Digital library on sustainable finance

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TITLE Welche transformativen Wirkungen können nachhaltige Geldanlagen durch Verbraucherinnen und Verbraucher haben?
AUTHOR Marco Wilkens & Christian Klein
PUBLISHED Jan 2021
LANGUAGES DE 
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Summary

Dieses Gutachten im Auftrag des vzbv argumentiert, dass nachhaltig beworbene Geldanlagen nicht automatisch zu mehr Nachhaltigkeit führen. Zwar können nachhaltige Geldanlagen durchaus eine positive Wirkung entfalten, wahrscheinlicher sind dabei allerdngs indirekte Effekte, zum Beispiel, wenn Verbraucher über eine Geldanlage für das Thema Nachhaltigkeit sensibilisiert werden. Direkte Effekte über den Kapitalmarkt sind möglich, aktuell aber kaum nachweisbar. Prinzipiell können sie über einen Verzicht auf Rendite durch Verbraucher erreicht werden, zum Beispiel, wenn in Folge der Geldanlage in bisher nicht rentable regenerative Energien investiert wird. Angebote der Finanzindustrie, die mit einem direkten Beitrag ihrer Anlageprodukte zu bestimmten Nachhaltigkeitszielen werben, und zugleich marktübliche Renditen versprechen, müssten demnach kritisch hinterfragt werden.

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TITLE Global Outlook on Financing for Sustainable Development 2021. A New Way to Invest for People and Planet
AUTHOR OECD
PUBLISHED Dec 2020
LANGUAGES EN 
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Summary

This report lays out a call to collective action to address both the short-term collapse in resources of developing countries as well as long-term strategies to build back better following the outbreak of the COVID-19 pandemic.

The report highlights the need to enhance the quality of financing through better incentives, accountability and transparency mechanisms, integrating the long-term risks of climate change, global health, and other non-financial factors into investment decisions. The report concludes with a plan of action for all actors to work jointly to reduce market failures in the global financial system and to seize opportunities to align financing in support of the 2030 Agenda for sustainable development.

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TITLE Climate Financial Risks: Assessing Convergence, Exploring Diversity
AUTHOR Julia Anna Bingler, Chiara Colesanti Senni & Pierre Monnin (Council on Economic Policies)
PUBLISHED Dec 2020
LANGUAGES EN 
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Summary

This discussion paper is an analysis of the convergence and divergence of various climate risk analysis method results, based on a sample of 300 firms.

A rapidly growing number of market participants and financial authorities are exploring which metrics to use to capture climate risks, and to what extent the use of different metrics delivers heterogeneous results. This discussion note takes a first step in analyzing the convergence in assessments of climate-related transition risks across metrics providers, based on the ECB corporate bond portfolio. The findings show that firms’ risk assessments across metrics are fairly heterogeneous but tend to converge on which firms are most and least exposed to transition risks.

 

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Comparing_climate_risk_metrics_EN (pdf 542.2 kB)
TITLE Protect nature, protect the economy. How the financial sector can safeguard biodiversity
AUTHOR Official Monetary and Financial Institutions Forum (OMFIF) Sustainable Policy Institute
PUBLISHED Dec 2020
LANGUAGES EN 
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Summary

This review report provides a comprehensive overview of sustainable finance news, reports on sustainable finance and biodiversity, events and other related developments in 2020. It also includes contributions by a variety of practitioners that provide their view on biodiversity and the financial sector.

The report argues for the interconnectedness between the environment and the economy. It puts forward that it is misguided to view economic decisions as a series of independent trade-offs and sets out that Covid-19 has sharpened awareness of the interrelation of non-financial risks and their potential to cascade through economic and financial systems to sectors previously considered relatively safe.

