Sustainability

The corporate sustainability actions that reward investors

Lou Lee — Tue, 13 Oct 2026 12:14:02 +0000

The corporate sustainability actions that reward investors

Lou Lee Tue, 13/10/2026 - 12:14

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2 November 2026 Knowledge

The corporate sustainability actions that reward investors

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US companies leading on transformative sustainability behaviours delivered an extra 4.56 per cent return above market expectations from 2016 to 2024, according to research by the Leonardo Centre on Business for Society at ImperiaBusiness School
Investors can help drive transformation by directing capital towards companies making meaningful changes and using their influence to encourage further progress.
High environmental, social and governance (ESG) ratings did not produce comparable returns: what drives value is embedding sustainability into operations and innovations, as opposed to philanthropy or communications.

For decades, corporate sustainability has largely been framed around ethics and public relations, with governments driving change through regulation and taxation. Against this backdrop, political opposition and scrutiny of ESG-labelled investments, particularly in the US, have fueled the narrative that sustainable investing is in retreat.

But new research by ImperiaBusiness School’s Leonardo Centre on Business for Society suggests the relationship between sustainability and financial performance deserves a fresh look. Rather than abandoning sustainability, the market may be repricing it. Investors are looking for evidence that sustainability can strengthen business performance and create shareholder value.

In A Behavioural Revolution, launched in 2025, researchers found that sustainability can generate financial value when companies embed it into how they operate, innovate and compete, rather than focusing only on external-facing commitments such as philanthropy and communications.

The findings are striking, particularly in the US. The US Finance for Impact Report, led by Dr Shuying (Melody) Wu, Research Fellow in Sustainable Finance at the Leonardo Centre, found that US companies most committed to transforming their businesses through sustainability generated an annualised alpha of 4.56 per cent between 2016 and 2024. Alpha means the extra profit or returns the portfolio made above the market average, calculated per year. It also proved that these companies are more resilient during market downturns.

The evidence base for ��’s Finance for Impact Research is a unique innovation in itself - the GOLDEN Sustainability Dataset - leverages the power of AI to identify more than 2.6 million sustainability initiatives from around 88,000 reports published by over 18,000 companies globally. Researchers then apply a second new and novel concept: the Leonardo Centre’s Business Impact Maturity framework, a methodology for classifying initiatives according to what companies do and how deeply sustainability is integrated into their business.

The research is still relatively young and has so far focused on finance, but the potential to explore other hypotheses about the relationship between identifiable corporate behaviours and the impacts they create is vast.

What counts as transformation?

Drawing on concepts from psychology, Business Impact Maturity provides a way to classify business behaviours according to their level of development, helping distinguish between actions that simply signal intent and those that drive meaningful real-world impact.

Advocacy includes externally oriented or philanthropic activity; preparation covers capability-building, such as employee development and sustainability processes. Transformation goes further, embedding sustainability into operations, innovation, products and business models. In the US analysis, transformation was the only category consistently associated with statistically significant excess returns.

Transformative actions can include investing in research and development, launching new products and redesigning processes. These changes can improve productivity and resilience and create growth opportunities. By contrast, activities that remain largely symbolic or external-facing may enhance a company’s reputation without changing the underlying economics of its business.

Conventional ESG ratings can provide information about companies’ disclosures, governance structures and management of sustainability-related risks. But they do not necessarily show whether a company is translating sustainability into business transformation. In the research, highly rated ESG portfolios did not generate the same consistent alpha as portfolios of companies transforming their operations and innovation.

The sustainability that pays differs by market

Across geographies, sustainability creates value when it changes the business, although the sustainability actions most closely associated with financial returns differ by market.

For instance, the Japan Finance for Impact Report, which covers fiscal years 2012 – 2024, finds that sustainability-led innovation, rather than transformation in its broadest sense, is the clearest source of value creation.

In Japan, companies that focused on sustainability-led innovation also outperformed the market, delivering returns 3 per cent above expectations annually. An investment strategy that bought shares in companies leading on innovation and sold shares in those lagging behind delivered annual returns 4.7 per cent above expectations..

Investors and CEOs hold the lever

The message for investors is clear: capital allocation can reward companies that turn sustainability commitments into meaningful business change.

Index providers can create indices ranking companies on sustainability transformation, which passive managers can track. Passive investors can influence investment mandates, while long-term and public capital can direct funding towards companies driving transformation. Active investors can encourage change through board engagement, shareholder proposals and examples of best practice.

For business leaders, the implication is equally direct. Doing good and generating returns need not be a trade-off. But greenwashing and box-ticking to secure a better ESG score will not necessarily deliver either. The opportunity lies in changing how the business works — and demonstrating the value that change creates.

The Leonardo Centre on Business for Society advances responsible business through research and collaboration with scholars, businesses and global institutions. It is seeking partners to co-develop investment solutions and will present its research with investors and business leaders at COP31 (9–20 November 2026) and the World Economic Forum’s Annual Meeting in Davos (18–22 January 2027).

Should you like to explore collaboration with The Leonardo Centre directly, please contact Melody Wu, Research Fellow in Sustainable Finance at the Leonardo Centre on Business and Society.

