Digital library on sustainable finance

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TITLE A Financial Macro-Network Approach to Climate Policy Evaluation
AUTHOR Veronika Stolbovaa, Irene Monasteroloc & Stefano Battiston
PUBLISHED Jul 2018
LANGUAGES EN 
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Summary

In this study, the authors develop a methodology based on financial networks, which allows for analyzing the transmission of positive or negative shocks throughout the economy, induced by the introduction of specific climate policies. They apply their methodology to empirical data of the Euro Area to identify the feedback loops between the financial sector and the real economy. By focusing on climate policy-induced shocks that affect directly either the banking sector or non-financial firms, the authors analyze the reinforcing feedback loops that could amplify the effects of shocks on the financial sector and then cascade on the real economy. The analysis helps to understand the conditions for virtuous or vicious cycles to arise in the climate-finance nexus and to provide a comprehensive assessment of the economic impact of climate policies.

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TITLE The Financial Case for Fossil Fuel Divestment
AUTHOR Sightline Institute and Institute for Energy Economics and Financial Analysis
PUBLISHED Jul 2018
LANGUAGES EN 
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Summary

Often overlooked in the divestment debate is the financial case for divestment. This paper makes the case for divestment as a proper financial response by investment trustees to current market conditions and to the outlook facing the coal, oil and gas sectors. It is driven principally by the likelihood that future returns from the fossil fuel sector will not replicate past performance.

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TITLE Navigating a New Climate. Assessing credit risk and opportunity in a changing climate: Output of a working group of 16 banks piloting the TCFD Recommendations.
AUTHOR UNEP Finance Initiative & Acclimatise
PUBLISHED Jul 2018
LANGUAGES EN 
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Summary

PART 2: Physical risks and opportunities

The physical risks from a changing climate may differentially affect the financial health of businesses and impact the financial performance of sectors, creating risks and opportunities for those financing or investing in them. To date, risks and opportunities resulting from the physical impacts of climate change have received attention within the insurance sector, but have not been widely assessed in credit and lending portfolios held by banks.

In this pilot project, sixteen banks have developed methodologies in line with the Task Force on Climate-related Financial Disclosure’s (TCFD) Recommendations to assess the risks and opportunities from the physical impacts of climate change on their loan portfolios. 

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TITLE Climate change challenges for central banks and financial regulators
AUTHOR Emanuele Campiglio, Yannis Dafermos, Pierre Monnin, Josh Ryan-Collins, Guido Schotten and Misa Tanaka
PUBLISHED Jun 2018
LANGUAGES EN 
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Summary

The academic and policy debate regarding the role of central banks and financial regulators in addressing climate-related financial risks has rapidly expanded in recent years. This Perspective presents the key controversies and discusses potential research and policy avenues for the future. Developing a comprehensive analytical framework to assess the potential impact of climate change and the low-carbon transition on financial stability seems to be the first crucial challenge. These enhanced risk measures could then be incorporated in setting financial regulations and implementing the policies of central banks.

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TITLE 2018 Annual Impact Investor Survey
AUTHOR Global Impact Investing Network (GIIN)
PUBLISHED Jun 2018
LANGUAGES EN 
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Summary

This report presents findings from the Global Impact Investing Network’s eighth Annual Impact Investor Survey. These findings reflect 229 respondents’ perspectives on the growth and development of the impact investing industry. The report includes analysis of respondents’ investment activity, asset allocations, impact measurement practices, and performance. For the first time, the report also presents trends analysis for a subset of 82 respondents that participated in the survey in 2013 and again this year. Major market developments over the course of 2017 are also described throughout the report. Key Findings:

  1. The market is diverse
  2. The impact investing industry is growing
  3. Impact investors demonstrate a strong commitment to measuring and managing impact
  4. Overwhelmingly, impact investors report performance in line with both financial and impact expectations
  5. Impact investors acknowledge remaining challenges that need to be addressed within the industry

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TITLE World Investment Report
AUTHOR UNCTAD
PUBLISHED Jun 2018
LANGUAGES EN 
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Summary

The 2018 edition, subtitled "Investment and New Industrial Policies", looks at the investment policy dimension of industrial policies. A global survey carried out for the Report shows that, over the past 10 years, more than 100 economies across the developed and developing world have adopted formal industrial development strategies, with acceleration in the last five years. Industrial policies are a key driver of investment policy measures; 90% contain specific measures, such as incentives, special economic zones, investment facilitation, performance requirements and investment screening mechanisms. The Report argues that modern industrial policies, especially those aimed at positioning for the new industrial revolution, call for a strategic review of investment policies.