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TITLE Nachhaltige Finanzen. Durch aktives Aktionärstum und Engagement Wandel bewirken
AUTHOR CRIC (Corporate Responsibility Interface Center)
PUBLISHED Dec 2020
LANGUAGES DE 
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Summary

Dialoge mit Unternehmen, die Ausübung der Stimmrechte oder das Einbringen von Resolutionen auf Aktionärsversammlungen sind Möglichkeiten für Investoren, Fortschritte im Sinne von Nachhaltigkeit anzustoßen, zu unterstützen oder sogar zu bewirken. Engagement lautet der Oberbegriff für diese verschiedenen Instrumente, die vielfach eingesetzt wurden und werden, mit Blick auf die ökologischen und sozialen Herausforderungen unserer Zeit jedoch noch viel ungenutztes Potenzial bergen.

Das vorliegende Buch nähert sich dem Thema aus unterschiedlichen Blickwinkeln: Zunächst wird Engagement aus wissenschaftlichen Perspektiven heraus beleuchtet, um dann die Anlagestrategie historisch wie auch konzeptionell und strategisch zu betrachten. Spezialisierte Organisationen kommen mit ihren Zugängen und Aktivitäten zu Wort und Praxisbeispiele aus Bereichen wie Existenzlohn und Klimawandel werden angeführt. Perspektivische Überlegungen zu Wandel, Wirkung und gelingenden Dialogen schließen den Sammelband ab.

Das Buch kann hier bestellt werden (Springer Verlag).

Softcover ISBN: 978-3-658-31213-8

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TITLE Bridging the Gap. Measuring Progress on the Climate Goal Alignment and Climate Actions of Swiss Financial Institutions
AUTHOR 2° Investing Initiative (2DII) & Swiss Federal Office for the Environment (FOEN) & Wüest Partner
PUBLISHED Nov 2020
LANGUAGES DE  FR  EN 
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Summary

This study presents the results of the 2020 PACTA climate test of financial institutions.

It assesses the alignment of the Swiss financial sector with climate benchmarks, using 2DII’s Paris Agreement Capital Transition Assessment (PACTA) methodology. For the first time, 2DII and its partners measured progress across a vast swathe of the financial sector over the past three years, shedding light on the distinction between portfolio reallocation and real-world emissions reductions. Critically, the assessment shows that the Swiss financial sector’s consideration of climate issues has increased demonstrably since the 2017 study.

The full study is available in EN, a summary can be downloaded in German and French.

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DEF_DE_Zusammenfassung_PACTA 2020_05.11.2020 (pdf 8.0 MB)
DEF_FR_Résumé_PACTA 2020_05.11.2020 (pdf 2.7 MB)
DEF_Bridging_the_Gap_PACTA_2020_Switzerland_november_2020 (pdf 12.3 MB)
TITLE SFI Roundup: Finance and the Green Transition
AUTHOR Swiss Finance Institute
PUBLISHED Nov 2020
LANGUAGES DE  FR  IT  EN 
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Summary

This SFI Roundup provides evidence-based perspectives on the opportunities and risks which lie ahead in the transition to a green economy, as well as how the financial sector, governments, central banks, firms, and consumers can all contribute to solve the climate puzzle. It includes academic as well as practitioners' insights, including contributions from Swiss Sustainable Finance CEO, Sabine Döbeli.

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TITLE IFZ Sustainable Investments Studie 2020
AUTHOR Manfred Stüttgen & Brian Mattmann (Luzerne University of Applied Sciences and Arts)
PUBLISHED Nov 2020
LANGUAGES DE 
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Summary

The "IFZ Sustainable Investments Study 2020. Nachhaltige Themenfonds" conducted by the Lucerne University of Applied Sciences and Arts assesses the offering of sustainable mutual funds in the Swiss fund market for the fourth year in a row.

According to the study, the assets of sustainable mutual funds in Switzerland have risen by 60 percent to CHF 316 billion and counting 777 sustainable funds over the past year, about a forth of which are invested in thematic funds. The report contains an overview of the largest sustainable funds in Switzerland.

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TITLE Financing the Low-Carbon Economy. Instruments, Barriers and Recommendations
AUTHOR Swiss Sustainable Finance (SSF)
PUBLISHED Nov 2020
LANGUAGES DE  FR  EN 
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Summary

This report explores the broad range of different finance solutions at hand to support the transition to a climate-friendly economy. The extensive compendium, prepared by SSF in cooperation with its network, highlights 16 specific finance instruments and approaches for a low-carbon economy, and illustrates their implementation through 8 case studies.

