In this crossover episode of The Future of Finance and Beyond Carbon, hosts Georges Dyer and Chris Ito sit down with Lane Jost, Head of Sustainability & Governance Advisory at Edelman Smithfield, for a candid conversation about the evolving ESG and sustainable investing landscape. Lane traces the arc of ESG from its “1.0” early days to today’s politically charged environment, unpacking the dynamics of greenwashing, greenhushing, regulatory risk, and the often-confusing language that shapes public perception. Together, the group explores whether the rise of greenhushing may actually signal a maturing field—one that demands more rigor, transparency, and alignment between claims and investment processes. They explore what this moment means for endowments, asset managers, and campus stakeholders, and discuss the new offering from Edelman Smithfield and FFI Solutions working directly with endowments on strategic communications strategies. The conversation also highlights the opportunity for higher education institutions to turn sustainable investing into a powerful learning laboratory for students, future leaders, and informed citizens. Ultimately, the episode balances realism about political headwinds with optimism about market innovation, improved governance, and the long-term trajectory toward resilience and value creation. This episode is brought to you by Metis Global Partners. Keywords: ESG evolution, greenhushing, greenwashing, sustainable investing, fiduciary duty, strategic communications, endowments, resilience, stakeholder engagement

In this wide-ranging conversation, Georges Dyer sits down with Dorien Nunez — longtime investment professional, community advocate, senior fellow with the Intentional Endowments Network, and founder of Omni Research. Dorien reflects on his unlikely path into finance, beginning with a life-changing scholarship to St. Paul’s School and early Wall Street internships that opened doors most young people never get access to. He shares how experiences with redlining, the anti-apartheid divestment movement at Harvard, and later discrimination in the finance industry shaped his lifelong commitment to expanding diversity, equity, and inclusion in investing. Dorien traces the evolution of DEI and ESG efforts across decades, from early activism to today’s backlash, offering historical context, practical insights, and optimism grounded in real industry progress — from changing licensing barriers to CFA Institute guidelines to the growing ecosystem of mentorship programs. He discusses his work at Omni Research, including research on closing the racial wealth gap, the backlash aiming to politicize “woke capitalism,” mentorship initiatives, and tools empowering consumers and investors to align investing with their values. This episode offers inspiration, candor, and a clear-eyed look at how structural barriers shape opportunities (or lack thereof) in finance — and how to create a more inclusive industry for the next generation. This episode is brought to you by Metis Global Partners. Keywords: Diversity in finance, racial wealth gap, ESG & DEI, mentorship, emerging managers, inclusive capitalism, financial education, Wall Street careers, systemic change, responsible investing

In this episode of The Future of Finance, host Georges Dyer sits down with Jon Lukomnik — investor, author, corporate governance pioneer, and one of the main architects of system-level investing. Drawing on his experience managing New York City’s pension funds in the 1990s, Jon recounts the moment he realized that traditional Modern Portfolio Theory (MPT) was no longer sufficient for investors responsible for real-world liabilities. The conversation traces his decades-long journey toward developing “beyond MPT” thinking, culminating in his influential book Moving Beyond Modern Portfolio Theory and the forthcoming System-Level Investing Handbook. Jon explains why the majority of investors’ returns are shaped not by stock picking, but by overall market performance — and why investors must understand, steward, and take action to support the health of social and environmental systems to manage systemic risk. He highlights real examples from global pension funds, insurers, and asset managers who are leading this shift, and discusses tools such as collaborative engagement, policy advocacy, and rethinking investment beliefs. Jon also tackles critiques of systemic stewardship, the politicization of ESG, the role of academia, and how system-level thinking can shape the future of finance. The episode closes with rapid-fire questions covering food, music, teaching at Columbia, AI governance, and Jon’s vision for a financial system that supports — rather than undermines — a thriving real economy. This episode is brought to you by Metis Global Partners. Keywords: System-level investing, Modern Portfolio Theory, beta activism, universal ownership, systemic risk, institutional investors, collaborative engagement, policy advocacy, sustainability and finance, investment beliefs

