In March 2023, the University of Oxford and Insight launched a research prize for greening finance, established with an endowment from Insight. The ‘Insight Investment – University of Oxford Prize for Greening Finance’ aims to encourage more academic research to be done on the effects of incorporating environmental considerations into investment solutions. Insight’s view is that, to support the goal of greening the global financial system, more academic research is needed across asset classes. The industry needs novel ideas with practical applications for the finance industry, such as exploring the development of new financial instruments and ways in which markets should evolve to protect the environment.
The prize has two categories, both open to distinguished individuals and not-for-profit researchers or research teams. The first category is for outstanding research contributions that help society better understand how environmental change influences finance and investment, and how economic and financial systems can contribute to achieving global environmental sustainability. The second is to recognise outstanding service from individuals or not-for-profit organisations who have made a special contribution to the furtherance of greening finance.
Nominating partner organisations, selected based on their expertise and networks, play a key role in ensuring that nominations are of a high calibre and reflect the international scope of the Prize. A judging panel chaired by Dr Ben Caldecott, Director of the Oxford Sustainable Finance Group and Director of the UK Centre for Greening Finance & Investment, reviewed nominations and selected the winners.
In 2023, the winner of the outstanding research category was Professor Caroline Flammer, Professor of International and Public Affairs and of Climate at Columbia University. The winner of the outstanding service category was Mary Schapiro, Vice Chair of the Glasgow Financial Alliance for Net Zero, Chair of the Climate Data Steering Committee, and former Chair of the US Securities and Exchange Commission (SEC).