Digital library on sustainable finance

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TITLE Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management Final Report
AUTHOR OICV-IOSCO
PUBLISHED Nov 2021
LANGUAGES EN 
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Summary

This Final Report, drafted by the IOSCO Task Force on Sustainable Finance (STF), follows the Consultation Report titled Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management that was published on 30 June 2021 (the Consultation Report). The aim is to improve sustainability-related practices, policies, procedures and disclosures in the asset management industry and makes 5 recommendations for securities regulators and policymakers. These recommendations cover (1) asset manager practices, policies, procedures and diclosure, (2) product disclosure, (3) supervision and enforcement, (4) terminology and (5) financial and investor education. Within the report itself Chapter 1 offers an introduction, Chapter 2 provides an overview of regulatory approaches relevent to asset manager practices and disclosure including the TCFD Framework, Chapter 3 focuses on regulatory approaches related to product disclosure, chapter 4 analyses the role of financial and investor education in sustainable finance and provides a market over, chapter 5 addresses challenges and chapter 6 illustrated IOSCO's final recommendations for securities regulators and policymakers.

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TITLE Private Asset Impact Fund Report 2021 Insights on investment trends in the private asset impact fund universe.
AUTHOR Tameo Impact Fund Solutions
PUBLISHED Nov 2021
LANGUAGES EN 
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Summary

This report is the outcome of a four-month-long survey conducted by Tameo on private asset impact funds (PAIFs) with a focus on developing countries. The surveyed market consists of all investment vehicles operated by specialized impact fund managers and that have more than 50% of their non-cash asset allocated both to private debt or private equity instruments and to emerging and frontier markets, with a development impact bias.

The 2021 survey brings together the most comprehensive dataset to date on this investment fund universe. It also segments the analysis by each fund’s primary asset class (fixed income, equity and mixed funds) and primary impact sector (climate & energy; food & agriculture; health & education; housing, water & communities; microfinance; SME development; and multi-sector funds). It also delves into those impact management and measurement approaches that are inherent to development finance investments. The report highlights microfinance fund data given their historical prominence within the PAIF landscape.

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TITLE Responsible Banking: Building Foundations - The first collective progress report of the UN Principles for Responsible Banking Signatories
AUTHOR UNEP FI
PUBLISHED Oct 2021
LANGUAGES EN 
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Summary

Responsible Banking: Building Foundation is the first collective progress report of the Principles for Responsible Banking signatories. It synthesizes individual reporting from over 200 signatories, providing a status update on their progress in implementing the PRB framework, and thereby taking steps to align their business strategies with the UN Sustainable Development Goals and Paris Climate Agreement.

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TITLE Credible Ambition, Immediate Action - The first progress report of the UN-convened Net-Zero Asset Owner Alliance
AUTHOR UNEP FI, PRI, WWF
PUBLISHED Oct 2021
LANGUAGES EN 
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Summary

This report summarises the actions, activities and achievements of the UN-convened Net-Zero Asset Owner Alliance and its members since its establishment in September 2019.

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TITLE Global ESG Disclosure Standards for Investment Products 2021
AUTHOR CFA Institute
PUBLISHED Oct 2021
LANGUAGES EN 
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Summary

CFA Institute is a not-for-profit association of investment professionals with the mission of leading the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. The Global ESG Disclosure Standards for Investment Products (the “Standards”) are ethical standards based on the principles of fair representation and full disclosure. They are designed to communicate information about an investment product’s consideration of environmental, social, and governance (ESG) issues in its objectives, investment process, or stewardship activities

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TITLE Eurosif Report 2021 - Fostering Investor Impact
AUTHOR Eurosif
PUBLISHED Oct 2021
LANGUAGES EN 
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Summary

This 2021 Eurosif report seeks to shift the narrative and set a new course for sustainable finance by focusing on how financial can achieve positive outcomes in the real world.

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TITLE Sustainability in the Ticino Banking Sector
AUTHOR Supsi (University of Applied Sciences and Arts of Southern Switzerland), Jenny Assi and Caterina Carletti
PUBLISHED Sep 2021
LANGUAGES IT 
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Summary

The Swiss financial sector is in a period of transition toward more sustainable practices, in which banks can be pivotal contributors. In order to be successful, banks must leverage their services, asset management and private clients toward sustainability. Within this study, the Ticino Banking Association chronicles these developments and evaluates sustainable finance initiatives being undertaken in order to encourage sector specific action, demonstrate best practice within the Ticino financial market and interrogate CSR practices. SSF acted as partner for this study.

