Publications

05 Sep 2024
Blog Post

District Heating in Denmark: How Fjernvarme Fyn fuels an integrated and sustainable future

In January 2024, Professors Willy Shih and Mike Toffel led 45 HBS MBA students on site visits to witness the energy transition and innovative sustainable production activities... View Details

November 2023 (Revised August 2024)
Background Note

Life Cycle Assessment: An Overview

By: Willy C. Shih, Michael W. Toffel and Kelsey Carter

Life cycle assessment (LCA) is a holistic approach to quantifying the environmental impacts—including resources consumed and wastes produced—associated with the entire life cycle of a product, from the production or extraction of the raw materials used in its creation,... View Details

Keywords: Life-cycle; Environmental Performance; Design; Environmental Management; Environmental Sustainability; Climate Change; Measurement and Metrics; Standards; Accounting; Environmental Accounting

July–August 2014
Article

Sustainability in the Boardroom: Lessons from Nike's Playbook

By: Lynn S. Paine

One surprising role of Nike's corporate responsibility committee is to provide support for innovation. More and more companies recognize the importance of corporate responsibility to their long-term success—and yet the matter gets short shrift in most boardrooms,... View Details

Keywords: Corporate Governance; Corporate Accountability; Globalized Firms and Management; Corporate Social Responsibility and Impact; Environmental Sustainability; Apparel and Accessories Industry; Sports Industry

Find at Harvard

2021
Book

Harvard Business Review Family Business Handbook: How to Build and Sustain a Successful, Enduring Enterprise

By: Josh Baron and Rob Lachenauer

Navigate the complex decisions and critical relationships necessary to create and sustain a healthy family business--and business family. Though "family business" may sound like it refers only to mom-and-pop shops, businesses owned by families are among the most... View Details

Keywords: Family Business; Entrepreneurship; Family and Family Relationships; Outcome or Result; Business Model; Conflict and Resolution; Organizational Culture

2022
Working Paper

The Issuance and Design of Sustainability-linked Loans

By: Maria Loumioti and George Serafeim

Sustainability-linked loans (i.e., syndicated loans for which pricing is linked to a sustainability performance indicator) have rapidly evolved into a significant private debt product. We find that sustainability-linked lending has been available mostly to borrowers... View Details

Keywords: Sustainability; Sustainability Management; Credit Products; Loan Contracts; Loans; Corporate Finance; Credit Risk; Environment; ESG; ESG Ratings; Climate Change; Finance; Borrowing and Debt; Risk and Uncertainty; Credit

SSRN

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December 2022
Teaching Plan

JetBlue: Relevant Sustainability Leadership (A) & (B)

By: George Serafeim

Teaching Plan for HBS Case Nos. 118-030 and 119-044. View Details

February 2016 (Revised October 2017)
Case

Nuclear Energy: An Answer to Climate Change?

By: Michael W. Toffel, Glen W. S. Dowell and James Weber

Environmental activist groups have traditionally opposed nuclear energy. However, the growing environmental problems associated with global climate change require major changes to reduce the carbon intensity of electricity generation. Should environmental groups... View Details

Keywords: Nuclear Energy; Nuclear Power; Climate Change; Safety; Activism; Nonprofit; Environment; Environmental Protection; Social Movements; Energy; Energy Generation; Environmental Sustainability; Non-Governmental Organizations; Non-Renewable Energy; Energy Industry; United States

June 2020
Teaching Note

Generation Investment Management

By: Vikram S. Gandhi and Sarah Mehta

This teaching note provides guidance for teaching the case “Generation Investment Management” (820-033), which looks at the challenges facing a sustainable investment firm. View Details

October 16, 2019
Article

Where ESG Fails

By: Michael E. Porter, George Serafeim and Mark Kramer

We are entering a new stage of understanding of the linkage between investment performance and social impact. Previous approaches, such as socially responsible investing and environmental, social, and governance (ESG) screening, have obscured the opportunities for... View Details

Keywords: ESG; Sustainability; Environment; Social Impact; Impact Investing; ESG (Environmental, Social, Governance) Performance; ESG Reporting; Shared Value; Environmental Sustainability; Social Issues; Investment; Value; Strategy