“The conventional story, and there is some substance to it, is that firms face a clear trade-off: you can either do good or you can do well, but you cannot do both. … This new research tells us that story may no longer hold. It points to a fundamental shift in the way we should think about sustainability: sustainability is a source of alpha.”

— Richard Damania of the World Bank in a keynote at a Leonardo Centre–Ceres event 'Unlocking Shareholder Value Through Corporate Behaviour Insights.'

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Investing in nature: Why markets haven’t caught up yet

Pernille Holtedahl — Tue, 13 Oct 2026 12:14:02 +0000

Investing in nature: Why markets haven’t caught up yet

Pernille Holtedahl Tue, 13/10/2026 - 12:14

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Article at a glance

In a bid to uncover how public equity markets address nature and biodiversity loss, new research from Pernille Holtedahl and Iva Koci reveals that nature investing is currently focused more on managing risk than finding new investment opportunities.
While investors recognise that nature-related risks can impact a company’s cash flow and long-term value, equity markets have yet to fully reflect these risks in company valuations.
Despite limited public nature-investment opportunities, water management emerges as the clearest investable theme.

Nature and biodiversity loss are high on the agenda of corporates and financial players. But how are investors responding to nature-related risks and opportunities in public equity markets?

Drawing directly from the perspectives of early-adopter investors through a bespoke survey and a series of semi-structured interviews, our research uncovers both the limitations and opportunities of investing in nature.

Nature investing is still primarily about managing risk

Currently, nature investing is more about managing risk than finding new investment opportunities.

Most public equity investors take nature into account from a financial perspective, mainly to protect their portfolios from potential losses. This includes exposure to operational, regulatory or reputational risks.

Nature is viewed less as a strategic source of long-term value creation.

The nature data challenge

So, what is holding nature investing back?

The problem is not simply a lack of reliable data, but the challenge of translating data into information that investors can use to make investment decisions. Data on nature and biodiversity can be hard to measure, leaving investors uncertain about which data are useful and reliable.

Investors also perceive a lack of evidence that positive nature impact translates into financial performance.

Furthermore, our research identifies that public equities seem to offer investors relatively few ways of investing directly in biodiversity restoration or nature itself.

More than half of respondents (55 per cent) indicate they invest in nature “solution providers” – public companies whose activities directly contribute to solving nature and biodiversity challenges. Consensus amongst public equity investors on what qualifies as a nature solution remains limited, however, leading to a broad definition.

Public equity investors primarily invest in how products are made, rather than in what is produced. For example, they invest in beverage producers that have reduced plastic packaging, or clothing brands that recycle fabrics or have improved their supply chain.

Direct investments in nature and biodiversity – such as sustainable agriculture or forestry – are better suited to private markets.

Altogether, these challenges create investment barriers that will remain difficult to address without better risk models, coordinated policy or market interventions.

Previous research from ImperiaBusiness School found that businesses are more likely to act on biodiversity when nature-related interventions deliver clear and measurable financial value, pointing to a similar underlying problem.

"Investor awareness of nature is running ahead of market action."

Investors see the risk. Markets don’t.

Investors overwhelmingly recognise that nature-related risks can negatively affect a company’s future cash flows and long-term value (financial materiality). Yet they report that these risks are not adequately reflected in current equity prices (market materiality).

This disconnect can be explained by the fact that nature-related exposures are difficult for markets to price because they are often long-term, uncertain and difficult to observe through standard valuation models.

The pricing picture is not the same across all sectors. Nature-related risks are more likely to be incorporated into equity prices in sectors that are directly dependent on natural capital. This includes land-intensive industries, such as agriculture, paper, pulp and timber, and utilities. Nature risks are more immediate and operationally relevant in these sectors, and therefore can have a more direct effect on a company’s cash flows.

Nevertheless, 63 per cent of respondents expect nature-related risks and opportunities to become more fully priced over the coming decade.

Why water stands out

Public nature-investment opportunities are emerging in areas where investment models are well established and available. Water management has emerged as the most highly rated opportunity amongst respondents, with nearly 80 per cent rating it as “very important”, followed by forests and other provisioning industries.

The sector has many characteristics that make investors comfortable. This includes a large number of listed companies, established business models, clearer revenue streams and stronger links to financial value, which help to attract investor attention.

Water-related challenges are also more immediately quantifiable, data-driven and actionable than other nature themes, making them easier to incorporate into existing investment processes.

What does this mean for markets?

Structural and informational barriers currently make it difficult for investors to incorporate nature considerations into public equity investment decisions. This early stage of nature investing is similar to where climate risk integration was in its early years: investors are increasingly aware of the risks, but markets have yet to fully price them in.

Nevertheless, growing awareness, regulatory developments and better measurement frameworks may help nature-related risks and opportunities become more fully incorporated into asset prices over the coming decade.

For now, investor awareness of nature is running ahead of market action.

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Nature is gaining investor attention, but markets are still struggling to price its value. New research reveals why investors remain cautious, what must change to unlock opportunities, and why water is emerging as a key area to watch.

