The ESG Initiative at the Wharton School

Cherokee economist Rebecca Adamson?(founder of First Peoples Worldwide) spent years trying to find a scholar who could measure the risks of investing in development projects on or near land held by Indigenous people. Her work to reroute the?Dakota Access oil pipeline?away from the drinking water supply of the Standing Rock Sioux Tribe’s reservation in North Dakota proved to her that people pay closer attention when risks are translated into concrete numbers. Then she met?Witold Henisz, Vice Dean of The ESG Initiative at the Wharton School. “I’m used to communicating to an Indigenous constituency, nonprofit allies, and the public. I didn’t want to talk wonky finance and research — Vit does that,” she said with a laugh. “But I would throw it out in plain talk, and Vit could pick it up and build it out.” We are thrilled that Rebecca Adamson, who serves on the advisory board of The ESG Initiative at the Wharton School, has partnered with us to support research on the social costs of development on or near indigenous land. Her work with the ESG Initiative?has helped raise more than $1 million toward research on political risk and human rights at Wharton. Some of that money is being used to create a data-driven index of risks faced by companies investing on or near indigenous land around the world. To honor her, The Wharton School will name the online repository the “Rebecca Adamson Indigenous Rights Index (RAIRI).” "Environmental costs have always been way ahead of social costs, and I’ve been trying to prove that social risks are as expensive as environmental risks," says Adamson. "We need to move forward on a lot of fronts, but to actually change behavior, we need to follow the money." Read more about Rebecca Adamson's life and work in this new profile: whr.tn/3OolDsB The Wharton School #WhartonESG #IndigenousRights

In a few days, I’ll be heading to the The Wharton School in Pennsylvania, USA, to kick off a series of activities as part of the The ESG Initiative at the Wharton School. This period will bring me together with students, faculty, local authorities, business leaders, and changemakers in this emblematic state — where nearly 250 years ago, the United States Constitution was signed — and at this iconic institution, the world’s oldest collegiate business school. As defined by its founder, Joseph Wharton, in 1881, the school’s purpose was “to provide for [wo]men special means of training … in order that … they may serve the community skillfully.” At a time when the world is becoming increasingly polarized, and many are searching for a new model of prosperity, I look forward to these exchanges. I am hopefull that these discussions will spark innovations, ideas, and breakthroughs that can pave the way for growth and prosperity — for our cities, businesses, and nations alike. This journey offers a unique opportunity to explore and implement alternatives to the economic models and ideologies of the 20th century, which are proving inadequate in addressing today’s societal challenges: the troubling rise in inequality and the devastating ecological footprint that reminds us, as the ancient poets once said, that all of creation is groaning together in pain. Toward this America — once the beacon of the West, now so complex and intricate, a mirror of a Western world at a pivotal moment in its history and destiny, tempted by retreat and the search for fragments of solutions inherited from a glorified age that will not return — I move forward with simple ideas, born from years of experience and reflection. Some are illuminating, others hard-earned, but all are focused on rediscovering and sharing the profound roots of a renewal inspired from above, along with the full power of its critique of human inventions and institutions opposed to ethics. I invite Wharton students, faculty, and anyone interested to meet with me during my stay to join me in dialogue. A heartfelt thanks to the leadership of the Wharton ESG Initiative — Witold Henisz, Vice Dean and Faculty Director, and Sandra Maro Hunt, Managing Director — as well as their team, for their warm and meaningful welcome as part of the Nazarian Social Innovation program. #Wharton #WhartonESG #Nazarian #ONEsociety #CorporateResponsibility #TheEconomicsofMutuality

