NXW Investment Library · 6 modules · 22 chapters

Esg & Sustainable Investing

Based on the book ESG and Sustainable Investing: From Theory to Practice – Vietnam Readiness (Dr MAI Huu Minh)

ESG data and ratings, climate risk, taxonomies, exclusions, integration, impact, stewardship, green bonds, ESG indexes and funds, greenwashing – with a focus on Asia and Vietnam.

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6 modules, 22 chapters

Chapter 1 is free to read online; the other chapters open a preview with their objectives and sections.

Module 1 – Foundations

3 chapters

1	What Is ESG Investing? Environmental, social and governance factors in investment decisions 10 sections 1.1 Three letters, one question 1.2 Three letters, many issues 1.3 Why investors care: values, risk and impact 1.4 Financial materiality 1.5 Double materiality 1.6 A map of ESG strategies 1.7 How strategies combine 1.8 What ESG investing is not 1.9 ESG for a Vietnamese investor 1.10 A map of the book	Lire FREE
2	A Short History of Responsible Investing From ethical exclusions to the Paris Agreement 10 sections 2.1 Old roots: faith and ethics 2.2 The first ethical funds 2.3 Divestment campaigns 2.4 From screens to measurement 2.5 The birth of ESG 2.6 Climate and the Paris Agreement 2.7 The sustainable finance boom 2.8 Backlash and maturity 2.9 Responsible investing in Asia and Vietnam 2.10 Lessons from history	🔒 Preview
3	Why ESG Matters for Risk and Return Materiality, externalities and long-term value 10 sections 3.1 Doing good and doing well 3.2 Externalities: costs paid by others 3.3 How externalities come back 3.4 From ESG risk to financial risk 3.5 Climate risks: physical and transition 3.6 Social risks and the licence to operate 3.7 Governance as the foundation 3.8 Reputation, regulation and the cost of capital 3.9 What the investor can expect 3.10 ESG risks facing Vietnamese companies	🔒 Preview

Module 2 – Data and ratings

4 chapters

4	ESG Data and Disclosure Reports, standards and the quality problem 10 sections 4.1 From the company to the investor 4.2 Sustainability reports: what companies publish 4.3 Reporting standards: GRI, SASB, TCFD and the ISSB 4.4 From voluntary to mandatory disclosure 4.5 The quality problem: boundaries, units and restatements 4.6 Estimated versus reported data 4.7 Alternative data: satellites, news and AI 4.8 Assurance: who checks the numbers?4.9 Disclosure in Vietnam 4.10 A practical checklist for ESG data	🔒 Preview
5	ESG Ratings and Scores How ratings are built and why the agencies disagree 9 sections 5.1 What does an ESG rating measure?5.2 The rating industry 5.3 Building a rating 5.4 Industry-relative versus absolute ratings 5.5 Why ratings diverge 5.6 Controversies 5.7 What ratings are good for – and what they are not 5.8 Using ratings wisely 5.9 ESG ratings in Vietnam and Asia	🔒 Preview
6	Measuring Climate Risk Carbon footprints, emission scopes and scenarios 9 sections 6.1 Why measure carbon?6.2 Emission scopes 6.3 Scope 3: the hard part 6.4 From companies to portfolios 6.5 Pitfalls of carbon metrics 6.6 Climate scenarios 6.7 A carbon price stress test 6.8 Physical risk: hazards, exposure and vulnerability 6.9 Climate risk in Vietnam	🔒 Preview
7	Taxonomies, Labels and Regulation Defining what is green 10 sections 7.1 Who decides what is green?7.2 Why taxonomies?7.3 The EU Taxonomy 7.4 Eligible versus aligned: measuring a portfolio 7.5 EU rules for funds and benchmarks 7.6 Asian taxonomies and the traffic light 7.7 International standards and the ISSB 7.8 Fund labels 7.9 Vietnam and ASEAN 7.10 Limits and how to use these tools	🔒 Preview

Module 3 – Strategies

5 chapters

8	Exclusions and Screening Negative and norms-based screening 10 sections 8.1 The oldest strategy 8.2 Why investors exclude 8.3 Negative screening by activity 8.4 Revenue thresholds 8.5 Norms-based screening 8.6 How screens are implemented 8.7 The cost of exclusions: sector bets and tracking error 8.8 Do exclusions change the world?8.9 Exclusions in Asia and Vietnam 8.10 Designing an exclusion policy	🔒 Preview
9	ESG Integration and Best-in-Class Using ESG information in financial analysis 9 sections 9.1 From filter to information 9.2 What integration changes 9.3 Integrating ESG into fundamental analysis 9.4 ESG in valuation: cash flows, scenarios and discount rates 9.5 Integration in credit analysis 9.6 Best-in-class and positive screening 9.7 Quantitative integration: scores as tilts and factors 9.8 Limits: when integration becomes a label 9.9 Integration in Asia and Vietnam	🔒 Preview
10	Thematic and Impact Investing Investing in solutions and measurable outcomes 10 sections 10.1 From avoiding harm to financing solutions 10.2 Sustainability themes 10.3 From a theme to a portfolio: revenue alignment 10.4 The risks of thematic investing 10.5 Impact investing: intention, additionality and measurement 10.6 The Sustainable Development Goals as a map 10.7 Measuring impact: outputs, outcomes and impact 10.8 Private markets, microfinance and blended finance 10.9 Impact in Vietnam 10.10 Thematic, impact and the rest of the portfolio	🔒 Preview
11	Stewardship, Engagement and Voting Owners who change companies 10 sections 11.1 Sell or stay?11.2 Rights, responsibilities and stewardship codes 11.3 Engagement: objectives and dialogue 11.4 Escalation 11.5 Collaboration and the economics of engagement 11.6 Proxy voting: how it works 11.7 Shareholder resolutions 11.8 Divest or engage? The evidence 11.9 Governance in Vietnam and Asia 11.10 Making stewardship accountable	🔒 Preview
12	Green, Social and Sustainability Bonds Fixed income with a purpose 10 sections 12.1 A bond with a label 12.2 Use-of-proceeds bonds 12.3 What counts as green or social?12.4 Same issuer, same risk 12.5 Sustainability-linked bonds and loans 12.6 Pricing: is there a greenium?12.7 Verification and reporting 12.8 Greenwashing risks in labelled bonds 12.9 Labelled bonds in a portfolio 12.10 Green bonds in Vietnam and ASEAN	🔒 Preview

