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MIT Sloan Sustainability Initiative Awarded $750,000 (Funding)
MIT Sloan Sustainability Initiative
Date: 2019-03-20
In the Bay State, the MIT Sloan Sustainability Initiative is reporting receipt of $750,000 in grant funding from the William and Flora Hewlett Foundation for a research project that aims to create an online database assessing the carbon intensity of financial institutions. The database would be available to educate and inform U.S. businesses, foundations, universities, and the general public, and possibly consumers , on aligning their choice of banks, investment targets, and insurance companies with sustainability practices, including climate change mitigation. Currently, no standards, databases, or mechanisms exist to assess the full range of financial services firms' carbon intensity.

The research project's ultimate goal is to drive the re-allocation of capital away from carbon-intensive activities to lower-carbon assets in order to significantly reduce emissions and adverse impacts on the environment and of climate change.

The shared vision of the William and Flora Hewlett Foundation and MIT Sloan Sustainability Initiative is to limit global warming emissions to keep global average temperature increase below 3.6 degrees F (2 degrees C) above pre-industrial levels, to protect the planet from climate change and promote human prosperity and health. The International Energy Agency (IEA) has calculated that to have an 80 pct chance of attaining this 3.6 degrees F limit, an additional $36 trillion in clean energy investment would be needed between 2014 and 2050 -- about $1 trillion per year more than is currently invested. (Source: MIT Sloan School of Management, PR, Mar., 2019) Contact: MIT Sloan School of Management, Jason Jay, Director of the MIT Sloan Sustainability Initiative, www.mitsloan.mit.edu; MIT Sloan Sustainability Initiative, mitsloan.mit.edu/sustainability; William and Flora Hewlett Foundation, Marilyn Waite, Program Officer, www.hewlett.org

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