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TITLE Impact Investing: At a Tipping Point?
AUTHOR Fidelity Charitable
PUBLISHED Jun 2018
LANGUAGES EN 
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Summary

This 2018 briefing provides data gathered from a survey of affluent and high-net-worth people who give to charity to understand their interest in, knowledge of and experience with impact investing. Impact investing is catching on, particularly with Generation X and Millennials. However, the terminology of impact investing is not yet well known or understood—even by those who are making investments that can be categorized as impact investments.  Investors are interested in both simple and sophisticated options for impact investing. Basic education on impact investing and guidance from financial advisors would most encourage investors to make an impact investment. Investors would consider making impact investments with assets set aside for retirement, for charitable giving or for other purposes. There is an opportunity for financial advisors to initiate a conversation about impact investing and provide much needed and valued expertise. Also, there is a gender gap in impact investing.

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TITLE Investing in a just transition – Why investors need to integrate a social dimension into their climate strategies and how they could take action
AUTHOR Nick Robins, Vonda Brunsting and David Wood
PUBLISHED Jun 2018
LANGUAGES EN 
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Summary

This discussion paper explores why investors should contribute to the ‘just transition’ and how they can do so. It is the first output of the Investing in a Just Transition project, co-designed by the Grantham Research Institute on Climate Change and the Environment and the Initiative for Responsible Investment. The project will be delivered in partnership with the Principles for Responsible Investment and the International Trade Union Confederation. The purpose of this initial paper is to offer our emerging insights and seek readers’ inputs and feedback for the project’s next phase.

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TITLE Shooting for the moon in a hot air balloon?
AUTHOR 2° Investing Initiative
PUBLISHED Jun 2018
LANGUAGES EN 
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Summary

The discussion paper aims to pave the way for the development of a framework for assessing and moving forward the “contribution of green bonds to scaling up the investments in green projects”. The paper focuses on the case of ‘Use-of-Proceeds Green Bonds’ (UoP GB) that represent 95% of the market in 2016. It discusses the link between increasing investment in UoP-GB on the one hand, and the growth of investments in green projects by issuers on the other hand, suggesting how this approach can be enhanced to achieve further impact.

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TITLE Winning Climate Strategies: Practical Solutions and Building Blocks for Asset Owners from Beginner to Best Practice
AUTHOR Asset Owners Disclosure Project
PUBLISHED Jun 2018
LANGUAGES EN 
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Summary

Based on interviews with 22 leading asset owners, this report explores the current best practices landscape, identifies barriers, and presents a framework of ten building blocks for other asset owners introducing and developing climate strategies. Our discussions covered a range of themes including the Task Force on Climate-related Financial Disclosures (TCFD) framework, culture, purpose, education, engagement, investment strategies, barriers, priorities looking forward, and practical advice for other asset owners. 

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TITLE Switzerland implements the 2030 Agenda for Sustainable Development
AUTHOR Swiss Federal Council
PUBLISHED Jun 2018
LANGUAGES DE  FR  IT  EN 
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Summary

The report shows that Switzerland has already firmly established the UN's Sustainable Development Goals in its policies, although challenges still remain. It is in Switzerland's interests to contribute to the financing of sustainable development – through its official development assistance, but increasingly through strategic partnerships and the mobilisation of private resources for sustainable development.

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TITLE Foundations of ESG Investing. Part 4: Integrating ESG into Factor Strategies and Active Portfolios.
AUTHOR MSCI
PUBLISHED Jun 2018
LANGUAGES
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Summary

In part 4 of the paper, the authors analyze extend their analysis of ESG integration across various types of equity protfolios to factor-based and active allocations. The chapter explores how asset owners and asset managers effectively integrate ESG into factor-based and actively managed allocations.

 

TITLE Baseline assessment of Switzerland serving as basis for the country report 2018
AUTHOR Swiss Federal Council
PUBLISHED Jun 2018
LANGUAGES DE  FR  IT  EN 
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Summary

Switzerland was actively involved in developing and shaping the 2030 Agenda and its 17 goals. The goals can be achieved only through a concerted effort by the international community and the participation of all important stakeholders. Switzerland is ready to do its bit, both at a global level and through concrete measures domestically.