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Making clean energy pay off for the communities that host it

Lou Lee — Mon, 14 Apr 2025 10:15:24 +0000

Making clean energy pay off for the communities that host it

Lou Lee Mon, 14/04/2025 - 10:15

23 October 2026 News

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22 October 2026 News

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9 October 2026 News

Making clean energy pay off for the communities that host it

9 October 2026

How do we balance national objectives in the energy transition with local acceptability? Meeting net-zero goals requires the deployment of renewables, batteries and grid infrastructure, yet host communities may resist these efforts. This question was central to a roundtable hosted last week by the Hitachi-ImperiaCentre for Decarbonisation and Natural Climate Solutions with stakeholders actively engaged in local area energy planning. Attendees from across policy and business shared their perspectives on the challenges faced in understanding how communities fit into the national picture of decarbonisation, and how more benefits can be retained locally.

The event marked the completion of a 12-month project at the Hitachi-ImperiaCentre and the launch of an Evidence Brief on the topic (From Cost to Gains - Fair benefit sharing in local energy transitions).First, the project synthesised the latest research on local costs and benefits from hosting clean electricity infrastructure, showing how design choices and local characteristics can produce very different outcomes. Second, it looked at the range of policy tools available, focusing on financial benefit policies. This included reviewing approaches such as compensation, bill discounts, taxes and fiscal devolution, shared ownership and community funds, as well as lessons learnt from real-world implementations. Finally, it compiled quantitative evidence from the evaluation of a compensation scheme in Denmark and how this affected new project development.

It is a particularly timely topic in the UK, where voluntary schemes have recently been complemented by mandatory ones, such as the electricity bill discount for those living near new or upgraded grid infrastructure, which comes into force in 2027. Regional energy strategic plans will also play an important role in the future rollout of clean energy technology. The prime minister recently highlighted the need for local communities to share actively in the energy transition, in a recent opinion piece, focused on enabling local ownership.

Dr Sandra Bernick, lead researcher on the project at ImperiaBusiness School, said: “At a time of large-scale transformation for the UK electricity system, enabling host communities to share in the benefits from the energy transition is paramount. Comparative case studies highlighted especially that who exactly benefits from these schemes is part of their success, and in the worst case, poor designs can produce opposition instead.”

She added: “The research also highlights that we must consider carefully how any new measure to create benefits for host communities impacts on the decisions of other actors, such as developers, who have been shown to respond strategically.”

During the discussion, participants stressed that the energy planning process requires a clearer picture of where (and when) the costs and benefits fall in order to best manage them. They also highlighted a need to better understand perceived versus real impacts attributed to clean energy technology, noting that increasing information and engagement locally may narrow this gap and is important alongside ensuring a better distribution of benefits. On the provision of benefits, participants pointed to the importance of visibility, transparency and fairness within the local community. Any benefit provision must, however, consider trade-offs between improving local acceptability and national affordability. This is because increases in local costs will be passed on to consumers. Participants also noted that developers require certainty about revenues to make projects bankable and are already plagued by long grid connection delays that increase uncertainty about project costs.

Dr Shiro Yamaoka, General Manager of Hitachi Europe R&D, said: “Delivering the UK’s energy infrastructure is not just an engineering challenge – it also depends on the support of host communities. This project shows the value of the Hitachi-ImperiaCollege centre by providing impartial evidence and then bringing others into the conversation, such as regulators, developers, investors, councils and community organisations.”

To continue the conversation, the project team will present the Evidence Brief in a webinar on Thursday 15 October at 09:30. See full details and register for the webinar.

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Schemes that share the gains of clean energy infrastructure with host communities work best when they are fair, visible and carefully designed. Poor design can fuel opposition instead.

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Leonardo Centre takes sustainability research to Wall Street investors during New York Climate Week

Lou Lee — Mon, 14 Apr 2025 10:15:24 +0000

Leonardo Centre takes sustainability research to Wall Street investors during New York Climate Week

Lou Lee Mon, 14/04/2025 - 10:15

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Making clean energy pay off for the communities that host it

21 September 2026

ImperiaBusiness School's Leonardo Centre on Business for Society will bring its latest sustainability research directly to institutional investors this month, co-hosting an invitation-only roundtable during New York Climate Week. The Investor Case for Transformation takes place on 24 September at the World Climate Summit in New York, convened with Natixis Investment Managers and the World Climate Foundation.

The 60-minute closed-door session will bring together around 30 senior asset owners, asset managers and private-market investors to test a practical question: can observable evidence of corporate transformation give investors a more decision-useful signal than intentions, disclosures or sustainability labels alone? For the Leonardo Centre, it is a chance to take its research out of the report and into the room where capital allocation decisions are actually made.

The discussion draws on the Centre's GOLDEN Sustainability Dataset, which tracks more than 360,000 initiatives across around 3,000 US-listed companies between 2015 and 2024, part of a global dataset covering 2.6 million initiatives at more than 23,000 companies. Using a behavioural maturity framework that distinguishes advocacy, preparation and transformation, the research found that a portfolio of US companies leading on transformative, innovative sustainability action generated 4.56% annualised alpha over the period studied, without taking on more downside risk than the market.

The roundtable is structured around four themes: identifying transformation, strengthening investment decisions, translating evidence into practice and mobilising capital for transformation. It combines a short presentation of the findings with a moderated discussion and audience Q&A.

The confirmed panel is moderated by Laura Kaliszewski, Global Head of Client Sustainable Investing at Natixis Investment Managers, and includes Livio Scalvini, Executive Director of the Leonardo Centre on Business for Society; Richard Damania, Chief Economist at the World Bank; André Schneider, Chairman of the World Climate Foundation; Manon Salomez, Impact & ESG Specialist at Mirova US; and Hua Cheng, Portfolio Manager at Mirova US.

