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TITLE The Managed Phasout of High-emitting Assets
AUTHOR Glasgow Financial Alliance for Net Zero (GFANZ)
PUBLISHED Jul 2022
LANGUAGES EN 
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Summary

This Report proposes “Managed Phaseout” as a net zero-aligned approach for the operation and financing of a high-emitting asset with clear commitments around its retirement. This Managed Phaseout approach may also form part of a company’s strategy, where it operates high-emitting assets, in support of an orderly and just transition. The Report sets out nine actions GFANZ will take forward, in collaboration with partner organizations, that would build on this initial thinking and address the needs identified in order to establish Managed Phaseout as a credible net zero-aligned strategy to support the decarbonization of the global economy.

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TITLE White Paper: Classification Scheme for Sustainable Investments: Accelerating the just and sustainable transition of the real economy
AUTHOR Eurosif; Timo Busch, Victor van Hoorn, Matthias Stapelfeldt, Eric Pruessner
PUBLISHED Jul 2022
LANGUAGES EN 
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Summary

This white paper captures the transition contribution of different investment approaches based on the notion of investor impact. This is a first step for the developing a scheme that can serve the classification lofic in future market studies. It goes beyond the concepts used in the SFDR, the EU Taxonomy and MiFID II which focus predominantly on identifying companies that are already sustainable, aligned or have a positive company impact. The structure of this white paper is first, to focus on the dimensions and criteria that serve as the foundation for the new classification; and second, to introduce a new classification scheme and elaborate on the underlying logic. Important: This classification is not to be an implementation tool for regulatory requirements. Its aim is rather to illustrate how investments accelerate the just and sustainable transition of the real economy. An important next step is to develop a more detailed assessment system to evaluate which investments qualify for which of the classification’s categories.

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TITLE Does ESG Integration impact the real economy?
AUTHOR University of Zurich (UZH), Center for Sustainable Finance and Private Wealth (CSP) and Swiss Federal Office for the Environment (FOEN)
PUBLISHED Jun 2022
LANGUAGES EN 
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Summary

In this joint report by the University of Zurich and Center for Sustainable Finance & Private Wealth, commissioned by the Swiss Federal Office for the Environment (FOEN), the impact of ESG integration on the real economy is examined. ESG integration is the most frequently used sustainable investment approach, globally and within Switzerland. This report investigates current academic literature to determine if there is an impact on the real economy, and if so, what this is.

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TITLE Nature Loss and Sovereign Credit Ratings
AUTHOR Finance for Biodiversity (F4B)
PUBLISHED Jun 2022
LANGUAGES EN 
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Summary

In this report published by the Finance for Biodiversity Initiative, the impact of biodiversity loss on sovereign debt markets in 26 nations is examined. Currently, leading credit rating agencies (CRAs) do not explicitly incorporate biodiversity and nature-related risks in their analysis and thus market stability may be undermined. This report models the effect of nature loss on credit ratings, default probabilities, and the cost of borrowing.

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TITLE Towards a Global Baseline Net-zero Transition Planning
AUTHOR Glasgow Financial Alliance for Net Zero (GFANZ)
PUBLISHED Jun 2022
LANGUAGES EN 
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Summary

This document is a publication of the Glasgow Financial Alliance for Net Zero (“GFANZ”) which aims to introduce, and provide an overview of, a set of resources published by GFANZ on 15 June 2022 to support financial institutions’ efforts to finance and enable the whole-economy transition to net zero
(the “Publication”). To fill the gap given the current absence of official policy and requirements, GFANZ has published a framework for financial institutions’ net zero transition plans, released for consultation alongside several connected resources, to encourage a common approach to credible transition planning. Collectively, these five documents comprise a set of related tools, frameworks, and other resources to support transition planning across the financial sector, with the goal of enabling and financing the real-economy transition to net-zero:

• Recommendations and Guidance on Financial Institution Net-zero Transition Plans

• Guidance on Use of Sectoral Pathways for Financial Institutions

• 2022 Concept Note on Portfolio Alignment Measurement
• Introductory Note on Expectations for Real-economy Transition Plans
• Managed Phaseout of High-emitting Assets Report

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TITLE Financial Institutions Net-zero Transition Plans: Recommendations and Guidance
AUTHOR Glasgow Financial Alliance for Net Zero (GFANZ)
PUBLISHED Jun 2022
LANGUAGES EN 
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Summary

This is the intermin report open for Consultation until July 27 2022.