The present report is the first comprehensive review of the current status of implementation of the 2030 Agenda (baseline assessment) from the perspective of the Federal Administration. It documents achievements and successes and identifies challenges.

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TITLE Foundations of ESG Investing Part 2: Integrating ESG into Benchmarks
AUTHOR MSCI
PUBLISHED May 2018
LANGUAGES EN 
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Summary

In Part 2 of this paper, MSCI examines four key criteria for an index that serves as a benchmark, whether at the total portfolio level or for individual allocations. They test whether ESG indexes can be used for these purposes, using a “best-in-class” approach index that selects index constituents with strong ESG ratings and an index with a re-weighting methodology that relies on ESG ratings and changes in ESG ratings. While not indicative of future performance, these ESG indexes enhanced risk reduction and led to better risk-adjusted returns during the study period. While the best-in-class methodology had stronger ESG characteristics than the tilted approach, the former had a narrower investment universe.

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TITLE Got it Covered? Insurance in a changing climate
AUTHOR Asset Owners Disclosure Project
PUBLISHED May 2018
LANGUAGES EN 
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Summary

This survey utilises the framework provided by the Task Force on Climate-related Financial Disclosures (TCFD) to benchmark responses from the world’s 80 largest insurers to the AODP survey on climate-related risks and opportunities. As such, the organisation hopes to contribute to the debate surrounding the role of the insurance sector in addressing climate change, resulting in real improvements across the sector. The survey also offers recommendations to both regulators and insurers.

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TITLE Sailing from different harbours G20 approaches to implementing the recommendations of the Task Force on Climate-related Financial Disclosures
AUTHOR Cambridge Institute for Sustainability Leadership (CISL)
PUBLISHED May 2018
LANGUAGES EN 
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Summary

This analysis reviews the progress made by the national regulatory agencies of G20 members in making the recommendations relevant to their national contexts. It considers actions taken by the national (and international in the case of the EU) regulatory authorities in underlining the relevance, and taking steps towards potential implementation, of the TCFD recommendations.

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TITLE Implementing the TCFD recommendations: a guide for asset owners
AUTHOR Principles for Responsible Investment (PRI)
PUBLISHED May 2018
LANGUAGES EN 
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Summary


Asset owners will need high-quality and timely data on climate-related risks to help guide them through the energy transition. The FSB Taskforce on Climate–Related Financial Disclosures (TCFD) provide a global framework to translate non-financial information into financial metrics. The TCFD has been endorsed by over 238 companies, including 150 financial institutions representing a combined market capitalisation of over US$6 trillion and US$81.7 trillion assets under management. Yet, what would adopting the TCFD recommendations mean in practice for asset owners?

This publication provides technical guidance on:

  • actions for asset owners;
  • example of peer asset owner practice on implementing the TCFD recommendations and reducing exposure to climate risk;
  • questions to engage consultants or fund managers on TCFD;
  • climate scenarios.

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TITLE The Green Bond
AUTHOR Skandinaviska Enskilda Banken AB (SEB)
PUBLISHED May 2018
LANGUAGES EN 
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Summary

This paper gives an overview of the current developments in the Green Bond Market. Following an unbridled winter, the green bond market shifted towards a more tentative pattern of issuance growth through the spring, with brighter growth prospects emerging from some slightly overcast patches by April. The report's 2018 base-case issuance scenario is maintained at USD 175 bn for 2018, with the possibility to surprise to the upside once again and cross to USD 210 bn.

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TITLE Foundations of ESG Investing. Part 3: Integrating ESG into Passive Institutional Portfolios
AUTHOR MSCI
PUBLISHED May 2018
LANGUAGES EN 
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Summary

Part 3 of the research paper series focuses on how ESG can be integrated into passive allocations using MSCI ESG Ratings. While not indicative of future results, the MSCI ESG Ratings provided better risk-adjusted returns from August 2010 to December 2017 than the MSCI ACWI Index. MSCI used existing best-in-class selection-based index methodologies for the creation of hypothetical global and regional passive allocations. In the global and regional allocations, the authors found that ESG integration led to a reduction in risks and an increase in valuations compared to their respective parent index.

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TITLE Directive on Information relating to Corporate Governance
AUTHOR SIX Exchange
PUBLISHED May 2018
LANGUAGES DE  EN 
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Summary

Under the Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FMIA), the Regulatory Board determines what information needs to be published so that investors are able to evaluate the characteristics of securities and the quality of issuers. Internationally recognised standards are taken into account (Art. 35 para. 2 FMIA). The information to be published includes details on the management and control mechanisms at the highest corporate level of the issuer (Corporate Governance).

