Congratulations to the 2025 Kellogg School Moskowitz Prize winners Caroline Flammer, Thomas Giroux, and Geoffrey Heal for important research on Blended Finance!
Caroline Flammer is the Founding Director of the Sustainable Investing Research Initiative (SIRI), A. Barton Hepburn Professor of Economics and Professor of Climate and of Business, affiliated with the School of International and Public Affairs (SIPA), the Climate School and Columbia Business School at Columbia University. The award-winning research with her co-authors, Thomas Giroux (ETH Zurich) and Geoffrey Heal (Columbia University,) seeks to understand the decision-making dynamics of blended-finance deals - those offered by development finance institutions (DFIs) like the International Finance Corporation (IFC) to attract private capital to sustainability projects by improving their-risk-return profiles. Projects related to renewable energy, climate-tech, and others are typically funded by public funds and private philanthropy, leaving a significant gap. Blended-finance deals help close those gaps by subsidizing and de-risking private capital.
Read the award-winning research:
The Moskowitz Prize
The Moskowitz Prize is celebrating its 30th year and is awarded each year to the paper best representing outstanding research on sustainable and responsible investing and the financial implications of responsible business practices in capital markets.
The prize is named for Milton Moskowitz (1932-2019), one of the field’s first and most innovative investigators, whose pioneering legacy continues through the Moskowitz Prize. The Prize recognizes outstanding quantitative research papers that are relevant to investment practitioners in sustainable and responsible finance.
Please visit the following for more information on:
