Middlesex University will examine how alternative approaches to business and investment can support a more sustainable future after being awarded a five-year research grant.

The research will see the formation of the Centre for the Understanding of Sustainable Prosperity (CUSP), a £6m project based on a vision where people can flourish within the ecological constraints of a finite planet. The Economic and Social Research Council (ESRC) funded project will see Middlesex researchers explore the alternative business and investment models for resilience, sustainability and competitiveness.

Professor Fergus Lyon, the Deputy Director of CUSP and leader of the Middlesex University research projects, said: "At a time when there is growing concern about business and the environment, this project will challenge both existing research and business practice about what it means to be both prosperous and sustainable.

"There is a need for greater understanding of alternative ways of doing business and alternative investment and banking."

The work will start later this year, with projects looking at social and sustainable enterprise, as well as studies of ethical and sustainable investment. It will also give the opportunity for a new generation of researchers to develop their work in this area through PhDs and other projects.

This centre, led by University of Surrey's Professor Tim Jackson, is one of five large new ESRC-funded projects intended to build capacity in vital interdisciplinary research.

ESRC Chief Executive, Professor Jane Elliott, said: "By researching key societal challenges, these investments will make a real contribution to society."