The Rise of Sustainable Finance: Global Investment Implications

There is a major shift underway in the global finance industry towards a more conscious form of capitalism, in which capital is allocated more responsibly, and financing is mobilised to help address critical issues facing the world like climate change, inequality and financial inclusion. 

The finance industry has over the last few years begun embracing a broader set of stakeholders, moving from giving primacy to shareholders (and their returns) to a wider definition which includes employees, customers, local communities, suppliers, peers and the environment. Leading financial firms are increasingly willing to play an active role in this transformation and are looking to be a ‘force for good’ in the world by allocating their capital away from harmful activities, by creating products for and channelling capital towards addressing these issues, and by seeking to have a positive impact on their employees, communities and other key stakeholders. Sustainable finance has also proven to generate superior returns, leading to a virtuous cycle which has led to its rapid growth over the last several years. 

Virtually every large financial institution has integrated environmental, social and governance (“ESG”) considerations into decision-making and ESG-data driven investments already account for more than one-third of global investable assets1. The trends in sustainable finance promise to fundamentally transform the global investing landscape across all asset classes over the next decade, with significant implications for investors. 

This month’s Sign takes a closer look at the rise of sustainable finance, the investment themes and opportunities this is unleashing, and the opportunities arising for investors to generate returns while addressing the world’s most pressing issues.

 

Capital is Set to Become a Conscious ‘Force for Good’

In December 2020, a new report, “Capital as a Force for Good: Global Finance Industry Leaders Transforming Capitalism for a Sustainable Future”2 examined the initiatives being undertaken by over 60 large global financial institutions (representing over c.US$100 trillion or c.30% of total assets globally) across ESG, sustainability and stakeholder engagement. The report found that the global finance industry leaders were helping drive a significant shift in the way capital is being allocated away from companies and industries that were more harmful and towards those that are operating sustainably, respecting a wider group of stakeholders, and creating real and tangible impact towards achieving the UN’s Sustainable Development Goals (“SDGs”). There are four key findings of the report.

Firstly, there is a significant “common ground” that has emerged among leaders in the finance industry in terms of their initiatives to drive sustainability and sustainable development, as follows:

  • 100% of these institutions have publicly committed to ESG and implemented policies, and the vast majority (70-90%) actively screen transactions for ESG risks and report detailed ESG metrics
  • 98% of these institutions belong to one or more international institutions designed to promote ESG and sustainability standards (such as the UN-PRI, TCFD, CDP and others)
  • 90% of these institutions have publicly reaffirmed their commitment to a multi-stakeholder approach and 80% of them have programs to ensure diversity and inclusion
  • 86% of the total assets of these financial institutions are actively applying negative ESG screening (or exclusions) to phase out financing for activities deemed harmful
  • 84% of these institutions have explicitly adopted a focus on one or more of the SDGs, and the finance industry leaders have explicitly prioritised 13 of the 17 SDGs with specific targets
  • 80% of the institutions have adopted standards to track their carbon emissions and these firms are leading by example by reducing their direct and indirect footprint by 4-7% annually
  • 73% of these industry leaders have active programs for environmental sustainability financing and have mobilised c.US$250 billion in clean energy financing in 2019
  • 30-100% of assets under management have been integrated with ESG considerations by leading asset managers, the leaders covered in the report alone account for US$12.5 trillion of ESG-integrated assets

Secondly, a number of financial institutions are going further and breaking new ground by leveraging and adapting their businesses to drive initiatives with the potential for a disproportionate impact. The report profiles several initiatives and their direct impact, breaking them up into three categories:

“The idea of the finance industry becoming a force for good is a powerful one, and the business of being good, doing good and leading for good makes it actionable. The ways in which the industry is doing this are becoming increasingly clear… These emerging trends, ideas and themes point to profound changes. They are indicative of a finance industry that, from the top of the industry, while continuing to run its current markets driven businesses, is also maturing and adapting to reinvent itself.”
Capital as a Force for Good: Global Finance Industry Leaders Transforming Capitalism for a Sustainable Future, December 2020

  • ‘Being Good’ initiatives focused on good citizenship in society and the global system, for example:

    80-95% of institutions have adopted operational climate change targets, regularly conduct community outreach, have employee skill-building and supplier diversity programs.