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TITLE The Net in Net-Zero: the Role of Negative Emissions in Achieving Climate Alignment for Asset Owners
AUTHOR UNEP, PRI, WWF
PUBLISHED Sep 2021
LANGUAGES EN 
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Summary

This Net-Zero Asset Owner Alliance position paper presents the basis for scaling carbon dioxide removal (CDR) solutions, including a mix of land-based carbon sinks, nature-based solutions and technological carbon removal approaches, which are essential for alignment to a 1.5°C pathway.

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TITLE Health: An Untapped Asset - How Investors can strengthen returns by improving health outcomes
AUTHOR ShareAction
PUBLISHED Sep 2021
LANGUAGES EN 
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Summary

In this report by ShareAction, the often ignores ESG aspect of health is examined through the lens of it being a systemic risk that investors cannot simply diversify away from. Investors driving positive health outcomes are examined alongside existing barriers and future opportunities.

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TITLE Do Investors Care About Impact?
AUTHOR University of Zürich, Heeb et al. 2021
PUBLISHED Aug 2021
LANGUAGES EN 
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Summary

This study investigates the link between investor’s willingness to pay (WTP) for sustainable investments and the extent of the impact of such investments. The authors conclude that investors do favour sustainable investment mainly due to the so- called “warm glow” derived from buying such investments, but do not necessarily value the degree of positive impact when comparing different investments. This means that investors value that an investment is sustainable compared to unsustainable, but the extent of sustainability depends more on the investment choices presented rather than any intrinsic quality of the investment. Investor decision can therefore be influenced by the “arbitrary choice set up”, namely the comparison to the other investments alongside which one sustainable investment is presented. The biggest influence on the investment choice made was therefore how the investment is perceived compared to other options, rather than anything else. This effect is termed “scope neglect”, which means that other potentially influencing aspects, i.e. the definition of the scope of the investment, is ignored. Investors value whether or not an investment contributes to climate change mitigation, but not necessarily, to what extent it contributes to it. The authors of the study indicated that greenwashing within the financial industry is made possible by these concepts of “warm glow” and “scope neglect”. The responsibility to communicate authentically therefore lies with those financial players who create the choice set up for investors.

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TITLE Sustainable finance Investment and financing needed for Switzerland to reach net zero by 2050
AUTHOR SwissBanking, Boston Consulting Group
PUBLISHED Aug 2021
LANGUAGES DE  FR  EN 
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Summary

In this publication investment and financing that is required to meet Switzerland's 2050 goals is evaluated. Investments totaling CHF 387 billion will be required by 2050. This means an average annual investment requirement of CHF 12.9 billion. According to this report, it is feasible that most of the necessary investment comes from lending and the capital market. Banks will gain a new business opportunity in financing, but also face logistical challenges considering the diversity of such loans.  Capital market financing will account for a small proportion of total annual bond issues. Investments related to public goods can also be additionally supported by state subsidies. A small fraction of investment is also needed from blended finance or public-private partnerships directed towards news technologies, such as carbon sequestration.

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TITLE Climate-related risk and financial stability- ECB/ESRB Project Team on climate risk monitoring
AUTHOR European Central Bank
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

The European Central bank, in a joint analysis with the European Systemic Risk Board (ESRB), examined climate risk to financial stability using three climate scenarios laid out by the Network for Greening the Financial System (NGFS). The analysis covered all financial sectors within EU regions. Both transition risks and physical risks were investigated and potential gaps in the models were also exposed.

 

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TITLE Strategy for Financing the Transition to a Sustainable Economy
AUTHOR EU Commission
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

The new sustainable finance strategy aims to support the financing of the transition to a sustainable economy by proposing action in four number of areas: transition finance, inclusiveness, resilience and contribution of the financial system and global ambition.

It builds on the 2018 action plan on financing sustainable growth, the transition finance report by the Platform on Sustainable Finance and a consultation held from April to July 2020.

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TITLE Nature’s next stewards. Why central bankers need to take action on biodiversity risk
AUTHOR WWF Switzerland
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

This report highlights the urgency for central banks and financial supervisors to act on the risk of unprecedented nature loss. With biodiversity loss not only compounding climate-related risks but a global crisis in its own right, the report warns that current practices of only integrating climate-related risks and impacts in existing mandates of central banks and financial supervisors, and not including risks from nature loss, fall short in ensuring a sustainable financial system

The report was published within the scope of WWF’s Greening Financial Regulation Initiative which supports central banks, financial regulators and supervisors in enhancing the financial sector’s stability and resilience to climate-related and broader environmental and social risks, while enabling the mobilisation of capital for the transition to a low-carbon, resilient and sustainable economy.