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TITLE A Financial Macro-Network Approach to Climate Policy Evaluation
AUTHOR Veronika Stolbova, Irene Monasterolo, Stefano Battiston
PUBLISHED May 2018
LANGUAGES
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Summary

Existing approaches to assess the economic impact of climate policies tend to overlook the financial sector and to focus only on direct effects of policies on the specific institutional sector they target, neglecting possible feedbacks between sectors. To fill in this gap, they develop a methodology based on financial networks, which allows for analyzing the transmission throughout the economy of positive or negative shocks induced by the introduction of specific climate policies. This methodology is applied to empirical data of the Euro Area to identify the feedback loops between the financial sector and the real economy. By focusing on climate policy-induced shocks that affect directly either the banking sector or non-financial firms, the paper analyzes the reinforcing feedback loops that could amplify the effects of shocks on the financial sector and then cascade on the real economy. Our analysis helps to understand the conditions for virtuous or vicious cycles to arise in the climate-finance nexus and to provide a comprehensive assessment of the economic impact of climate policies.

TITLE Bedeutung und Stellenwert der OECD-Leitsätze für multinationale Unternehmen in der Schweiz
AUTHOR Herbert Winistörfer, Claus-Heinrich Daub, Seta Thakur, Verena Berger, Marie-Christin Weber
PUBLISHED May 2018
LANGUAGES DE 
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Summary

Um ihrer gesellschaftlichen Verantwortung nachzukommen und Erwartungen von Anspruchsgruppen zu erfüllen, beziehen sich Unternehmen häufig auf international akzeptierte und legitimierte CSR-Standards. Unter diesen Standards nehmen die OECD-Leitsätze für multinationale Unternehmen eine besondere Stellung ein. Durch die nationalen Kontaktpunkte (NKP) - in der Schweiz das Staatssekretariat für Wirtschaft (SECO) -  und ein entsprechendes Beschwerdeverfahren, verfügen die Leitsätze über eine einzigartige hoheitliche Komponente.

Mit der nachfolgenden Studie wollen das SECO sowie die DEZA den Stellenwert der OECD-Leitsätze und des NKPs für Schweizer Unternehmen ermitteln. Zugleich wurden Informationen über den Bedarf an Unterstützung für Unternehmen bei der Umsetzung der OECD-Leitsätze erhoben.

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TITLE Swiss Sustainable Investment Market Study 2018
AUTHOR Swiss Sustainable Finance (SSF)
PUBLISHED May 2018
LANGUAGES DE  FR  EN 
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Summary

This is the first time Swiss Sustainable Finance (SSF) provides its own comprehensive market overview of sustainable investments in Switzerland. The study highlights the growing importance of sustainability within the Swiss financial community and sheds more light on the background and drivers for this development.The market study also includes case studies from two large asset owners (Migros Pension Fund and Geneva Cantonal Pension Fund CPEG), interviews from the Federal Office for the Environment (FOEN) and the State Secretariat for International Finance (SIF), and a comprehensive chapter on regulatory issues applying to Switzerland as well as globally. 

The full report is available in English and summaries in German and French.

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TITLE How to invest in the low-carbon economy: an institutional investor's guide
AUTHOR Principles for Responsible Investsment (PRI)
PUBLISHED May 2018
LANGUAGES EN 
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Summary

This guide highlights the investment strategies available to investors in their efforts to align their investment portfolios with a lower carbon, more climate-resilient economy. It is designed for investors that have developed (or are in the process of building) their climate-related policies and processes, and are moving to implement them (particularly, the implications for investment allocations).

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TITLE Connecting Finance to Natural Capital: a supplement to the natural capital protocol
AUTHOR UNEP FI, Natural Capital Coalition, Natural Capital alliance, VBDO
PUBLISHED Apr 2018
LANGUAGES EN 
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Summary

This Supplement is based on the framework of the Natural Capital Protocol, a standard decision-making process written for business, made up of four stages covering ‘why’, ‘what’, ‘how’, and ‘what next’. This document builds on the Protocol, providing sectorspecific guidance to make the Protocol more applicable and practical for financial institutions. It provides a framework for financial institutions to assess the natural capital impacts and dependencies of the entities and portfolios that they support. These impacts and dependencies represent an indirect relationship to natural capital on the part of the financial institution.

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