    50-80% of institutions have unique employee diversity, inclusion and well-being programs, volunteering schemes and charitable initiatives.

  • ‘Doing Good’ initiatives where through the core business, the institution prioritises investments according to commercial and broader societal objectives, for example:

    80-100% of institutions participate in international associations offer sustainable investing and finance products, have portfolio balance targets, and engage their clients and shareholders on ESG and sustainability issues.

    60-80% of institutions provide specialised ‘green’ or sustainability-linked products and publish thought leadership on global sustainability issues

  • ‘Leading for Good’ initiatives where the institution seeks drive broader change at the national or international level is far more ambitious and fewer institutions are able to cope with the high bar of this, for example:

    35-40% of institutions participate in outcome-driven alliances to address systemic issues.

    16-17% of institutions are setting ambitious sustainability goals around which to re-align their entire businesses and/or working with governments to address major national sustainability issues.

    Some (fewer than 5%) of institutions are undertaking ambitious international initiatives to create new institutions or developing new scalable global financial systems.

Thirdly, the report finds a clear link between a focus on sustainability and superior performance, looking at various external studies as well as the data on initiatives implemented by the industry leaders profiled in the report and their relative performance. The report finds a broad consensus in external research that the integration of ESG and sustainability criteria has a positive impact on returns, highlighting the following:

  • 52-71% of empirical studies have found a positive correlation (while 0-4% found a negative correlation3) between ESG investing and returns in equities, bonds and real estate individually, with a similar correlation across geographies and individual ESG factors, suggesting a strong empirical business case for ESG investing4.
  • 60-65% of ESG mutual funds outperformed their benchmarks across assets classes and over one, three, five and ten year periods.
  • 116% total shareholder returns over 10 years for financial institutions that were delivering the highest impact and leading for good vs. 54% for all institutions in the report and 30% for the MSCI Financial index.

Fourth, the report points the way for these initiatives by the industry’s leaders to transform the overall system of capitalism by “catalysing fundamental change in the industry and, more fundamentally, in capitalism itself to adapt to changes in the world around it.” By setting the de facto benchmark for what it means to be a ‘Force for Good’, the industry leaders are leading a change in the industry as a whole leading to self-sustaining growth over a period of time which will determine how and where capital is allocated, and how returns are measured. The report points to nine big trends, ideas and themes which have the potential to reshape the wider system of capitalism in the coming decades, including:

  1. Beyond Money, Leading Change in the World. Financial institutions are seeing a bigger role for themselves in the world beyond the mere allocation of capital.
  2. Collective Action Across Boundaries. Financial institutions are collaborating with each other and transnational organisations on climate change and the SDGs.
  3. Capitalism Revitalises Through Every Stakeholder’s Choices. Controlling over 90% of the net liquid assets in the system, the financial industry is a critical catalyst of change.
  4. Financing the SDGs. With financial increasingly focused on the SDGs, a path to funding the US$5-7 trillion annually required to meet the SDGs is now becoming visible.
  5. Carbon Defunded, Alternatives Funded, Energy Transition Supported. Financial institutions are prioritising initiative to decarbonise the energy system and create new energy sources.
  6. Creating Mass Inclusion, in the Developed World Too. Financial institutions have also prioritised inclusion and are driving gender, racial, financial and other mass inclusions.
  7. The Democratisation of Finance. Technological innovation and network connectivity is increasingly democratising, decentralising and personalising finance.
  8. Post-Crisis Capitalism: A More Conscious Values-Based Approach. The finance industry is well-positioned for the broader shift in global awareness and consciousness post-Covid. 
  9. Funding the Future. By becoming a Force for Good, financial institutions are developing financing solutions for breakthrough innovations that world will need beyond 2030.

