Digital library on sustainable finance

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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 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)
TITLE Green Digital Finance. Mapping Current Practice and Potential in Switzerland and Beyond
AUTHOR UNEP Inquiry
PUBLISHED Oct 2018
LANGUAGES EN 
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Summary

As a global financial centre with a growing strategic interest in sustainable finance, and a country recognized as a leader in digital technologies and innovation, Switzerland is seeking an improved understanding of how digital finance can accelerate the greening of financial flows. UN Environment, with support from the Swiss Federal Office for the Environment (FOEN), undertook a stocktaking to map emerging green digital finance practices in Switzerland and globally in 2018. The paper provides options for a number of national and international actions that could be taken forward by different stakeholder groups.

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TITLE Sustainable investing and bond returns
AUTHOR Barclays
PUBLISHED Oct 2018
LANGUAGES EN 
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Summary

Much research has been done on the relationship between environmental, social and corporate governance (ESG) investing and performance in equity markets, but far less on its effect on the credit markets. This study into the behaviour of corporate bond portfolios showed that applying ESG factors resulted in a small but steady performance benefit and no evidence of a negative effect.

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TITLE Technical Expert Group on Sustainable Finance – Frequently Asked Questions
AUTHOR EU Commission
PUBLISHED Oct 2018
LANGUAGES EN 
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Summary

This document contains answers to frequently asked questions regarding the work of the Technical Expert Group on Sustainable Finance (TEG) set up by the EU Commission, and the legislative proposals that frame its work.

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TITLE The case for sustainable bond investing strengthens
AUTHOR Barclays
PUBLISHED Oct 2018
LANGUAGES EN 
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Summary

This study explores the relationship between ESG and credit portfolio performance in the US dollar and euro investment grade credit markets, as well as the USD high yield credit market. The study found that favouring bond issuers with high ESG ratings can generate positive returns across markets, geographies and sectors.

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TITLE Why and how investors can respond to income inequality
AUTHOR UN PRI & TIIP
PUBLISHED Oct 2018
LANGUAGES EN 
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Summary

Institutional investors are increasingly realising that income inequality—the gap in income and wealth between the very affluent and the rest of society—has become one of the most noteworthy socioeconomic issues of our time. The report identifies three themes material to long-term investors and also suggests paths that investors might take to adopt a more balanced view of how to create value, manage system-level risks and maximize rewards while still operating profitably and enjoying competitive returns.

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TITLE Mainstreaming Sustainable Investment
AUTHOR Michael J. Greis CFA
PUBLISHED Oct 2018
LANGUAGES EN 
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Summary

Like all investors, sustainable investors juggle various motivations: improving investment performance, achieving an economic or a societal outcome, and investing in ways consistent with their values/beliefs. The challenge for sustainable investment professionals is to understand their clients’ motivations and then shape their expectations and investment strategy accordingly. Given this range of motivations and the diversity of environmental, social, and governance systems, it should not be surprising that there are many ways to approach investing sustainably.

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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 Baseline report: Pilot project on the implementation of the OECD-FAO Guidance for Responsible Agricultural Supply Chains
AUTHOR OECD & FAO
PUBLISHED Sep 2018
LANGUAGES EN 
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Summary

To support the practical application of the OECD-FAO Guidance, in early 2018 the OECD and FAO launched an implementation pilot with over thirty companies and industry initiatives. The first stage of the pilot was a baseline survey to assess how companies and industry initiatives are implementing the OECD-FAO Guidance and other related international standards. This report presents the findings of the baseline assessment.

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