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<p>This review examines “Pension Funds and Sustainable Investment: Challenges and Opportunities,” edited by Hammond, Maurer, and Mitchell, which provides a comprehensive analysis of how pension funds—managing over $50 trillion globally—integrate environmental, social, and governance (ESG) considerations while fulfilling fiduciary responsibilities. The volume advances sustainable finance scholarship through theoretical innovations including universal ownership theory, methodological developments for ESG performance attribution, and empirical evidence demonstrating compatibility between sustainability objectives and financial returns. Key contributions include systematic analysis of retirement system structure effects on sustainability outcomes, governance innovations enabling democratic beneficiary participation in ESG decisions, and climate risk management frameworks. The book successfully bridges the “values versus value” dilemma through rigorous economic foundations while providing practical implementation guidance across jurisdictions. Comparative institutional analysis reveals how legal frameworks and system design determine ESG adoption patterns. The work establishes new methodological standards for ESG research while offering evidence-based policy recommendations for aligning pension systems with global sustainability imperatives without compromising retirement security.</p>

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Pension funds and sustainable investment: challenges and opportunities (Pension research Council Series), edited by P. Brett Hammond, Raimond Maurer, and Olivia S. Mitchell, new york: Oxford university Press, 2023, 418 pp., $90.00 (Hardcover), ISBN: 9780192889195

  • 期刊论文

  • 发表日期：

    2025年10月28日

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  • Muhammad Noval,
  • Atika Zahra Maulida,
  • Faqih El Wafa

摘要

This review examines “Pension Funds and Sustainable Investment: Challenges and Opportunities,” edited by Hammond, Maurer, and Mitchell, which provides a comprehensive analysis of how pension funds—managing over $50 trillion globally—integrate environmental, social, and governance (ESG) considerations while fulfilling fiduciary responsibilities. The volume advances sustainable finance scholarship through theoretical innovations including universal ownership theory, methodological developments for ESG performance attribution, and empirical evidence demonstrating compatibility between sustainability objectives and financial returns. Key contributions include systematic analysis of retirement system structure effects on sustainability outcomes, governance innovations enabling democratic beneficiary participation in ESG decisions, and climate risk management frameworks. The book successfully bridges the “values versus value” dilemma through rigorous economic foundations while providing practical implementation guidance across jurisdictions. Comparative institutional analysis reveals how legal frameworks and system design determine ESG adoption patterns. The work establishes new methodological standards for ESG research while offering evidence-based policy recommendations for aligning pension systems with global sustainability imperatives without compromising retirement security.