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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

Northwestern University, Kellogg School of Management

2017 Winner

Loan fund to build new high-quality private schools in India.

Columbia University, School of International and Public Affairs

2017 Runner-up
Carbon Offset Investment

Monetization of the carbon offset value of forestry companies.

Duke University, Fuqua School of Business

2017 Finalist
OneEarth ETF

An ETF that uses shareholder activism and proxy voting to promote the integration of ESG metrics by poor ESG performers.

Paris Dauphine University

2017 Finalist
Solar Agriculture Fund

A Sukuk-backed fund to foster agricultural development in West Africa through sustainable energy production.

Ewha Womans University, School of Business; Columbia University, School of International and Public Affairs; Korea University, Graduate School of Management of Technology

2017 Finalist
Padee Fund

Outcomes-based financing to prevent deforestation and economic marginalization in Northern Thailand.

Dartmouth College, Tuck School of Business

2017 Finalist
Tajdid Capital

Real estate fund to finance affordable housing resettlement communities for internally displaced Afghans.

Stanford University, Stanford Graduate School of Business

2017 Finalist
Carbon Capture Deployment Notes

Project finance debt focused on scaling carbon capture technology to reduce carbon dioxide emissions.


2017 Finalist
Dorewa Fund

A fund to support hydroponic entrepreneurship in Niger.


2017 Finalist
Gram-Prakash Mini-Grid Convertible Securities

A fund to develop biomass-based mini grids as a viable and economical energy source in India.

University of California, Berkeley, Haas School of Business

2017 Finalist
Grassland Restoration Fund

A scalable equity vehicle and debt issuance platform to restore grasslands via holistic planned grazing.

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