American investment bank Morgan Stanley has deepened its sustainability commitment by unveiling a new accelerator to identify innovations dealing with systemic change for sustainability.

In the first year, the accelerator will choose five innovations addressing global sustainability challenges.

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They will receive funds of $250,000 through the Sustainable Solutions Innovation Award to develop and scale the solution and have a year-long alliance with experts at the bank’s Institute for Sustainable Investing that was launched in 2013.

They will also become part of the Morgan Stanley Sustainable Solutions Collaborative following the initial year.

The innovators will be selected based on breakthrough innovative thinking as well as potential for broad reaching systemic change.

Another key factor determining the selection is the potential for impact to be significantly improved through participation in the accelerator.

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The accelerator will utilise the expertise of the Institute’s advisory board comprising Morgan Stanley CEO James Gorman, Harvard University School of Business professor Linda Hill, Ford Foundation president Darren Walker, National Academy of Sciences fellow Rosina Bierbaum, and ex-SEC chair Mary Schapiro.

The Institute will have independent, external nominators who will identify the innovations with the most potential while a selection committee include experts from varied industries will assess and recommend finalists.

Hill stated: “The Accelerator will serve as a catalyst for bold, yet pragmatic solutions.

“It will reach and support the innovators who imagine a more sustainable future and are determined to bring solutions to market fast. The systemic approach ensures these solutions will have real impact.”

Other developments at Morgan Stanley

Last week, Morgan Stanley Global Sports & Entertainment (GSE) became an official Institutional Financial Advisor participant of the NFL Players Association (NFLPA), which is a labour union representing NFL players.

The bank was recently also in the news for expanding its offering for HNW clients by providing property & casualty (P&C) insurance.