“This is about collaborating to enable real adoption, and translating that into impact.”

Livio Scalvini

Executive Director of the Leonardo Centre on Business for Society

Livio said the research was built to be used rather than filed away: "This is not an academic paper for citation. It has to be simple, it has to be clear, and it has to come with guidance on how you apply it. Nobody else has this data, so this is about collaborating to enable real adoption, and translating that into impact."

He added that scale depends on the network built around the research, not a single pilot: "The network of actors is the way to scale this. It is not about one pilot application, it is about impact at a systemic level. Value chain, scalability, and doing that through data networks and global platforms, that is our contribution."

The roundtable is one of several events Livio will take part in during New York Climate Week, spanning behavioural transformation, sustainable finance, Scope 3 decarbonisation and market mechanisms, reflecting the Leonardo Centre's wider push to connect rigorous sustainability evidence with the investors, companies and policymakers who can put it into practice.

Further research and reports from the Leonardo Centre's Finance for Impact work are available on the Centre's publications page.

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Global experts explore new ways to navigate an uncertain future

Lou Lee — Mon, 14 Apr 2025 10:15:24 +0000

Global experts explore new ways to navigate an uncertain future

Lou Lee Mon, 14/04/2025 - 10:15

23 October 2026 News

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Making clean energy pay off for the communities that host it

8 September 2026

Researchers from across the world gathered at ImperiaBusiness School on 1–2 September for the Risk Sciences Annual Conference 2026, hosted by the Centre for Climate Finance and Investment (CCFI) in partnership with Tsinghua University’s School of Economics and Management.

The two-day conference explored how new approaches to risk analysis can help decision-makers navigate an increasingly complex world – from climate change and biodiversity loss to financial instability, cyber threats, artificial intelligence and supply chain disruption.

Bringing together expertise from economics, finance, mathematics, computer science, engineering and the life sciences, the programme highlighted the value of looking beyond traditional disciplinary boundaries. Sessions examined topics including sustainable finance, nature-related risks, voluntary carbon markets, AI and machine learning, macro-financial risks, insurance, and climate finance.

A series of plenary and parallel sessions featured leading researchers from leading universities and research institutions across Europe, Asia and North America. Discussions ranged from monitoring tropical forests and quantifying cyber risk, to understanding how AI can be made safer and how financial systems can better share and manage risk.

“The risks we face today are increasingly interconnected, and understanding them requires us to look beyond traditional boundaries. This conference brought together researchers from different disciplines to share ideas, challenge assumptions and develop new approaches to managing uncertainty.”

Professor Enrico Biffis

Professor of Actuarial Finance and Academic Director of CCFI

The conference also saw the inaugural Ken Seng Tan Award, recognising outstanding interdisciplinary research that advances the field of risk sciences. The award went to Fabio Maccheroni, Massimo Marinacci, Ruodu Wang and Qinyu Wu for their paper Risk Aversion and Insurance Propensity, which offers a new way to understand how people respond to uncertainty through their willingness to use insurance.

By convening leading academics and experts from around the world, the conference underlined ImperiaBusiness School’s commitment to research that is rigorous, relevant and connected to real-world challenges.

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From climate change to AI, leading researchers explored how better risk analysis can help build a more resilient future.

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Climate resilience in focus at London Climate Action Week

Lou Lee — Mon, 14 Apr 2025 10:15:24 +0000

Climate resilience in focus at London Climate Action Week

Lou Lee Mon, 14/04/2025 - 10:15

23 October 2026 News

Dr Omar Mir launches ImperiaBusiness School’s Technology Leader Speaker Series with a call to put people at the heart of AI

22 October 2026 News

ImperiaBusiness School’s gender equality commitment recognised with Athena Swan Silver Award

9 October 2026 News

Making clean energy pay off for the communities that host it

29 June 2026

Delivered in collaboration with General Atlantic, the event reflected the Centre for Climate Finance and Investment's (CCFI) growing role as a convenor of interdisciplinary expertise on climate risk and finance. Discussions explored how climate-related risks such as extreme weather are increasingly affecting economic stability, infrastructure, and investment decisions, and how organisations are adapting their approach to managing these risks over the long term.

The event opened with a keynote from Abigail Ng, Chief Sustainability Officer at the Monetary Authority of Singapore (MAS), who highlighted climate resilience as a key part of protecting economic security. This was followed by a panel discussion chaired by Rowan Douglas CBE, Honorary Practice Fellow at CCFI, and featuring Kemal Erçevik (Bank of England), Natasha Fowlie (General Atlantic), Paul Munday (S&P Global), Julian Wentzel (HSBC).

A central theme throughout the conversation was the need to integrate climate and nature risks into the core functioning of financial systems, rather than treating them separately. Speakers highlighted the importance of better data, shared standards, and clearer ways of measuring risk in order to improve decision-making across banking, insurance, regulation and investment.

“This is what CCFI is all about: a platform that brings together scholarly excellence and leading market participants to deliver effective solutions at scale.”

