Digital library on sustainable finance

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TITLE Global Sustainable Investment Review 2018
AUTHOR Global Sustainable Investment Alliance
PUBLISHED Apr 2019
LANGUAGES EN 
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Summary

The Global Sustainable Investment Review 2018, the fourth edition of this biennial report, collates the results from the market studies of regional sustainable investment forums from Europe, the United States, Japan, Canada, and Australia and New Zealand. It provides a snapshot of sustainable investing in these markets at the start of 2018 by drawing on the in-depth regional and national reports from GSIA members—Eurosif, Japan Sustainable Investment Forum (JSIF), Responsible Investment Association Australasia, RIA Canada and US SIF.

This report also includes data on the African sustainable investing market, from the African Investing for Impact Barometer, and on Latin America from the Principles for Responsible Investment.

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TITLE Sizing the Impact Investing Market
AUTHOR Global Impact Investing Network (GIIN)
PUBLISHED Apr 2019
LANGUAGES EN 
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Summary

The Global Impact Investing Network’s Sizing the Impact Investing Market report provides an in-depth analysis of the current size and composition of the impact investing market. The GIIN estimates the current size of the global impact investing market to be $502 billion.

Based on the collation of AUM data on more than 1,300 impact investors around the world, this research also underscores the diversity of the market, capturing data from many types of investors. These include asset managers, foundations, banks, development finance institutions, family offices, pension funds, insurance companies, and others.

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TITLE A call for action. Climate change as a source of financial risk
AUTHOR Network for Greening the Financial System (NGFS)
PUBLISHED Apr 2019
LANGUAGES EN 
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Summary

In its first comprehensive report  the Network for Greening the Financial System (NGFS) provides six recommendations for central banks, supervisors, policymakers and financial institutions to enhance their role in the greening of the financial system and the managing of environment and climate-related risks.

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TITLE UBS Investor Watch: Own your Worth
AUTHOR UBS
PUBLISHED Mar 2019
LANGUAGES DE  FR  IT  EN 
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Summary

For the 2019 Q1 Investor Watch, UBS looked at how women worldwide engage with their finances. From September 2017 to January 2019, UBS surveyed 3,652 women and led in-depth interviews with 71 respondents, showing that while 80% of women globally are highly involved in their short-term finances, almost 60% of women do not engage in long-term financial activities such as investing, insurance or retirement.

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TITLE Paradigm shift in financial market
AUTHOR PwC & WWF
PUBLISHED Mar 2019
LANGUAGES EN 
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Summary

This study discusses the economic and legal impacts of the EU Action Plan Sustainable Finance on the Swiss financial sector and makes concrete recommendations for sustainable finance in Switzerland. Most importantly, Switzerland must adapt its framework conditions in such a way that the Swiss financial sector will continue to have access to the European market and be able to keep pace with international developments.

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TITLE FC4S Network State of Play Report 2019
AUTHOR UN Environment FC4S
PUBLISHED Mar 2019
LANGUAGES EN 
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Summary

The UN Environment convened Financial Centers for Sustainability (FC4S) Network published the first State of Play report, which measures the contribution of financial centres to sustainable development and the ongoing low-carbon transition.

The report looks at how the world’s leading financial centres are entering a new phase of strategic action on green and sustainable finance and also identifies key challenges.

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TITLE ESG integration in Europe, the Middle East, and Africa: markets, practices, and data
AUTHOR CFA Institute and PRI
PUBLISHED Mar 2019
LANGUAGES EN 
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Summary

This best practice report contains guidance on ESG integration in equity and fixed income investments and case studies on how ESG integration is “done” by leading practitioners. The report is intended to help investors learn how they can better integrate ESG data into their analysis and investment decision making.

The report focuses on the current state of ESG integration in Europe, the Middle East and Africa (EMEA). Other regional reports focus on the Americas and APAC regions.

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TITLE Swiss Pension Funds and Responsible Investment
AUTHOR WWF
PUBLISHED Feb 2019
LANGUAGES DE  FR  IT  EN 
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Summary

The WWF Pension Funds Rating 2018/2019 analyses and assesses the 20 largest pension funds in Switzerland (based on assets under management at the end of 2016). The WWF Pension Funds Rating was carried out for the second time as a way of initiating a regular dialogue with the participating pension funds and their stakeholder groups.

The full rating is available in German, with summaries in French, English and Italian.