 

Key Foresights and the Implications for Investors

The findings of the report point to both a sustained and significant shift in how capital is raised, managed, and generated across the world, and therefore to significant shifts in the global economy and the capitalist system of enterprise itself. The implications for investors of this shift are widespread and fundamental in nature.

The implied opportunities for investors are based on two resulting mega-trends: firstly, the global shift in the flow of funds resulting from a focus on sustainable assets and secondly, the global investment themes that are tied to this sustainability shift. 

 

I. Global Fund Flows are Shifting Rapidly Towards Sustainable Investing

ESG-based and sustainability investing strategies now account for over one-third of global AUM5 and are likely to be a majority of global assets in the coming years6, and are fundamentally changing the direction of global capital flows. If these trends hold, by the end of the decade, the vast majority of global assets will be fully integrated with ESG and impact considerations, and financing for other (harmful or non-compliant) activities will be pushed to the margins, essentially starving these activities of their ability to grow. 

There are five important implications of the changing global fund flows that investors need to keep in mind:

ESG driven investment strategies now account for c.US$40.5 trillion of AUM8 globally (representing c.36% of total global third-party AUM9) and the actual figure may be higher, given that various other products that integrate ESG criteria and use sustainability data are not necessarily labelled as “sustainable” or “ESG” products. 

Europe and the US, are leading in deploying 45% and 33% of AUM respectively, given the size and maturity of their financial markets. 45% of AUM in Europe now employ ESG or sustainability investment strategies, while in the US, sustainable investing assets now accounts for US$17 trillion or 33% of total AUM, having grown four-fold since 201210, and are expected to increase further to 50% of total AUM by 2025. 

ESG and Sustainable AUM will grow at c.15% to 50% of total AUM in the US11 (see chart), while non-ESG AUM will stay flat between 2020 and 2025 (see chart), suggesting a significant shift in demand for ‘ethical’ and ‘sustainable’ investments from both retail and institutional investors.

 

Impact investing grew 42% in the last year to reach US$715 billion in AUM in 202013 and has matured significantly to cover a wide range of sectors that offer sufficient opportunities for private sector participants to drive tangible impact (see chart).

Overall thematic sustainability investing is c.10x larger than impact investing, for example in Europe while total impact investing AUM was c.EUR150 billion (or 1% of AUM) in 2019, the total AUM of sustainability-themed products was c.EUR2.0 trillion (c.11% of total AUM).

There is a shift in fund flows towards investments that go beyond risk mitigation and deliver significant and measurable impact on specific SDG targets which have emerged as a major focal point of global sustainable investing, serving as a tool for directing, measuring, and reporting a wide range of impact initiatives, with goals covering virtually all major development and inclusion priorities globally, including climate change, world hunger, healthcare, education, infrastructure, inclusion, environmental protection and equality, among others. 

 

There are a wide range of sometimes competing or overlapping international systems and frameworks but no universally accepted practices for ESG or impact as of today, with considerable variance in the extent and method of measurement and reporting among financial institutions.

Some international initiatives have attracted c.80-95% participation of leading financial institutions, and have the potential to become industry standards (see chart), such as the UN Principles of Responsible Investing (UN-PRI) which sets an overall framework for ESG adoption and reporting, the Task Force for Climate-related Financial Disclosures (TCFD) which defines green standards and reporting, and the Carbon Disclosure Project (CDP) which provides for members to disclose their emissions under a common measurement framework. 

Other frameworks support setting a common language and reporting framework for the industry, such as the Global Reporting Initiative (GRI) which sets standards for measuring a company’s impact on society, the economy and the environment; the Sustainability Accounting Standards Board (SASB); and the IFC Performance Standards which define ESG standards for a range of business activities; amongst others.

 

The majority of 2,200 empirical studies to date indicate a positive correlation between ESG and sustainable investing strategies and superior returns, with less than 10% showing a negative correlation16, with the link holding across asset classes, across geographies, and across each of the ESG factors (environmental, social, and governance) individually.

