Sustainable Investing Challenge brings together future leaders addressing critical sustainability issues through innovative financial solutions
Team from the University of Chicago and Duke University awarded top prize for proposal to restore degraded coastal mangrove ponds in Indonesia
Second- and third-place prizes awarded to students from Duke University and Imperial College London

The Morgan Stanley Institute for Sustainable Investing and Kellogg School of Management at Northwestern University today announced that the AAA Fund team was named the winner of the 16^th annual Kellogg-Morgan Stanley Sustainable Investing Challenge. The global competition inspires graduate students to address environmental and social issues through innovative financial vehicles. The winning team was one of 12 finalists selected from a record pool of applicants, which included 186 teams comprised of 618 students from 107 schools across 65 countries.

Graduate students from the University of Chicago and Duke University were awarded the top prize of $10,000 for their blended finance credit facility proposal to restore Indonesia's degraded coastal mangrove ponds through community cooperatives, generating returns from blue carbon credits and aggregated silvofishery shrimp sales. The AAA Fund team consisted of Afgan Gradiyanto, Aulia Ampri and Audrey Surya Prameswari Kharisma.

"The Sustainable Investing Challenge is a vibrant platform for the next generation of finance leaders to pitch financial solutions that target sustainability issues in economies and communities around the globe," said Jessica Alsford, Morgan Stanley's Chief Sustainability Officer and Chair of the Institute for Sustainable Investing. "The commitment and creativity of this year's graduate students are inspiring, and we're eager to see their bold ideas in action."

The finalists proposed a wide variety of ideas, including collateral-free working capital for women-owned textile micro-enterprises in India, the conversion of seaweed into saleable bioproducts in the Caribbean, the expansion of local health clinics in underserved US communities and the adoption of precision agriculture in Germany's Rhineland-Palitanate.

The second- and third-place prizes of $5,000 and $2,500 were awarded to the GeoServe team from Duke University and the Amazonia Yield Bond team from Imperial College London, respectively.

The GeoServe team, including Khushboo Garg, Ozioma Ozigbo, Amanda Murray and Lakshya Jain, presented a multi-stage capital platform plan to address geothermal heating and cooling infrastructure for energy-insecure, low-income communities in the US. The Amazonia Yield Bond proposal, developed by Greta Grote, Carl Klein von Wisenberg, Carl Witthoefft and Jonathan Wachsmuth, aims to finance agroforestry in the Brazilian Amazon by aggregating asset-backed loans to smallholder agricultural cooperatives and generating returns from carbon credits and sustainable timber.

"Since 2011, this competition has showcased the ingenuity and determination of students addressing some of the world's most complex sustainability challenges, and 2026 was no exception," said Dave Chen, Professor of Finance at Kellogg Management School, CEO of Equilibrium Capital and founder of the Sustainable Investing Challenge. "The finalists' ability to translate innovative ideas into real-world solutions underscores the kind of practical thinking and leadership required to drive measurable impact."

The three prize-winning teams were selected by a panel of sustainable finance experts and senior practitioners across the industry to advance to the final round, pitching to judges at Morgan Stanley in London on April 24, 2026.

More information on this year's teams and their projects can be found here.

About Morgan Stanley

Morgan Stanley (NYSE:MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

About Morgan Stanley Institute for Sustainable Investing

The Morgan Stanley Institute for Sustainable Investing (The Institute), established in 2013, aims to accelerate the growth and adoption of sustainable finance across capital markets. The Institute produces thought leadership and develops partnerships and programs to inform and empower clients, investors and the next generation of sustainability leaders. For more information about the Morgan Stanley Institute for Sustainable Investing, visit www.morganstanley.com/sustainableinvesting.

About Kellogg School of Management

The Kellogg School of Management at Northwestern University develops brave leaders who inspire growth in people, organizations and markets. Based just outside of Chicago, the school is a global leader in management education, renowned for its distinctive thought leadership and pioneering approach to learning. Kellogg offers an innovative portfolio of programs: four Full-Time MBA programs including leading one-year program and joint degree programs with the engineering, law and medical schools; a Part-Time MBA Program; the premier Executive MBA global network; and extensive non-degree Executive Education programs. To learn more about Kellogg School of Management at Northwestern University, please visit http://www.kellogg.northwestern.edu.

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AAA Fund Wins the 2026 Kellogg-Morgan Stanley Sustainable Investing Challenge