 

This report introduces GFANZ proposed recommendations and guidance for delivering net zero transition plans for financial instiutions across the financial sector. GFANZ considers a credible net-zero plan to be a set of goals,a ctions and accountability measures to align a business' activities with net zero by 2050. This report details how such a plan consists of the following elements; foundations (objectives and priorities), implementation strategy (including products and services, activities and decision-making), engagement strategy (including clients and portfolio companies, industry, government and public sector), metrics and targets and governance (including roles, responsibilities andremuneration and skills and culture).

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TITLE Guidance on Use of Sectoral Pathways for Financial Institutions
AUTHOR Glasgow Financial Alliance for Net Zero (GFANZ)
PUBLISHED Jun 2022
LANGUAGES EN 
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Summary

Sectoral pathways provide the link between the science of the remaining carbon budget and the detailed steps that a specific sector could take to reduce GHG emissions to a particular level in a specified timeframe. Sectoral pathways do this by providing a benchmark on the pace and timing of GHG emissions reductions needed, identifying the interdependencies between sectors, and articulating the underlying actions that can be taken or the changes within the sector that would drive the specified transition (e.g., technology development and/or adoption, regional variations, the retirement of assets, market changes, policy levers, energy mix). Such pathways provide a useful benchmark for financial institutions to shape their lending, investment, and insurance activities, and related services, in line with the net-zero transition in particular sectors. Critically, these pathways are important for industry to set out a clear target that will drive their investments, operations, and other activities to transition to a low-carbon economy. Debate, discussion, and potential alignment on pathways can facilitate collaboration between industry and the financial services sector, together with policy makers and other stakeholders collaborating to drive decarbonization, and contribute to an accelerated, orderly transition to net zero

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TITLE Introductory Note on Expectations for Real-economy Transition Plans
AUTHOR Glasgow Financial Alliance for Net Zero (GFANZ)
PUBLISHED Jun 2022
LANGUAGES EN 
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Summary

This note aims to introduce the work that GFANZ is doing to support and accelerate the development of real-economy transition plans, by providing clarity around the expectations of financial institutions for the disclosure of transition plans, leveraging existing tools and frameworks.

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TITLE 2022 Concept Note on Portfolio Alignment Measures
AUTHOR Glasgow Financial Alliance for Net Zero (GFANZ)
PUBLISHED Jun 2022
LANGUAGES EN 
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Summary

This is the concept note on the Portfolio Alignment Measurement, which aims to illustrate the foals of the Portfolio Alignment Measurement workstream, outline plans for 2022, identify barriers for the adoption of portfolio alignment metrics and to share an initial view of potential enhancements to the Key Design Judgementss as outlined in the Portfolio Alignment Team (PAT) report.

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TITLE Portfolio Climate Alignment Understanding unwanted disincentives when using climate alignment methodologies
AUTHOR Federal Office for the Environment (FOEN)
PUBLISHED Jun 2022
LANGUAGES EN 
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Summary

Traditionally, sustainability and climate metrics are focused on the status quo of invested companies, while portfolio climate alignment methods incorporate forward looking metrics. Meeting critical targets such as those set by the Paris climate agreement, require a forward looking approach. Currently however, available climate alignment methods are still very diverse, partially because they are targeted to different use cases. Therefore, it is important to understand the actual incentivisation effects of these methods. This study examines potential incentives and disincentives created by portfolio climate alignment methods for aligning financial flows with the climate targets of the Paris Agreement.

