References

The Role of Finance in a Sustainable Economy

• Rockström, J., Steffen, W., Noone, K., Persson, Å., Chapin, F. S., Lambin, E. F., ... & Foley, J. A. (2009). A safe operating space for humanity. Nature, 461(7263), 472-475. https://doi.org/10.1038/461472a
• Raworth, K. (2017). Doughnut economics: Seven ways to think like a 21st-century economist. Chelsea Green Publishing.
• United Nations. (2015). Transforming our world: The 2030 agenda for sustainable development. https://sdgs.un.org/2030agenda
• European Commission. (2023). Sustainable finance and the EU taxonomy. https://finance.ec.europa.eu
• International Integrated Reporting Council. (2021). International integrated reporting framework. https://integratedreporting.org
• World Economic Forum. (2020). Toward common metrics and consistent reporting of sustainable value creation. https://www.weforum.org
• PRI. (2024). The role of institutional investors in sustainable finance. Principles for Responsible Investment. https://www.unpri.org
• UNEP FI. (2022). Rethinking impact to finance the SDGs. United Nations Environment Programme Finance Initiative. https://www.unepfi.org
• Financial Stability Board. (2023). Task Force on Climate-related Financial Disclosures (TCFD) - Status report. https://www.fsb.org
• Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857. https://doi.org/10.1287/mnsc.2014.1984

Relevant Case Studies

• PG&E Corporation. (2019). Form 10-K: Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. https://investor.pgecorp.com
• U.S. Department of Justice. (2017). Volkswagen AG agrees to plead guilty and pay $4.3 billion in criminal and civil penalties. https://www.justice.gov
• ExxonMobil. (2021). Climate lobbying report. https://corporate.exxonmobil.com
• Ceres. (2020). Investors call on JBS to curb deforestation risks. https://www.ceres.org
• Amazon Watch. (2022). Chevron’s toxic legacy in Ecuador. https://amazonwatch.org
• Australian Parliament. (2020). Inquiry into the destruction of 46,000-year-old caves at Juukan Gorge. https://www.aph.gov.au
• U.S. District Court for the Eastern District of Louisiana. (2015). Findings of fact and conclusions of law: Deepwater Horizon. https://www.laed.uscourts.gov
• Franceinfo. (2022). Orpea: The scandal shaking eldercare in France. https://www.francetvinfo.fr
• Sears Holdings Corporation. (2018). Form 10-K: Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. https://www.sec.gov/Archives/edgar/data/1310067/

Internalizing Externalities

• ABN AMRO. (2020). Impact report 2020. https://www.abnamro.com
• Intergovernmental Panel on Climate Change. (2021). Sixth Assessment Report (AR6): Climate change 2021. https://www.ipcc.ch
• Task Force on Climate-related Financial Disclosures. (2017). Final report: Recommendations of the Task Force on Climate-related Financial Disclosures. https://www.fsb-tcfd.org
• True Price Foundation. (2022). The true price of products: Methodology and case studies. https://www.trueprice.org
• Impact Institute. (2021). Integrated profit & loss methodology. https://www.impactinstitute.com
• DSM. (2019). Climate-related financial disclosures 2019. https://www.dsm.com
• Tony’s Chocolonely. (2018). Annual FAIR report. https://tonyschocolonely.com
• United Nations. (2015). Transforming our world: The 2030 agenda for sustainable development. https://sdgs.un.org

Ethics, Purpose, and Governance

• Friedman, M. (1970, September 13). The social responsibility of business is to increase its profits. The New York Times Magazine. https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html
• Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
• Rockström, J., Steffen, W., Noone, K., Persson, Å., Chapin, F. S., Lambin, E., ... & Foley, J. A. (2009). A safe operating space for humanity. Nature, 461(7263), 472–475. https://doi.org/10.1038/461472a
• Steffen, W., Richardson, K., Rockström, J., Cornell, S. E., Fetzer, I., Bennett, E. M., ... & Sörlin, S. (2015). Planetary boundaries: Guiding human development on a changing planet. Science, 347(6223), 1259855. https://doi.org/10.1126/science.1259855
• Task Force on Climate-related Financial Disclosures. (2017). Final report: Recommendations of the Task Force on Climate-related Financial Disclosures. https://www.fsb-tcfd.org/publications/final-recommendations-report/
• True Price & Impact Institute. (2020). The true price standard: Principles and guidelines. https://trueprice.org/standard

