Digital library on sustainable finance

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TITLE Sustainable Investing Capabilities of Private Banks. Report #3: Assessment of 20 European Private Banks
AUTHOR Center for Sustainable Finance and Private Wealth (CSP)
PUBLISHED Nov 2019
LANGUAGES EN 
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Summary

From late 2018 to early 2019, the Center for Sustainable Finance and Private Wealth (CSP) at the University of Zurich conducted its third round of research on the sustainable investing (SI) capabilities of private banks.

The report examines the sustainable investing vision, offering, and services of 20 European banks and features special chapters on the impact of the EU Action Plan on Financing Sustainable Growth and private banking and its alignment with international environmental goals. The authors found that in comparison to 2018, banks’ offerings have improved in terms of both range and depth.

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TITLE The Impact of ESG Investing in Emerging Market Equities
AUTHOR Candriam
PUBLISHED Nov 2019
LANGUAGES EN 
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Summary

This report looks at whether ESG factors add to, detract from, or have no effect on financial return for Emerging Market (EM) equities. Based on a decade of historical data, the authors analyse the risk/return profile of the Candriam ESG Emerging Markets universe.

The study found that over the period with sufficient testable historical data, an approach combining governance, controversy risk analysis and exposure to sustainability themes enhanced investment performance in emerging markets equities in ten out of eleven years (April 2008 through October 2018).

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TITLE IFZ Sustainable Investments Studie 2019
AUTHOR Lucerne University of Applied Sciences (Manfred Stüttgen & Brian Mattmann)
PUBLISHED Nov 2019
LANGUAGES DE 
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Summary

The "IFZ Sustainable Investments Study 2019. Nachhaltige Bonds und nachhaltige Fonds" conducted by the Lucerne University of Applied Sciences and Arts assess the offering of sustainable mutual funds in the Swiss fund market for the third year in a row.

According to the study, the assets of sustainable mutual funds in Switzerland have risen by 22 percent to CHF 196 billion and counting 582 sustainable funds over the past year, while conventional mutual funds declined slightly over the same period. The report contains an overview of the largest sustainable funds in Switzerland.

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TITLE Leveraging the Potential of ESG ETFs for Sustainable Development
AUTHOR UNCTAD
PUBLISHED Nov 2019
LANGUAGES EN 
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Summary

Achieving the United Nations Sustainable Development Goals (SDGs) will require at least an extra $2.5 trillion a year, between 2015 and 2030. In order to bridge this investment gap, investment vehicles with an ESG or SDG dimension will play an important role. One vehicle that offers this potential is ESG ETFs — exchange traded funds (ETFs) based on corporate environmental, social and governance (ESG) factors.

This report, released by UNCTAD in cooperation with Conser and TrackInsight, aims to provide an overview of the ESG ETF landscape, examine the main drivers behind the rapid rise of ESG ETFs in recent years and discuss possible actions that can be taken by key stakeholders to grow ESG ETFs into a mass market financial vehicle for sustainable development.

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TITLE Rechtliches Gutachten «Berücksichtigung von Klimarisiken und -wirkungen auf dem Finanzmarket» (Teil 1: Grundlagen)
AUTHOR Prof. Dr. Miriam Eggen & Dr. Cornelia Stengel
PUBLISHED Nov 2019
LANGUAGES DE 
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Summary

This legal opinion commissioned by the Swiss Federal Office for the Envrionment (FOEN) shows that material climate risks already have to be taken into account to a large extent in current law. On a voluntary basis, climate impacts resulting from investment and financing decisions can also be measured and reported.

Download

Gutachten_Eggen_Stengel_11.11.2019 (pdf 513.8 kB)
TITLE Asset Managers and Climate Change. How the sector performs on portfolios, engagement and resolutions
AUTHOR Influence Map
PUBLISHED Nov 2019
LANGUAGES EN 
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Summary

This report by climate-change think tank InfluenceMap analyses the world’s 15 largest investment institutions, with $37 trillion in assets under management, and found that they are collectively deviating from the “Paris-aligned” allocations needed to reach the Paris Agreement goal of stopping global temperatures rising by 2°C. The report found $8.2 trillion invested in four top-polluting industries: oil and gas, coal mining, automobiles and electric power. While the Paris-misalignment of oil & gas should not come as a surprise, widely held automative and electric utilities sectors remain seriously out of line on climate.

