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Past Finalists and Winners

The prospectuses and presentations of Kellogg-Morgan Stanley Sustainable Investing Challenge finalists are not only a great reference for participating students, but are an evolving record of the evolution of the field of sustainable finance, and, in some cases, early iterations of what have now become successful ventures. 

Click through each year below to see the prospectuses and final presentations that were deemed the strongest in that year of the competition.

2011  •  2012  •  2013  •  2014  •  2015  •  2016  •  2017  •  2018  •  2019

2020  •  2021  •  2022 •  2023 • 
2024

University of Utah

2024 Winner
Resilient Waters Fund

The Great Salt Lake is in danger of drying up as a result of climate change and poor resource protection, including inefficient agricultural irrigation practices. This proposed fund solution would catalyze federal, state, and investment funds through a creative land trust mechanism that would utilize “water shares” to spur irrigation efficiency, responsible cropping, and water savings.

IESE School of Business, Barcelona

2024 Runner-up
Caatinga Bank

With a goal of strengthening the stability and competitiveness of small farms in the Caatinga Biome in Brazil, this group proposes to provide working capital loans, technical assistance and inputs while securing stable futures contracts for agricultural outputs.

Columbia Business School

2024 Third Place
Renewable Backed Securities (RBS) Capital

Focusing on the need for increased access to capital for clean and renewable energy in southern and central Africa and in the United States, this proposal would create asset-backed securities with geographic diversification to securitize and mobilize private capital for project development with a risk-adjusted return.

University of Melbourne, Monash University

2024 Finalist
ASEAN Green Steel Fund (AGSF)

AGSF proposes a creative linking of agricultural waste to the clean fuel needs of the steel industry in Association of Southeast Asian Nations (ASEAN) countries to significantly decrease greenhouse gas emissions from both industries.

University of St. Gallen

2024 Finalist
Blue Roots Fund

The fund aims to finance the sustainability transition of the shrimp industry, protect mangroves and unlock blue carbon credits in Indonesia, paving the way for expansion across the shrimp industry globally.

University College London

2024 Finalist
Clean Ascent Fund

This team seeks to accelerate the green transition in the U.K. by engaging new industries and players to drive resources into upskilling in affected communities, green project acceleration and an adherence to just transition principles.

University of St. Gallen

2024 Finalist
Climate Change Resilience REIT

Climate Change Resilience REIT has identified a creative path to support financially distressed American homeowners, increase climate resilience measures and decrease climate and financial risk exposure for investors through strategic diversification.

Anderson School of Management, UCLA

2024 Finalist
Community 4 Resilience Fund

The fund would finance decentralized microgrid development in the U.S., leveraging renewable energy certifications and carbon credits, and an investment approach that combines higher- and lower-risk investment phases and harnesses homeowners’ associations as residential hubs.

Mohammed VI Polytechnic University, University of Colorado, Boulder

2024 Finalist
Diaspora Fund for Sustainable Energy

This team plans to harness diaspora investments in Nigeria to fund community solar farm development through a blended finance approach and a lease model for transferred ownership.

Tufts University

2024 Finalist
The Green Inset+ Fund

The Green Inset+ Fund proposes moving beyond carbon offsetting by increasing corporate value chain “insetting” projects that reduce carbon emissions in their own supply chains, which enable co-investments from institutional investors.

Kellogg School of Management, Northwestern University

2024 Finalist
Nearshore Manufacturing ESOP Fund (NMEF)

This solution would spur wealth transfer to workers in Mexico’s manufacturing sector through a creative employee stock ownership plan (ESOP) fund structured to attract outside capital.

Schulich School of Business, York University

2024 Finalist
Prickly Power Fund

Prickly Power Fund helps local Maasai communities in Kenya overcome capital constraints through equipment leasing and offtake agreements that use Kenyan invasive cacti to scale up biofuel and feed projects while simultaneously restoring grazing lands.

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