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Jewish impact investing: Michael Lustig discusses his new guide


Michael Lustig spent more than 20 years on Wall Street before retiring and getting involved in impact investing. Now he has produced Greenbook: A Guide to Jewish Impact Investing which is not only inspiring Jewish investors but provides a very useful template for other faith traditions to follow.

The Greenbooks are a series of topical, user-friendly research reports for funders, published by the Jewish Funders Network.

Michael Lustig
Michael Lustig

This Greenbook represents the first-ever guide to Jewish impact investing, which in itself is a reason why we wanted to talk to Michael, a member of the Jewish Funders Network and an impact investor himself.

But more than this, it is a very thorough manual that not only gives a good overview of impact investing but also includes a very practical 'how to' section – rarely seen in many other impact investing guides.And while it is obviously aimed at Jewish investors, the Greenbook is also very useful for other faith-based investors, says Mathew Jensen, FaithInvest's lead on member engagement.

'This is a document I could hand to a board member or a trustee or CIO or someone on the investment staff or even in the faith leadership, and say if you want to understand impact investing and further, if you want to actually act on impact investing, this is a great place to start,' says Mathew.

In the interview, Michael describes how, after 20 years' working on Wall Street (mostly for BlackRock), he came to embark upon on an effort to get foundations and endowments to be mission-aligned in their investing. 'Because I think it's, frankly, somewhat insane for a foundation or endowment to do anything but,' he says. 'Their assets should be rowing in the same direction as their spending.'

Watch the video below or listen as a podcast.


The video interview is around 30 minutes long.

00:00 - 12:23 – Introduction and origins of the Greenbook
12:23 - 15:45 – Impact investing and Jewish values
15:45 - 18:28 – Mapping faith values to investments
18:28 - 21:55 – Difference between ESG and impact
21:55 - 25:56 – How to start impact investing
25:56 - 27:18 – What's the future?
27:18 - 30:31 – Role of networks like FaithInvest and JFN


– How and why Michael Lustig developed the Greenbook
– What is impact investing and how it is different from ESG
– How to start impact investing and where to find up-to-date advice
– The future of impact investing
– The role of organisations like FaithInvest in the world of impact investing


The Greenbook is a live document that will be updated regularly. To download an up-to-date copy of the guide, visit Jewish Funders Network.


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