Increasingly, forceful engagement with companies in these sectors must occur if the finance sector wishes to align its portfolios with Paris Agreement. However, the study found that investor-company engagement is often opaque and ill-defined. Only three big firms ― UBS Asset Management, Allianz and Legal & General ― “strongly and consistently engage with the companies they invest in to align their business models with Paris targets.”

Download

FinanceMap_Report_Nov_2019_Final (pdf 3.1 MB)
TITLE Swiss Microfinance & Impact Investments Report
AUTHOR Symbiotics & SECO
PUBLISHED Oct 2019
LANGUAGES EN 
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Summary

This paper reviews the evolution of private-sector development finance in Switzerland from 2010 to 2018. It analyzes the contribution of Swiss managers specialized in impact investing towards the financing of Sustainable Development Goals (SDGs), focusing on the historical growth of their assets under management and the variety of products on offer.

The report is a follow up to the Swiss Microfinance Investments Report 2015 published by Symbiotics.

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TITLE Protecting our World Heritage, Insuring a Sustainable Future
AUTHOR UNEP Principles for Sustainable Insurance Initiative & WWF
PUBLISHED Oct 2019
LANGUAGES EN 
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Summary

This first-ever global insurance industry guide highlights the increasingly important role that the industry needs to play in protecting World Heritage Sites.

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TITLE Due Diligence for Responsible Corporate Lending and Securities Underwriting
AUTHOR OECD
PUBLISHED Oct 2019
LANGUAGES EN 
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Summary

This paper provides guidance for banks and other financial institutions to implement the recommendations of the OECD Guidelines for Multinational Enterprises in the context of their corporate lending and securities underwriting activities. Specifically, this paper explains what due diligence for responsible business conduct entails, and provides practical considerations for banks at each step of the due diligence process. This paper may also be helpful to other stakeholders seeking to understand due diligence approaches of banks.

The paper was developed in close consultation with leading global banks, civil society and trade unions, and approved by 48 governments.

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TITLE Fiduciary Duty in the 21st Century - Final Report
AUTHOR Principles for Responsible Investment (PRI)
PUBLISHED Oct 2019
LANGUAGES EN 
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Summary

This is the final report of the UN PRI's "Fiduciary Duty in the 21st Century" programme, which intended to clarify investor obligations and duties (fiduciary duties) in relation to the integration of ESG issues.

The report affirms that fiduciary duty requires the incorporation of ESG issues into investment analysis and decision-making processes. It describes how this integration of ESG issues is an increasingly standard part of the regulatory and legal requirements for institutional investors, along with requirements to consider the sustainability-related preferences of their clients and beneficiaries, and to report on how these obligations have been implemented.

The report also identifies areas where further work is required and reflects on how investors’ duties and obligations may further evolve over time.

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TITLE IOPS Supervisory Guidelines on the Integration of ESG Factors in the Investment and Risk Management of Pension Funds
AUTHOR International Organisation of Pension Supervisors (IOPS)
PUBLISHED Oct 2019
LANGUAGES EN 
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Summary

The IOPS Supervisory guidelines on the integration of ESG factors in the investment and risk management of pension funds highlight a range of challenges to be met by pension funds governing bodies, asset managers and pension supervisors.

The guidelines provide guidance and propose a number of actions to be taken by pension supervisory authorities, intending to help pensions supervisors to oversee pension funds more effectively by integrating ESG factors. While they are non-binding, the IOPS encourages supervisory authorities to voluntarily adopt and implement the guidelines.

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TITLE A sustainable and responsible investment guide for central banks’ portfolio management
AUTHOR Network for Greening the Financial System (NGFS)
PUBLISHED Oct 2019
LANGUAGES EN 
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Summary

This guide is a hands-on approach aimed at central banks that wish to adopt Sustainable and Responsible Investment (SRI) practices. It builds on the results of an SRI portfolio management survey among NGFS members and concludes with case studies of first-hand experiences by some NGFS members.

Among the five SRI strategies identified in the guide, the most prominent are green bond investments and negative screening for equity and corporate bond holdings.The survey shows that there is a growing momentum among NGFS members: 25 out of the 27 respondents have already adopted SRI principles in their investment approach or are planning to do so. Those principles range from a broad scope of environmental, social, and governance (ESG) considerations to a climate-specific focus. As the mandates and status of central banks differ, the guide does not offer a one-size-fits-all solution, but discusses potential SRI approaches and ways to implement them, allowing central banks to account for their own specific challenges.

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TITLE Credit Suisse Gender 3000 Report (2019)
AUTHOR Credit Suisse
PUBLISHED Oct 2019
LANGUAGES EN 
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Summary

The 2019 edition of the CS Gender 3000 report looks at the link between gender diversity and superior company performance and how this is evolving over time, analyzing 3000 companies across 56 countries.

