Emmanuel Faber

The University of Oxford has announced the winners of the ‘Insight Investment – University of Oxford Prize for Greening Finance’, the preeminent prize for this important area of research and practice.

The winners were announced at the World Forum on Enterprise & the Environment 2024, Oxford University’s flagship event on enterprise and the environment. The annual Greening Finance Prize (the ‘Prize’), established through a generous endowment provided by Insight Investment, a A$1.3trn^[1] global asset and risk manager, recognises two categories:

2024 Outstanding Service
Individuals or not-for-profit organisations who have provided outstanding support for the furtherance of sustainable finance
Winner: Emmanuel Faber, Chair of the International Sustainability Standards Board, and formerly the Chair and Chief Executive Officer of Danone.

2024 Outstanding Research
Research that helps society better understand how environmental change influences finance and investment, and how economic and financial systems can contribute to achieving global environmental sustainability.
Winner: Professor Rob Bauer, Professor of Finance (Chair of Institutional Investors) at Maastricht University and holder of the Elverding Chair on Sustainable Business, Culture and Corporate Regulation.

Emmanuel Faber said: “I am grateful to the University of Oxford’s Sustainable Finance Group for recognising how sustainability is at the core of a well-functioning economy. My experience with the incredible people at Danone showed how much leadership is a collective dynamic.

“I am honoured to accept this award on behalf of the many brilliant colleagues at the IFRS Foundation, our partners and the broader ecosystem – who are working to bring transparency on value chains and time horizons that are critical for urgently-needed more resilient economics.

“Since the ISSB was created at COP26, jurisdictions accounting for around 55% of global gross domestic product have started to introduce ISSB Standards in their regulatory frameworks. More are coming. They will future-proof capital markets and the economy they support.”

Professor Bauer said: “I am truly humbled and deeply honoured to receive this prestigious award. It is a testament to the hard work and dedication of everyone involved, including co-authors and partners in the pension and investment world. Hence, I share this recognition with those who inspired and supported me throughout the years. It motivates me to keep striving for a meaningful impact in our field.”

Abdallah Nauphal, Chief Executive Officer of Insight Investment, said: “While sustainability practices have evolved to become a significant consideration in long-term investment decision making, research linking finance and sustainability topics is still in its infancy. To better understand how decisions made by the investment industry are likely to influence the financial and environmental outcomes of tomorrow, investors need research incorporating rigorous financial analysis. The research prize recognises quality academic work but also highlights the urgent need for closer collaboration between investors and academics to provide evidence that can increase the resilience of the financial system.”

Dr Ben Caldecott, Chair of the Prize Panel and the founding Director of the Oxford Sustainable Finance Group at the University of Oxford, said: “The winners have not only advanced our understanding of how environmental challenges intersect with finance but also offered practical solutions that will shape more resilient and sustainable financial systems. At a time when the world faces unprecedented environmental and economic challenges, recognising and supporting such ground-breaking research and leadership is critical. I am deeply inspired by the contributions of all the recipients and excited to see how their work will influence the future of finance.”

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Notes:
[1] As at 30 June 2024. Assets under management (AUM) are represented by the value of cash securities and other economic exposure managed for clients. Figures shown in AUD. FX rates as per WM Reuters 4pm spot rates. Reflects the AUM of Insight, the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL), Insight Investment Management (Europe) Limited (IIMEL) and Insight North America LLC (INA), each of which provides asset management services. * Includes equities and real assets.

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Abdallah Nauphal

The University of Oxford has announced a new research prize for greening finance, established with an endowment from Insight Investment, a A$1.2trn1 global asset and risk manager.

The ‘Insight Investment – University of Oxford Prize for Greening Finance’ will become the preeminent prize in a vital new area of research and practice. The prize will have two categories, both open to distinguished individuals and not-for-profit researchers or research teams.

The first category is for outstanding research contributions that help society better understand how environmental change influences finance and investment, and how economic and financial systems can contribute to achieving global environmental sustainability.

The second is to recognise outstanding service from individuals or not-for-profit organisations who have made a special contribution to the furtherance of greening finance.

