The brief speech doesn’t rank among Danny DeVito’s most memorable performances. Addressing the packed auditorium of Rome’s Pontifical Urban University in an untucked navy shirt, the actor delivered a bumbling introduction from a sheet before handing the microphone to Cardinal Peter Turkson, a leading figure in the Catholic Church and once a possible contender to be pope.
Towering over DeVito in the front row was a smiling Eric Harr. A well-connected Silicon Valley entrepreneur, Harr had organized the gathering near the Vatican on Dec. 4, 2017, to celebrate the work of a little-known but innovative impact investment fund called Laudato sì Challenge.
Set up about a year earlier, Laudato sì—Italian for “praise be to you”—promised to join celebrities and investment firms with religious and academic institutions to tackle some of the world’s most pressing issues, from climate change and poverty to refugee crises, all under the spiritual guidance of the Vatican.
The fund’s messianic message was perfectly in sync with the nascent trend for purposeful investments that’s since ballooned into the environmental, social, and governance industry. But five years on, the fund’s lack of success serves as a stark warning to those flocking to ESG investments of the perils of mixing profit-focused and charity-minded interests—even those with divine inspiration.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Instagram's Founders Say It's Time for a New Social App
The rise of AI and the fall of Twitter could create opportunities for upstarts
Running in Circles
A subscription running shoe program aims to fight footwear waste
What I Learned Working at a Hawaiien Mega-Resort
Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.
How Noma Will Blossom In Kyoto
The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking
The Last-Mover Problem
A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps
Tick Tock, TikTok
The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban
Cleaner Clothing Dye, Made From Bacteria
A UK company produces colors with less water than conventional methods and no toxic chemicals
Pumping Heat in Hamburg
The German port city plans to store hot water underground and bring it up to heat homes in the winter
Sustainability: Calamari's Climate Edge
Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment
New Money, New Problems
In Naples, an influx of wealthy is displacing out-of-towners lower-income workers