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"It's leading to cynicism," says Terrence Keeley. That's the gist of his new book, Sustainable: Moving Beyond ESG to Impact Investing, in which the former BlackRock executive calls for institutional investors, including pension funds, endowments, and foundations, to move away from what he calls the "ESG industrial complex" and toward direct impact investing.
Instead, Keeley says, investors should focus on waste reduction, affordable housing, health care, renewable energy, and education, the Wall Street Journal reports.
"The understanding people have when they buy an ESG product is that it will perform at or in excess of the market, while simultaneously doing some kind of good," Keeeley says.
"And to the extent you want to have a positive impact on the environment, that means investing, not divesting."
ESG, he says, is "not living up to its promise."
For example, MSCI's ESG indexes have underperformed the broader indexes over the past five years, he says, and those funds invest only in companies in accordance with the Paris 2050 objective, like Amazon or Google.
"These are all genuine concerns," Keeeley says, "but the way we're going about it, combining those and building alpha-based products is senseless."
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
California must consider how to increase interest in teaching and lower the cost of and barriers to entering the profession.AB-1128, a bill under consideration in the legislature, proposes a...more
Mondelēz's Sustainable Futures Impact Investment platform said the capital "further advance[s] scalable, high-impact solutions at the nexus of climate, community, and circularity" The companies...more
South African recycling startup Regenize has secured an undisclosed investment from E Squared Investments.The deal combines philanthropic goals with venture capital methods to support scalable,...more
Cambridge-based Remedium was named winner of the Climate Impact Prize at the Net Zero Technology Centre's annual TechX Demo Day in Aberdeen.The prize is given to the startup with the most promising...more
Sustainable Times is a media partner for this event, which takes place on June 24-25, 2025, at ExCeL London, as part of London Climate Action Week.RESET Connect provides a network of potential...more
Rad AI announces an additional $8 million investment led by four health systems.Advocate Health, Memorial Hermann Health System, Corewell Health, and Atlantic Health System lead the investment.Rad AI...more
MedTech CellCentric has raised 90m in fresh funding.The money will support the advancement of the Cambridge company's oral treatment for multiple myeloma, inobrodib.The financing was co-led by RA...more
Impact investing can be a valuable financial tool for private-market investors seeking to manage risk.Impact funds direct capital to companies that generate impact environmental and social...more
Impact Investing Principles for Pensions updated to reflect changing market environment.Pensions Age Magazine is published by Pensions & Investment Association.For more information, visit...more
Measuring AI's impact requires clear metrics.To evaluate AI's return on investment (ROI), healthcare organizations focus on four key metrics in the contact center.Narrowing AI implementation to...more
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