Digital library on sustainable finance

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TITLE Schroders Institutional Investor Study 2018. Institutional perspectives on sustainable investing
AUTHOR Schroders
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

This global study was commissioned for a second year by Schroders to analyse institutional investors and their attitudes towards sustainable investments, investment objectives and risk. Respondents represent a variety of institutions, including pension funds, foundations, endowments and sovereign wealth funds and manage approximately $24 trillion in assets. The 650 institutional respondents were sourced from 15 different countries.

The study found that while the outlook for incorporating sustainability in institutional portfolios is strong, sustainability currently plays a muted role in investment decision-making. 

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TITLE The Inevitable Policy Response: Act Now
AUTHOR Principles for Responsible Investment (PRI)
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

This overview paper is the first in a body of work on an inevitable, rapid and forceful climate policy response, developed by the PRI in order to help institutional investors take action and implement processes to build resilience across investment portfolios. 

The report series assesses the investment implications of a rapid and forceful policy response to close the gap to the Paris Agreement – what is referred to as an Inevitable Policy Response (IPR) – having recognized that the full impact of a delayed, but forceful policy response has not been widely debated or understood by many in the institutional investment community. 

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TITLE The Inevitable Policy Response: Why
AUTHOR Energy Transition Advisors
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

This technical paper is part of a body of work on an inevitable, rapid and forceful climate policy response. It was developed by the PRI in order to help institutional investors take action and implement processes to build resilience across investment portfolios, in face of what is referred to as the Inevitable Policy Response (IPR).

This paper explains why a forceful climate policy response is inevitable and sets out the multiple forces building in the system that could come forward and trigger a rapid (but also late and costlier) policy suite by governments.

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TITLE The Inevitable Policy Response: When, What and How
AUTHOR Vivid Economics
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

This technical paper is part of a body of work on an inevitable, rapid and forceful climate policy response. It was developed by the PRI in order to help institutional investors take action and implement processes to build resilience across investment portfolios, in face of what is referred to as the Inevitable Policy Response (IPR).

Having considered the various potential drivers of an IPR, the paper further considers when the IPR could occur, what policy and technology pathways it might take, and how these pathways would affect the macroeconomy and risk-returns of financial assets.

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TITLE The Inevitable Policy Response: Strategic Asset Allocation and Portfolio Construction
AUTHOR Energy Transition Advisors
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

This technical paper is part of a body of work on an inevitable, rapid and forceful climate policy response. It was developed by the PRI in order to help institutional investors take action and implement processes to build resilience across investment portfolios, in face of what is referred to as the Inevitable Policy Response (IPR).

The paper presents a framework that institutional investors can utilise as part of their response to an IPR outcome. It will help prepare investors for an IPR and the implications it will have for further adapting and shifting SAA processes and portfolio construction techniques. 

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TITLE The Inevitable Policy Response: Investor Actions
AUTHOR Energy Transition Advisors
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

This technical paper is part of a body of work on an inevitable, rapid and forceful climate policy response. It was developed by the PRI in order to help institutional investors take action and implement processes to build resilience across investment portfolios, in face of what is referred to as the Inevitable Policy Response (IPR).

This paper pulls together the strands of the IPR, and sets out the issues to support a robust investor response ross the broader areas of portfolio management processes, including taking preparatory action to review governance arrangements, risk management processes, engagement with policy-makers, companies and service providers.

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TITLE Financing the Sustainable Development Goals: Impact Investing in Action
AUTHOR Global Impact Investing Network (GIIN)
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

This report reiterates the need for impact investors to raise and direct new capital to help meet the Sustainable Development Goals by 2030 and showcases how select impact investors are taking action.

The compendium of five case studies describes how the goals can be woven into the various stages of the investment cycle, as well as investors’ motivations for doing so, advice for other investors, and outlook for the industry. 