In this episode of the Future of Finance podcast, Georges Dyer sits down with Rick Alexander, CEO of The Shareholder Commons and a leading voice in system-level investing and system stewardship. Rick shares his journey from decades as a Delaware corporate lawyer to becoming one of the foremost advocates for rethinking the purpose of corporations and the role of investors in shaping sustainable markets. They explore the core idea of universal ownership—the recognition that diversified institutional investors ultimately own the economy as a whole, not just individual companies. When a company boosts profits by externalizing costs onto society, the environment, or the broader market, it may harm the long-term returns of its shareholders’ entire portfolios. Rick explains why investors must move beyond traditional ESG arguments about company-level financial performance and instead use their “superpowers” as owners to steward economic systems, protect common goods, and reshape business culture. The conversation spans externalities, climate risk, inequality, antimicrobial resistance, mining tailings, fiduciary duty, antitrust concerns, and the cultural shift needed to escape the “prisoner’s dilemma” of profit maximization at all costs. Rick also discusses emerging academic research, investor collaboration efforts, and the growing global movement toward system stewardship. This episode is brought to you by Metis Global Partners Keywords: System stewardship, universal ownership, externalities, fiduciary duty, sustainable investing, portfolio-level returns, corporate governance, climate risk, antitrust and investor collaboration, system-level investing

In this episode of Future of Finance, Georges Dyer introduces a presentation from Mike Kubzansky, CEO of the Omidyar Network, delivered at the Intentional Endowments Network’s 2025 Virtual Forum. Kubzansky explores the transformative power and systemic risks of artificial intelligence—ranging from job displacement and economic inequality to the rise of monopolies and threats to democracy. Drawing parallels between AI and past technological revolutions like the automobile, he underscores that effective governance and regulation are not barriers to innovation but essential enablers of sustainable progress.Kubzansky lays out five key actions for investors to advance responsible AI: Cut through the hype and understand the real implications. Adapt the climate engagement playbook to AI governance. Integrate responsible AI policies into investment decision-making. Invest in AI safety technologies such as watermarking and deepfake detection. Build shared standards and collective investor action on responsible tech. He calls on investors to lead in shaping AI’s future, arguing that “safe tech is better tech” and that now is the critical moment to put guardrails in place for a sustainable, equitable digital economy. Keywords: Responsible AI, Omidyar Network, impact investing, regulation and innovation, AI governance, investor stewardship, technological disruption, job displacement, ethical technology, sustainable finance

In this episode of The Future of Finance, host Georges Dyer shares a dynamic conversation from the Intentional Endowments Network’s Virtual Forum on Climate, Capital, and Fiduciary Duty. Guests Kirsten Spalding (Ceres), John Adler (NYC Retirement Systems), and Machel Allen (Metis Global Partners) explore how institutional investors consider climate risk as part of their fiduciary responsibilities. Kirsten discusses how investors are reframing net-zero portfolio strategies amid political backlash, focusing on material financial risks and adaptation. John details how New York City’s pension funds are embedding climate risk management into their investment process as part of their fiduciary duty—requiring all asset managers to have decarbonization plans by 2025 and prioritizing real-world impact over cosmetic portfolio shifts. Machel adds the asset manager perspective, explaining how investors can align climate goals with strong financial performance through customized passive strategies and stewardship. Together, they paint a picture of an evolving investment landscape—where integrating considering climate change is essential to fiduciary duty and financial performance. Keywords: Climate finance, fiduciary duty, net zero, institutional investors, ESG investing, decarbonization, stewardship, pension funds, climate risk, sustainable investing