Dr Enrico Biffis

Academic Director of CCFI and Professor of Actuarial Finance

Rowan Douglas commented: “We now have our resilience priorities confirmed and an excellent community of financial-sector partners to mobilise with CCFI and ��’s School of Convergence Science. Our mission is to help retrain the invisible hand to value resilience and better protect exposed assets and communities in the years and decades ahead.”

In closing remarks, Dr Enrico Biffis, Director of CCFI and Professor of Actuarial Finance and Academic, said: “This is what CCFI is all about: a platform that brings together scholarly excellence and leading market participants to deliver effective solutions at scale.”

The event underscored CCFI’s role within ImperiaBusiness School as a bridge between academic research and industry practice, and highlighted ongoing collaboration with MAS and other partners to strengthen resilience in the face of growing climate challenges.

Panel speakers (from left to right): Natasha Fowlie (General Atlantic), Kemal Ercevik (Bank of England), Julian Wentzel (HSBC), Paul Munday (S&P Global), and Rowan Douglas (ImperiaBusiness School).

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The Centre for Climate Finance and Investment (CCFI) brought together leaders from finance, insurance, law, technology, policy and academia for an event on Climate Resilience & Economic Security during London Climate Action Week (20-28 June).

Abigail Ng and Rowan Douglas at London Climate Action Week

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“Representation influences capital allocation” says Lara Cathcart at ��’s third annual Women in Finance event

Shamita Harsh — Mon, 14 Apr 2025 10:15:24 +0000

“Representation influences capital allocation” says Lara Cathcart at ��’s third annual Women in Finance event

Shamita Harsh Mon, 14/04/2025 - 10:15

23 October 2026 News

Dr Omar Mir launches ImperiaBusiness School’s Technology Leader Speaker Series with a call to put people at the heart of AI

22 October 2026 News

ImperiaBusiness School’s gender equality commitment recognised with Athena Swan Silver Award

9 October 2026 News

Making clean energy pay off for the communities that host it

3 March 2026

Once characterised as a “boys’ club”, the finance sector is undergoing a cultural shift that is reshaping how decisions are made. Greater representation at senior levels is increasingly recognised as influencing how capital is allocated.

ImperiaBusiness School’s third annual Women in Finance event explored how women are influencing capital markets and redefining leadership across sustainable finance.

An investment narrative that is rooted in embracing change

The keynote address was delivered by Hortense Bioy, former Head of Sustainable Investing Research at Morningstar Sustainalytics, who focused on building a more sustainable and inclusive financial future. She explored how geopolitical uncertainty has reshaped sustainable investing strategies, creating both complexity and opportunity.

“The media often debates whether ESG is dead,” Bioy observed. “What we are witnessing right now is an evolution of practices, a recalibration by businesses and investors alike. What’s fading is a version of ESG that relied heavily on labels and was often disconnected from financial outcomes, to make room for pragmatism and realism.”

Her message underscored the importance of data-driven research and thoughtful analysis in navigating rapidly changing markets. She also offered advice to young women entering the sector, encouraging attendees to embrace opportunity: “Step beyond your comfort zone. Visibility and persistence matter. No is rarely the end.”

“Through events like Women in Finance, ImperiaBusiness School reaffirms its commitment to advancing women across the financial sector, creating space for leadership, visibility and meaningful dialogue.”

Lara Cathcart

Professor of Finance, Academic Director for MSc Finance and MSc Risk Management and Financial Engineering

Improving gender inclusion in sustainable finance

The panel discussion, moderated by Fiona Frick, Finance Advisory Board Member and Founding Partner at Circe Invest, examined how female voices are shaping sustainable finance, impact investing and fintech.

Lise Renelleau, Head of Research and Innovation for the IQ Lab at HSBC Asset Management, reinforced the importance of measurable impact. She expressed optimism that as access to high-quality data improves, ESG – once perceived as a top-down imposition – is increasingly being integrated into portfolio construction and reporting. While AI and advanced technologies can enhance data analysis, she stressed that human judgement remains essential in translating information into meaningful insight.

Kamini Banga, Chair of the Banga Family Trust, reflected on her experience working in India, where workplace equity was less established when she began her career. From identifying public healthcare investment needs in rural communities to overseeing family enterprise, she highlighted the importance of a just transition in emerging markets.

Zoe Jankel, Vice President and Senior Credit Officer at Moody’s Ratings, spoke about cultural change within organisations. She noted a shift away from expectations that women must conform to traditionally masculine leadership styles. Increasingly, authenticity is recognised and valued at senior levels.

The evening concluded with remarks from Lara Cathcart, Academic Director for MSc Finance and MSc Risk Management and Financial Engineering. Acknowledging the significant evolution in the finance industry, she reflected that there are still male-dominated pockets, especially at the senior leadership level:

“Representation is not simply about equity; it directly influences how capital is allocated, how risk is assessed, and how innovation is fostered. Through events like Women in Finance, ImperiaBusiness School reaffirms its commitment to advancing women across the financial sector, creating space for leadership, visibility and meaningful dialogue.”

Note: This article's headline was updated from: “Representation influences capital allocation” says Professor of Finance at ��’s third annual Women in Finance event on 05.03.2026.

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ImperiaBusiness School’s event showcased female leaders driving sustainable investing, ESG innovation and long-term value creation.

