Digital library on sustainable finance
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In this report by the ESMA, the EU Ecolabel as it currently stands for green products and services is reviewed and the opportunity for such a label to apply to retail financial products is examined. Particularly, three key Ecolabel criteria are tested on a sample of sustainability-oriented UCITS equity funds with EUR 1 trillion in assets under management.
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EU Ecolabel: Calibrating green criteria for retail funds - EN
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This report is the outcome of a survey conducted by Tameo on private asset impact funds (PAIFs) with a focus on developing countries. The surveyed market consists of all investment vehicles that are operated by specialised impact fund managers and have more than 50% of their non-cash asset allocated both to private debt or private equity instruments to emerging and frontier markets, with a development impact focus. The 2022 survey brings together the most comprehensive dataset to date on this investment fund universe to date
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Pensionskassen tragen die treuhänderische Verantwortung für eine nachhaltige, zukunftsorientierte Bewirtschaftung der Vermögen ihrer Versicherten. Sie haben eine marktkonforme Rendite unter Inkaufnahme von vertretbaren Risiken anzustreben. Teil dieser zu berücksichtigenden Risiken sind auch Umwelt-/Klima-, Sozial- und Corporate Governance-Aspekte (sog. ESG-Kriterien). Das liegt im langfristigen Interesse der Versicherten, ohne dass dabei Renditeeinbussen in Kauf genommen werden müssten. Für den ASIP steht seit Jahren die Wissensvermittlung und die Sensibilisierung der Pensionskassen für das Thema „nachhaltiges Investieren“ im Vordergrund. Im Sommer 2022 haben wir eine praxisorientierte Wegleitung zur Berücksichtigung von ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) bei Anlageentscheidungen von Pensionskassen publiziert (www.asip.ch). Pensionskassen sollen aber auch gegenüber ihren Versicherten vermehrt aufzeigen, in welcher Form sie die ESG-Kriterien in ihren Anlageprozess einbauen. Der ASIP verfolgt daher das Ziel, über ein regelmässiges, ganzheitliches Reporting die Transparenz bezüglich ESG-Umsetzung zu erhöhen. Im Fokus steht eine transparente Offenlegung von ESG-Informationen, mit welchen alle involvierten Stakeholder nachverfolgen können, wie die Pensionskassen investiert sind und welche Entwicklungsschritte bezüglich Nachhaltigkeit realisiert werden. Dazu soll der heute publizierte ESG-Reporting-Standard dienen. In ein ESG-Reporting gehören qualitative Aussagen zur Art und Weise, wie die Pensionskassen mit diesem Thema umgehen, und auch quantitative Angaben zu einzelnen Anlagen.
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Klima-Allianz Schweiz updated their pension fund rating with a larger percent of funds (30%) now classified as visionary and good practice. The report looks specifically at climate goal alignment and sustainability of the securities investments of the pension funds in Switzerland.
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To monitor the progress of the entire financial markets’ climate goal alignment, the Federal Office for the Environment (FOEN) in close collaboration with the State Secretariat for International Finance (SIF) runs regular PACTA climate tests. The 2022 Swiss Climate Test consists of a quantitative module for global equity and corporate bond investments and one for Swiss real estate and mortgages. It also includes a qualitative survey to give a more holistic overview of climate action being taken by the Swiss financial sector.
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Aiming Higher: progress Report PACTA Climate Test Switzerland - EN
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Alle Schweizer Finanzinstitute können freiwillig an einem international koordinierten Klimatest teilnehmen. Dieser zeigt auf, wie klimaverträglich sie sind. Die Ergebnisse 2022 zeigen zunehmend positive Beispiele sowie das Potenzial für rasche weitere Anstrengungen. Der Test wird auf Initiative des Bundesamts für Umwelt BAFU in Zusammenarbeit mit dem Staatssekretariat für Internationale Finanzfragen SIF durchgeführt.
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Deep dive into a USD 84 billion impact fund market with a special focus on gender lens investing, as well as fintech and embedded finance strategies.
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Swiss Sustainable Finance (SSF) presents guidelines for educational experts providing training in the field of sustainable finance. The document contains essential study topics and optional topics for in-depth study. It is intended as guidance for training providers and managers looking for education and training opportunities tailored to specific profiles. The guidelines should be seen as recommendations for excellence in sustainable finance training.
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Die Schweizerische Nationalbank berücksichtigt Klima-, Umwelt- und Nachhaltigkeitsaspekte auf vielfältige Weise, sofern diese die Preis- und Finanzstabilität tangieren oder finanzielle Risiken für die SNB beinhalten. Die Förderung des Strukturwandels hin zu einer klimafreundlichen Wirtschaft ist hingegen nicht Aufgabe der SNB. Die Nationalbank trägt mit der Erfüllung ihres Mandates – einer stabilitätsorientierten Geldpolitik – dazu bei, dass Regierung und Parlament die Nachhaltigkeitsziele der Schweiz umsetzen können. Eine Erweiterung des Mandates der SNB lehnt der Bundesrat aus ordnungspolitischen Gründen ab. Das Postulat «Nachhaltigkeitsziele für die Schweizerische Nationalbank » (20.3012) beauftragt den Bundesrat, aufzuzeigen, wie die Schweizerische Nationalbank (SNB) den Bund bei der Erreichung seiner Nachhaltigkeitsziele unterstützen kann. Im Bericht wird der Fokus auf die Nachhaltigkeit im Klimabereich gelegt.
