Asset Owners Disclosure Project (AODP)

Carbon Disclosure Project (CDP)

Climate Bonds Initiative (CBI)

Dow Jones ESG Indices

MSCI ESG Direct

S&P Global/ Robeco SAM

IMM

Yahoo Finance - https://finance.yahoo.com/quote/[INSERT_SYMBOL]/sustainability/

Google Finance - Climate Leaders Market Trends

Investor.gov from the US Securities and Exchange Commission (SEC) has a great glossary of financial terms that you can search

The Integrated Capital Game has a great subset of terms essential to the field

Stakeholders

• Social Entrepreneurs seeking funding for their enterprises can find alternative financial models and long-term partners in the impact investing community.

• Business leaders can gather insights on bringing a stakeholder mindset into their organization and discover how to include environmental, social and governance factors throughout their operations.

• Retail investors, which includes anyone with a bank account and 401(k) or other retirement plan, can now find options that keep their money out of sectors they don’t agree with, such as fossil fuels, and put the money into impact, like renewable energy infrastructure.

• Foundations can align the investment of their endowment with the mission of their philanthropic giving to leverage organizational impact.

• Financial advisers and intermediaries can learn how to speak to clients about impact, identify relevant securities, and expand opportunities to build their book and retain assets with the impending wealth transfer.

• Asset Owners can align investments with their values, and seek out best practices and strategies.

Carbonwashing: A New Type of Carbon Data-related ESG Greenwashing

In, S. Y., & Schumacher, K. (2021)

Despite the increased attention and capital incentives around corporate sustainability, the development of sustainability reporting standards and monitoring systems has been progressing at a slow pace. As a result, companies have misaligned incentives to deliberately or selectively communicate information not matched with actual environmental impacts or make largely unsubstantiated promises around future ambitions. These incidents are broadly called “greenwashing,” but there is no clear consensus on its definition and taxonomy. We pay particular attention to the threat of greenwashing concerning carbon emission reductions by coining a new term, “carbonwashing.” Since carbon mitigation is the universal goal, the corporate carbon performance data supply chain is relatively more advanced than that of the entire sustainability data landscape. Nonetheless, the threat of carbonwashing persists, even far more severe than general greenwashing due to the financial values attached to corporate carbon performance. This paper contextualizes sustainable finance-related carbonwashing via an outline of the communication as well as the measurement, reporting, and verification (MRV) of carbon emission mitigation performance. Moreover, it proposes several actionable policy recommendations on how industry stakeholders and government regulators can reduce carbonwashing risks.

Mutual Fund Analyzer - the US Financial Industry Regulatory Authority (FINRA) offers information and analysis on over 30,000 mutual funds, exchange traded funds (ETFs) and exchange traded notes (ETNs)

Hult International Business School - Joanne Lawrence

Harvard Library Resources:

HBS Case Method

Ask a Librarian Service

Harvard Library System (HOLLIS)

Business Research for Extension Students: Harvard library page for help with library resources, company & industry data, and more

Baker Business Library has many Research Guides

• Baker Library Sustainability Resources: Sustainability Resources for HBS MBAs

• Baker Library Sustainability Research Guide: Long list of available resources (finance and sustainability)

US SEC Glossary

Calculating the Value of Impact Investing

Chris Addy, Maya Chorengel, Mariah Collins, and Michael Etzel

An evidence-based way to estimate social and environmental returns.

Impact investing—directing capital to ventures that are expected to yield social and environmental benefits as well as profits—provides investors with a way to “do well by doing good.” But whereas the business world has tools for estimating a potential investment’s financial yield, it lacks them for estimating social rewards in dollar terms. Now the Rise Fund and the Bridgespan Group have developed what they call the impact multiple of money (IMM) to demonstrate the value of putting impact underwriting on the same footing as financial underwriting. In this article they explain their six-step process for calculating it: (1) Assess the relevance and scale of a potential product, service, or project. (2) Identify target social or environmental outcomes. (3) Estimate the economic value of those outcomes to society. (4) Adjust for risks. (5) Estimate terminal value. (6) Calculate the social return on every dollar spent. The IMM, they write, “offers a rigorous methodology to advance the art of allocating capital to achieve social benefit.”

https://academy.candriam.com/us/certified-training/

Universities

Even though not enough universities offer resources on Sustainable Finance, we managed to gather the ones and how you can find them underneath this title.