60-65% of ESG and sustainable mutual funds have tended to outperform their benchmark indices (see table) over 1, 3, 5 and 10-year periods (see table) with a similar correlation observed in fixed income products as well with 20% lower downside deviation.

The highest impact financial institutions delivered c.2x higher returns (than the group as a whole) and c.4x higher total shareholder returns vs. the MSCI global financial index over the last 10 years.

 

Innovative financial products are explicitly creating new fit-for-purpose risk-return solutions (e.g., by considering ESG risk parameters, and by measuring and pricing positive impacts on the SDGs or climate change), and given the significant shift in the flow of funds towards sustainable investment strategies, these products have the potential to attract exponential amounts of capital and rapidly become entire asset classes of their own.  

Financial product innovation is set to proliferate and become mainstream. For example, green bonds were first designed and launched in 2007-07 in a public private partnership and have rapidly grown to a trillion-dollar asset class18, with c.US$270 billion of new issuances in 202019 alone (see chart), becoming a major source of financing for renewables, sustainable transportation and building projects that commit to emissions reduction targets.  

Passive strategies are proving to lend themselves well to sustainability. Another example of sustainability innovation is passive ESG funds, which utilise ESG data to select companies that provide attractive financial returns with lower environmental and social risk.  Though active strategies make up the majority of ESG AUM (75-82% in US and Europe), passive ESG strategies have grown rapidly in the last two years, capturing c.60% of all new asset inflows in the US in 201920, and are rapidly becoming the default option for ETF investors. 

 

II. Emerging Investment Themes from the Rise of Sustainable Finance

The widespread recognition of the need to address global sustainability issues in general and the SDGs particularly is driving a series of long-term investment themes. Achieving the SDGs is estimated to require US$5-7 trillion in capital expenditure annually until 2030, with a current c.US$2-3 trillion annual shortfall at the current levels of expenditure21. The chart below indicates the level of explicit support for each of the 17 SDGs by the 63 global finance industry leaders examined in the ‘Capital as a Force for Good’ report. 

The data points to a significant grouping of investor focus on a select number of issues. While a number of the SDGs targets can only be met with policy and significant public sector financial support; there are also a number of opportunities appropriate for private sector participation where commercially viable business models can be constructed. These opportunities, where purpose can align with profit, will likely become mega-themes for investment with the potential to transform countries, markets, and the even global economy, while driving substantial value creation for investors. 

There are five themes which have the potential for significant private participation, and will therefore likely see massive inflows of capital in the future:

Nearly 75% of adults globally currently are not full participants in the financial system with access to formal credit channels, and 30% of adults globally still do not have access to a bank account, despite significant progress over the last decade (an additional 1.2 billion adults globally have access to a bank account since 2011).

Financial inclusion is a critical enabler for at least seven of the SDGs23 as it allows lower-income households that are not yet active participants in the financial system to move up the income ladder by providing them products such as small business loans, affordable housing loans, microinsurance, cost-effective investment products and others.

Emerging technology provides the means to drive mass financial inclusion globally in the coming decade, reducing customer acquisition costs and disintermediating intermediaries and governing agencies that are not adding value, thereby making low-income market segments financially viable to serve. As financial institutions place a higher value on accessing bottom-of-the-pyramid customers, access to finance will be increasingly democratised, decentralised and personalised.

 

Climate change has emerged as the defining issue of the age, with total climate-related financing growing to US$502 billion in 2017 (and up to c.US$700 billion according to other estimates that use a wider definition)25 and is the single largest priority of leading financial institutions26.

Climate financing is moving beyond renewables with c.40% of it focused on other energy transition segments and themes such as sustainable transportation (including electric vehicles), energy storage, energy efficiency and adaptation efforts, amongst others.