In this episode, host Georges Dyer sits down with Rebecca Adamson, founder of First Peoples Worldwide, to explore Indigenous finance and its vital role in navigating the global energy transition. A pioneer in social investing, Adamson reflects on her trailblazing work in creating the first U.S. microloan fund and developing the first investment screen for Indigenous peoples’ rights.   Together, they unpack the new report Sustainable Indigenous Finance: Navigating the Energy Transition, a collaboration between First Peoples Worldwide, the US SIF, and ImpactARC. Adamson explains why over half of the world’s critical minerals for the energy transition are on Indigenous lands—and how investors can avoid repeating extractive patterns of the past. Through stories, data, and deep wisdom, she makes a compelling case that Indigenous peoples are not a “risk to be managed,” but essential partners in managing risk and building a sustainable, values-driven economy. The conversation weaves together system-level investing, fiduciary duty, and ancient principles of balance and “enoughness” to explore a vision for the future of finance. Resources: "Enoughness" film: https://www.youtube.com/watch?v=RxPVrr44KHI Keywords: Indigenous finance, energy transition, sustainable investing, fiduciary duty, systems-level investing, first peoples worldwide, social impact investing, responsible mining, values-based finance, enoughness

In this episode of The Future of Finance, Sara Murphy — former Chief Strategy Officer at The Shareholder Commons and now Director of System-Level Investing at the Sierra Club Foundation — shares how investors can play a transformative role in addressing global sustainability challenges through system-level investing and system stewardship. Sara challenges the traditional “alpha-first” mindset that rewards individual company performance at the expense of long-term market health. Drawing from the Freshfields Legal Framework for Impact and PRI’s Active Ownership 2.0, she explains why investors must manage not only company-specific risks but also the broader social and environmental systems that underpin portfolio value. She unpacks the conflicts of interest embedded in the financial system, the dangers of externalized costs like carbon emissions and inequality, and how “guardrails” — clear, expert-defined parameters for company behavior — can help institutional investors align stewardship with portfolio-wide sustainability. Keywords: System-level investing, system stewardship, fiduciary duty, externalities, universal ownership, ESG integration, portfolio-first voting, shareholder commons, guardrails, sustainable finance

In this episode of The Future of Finance, host Georges Dyer kicks off a new series on responsible technology and AI with Michael Connor, Executive Director of Open MIC—a nonprofit pioneering investor engagement on digital technology accountability. Michael shares how Open MIC has worked for nearly two decades to hold major tech companies accountable on issues from privacy and misinformation to AI governance, workers’ rights, and democracy. He discusses the power of shareholder engagement as both a financial and social tool, and how early-stage investors and venture capital firms can help startups embed responsible tech principles from the start. The conversation dives into the systemic risks AI poses—from bias, disinformation, and labor disruption to climate impacts—and explores the role investors can play in shaping the future through corporate governance, proxy voting, and public policy advocacy. Michael also shares insights from his journalism background, his optimism about building better systems, and advice for young professionals eager to enter sustainable finance and tech. Keywords: Responsible AI, shareholder engagement, corporate governance, misinformation and disinformation, tech accountability, sustainable investing, Open MIC, digital ethics, systemic risk, fiduciary responsibility

In this episode, host Georges Dyer speaks with Bill Burckart, Co-Founder and CEO of The Investment Integration Project (TIIP) and co-author of 21st Century Investing: Redirecting Financial Strategies to Drive Systems Change. Bill explains the concept of system-level investing—a strategic approach that helps investors protect and shape the critical systems (like climate stability, fair labor markets, and democracy) that underpin long-term portfolio performance. The conversation explores why modern portfolio theory is no longer sufficient in the face of systemic risks like climate change and inequality, and how fiduciaries can—and must—integrate systems thinking into investment strategies. Bill outlines practical tools and frameworks for implementation, including the CRIM test for identifying systemic issues and the SAIL platform for assessing institutional readiness. He highlights real-world examples from University Pension Plan Ontario, CalSTRS, and the Rockefeller Brothers Fund, showing strong financial performance alongside positive systemic impact. Listeners will gain insight into how investors can move from managing exposure to reshaping it, why fiduciary duty supports system-level action, and how education, collaboration, and policy engagement can drive a more resilient financial system. Resources: TIIP’s report on the Rockefeller Brothers fund: https://tiiproject.com/wp-content/uploads/2025/08/RBF-10-Year-Review-8.1.25_FINAL.pdf 21st Century Investing: Redirecting Financial Strategies to Drive Systems Change: https://a.co/d/jf5l5vb Keywords: System-level investing, fiduciary duty, modern portfolio theory, sustainable finance, climate risk, institutional investors, The Investment Integration Project (TIIP), long-term investing, systems thinking, responsible investing