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2019
Working Paper

Improving Working Conditions in Global Supply Chains: The Role of Institutional Environments and Monitoring Program Design

By: Jodi L. Short, Michael W. Toffel and Andrea R. Hugill

Activism seeking to improve labor conditions in global supply chains has led transnational corporations to adopt codes of conduct and monitor suppliers for compliance, but it is unclear whether these formal organizational structures raise labor standards. Drawing on... View Details

SSRN

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April 2018
Case

Wilderness Safaris: Ecotourism Entrepreneurship

By: James E. Austin, Megan Epler Wood and Herman B. "Dutch" Leonard

Wilderness Safaris sees itself as a conservation company that is built on a business model of providing high-end, premium-priced wildlife safaris in various locations in Africa. Dependent on functioning, healthy ecosystems for its long-term survivability as a business,... View Details

Keywords: Sustainability; Conservation Planning; Corporate Social Responsibility; Ecotourism; Strategy; Social Enterprise; Social Entrepreneurship; Environmental Sustainability; Corporate Social Responsibility and Impact; Expansion; Growth and Development Strategy; Entertainment and Recreation Industry; Entertainment and Recreation Industry; Entertainment and Recreation Industry; Africa; Botswana

03 Nov 2022
Blog Post

Introducing the Creating Emerging Markets Sustainability Series

Introducing the Creating Emerging Markets Sustainability Series Cover image features Prof. Geoffrey Jones (left) and Prof. Tarun Khanna (right). The Business and Environment... View Details

May 2018 (Revised July 2022)
Teaching Plan

JetBlue: Relevant Sustainability Leadership (A) & (B)

By: George Serafeim and David Freiberg

Teaching Note for HBS No. 118-030. View Details

05 Jun 2019
Working Paper Summaries

How Transparency into Internal and External Responsibility Initiatives Influences Consumer Choice

Keywords: by Ryan W. Buell and Basak Kalkanci

09 Apr 2024
Research & Ideas

When Climate Goals, Housing Policy, and Corporate R&D Collide, Social Good Can Emerge

For almost four years, Omar Asensio and his colleagues have been studying the impact of federal energy programs on low-income neighborhoods. The intersection of technology—artificial intelligence, in particular—and public policy has long been an area of focus for... View Details

Keywords: by Glen Justice

Teaching Interest

Cities, Structures, and Climate Shocks

By: John D. Macomber

This course is about building sustainable and resilient cities, future proofing real estate and infrastructure assets, and examining how businesses and investors find opportunities in climate adaptation.

The world faces substantial challenges in the face of... View Details

Keywords: Sustainability; Economic Development; Climate Finance; Migration; Climate Change; Adaptation; Urban Development; Real Estate Industry; Construction Industry; Energy Industry; Utilities Industry; Insurance Industry; Banking Industry

January 2014
Supplement

Patagonia (B)

By: Forest Reinhardt, Ramon Casadesus-Masanell and Lauren Barley

Patagonia produces high-quality environmentally friendly garments that command significant price premiums. In Spring 2010, Patagonia rolled out a new, radical environmental initiative called "Product Lifecycle Initiative" (PLI), which was committed to lengthening the... View Details

Keywords: Corporate Strategy; Environmental Management; Business Models; Beliefs; Product Differentiation; Product Lines; Yvon Chouinard; Rose Marcario; Retailing; Corporate Social Responsibility; Apparel Manufacturing; Strategy; Apparel and Accessories Industry; United States

January 2023
Case

EKI Energy Services: One Billion Carbon Credits

By: George Serafeim

Within nine months from the time of its Initial Public Offering (IPO) in April of 2021, EKI Energy Services (EKI) shares had increased by more than 8,000%. Equally explosive was the growth of the company’s revenues and Earnings Before Interest, Taxes and Depreciation... View Details

Keywords: Carbon Credits; Carbon Emissions; Growth; Business Analysis; Environmental Sustainability; Corporate Valuation; Climate Change; Accounting; Valuation; Transition; Renewable Energy; Analysis; Product Positioning; India