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But issuance of social, sustainability and sustainability-linked bonds—which reference specific key performance indicators, or KPIs—grew fastest (Display). He joined the Emerging Markets research team in 2013 after working as a credit analyst covering US high-yield energy credits at AB.
ERG had sold off its oil assets in 2013 and announced the divestiture of its gas assets in 2022 but was blocked by Italy’s anti-trust regulator. The company redoubled its efforts to sell its last non-renewable assets and finally sold its gas-fired power plant to Achernar Assets in June 2023.
This started with the establishment of the G8 Social Impact Investment Forum in June 2013 and has continued right up to the recent Group of 20 Leaders Summit in New Delhi, which committed to actions supporting the G20 High-Level Principles on Lifestyles for Sustainable Development.
A 2013-2015 randomized evaluation of the model conducted by Innovations for Poverty Action in rural Uganda found that it reduced poverty, improved subjective well-being and had an impressive cost-benefit ratio, particularly compared to other poverty-graduation programs evaluated at scale.
Fama, winner of the Nobel Prize in Economics in 2013, goes as far as arguing stakeholder capitalism is "indefinite and ineffective," for this very reason. Indeed, sustainable finance veteran Paul Watchman (an advisor to UNEP FI) argues "the concept of fiduciary duty is organic, not static. Indeed, Eugene F. Measuring success.
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