Driven by the European regulatory framework or by conviction, the financial sector is taking greater account of climate and societal issues. However, the complexity of regulatory constraints, ESG data management and lack of expertise make ESG integration very complex and costly for investors. Furthermore, the impact of ESG risks and opportunities on the price of financial assets, or the price associated with negative externalities, remains difficult to quantify.
But these challenges must be met, and finance is expected to contribute to the building of a more sustainable and fairer world. Ethias and HEC ULiège intend to play an active role in this evolution. The two players have just renewed their partnership that celebrates its 2nd anniversary. The extracts from their work presented in this article demonstrate the usefulness of combining academic research with practical experience, in order to advance the investor's integration of sustainability.