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TITLE Climate Investment Roadmap: a tool to help investors accelerate the energy transition through investment and engagement
AUTHOR Institutional Investors Group on Climate Change (IIGCC)
PUBLISHED Apr 2022
LANGUAGES EN 
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Summary

The Institutional Investors Group on Climate Change (IIGCC) published their 2022 report, which aims to provide an overview and tools for investors to accelerate the energy transition via their investments and engagement. The report stresses the importance of transitioning toward net-zero alignment, measuring portfolio emissions and mobilizing finance towards climate solutions.

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TITLE Climate Change 2022: Mitigation of Climate Change
AUTHOR Intergovernmental Panel on Climate Change (IPCC)
PUBLISHED Apr 2022
LANGUAGES EN 
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Summary

The Intergovernmental Panel on Climate Change (IPCC) working group III published its new report with an updated global assessment on climate change mitigation progress and pledges and examines global emission sources. The costs, risks and opportunities of low-carbon technologies are examined using climate modelling to project these along with market data. Finally a number of potential system transformation are explored.

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TITLE Foundations for Science-Based Net-Zero Target Setting in the Financial Sector
AUTHOR Science-based Net Zero Initiative for the Financial Sector
PUBLISHED Apr 2022
LANGUAGES EN 
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Summary

This paper represents the first steps in science-based net-zero standard for financial institutions (SBTi-FI) that sets out principles definitions, metrics and target formulation considerations. The document discusses the results of a number of surveys and workshops conducted in December 2021, which span topics ranging from feedback on the five proposed principles for net-zero, the role of carbon credits, fossil fuel financing and metrics and methods.

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TITLE Financing for Sustainable Development Report 2022: Bridging the Finance Divide
AUTHOR Inter-agency Task Force on Financing for Development
PUBLISHED Apr 2022
LANGUAGES EN 
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Summary

The Inter-agency Task Force on Financing for Development report for 2022 demonstrates that 3.5 percent of revenue is used by developed countries to pay interest on their debts, while developing countries use 14 percent of revenue. 60 percent of LDCs and low income countries are at a high risk of debt distress, which is twice the percentage as in 2015. The report recommends different actions to bridge this gap.

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TITLE Driving sustainability from within: The role of central banks’ credit rating in mitigating climate and environmental risks
AUTHOR WWF
PUBLISHED Mar 2022
LANGUAGES EN 
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Summary

This report examines the role of national central banks’ (NCBs) in-house credit assessment systems(ICAS) and looks at a possible integration of climate and environmental-related (C&E) risks beyond conventional financial indicators. The report concludes that the ICAS assessment is highly suited towards climate and environmental (C&E) risk integration and is a less biased and more consistent source of data than many private-sector ESG providers offer.

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TITLE Climate-efficient mortgages – The ins and outs Opportunities for greener property financing
AUTHOR SwissBanking
PUBLISHED Feb 2022
LANGUAGES DE  FR  EN 
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Summary

In this report by SwissBanking the role of banks in Switzerland's buildings' energy efficiency and the pace of renovation needed to meet climate goals in the real estate sector is analyzed. Banks can provide financial incentives to motivate renovation and as such the Swiss Bankers Association (SBA) has named 4 areas the priority for banks looking to improve their climate efficient mortgages: more comprehensive client consulting, classification and climate-efficient mortgages, creating a suitable regulatory framework, improved data availability and a higher level of digitalization.

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TITLE The EU Commission Platform on Sustainable Finance Final Report on Social Taxonomy
AUTHOR EU Commission
PUBLISHED Feb 2022
LANGUAGES EN 
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Summary

In this final report on the Social Taxonomy, the EU Commission Platform on Sustainable Finance provides a structure for a social taxonomy, its relationship with the environmental taxonomy and other sustainability objectives such as governance and the regulatory landscape. The two key features of the social taxonomy are: 1) the distinction between inherent social benefit, i.e. job creation, and additional social benefits and 2)  the social taxonomy cannot be based on science.

