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We are honored to announce that the 2025 Moskowitz Prize recipients are Caroline Flammer (Columbia University), Thomas Giroux (ENSAE) and Geoffrey Heal (Columbia Business School), for their paper Blended Finance. The research was selected from 101 total submissions from an impressive field of diverse collaborators worldwide.
An Honorable Mention went to Coordinated Engagements by Elroy Dimson (Cambridge Judge Business School), Oğuzhan Karakaş (Cambridge Judge Business School), and Xi Li (London School of Economics).
Prize Winner Blended Finance's authors study how development finance institutions (such as the International Finance Corporation) decide when and how much to subsidize sustainability projects through “blended finance". Using data from 173 recent deals, the study finds that development finance institutions offer more concessional funding when a project is expected to have greater social or environmental benefits or when it is located in countries with higher political risk or weaker transparency. These subsidies help attract private investors who might otherwise avoid such projects. Overall, the study shows that blended finance can play an important role in mobilizing private capital toward impactful projects that would not be funded on their own.
