Wednesday, October 2nd – 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 £663bn1 global asset and risk manager, recognises two categories:
Outstanding Service – the individuals or not-for-profit organisations who have provided outstanding support for the furtherance of sustainable finance.
2024 winner: Emmanuel Faber, Chair of the International Sustainability Standards Board, and formerly the Chair and Chief Executive Officer of Danone.
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.”
Outstanding 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.
2024 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.
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.”
PRIZE CITATIONS
Outstanding Service
Prize citation: The Outstanding Service Category of the Insight Investment – University of Oxford Prize for Greening Finance is awarded to Emmanuel Faber for his exceptional leadership in advancing sustainability in the corporate world and his pivotal role in developing global sustainability disclosure standards. As the Chair of the International Sustainability Standards Board (ISSB), Mr. Faber has been instrumental in creating a comprehensive global baseline of sustainability disclosures for capital markets.
His work has been crucial in harmonising and elevating sustainability reporting practices worldwide, providing investors with consistent, comparable, and reliable information on companies’ sustainability-related risks and opportunities. Prior to his role at the ISSB, as the former Chair and CEO of Danone, Mr. Faber demonstrated how large, listed corporations can integrate sustainability into their core business strategies, pioneering innovative approaches to future-proofing economics. Throughout the years, he has shown his unwavering commitment to sustainable business practices and his ability to drive systemic change. Mr. Faber’s visionary leadership continues to inspire and guide the financial sector towards a more sustainable and resilient future.
Outstanding Research
The Outstanding Research Category of the Insight Investment – University of Oxford Prize for Greening Finance is awarded to Professor Rob Bauer for his ground-breaking work in sustainable finance and responsible investing particularly applied to pension funds. His influential studies on institutional investors’ engagement with companies on sustainability issues have provided crucial insights into the effectiveness of shareholder activism in promoting corporate sustainability. His work on sustainability preferences in investments demonstrated to practitioners how clients’ or beneficiaries’ social and environmental values can be better understood and incorporated into investment decisions, enhancing both performance and alignment with stakeholder expectations.
Professor Bauer’s work on the financial performance of socially responsible investment strategies has been instrumental in challenging misconceptions and providing empirical evidence on the relationship between sustainability and financial returns. As the Director of the European Centre for Sustainable Finance at Maastricht University, he has fostered collaboration between academia and industry, translating research insights into practical applications for sustainable investing. Professor Bauer’s commitment to rigorous empirical methods and his ability to bridge theory and practice have made him a leading voice in shaping the future of sustainable finance research and education.
NOMINATIONS
Oxford University worked with nominating partner organisations, selected based on their expertise and networks. The organisations played a key role in ensuring nominations were of a high calibre and reflected the international scope of the Prize. They included:
- 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)
- The Investment Association
- 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)
- UN Principles for Responsible Investment (UN PRI)
PRIZES AND JUDGING
Prize money of up to £50,000 is available annually across the Prize categories, split at the discretion of Oxford University. The Prize is only open to individuals and not-for-profit organisations.
A panel chaired by Dr Ben Caldecott, Director of the Oxford Sustainable Finance Group, reviewed the nominations and awarded the prize. The judges for 2024 were:
- 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 Kleeff, Senior Programme Manager, Laudes Foundation
- Mindy Lubber, CEO and President, Ceres
- Sabine Mauderer, Chair, Central banks and Supervisors Network for Greening the Financial System (NGFS)
- Colin Mayer, Emeritus Professor, Saïd Business School, University of Oxford
- Stephanie Pfeifer, CEO, Institutional Investors Group on Climate Change
- Peter Tufano, Baker Foundation Professor, Harvard Business School
- Dariusz Wójcik, Professor of Financial Geography, National University of Singapore
Further details of the Prize can be found here.
Prize Pictures