Nominations

Oxford University is now receiving nominations for each category. Nominating partner organisations, selected based on their expertise and networks, will play a key role in ensuring that nominations are of a high calibre and reflect the international scope of the Prize. Nominating partner organisations include:

• Carbon Disclosure Project (CDP)
• Ceres
• CFA Institute
• European Leveraged Finance Association (ELFA)
• Glasgow Financial Alliance for Net Zero (GFANZ)
• Global Research Alliance for Sustainable Finance and Investment
• Green Finance Institute
• International Capital Market Association (ICMA)
• Impact Investing Institute
• The Network of Central Banks and Supervisors for Greening the Financial System (NGFS)
• One Planet Sovereign Wealth Fund Initiative (OPSWF)
• Science-based Targets Initiative (SBTI)
• UK Sustainable Investment and Finance Association (UKSIF)
• UN Environment Programme Finance Initiative (UNEP FI)
• Principles for Responsible Investment (UN PRI)

Prizes and judging

Up to £50,000 will be awarded annually, with the option of a research residency at Oxford for the winners. The permanent Insight endowment has been established to support the running of the prize in perpetuity.

The prize will be awarded in a ceremony at Oxford University with the winners given the opportunity to give a public lecture at the University.

A judging panel will review nominations and select the winners. The panel will be chaired by Dr Ben Caldecott, Director of the Oxford Sustainable Finance Group and Director of the UK Centre for Greening Finance & Investment. Judges for the inaugural year include:

• Rob Bauer, Professor of Finance, Maastricht University
• Andrew Clare, Professor of Asset Management, Bayes Business School of City, University of London
• Bob Eccles, Visiting Professor, Saïd Business School, University of Oxford
• Jessica Fries, Executive Chair, Accounting for Sustainability
• Nando van Kleef, Senior Programme Manager, Laudes Foundation
• Mindy Lubber, CEO and President, Ceres
• Sabine Mauderer, Vice Chair, Central Banks and Supervisors Network for Greening the Financial System (NGFS)
• Mette Morsing, Head of the Principles for Responsible Management Education, UN Global Compact
• Colin Mayer, Emeritus Professor, Saïd Business School, University of Oxford
• Stephanie Pfeiffer, CEO, Institutional Investors Group on Climate Change
• Peter Tufano, Baker Foundation Professor, Harvard Business School
• Dariusz Wójcik, Professor of Economic Geography, University of Oxford

Investing for the future

Abdallah Nauphal, Chief Executive of Insight Investment, said: “It is crucial to advance collective understanding of the relationship between commercial activity and environmental change. We have forged this partnership with the University of Oxford to encourage more academic research to be done on the effects of incorporating environmental considerations into investment solutions. To support the goal of greening the global financial system, more academic research is needed across asset classes. The industry needs novel ideas with practical applications for the finance industry, such as exploring the development of new financial instruments and ways in which markets should evolve to protect the environment.”

Dr Ben Caldecott said: “Green finance is a necessary condition for tackling climate change and meeting the other UN Sustainable Development Goals. This prize will be an important way to both recognise and support outstanding contributions to furthering the goal of greening the global financial system. By celebrating, showcasing, and financially rewarding world-leading research, we can help to drive its adoption and use across the financial system. The prize is endowed in perpetuity, and so we expect the prize’s significance and reputation to grow even further over time. We are proud to be custodians of the prize.”

Mindy Lubber, President and CEO of Ceres, a US-based sustainability non-profit, and prize judge, notes: “Science and economic realities have converged.  Every financial actor around the globe must address the world’s most pressing issues — climate change, water scarcity and quality, biodiversity loss and human rights.  This prize will highlight and support those bold academic thought leaders and financial innovators who are paving the way for the entire finance sector to raise ambition and accelerate action. Ceres is proud to be a partner of this prestigious award and looks forward to working together to build a sustainable future.”

The University of Oxford is inviting nominations for 2023. Click here to enter. Applications for the 2023/24 prize close on Sunday 21st May 2023 and judging takes place in the second quarter. Prizes will be announced during Oxford University’s Sustainable Finance Summit on 19th and 20th July 2023.

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