We at the The ESG Initiative at the Wharton School are thrilled to have Bruno ROCHE join us this year as our 2024-2025 Nazarian Social Innovator in Residence. Nazarian?Social Innovators share their career experience and dedication to social impact with students at Penn?in a number of ways, including speaker events, workshops, lunch and learns, and one on one coaching sessions.? These esteemed guests provide an exceptional learning opportunity for students interested in pursuing careers with an emphasis on social impact, ESG?and?corporate?responsibility. A visionary leader shaping the future of business for a just and sustainable world, Bruno Roche is not just another thought leader; he’s a pioneer reshaping the way businesses operate, with a bold vision to create a fairer and more sustainable economy. As the founder of The Economics of Mutuality, Bruno has introduced a groundbreaking management approach that transforms companies at their core. Instead of profiting at the expense of society and the environment, this model enables businesses to thrive by solving the most urgent social and environmental issues facing our world today. We look forward to an exciting slate of opportunities for students and the broader ESG Initiative community to connect with and learn from Bruno Roche in the coming year of his residency. Stay tuned for future event announcements and updates here: whr.tn/3V2iDFO The Wharton School #WhartonESG #Nazarian #TheEconomicsofMutuality #CorporateResponsibility #StudentOpportunities

???? ?????????? ??????????: ???????????????????? ???? ??????????-???????? ???????????????????? ???? ???????????? ??????????????????. ?????????????? ??????????: ???????????????????? ???????????????????????? ???? ?????????????????? ???????????????????????????? ???????????????????????????? Lauren Kaufmann, University of Virginia Darden School of Business, University of Virginia, USA Gorgi Krlev, ESCP Business School, Paris, France Maoz (Michael) Brown, The Wharton School, University of Pennsylvania, USA ??https://lnkd.in/ezaxNbzy Impact investors claim to generate financial returns alongside measurable social impact. Yet, the industry’s “open secret” is that the applied means of impact measurement do not meet its ends (rigorous social performance evaluation). How does this open secret stay in plain sight? In this article, we probe how and why means-ends decoupling occurs in impact investing. Drawing on 135 interviews with impact investors, we find that impact measurement is not primarily used for performance management, but plays a relational role between stakeholders. We uncover and conceptualize three mechanisms that drive this decoupling and we show how the problems that arise from means-ends decoupling could be overcome. #ImpactInvesting #ImpactMeasurement #decoupling #InstitutionalTheory #GroundedTheory ------------------------------------------------------------------------------ Paolo Quattrone, Tammar B. Zilber

Are you a current Wharton student or alum, looking to serve on the board of a climate solutions company? Join us on Zoom on Monday, November 18 at 12pm E.T. to hear from a panel of experts. This online-only webinar for Wharton alumni and current MBA students will feature Lemar Marie Brown (Negocium Group), Jeffrey Harris (Quantum Innovation Fund), and Jacob Susman (Ambient Fuels), who will discuss being on the board of a climate solutions company, followed by audience q&a. Moderated by Arthur van Benthem, faculty co-director of the The ESG Initiative at the Wharton School's Climate Center, the speakers will discuss the various types of boards that climate-related companies have, what it takes to be a board member, what kinds of issues arise, and how to join a climate-company board. Registration is required: whr.tn/3YI7yvY The Wharton School #WhartonESG #ClimateBoards #ClimateImpact #AlumniEvent #WhartonClimateCenter

Excited to see this paper published! This has been the work of many years and many hands. Thanks to Lauren Kaufmann and Gorgi Krlev for your valuable partnership, and thank you to Katherine Klein for your encouragement and feedback throughout the process!