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TITLE Sustainable Investing Capabilites of Private Banks. Assessment of 15 European Private Banks
AUTHOR Center for Sustainable Finance and Private Wealth UZH
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

This report analyzes the sustainable investing capabilites of 15 private banks. The analysis refined and extended a framework and questionnaire developed by the Center for Sustainable Finance and Private Wealth (CSP) for a pilot report in 2017. 

The updated results show a diverse range of practices, but no single bank satisfying all the needs of private investors interested in SI. While the industry on average has well-established SI policies and targets, only few banks have top management paying attention to SI initiatives and even this is a rather recent phenomenon.

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TITLE UBS Investor Watch: Return on values, 3Q 2018
AUTHOR UBS
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

The UBS Investor Watch report "Return on values" is a large recurring global study of High Net Worth Investors (HNWIs).

The 3Q 2018 study reveals stark differences in the sustainable investing landscape. Emerging economies, such as China, Brazil and the U.A.E, indicate they have the highest rates of adoption of sustainable investing (60%, 53% and 53%), while investors in the U.S. and the U.K. lag behind (12% and 20%).

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UBS Investor Watch-3q-2018-global-report-en (pdf 180.1 kB)
TITLE Climate Bonds Taxonomy
AUTHOR Climate Bond Initiative
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

The Climate Bonds Taxonomy is a guide to climate aligned assets and projects. It is a tool for issuers, investors, governments and municipalities to help them understand what the key investments are that will deliver a low carbon economy. 

The 2018 Guide incorporates a full update of both the content and the format. It is the most detailed climate aligned criteria available in the market and provides guidance to issuers, investors, governments and municipalities interested in addressing the negative impacts of climate change.

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TITLE Global Insurance Report 2018
AUTHOR BlackRock
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

The 2018 BlackRock Global Insurance Report summarises the key findings gained from surveying 372 senior executives in the insurance and reinsurance industry across 27 countries.

As well as assessing trends in investor sentiment and the outlook for investment strategy, the report explores how insurers increasingly take into account environmental, social and governance (ESG) considerations.

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TITLE Task Force on Climate-related Financial Disclosures: 2018 Status Report
AUTHOR Task Force on Climate-related Financial Disclosure (TCFD)
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

In June 2017, the Task Force on Climate-related Financial Disclosures (TCFD) released its final recommendations, which provided a framework for companies to develop more effective climate-related financial disclosures through their existing reporting processes. 

This is the first Status Report to the Financial Stability Board (FSB), providing an overview of current disclosure practices and their alignment with the core elements of the TCFD recommendations.

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TITLE Zur aktuellen Lage schweizerischer Pensionskassen: Complementa Risiko Check-up 2018
AUTHOR Complementa
PUBLISHED Sep 2018
LANGUAGES DE 
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Summary

This year's evaluation of the complmenta risk check-up of the Swiss pension funds contains a special feature chapter on the topic of sustainability. 

The study covers 421 pension funds and an aggregated total assets of CHF 646.5 billion.

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TITLE Ethos Engagement Paper: Corporate Tax Responsibility
AUTHOR Ethos Foundation
PUBLISHED Sep 2018
LANGUAGES DE  FR  EN 
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Summary

Institutional investors today are sensitive regarding the tax strategies of the companies in which they invest. Following recent cases of aggressive tax optimization practices of certain companies, institutional investors consider these practices to be major financial and reputational risks for companies and their shareholders

This paper publishes five expectations and best-practices regarding corporate tax responsibility of listed companies. 

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TITLE Stimulating Non-Bank Financial Institutions' Participation in Green Investments
AUTHOR Asian Development Bank Institute
PUBLISHED Aug 2018
LANGUAGES EN 
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Summary

This paper analyzes the approaches adopted by institutional investors to manage climate risk in their portfolios. The authors review the evidence about the adoption of these strategies, in both advanced and developing capital markets. They then analyze the pros and cons of each strategy in promoting more sustainable climate practices and identify best practices. The paper concludes with policy recommendations for capital markets regulators to incentivize the adoption of sustainable practices among institutional investors and calls for the standardization of definitions of green investments and financing tools to avoid greenwash.