The different chapters provide insights into the mechanisms and applicability of different instruments such as listed equity, green bonds, direct real-estate investments, green mortgages, insurance solutions, private equity investments, community finance and energy performance contracting.

The full report is available in English, with summaries in German and French.

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TITLE Overview of the climate impact of financial market players’ action
AUTHOR Center for Social and Sustainable Products (CSSP) on behalf of the Federal Office for the Environment (FOEN)
PUBLISHED Nov 2020
LANGUAGES DE  FR  EN 
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Summary

This report contributes to the analysis of the diverse impact channels and associated measures theoretically available to financial market players in order to bring about changes in companies in the real economy.

To this end, the most recently published academic and non-academic literature were surveyed and systematically evaluated, and a critical analysis of the impact channels regarding existing practical implementation was carried out. The six impact channels analysed and discussed in this report are the secondary market, direct investments, real estate, banking, insurers and politics.

The full report is available in German and French, and a summary in English.

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TITLE 2020 Green Fintech Survey
AUTHOR State Secretariat for International Finance (SIF)
PUBLISHED Oct 2020
LANGUAGES DE  EN 
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Summary

The State Secretariat for International Finance (SIF) carried out a survey to discover where the fintech sector sees opportunities for concrete technological applications and where there may be obstacles for Swiss green fintechs in terms of funding, availability of data or regulatory environment. It makes overarching recommendations to the government and the private sector on how to improve framework conditions in Switzerland.

The results of the survey will be used as input for SIF's further work in the area of sustainable finance.

Download

2020 Green Fintech Survey - DE (pdf 11.5 MB)
2020 Green Fintech Survey - EN (pdf 11.5 MB)
TITLE Green Infrastructure in the Decade for Delivery. Assessing Institutional Investment
AUTHOR OECD
PUBLISHED Oct 2020
LANGUAGES EN 
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Summary

This report provides an empirical assessment of investment in infrastructure by institutional investors domiciled in OECD and G20 countries, presenting a snapshot from February 2020.

Based on a new detailed view of investment channels, financial instruments, sectoral allocations, regional preferences and trends, the report provides guidance on policy levers and priorities to scale-up institutional investment in green infrastructure. Amongst other key findings, the report finds that regulatory limits on investments in infrasturcture for pension funds and insurance companies are generally not a constraint.

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TITLE Developing Sustainable Finance Definitions and Taxonomies
AUTHOR OECD
PUBLISHED Oct 2020
LANGUAGES EN 
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Summary

This report maps sustainable finance definitions and taxonomies in five jurisdictions: the European Union, People’s Republic of China, Japan, France and the Netherlands. When taxonomies are appropriately designed, they can improve market clarity, bring confidence and assurance to investors, and facilitate the measurement and tracking of sustainable finance flows. The report lays out preliminary considerations for good design of taxonomies, which can support policy makers to develop and grow sustainable finance markets to help achieve environmental and sustainable development goals. It also identifies differences among the taxonomies in scope as well as commonalities. These commonalities could provide a basis for creating comparable frameworks that facilitate international investment while also reflecting differing national circumstances.

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TITLE Digital Technology Shaping Green and Sustainable Lifestyles. Exploring Alipay Ant Forest
AUTHOR Data-pop Alliance & Green Digital Finance Alliance & UNEP Inquiry
PUBLISHED Oct 2020
LANGUAGES EN 
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Summary

This report analyzes Alipay’s Ant Forest trajectory as a green digital innovation and takes stock of its impact. Alipay Ant Forest, launched by Ant Financial in 2016, is a green fintech initiative that provides users with a tool to help measure their personal carbon footprints, recording avoided emissions derived from individual behavioral changes.  

The report unpacks different policy and regulatory efforts in China that have enabled a green fintech firm like Alipay’s Ant Forest to thrive, one of which is China’s national policy directive on sustainable finance.