Integration of Sustainability and Materiality in Corporate Finance

• European Commission. (2022). Corporate Sustainability Reporting Directive (CSRD). https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en
• International Financial Reporting Standards Foundation. (2023). IFRS S1 and S2: International sustainability disclosure standards. https://www.ifrs.org/projects/work-plan/sustainability-reporting/
• Ocean Tomo. (2020). Intangible asset market value study. https://www.oceantomo.com/intangible-asset-market-value-study/
• Sustainability Accounting Standards Board. (2018). Materiality map. https://sasb.org/materiality/sasb-materiality-map/
• Task Force on Climate-related Financial Disclosures. (2017). Recommendations of the Task Force on Climate-related Financial Disclosures. https://www.fsb-tcfd.org/publications/
• World Economic Forum. (2020). Measuring stakeholder capitalism: Towards common metrics and consistent reporting of sustainable value creation. https://www.weforum.org/reports/measuring-stakeholder-capitalism
• Global Reporting Initiative. (2023). GRI Standards. https://www.globalreporting.org/standards/
• True Price. (2020). The true price of products: Methods and applications. https://trueprice.org
• Impact Institute. (2022). Framework for integrated profit and loss. https://www.impactinstitute.com
• International Integrated Reporting Council. (2021). The International <IR> Framework. https://integratedreporting.org/resource/international-ir-framework/
• DSM. (2019). Integrated Annual Report 2018. https://www.dsm.com/corporate/investors/results-reports.html
• Microsoft. (2021). Microsoft sustainability report 2021. https://www.microsoft.com/en-us/sustainability/emissions-impact-dashboard
• ABN AMRO. (2022). Impact report 2021. https://www.abnamro.com/en/about-abn-amro/sustainability/publications
• Philips. (2022). Annual report 2021. https://www.results.philips.com/publications/ar21/

Sustainable Valuation

• Boffo, R., & Patalano, R. (2020). ESG investing: Practices, progress and challenges. OECD. https://www.oecd.org/finance/ESG-Investing-Practices-Progress-and-Challenges.pdf
• Impact Management Platform. (2024). Glossary and guidance. https://www.impactmanagementplatform.org
• International Financial Reporting Standards Foundation. (2023). IFRS S1 and S2: General requirements and climate-related disclosures. https://www.ifrs.org
• Lo, A. W. (2017). Adaptive Markets: Financial evolution at the speed of thought. Princeton University Press.
• McKinsey & Company. (2020). Five ways that ESG creates value. https://www.mckinsey.com/business-functions/sustainability/our-insights/five-ways-that-esg-creates-value
• Robeco. (2024). The integration of sustainability into valuation models. https://www.robeco.com
• Task Force on Climate-related Financial Disclosures. (2017). Recommendations of the Task Force on Climate-related Financial Disclosures. https://www.fsb-tcfd.org/publications/final-recommendations-report
• Unilever. (2023). Integrated annual report and accounts 2023. https://www.unilever.com
• Value Balancing Alliance. (2024). Value creation through impact measurement. https://www.value-balancing.com
• World Benchmarking Alliance. (2025). Corporate performance benchmarks. https://www.worldbenchmarkingalliance.org
• Ørsted. (2024). Sustainability report. https://orsted.com/en/sustainability

Aligning Capital with Long-Term Societal Value

• ABN AMRO. (2023). Integrated Annual Review 2023. https://www.abnamro.com
• ASN Bank. (2024). Sustainability Report. https://www.asnbank.nl
• Dutch Banking Association. (2019). Climate Commitment of the Financial Sector. https://www.nvb.nl
• ING Group. (2023). The Terra Approach: Steering towards the Paris Agreement. https://www.ing.com
• MN. (2023). Responsible Investment Annual Report. https://www.mn.nl
• OECD. (2022). ESG investing and climate transition: Market practices, issues and policy considerations. https://www.oecd.org
• Partnership for Carbon Accounting Financials (PCAF). (2024). The Global GHG Accounting and Reporting Standard for the Financial Industry. https://carbonaccountingfinancials.com
• Rabobank. (2023). Annual Report: Growing a Better World Together. https://www.rabobank.com
• Triodos Bank. (2023). Annual Report 2023. https://www.triodos.com
• World Bank. (2022). Principles for a Just Transition in the Financial Sector. https://www.worldbank.org
• European Commission. (2023). Sustainable Finance Disclosure Regulation (SFDR). https://finance.ec.europa.eu

Climate Risk and Conservative Counterpoints

• Intergovernmental Panel on Climate Change (IPCC). (2023). Sixth Assessment Report - Summary for Policymakers. https://www.ipcc.ch
• Swiss Re Institute. (2024). Natural catastrophes in 2023: Another year of elevated losses. https://www.swissre.com
• Lloyd’s of London. (2022). Catastrophe Modelling and Climate Change. https://www.lloyds.com
• World Meteorological Organization (WMO). (2023). State of the Global Climate Report. https://public.wmo.int
• Network for Greening the Financial System (NGFS). (2022). Climate Scenarios for Stress Testing. https://www.ngfs.net
• Task Force on Climate-related Financial Disclosures (TCFD). (2023). Final Report: Recommendations of the TCFD. https://www.fsb-tcfd.org
• InsuResilience Global Partnership. (2023). Annual Impact Report. https://www.insuresilience.org
• Green Climate Fund (GCF). (2023). GCF in Brief: Adaptation. https://www.greenclimate.fund
• African Risk Capacity (ARC). (2024). Annual Report. https://www.africanriskcapacity.org
• United Nations Office for Disaster Risk Reduction (UNDRR). (2022). Global Assessment Report. https://www.undrr.org
• Lo, A. W. (2019). Adaptive Markets: Financial Evolution at the Speed of Thought. Princeton University Press.