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TITLE Managing Credit Risk and Improving Access to Finance in Green Energy Projects
AUTHOR Asian Development Bank Institute
PUBLISHED Aug 2018
LANGUAGES EN 
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Summary

This working paper finds that credit risk assessment and ratings tend to overstate credit risk and thereby constrain finance for clean energy projects. The cost of finance has a relatively high impact on the returns and viability of clean energy projects compared with fossil fuel-based energy projects, because the operating costs for renewable energy projects are very low. Access to institutional finance is particularly constrained in the distributed renewable energy sector, as the transaction costs are high, consumer credit risk is high or unknown, and a variety of other challenges exist. 

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TITLE Impact investing market map
AUTHOR Principles for Responsible Investsment (PRI)
PUBLISHED Aug 2018
LANGUAGES EN 
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Summary

The impact investing market map is designed to offer guidance and best practice on what constitutes an impact investment. It focuses on medium and large impact investing companies in the real economy and contains information (definitions, criteria, KPIs) on 10 thematic investments themes that contribute to sustainability and the SDGs.

The resource aims to bring more clarity to the process of identifying mainstream impact investing companies and thematic investments so that asset owners and fund managers can better assess opportunities in this market.

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TITLE Behind the Scenes of Impact Investment Policy-Making
AUTHOR World Economic Forum
PUBLISHED Aug 2018
LANGUAGES EN 
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Summary

This paper provides a snapshot of impact investment policy-making. Its purpose is to share real reflections from governments across the world and foster more collaboration on the way that policy in this area is designed and delivered.

Using evidence from over 50 interviews with policy-makers, civil society and private sector stakeholders across 17 countries, the paper provides a number of practical examples and first-hand reflections on how governments can be more effective in designing policy to support impact investing and helping this nascent market develop.

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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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180716_Divestment-from-Fossil-Fuels_The-Financial-Case_July-2018_IEEFAorg (pdf 1.8 MB)
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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NAVIGATING A NEW CLIMATE (002) (pdf 5.4 MB)
TITLE The impact of ESG investing in corporate bonds
AUTHOR Fidelity International
PUBLISHED Jul 2018
LANGUAGES EN 
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Summary

This whitepaper investigates the relationship between ESG scores and characteristics of corporate bonds issuers. The authors examine the main investment implications in fixed income, focusing on corporate bond issuers, and investigate the impact of ESG factors on fixed income portfolios. The paper then aims to establish empirically whether ESG characteristics can be considered an additional, independent risk factor with respect to traditional fixed income factors. To this end, ESG scores are used in combination with traditional investment metrics such as issuer financials, default probability, liquidity measures and spread performance.

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ESG White Paper_FidelityInternational_ FINAL (pdf 550.7 kB)
TITLE Broad Diversity as a Driver of Meritocracy
AUTHOR Invesco
PUBLISHED Jul 2018
LANGUAGES EN 
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Summary

Diversity was once seen mainly as a manifest realisation of the quest for social justice. Today, especially in a workplace setting, it is also widely recognised as a source of competitive advantage and as an issue that acknowledges the differences that might exist not just between demographics or groups but between individuals.

This whitepaper traces diversity in the workplace over the course of almost 50 years. It revisits the research that highlighted diversity's contribution to team performance and concludes by exploring the millennial generation’s unprecedented and increasingly influential commitment to the cause. 

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TITLE ESG’s Evolving Performance: First, Do No Harm
AUTHOR Axioma
PUBLISHED Jul 2018
LANGUAGES EN 
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Summary

This whitepaper evaluates the investment performance of ESG, paying particular attention to recent performance and highlighting the difference between ESG scores that overlap with traditional risk model factors and those that don’t. The analysis indicates that, in general, increasing exposure to ESG rarely underperforms the market, and often outperforms the market, especially during the last few years.

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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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Showing 1 - 25 of 328 Reports

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