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TITLE Holders of Last Resort: The Role of Index Funds and Index Providers in Divestment and Climate Change
AUTHOR Patrick Jahnke
PUBLISHED Feb 2019
LANGUAGES EN 
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Summary

This paper shows how passive funds can make a full contribution to mitigating climate change. As a growing number of institutional asset owners are divesting from coal assets, index funds are becoming the holders of last resort. The common wisdom has it that index funds cannot sell out of individual stock holdings. This paper investigates the relationship between index providers and index funds and finds the traditional understanding that index investors cannot sell to be false. Instead an increasing prevalence of index investors switching both indices and index providers is noted.

The paper also suggests a number of solutions for index funds to reduce the carbon intensity of their funds, such as switching the indices their funds employ, discontinuing niche ETFs that are carbon intensive, reducing fees on low-carbon investments, or making use of their financial clout, as index providers’ biggest customers, to advocate for selective index amendments.

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TITLE Spotlight on Responsible Investment in Private Debt
AUTHOR Principles for Responsible Investment (PRI)
PUBLISHED Feb 2019
LANGUAGES EN 
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Summary

The core concepts of responsible investment are the consideration of ESG factors in investment decisions and investor stewardship, alongside a commitment to both corporate and investor transparency. Such concepts apply to all asset classes, but there are differences in the way practitioners implement responsible investment depending on whether they invest in public or private debt or equity, and in liquid or illiquid markets.

To date, little has been written about how investors can invest responsibly in private debt. This paper aims to promote better understanding of the rationale for responsible investment in the context of private debt investments, and is based on desk research, interviews with 18 investors and industry stakeholders, and group discussions among PRI signatories.

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TITLE The Missing Link. Linking Financial Stability with Environmental Stability
AUTHOR Ecos
PUBLISHED Feb 2019
LANGUAGES EN 
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Summary

This publication explores "the missing link” that exists between financial stability and environmental stability and is based on research conducted in 2017/2018 which was completed during the last OECD Forum on Green Finance and Investment. It discusses the role prudential authorities such as central banks, financial supervisory authorities, or standard setters, should play in assessing and mitigating climate-related risks.

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The_missing_link_Policy-Recommendations (pdf 2.7 MB)
TITLE Social Impact Investment 2019. The Impact Imperative for Sustainable Development.
AUTHOR OECD
PUBLISHED Jan 2019
LANGUAGES EN 
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Summary

This publication is a sequel to the OECD 2015 report on Social Impact Investment (SII), Building the Evidence Base, bringing new evidence on the role of SII in financing sustainable development. It depicts the state of play of SII approaches globally, comparing regional trends, and assesses its prospects, with a special focus on data issues and recent policy developments.

Importantly, it provides new guidance for policy makers in OECD and non-OECD countries, as well as providers of development co-operation, development financers, social impact investment practitioners and the private sector more broadly, to help them maximise the contribution of social impact investing to the 2030 Agenda.

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TITLE On Values in Finance and Ethics
AUTHOR Henry Schäfer
PUBLISHED Jan 2019
LANGUAGES EN 
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Summary

Why has conventional capital market theory and the theory of finance ignored systematically ethics in the last decades? Are ethics and finance really counterparts? These and many other questions are tackled in the latest book of Prof. Dr. Henry Schäfer, which delivers an overarching discussion and analysis of the building blocks of modern capital market theory and an analysis of its hidden ethical content.

The book illustrates the significant degree of alienation between the financial and the real side of economies, stemming from the long-standing struggle between ethics and economics. Furthermore, it provides a roadmap of modern value thinking, highlighting the crucial role of stakeholders and non-governmental organizations.

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TITLE Report on Climate-related Disclosures
AUTHOR EU Technical Expert Group on Sustainable Finance
PUBLISHED Jan 2019
LANGUAGES EN 
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Summary

The EU Technical Expert Group on Sustainable Finance released a report on climate-related disclosures as an input into the revision of the guidance framing non-financial corporate disclosure in the EU.

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TITLE The Global Risks Report 2019
AUTHOR World Economic Forum (WEF)
PUBLISHED Jan 2019
LANGUAGES EN 
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Summary

According to the 14th edition of World Economic Forum’s global risks report, environmental risks dominate the global risks landscape in terms of impact and likelihood for the third year in a row.

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TITLE Statement on disclosure of ESG matters by issuers
AUTHOR International Organization of Securities Commissions
PUBLISHED Jan 2019
LANGUAGES EN 
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Summary

The International Organization of Securities Commissions (IOSCO) published its first official statement setting out the importance of including ESG matters when disclosing information material to investors’ decisions.

