2025-2026 Annual Report

A large group of people is gathered in a spacious, wooden-paneled hall, engaging in a networking event or conference. Multiple tables are set up with banners and promotional materials, suggesting an academic or business setting.

This year underscored how dramatically the context for sustainable business and investing has changed, but also affirmed the resilience and continued relevance of our approach. Expectations and policies have shifted, terminology remains contested, and companies and investors continue to face pressure to demonstrate not only their impacts on natural, social, and human capital, but also when and how those impacts, in turn, influence financial performance. In that environment, clear thinking and credible evidence have become even more essential.…Read More

Subsidies for Clean Cookstoves Abate Carbon at $7 per Ton

Stock image of the bottom of a pot on a cook stove

(Outlet: Kleinman Center for Energy Policy) How effective are improved cookstoves subsidies? Using a randomized trial in Nairobi that accounts for additionality and impact, we estimate a cost of $7 per ton of CO₂e, making them more effective than nearly all other climate subsidies. Each dollar of cookstove subsidy abates approximately 200 times more CO₂e than a dollar of electric vehicle subsidy.…Read More

Graduate Students Lead the Future of Impact Investing in the 2026 Turner Impact Portfolio Challenge

The winning team of the 2026 TIPC Competition alongside the judges.

Wharton Impact’s Turner Impact Portfolio Challenge (TIPC) equips graduate students with the skills and experience to design investment portfolios that deliver measurable financial and social impact. In 2026, a team from Harvard University took home top honors, standing out among 48 teams across 20 universities that participated in the program this year. …Read More