Sustainable

Moving Beyond ESG to Impact Investing

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Pub Date 29 Nov 2022 | Archive Date 08 Mar 2023
Columbia University Press | Columbia Business School Publishing

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Description

The global economy is at a crossroads. Can finance fix it? Proponents of environmental, social, and governance (ESG) investing say yes. They claim that new financial strategies that consider all stakeholders are essential tools for addressing runaway carbon emissions and stark income inequality, among other ills. ESG-integrated investments already encompass more than $120 trillion in financial assets. Is this approach really leading to better social and environmental outcomes for all? If not, how can it be improved?

In Sustainable, a finance-industry veteran offers an insider’s look at the promises, prospects, and limitations of ESG investing and provides comprehensive solutions that would promote more optimal outcomes. Terrence Keeley argues that too many ESG advocates have been overly optimistic about what it can accomplish. Divestment threats are ineffective tools for altering corporate behavior, and verifiably “good” companies do not systematically generate great returns. Most importantly, business and finance cannot achieve inclusive, sustainable growth on their own: regulators, public policies, civil society, and individuals must all play specific, complementary roles to shape the future we need. In particular, Keeley recommends reallocating capital from some indexed ESG and other products toward an emerging class of strategies with more verifiable social and environmental benefits. He identifies dozens of alternative “impact investing” strategies that could generate true double bottom lines. The book also highlights civic organizations with proven methodologies that can promote more inclusive, sustainable economic growth at scale.

Proposing practical and actionable solutions to social and environmental problems, Sustainable offers an incisive vision of the roles business and finance can play in building a flourishing society.

ABOUT THE AUTHOR

Terrence Keeley has been an adviser to the world’s largest sovereign wealth funds, national pension plans, endowments, foundations, and asset managers for more than three decades as a senior client officer at BlackRock and UBS Investment Bank. In 2021, he was named a leading global “Knowledge Broker” by Chief Investment Officer.

The global economy is at a crossroads. Can finance fix it? Proponents of environmental, social, and governance (ESG) investing say yes. They claim that new financial strategies that consider all...


Advance Praise

"A strategy for real change calls for rethinking processes in their entirety."

--Pope Francis


"Sustainable is a book for our times. It has valuable lessons for investors, corporations, and policy makers alike."

--Stanley Fischer, former vice chair of the Federal Reserve

"A strategy for real change calls for rethinking processes in their entirety."

--Pope Francis


"Sustainable is a book for our times. It has valuable lessons for investors, corporations, and policy...


Available Editions

EDITION Hardcover
ISBN 9780231206808
PRICE $29.95 (USD)

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