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TITLE 2021 State of Cities Climate Finance Report
AUTHOR The Cities Climate Finance Leadership Alliance
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

The 2021 State of Cities Climate Finance Report investigates the current state of urban climate investment, the barriers to reaching the needed investment levels, and the steps
to overcoming these challenges. The report is delivered in two parts; The Landscape of Urban Climate Finance (Part 1). Authored by the Cities Climate Finance Leadership Alliance Secretariat (Climate Policy Initiative) in partnership with the Atlantic Council’s Adrienne Arsht-Rockefeller Foundation Resilience Center, This section comprises a comprehensive global estimate of urban climate finance, tracking all sources of climate finance flows and investments in buildings and the transport sector. In Part 2, The Enabling Conditions for Urban Climate Finance, authored by the World Bank, enabling frameworks are analyszed and potential solutions for mobilizing climate finance for low carbon, climate-resilient urban development pathways are highlighted. 

The Cities Climate Finance Leadership Alliance is a multi-level and multi-stakeholder coalition aimed at closing the investment gap for urban subnational climate projects and infrastructure.

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TITLE Financial Sector Guide for the Convention on Biological Diversity. Key Actions for Nature
AUTHOR Convention on Biological Diversity (CBD)
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

The Convention on Biological Diversity (CBD) is an international legally binding treaty signed in 1992 to provide a global framework for action on biodiversity. It is one of the three Rio Conventions, alongside the UN Framework Convention on Climate Change (UNFCCC) and UN Convention to Combat Desertification (UNCCD). It aims to conserve biological diversity, sustainably use components of biodiveristy and share benefits from genetic resources dair and equitably.

The Post-2020 Global Biodiversity Framework aims to mobilize the world community to protect and restore nature and support governance at all levels, thereby unlocking new business opportunties and conserving biodiversity for the benefit of future generations.

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TITLE Final Report: Carbon Bubble - Analyses, economic risks, measures and instruments
AUTHOR Federal Ministry for the Environment, Nature Conservation and Nuclear Safety
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

The transition to a low carbon economy has potential risks to the financial sector, the so called "carbon bubble". Companies relying too heavily on fossil fuels are incorrectly valued on the stock market, because these valuations fail to consider the full cost associated with climate change and climate aligned policies. This study (1) assesses the carbon risks in the German economy, (2) conducts a carbon stress test for German financial institutions and (3) recommends regulatory instruments to mitigate carbon risks internationally. 

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TITLE Institutional Asset Owners: Approaches to Setting Social and Environmental Goals
AUTHOR Global impact Investing Network (GIIN)
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

Institutional asset owners globally are increasingly including social and environmental considerations into their portfolios and investment strategies. In addition to growing client expectation, regulatory pressures and the reality of the effects of climate change are also increasing.


This policy brief identifies key challenges that institutional asset owners face when setting impact priorities and realised strategies for overcoming such difficulties, investigates both top-down and bottom-up approaches to setting targets, and offers routine steps for investors to define their social and environmental priorities within their investment process. Significant opportunities exists for using asset owner portfolios as leading tools that serve their stakeholders, the planet and society at large.

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TITLE Strategic Framework for Paris Alignment: A global landscape overview of resources for financial institutions, from measuring financed emissions to taking action
AUTHOR Partnership for Carbon Accounting Finance (PCAF)
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

Measuring financed emissions is crucial in providing an understanding of climate-related transition risks to a portfolio. It also helps FIs to set an emissions baseline, develop science-based targets, act to reduce their portfolio climate impact, and disclose progress. This framework examines the necessary measures that can help the financial sector become Paris-aligned.

 

The Partnership for Carbon Accounting Financials (PCAF) is an industry-led initiative which enables financial institutions to consistently measure and disclose the absolute greenhouse gas (GHG) emissions associated with their loan and investment portfolios through GHG accounting.

