Digital library on sustainable finance
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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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Financing the Low-Carbon Economy. Instruments, Barriers and Recommendations - DE
Financing the Low-Carbon Economy. Instruments, Barriers and Recommendations - FR
Financing the Low-Carbon Economy. Instruments, Barriers and Recommendations - EN
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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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Overview of the climate impact of financial market players’ action - DE
Overview of the climate impact of financial market players’ action - FR
Overview of the climate impact of financial market players’ action - EN
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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.
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2020 Green Fintech Survey - DE (pdf 11.5 MB)2020 Green Fintech Survey - EN (pdf 11.5 MB)
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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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Green Infrastructure in the Decade for Delivery. Assessing Institutional Investment - EN
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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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Developing Sustainable Finance Definitions and Taxonomies - EN
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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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Digital Technology Shaping Green and Sustainable Lifestyles. Exploring Alipay Ant Forest - EN
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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)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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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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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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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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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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Green bonds and carbon emissions: exploring the case for a rating system at the firm level - EN
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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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Sustainable Finance Policy Engagement. An Analysis of Lobbying on EU Sustainable Finance Policy - EN
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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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Swiss Asset Management Study 2020 - DE
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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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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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Testing the Taxonomy. Insights from the PRI Taxonomy Practitioners Group - EN
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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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Financing credible transitions. How to ensure the transition label has impact - EN
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Diese Umfrage des gfs.bern im Auftrag der Schweizerischen Bankiervereinigung erfasst, wie wichtig das Thema Nachhaltigkeit der SChweizer Bevölkerung ist, wie es die Nachhaltigkeit bei Banken beureilt und so sie Handlungsbedarf sieht. Zudem hat das gfs.bern die Schweizer Bevölkerung befragt, welche Stossrichtungen es favorisiert, wenn es um Rahmenbedingungen für «Sustainable Finance» geht. Der Report präsentiert die Resultate der Umfrage.
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Nachhaltigkeit und Banken: Breite Zufriedenheit, bessere Rahmenbedingungen gefordert - DE
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Dieser Leitfaden soll Stiftungen die Auseinandersetzung mit dem Thema Wirkungsanlage vereinfachen und die Umsetzung zweckfördender Anlagen fördern. Die Autoren des Leitfadens haben Vorgehen in sieben Schritten erarbeitet und veranschaulichen dies mit Praxisbeispielen.
Ce guide a pour but d'aider les fondations à traiter le sujet de l'investissement avec impact et de promouvoir la mise en oeuvre de placements favorisant la réalisation des objectifs. Les auteurs du guide proposent un processus en sept étapes qu'ils ont illustré par des exemples pratiques.
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Mit einem Marktanteil von rund 44% aller nachhaltig verwalteten Gelder in der Schweiz spielen Vorsorgeeinrichtungen eine Vorreiterrolle in der Umsetzung des verantwortungsbewussten Investierens.
Die vorliegende Studie untersucht den Stellenwert nachhaltiger Anlagen bei Schweizer Pensionskassen und befragte 24 Pensionskassen mit einem Anlagevermögen von rund CHF 285 Milliarden zu ihren nachhaltigen Anlagestrategien, deren Implementierung und Begriffsdefinitionen rund um das Thema Nachhaltigkeit. Bei den befragten Pensionskassen gaben fast 60% an, nachhaltig investiert zu sein.
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2020_08_Verantwortungsbewusstes Investieren bei Schweizer Pensionskassen_ZHAW (pdf 1.6 MB)Summary
In collaboration with the Federal Office for the Environment (FOEN), Swiss Sustainable Finance (SSF) published a report that analyses the depth of the integration of sustainable finance into financial education and training.
Based on interviews with educational institutions regarding their sustainable finance offerings and with financial institutions on the demand for such training, the report finds that sustainability integration in financial education and training is still in early stages. For a broad integration to be achieved, substantial effort is still required. The report makes recommendations for different target groups to further promote sustainability in financial education and training in Switzerland.
The full report is available in German and French, and a summary in English.
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Sustainability in financial education and training in Switzerland - DE
Sustainability in financial education and training in Switzerland - FR
Sustainability in financial education and training in Switzerland - EN
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This report analyses what it would mean for private banks to ambitiously align themselves with international environmental goals.
The analysis finds three key factors in paving the way for the alignment of private banking activities with international enviromental goals: Integrating material environmental risk and potential adverse environmental impact into decision-making processes, having a strong scientific basis and set science-based targets for all environmental objectives and aligning core business activities with the global environmental goals.
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Private Banking and International Environmental Goals – Aligning Misalignment - EN
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This report covers the topic of nuclear weapon risks for global capital markets and economies as it relates to ESG and impact investors. The report discusses the causes of the state of affairs with respect to nuclear threats and highlights some of the opportunities for an increased focus on nuclear weapons risks by investors.
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Preventing Nuclear Catastrophe - July 2020 (pdf 1.3 MB)Summary
In this paper, the authors take an in-depth look at climate-related financial risks (so-called Green Swan risks). The authors derive a set of important criteria to ensure that climate risk tools provide high quality, comparable, and decision-relevant results. 16 climate transition tools were assessed and their quality, comparability and decision-relevance were estimated. Based on this, potential next steps for providers, conclusions for tool users and guidelines for supervisory authorities were derived.
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202007_Bingler_Taming_the_Green_Swan (pdf 6.5 MB)Summary
This report explores the growth of passive ESG (environmental, social and governance) investing and the debate on the effectiveness of passive versus active ESG funds. The paper draws on publicly available data and insights from the US SIF Foundation research advisory committee and from additional asset manager members of US SIF. The report also includes profiles of four ESG ETFs and four index-based mutual funds that demonstrate a range of approaches to passive ESG investing.
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