Download

CS-gender-3000-in-2019 (pdf 1.2 MB)
TITLE IIF Sustainable Finance Working Group Report: The Case for Simplifying Sustainable Investment Terminology
AUTHOR Institute of International Finance (IIF)
PUBLISHED Oct 2019
LANGUAGES EN 
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Summary

As global efforts to channel more private sector investment towards sustainable development ramp up, one key barrier has been the sheer proliferation of terms referring to “sustainable investment.” In a 2019 survey, the IIF Sustainable Finance Working Group (SFWG) polled member firms on their views. A significant majority agreed that industry alignment around simplifying terminology and product names into a few broad categories could greatly advance the goal of scaling up sustainable finance.

To help drive progress towards this goal, this short note sets out the case for simplification and proposes three such categories as a starting point for discussion: “Exclusion,” “Inclusion,” and “Impactful,” leaving “Philanthropic” as a separate category distinct from sustainable investment.

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TITLE Insuring a Low-Carbon Future. A practical guide for insurers on managing climate-related risks and opportunities
AUTHOR ShareAction
PUBLISHED Sep 2019
LANGUAGES EN 
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Summary

Based on interviews with 14 proactive insurers, this report explores how climate awareness is being integrated into underwriting, investment, and group-wide risk management practices. In addition to exploring common barriers, this report also presents a practical framework of eight building blocks relevant for insurers introducing and developing climate strategies.

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TITLE Financing the Low-carbon Future. A private-sector view on mobilising climate finance
AUTHOR Climate Finance Leadership Initiative
PUBLISHED Sep 2019
LANGUAGES EN 
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Summary

The Climate Finance Leadership Initiative (CFLI) was launched in January 2019 in order to accelerate private sector investment for climate solutions. The seven founder members have published this report “Financing the Low-Carbon Future” which examines the challenges and potential solutions to delivering the necessary financing for a sustainable low-carbon economy.

The report highlights five factors that are hampering progress:

  • Proven investment models are not replicated at scale.
  • Risks in emerging markets constrain low-carbon investments.
  • Many low-carbon investments in key emitting sectors are not yet profitable.
  • The transition from carbon-intensive business models may create financial and social risk.
  • There is a lack of tools and incentives to align portfolios with a low-carbon future.

Download

Financing the Low-Carbon Future (pdf 9.4 MB)
TITLE The Inevitable Policy Response: Policy Forecasts
AUTHOR Principles for Responsible Investment (PRI)
PUBLISHED Sep 2019
LANGUAGES EN 
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Summary

A forceful policy response to climate change is not priced into today’s markets. Yet it is inevitable that governments will be forced to act more decisively than they have so far, leaving investor portfolios exposed to significant risk. The longer the delay, the more disorderly, disruptive and abrupt the policy will inevitably be.

In anticipation, PRI, Vivid Economics and ETA are building a landmark forecast of the financial impact of this Inevitable Policy Response (IPR), including a Forecast Policy Scenario:

  • How will it affect the economy?
  • Which asset classes will be impacted?
  • Which sectors are most at risk?

A summary of the report can be accessed here. The project is a collaboration between the PRI, Vivid Economics and Energy Transition Advisors, with contributions from 2° Investing Initiative, Carbon Tracker and the Grantham Research Institute on Climate Change and the Environment.

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TITLE Forecast Policy Scenario: Macroeconomic results
AUTHOR Principles for Responsible Investment (PRI)
PUBLISHED Sep 2019
LANGUAGES EN 
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Summary

Forecast Policy Scenario (FPS) models the impact of the forecasted policies on the real economy up to 2050, tracing detailed effects on all emitting sectors, including changes to energy demand (oil, gas, coal), transport, food prices, crop yields, and rates of deforestation.

A summary of this report can be accessed here. The Inevitable Policy Response (IPR) project project is a collaboration between the PRI, Vivid Economics and Energy Transition Advisors, with contributions from 2° Investing Initiative, Carbon Tracker and the Grantham Research Institute on Climate Change and the Environment.

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TITLE Sustainable Financing and Investing Survey 2019. Markets alert to the environment and society
AUTHOR HSBC
PUBLISHED Sep 2019
LANGUAGES EN 
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Summary

Users of the capital markets, the world over, are now highly alert to environmental and social issues, with around 60% of both issuers and investors saying  environmental and social issues are ‘very important’.