Main image: ImperiaBusiness School | Fergus Burnett

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Alumni Blog: Ravi Varghese, Head of Sustainable Investing at a global asset management firm

Francesca Hoare — Tue, 04 Mar 2025 09:31:29 +0000

Alumni Blog: Ravi Varghese, Head of Sustainable Investing at a global asset management firm

Francesca Hoare Tue, 04/03/2025 - 09:31

13 October 2026 Alumni

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Lessons, insights and early career advice from ImperiaBusiness School Master’s alumni

We recently caught up with some of our Master’s alumni, who reflected on their early careers after graduating from ImperiaBusiness School. In this blog, they draw on their own experience to offer advice to those who are about to enter the job market.

20 February 2023

Alumni

If investors want businesses to clean up their act, they need a seat at the table. That’s according to Ravi Varghese, Head of Sustainable Investing at global asset management firm Epoch Investment Partners.

After seven years as an investment analyst, Ravi Varghese followed his interest in climate change by taking a role with Ceres, a sustainability organisation based in Boston. But he missed the cut and thrust of investment and went on to complete an MSc in Climate Change, Management & Finance at ImperiaBusiness School in 2018.

“��’s reputation at the intersection of science and technology and management really stood out, and its network has been incredibly helpful.”

Promoted at Epoch in New York after joining as an analyst in 2019, he is now in charge of environmental, social and governance (ESG) and, with his team, helps assess the implications of ESG issues for the firm’s portfolio of around 500 listed companies.

Dealing in controversy

Grappling with ethics is part of the job. Nothing, in his view, is off limits when it comes to applying the tools of ESG investing – from fossil fuels through to defence and Big Tech. “We don’t exclude any sectors; controversial industries are more likely to benefit from a thoughtful ESG approach.”

Investors had grown pessimistic about the prospects of hydrocarbons, he says, but when energy prices soared, many ESG investors found themselves without exposure to these pivotal companies.

“Some sectors have fallen out of favour, but we’ve always said these companies are central to the global economy and energy security and will continue to be so for the next 30 years,” he explains. “Many are making the transition to lower carbon energy, and we want to take part in that.”

It’s perfectly reasonable that the tech giants should be subject to scrutiny

Divesting from fossil fuels doesn’t reduce emissions, it simply shifts the ownership, “and if that ownership becomes opaque, it could make things worse.”

Big Tech, with its vast influence over societies and economies, is fraught with pitfalls for ESG investors, but can’t be ignored. “It’s perfectly reasonable that the tech giants should be subject to scrutiny,” he says. “As investors, we continue to think how we can be effective partners while challenging practices that could ultimately draw a backlash from society or regulators.”

If a client’s reputation is at stake, a company fails to reform or displays weak governance, then it may be time to depart. “One of the interesting things about ESG is that it merges the pragmatic reality of the corporate world with more complex issues around ethics and reputation.”

The growth of ESG

Even in the last three years, ESG has developed apace, says Ravi. “Not every asset manager had an ESG team then, which is very different today. ESG had to overcome a lot of scepticism… It means many things to many people, so definitions are important.”

In his role, Ravi often engages directly with companies to dive deeper into the detail around ESG performance, and he works closely with investment analysts in his company. Investor stewardship is another important pillar in ESG – increasingly, for instance, shareholders are asking businesses for plans to report and cut emissions and meet environmental and social targets. His team is also responsible for explaining the firm’s ESG philosophy to its clients.

Controversial industries are more likely to benefit from a thoughtful ESG approach

While formal qualifications aren’t a prerequisite for entering the ESG field, he’s grateful for the solid grounding delivered by his time at ImperiaBusiness School.

“It gave me a foundation in climate science and the political, economic and technological tools for mitigating emissions. I think it really accelerated my ability to pursue this career. ESG is now being applied to so many different industries and asset classes, and it promises to be a really interesting journey.”

Ravi Varghese in brief

Completed the MSc in Climate Change, Management & Finance at ImperiaBusiness School
Head of Sustainable Investing at global asset management firm
Worked as a senior associate at a non-profit organisation advocating for sustainability
Completed his undergraduate degree at Yale University

Climate Change

Sustainability

Programme

MSc Climate Change, Management & Finance

3 minute read

Alumni case study: Making sustainability accessible

Francesca Hoare — Tue, 04 Mar 2025 09:31:29 +0000

Alumni case study: Making sustainability accessible

Francesca Hoare Tue, 04/03/2025 - 09:31

13 October 2026 Alumni

The Portfolio Career: Curiosity Is Your Best Career Strategy, Chloe Chambers

9 July 2026 Alumni

Alumni Q&A: Florence Perramond, Climate Change, Management & Finance 2022

1 June 2026 Alumni

Lessons, insights and early career advice from ImperiaBusiness School Master’s alumni

29 June 2021

Alumni

Ecofye is a climate action advisory that specialises in helping companies minimise their environmental impact and drive long-term competitive advantage. It was set up by Daniela Arroyo-Olson and Tiago Fachada, two entrepreneurs dedicated to saving the planet. They met while studying MSc Climate Change, Management & Finance at the Business School. Find out what they are doing to support SMEs with their sustainable goals, the launch of their new platform Ecofye+ and how you can join the green revolution today!

Our story

Our journey began back in 2019 when we saw there was a widespread awareness among businesses to take action against climate change, but not enough was being done to reduce environmental impacts and truly integrate sustainability into everyday business decisions.