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TITLE Values at Risk? Sustainability risks and goals in the Dutch financial sector
AUTHOR De Nederlandsche Bank (DNB)
PUBLISHED Jan 2019
LANGUAGES EN 
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Summary

In the present study, De Nederlandsche Bank (DNB) looks into environmental and social risks to which financial institutions might be exposed, focusing on 25 large and medium-sized Dutch financial institutions.

The report explores the extent to which selected environmental and social challenges, not just related to climate change, pose risks to financial institutions. It also takes stock of the processes that financial institutions have set up to lend direction to their sustainability policies.

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TITLE Ethical and Sustainable Finance in Europe
AUTHOR Fondazione Finanza Etica
PUBLISHED Jan 2019
LANGUAGES IT  EN 
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Summary

This is the second report on ethical and sustainable finance in Europe, which compares the performance and solidity of European ethical and sustainable banks with those of European systemic banks.

Through updated figures, the report shows that ethical banks are financially sounder than systemic ones and haven’t suffered significant losses during the last financial crisis. Furthermore, ethical and sustainable banks provide citizens with a great opportunity: playing a leading role in building a more cohesive, inclusive and supportive Europe.

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TITLE European SRI Study 2018
AUTHOR Eurosif
PUBLISHED Nov 2018
LANGUAGES EN 
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Summary

The 8th edition of the Eurosif SRI study gives a detailed picture of the European SRI industry, covering institutional and retail investor from 12 European markets.

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TITLE Rethinking Impact to Finance the SDGs
AUTHOR UNEP Finance Initiative
PUBLISHED Nov 2018
LANGUAGES EN 
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Summary

The paper reviews the scope and nature of the financing gap for sustainable development and the Sustainable Development Goals (SDGs) in order to propose new solutions for finance, business and a broader set of stakeholders. It builds on the Positive Impact Initiative’s earlier Manifesto (2015) and Principles for Positive Impact Finance (2017), clarifying the concepts of impact-based business models, impact-based economy and holistic impact analysis

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TITLE Get Real! Individuals Prefer More Sustainable Investments
AUTHOR Rob Bauer, Tobias Ruof, Paul Smeets
PUBLISHED Nov 2018
LANGUAGES EN 
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Summary

Do people put their pension savings on the table to promote sustainability? This paper answers the question in a large-scale field experiment (n = 3,256). The pension fund in the study gave its members a real vote for more or less sustainable investments. A comparison group made the same decision, but hypothetically. The paper finds that 66.7% of the participants favor to invest their pension savings in a sustainable manner.

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TITLE Sustainable investing: How to do it
AUTHOR Dirk Schoenmaker
PUBLISHED Nov 2018
LANGUAGES EN 
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Summary

Sustainable investment is gaining momentum in Europe, but its current proposed taxonomy might hinder innovation in the field. In this policy paper, Dirk Schoenmaker advocates for an active investment approach with concentrated portfolios, and sets out a six-point plan for sustainable investing.

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TITLE SWIPRA Corporate Governance Survey 2018
AUTHOR SWIRPA
PUBLISHED Nov 2018
LANGUAGES EN 
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Summary

The 6th SWIRPA Corporate Governance Survey, conducted in cooperation with researchers at the DBF (UZH), covers developments in governance in the Swiss market. A total of 154 participants filled out the survey, representing more than 77% of the SPI market cap and 26% of global equity AuM.

A presentation of the finding is available for download.

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TITLE Positive Impact Real Estate Investment Framework
AUTHOR UNEP FI Property Working Group
PUBLISHED Nov 2018
LANGUAGES EN 
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Summary

In order to help property investors develop and implement an impact-based approach in their investments, an action-oriented investor framework has been developed to help guide decisions at any stage of the property investment cycle.

This report focuses on four Investment Objectives which offer a way for institutions to frame decision-making for more immediate-term investment activities and longer-term aspirations that derive from Positive Impact’s holistic and impactbased approach.

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TITLE Public Sentiment and the Price of Corporate Sustainability
AUTHOR George Serafeim
PUBLISHED Oct 2018
LANGUAGES EN 
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Summary

Combining corporate sustainability performance scores based on environmental, social and governance (ESG) data with big data measuring public sentiment about a company’s sustainability performance, this paper finds that the valuation premium paid for companies with strong sustainability performance has increased over time and that the premium is increasing as a function of positive public sentiment momentum. The evidence suggests that public sentiment influences investor views about the value of corporate sustainability activities
and thereby both the price paid for corporate sustainability and the investment returns of portfolios that consider ESG data.

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SSRN-id3265502 (pdf 572.0 kB)
Showing 1 - 25 of 365 Reports

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