Calling Pennsylvania business leaders both alumni of The Wharton School and beyond: Tomorrow, Wednesday, October 30 at 4:30 PM ET on Zoom, the Business and Democracy Initiative is hosting “Pennsylvania Business Leader Briefing: Robert Rubin & Ken Chenault on the Economic Impact of the Election.” This event will feature former U.S. Secretary of the Treasury Robert Rubin and Kenneth I. Chenault, Chairman and Managing Director of General Catalyst and former Chairman and CEO of American Express, who will deliver critical insights on markets, policy risks, and America's economic future, as well as Pennsylvania's. Register here: whr.tn/3AikoYk

Calling all current University of Pennsylvania students: deepen your knowledge, expand your toolkit, and power your impact this spring. Explore ten of the many ESG-related courses available to University of Pennsylvania and Wharton students in the upcoming semester, including Climate and Big Data, Leading Diversity in Organizations, Energy Justice, and more. Wharton ESG courses offered this spring include: MGMT 2090/7200 - The Political and Social Environment of the Multinational Firm, taught by Witold Henisz, Vice Dean of the ESG Initiative BEPP/OIDD 2630/7630 - Environmental & Energy Economics and Policy, instructed by Arthur van Benthem, faculty co-lead of the Wharton Climate Center LGST 2600 - Climate Leadership in Action, instructed by Sarah Light, faculty co-lead of the Wharton Climate Center “This is Wharton’s only credit-bearing course for undergraduates that includes a Leadership Venture, and students have found the experience deeply meaningful," says Professor Light, of LGST 2600, a half-credit course that integrates scholarship in leadership theory, environmental and climate management, public policy, and ethics in six classroom sessions and a customized Leadership Venture over spring break that includes a high ropes course, camping, hiking, cycling and paddling. Consult the full list of ESG-related courses here, and be sure to visit your major or concentration page to confirm which courses count towards your program requirements: whr.tn/4hkqdoV The Wharton School #WhartonESG #ESGCourses #ClimateLeadership #EnvironmentalPolicy

I recently had the opportunity to be interviewed by Isla Binnie for a Reuters NEXT Newsmakers segment, where we explored the New York State Insurance Fund (NYSIF)'s approach to sustainable investing. You'll have to scroll eleven minutes to get to the interview (because I was getting my face powdered - all part of the fun!). A few key takeaways stand out: 1?? Integrated Approach: We need to assess Climate Risk, ESG Risk, and Real World Impact together. Focusing on just one dimension, like climate, limits our ability to fully understand the broader effects of our investments. 2?? Impact on the Real Economy: Let's make it tangible. To drive positive change for communities and the environment, we must consider factors like the impact on workers and the long-term effects on the global climate — factors that are material to long-term financial returns. 3?? Principal-Agent Dilemma: Say "no" to glossy pitch decks and focus on substance! One of the biggest challenges is ensuring that agents (investment managers) are aligned with the principals (investors/asset owners) when it comes to sustainability. Greenwashing can undermine real progress. 4?? Time Value of Impact: Just like in finance, timing matters. Early action multiplies the benefits for the future, making it crucial to prioritize immediate, effective solutions in sustainable investments. 5?? Better to Be Directionally Right: No data is perfect. What’s more important is focusing on whether evidence points to an investment being overall positive or negative, rather than waiting for perfection. Sustainability is about integrating risks and opportunities to create lasting value for people, the planet, and financial returns. ?? Watch the interview here: https://lnkd.in/gFp-YNcu #SustainableInvesting #ImpactInvesting #ESG

Thank you to our three Wharton alumni panelists, Madeleine Evans (W'09; Director at Generation Investment Management), Michael Lentskevich (W'24; Community Relations Manager at Bank of America), and Wilson Tong (WG'18; Director of Capital Formation & ESG at Inverness Graham) who spoke with current students over Zoom this afternoon about their pathways to careers in ESG. Responding to insightful questions from Jennifer Savoie, Senior Associate Director of MBA Career Management, the panelists explained their routes to their current roles, and the Wharton experiences and opportunities that helped them get there. This event was co-presented by The ESG Initiative at the Wharton School, Wharton Coalition for Equity and Opportunity (CEO), Wharton MBA Career Management, and the Wharton MBA Impact Communities. For a full list of ESG Initiative upcoming events, visit our events calendar: whr.tn/3YzABSu The Wharton School #WhartonESG #StudentEvent #AlumniPanel #CareersinESG?