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This case study details the World Resources Institute's (WRI) transition from a traditional financial-return-focused investment strategy to a sustainable investing approach for its $40 million endowment. Starting in 2014, WRI integrated environmental, social, and governance (ESG) criteria into its portfolio management, moving from a model of internal board oversight to a partnership with an Outsourced Chief Investment Officer (OCIO). The document outlines the challenges of ESG data interpretation, the decision to prioritize holistic ESG integration over simple fossil fuel divestment, and the financial results of this shift.

This report, the final part of a five-part series by WWF South Africa, SinCo, Carbon Tracker, and Trucost, synthesizes research on the financial risks and opportunities associated with carbon emissions and water scarcity for institutional investors in South Africa. It argues that many investors are 'universal owners' whose returns depend on the overall health of the economy, making them vulnerable to systemic risks from climate change and water stress. The report finds that carbon and water risks are largely mispriced in the market, with significant exposure in the energy and mining sectors, and calls for regulatory interventions and a shift toward low-carbon, water-responsible investment strategies to avoid stranded assets and ensure long-term returns.