In this episode of Future of Finance, Georges talks with Ted Flanigan, president of EcoMotion and longtime leader in the energy and sustainability movement. Ted shares his journey from anti-nuclear activism to strategic planning at the New York Power Authority, his pioneering role at the Rocky Mountain Institute, and the founding of EcoMotion. The conversation explores how cities, schools, and companies are adopting cost-effective clean energy solutions—from solar installations and microgrids to EV charging and resilience planning. Ted highlights the importance of trust, honest financial analysis, and behavioral engagement in driving adoption. He also discusses the promise of innovations like vehicle-to-grid integration and space-based solar. Along the way, Ted reflects on his parallel journey as a podcaster with Flanigan’s Eco Logic, where he and his daughter Sierra share stories to inspire a more sustainable future. Keywords: Ted Flanigan, EcoMotion, Rocky Mountain Institute, energy efficiency, solar power, microgrids, electric vehicles, vehicle-to-grid, energy resilience, sustainable finance

In this episode of the Future of Finance podcast, George Dyer sits down with Brian Minns, who leads Responsible Investing at the University Pension Plan of Ontario (UPP). With more than $12 billion in assets under management and a strong commitment to sustainability from its inception, UPP is charting a bold course for system-level investing. Brian shares how UPP approaches responsible investing through a fiduciary lens, balancing the dual role of protecting pension assets while contributing to the global transition toward a sustainable economy. The conversation explores UPP’s climate action plan—including a net-zero by 2040 target—its work with external managers, investment in climate solutions, and the critical role of policy engagement. Brian also reflects on his two decades in the field, the challenges of fiduciary duty and ESG language, the opportunities in renewables and climate solutions, and his vision for finance as a force to allocate capital to society’s highest and best uses. This episode offers a candid look at how one of Canada’s largest university pension plans is leading with purpose, pragmatism, and long-term vision. Keywords: Responsible investing, University Pension Plan of Ontario (UPP), net zero 2040, climate action plan, system-level investing, fiduciary duty, sustainable finance, pension funds, climate solutions, ESG integration

In this episode of Future of Finance, Georges Dyer sits down with John Lanier, Executive Director of the Ray C. Anderson Foundation and grandson of sustainability pioneer Ray Anderson. They trace the story of Ray’s transformative leadership at Interface, where he proved that sustainability and profitability could go hand in hand, and explore how those lessons continue through the foundation’s work today. John reflects on the evolution of Interface’s sustainable business model, the power of biomimicry, and the critical role of culture and leadership in driving innovation. The conversation turns to the foundation’s focus areas—including education, biomimicry, climate solutions, and the groundbreaking Drawdown Georgia initiative—and its decision to sunset in the next five years to maximize climate impact during this decisive decade. John offers a hopeful yet urgent call to action for philanthropy, business, and individuals to lean into solutions, embrace resilience, and create a better world for “tomorrow’s child.” Resources: Mid-Course Correction Revisited by Ray Anderson & John Lanier (2019 update with six new chapters by John): https://www.raycandersonfoundation.org/midcourse-correction-revisited/ Biomimicry – by Janine Benyus: https://a.co/d/iejiHSy Keywords: Ray Anderson, Interface, John Lanier, sustainability, biomimicry, circular economy, climate solutions, Drawdown Georgia, philanthropy, future of finance  

In this episode of the Future of Finance podcast, host Georges Dyer speaks with Hallie Label, founder of Expect Equity, an innovative incubator model designed to address the persistent underrepresentation of women and people of color in asset management. Hallie shares insights from her career at leading investment firms and explains how Expect Equity provides underrepresented managers with the infrastructure, capital, and relationship-building support they need to succeed at scale. The conversation explores systemic barriers to entry, the importance of trust and back-office infrastructure, the role of trustees and incentives in shaping capital allocation, and how changing governance culture can unlock overlooked talent. Hallie also shares her vision for a financial system where excellence is recognized broadly, incentives are aligned with mission and impact, and durable investment firms are built for long-term success. Books mentioned: "The Doors You Can Open" - https://www.rosalindchow.com/book "Grit" - https://angeladuckworth.com/grit-book/ Keywords: Expect Equity, Hallie Label, asset management, underrepresented managers, institutional investors, capital allocation, investment trust, back-office infrastructure, trustee incentives, inclusive finance