There is still a great market pressure and demand for companies to become more sustainable and reduce their environmental impact. But it can be overwhelming to examine and analyse this effectively. And what does sustainability really mean? How can you measure it? To answer these questions requires the right expertise, and time to implement the required sustainable changes.

Given their limited resources, this problem is especially acute among SMEs. This discourages them from taking meaningful sustainability measures. But given SMEs make up 90% of the business landscape in the UK, there is great potential to deliver a shift in circularity, decarbonisation and social impact. We are passionate about supporting people to join the green revolution, so we decided to combine our expertise to help companies tackle their climate challenges and make a difference.

By improving our environmental impact can have real effect on our planet. That is why we are inviting everyone to join the race to net-zero as global leaders, governments and societies take important steps towards fighting climate change.

Ecofye maps out a company’s climate-related risks and opportunities to offer tailored and time efficient solutions, with the use of machine learning. We help companies find solutions that address the underlying causes of climate change. Our sustainability framework not only analyses SMEs sustainability performance but also to provide accurate solutions to accelerate climate action.

Future-proofing for sustainable business

We believe there's never been a more important time than now for companies to take action. And that wherever a company is on its journey, it is possible to achieve sustainability goals. Our mission at Ecofye is to support companies with this and help drive a long-term competitive advantage.

We recently launched the Ecofye + platform, with the aim of making sustainability accessible and affordable for all SMEs. It allows you to measure your sustainability performance for free via the platform and receive your sustainability score based on circular economy, emissions and social impact. You can also set sustainable target for your company, set a target road map, track your emission reduction and offset with real, trackable and certified carbon credits.

What's next for Ecofye

Although we are a young company we were delighted to be nominated as a top sustainability company in London 2021. Best Startup UK highlights small and medium enterprises from the UK to help them be recognised internationally. We can now look forward to offering environmentally impactful solutions to companies from all over the world.

Ecofye are currently being supported by ��’s Enterprise Lab, inspiring the next generation of student innovators and entrepreneurs.

Climate Change

Entrepreneurship

Sustainability

Programme

MSc Climate Change, Management & Finance

2 minute read

My journey as a social entrepreneur at the Business School

Helen Richardson — Wed, 12 Feb 2025 14:21:54 +0000

My journey as a social entrepreneur at the Business School

Helen Richardson Wed, 12/02/2025 - 14:21

9 July 2026 Alumni

Alumni Q&A: Florence Perramond, Climate Change, Management & Finance 2022

27 April 2026 Alumni

Faith Ruto, Executive MBA 2011

Faith Ruto completed her Executive MBA at ImperiaBusiness School while working at Shell, where she led global technology, digital transformation, and strategic change initiatives.

11 November 2025 Alumni

Alumni Q&A: Kristian Gubsch (MSc Innovation, Entrepreneurship & Management 2022)

Kristian Gubsch is the Chief Technology Officer & Co-Founder of Mars Materials, Inc. PBC™, and with a background in chemical engineering, he leads the development and scale-up of the company’s carbontech.

15 May 2024

Student blog

Sankar Venkataraman Murali is a student studying MSc Innovation, Entrepreneurship & Management at ImperiaBusiness School. In this blog, Sankar shares their motivations for studying the programme, opportunities for furthering skills in innovation and leadership, and how it's shaping them into a future entrepreneur.

I am grateful for the myriad opportunities at ImperiaBusiness School. From assuming leadership roles to triumphing in innovation competitions, each step has enriched my personal and professional growth.

ImperiaMe

I am an aspiring social entrepreneur and sustainability advocate, currently pursuing MSc Innovation, Entrepreneurship & Management at ImperiaBusiness School. My prior experiences, including leading projects like Project Zaraat and founding Career Wings, have endowed me with a versatile skill set in operations, content creation, and business innovation. These projects have significantly contributed to my professional development and personal growth, strengthening my commitment to effecting positive change in society and the environment.

Why I chose to study MSc Innovation, Entrepreneurship & Management

They say love at first sight isn't a myth, and I can attest to that. It happened to me twice (don't ask about the first time), with the second occurring when I discovered the course offerings at ImperiaBusiness School. Words like "Innovation," "Entrepreneurship," and "Management" seemed to leap off the screen, resonating with my passions and identity. These concepts have always sparked my excitement and naturally drew me to the diverse skills encompassed by these topics.

Choosing ImperiaBusiness School was an easy decision. The institution's reputation for providing abundant opportunities and exposure, combined with the chance to immerse myself in various entrepreneurship clubs and societies, was irresistible. The opportunity to study, learn, and grow alongside students and professors from around the world was incredibly appealing. Having been deeply involved in social entrepreneurship for the past three years, I aimed to continue this journey at ��, seeking to collaborate on business ideas that benefit society, create a positive impact, and address significant challenges.

Clubs, societies and leadership

Upon arriving at ��, I began seeking opportunities and experiences to engage with. I joined clubs and societies such as the Innovation & Entrepreneurship Club, Consulting Club, and Climate Entrepreneurs Club. I was elected Career Leader for my cohort, marking the beginning of my active contribution to the Imperiacommunity in this role. As a Careers Leader on the Staff Student Committee (SSC), I was tasked with guiding over 90 peers through the maze of career opportunities and events, advocating for their career-related interests. This role proved both challenging and rewarding, allowing me to enhance the student experience and contribute to their professional growth.