However, the current level of spending is only 15-20% of what is required based on International Energy Agency estimates that suggest an investment requirement of US$3.5 trillion in the energy sector every year until 205027 in order to limit the rise in global temperature to less than two degrees Celsius, the upper limit of temperature rise the world can absorb without creating massive and irreparable damage to the biosphere.

 

Delivering Good Health and Wellbeing (SDG 3) is estimated to require an additional c.US$371 billion per year by 2030 for 67 low- and middle-income countries29 and even after accounting for the increased in-country financing currently projected, a c.US$20-54 billion annual funding gap remains30.

Addressing the global education gap requires annual spending on education to increase from US$1.2 trillion to US$3.0 trillion by 203031 in order to provide “inclusive, equitable and quality education for all” including the 264 million children not in school, or the 100 million children and 750 million adults with no literacy skills (the vast majority of whom are in developing countries).

Though the opportunity for impact in both health and education is high, both sectors are inherently complex with a high level of government spending and regulation, and therefore opportunities for private sector participation and profits have tended to be more limited (see chart32), particularly when addressing underserved populations, and because the opportunity is largely in low- and middle-income countries.

 

The coronavirus pandemic has revealed the remarkable potential of human society to rapidly transform across a number of dimensions (see table). With lockdowns across the world, c.35% of workers globally started working remotely using online tools, indicating that in the information age, a large proportion of jobs can be shifted to remote or flexible work, which in turn indicates that many of the world’s urban environments and spaces can be re-imagined to provide for a higher standard of living.

The pandemic also exposed a lack of preparedness and resilience of healthcare systems, but countries were able to rapidly adapt by creating the surge capacity of critical care beds, ventilators, masks, and PPE suits; and most notably, in developing, testing and approving an effective vaccine in less than a year compared to the multi-decade timeline of previous vaccines.

These shifts points the way towards a ‘Great Transformation’ that societies could embark upon as they emerge from the pandemic34 when combined with the shifts in online education (c.700m students learning remotely), environmental regeneration (8% reduction in carbon emissions in 2020), digital participation and payments.

 

The world’s resource requirements will also grow exponentially by 2050 with the world’s population expected to increase by c.2 billion people to c.10 billion over the next three decades. With increasing global economic development, the world will require between 1.5 times and 3.5 times the supply of food, oil, gas, biomass and coal, and five to nine times the iron, aluminium and steel vs. 2000 levels (see inset). 

Protection, regeneration and replacement, are major endeavours to finance. While the adoption of sustainable technologies and processes can bridge part of this resource gap (through higher production yields, more efficient resource consumption and the the development of alternatives) closing it fully will require major breakthroughs in science and technology. 

Next generation resource and product companies that leapfrog incumbents will attract the highest value. This will include financing energy innovations to improve energy efficiency and sustainability, as well as research into long-term innovations in material sciences, synthetic biology and space travel that will create new commercial opportunities and a new wave of transformative innovation.

 

Conclusions

In a matter of about a decade, there has been a strategic shift in the global financial system towards a focus on sustainability which is now visible and clear, and ESG and sustainability-oriented strategies will soon account for the majority of global assets. For investors, this is both a challenge and a big opportunity. A challenge because financiers are facing a change in their model and cannot avoid the scrutiny that social and mainstream media as well as their own stakeholders bring to what gets financed. They will need to adapt in order to survive and deliver returns, and because the framework for the shift is still evolving, making it difficult for investors to follow any established playbook.

However, it is also a massive opportunity for investors because of the scope of what needs to be financed in order to create a sustainable development model for the world. Financing the SDGs alone will require US$2-3 trillion additional investments annually. While the coronavirus pandemic has taught us that there is nearly unlimited financing available to address issues that the world deems worthy, the field of what gets financed and for what return is yet to be determined.