In this episode of The Future of Finance, Georges Dyer sits down with Paul Herman, founder of HIP Investor (Human Impact + Profit). Paul shares how HIP uses a tech-enabled platform to turn vast amounts of real-world data—from companies, governments, nonprofits, and even satellites—into impact ratings on hundreds of thousands of securities. These ratings help investors understand both risks and opportunities in areas like climate resilience, toxic site exposure, health outcomes, and corporate sustainability. Paul also dives into innovative ways HIP is helping cities and municipalities finance their climate action plans, highlighting underutilized tools such as private credit, public-private partnerships, and community foundations. He explains how resilience analysis goes beyond traditional risk ratings, accounting for factors like extreme weather, waste management, and community strength. With decades of leadership in sustainable investing, authorship of The HIP Investor and The Global Handbook of Impact Investing, and a passion for education, Paul demonstrates how impact investing not only drives positive societal change but also delivers competitive financial returns. Paul’s books and resources: The HIP Investor: https://hipinvestor.com/the-hip-investor-book/ The Global Handbook of Impact Investing: https://hipinvestor.com/global-handbook/ Keywords: Impact investing, climate resilience, sustainable finance, municipal climate action, ESG data, toxic site multipliers, private credit, resilient communities, HIP Investor, Human Impact and Profit

In this episode of the Future of Finance podcast, Georges Dyer speaks with Machel Allen, President & CIO of Metis Global Partners, and Brad Gretsch, Research Analyst at Metis. They dive into the critical role of real assets—including natural resources, real estate, infrastructure, commodities, and precious metals—in driving the energy transition and supporting sustainable investing. The conversation explores how Metis has developed a sustainable real assets index strategy that provides institutional investors access to diversified, liquid, and cost-effective exposure to real assets—without the heavy fossil fuel tilt of traditional funds. Machel and Brad explain how this strategy balances impact, financial performance, and risk management, making it attractive for foundations, endowments, healthcare systems, and family offices alike. Listeners gain insight into: Why real assets are central to decarbonization The financial performance of sustainable indexes compared to traditional ones The benefits of liquidity, diversification, and inflation protection How investors can align mission-driven goals with portfolio strategies This episode highlights how innovative approaches to real assets can deliver both market returns and climate solutions, helping to accelerate the transition to a low-carbon economy. Keywords: Sustainable investing, real assets, energy transition, climate solutions, institutional investors, inflation hedge, diversification, index strategies, endowments & foundations, decarbonization

In this episode of the Future of Finance podcast, Georges Dyer hosts a powerful conversation with Philippe Bolopion (Managing Director at TOBAM) and Lauren Kaplan (Director of Governance and Risk Integration at Third Side Strategies) on why investors must pay attention to political risk and threats to democracy. They explore the global trend of democratic backsliding, the clear links between democracy and economic growth, and how exposure to autocratic regimes creates long-term risks for investors. Philippe shares TOBAM’s “Liberty” strategy, designed to reduce exposure to autocratic countries, while Lauren highlights how investors and companies can strengthen governance practices and mitigate systemic risks through better oversight, due diligence, and corporate political responsibility. From the U.S. to global markets, the discussion makes one thing clear: protecting democracy isn’t just a political concern—it’s an essential part of managing risk and creating sustainable long-term value. Keywords: Political risk, democracy and investment, autocracy risk, systemic risk, long-term value, corporate governance, sustainable investing, fiduciary duty, democratic backsliding, investor responsibility

