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Businesses are increasingly being judged by what have become known as Environmental, Social, and Governance (ESG) criteria, a framework used to assess the extent to which firms are contributing to the greater good of society rather than simply maximising risk-adjusted returns for shareholders.\n\nAlthough such judgements are often imprecise and subjective, this framework is increasingly being used to inform “sustainable investing” decisions. The trend is already starting to change the behaviour of large companies, which increasingly disclose things like their environmental and social performance and are increasingly reactive to developments that would traditionally sit outside the remit of corporate boards.\n\nSo far, environmental concerns have received the bulk of attention in sustainable investing. That is thanks largely to the fact that climate change presents clear systemic risks to the global economy. This is driving firms to think harder about corporate issues such as the company's carbon footprint or the ecological impacts of its supply chains. But social concerns are quickly gaining traction too, as evidenced by the growth of the FairTrade movement and the large number of companies pulling out of Russia in response to its invasion of Ukraine.\n\nPerhaps even more fundamentally, a renewed focus on how to make corporate governance more socially beneficial is driving a shift from prioritising the interests of stakeholders to also thinking about other stakeholders in a company: the workers and customers, for example. This is helping lay the groundwork for a new form of “responsible capitalism” that optimises for long-term benefits for both shareholders and society at large.\n\nEarly evidence suggests that companies that score highly on ESG criteria often outperform those that don't. However, results are far from conclusive and the question of whether there is a clear positive link between environmental, social and governance positioning and financial risk-adjusted performance remains open.\n\nDespite the potentially transformative impact of sustainable investing, it faces numerous interlocking challenges. Solving these will be crucial to ensuring that the ESG framework helps push markets in a more socially beneficial direction, and that it doesn't result in purely performative acts and announcements --- “greenwashing” and “social washing” --- designed to hide the fact that companies are continuing with business as usual.\n\nOne of the biggest problems is measurement. Almost all of the outcomes sought by sustainable investors take years, if not decades, to achieve, be that net zero climate emissions or ending child labour. Quantifying many of the ineffable qualities tied up in ESG criteria, such as equity or justice, can also be incredibly challenging.\n\nEven if we could come up with a good metric, gathering data in a useful and comparable form from thousands of different firms is very difficult. The fact that ESG ratings from different ratings agencies often disagree markedly is indicative of the scale of the challenge. The proliferation of products aimed at sustainable investors is only likely to muddy the waters further.\n\nThese are complex financial instruments that we currently have little experience in valuing or assessing. Take “sustainability-linked bonds” (SLBs), for example. Traditionally, so-called ethical investments have focussed on simply buying equity in companies with good ESG credentials. But in the last couple of years there has been substantial growth in buying bonds that are used to directly finance the company while reaching environmentally or socially beneficial targets. The issuers of SLBs set key performance indicators that determine whether the issuer lives up to the commitments they made, normally on a horizon of between 5 and 10 years. If they fail to deliver on reaching the KPI then the issuer has to pay an increased amount of interest to the investors.\n\nEarly evidence suggests that a non-negligible fraction of the first sustainability bonds were overpriced, essentially giving companies a source of cheap capital due to the huge demand from institutional investors eager to enter the market. A lack of understanding of how such instruments work could also make greenwashing and social washing easier, a growing concern as increasing numbers of less sophisticated retail investors enter this market.\n\nSolving these problems will be difficult without some kind of harmonisation on the standards and metrics by which we create and judge ESG criteria. Markets certainly tend to push towards the certainty and security offered by disclosure and standardisation, but a certain amount of regulation seems likely to be necessary. The fact that research has found greenwashing to be more common in the light regulatory environment of the US than in the more heavily-policed EU makes a compelling case for more government oversight.\n\nThe good news is that some efforts are already underway. The EU Taxonomy for Sustainable Activities, for example, helps investors and companies to judge the impact of different businesses behaviour. The EU is also pushing for countries to adopt common accounting principles, which could make it easier to compare progress on environmental or social issues.\n\nBut this will only work with global harmonisation of these efforts. If one part of the world regulates and the other part doesn't, loopholes will quickly appear and companies are likely to engage in regulatory arbitrage to circumvent the more onerous ESG requirements.\n\nGiven the current geopolitical situation, hopes for such harmonisation currently seem slim. There are big question marks over the future of globalisation, and the fragmentation of the world economy into different blocs operating on different rules is a distinct possibility. When it comes to ESG criteria, it's also important to remember that attitudes can vary significantly across different cultures. Whether we have an effective platform for common dialogue that can unify these disparate voices remains unclear.\n\nThe onus is likely to fall on governments and companies in the West, particularly large multinationals with large global footprints. Enforcing a unified set of standards, whether a company is operating in a developed democracy or a developing country with less robust institutions, could help set the tone for a more responsible approach to business worldwide.