The leading investors of the future that deliver superior returns (with lower risk) are likely to be the ones that:

  1. Shift investment allocation strategy on an explicit ESG and sustainability basis. Fully integrate ESG and sustainability criteria into their business decision-making, with systems and processes to ensure rigorous measurement, management and reporting of impacts, while developing capabilities to actively select investments and manage portfolios based on ESG parameters in order to realise superior returns through better asset selection and pricing, and fully integrating ESG across all asset classes in the portfolio.
  2. Restructure portfolios and allocate with active and/or passive impact and ‘do no harm’ criteria investment. Focus on impact investing which delivers tangible progress against the SDGs, either by pricing positive impact alongside returns, or by focusing on ‘do no harm’ sectors to begin with. 
  3. Develop domain expertise in sustainability. Develop deep domain expertise in specific ESG and sustainability topics, linked to their institutional or personal values and missions, and in areas where the investor can have a material or disproportionate impact through access to such customers, networks, technologies or markets.
  4. Invest in product and service innovation. Create new financial products that allocate based on newly prioritised dimensions of risks, such as environmental and social risks, and rewards, such as impact delivered in terms of actual outcomes, alongside traditional financial risks and rewards, to the relevant stakeholders through scalable models for multi-stakeholder collaborations (e.g. through blended finance with foundations or the public sector or social impact bonds).
  5. Decide their level of ambition in the industry. It is clear that a new ‘DNA’ is emerging within finance and that the leadership group of financiers is developing organisational competences and characteristics beyond traditional finance including mobilisation, risk management. Innovation, cost and efficiency, influencing and the like as a direct result of seeking to make a direct impact in their communities.

The impact for governments, including their sovereign funds and central banks, regional institutions, such as the EU, and transnational governance institutions, such as the UN, is that:

  1. Mass inclusion and poverty becomes a high global stability priority. Mass inclusion and poverty is a key driver of global stability that attracts insufficient capital from mainstream finance and therefore needs to be prioritised for action by governments, amongst governments and through public-private sector partnerships.
  2. Safeguarding the world’s assets requires emergency financing. The extent of fiscal spending to combat the coronavirus pandemic induced slowdown suggests that the SDGs can get financed, however this will require that fiscal priorities for the global stimulus packages be examined alongside SDG targets, and a pact is developed to unlock further financing for at-risk areas.
  3. Financing the future needs to be undertaken in parallel. The task of financing a new civilisation and the energy, resources, infrastructure and provision remains a huge task for nations to plan together. In due course, this will entail updating the SDGs for the world’s needs beyond 2030, while accelerating and scaling the innovations which will propel humankind into this new civilisation.

The effort to achieve the above will create a new system of finance and capitalism in the world. A painful transition can be expected given the gap in resourcing and the time constraints these impose as science, technology and finance work to fill the gaps. 

The rise of sustainable finance has now reached a tipping point and is a mega-trend that no investor can afford to ignore. Sustainable investing provides an opportunity for the world to fundamentally transform capitalism, making it not only more humane and conscious but also more relevant, by channelling capital away from harmful activities and organisations and towards those that deliver a positive impact on key global issues. These changes indicate a directional shift in the flow of funds leading to winners and losers in the financing industry, the industries it finances, nations and regional hubs too rewarding those that lead with superior performance and a pivotal role in catalysing global change.

 

Interest: GPC’s leadership and research team led the study and were the authors of the report, ‘Capital as a Force for Good, Global Finance Industry Leaders Transforming Capitalism for a Sustainable Future, In Support of the UN Secretary General’s Strategy and Roadmap for Financing the 2030 Agenda for Sustainable Development, December 2020’.

 