Another significant milestone was being selected as the Vice President of Sustainability for the Dean's Student Advisory Council (DSAC). In this role, I was entrusted with spearheading sustainability initiatives, driving environmental awareness, and integrating sustainable practices into the School's ethos. I aim to leave a legacy of environmental stewardship and responsible business practices. I also established a Sustainability Committee, and we recently received the Community Fund to organise a new event at the Business School, focused on creating a Green Guide for incoming students at the university.

Innovative victories and sustainable solutions

A highlight of my time at Imperiawas our team's victory in the VeChain x EasyA x University of Cambridge Hackathon. Competing against 21 teams from across the UK, our project, LogiQ, a decentralised application designed to revolutionise freight sharing in road logistics, emerged victorious. This victory was not just a celebration of our innovative solution but also a testament to the power of collaboration, diverse skill sets, and a shared vision.

Additionally, I have been actively involved in the Pre Climate Accelerator at the Climate Entrepreneurs Club, where my team is developing VeguVault, a vending machine that dispenses fresh greens grown via soilless vertical farming. This system ensures produce is kept in nutrient-rich water and harvested only when purchased, guaranteeing maximum freshness. The produce is stored in a climate-controlled environment, optimising preservation and nutritional value. This innovative approach aims to enhance urban access to fresh, sustainable produce while minimising food waste.

Looking forward

As the summer term approaches, I am filled with anticipation about developing my business startup, leveraging the extensive knowledge and insights gained from modules such as Venture Capital and Growth Finance, Strategic Management, Entrepreneurship, Technology and Innovation Management, and Design Thinking for Innovation and Impact, among others. My involvement in various clubs, workshops at the ImperiaEnterprise Lab, and participation in business clubs and hackathons have prepared me for this moment. I have attended events such as the London Venture Crawl and masterclasses on topics such as “How to Pitch” and “How to Find Your First Customer.” I am excited to apply these theories and concepts in a real-world context, aiming to make a tangible impact through my venture.

Reflecting on my journey, I am grateful for the myriad opportunities at ImperiaBusiness School. From assuming leadership roles to triumphing in innovation competitions, each step has enriched my personal and professional growth. These experiences have brought me closer to becoming the entrepreneurial leader I aspire to be, instilling a commitment to leveraging innovation for a better, more sustainable world. This journey of love, challenges, and achievements continues, marking a path of learning, impact, and transformation.

Discover MSc Innovation, Entrepreneurship & Management

MSc Innovation, Entrepreneurship & Management is designed to equip graduates with the skills to become entrepreneurs or lead innovation from within companies.

Download a brochure

Read more about MSc Masters' Programmes at ImperiaBusiness School in our brochure.

How to apply

Discover our admissions process for the MSc Innovation, Entrepreneurship & Management including entry requirements, how to apply and key dates and deadlines.

Entrepreneurship

Student Journey

Sustainability

Programme

MSc Innovation, Entrepreneurship & Management

4 minute read

Sustainability

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The corporate sustainability actions that reward investors

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Investing in nature: Why markets haven’t caught up yet

Investing in nature: Why markets haven’t caught up yet

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Nature is gaining investor attention, but markets are still struggling to price its value. New research reveals why investors remain cautious, what must change to unlock opportunities, and why water is emerging as a key area to watch.

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Making clean energy pay off for the communities that host it

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Schemes that share the gains of clean energy infrastructure with host communities work best when they are fair, visible and carefully designed. Poor design can fuel opposition instead.

Leonardo Centre takes sustainability research to Wall Street investors during New York Climate Week

Leonardo Centre takes sustainability research to Wall Street investors during New York Climate Week

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Making clean energy pay off for the communities that host it

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Global experts explore new ways to navigate an uncertain future

Global experts explore new ways to navigate an uncertain future

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From climate change to AI, leading researchers explored how better risk analysis can help build a more resilient future.

Climate resilience in focus at London Climate Action Week

Climate resilience in focus at London Climate Action Week

Dr Omar Mir launches ImperiaBusiness School’s Technology Leader Speaker Series with a call to put people at the heart of AI

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The Centre for Climate Finance and Investment (CCFI) brought together leaders from finance, insurance, law, technology, policy and academia for an event on Climate Resilience & Economic Security during London Climate Action Week (20-28 June).

“Representation influences capital allocation” says Lara Cathcart at ��������’s third annual Women in Finance event

“Representation influences capital allocation” says Lara Cathcart at ��������’s third annual Women in Finance event

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ImperiaBusiness School’s event showcased female leaders driving sustainable investing, ESG innovation and long-term value creation.

Alumni Blog: Ravi Varghese, Head of Sustainable Investing at a global asset management firm

Alumni Blog: Ravi Varghese, Head of Sustainable Investing at a global asset management firm

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Ravi Varghese in brief

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Alumni case study: Making sustainability accessible

Alumni case study: Making sustainability accessible

“Representation influences capital allocation” says Lara Cathcart at ��’s third annual Women in Finance event

“Representation influences capital allocation” says Lara Cathcart at ��’s third annual Women in Finance event