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TITLE Engaging for a Blue Economy
AUTHOR Credit Suisse
PUBLISHED Oct 2020
LANGUAGES EN 
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Summary

This report outlines opportunities for investor engagement in the blue economy. The report stipulates that over a third of large institutional investors see the Blue Economy as one of the most important investment topics in 2020. It states that the ocean, besides creating livelihoods for billions of people, serves as a tremendous asset to climate change mitigation, absorbing 93% of climate heat and sequestering 25% of global carbon dioxide (CO2) emissions. Engagement opportunities in the blue economy include climate change mitigation and adaptation; maritime renewable energy; plastic pollution prevention; and sustainable fisheries and aquaculture. 

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Engaging for a Blue Economy (pdf 3.7 MB)
TITLE Why and how investors should act on human rights
AUTHOR Principles for Responsible Investment (PRI)
PUBLISHED Oct 2020
LANGUAGES EN 
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Summary

This report by the PRI provides an overview of investors' human rights responsibilites and lays out a framework that helps guide investors to respect human rights in investment activities. It presents a six-part framework, in which investors should: Adopt a policy commitment to respect internationally recognised human rights; identify actual and potential negative outcomes for people, arising from investees; prevent and mitigate the actual and potential negative outcomes identified; track ongoing management of human rights outcomes; communicate to clients, beneficiaries, affected stakeholders and publicly about outcomes, and the actions take and, lastly, enable or provide access to remedy. The report also outlines next steps for the PRI's agenda for the next few years and their work towards respect for human rights being implemented in the financial system.

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TITLE The Investor’s Guide to Impact. Evidence-based advice for investors who want to change the world
AUTHOR Florian Heeb & Julian Kölbel (Center for Sustainable Finance and Private Wealth, UZH)
PUBLISHED Oct 2020
LANGUAGES EN 
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Summary

This guide aims to support investors in developing an evidence-based impact strategy for their entire portfolio. Based on available evidence, it recommends investors enable impactful companies to grow by considering impact in their investment decision and fund manager selection, to encourage improvement by screening out companies and engaging with investees, and to influence the public discourse by being vocal about what you do.

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TITLE Private Asset Impact Fund Report 2020
AUTHOR Symbiotics & Canopy
PUBLISHED Oct 2020
LANGUAGES EN 
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Summary

This report is an analysis of over 150 investment funds that target emerging and frontier markets with a development impact focus. It builds on the previous impact fund surveys Symbiotics has developed, on microfinance investment vehicles (MIVs) initiated in 2007 with CGAP/World Bank, and on private debt impact funds (PDIFs) initiated in 2018 with the GIIN.

The survey brings a very comprehensive data set including funds affiliated to nearly 80 managers in 26 countries. It also sheds light on the business model of private asset impact funds (PAIFs), including their balance sheet structure, investment instruments, investee type, geography of investments, investor composition, risk, return and impact performance. It also offers multi-year analysis on microfinance funds, dating back to 2006.

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TITLE Leading the way to a green and resilient economy. A Swiss-quality approach to sustainable finance
AUTHOR WWF Switzerland & PwC Switzerland
PUBLISHED Sep 2020
LANGUAGES EN 
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Summary

In this report, WWF and PwC outline a strategy on how the financial flows of Swiss financial institutions can serve to achieve net zero greenhouse gas (GHG) emissions and recover biodiversity by no later than 2050.

The sustainable finance debate in Switzerland is still characterised by a number of contrasting views with regards to the purpose that sustainable finance should serve, the scope it encompasses, the business lines it focuses on and the type of intervention that is required or desirable. However, in order to create a net zero GHG-emitting and full biodiversity-recovery economy, combined efforts and the buy-in of all relevant sustainable finance actors (financial institutions, federal administration, industry associations, policymakers and civil society) is required. This report therefore sets out six leverage points to produce the desired outcome for Switzerland.

