant role in policy development, and organizations like Transition Zero, regional ones like the Sustainable Finance Institute of Asia, Asia Investor Group on Climate Change, Climate Policy Initiative and the Center for Clean Air offer exciting prospects. Strategic litigation, like the work of Client Earth, even for individuals without a legal background, can hold climate finance commitments accountable. The nonprofit sector, including philanthropy, offers a combination of strategic thinking, thought leadership, and career growth.

Vishal Manve is a May 2023 MALD graduate from The Fletcher School.