Sustainable Finance in Education
Notwithstanding the highly laudable efforts of the Principles for Responsible Investment and other Environmental, Social, and Corporate Governance (ESG)-related trade groups and organisations, Responsible Investment (RI) has still to be mainstreamed in the financial services industry. Despite hugely increased awareness, implementation still lacks depth across many financial institutions. The major challenge is that mainstreaming RI effectively involves a system change—a paradigm shift that, amongst other things, will require a corresponding culture change within the world of institutional investors and with it a higher degree of knowledge skills and expertise. This is no easy task: at a fundamental level, it is proving difficult to change or redirect the financial services sector. Even following the global financial crisis it would appear that, rather than change, the system has, in broad terms, merely been repaired with largely the same people doing similar things as before, albeit in a tighter and less permissive regulatory environment. Genuine global industry ESG integration and adoption of RI will require additional efforts and a greater diversity and depth of knowledge, skills, and understanding from an employee’s entering or wishing to flourish in the sector. It is in this aspect that business schools and other higher education facilities can play a leading and hugely significant role to address some of the current gaps. This chapter addresses how sustainability thinking can be embedded in finance curriculum.
KeywordsSustainability Sustainable finance Sustainable investment Responsible investment Sustainable and responsible investment
- Annan-Diab, Fatima, and Carolina Molinari. 2017. Interdisciplinarity: Practical Approach to advancing education for sustainability and for the Sustainable Development Goals, July 2017.Google Scholar
- Barton, Dominic, James Manyika, Timothy Koller, Robert Palter, Jonathan Godsall, and Joshua Zoffer. 2017. Measuring The Economic Impact of Short-Termism. McKinsey Global Institute.Google Scholar
- Clark, Gordon L., Andreas Feiner, and Michael Viehs. 2015. From the Stockholder to the Stakeholder. How Sustainability Can Drive Financial Outperformance. Accessed July 31, 2018. https://arabesque.com/research/From_the_stockholder_to_the_stakeholder_web.pdf.
- Financial Stability, Financial Services and Capital Markets Union. 2018. Action Plan for Financing Sustainable Growth. Accessed July 31, 2018. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52018DC0097.
- Fisher, Andrea, and Jeremy Zirin. 2015. The Rising Millennials—UBS Wealth Management. Accessed July 31, 2018. https://www.ubs.com/content/dam/WealthManagementAmericas/documents/us-equities-the-rising-millennials-2015-06-23.pdf.
- Gannon, Megan. 2014. Exxon Valdez 25th Anniversary: 5 Facts About the Historic Spill. Livescience, March 24.Google Scholar
- Gov.UK. 2014, October 27. Kay Review of UK Equity Markets and Long-term Decision Making: Implementation Progress Report.Google Scholar
- Hays, Jeffrey. 2008. Bhopal Disaster. Accessed July 31, 2018. http://factsanddetails.com/india/Nature_Science_Animals/sub7_9c/entry-4268.html.
- Lie, Valborg, and Matthew Kiernan. 2017. Mapping of Global Responsible Investment Best Practices. Accessed July 31, 2018 http://inflectionpointcm.com/sites/default/files/document/norwaymof050118rs1404c.pdf.
- M&S Plan A 2025 Commitments. 2018.Google Scholar
- PRI’s Academy. https://priacademy.org/courses/.Google Scholar
- SASB. https://fsa.sasb.org/.Google Scholar