Sustainability: Past, Present & Future

Sustainable investing was once a niche concept—viewed as an ethical choice rather than a financial imperative. Today, it has evolved into a mainstream force influencing trillions in global capital. But how did we get here, and where are we headed next?

This paper explores the evolution of sustainable investing, from early values-based exclusions to the rise of ESG integration, impact investing, and sustainability-linked finance. It reflects on the transformational role of sustainability benchmarks, like the Dow Jones Sustainability Index (DJSI), in shaping corporate behavior and redefining investment decision-making.

Yet, as ESG becomes a fixture in financial markets, fundamental questions remain: Can sustainability be effectively priced into assets? How do we move from compliance-based ESG strategies to true systemic change? What role will technology, AI, and new data sources play in the future of sustainable finance?

As the financial system undergoes seismic shifts, this research provides both a historical foundation and a blueprint for what’s next—mapping the key forces shaping the future of sustainability in capital markets.