\n\nAnother hindrance to progress is our current understanding of the impact and design of ESG initiatives. At the Graduate Institute of International and Development Studies (IUHEID), in collaboration with several Swiss universities including the University of Geneva, we recently launched the “Swiss Sustainable Finance Lab” to help with this situation. It will have a particular focus on driving progress in understanding and quantifying the social dimension of ESG, but this will require truly interdisciplinary research that brings together scientists, economists, social scientists and policymakers.\n\nAs a hub of international finance, cross-disciplinary research and multilateralism, Switzerland has a crucial role to play in driving innovation and adoption of ESG approaches. Given the urgency of the challenges the world faces, we certainly must do everything we can to ensure financial markets are pulling in the same direction as we try and achieve a new more sustainable approach to economic development. \n"},"titleRich":{"id":"65c55d169e947c438698b034_titleRich","text":""},"subtitleRich":{"id":"65c55d169e947c438698b034_subtitleRich","text":""},"openGraph":{"title":"The Challenges and Opportunities of Sustainable Finance","description":{"plain":"Investors today are looking for much more than just a risk-adjusted return on their money. 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We want to ensure that you get the information, content, and experiences that matter most to you. GESDA is committed to protecting the privacy of its stakeholders, communities, and other contacts.\n\n## Scope\n\nThis privacy policy applies to all personal data processed by full-time and part-time employees, volunteers when acting on behalf of GESDA, contractors and partners doing business on behalf of GESDA, as well as all legal entities, all operating locations in all countries, and all business processes conducted by GESDA.\n\n## Information Collected\n\n#### What information do we collect?\n\nGESDA collects the following personal data in line with the use purposes explained in a subsequent section:\n\n  * Your name and contact details\n  * Online profile data/usage\n  * Contact information\n  * Social media profile information\n  * Education and professional information\n  * Registration and participation in GESDA events and activities - Information about service usage\n  * Cookies\n  * Authentication data\n  * Location information\n  * Author and peer review information\n  * Other information you upload or provide to us\n\n#### How do we use your information?\n\nGESDA uses (and, where specified, shares) your personal information for the following purposes:\n\n  * To provide support or other services. GESDA may use your personal information to provide you with support or other services that you have ordered or requested. GESDA may also use your personal information to respond directly to your requests for information, including registrations for webinars, or other specific requests, or pass your contact information to the appropriate GESDA supplier or reseller for further follow-up related to your interests.\n  * To provide information based on your needs and respond to your requests. GESDA may use your personal information to provide you with notices of new product releases and service developments.\n  * To administer products. GESDA may contact you if you make use of (digital) products we offer, to confirm certain information (for example, that you did not experience problems in a download process). We may also use this information to confirm compliance with licensing and other terms of use and may share it with your company/institution.\n  * To assist in your participation in GESDA activities. GESDA will communicate with you, if you are participating in certain GESDA activities such as the GESDA Summit, authoring or reviewing a GESDA article, or GESDA humanitarian activities. GESDA may send you information such as update messages related to those activities (such as but not limited to the event's content, and event logistics)\n  * To update you on relevant GESDA events and opportunities. GESDA may communicate with you regarding relevant GESDA events and opportunities.\n  * To protect GESDA content and services. We may use your information to prevent potentially illegal activities and to enforce our terms and conditions.\n  * To get feedback or input from you. In order to deliver products and services of most interest to our stakeholders, from time to time, we may ask you to provide us input and feedback (for example through surveys).\n\n#### How can you control your information?\n\nYou can control the information we have about you and how we use as follows:\n\n  * If you are a registered guest for the GESDA Annual Summit 2021, any request for review, revise or correction of your personal data can be sent to summit@global.gesda specifying your request.\n\n#### Personal data about minors and children\n\nGESDA does not knowingly collect data from or about children under 16 without the permission of parent(s)/guardian(s). If we learn that we have collected personal information from a child under 16, we will delete that information as quickly as possible. If you believe that we might have any information from or about a child under age 16, please contact us.\n\n#### How will you know if the Privacy Policy is changed?\n\nGESDA may update its Privacy Policy from time to time. If we make any material changes you will be notified by means of a notice on our website prior on the date the change becomes effective. We encourage you to periodically review this page for the latest information on our privacy practices.\n\n## Technical And Regulatory Information\n\n#### Logging practices\n\nGESDA automatically records the Internet Protocol (IP) addresses of visitors. The IP address is a unique number assigned to every computer on the internet. Generally, an IP address changes each time you connect to the internet (it is a \"dynamic\" address). Note, however, that if you have a broadband connection, depending on your individual circumstance, the IP address that we collect may contain information that could be deemed identifiable. This is because, with some broadband connections, your IP address doesn't change (it is \"static\") and could be associated with your personal computer.\n\nAs well as recording the IP addresses of users, GESDA may also keep track of sites that users visited immediately prior to visiting GESDA's website and the search terms they used to find it. We keep track of the pages visited on GESDA's website, the amount of time spent on those pages and the types of searches done on them. Your searches remain confidential and anonymous. GESDA uses this information only for statistical purposes to find out which pages users find most useful and to improve the website.\nGESDA also captures and stores information that you transmit. This may include:\n\n  * Browser/Device type/version\n  * Operating system used\n  * Media Access Control (MAC) address\n  * Date and time of the server request\n  * Volume of data transferred\n\n#### External links behaviour\n\nSome of the links on GESDA's websites link to other sites created and maintained by other public- and/or private-sector organizations. GESDA provides these links solely for your information and convenience. When you transfer to an outside website, you are leaving the GESDA domain, and GESDA's information management policies no longer apply. GESDA encourages you to read the privacy statement of each external website that you visit before you provide any personal data.\n\n#### Cookies and web beacons\n\nCookies and web beacons are electronic placeholders that are placed on your device by websites to track your individual movements on that website over time. GESDA uses both session-based cookies (which last only for the duration of the user's session) and persistent cookies (which remain on your device and provide information about the session you are in and waits for the next time you use that site again).\n\nThese cookies and web beacons provide useful information to GESDA, enabling us to recognize repeat users, facilitate the user's access to and use of our sites, allows us to track usage behavior, and to balance the usage of our websites on all GESDA web servers.\nTracking cookies, third-party cookies, and other technologies such as web beacons may be used to process additional information, enable non-core functionalities on the GESDA website and enable third-party functions (such as a social media \"share\" link). We may also include web beacons and other similar technology in promotional email messages to determine whether the messages have been opened.\n\n#### Do Not Track (DNT)\n\nThe online advertising industry has self-regulatory initiatives designed to provide consumers a choice in the types of ads they may see online and to conveniently opt-out from online behavioral ads served by some or all of the companies participating in these programs. Our websites do not respond to DNT consumer browser settings.\n\n#### Responses to legal requests\n\nGESDA reserves the right to share your information to respond to duly authorized information requests of governmental authorities or where required by law.\n\n#### Your data rights\n\nGESDA complies with all applicable data privacy laws and regulations including, but not limited to, the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Under these laws and regulations, you may have certain rights to your data. Should you wish to exercise any of these rights, please send an email request to info@gesda.global with \"Data Privacy Request'' in the subject line and in the email please identify the specific privacy right you request assistance with. Please note additional information may be requested prior to fulfilling a request and that GESDA reserves the right to charge a fee, where permitted, to cover the cost of certain requests.\n\n#### How do I contact you if there is an issue?\nIf you have any questions or concerns about this Privacy Policy or about the use of your personal information, please feel free to contact us by email at info@gesda.global\n\n#### Contact Information\nGeneva Science and Diplomacy Anticipator (GESDA) c/o Fondation Campus Biotech\nChemin des Mines 9\n1202 Geneva\n+41 58 201 02 61\ninfo@gesda.global\n"},"welcomeUrl":"https://radar.gesda.global/app/welcome","welcomeTitle":"Welcome to GESDA and thanks for joining us! ","invitationAction":"join the GESDA Radar Website community","setupCompletionMessage":null,"languages":[],"brandColors":[],"showLogin":true,"showShareMenu":null,"showFollowMenu":null,"showPlatformLogin":null,"showContactUs":null,"loginLabel":"Member login","platformLoginLabel":null,"headerButtons":[{"id":"6a8fc65ae69c51827b086a0b","name":"Gesda Public Website link","slug":"gesda-public-website-link","page":null,"label":"Public website","url":"https://www.gesda.global","isDownload":null,"color":null,"icon":null},{"id":"68eda7e8501d12182c0ef374","name":"Ai Modal Button","slug":"ai-modal-button","page":null,"label":"RadarAI","url":null,"isDownload":null,"color":null,"icon":{"id":"6789e346a53c1b39754b99bd","name":"AI Lower Case Icon Glyph","slug":"ai-lower-case-icon-glyph","component":"AiLowerCaseIconGlyph"}}]},"includeProfile":true,"disableProfileEditing":false,"dynamicEntityTypeNames":[],"profilePath":"/app/profile","welcomePath":"/app/welcome","id":"65c55d169e947c438698b034","slug":"challenges-opportunities-sustainable-finance","entityPath":"/publications/the-challenges-and-opportunities-of-sustainable-finance","name":"The Challenges and Opportunities of Sustainable Finance","openGraph":{"title":"The Challenges and Opportunities of Sustainable Finance","date":"2026-09-14T03:14:04.54","description":{"plain":"Investors today are looking for much more than just a risk-adjusted return on their money. Fnding good ways to achieve consensus and measure impacts on Environment and Social challenges will be crucial if markets are to help us achieve our goal of sustainable development.\n"},"image":{"url":"https://res.cloudinary.com/shapeable/image/upload/v1668981514/gesda-22/banner/banner-ic-4-1_thumbnail__IC4-1%20-%20Thumb.jpg","type":"image/jpeg","thumbnails":{"full":{"url":"https://res.cloudinary.com/shapeable/image/upload/v1668981514/gesda-22/banner/banner-ic-4-1_thumbnail__IC4-1%20-%20Thumb.jpg"}}}},"entityTypeName":"Page","updated":"2026-09-14T03:14:04.54","__type":"Page"}},
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