Digital library on sustainable finance
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On 1 April 2015, the Swiss Federal Council adopted a position paper on corporate social responsibility. It was prepared as part of an interdepartmental process under the aegis of SECO and based on a consultation between the various stakeholders. It has two main goals: 1. Informing companies and their stakeholders about the federal government’s goals and expectations as regards CSR; 2. Providing an overview of the government’s current and future CSR-related activities.
The CSR Position Paper sets out four strategic priorities for the federal government’s activities:
- Co-developing CSR framework conditions;
- Raising awareness among and supporting Swiss companies as they implement CSR;
- Promoting CSR in developing countries and transitional economies;
- Encouraging transparency in CSR activities.
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Position paper on corporate social responsibility (CSR) - DE
Position paper on corporate social responsibility (CSR) - FR
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ALFI published the third edition of the European Responsible Investing Fund Survey produced by KPMG. The survey covers the European responsible investment fund market as at 31 December 2014, including the size of the market, investment categories and the domicile of such funds.
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Based on more than 190 academic studies, industry reports, newspaper articles, and books, this meta-study showed three compelling arguments.
- 90% of the studies on the cost of capital show that sound sustainability standards lower the cost of capital of companies
- 88% of the research shows that solid ESG practices result in better operational performance of firms
- 80% of the studies show that stock price performance of companies is positively influenced by good sustainability practices
Based on more than 190 academic studies, industry reports, newspaper articles, and books, this meta-study showed three compelling arguments.
- 90% of the studies on the cost of capital show that sound sustainability standards lower the cost of capital of companies
- 88% of the research shows that solid ESG practices result in better operational performance of firms
- 80% of the studies show that stock price performance of companies is positively influenced by good sustainability practices
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This report provides an in-depth analysis of the impact investment intermediary landscape. Information on topics such as fundraising, fund activity, track record, social and environmental metrics, target returns and more are presented in the report.
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ImpactBase Snapshot: An Analysis of 300+ Impact Investing Funds - EN
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This report provides a snapshot of the global market in terms of volume, growth and practice at the start of 2014. It draws on data and insights provided by the members of the GSIA. Each of these members—Eurosif, US SIF, Responsible Investment Association Canada, ASrIA and Responsible Investment Association Australasia—offers in-depth reports that provide information and analysis, as well as examples, of sustainable investment within their markets.
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This report provides a framework for assessing the social impact investment market and focuses on the need to build the evidence base. The report highlights the importance of further international collaborations in developing global standards on definitions, data collection, impact measurement and evaluation of policies.
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An assessment of the contribution to green finance of the 32 largest banks and insurance companies in Europe revealed a mixed picture. The amount of classical green projects funded is increasing, but little transparency is given as to the carbon intensity and environmental risks of the total credit portfolios. (study in French)
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The Energy Efficiency Financial Institution Group was established to determine how to overcome the documented challenges to obtaining long-term financing for energy efficiency. Recommendations have been elaborated by the Group over two years, which are summarized in this report.
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This iterative document was the product of a number of roundtable meetings with UK pension funds and open consultation with fund managers and sets out to encourage improvements in the quality of RI reporting for individual mandates.
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A Guide to Responsible Investment Reporting in Public Equity - EN
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This paper outlines the role of companies, institutional investors and foundations in contributing to global sustainability goals through their financing strategy and general conduct. Actors in the private sector are driven by sustainability challenges to come up with innovative solutions which need appropriate funding and support. The paper emphasizes the benefits of a well-functioning system to reach sustainable development goals, fostering an innovative and collaborative environment.
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Reglement über die Anlagen der Pensionskasse des Staatspersonal (de) includes the consideration of ESG policies when developing an investment strategy
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Règlement sur les placements de la Caisse de prévoyance du personnel de l'Etat - DE
Règlement sur les placements de la Caisse de prévoyance du personnel de l'Etat - FR
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The fifth annual Microfinance Market Outlook published by ResponsAbility is available. The 2015 study concludes that the global microfinance market is expected to grow by a further 15-20% in 2015 and examines the potential impacts of changes in interest rates on microfinance investments.
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Microfinance Market Outlook 2015: Growth driven by vast market potential - DE
Microfinance Market Outlook 2015: Growth driven by vast market potential - EN
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SSF members confirmed the positive view on sustainable finance in the first members' survey.
- A vast majority is convinced that Switzerland will expand its market share in this field in the years to come
- There is a clear consensus that the sustainable finance market will grow at a double digit rate
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Members' Survey: The future of sustainable finance in Switzerland - EN
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Based on more than 190 academic studies, industry reports, newspaper articles, and books, this meta-study showed three compelling arguments.
- 90% of the studies on the cost of capital show that sound sustainability standards lower the cost of capital of companies
- 88% of the research shows that solid ESG practices result in better operational performance of firms
- 80% of the studies show that stock price performance of companies is positively influenced by good sustainability practices
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From the Stockholder to the Stakeholder: How sustainability can drive financial outperformance - EN
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The report highlights the scale of Sustainable and Responsible Investment practices and trends across 13 European countries.