In this episode of the Future of Finance podcast, Georges Dyer speaks with Mitch Thomashow—author, educator, and former Unity College president—about the evolving landscape of environmental learning and sustainability in higher education. Drawing from his books Ecological Identity, Bringing the Biosphere Home, To Know the World, and The Nine Elements of a Sustainable Campus, Mitch explores how institutions can leverage their social, intellectual, natural, and financial capital to become hubs of sustainability innovation. The conversation spans from the personal—how ecological identity shapes values and career paths—to the systemic—how endowments, campus operations, and curricula can align with sustainability goals. Mitch shares insights on systems thinking, the intersection of ecology with equity and democracy, the role of activism in shaping institutional change, and the power of “invisible resistance” through community-based initiatives. He emphasizes the importance of place-based learning, fostering skills for change-making, and reimagining investment strategies to prioritize community well-being and long-term resilience. Keep up with Mitch: https://www.mitchellthomashow.com/ Books mentioned: Ecological Identity, Bringing the Biosphere Home https://mitpress.mit.edu/9780262700993/bringing-the-biosphere-home/ To Know the World https://mitpress.mit.edu/9780262539821/to-know-the-world/ The Nine Elements of a Sustainable Campus https://mitpress.mit.edu/9780262529006/the-nine-elements-of-a-sustainable-campus/ The Light Eaters https://www.elliottbaybook.com/item/MEgaIBq6_d8x81JVs4OwXw An Immense World https://edyong.me/an-immense-world Braiding Sweetgrass https://milkweed.org/book/braiding-sweetgrass The Earth Transformed https://www.penguinrandomhouse.com/books/635264/the-earth-transformed-by-peter-frankopan/ Hope Dies Last https://www.penguinrandomhouse.com/books/624630/hope-dies-last-by-alan-weisman/ The Book of Records https://bookendsandbeginnings.com/book/9781324078654 Habitats of the World https://press.princeton.edu/books/paperback/9780691197562/habitats-of-the-world?srsltid=AfmBOooxhY9gQKcabwhv1kDDAGOCJuXtvHx7bCfnezS60g4-aPMJClHK Keywords: Environmental learning, ecological identity, sustainable investing, systems thinking, higher education sustainability, campus operations, four capitals framework, place-based learning, activism in education, community resilience

In this episode of the Future of Finance podcast, Georges Dyer speaks with Cory Donovan, Co-Founder and Senior VP for Community Engagement, and Kafi Lindsay, CEO of ImpactPHL. Together, they explore how place-based impact investing is transforming Philadelphia into a national model for inclusive, regenerative economic development. Cory and Kafi share how ImpactPHL builds awareness, educates investors, and fosters a powerful local ecosystem that aligns capital with community values. From shifting the financial sector toward "one-pocket thinking" to challenging outdated notions of fiduciary duty, this conversation highlights both systemic failures and bold innovations. They unpack how aligning capital with community priorities can address deep-rooted racial and economic inequities—while creating a more sustainable financial system for the future. Keywords: Place-based investing, ImpactPHL, inclusive economic development, fiduciary duty, local investing, system-level change, community wealth, sustainable finance, Philadelphia impact ecosystem, one-pocket thinking

In this special episode of the Future of Finance podcast, we feature a compelling presentation from David Livingston, Chief Strategy Officer at Galvanize Climate Solutions and former senior advisor to U.S. Climate Envoy John Kerry. Livingston outlines how the global energy transition is unfolding within three sweeping macro shifts: from a G-7 to a G-Zero geopolitical landscape, from climate cooperation to climate competition, and from fossil fuels to a future dominated by electricity and data. He dives into the role of clean energy as both an economic and strategic asset, explores the geopolitical ramifications of decentralized energy systems, and outlines the massive growth potential in electricity, data centers, geothermal, and storage. Livingston also discusses how institutional investors are adapting to these changes and where they might be missing opportunities. This episode is a must-listen for anyone interested in the intersection of climate, policy, geopolitics, and long-term investment strategy. Keywords: Energy transition, clean energy, climate competition, geopolitics, electrification, Galvanize Climate Solutions, industrial policy, institutional investment, data centers, carbon border adjustments