This research explores the potential interlinkage between ESG investments and peace by analysing which indicators can capture peace-positive impacts of grassroots businesses in conflict-affected areas. The report finds that ESG investment frameworks are a valuable basis to inform peace impact investment but are currently insufficient. It puts forward recommendations to overcome the shortcomings of an ESG-based approach to peace finance, the gaps in current frameworks and in research that should be addressed to make ESG more suitable and effective for investing in peace-supporting businesses.