Notes

  1.  Source: Opimas Research, PwC
  2.  The report was launched in support of the UN Secretary General’s 2030 Agenda for Sustainable Development; the full report can be viewed at https://www.forcegood.org (this report has been referred to as the “Capital as a Force for Good Report”)
  3.  Remainder studies found either a non-negative or non-significant correlation
  4.  Source: Deutsche Asset & Wealth Management and the University of Hamburg, “ESG & Corporate Financial Performance Mapping the Global Landscape
  5.  Source: Opimas Research, PwC
  6.  Source: Deloitte and US SIF Foundation Report, https://www2.deloitte.com/content/dam/insights/us/articles/5073_Advancing-ESG-investing/DI_Advancing-ESG-investing_UK.pdf 
  7.  Source: ibid
  8.  Source: Opimas Research, https://www.pionline.com/esg/global-esg-data-driven-assets-hit-405-trillion 
  9.  Total Global AUM estimated at US$112 trillion as of 2019; Source: PwC, https://www.pwc.com/ng/en/press-room/global-assets-under-management-set-to-rise.html 
  10.  Source: US SIF Foundation Report, https://www.ussif.org/files/Trends%20Report%202020%20Executive%20Summary.pdf 
  11.  Source: Deloitte and US SIF Foundation Report
  12.  Source: GIIN
  13.  Source: Global Impact Investing Network (GIIN), Annual Impact Investor Survey 2020, https://thegiin.org/assets/GIIN%20Annual%20Impact%20Investor%20Survey%202020%20Executive%20Summary.pdf 
  14.  Capital as a Force for Good Report, GPC Research
  15.  Capital as a Force for Good Report; Morningstar Direct, Morningstar Research, Data as of 31/12/2019
  16.  Source: Deutsche Asset & Wealth Management and the University of Hamburg, “ESG & Corporate Financial Performance Mapping the Global Landscape
  17.  Source: Climate Bonds Initiative
  18.  Source: Climate Bonds Initiative, https://www.climatebonds.net/2020/12/1trillion-mark-reached-global-cumulative-green-issuance-climate-bonds-data-intelligence 
  19.  Source: Reuters, https://www.reuters.com/article/us-greenbonds-issuance/global-green-bond-issuance-hit-new-record-high-last-year-idINKBN29U013 
  20.  Source: Pensions & Investments; https://www.pionline.com/esg/global-esg-data-driven-assets-hit-405-trillion 
  21.  Source: MDPI, Financing the Sustainable Development Goals, https://www.mdpi.com/2071-1050/12/7/2775/pdf#:~:text=According%20to%20an%20SDSN%20report,USD%205%20and%207%20trillion
  22.  Source: 2017 Global FINDEX Report
  23.  Source: World Bank
  24.  Source: Climate Policy Initiative, Nature
  25.  Source: Nature; Where climate cash is flowing and why it’s not enough, https://www.nature.com/articles/d41586-019-02712-3 
  26.  Source: Please see the Capital as a Force for Good Report for the cumulative impact of the climate related initiatives of the finance industry leaders profiled in the report
  27.  Source: International Energy Agency
  28.  Source: GPC Research, Habitat for Humanity Survey of Impact Investors
  29.  Source: UNDP, Financing Solutions for Sustainable Development, https://www.sdfinance.undp.org/content/sdfinance/en/home/sdg/goal-3--good-health-and-well-being.html 
  30.  Source: The Lancet, https://www.thelancet.com/journals/langlo/article/PIIS2214-109X(17)30263-2/fulltext 
  31.  Source: SDG-4 Steering Committee, https://www.sdg4education2030.org/financing-sdg4-making-global-education-reality-sdg-ed2030-sc-november-2017#:~:text=To%20deliver%20on%20the%20promise,must%20boost%20investment%20in%20education.&text=Through%20scaled%2Dup%20GPE%20disbursement,success%20in%20the%20health%20sector
  32.  Source: Habitat for Humanity, State of Investment in Affordable Housing, https://www.habitat.org/sites/default/files/State%20of%20Investment%20in%20Affordable%20Housing%20Report-published-11152017.pdf 
  33.  GPC Research, Google Mobility Reports, New York Times, MIT, Stanford, NBER
  34.  Please see Sign Leader from June 2020, The Coronavirus Pandemic Part III: The World Emerging from this Crisis
  35.  For example, Zoom currently has a market capitalisation of over US$100 billion after listing at a c.US$18 billion in late-2019
  36.  Source: SERI, GPC Research, World Steel Association, International Aluminium Institute, MIT