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International Banking regulations (i.e. Basel Capital Accord) have gained much attention in the aftermath of the financial crisis. Simultaneously, interest in environmental risks for banking and their potential systemic impacts are also on the rise. The author highlights some initial programs (i.e. Brazil, China, Peru), where banking regulation and governance practices address environmental risks. This report concludes that the Basel Committee should learn from these experiences and consider reforms to the Basel III Pillar 2 Supervisory Review framework and the Pillar 3 Market Discipline framework, by recognising systemic environmental risks as material risks which can potentially threaten banking stability.
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Stability and Sustainability in Banking Reform: Are Environmental Risks Missing in Basel III? - EN
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This report is based on a request of the Swiss Federal Office of the Environment (FOEN). FOEN wants to receive a comprehensive overview of the green and sustainable financial market landscape in Switzerland, based on a desktop research and the experience of PwC subject matter experts.
Overview of the sustainable and ‘green’ financial market in Switzerland:
The financial sector is an important pillar of the Swiss economic system and Switzerland has a long tradition of being a financial centre of global relevance (e.g. it is the number one destination for offshore-wealth). With its supply of money (loans, insurance services, equity and other financial products) the financial sector has a significant direct and indirect impact on the sustainable development of the economy. One of the key findings of this report is that there is a general trend towards sustainable investments in Europe. In Switzerland, the volume of sustainable investments has increased since 2005 by 23 percent on average per year, and this trend is assumed to continue. However, sustainable investments represent a niche and their share of the overall volume in the market is with roughly 4 percent still low. This is surprising as there is evidence (refer to ‘The Added Value of Sustainable Investment’ in this study) that responsible investments create additional values for investors. The market overview revealed that Switzerland is still in a leading position, but that other financial centres are catching up in becoming a hub for sustainable finance. Without influencing the markets by regulations or major incentives, there will not be a very big step towards sustainable finance; rather we will see gradual growth corresponding to the overall worldwide development of sustainable financial markets.
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In this book, Sustainable Finance Geneva seeks to highlight the key role that the Lake Geneva region has played in these developments. Thanks to its unique advantages, Geneva has acted as a testing ground for many of these major innovations, which have often gone on to spread worldwide.
This book does not aim to provide an exhaustive list. It selected ten innovations initiated or developed in the Geneva area, which are considered to be emblematic of how this laboratory of sustainable finance operates. Although these initiatives are not all “world firsts ”, they have in common that they all benefited from Geneva’s unique ecosystem, which brings together a leading financial center, a network of international organizations, major foundations, and an active and enterprising academic sector, all in one place.
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10 Finance Innovations - Geneva, the sustainable finance laboratory - FR
10 Finance Innovations - Geneva, the sustainable finance laboratory - EN
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This paper aims to provide an introduction to and overview of the social investment market for policy makers in OECD and non-OECD countries. Social investment is the provision of finance to organisations with the explicit expectation of a social, as well as financial, return. Social investment has become increasingly relevant in today’s economic environment as social challenges have mounted while public funds in many countries are under pressure. New investment approaches are needed for addressing social and economic challenges, including new models of public and private partnership which can fund, deliver and scale innovative solutions from the ground up.
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New Investment Approaches for Addressing Social and Economic Challenges - EN
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As a whole the report offers a tour of the main drivers and debates in responsible investment, with recommendations on future actions and research.
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The joint work of the University of Zürich and commercial microfinance manager BlueOrchard, this survey finds that a significant and growing proportion of Swiss institutions are invested in microfinance. While social attributes are important for the investment decision they do not override return expectations.
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The Importance of Microfinance – Swiss Institutional Investors Survey 2014 (presentation) - EN
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This report aims to identify corporate governance practices that could promote a durable culture of sustainability within corporations, proposing the "Integrated Governance" model. This model and its implementation in practice are explained within the report. Overall the authors wish institutional investors with insights and suggestions that they could consider when engaging with companies, and exercising their ownership rights.
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Integrated Governance A new model of governance for sustainability - EN
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The momentum on responsible investments have been building up, over the last years - showcased for example by the numerous signatories of the PRI. This report explores the moral, financial and economic justification for responsible investment, linking it to the academic evidence. It concentrates on how ESG factors materially impact investment risk and returns.
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The value of responsible investment The moral, financial and economic case for action - EN
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This publication contains an English version of an excerpt from the chapter on Switzerland in Marktbericht Nachhaltige Geldanlagen 2014 – Deutschland, Österreich und die Schweiz [Sustainable Investment Market Report 2014 – Germany, Austria and Switzerland]. It is the latest in the series of annual publications on the sustainable investment market in Switzerland previously produced jointly by the consultancy firm onValues and FNG Switzerland.
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Die 7. Ausgabe der zRating Studie zu Corporate Governance in Schweizer Publikumsgesellschaften prüft die Corporate Governance von insgesammt 150 Gesellschaften des SMI und SPI Extra auf 59 Kriterien.
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