This study examines the evolution of sustainability reporting in the Netherlands, showing how moral intentions of corporate responsibility became standardised and financialised. Through commensuration, sustainability shifted from ethical values to measurable economic indicators, leading to a “crowding out of morality” as reporting prioritised comparability, performance, and investor relevance over genuine moral purpose.

This report proposes using firm-level emission futures contracts to better measure and incentivise real environmental impact from ESG investing. It finds that current backward-looking ESG ratings fail to predict emission reductions and may misallocate capital to higher-polluting firms. Market-based, forward-looking emission futures could improve measurement, incentives, and investment impact.

European Finance Association (EFA) is an international non-profit professional body for finance academics and practitioners. EFA brings together over 2,500 members globally. It organises annual conferences, doctoral events, and publishes the peer-reviewed Review of Finance journal.

Oxford University Press (OUP) is a global academic and educational publisher. It operates as a department of the University of Oxford, producing textbooks, scholarly works, English language resources and reference works. OUP emphasises digital innovation, sustainability commitments, and broad international reach in research and education.

MDPI (Multidisciplinary Digital Publishing Institute) is a Swiss-based publisher of open access, peer-reviewed journals, established in 1996. MDPI publishes over 470 academic journals across science, technology and medicine, with authors covering article processing charges to enable unrestricted global access.

This report summarises over 1,000 studies (2015–2020) and finds that most show a positive relationship between ESG and financial performance. ESG integration and long-term strategies tend to enhance returns and risk management, while disclosure alone has limited financial impact.

Rockefeller Capital Management (RockCo) delivers wealth management, asset management and investment banking services grounded in the Rockefeller legacy. Serving individuals, families and institutions, RockCo emphasises bespoke financial solutions, generational wealth planning and strategic advisory — combining innovation with long-standing trust.

Research Institute of Economy, Trade and Industry (RIETI) is a Japanese policy think tank founded in 2001. RIETI conducts theoretical and empirical economic research, bridges academe and government, and offers evidence-based trade, industry and economic policy recommendations.

This report summarises research on US firms’ exposure to temperature variability and its financial effects. It shows that volatile temperatures reduce profitability, affect consumer demand and labour productivity, and influence investor attention. Portfolios exposed to higher variability underperform, indicating temperature volatility is a material climate risk for firms and investors.

London School of Economics and Political Science (LSE) is a global research university specialising in economics, politics, law, social policy and data science. Based in London, LSE offers undergraduate, graduate and executive degrees, and leads in social science research, public policy impact and global academic partnerships.

NYU Stern’s Center for Sustainable Business (CSB) conducts applied research, education and engagement to embed environmental, social and governance (ESG) practices into core business strategy. It helps leaders quantify sustainability’s financial value, offers executive certificates, and develops tools to assess materiality and carbon impact.

This report summarises empirical evidence on the economic effects of disclosure and financial reporting regulation. It reviews challenges in identifying causal relationships, assessing costs and benefits, and evaluating market-wide outcomes. The authors highlight limited conclusive evidence and propose priorities for future research to better inform policy and regulatory design.

Morgan Stanley Wealth Management provides financial advice, investment strategies, and portfolio management for individuals, families, and institutions. Its services include retirement planning, sustainable investing, and access to global market insights. Morgan Stanley combines advanced digital tools with expert guidance to help clients achieve long-term financial goals and preserve wealth across generations.

The report by Japan’s Government Pension Investment Fund (GPIF) evaluates how engagement by external asset managers has affected investee companies from 2017–2022. Using causal inference analysis across over 26,000 engagements, it finds positive links between engagement and improvements in corporate value, governance, decarbonisation, and diversity.

Government Pension Investment Fund (GPIF) is an independent administrative institution in Japan. It manages and invests pension reserve funds under Japan’s Employees’ Pension Insurance and National Pension Acts. GPIF seeks long-term, diversified returns while emphasising ESG investment and stewardship in public pension finance.

This report summarises international investment trends in the digital economy, focusing on data, digital infrastructure, and technology services. It highlights uneven global distribution, the role of multinational enterprises, and policy implications for sustainable development, emphasising the need for balanced regulatory frameworks and equitable access to digital opportunities worldwide.