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Green Gold
How Sustainability Creates Deal Value
Michel Driessen (Author), Sebastian Schmidt (Author)
9781394354443, Wiley
Hardback, published 19 February 2026
256 pages
22.4 x 15.2 x 2 cm, 0.476 kg
An up-to-date and complete approach to incorporating ESG considerations in real-world M&A transactions In Green Gold, a team of seasoned strategists and analysts delivers a comprehensive discussion of how value is created and destroyed by ESG considerations in mergers and acquisitions transactions. The authors explain how environmental, social, and governance considerations impact financial value in M&A, providing extensive examples and case studies. The book explores successful and unsuccessful attempts to incorporate and account for ESG. It offers a practical methodology and structured approach that you can use in real-world transactions when dealing with ESG value. Inside the book: Perfect for students of finance with a focus on ESG and sustainability, as well as students in MBA programs and M&A professionals working at accounting and law firms, investment banks, private equity firms, and hedge funds. Green Gold is also an invaluable guide for board members and senior executives.
Acknowledgements xiii Introduction xv Why We Wrote This Book and Why You Should Read It xv About the Authors xix Chapter 1 Defining Terms and Exploring the Sustainability/ Financial Value Link 1 A Brief History of Sustainability 2 The Link with Financial Value 19 Does the ESG Pushback Impact Financial Value? 35 References 39 Chapter 2 ESG and Regulation – The Hidden Value of Rules 43 The History of Sustainability Regulation 43 The International Sustainability Standards Board (ISSB) 49 ESG Ratings and Their Relationship to Regulation 56 Regulatory Rollback, the Real Impact 61 Unintended Consequences 64 References 66 Chapter 3 Capital Flows – How ESG Drives Deals That Create Value 67 What Do Deals Tell Us About the Financial Value of ESG? 67 How Deals Address the Plastics Problem and Create Value 81 Customer Sentiment and the Key to Sustainable Success 94 References 104 Chapter 4 Establishing the Link Between ESG Performance and Financial Value 107 The Cost of Capital – What’s ESG Got to Do with It? 107 Establishing the Link Between ESG Ratings and Price Multiples 117 The ESG ‘Value Bridge’ – Taking a More Granular Approach 131 References 141 Chapter 5 ESG Due Diligence and the Private Equity Playbook 143 What is ESG Due Diligence? An Overview 143 Three Approaches Towards ESG Due Diligence in Transactions 148 The Private Equity Approach to ESG Due Diligence 148 A Bias Towards Compliance 166 Applying the Private Equity Playbook 171 References 177 Chapter 6 When ESG Goes Wrong (And How to Put It Right) 179 The Rise and Fall of Boohoo 179 The Palm Oil Story 187 Key Deal Rationales 194 References 196 Chapter 7 Financial Value of ESG in Transactions: Lessons Learned and How to Apply Them 199 Key Takeaways for Investors 202 Key Points for the ESG Universe 205 Appendix 1 Materiality, Maturity and Sample Private Equity ESG Due Diligence 207 Appendix 2 Comparison of Three Global Private Equity Firms on How They Approach ESG in Their Own Firms 215 Index 221
Subject Areas: Finance & accounting [KF]