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TITLE Green bonds and carbon emissions: exploring the case for a rating system at the firm level
AUTHOR Bank for International Settlements
PUBLISHED Sep 2020
LANGUAGES EN 
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Summary

Green bonds are debt instruments whose proceeds finance projects with various environmental benefits – including climate change mitigation. So far, however, green bond projects have not necessarily translated into comparatively low or falling carbon emissions at the firm level. This report discusses the potential benefits of a firm-level rating based on carbon intensity (emissions relative to revenue) to complement existing project-based green labels. It argues that such a rating system could provide a useful signal to investors and encourage firms to reduce their carbon footprint.

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TITLE Sustainable Finance Policy Engagement. An Analysis of Lobbying on EU Sustainable Finance Policy
AUTHOR InfluenceMap
PUBLISHED Sep 2020
LANGUAGES EN 
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Summary

This report maps out the intensive lobbying on European sustainable finance policy by industry groups representing the finance and corporate (real economy) sectors.

The research covers 75 financial companies belonging to 63 of the largest financial institutions in Europe, 12 finance sector industry associations and 8 corporate industry associations. It finds that whilst a small number of financial institutions have pushed for ambitious policy, the majority have remained silent or stated only high-level support. Meanwhile, all but one of the 20 powerful industry associations analyzed have lobbied to dilute and delay key regulations designed to align Europe's financial system with the goals of the Paris Agreement.

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TITLE Swiss Asset Management Study 2020
AUTHOR Institut für Finanzdienstleistungen/Asset Management Association Switzerland
PUBLISHED Sep 2020
LANGUAGES DE  FR  EN 
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Summary

The Institute of Financial Services Zug (IFZ), part of Lucerne University of Applied Sciences and Arts, and the Asset Management Association Switzerland published the third edition of the Swiss Asset Management Study.

The study provides a comprehensive overview on asset management in Switzerland and also includes a section on sustainable investing. According to the sentiment survey that forms part of the study, sustainable investment is evaluated as the most promising opportunity for Swiss-based asset managers, alongside specialisation.

The full report is available in English, and a summary in German and in French.

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TITLE Sustainable financial management for cities
AUTHOR Swiss Sustainable Finance (SSF)
PUBLISHED Sep 2020
LANGUAGES DE  FR 
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Summary

This guide, prepared by Swiss Sustainable Finance (SSF) on behalf of r the Conference of municipal finance directors (KSFD), illustrates how Swiss cities can integrate sustainability into their financial management. The management of pension funds is a key area where cities can contribute to overarching sustainability goals. The guide further makes recommendations on how to address sustainability issues in cash and asset management, real estate management as well as capital procurement through the issuance of green bonds, adding a particular focus on climate change.

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TITLE Testing the Taxonomy. Insights from the PRI Taxonomy Practitioners Group
AUTHOR Principles for Responsible Investment (PRI)
PUBLISHED Sep 2020
LANGUAGES EN 
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Summary

For this report, the PRI collected 40 case studies from asset owners and investment managers, which illustrate the methods, challenges and solutions drawn on to implement the EU Taxonomy in their investment processes. Participating organisations made recommendations on how to approach Taxonomy implementation and on how policymakers may develop and improve the Taxonomy. This report is the first comprehensive set of case studies around how to use the Taxonomy. The PRI hopes that by sharing the key findings with financial market participants and policymakers, the report will foster confidence and facilitate implementation of the Taxonomy.

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TITLE Financing credible transitions. How to ensure the transition label has impact
AUTHOR Climate Bonds Initiative & Credit Suisse
PUBLISHED Sep 2020
LANGUAGES EN 
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Summary

This White Paper, produced by Climate Bonds Initiative and Credit Suisse, presents a framework for defining ambitious and credible transition pathways for companies that will collectively reduce global emissions and deliver the goals of the Paris Agreement. The paper defines transition as a concept and puts forward a framework for use of the transition label.

The paper establishes five principles to drive an ambitious transition: All goals and pathways need to align with zero carbon by 2050 and nearly halving emissions by 2030; be led by scientific experts and not be entity- or country-specific; be sure that credible transition goals and pathways don’t count offsets; include an assessment of current and expected technologies which can be used to determine a decarbonization pathway and be backed by operating metrics rather than a commitment or pledge.

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