We are proud, as a financer of SIRI’s blended finance research, that the “Blended Finance” paper — co‑authored byCaroline Flammer (Columbia University), Thomas Giroux (ETH Zürich) and Geoffrey Heal (Columbia Business School), has received the 2025 Moskowitz Prize, a leading academic award in sustainable finance.
This recognition underscores the strength and originality of a study that distinguishes itself among the most rigorous academic contributions in the field.
The Moskowitz Prize remains one of the most significant distinctions in sustainable finance research, highlighting the relevance and impact of evidence‑based approaches to mobilizing capital for global sustainability goals.
Celebrating its 30th anniversary, the award honors research that combines academic excellence with tangible implications for investment and business practices. Selected from 101 submissions, the 2025 winning paper was commended by the jury for its rigor, originality and real‑world applicability.
Unlocking the catalytic role of blended finance
The research explores how blended finance — the strategic use of public or philanthropic capital to mobilize private investment — can help scale sustainability projects that face elevated risk or financing constraints.
Focusing on development finance institutions (DFIs) such as the International Finance Corporation (IFC), the authors analyze 173 blended-finance transactions undertaken between 2018 and 2023 across emerging and developing markets. The study examines how concessional capital is allocated across projects with differing levels of expected sustainability impact and risk.
Findings show that higher concessionality is systematically directed toward projects with greater anticipated sustainability impact and higher perceived risk, including political and country-level risks. This evidence suggests that DFIs actively use concessional finance as a catalytic tool, helping bridge financing gaps in climate, biodiversity, renewable energy and social inclusion projects.
Demonstrating how blended finance can turn promising solutions into investable opportunities, the research provides concrete guidance for policymakers, development institutions and investors seeking to deploy capital more effectively in support of global sustainability goals.
This recognition also underlines the importance of understanding how public and philanthropic capital can mobilize private investment, particularly in low-income countries where capital is most needed. The Moskowitz Prize jury highlighted the study’s contribution to advancing the sustainable finance research agenda at a time when scalable and impactful financing solutions are urgently required.
A reflection of a strong academic partnership
This award highlights the strength of the partnership between the Mirova Research Center and Columbia University, dedicated to producing high-quality, actionable research at the intersection of finance, sustainability and impact.