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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  •  2025

2024 Winner

University of Utah

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.

2024 Runner-up

IESE School of Business, Barcelona

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.

2024 Third Place

Columbia Business School

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.

2024 Finalist

Kellogg School of Management, Northwestern University

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.

2024 Finalist

University of St. Gallen

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.

2024 Finalist

Schulich School of Business, York University

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.

2024 Finalist

University of St. Gallen

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.

2024 Finalist

Tufts University

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.

2024 Finalist

University College London

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.

2024 Finalist

Anderson School of Management, UCLA

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.

2024 Finalist

University of Melbourne, Monash University

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.

2024 Finalist

Mohammed VI Polytechnic University, University of Colorado, Boulder

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.

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