Belissa Rojas

This dual perspective has shaped her career trajectory, ultimately leading her into the world of impact investing. At her firm, a spin-off of a workers’ pension fund originally designed to provide equitable access to retirement savings, the mission is clear: demonstrate that capital can be a force for good. By directing investments toward solutions that generate both financial returns and positive social or environmental outcomes, the organization seeks to transform the very nature of finance.

This is not a theoretical ambition. It is operationalized through investments in areas such as energy efficiency, regenerative agriculture, biodiversity-focused forestry, and the circular economy. These are sectors where capital can address pressing global challenges while still delivering competitive returns. The goal is not to sacrifice profitability, but to prove that profitability and purpose can coexist.

Central to this approach is the discipline of impact measurement and management—a field that goes far beyond traditional financial analysis. Before an investment is made, projected outcomes are identified: reductions in greenhouse gas emissions, improvements in energy efficiency, or measurable social benefits. But the work does not stop there. Once a project is underway, these outcomes are tracked rigorously, alongside key milestones that indicate whether the project is on track.

This distinction between outputs and outcomes is critical. Outputs—such as installing new technology or completing infrastructure—are immediate and measurable. Outcomes, like long-term emissions reductions or improved livelihoods, often take years to materialize. By monitoring both, investors gain a clearer picture of progress and can intervene when necessary.

Yet measurement alone is not enough. As she points out, data that is not used to inform decisions is ultimately meaningless. The true value of impact measurement lies in its ability to guide action. Her role, therefore, is not simply to collect information, but to equip decision-makers with the insights they need to allocate capital more effectively.

This is where her framework becomes particularly powerful. Traditional investment decisions typically consider two variables: financial return and financial risk. Her approach expands this to five: financial return, financial risk, positive impact, potential negative impact, and broader environmental, social, and governance (ESG) risks. This “360-degree lens” allows investors to evaluate opportunities more holistically.

Consider, for example, an investment in electric vehicles. On the surface, the environmental benefits are clear—reduced emissions and cleaner transportation. But a deeper analysis reveals potential downsides, such as the environmental and social implications of mining materials like cobalt, or the challenges of battery disposal. By incorporating both intended benefits and unintended consequences into the decision-making process, investors can make more informed, responsible choices.

Another critical insight she brings to the table is the importance of relevance. It is possible to measure something with great precision and yet have little meaningful impact. A small-scale project, no matter how well executed, may not significantly move the needle on global challenges. This raises a fundamental question: are we doing things right, or are we doing the right things?

This distinction is often overlooked in sustainability discussions. Many organizations focus on optimizing processes without questioning whether their efforts are directed toward the most impactful areas. By challenging this assumption, she pushes for a more strategic allocation of resources—one that prioritizes scale and significance.

Her work also highlights the growing recognition of systemic risk. Climate change, social instability, and environmental degradation are no longer abstract concerns; they are tangible threats to economic stability. Businesses cannot thrive in a world where ecosystems collapse or societies fracture. As such, sustainability is not just a moral imperative—it is a financial one.

Interestingly, while awareness of these risks has increased, public discourse around sustainability has become more complex. In some regions, companies are continuing their sustainability efforts but speaking about them less—a phenomenon sometimes referred to as “impact hushing.” This reflects a broader tension between progress and perception, where organizations must navigate political, cultural, and economic pressures.

Despite these challenges, there is reason for cautious optimism. Many institutions, particularly in regions like Europe, are doubling down on their commitments. The momentum toward sustainable practices has not disappeared; it has simply become more nuanced.

At a more philosophical level, she offers a candid assessment of global unity. While the COVID-19 pandemic demonstrated that collective action is possible, today’s world remains fragmented. Polarization and division present significant obstacles to coordinated progress. Yet within this complexity lies hope: countless individuals and organizations are working toward the same goals, often quietly but persistently.

Her message is both pragmatic and deeply human. Change does not require certainty—it requires commitment. Even if the likelihood of success feels small, the act of trying is meaningful. “It may be a 0.0001% chance,” she reflects, “but it’s 100% of my life.” This perspective reframes sustainability as a personal responsibility as much as a professional one.

She also emphasizes the importance of empathy and collaboration. Rather than judging others for where they are in their journey, she encourages finding common ground and building alliances. Progress is rarely linear, and meaningful change often comes from unexpected places—even within organizations that may not appear aligned at first glance.

Ultimately, her work illustrates a powerful truth: sustainability is not a single discipline or solution. It is a mindset—a way of thinking that integrates financial, environmental, and social considerations into every decision. It requires both analytical rigor and emotional intelligence, both strategic vision and everyday action.

As the world grapples with unprecedented challenges, this integrated approach offers a path forward. By reimagining the role of capital and empowering those who control it, we can begin to align economic systems with the needs of people and the planet.

The task is immense, and the outcome uncertain. But as she reminds us, that uncertainty is not a reason to stop. It is a reason to act.