Module 4 – Theory and evidence

3 chapters

13	ESG and Performance: What the Evidence Says Returns, risk and the cost of capital 10 sections 13.1 The question every ESG investor asks 13.2 Two opposite theories 13.3 ESG and the cost of capital 13.4 Evidence on returns: what the studies found 13.5 Why results depend on period and method 13.6 Evidence on risk 13.7 Flows, prices and the equity “greenium”13.8 Separating ESG from familiar factors 13.9 What to expect: a balanced view 13.10 Evidence in Asia and Vietnam	🔒 Preview
14	Climate Transition and Portfolio Alignment Net zero, temperature scores and transition plans 10 sections 14.1 From footprints to alignment 14.2 Net zero: what it means 14.3 Judging a company’s climate target 14.4 Investor net zero commitments 14.5 Temperature scores 14.6 Decarbonisation pathways 14.7 Climate transition and Paris-aligned benchmarks 14.8 Portfolio decarbonisation versus real-world decarbonisation 14.9 Transition finance: from brown to green 14.10 Vietnam’s transition	🔒 Preview
15	ESG Indexes Methodologies of ESG, climate and thematic benchmarks 10 sections 15.1 Why ESG indexes matter 15.2 Families of ESG indexes 15.3 Universe and ESG eligibility 15.4 Selection: best-in-class and coverage 15.5 Weighting and tilting 15.6 Climate and thematic benchmarks 15.7 Tracking error and active bets 15.8 Case study: the NXW Global ESG Leaders index 15.9 Reading an index methodology 15.10 The Vietnam sustainability index	🔒 Preview

Module 5 – Products and practice

4 chapters

16	ESG Funds and ETFs Choosing a sustainable fund 9 sections 16.1 A crowded shelf 16.2 Types of ESG funds 16.3 Active funds, index funds and ETFs 16.4 Reading the documents 16.5 Labels, fund ratings and portfolio metrics 16.6 Costs: fees and tracking difference 16.7 How far from the market? Tracking error 16.8 A scorecard to compare funds 16.9 ESG funds in Vietnam and Asia	🔒 Preview
17	Greenwashing and How to Spot It Claims, evidence and red flags 10 sections 17.1 What greenwashing is 17.2 Why it happens 17.3 The common forms of greenwashing 17.4 Corporate greenwashing: targets without plans 17.5 Offsets, selective disclosure and the say – do gap 17.6 Fund greenwashing: names, labels and holdings 17.7 Is an oil company in a green fund greenwashing?17.8 Red flags: a practical checklist 17.9 Regulators fight back 17.10 Greenwashing in Vietnam and Asia	🔒 Preview
18	Building an ESG Portfolio From values to an investment policy 9 sections 18.1 From values to a policy 18.2 Objectives: values, risks and impact 18.3 Constraints and exclusions 18.4 Choosing strategies for each goal 18.5 Building blocks: core and satellites 18.6 Measuring the ESG profile of the portfolio 18.7 Costs and diversification 18.8 Rebalancing, monitoring and reporting 18.9 An ESG portfolio for a Vietnamese investor	🔒 Preview
19	Building and Back-Testing an ESG Index From scores to a tilted index in Excel and R 10 sections 19.1 Why build your own ESG index?19.2 The data: prices, scores and emissions with their dates 19.3 The rules: screen, select, tilt and cap 19.4 Tilting and capping, step by step 19.5 The engine in R 19.6 Back-test results: the ESG index against its parent 19.7 Pitfalls: look-ahead bias, rating rewrites and survivorship 19.8 Turnover, buffers and costs 19.9 Building an ESG index for Vietnam 19.10 From test to publication	🔒 Preview

Module 6 – Invest

3 chapters

20	ESG in Vietnam and Asia Markets, rules and opportunities 9 sections 20.1 Why ESG matters in a fast-growing market 20.2 Different paths in Asia 20.3 ASEAN: a shared framework 20.4 Vietnam’s commitments 20.5 Disclosure and governance 20.6 Exporters and supply chains 20.7 Opportunities for investors 20.8 Practical challenges 20.9 Outlook: from pressure to opportunity	🔒 Preview
21	Carbon Markets, Nature and Biodiversity Pricing carbon and natural capital 9 sections 21.1 Nature’s missing prices 21.2 Compliance and voluntary carbon markets 21.3 What makes a good carbon credit 21.4 Carbon prices and portfolio risk 21.5 Natural capital and biodiversity risk 21.6 Nature-related disclosure 21.7 Nature-based solutions and blue carbon 21.8 How investors can gain exposure 21.9 Vietnam: forest carbon and a carbon market in development	🔒 Preview
22	The Future of Sustainable Investing Data, regulation and real-world impact 10 sections 22.1 After the boom and the backlash 22.2 Standards converge 22.3 Data, AI and satellites 22.4 From data to verification 22.5 Transition finance 22.6 Adaptation and resilience 22.7 A just transition 22.8 Politics, labels and fiduciary duty 22.9 Principles that will last 22.10 Conclusion: from theory to practice	🔒 Preview

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