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TITLE Mehr Privatkapital für die globale Nachhaltigkeit
AUTHOR foraus Forum für Aussenpolitik; Söbastien Chahidi, Anna Stünzi, Daniel Wiener
PUBLISHED Feb 2022
LANGUAGES EN 
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Summary

The authors suggest creating a Swiss green Investment Bank (SGIB), with the mandate to enthuse financial players to act and to aid the international climate finance efforts. In this report the required characteristics of such a bank are explained and potential actions are explored.

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TITLE The Intergovernmental Panel on Climate Change (IPCC) Report: Climate Change 2022 Impacts, Adaptation and Vulnerability
AUTHOR IPCC The Intergovernmental Panel on Climate Change
PUBLISHED Feb 2022
LANGUAGES EN 
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Summary

This report is published by the Working group II of the Intergovernmental Panel for Climate Change (IPCC). The current and modelled impacts on climate, ecosystem and biodiversity and potential risks are documented. This SSF summary highlights the financial aspects of this report. Read the summary for policymakers here.

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TITLE Who Pays for Sustainability? An Analysis of Sustainability-Linked Bonds
AUTHOR Dr. Julian Köbel and Adrien-Paul Lambillon
PUBLISHED Feb 2022
LANGUAGES EN 
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Summary

Dr. Julian Köbel and Adrien-Paul Lambillon, from the Centre for Sustainable Finance and Private Wealth at the Department of Banking and Finance of the University of Zurich, published this new piece of research, which explores sustainability-linked bonds (SLBs). These are types of bonds that have a coupon linked to the issuer achieving a sustainability target and are an important and promising mechanism for impact investing.

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TITLE FC4S State of Play Report 2022: Leading Financial Centres Stepping Up Sustainability Action
AUTHOR FC4S
PUBLISHED Feb 2022
LANGUAGES EN 
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Summary

Financial Centres for Sustainability (FC4S) published their fourth annual State of Play report, which collects input from 29 financial centers around the globe. The report highlights seven key insights on how financial centres are mobilizing their capital, resources, connectivity and expertise. SSF contributed this report by completing the questionnaire for Zurich as a financial centre.

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TITLE Inaugural 2025 Target Setting Protocol: UN-Convened Net-Zero asset owner alliance monitoring reporting and verification track
AUTHOR UN NZAOA, WWF
PUBLISHED Jan 2022
LANGUAGES EN 
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Summary

The Net-Zero Asset Owner Alliance has published new rules on how investors should calculate and set targets on climate within their portfolio on allocate capital supporting decarbonisation. The report also aims for a 16-29% reduction in asset class-level remissions reductions by 2025 and the inclusion of Scope 3 emissions in net-zero considerations.

 

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TITLE Social Transformation Baseline Assessment 2022: Are companies contributing to systems transformations that leave no one behind?
AUTHOR World Benchmarking Alliance
PUBLISHED Jan 2022
LANGUAGES EN 
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Summary

In this new study by the World Benchmarking Alliance, 1000 companies from around the world, including 15 Swiss companies, are evaluated based on social aspects of their business including human rights, decent work and ethical conduct. Only 1% of these companies are adequately demonstrating socially responsible business conduct.

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TITLE Managing Peak Oil: Why rising oil prices could create a stranded asset trap as the energy transition accelerates
AUTHOR Carbon Tracker
PUBLISHED Jan 2022
LANGUAGES EN 
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Summary

The demand for oil is provoking significantly increased investment into new oil, however, this goes against global production reductions required to meet “well below 2°C” scenarios of the Paris Agreement. The result could be short-term signals resulting in risky over-investment and impacted shareholder value. The extent of the risks and financial loss is explored via various scenarios in this report.

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TITLE Forest 500 Annual Report 2022
AUTHOR Forest 500
PUBLISHED Jan 2022
LANGUAGES EN 
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Summary

Following the Glasgow Leaders’ Declaration on Forest and Land Use, a commitment signed by 141 countries, including Switzerland, this report by Forest 500 provides evidence that many companies are ignoring the issue of deforestation and are not prepared for future regulatory changes. Forest 500 tracks policies and performance of the financial sector linked to deforestation in supply chains and investment.

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