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In der vorliegenden «IFZ Sustainable Investments Studie 2022: Nachhaltige Fonds im regulatorischen Kontext» richten wir unseren Blick auf zwei Fokuspunkte: Erstens auf das Angebot nachhaltiger Publikumsfonds mit Schweizer Vertriebszulassung. Zweitens auf die immer feinmaschigeren regulatorischen und selbstregulatorischen Anforderungen, die an nachhaltige Fonds und deren Anbieter in der Europäischen Union und in der Schweiz gestellt werden.
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IFZ Sustainable Investments Studie 2022 Nachhaltige Fonds im regulatorischen Kontext - DE
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This report summarizes the work of the Sustainable Finance Working Group (SFWG) in 2022. SFWG work has been anchored in the G20 Sustainable Finance Roadmap (the “Roadmap”) actions, endorsed as voluntary by G20 Leaders at the 2021 Rome Summit, and recognized earlier this year by the G20 FMCBGs as critical to the achievement of the 2030 Agenda for Sustainable Development.
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Version 0.3 of the TNFD beta framework for risk management and disclosure incorporates a number of important modifications and additions, based on continued design by the Taskforce and feedback on v0.2. While remaining consistent with the approach, structure and language of the Task Force on Climate-related Financial Disclosures (TCFD), v0.3 of the TNFD beta framework: • helps drive alignment with the emerging global reporting baseline under development by the ISSB and best practice standards and tools already in use by market participants today; • provides adaptability and flexibility regarding the approach to materiality to accommodate the preferences and regulatory requirements of report preparers and report users from organisations of all sizes and across all jurisdictions; • encourages early action by companies and financial institutions to begin reporting nature-related dependencies, impacts, risks and opportunities, given the urgent need to address both nature loss and climate change in an integrated approach; and • provides a structured path to increase disclosure ambition over time, recognising that this area is new to many organisations, but a rapidly growing strategic imperative for sound governance, strategy, risk management and capital allocation. This version 0.3 update to the beta framework incorporates a number of important modifications and additions aligned with these aims. The TNFD framework’s core components remains unchanged and consistent with that of v0.2 of the beta framework and the Taskforce expects it to remain unchanged in future update releases.
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The TNFD Nature-related Risk and Opportunity Management and Disclosure Framework Beta v0.3 - EN
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The European Securities and Markets Authority (ESMA) published an extensive set of new questions & answers covering the SFDR and its Regulatory Technical Standards (RTS).
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With its Public Discussion Note series the Swiss Finance Institute (SFI) is actively promoting a well-founded discussion of topics relevant to the financial industry, politics, and academia. Furthermore, SFI disseminates its findings through research, publications, Master Classes, and conferences.
The Author summerises research on sustainable firms and provides an overview on current (own) research. On the one hand, the scientific report sheds light on pricing of sustainability and investor preferences. Furthermore, it discusses sustainable attributes against the backdrop of current crises like COVID-19 and the Russian-Ukraine war. Lastly, the author deals with the impact of finance on a more sustainable world with a specific focus on policy and climate.
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SFI Public Discussion Note: Sustainable Finance in a Shifting World Order - DE
SFI Public Discussion Note: Sustainable Finance in a Shifting World Order - FR
SFI Public Discussion Note: Sustainable Finance in a Shifting World Order - IT
SFI Public Discussion Note: Sustainable Finance in a Shifting World Order - EN
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This report advises on the application of minimum safeguards (MS) in relation to the Taxonomy Regulation (TR1 ) Articles 3 and 18. It does so by a) embedding MS in existing EU regulation, b) identifying substantive topics relating to the standards and norms referenced in Article 18 of the Taxonomy regulation and c) presenting advice on compliance with MS. When exploring the links between MS and EU legislation, the report focuses on the existing Sustainable Finance Disclosure Regulation (SFDR), the Corporate Sustainability Reporting Directive (CSRD), and the upcoming Corporate Sustainability Due Diligence Directive (CSDDD). These are the key EU regulations linked to this advice. EU initiatives on taxation, corruption and fair competition are also considered in this context
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South Pole's 2022 net zero report – based on a survey of over 1,200 sustainability leaders representing 12 countries and 15 sectors – shows that today, 75% of businesses plan to talk about their science-aligned climate targets. The financial industry leads the way in certain aspects with already 94% of organisations polled have set net-zero targets.
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The report is the 13th edition in an annual series that provides an overview of the difference between where greenhouse emissions are predicted to be in 2030 and where they should be to avert the worst impacts of climate change.
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The latest GIIN report, Sizing the Impact Investing Market, spotlights two areas of development in the market that are becoming increasingly prevalent: green bonds and corporate impact investing. The GIIN estimates the size of the worldwide impact investing market to be USD 1.164 trillion.
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This report presents the state of play of financial institutions and their expectations towards the Taskforce on Nature-related Financial Disclosures (TNFD), reviewing the current level of integration of nature-related risk assessment and reporting in the decision-making processes of selected institutions.
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Der Bericht beschreibt die Investments von Schweizer Pensionskassen, die teilweise in Unternehmen fliessen, die die Zerstörung tropischer Wälder in Kauf nehmen oder aktiv beteiligt sind. Sie befördern damit die Klimakrise und den Verlust der Artenvielfalt. Der Bericht liefert Empfehlungen für Pensionskassen und Versicherte.
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602a0c53-greenpeace_schweiz_pensionskassen_abholzung_2022 (pdf 13.0 MB)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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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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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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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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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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