Big Money, Better World?

“Jan Anton provides important insights into sustainable investing. This is an enjoyable and informative book for every investor.”
—Elroy Dimson, Professor of Finance at the Judge Business School, University of Cambridge

“Sustainable investing has now become a huge and controversial topic but remains surprisingly misunderstood. Big Money, Better World? lucidly helps break down many of these misconceptions. More importantly, it persuasively argues that sustainable investors themselves need to evolve from Isaiah Berlin's famous hedgehogs—who know only one big thing—and become more like adaptable foxes that know many little things.”
—Robin Wigglesworth , Author of Trillions and A Fabulous Debt

“Over the past decade, responsible investment has moved from the margins to the mainstream. But with that growth has come a more important question: how much difference is it really making and how can it do more? Not less ambition. Not quieter voices. But better—and bolder—leadership. Because stepping back now won’t reduce risk. It will amplify it.
This book engages with that challenge in a way that is both honest and constructive. It challenges some of the simpler narratives that have taken hold in the market and makes a compelling case for a more nuanced, evidence-based approach to responsible investment. What I particularly value is that it doesn’t step away from the ambition of using capital to drive change, but instead asks how we do that more effectively, drawing on both research and real-world investment experience.
For those working in responsible investment, this is a timely and important contribution to the next phase of the field.”
—Fiona Reynolds, Former CEO of the UN Principles for Responsible Investment (PRI); President of FAIRR; and Chair of Australian Ethical Super

“ Big Money, Better World? is a timely and intellectually rigorous book that brings muchneeded clarity to the sustainable investing debate. Drawing on the best academic evidence and realworld investment practice, Jan Anton van Zanten cuts through hype and ideology to show when and how capital markets can genuinely contribute to a sustainability transition. This is a rare book that will educate scholars, challenge practitioners, and elevate the public conversation on what sustainable finance can realistically deliver.”
—Hao Liang , President’s Chair Professor in Finance, Nanyang Technological University

“This enjoyable book moves beyond simplistic views of sustainable investing with a refreshingly pragmatic focus on nuance. Because the devil is most often in the details, understanding how capital allocation decisions can drive real change requires looking under the hood and avoiding reductive approaches. As a scientist, I applaud its strong and unwavering commitment to a science-based perspective—and I hope it can once and for all debunk the idea that ESG is synonymous with sustainability, when in fact it is just another financial risk management framework.”
—Beatrice Crona , Professor of Sustainability Science and Science Director of Stockholm Resilience Centre, Stockholm University

“Van Zanten shows that the problem with sustainable investing is that it over-simplifies a complex problem. Grounded in both research and practice, he provides incredibly pointed and accessible insights into what sustainable investing could be.”
—Tima Bansal , Canada Research Chair in Business Sustainability, Ivey Business School

“In a field overrun by hedgehogs, Jan Anton van Zanten is the fox we've been waiting for. Big Money, Better World? cuts through the noise of sustainable investing with clarity, honesty and a refreshing command of complexity, showing us not what we wish were true, but what the evidence actually says.”
—Nina Seega , Director of the Centre for Sustainable Finance at the Cambridge Institute for Sustainability Leadership

“ Big Money, Better World ? provides a clear-eyed, evidence-based perspective on sustainable investing. What distinguishes the book is its focus on mechanisms rather than intentions, and its willingness to confront both the potential and the limits of investor influence. Expect no easy answers, but a disciplined framework for thinking about when sustainable investing can plausibly contribute to real-world outcomes—and when claims about impact exceed what the evidence can support.”
—Julian Kölbel , Assistant Professor for Sustainable Finance, University of St. Gallen

“This book provides a welcome dose of pragmatism to the confusing debates around sustainable investing. Jan Anton makes a compelling case that accounting for not-yet-financial risks and opportunities is simply good investing—and reminds us that perfection shouldn't be the enemy of good. Foxy investors are active investors: they embrace the plurality of the world, know what they own, and know why they own it. A great read for anyone looking to reconnect financial performance with real-world impact.”
—Piet Klop , Director Strategic Relations, and former Head of Responsible Investment at PGGM

“I love what this book sets out to do. Misconceptions about sustainability still run deep—that’s why the book’s clarity, nuance, and evidencebased perspective feel so refreshing. This book separates signal from noise with honesty and balance, offering a muchneeded guide for anyone committed to advancing sustainable investing. I encourage every practitioner to read it and help move our industry toward more informed and impactful action.”
—Danielle Brassel , Head of Responsible Investment at Zurich Insurance Group

“ Big Money, Better World? provides deep insights into how sustainable investing should be shaped going forward. It is not just about ESG ratings or dogmatic views, but rather Jan Anton motivates readers to be adaptive, to apply holistic thinking and to continue to ask questions and reassess the underlying motivations and methods surrounding sustainable investing to create real-world impact. A highly recommended read!”
—Ivo Mulder , Head of UNEP Climate Finance Unit

 “ Big Money, Better World ? highlights a long-overlooked dimension of the role of private sources of finance to support sustainability. It is very timely as it comes in the wake of the launch of the IPBES Methodological Assessment Report on the Impact and Dependence of Business on Biodiversity and Nature’s Contributions to People in February 2026. The book shows how the flow of private capital to ‘safe’ and supposedly ‘risk-free’ sustainability initiatives in the global north unfairly impacts lower-middle-income and developing nations. This compounds issues of equity and natural justice that must be addressed for the world to become a safer and more equitable space.”
—Chris Gordon , Founding Director, Institute for Environment and Sanitation Studies, University of Ghana

“A big part of what is needed when it comes to solving sustainability challenges through investment are more voices calling for practical approaches forward, such as are provided here by Jan Anton van Zanten, an expert whose thinking and work I have long admired. We need more books just like this, more voices of reason, more investment strategy that doesn't leave returns on the table. More of this please.”
—Cary Krosinsky , Lecturer at NYU, Harvard University, and Yale University   

“Jan Anton van Zanten has written a must read on sustainable investing. The book provides an in-depth overview of sustainable investing in companies and countries grounded in theory, practice and empirical evidence. Jan Anton links sustainable investing to SDGs, the guiding strategy used in business. A key insight is that plural approaches towards sustainable investing are needed to achieve sustainable development, which itself is a multi-faceted process.”
—Dirk Schoenmaker , Professor of Banking and Finance at the Rotterdam School of Management, Erasmus University, and author of Principles of Sustainable Finance

Sustainable investing has never been more influential—or more contested. More than 5,000 investors controlling $140 trillion have committed to investing sustainably, yet a troubling paradox has emerged: many self-proclaimed sustainable investors don't actually invest sustainably, and the real-world impact of ESG strategies is far more limited than their advocates admit.

Big Money, Better World? cuts through the noise. Drawing on rigorous academic research and the author's experience as Head of Sustainable Investing, the book offers an honest, evidence-based account of what sustainable investing is, how it works, and where it falls short.

The culprit, the book argues, is “hedgehog thinking”: dominant ESG strategies that rally around a single big idea—portfolio decarbonisation, ESG ratings, impact monetisation—and treat it as the answer to everything. These approaches oversimplify the complex, interconnected reality of sustainable development and risk diverting capital from where it matters most.

The antidote is a “foxy” mindset: plural, adaptive, and grounded in sustainability science. The book shows how asset allocation, active ownership, and field-building can drive genuine corporate and systemic change—without sacrificing returns. It will be of interest to investors, policymakers, researchers, and engaged citizens ready to move beyond the hype.