The findings come from HSBC’s Sustainable Financing and Investing Survey 2019, a poll of 500 investors and 500 issuers from the Americas, Asia, Europe and the Middle East.

Download

HSBC Sustainable Financing and Investing Survey 2019-komprimiert (pdf 4.2 MB)
TITLE Final Report on Climate Benchmarks and Benchmarks' ESG Disclosures
AUTHOR EU Technical Expert Group on Sustainable Finance
PUBLISHED Sep 2019
LANGUAGES EN 
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Summary

On 30 September 2019, the TEG published its final report on Climate Benchmarks and Benchmarks’ ESG Disclosures.

The final report recommends a list of minimum technical requirements for the methodologies of ‘EU Climate Transition’ and ‘EU Paris-aligned’ benchmarks, with the objective to address the risk of greenwashing. The report also recommends a set of Environmental, Social and Governance (ESG) disclosure requirements, including the standard format to be used for the reporting. Those aim to improve transparency and comparability of information across all benchmarks.

2-pager that summarises the key aspects of the final report is also available.

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TITLE Aggregate Confusion: The Divergence of ESG Ratings
AUTHOR Florian Berg, Julian Kölbel and Roberto Rigobon
PUBLISHED Aug 2019
LANGUAGES EN 
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Summary

This paper investigates the divergence of environmental, social, and governance (ESG) ratings between five prominent rating agencies. The paper traces the disagreement of ESG categories and decomposes the overall divergence into three sources: Scope divergence related to the selection of different sets of categories, measurement divergence related to different assessment of ESG categories, and weight divergence related to the relative importance of categories in the computation of the aggregate ESG score.

The authors find that measurement divergence explains more than 50 percent of the overall divergence. Scope and weight divergence together are slightly less important. The results allow investors, companies, and researchers to understand why ESG ratings differ.

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TITLE Act ESG: Closing the ESG knowledge gap
AUTHOR Vontobel Asset Management
PUBLISHED Aug 2019
LANGUAGES EN 
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Summary

This study by Vontobel Asset Management commissioned a survey of 4,600 people in 14 countries to find out what they think about sustainable investing. The survey found that although investors follow sustainable principles in their daily lives, their awareness of sustainable investment opportunities remains limited.

Regional case studies for DACH, Germany, Italy, Spain, Switzerland and the United Kingdom can be accessed here (scroll down).

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TITLE IFZ/AMP Asset Management Study 2019
AUTHOR Institut für Finanzdienstleistungen/ Asset Management Plattform Switzerland
PUBLISHED Aug 2019
LANGUAGES EN 
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Summary

Based on a survey conducted among asset managers operating in Switzerland, the IFZ/AMP Asset Management Study 2019 provides an overview of the scope and breadth of the Swiss asset management industry, capturing the facts, current industry dynamics as well as the most important challenges and opportunities faced by Swiss-based asset managers. Moreover, in the context of a PEST analysis, the political, economic, social, and technological environment is analyzed with the aim to highlight the most important developments affecting the industry.

Among other findings, the analysis showed that Swiss-based asset managers see large opportunities in sustainable investments .

An executive summary can be download in German and French.

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TITLE Green Finance Strategy
AUTHOR UK Government
PUBLISHED Jul 2019
LANGUAGES EN 
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Summary

This UK strategy recognises the role of the financial sector in delivering global and domestic climate and environmental objectives. It sets out the proposals for green finance at the heart of delivering the UK’s Clean Growth Strategy, 25 Year Environment Plan and Industrial Strategy, and how the proposals support the UK’s economic policy for strong, sustainable and balanced growth

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TITLE WWF Rating des Österreichischen Retailbankings 2018/2019
AUTHOR WWF Österreich
PUBLISHED Jul 2019
LANGUAGES DE 
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Summary

In dieser Studie hat der WWF Österreich gemeinsam mit der Ratingagentur ESG Plus die zehn größten österreichischen Retailbanken untersucht. Unternehmensführung, Sparen und Anlagen sowie Kredite und Finanzierungen wurden auf konkrete Aktivitäten im Bereich Nachhaltigkeit analysiert und bewertet. Das Ergebnis zeigt, dass den 10 größten Akteuren des österreichischen Bankwesens eine klare Vision fehlt, um eine sichere und erstrebenswerte Zukunft für Österreich und den Planeten mitzugestalten. 

Eine Kurzfassung der Studie finden Sie hier, die Vollversion kann via untenstehendem Link geöffnet werden.

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Showing 1 - 25 of 420 Reports

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