As global progress on climate change and biodiversity protection stalls, the estimated cost of environmental damage continues to rise, while companies show little action in reducing their impact. Following the inaugural AEX Futureproof Index in 2025, the 18 largest AEX-listed companies in the Netherlands – now combined with 34 DAX companies – still collectively cost society more than they yield. High-impact sectors such as energy, materials, and transport have largely failed to respond sufficiently to these worsening conditions, increasing long-term risks. Addressing these transition risks is the key to sustaining long-term value, rather than facing rising costs as these challenges intensify.
While 31 out of the 52 companies analysed actually generate positive Integrated Value, a small number of companies with very large negative externalities dominate the weighted average. This concentration of impact is so significant that it results in a net societal loss, with 80 per cent of the aggregate financial value of these companies effectively coming at the expense of society.
The Futureproof Index report is a collaboration between Rotterdam School of Management, Erasmus University, Nyenrode Business University, and futureproof (ftrprf).
Lead authors are Prof. Dirk Schoenmaker of RSM), Prof. Willem Schramade of Nyenrode Business University, Dr Moritz Wiedemann of RSM and Wander Marijnissen of ftrprf. They were supported by research assistants Lotta Bachmann, Mehek Jain and Vitor Kupidlowsky, and almost 400 students from the MSc Finance & Investments programme at Rotterdam School of Management, Erasmus University, as well as Jayne O’Dwyer and Pieter Hemels of ftrprf.