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TITLE Impact Report 2020: SME Finance Loans for Growth
AUTHOR Symbiotics, State Secretariat for Economic Affairs (SECO)
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

This impact report aims to measure the extent to which the Loans for Growth (LFG) fund meets its objectives to foster job creation, employment and entrepreneurship in emerging and frontier markets through small and medium enterprise (SME) finance. The LFG fund, launched in September 2016 and closed in September 2020, provided financing to SMEs by investing in local, specialized financial institutions. Over four years, the fund invested in 42 financial institutions across 24 countries
worldwide.

This is the final report in a series of four annual impact reports that follow a sample of enterprises financed by the LFG fund. The presented outcomes are based on surveys with 924 SMEs in 12 low and middle income countries between 2017 and 2020. Due to the global covid pandemic in 2020, many SMEs suffered losses, however over the course of the four years of investment there was a clear positive trend in outcomes: asset size, proportion of women employed and average wage rates.

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TITLE Climate Impact Consistent Indices
AUTHOR Scientific Beta
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

Many institutional investors have pledged to align their portfolios with decarbonisation trajectories aiming for net-zero greenhouse gas emissions by 2050, and this objective is being translated into engagements on the alignment of their portfolio as part of the net-zero investment framework. To tackle the limitations of traditional climate benchmarks, which are the fruit of a mix-up between climate and financial considerations, Scientific Beta has constructed the Climate Impact Consistent Indicies (or CIC indicies).

This paper presents the principles of Net-Zero investment frameworks, the bottom-up CIC Indices construction methodology that ensures consistency between the stock-level decisions and the overall climate impact goals. Further the climate-related and financial characteristics of the indices are evaluated.

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TITLE A Legal Framework for Impact: Sustainability impact in investor decision-making
AUTHOR PRI, Freshfields Bruckhaus Deringer, UNEP FI, generation foundation
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

As part of a joint programme on "A Legal Framework for Impact", the PRI, UNEP FI and The Generation Foundation commissioned a legal analysis to determine the extent to which legal frameworks enable investors to consider impact in their activities across 11 jurisdictions: the EU, Australia, Brazil, Canada, China, France, Japan, South Africa, the Netherlands, UK and the US.

The report, authored by Freshfields Bruckhaus Deringer, found that while there are differences across jurisdictions and investor groups, where investing for sustainability impact approaches can be effective in achieving an investor’s financial goals, the investor will likely be required to consider using them and act accordingly.

It also provides an extensive suite of options for policymakers wishing to facilitate investing for sustainability impact, including changing investors’ legal duties and discretions, such as allowing the pursuit of sustainability goals as long as financial return goals are prioritised, and a presumption in favour of investor collaboration in tackling sustainability challenges.

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TITLE Global Sustainable Investment Review 2020
AUTHOR Global Sustainable Investment Alliance
PUBLISHED Jul 2021
LANGUAGES EN 
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Summary

The Global Sustainable Investment Alliance (GSIA) is an international collaboration of membership-based sustainable investment organisations around the world, with the mission is to deepen the impact and visibility of sustainable investment organisations at the global level. The 2020 Global Sustainable Investment Review (GSIR) is the fifth in a series of biennial reports. It maps the state of sustainable and responsible investment of major financial markets globally, reporting on data as at the beginning of 2020. The report shows the continuing prevalence of sustainable investment across the global investment industry, with assets under management reaching USD35.3 trillion, a growth of 15% in two years, and in total equating to 36% of all professionally managed assets across regions covered in this report.

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TITLE Swiss Sustainable Finance Market Study 2021
AUTHOR Swiss Sustainable Finance
PUBLISHED Jun 2021
LANGUAGES DE  FR  EN 
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Summary

For the fourth consecutive year, SSF published its comprehensive market study shedding light on sustainable investment developments in Switzerland. In 2020, the sustainable investment volumes reported by banks and asset managers and internally managed asset owner increased by 31% to CHF 1,520.2 billion.

In addition, the market study chronicles regulatory developments that marked the sphere of sustainable finance and also features two interviews with government representatives and academia.

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TITLE Sustainability Funds Hardly Direct Capital Towards Sustainability: A Statistical Evalution of Sustainability Funds in Switzerland and Luxembourg
AUTHOR INFRAS, Inrate, Greenpeace
PUBLISHED Jun 2021
LANGUAGES EN 
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Summary

On behalf of Greenpeace, INFRAS and Inrate analysed 51 sustainability funds licensed in Switzerland and Luxembourg to examine whether sustainable investments have a positive capital allocation effect. The results showed that so far, these investments hardly succeeded in steering significantly more capital towards a sustainable economy than conventional funds.

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