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"It's leading to cynicism," says Terrence Keeley. That's the gist of his new book, Sustainable: Moving Beyond ESG to Impact Investing, in which the former BlackRock executive calls for institutional investors, including pension funds, endowments, and foundations, to move away from what he calls the "ESG industrial complex" and toward direct impact investing.
Instead, Keeley says, investors should focus on waste reduction, affordable housing, health care, renewable energy, and education, the Wall Street Journal reports.
"The understanding people have when they buy an ESG product is that it will perform at or in excess of the market, while simultaneously doing some kind of good," Keeeley says.
"And to the extent you want to have a positive impact on the environment, that means investing, not divesting."
ESG, he says, is "not living up to its promise."
For example, MSCI's ESG indexes have underperformed the broader indexes over the past five years, he says, and those funds invest only in companies in accordance with the Paris 2050 objective, like Amazon or Google.
"These are all genuine concerns," Keeeley says, "but the way we're going about it, combining those and building alpha-based products is senseless."
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
Haril Kazindra and wife Andrea are the co-founders of Musana, a community development NGO that runs 19 social enterprises across Uganda.Musana has offices in Denver and London and employs 700 staff,...more
Foundation: Lilly Endowment
All In Kosciusko exists to promote and accelerate the economic and community development already happening across the county.Concerns about economic diversification, talent retention and quality of...more
The Bill Gatton Foundation supports K-12 and higher education, health, and community development in Kentucky, Upper East Tennessee, and Southwest Virginia.Large education grants include $13.5 million...more
Local organizations win $9 million for new affordable housing, social services.Connecticut's Community Investment Fund grants come amid a deluge of cuts to federal funding.The fund was established in...more
Foundation: Parasol Tahoe Community Foundation
Parasol Tahoe Community Foundation has proudly supported Bread & Broth for the past 10 years.In 2024, the Community Foundation was able to introduce the mission of Bread and Broth to a donor who is...more
Foundation: Latino Community Foundation
Latino Community Foundation Awards $3.88M in Grants Across California and Nevada.NewsBreak: Latino Community Foundation awards $3,000,000 in grants across California andNevada.Newsbreak: $1.5 million...more
Alejandro Betancourt Lopez rejects traditional corporate social responsibility models that separate business operations from community impact.Rather than limiting community engagement to corporate...more
Thoughtful giving isn't just about making a donation, it's about creating meaningful impact.Community foundations exist to connect generosity with need, ensuring that charitable giving is both...more
Kareem Thomas most recently served as Chief Credit and Lending Administration Officer at Reinvestment Fund.Bhavani Daryanani has more than 20 years of experience in the sector, bringing deep...more
SECU Foundation has been named a recipient of the 2024 Carolinas Credit Union Foundation Hero Award for Partner in Philanthropy.The SECU Foundation promotes local community development in North...more
Community Building News from...
Wells Fargo Foundation
New Hampshire Charitable Foundation
Community Foundation of Southeast Kansas
Dallas Foundation
Oak Park-River Forest Community Foundation
Greater Washington Community Foundation
Rhode Island Foundation
Community Foundation for Greater Atlanta
California Community Foundation
Arizona Community Foundation
Social Entrepreneurship
Spotlight
When it Comes to Social Enterprises, Failure is the Best Platform for Innovation
In the world of social enterprises, failure is a cringe-worthy moment nobody wants to talk about. But, social entrepreneurs can benefit from their failures.