Books

In order to widen your knowledge on the topic, we recommend you check these books!

Companies

Looking into these companies’ work is going to be a really good start for your journey in Sustainable Finance.

ESG Data and Reporting

You can find many projects and initiatives working on ESG Data and Reporting in this section.

Research

Additional to the research material on Carbon Washing and Impact Investing, we have some websites that can help you under this title.

Tools

Check out this page for software and programs geared toward helping you practice Sustainable Finance.

Partnerships

We are looking for organizations working and educating around sustainable finance. If you would like to be a part of the creation of this toolkit, please reach out.

Glossary of Important Terms

In order to fully understand the resources and the analyses we have provided so far, you need to know what these terms mean.

News Sources

Keeping up with the current developments is a crucial part of participating in Sustainable Finance. We have many news resources that will keep you updated!

Trainings

Being trained by these programs will take you to the next step of your Sustainable Finance journey.

Organizations

Some organizations to be aware of that are acting in the space are here. Some additional pages are included that go deeper into a few of these organizations.

Accountable: The Rise of Citizen Capitalism

Doughnut Economics

Sustainability Science

Sustainable development is becoming the guiding principle for the 21st century. This textbook - based on the author's course and rigorously class-tested by his students - provides an introduction into patterns of past and present (un)sustainable development and into the emergence of the notion of sustainable development

The Power of Impact Investing

The Corporate Finance Institute has two sessions that are useful to the sector. They also offer many other trainings and useful content.

Check out this course on . The course is available on Coursera and is offered CASE at Duke University. The course's instructor is . The is currently $49 USD, about 9 hours long, and provides you with a certificate at the end.

The UN is working on creating an for funds (equity/debt, both private and public), and Duke was commissioned to create a course helping investors and enterprises get certified.

Here are two takeaways had about the course:

1. The industry is trending towards requiring third-party validation. SDG Impact is in the process of building an SDG Seal of assurance (like a fair-trade seal) for all impact investments. The Duke course is the best way, if implemented, to prepare your fund (regardless of asset class) for UN Certification. 2. The real strength of this course is its ability to drive home the spirit of the different impact measurement and management frameworks on the market, and understand their limitations, use cases, and how to apply them coherently together. It's one thing to know about the , and how to write a report that explains the "who what how much, etc.", it's another to understand how to embed that within your impact thesis, diligence process, and incorporate other frameworks (like the IRIS indicators, or the SASB/GRI materiality framework) within that analysis. Long story short - it helps us move away from seeing these frameworks as box-ticking or window dressing, and more towards a holistic and integrated theory of impact.

The CFA Society United Kingdom has developed a certificate for those interested in learning more about ESG Investing. You can register for the class below. The CFA UK also offers a great diversity of events and career resources.

The CFA UK has prepared some resources to help you to study for their ESG Investing certificate. These are below. These are provided only as reference materials and if you decide to take the CFA UK's course you should consider purchasing the most up-to-date materials.

Some organizations to be aware of that are acting in the space are here. Some additional pages are included that go deeper into a few of these organizations.

Calvert Impact Capital

Domini Investment Services

Global Impact Investing Network (GIIN)

Impact Alpha - host webinars, conferences, and a biweekly Agents of Impact Call where you can network with others in the industry.

Morningstar

Spectrum Impact

Social Entrepreneur Roundtable

Trillium Asset Management

U.S. Impact Investing Alliance

S&P Global ESG -

Financial Times - Moral Money (free account with Harvard email address)

Impact Alpha

Bloomberg Green

CERES

GreenBiz

Impact Alpha (sign up with your email)

McKinsey Climate Change (be aware of the scandal’s McKinsey has been involved in)

NYT Climate Forward

Responsible Investor (sign up with your email)

S&P Global ESG

Tomorrow the Sustainable Bank

Capital IQ from S&P Global (free account with Harvard email address)

PitchBook (free account with Harvard email address)

Fund Analyzer - from US FINRA

is an organization "accelerating movement towards a more just and sustainable economy." They organize events, host conferences, and publish content to educate and bring together stakeholders to learn more about Impact and how to incorporate it into organizations.

They host an excellent podcast called which is a great listen

You can join the of leaders and organizations to access their network. They use an app called where you can apply to join.

Infrastructure Projects - The Inter-American Development Bank has created a course to train professionals on how to incorporate disaster risk assessment and resilience to climate change in the design of infrastructure projects. The course may be useful to you