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Science to the Rescue: Lösungsansätze aus der Forschung für einen Wandel hin zu einem nachhaltigen Finanzsystem

Science to the Rescue: Lösungsansätze aus der Forschung für einen Wandel hin zu einem nachhaltigen Finanzsystem
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Year:    2023

Author:    Schneider, Fabiola I.

Vierteljahrshefte zur Wirtschaftsforschung, Vol. 92 (2023), Iss. 1 : pp. 37–52

Abstract

The financial system is central to our sustainable transition and has the potential to act as a catalyst. To embrace this role, finance needs to move beyond current practices and implement wide ranging reforms. This paper provides insights on Greenwashing in the financial sector, points to current policy developments and highlights practice-oriented research in the field of sustainable finance. Based on current research, recommendations for both practitioners and policymakers are provided. Regulatory actions to limit the widespread practice of greenwashing are outlined, including the need for an institution to monitor sustainability reporting to ensure protection of consumers of financial products. As for practitioners, investors aiming to have an impact should focus on primary markets and debt capital. In this context, the potential of sustainability-linked bonds is discussed and benefits for issuing firms outlined.

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Journal Article Details

Publisher Name:    Global Science Press

Language:    German

DOI:    https://doi.org/10.3790/vjh.92.1.37

Vierteljahrshefte zur Wirtschaftsforschung, Vol. 92 (2023), Iss. 1 : pp. 37–52

Published online:    2023-01

AMS Subject Headings:    Duncker & Humblot, Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    16

Keywords:    G32 F64 O13 O16 O44 P18 Q56 Sustainable Finance Greenwashing Climate Crisis

Author Details

Schneider, Fabiola I.

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  48. Cojoianu, T., Hoepner, A., Schneider, F., Urban, M., Vu, A. und Wojcik, D. (2021): The city never sleeps: but when will investment banks wake up to the climate crisis? Regional Studies. https://doi.org/10.1080/00343404.2021.1995601.  Google Scholar
  49. Dordi, T., Gehricke, S., Naef, A. und Weber, O., Ten financial actors can accelerate a transition away from fossil fuels. Environmental Innovation and Societal Transitions, 44, 60 – 78. https://doi.org/10.1016/j.eist.2022.05.006.  Google Scholar
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  59. Hoepner, A., Dimatteo, S., Schaul, J., Yu, P. und Musolesi, M. (2017): Tweeting about Sustainability: Can Emotional Nowcasting Discourage Greenwashing?. Corporate Finance, 8(3&4), 90 – 94. https://dx.doi.org/10.2139/ssrn.2924088.  Google Scholar
  60. Hoepner, A., Schiemann, F., Schneider, F. und Tietmeyer, R. (2022): ESG Disclosure as Advertisement of Corporate Bond Issuances. Working Paper.  Google Scholar
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  63. Hoepner, A. G. F.; Masoni, P.; Kramer, B.; Slevin, D.; Hoerter, S; Humphreys, N.; Viñes Fiestas, H.; Lovisolo, S.; Wilmotte, J.-Y.; Latini, P.; Fettes, N.; Kidney, S.; Claquin, T.; Blasco, J. L.; Dixson-Decleve, S.; Kusterer, T.; Martínez Pérez, J.; Suttor Sorel, L.; Löffler, K.; Vitorino, E.; Pfaff, N.; Brockmann, K. L.; Micilotta, F.; Coeslier, M.; Menou, V.; Aho, A.; Fabian, N.; Philipova, E.; Hartenberger, U.; Lacroix, M.; Baumgarts, M.; Bolli, C.; Pinto, M.; Bukowski, M. und Krimphoff, J. (2019): Handbook of Climate Transition Benchmarks, Paris-Aligned Benchmark and Benchmarks’ ESG Disclosure. Brussels: European Commission. https://ec.europa.eu/info/sites/default/files/business_economy_euro/banking_and_finance/documents/192020-sustainable-finance-teg-benchmarks-handbook_en_0.pdf.  Google Scholar
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  66. Li, M., Trencher, G. und Jusen, A. (2022): The clean energy claims of BP, Chevron, ExxonMobil and Shell: A mismatch between discourse, actions and investments. PLoS ONE, 17(2). https://doi.org/10.1371/journal.pone.0263596.  Google Scholar
  67. McCahery, J., Sautner, Z. und Starks, L. (2016): Behind the Scenes: The Corporate Governance Preferences of Institutional Investors. The Journal of Finance, 71(6), 2905 – 2932. https://doi.org/10.1111/jofi.12393.  Google Scholar
  68. Organisation for Economic Co-operation and Development (OECD) (2021): Financial Markets and Climate Transition: Opportunities, Challenges and Policy Implications. OECD, Paris. https://www.oecd.org/finance/Financial-Markets-and-ClimateTransition-Opportunitieschallenges-and-policy-implications.htm.  Google Scholar
  69. Pfeiffer, A., Millar, R., Hepburn, C. und Beinhocker, E. (2016): The ,2 °C capital stock‘ for electricity generation: Committed cumulative carbon emissions from the electricity generation sector and the transition to a green economy. Applied Energy, 179, 1395 – 1408.  Google Scholar
  70. Quigley, E. (2022): Universal Ownership in the Anthropocene. Working Paper. https://dx.doi.org/10.2139/ssrn.3457205.  Google Scholar
  71. Rekker, S., Humphrey, J., und O’Brien, K. (2021): Do Sustainability Rating Schemes Capture Climate Goals?. Business & Society, 60(1), 125 – 160. https://doi.org/10.1177%2F0007650319825764.  Google Scholar
  72. Simons, M. und de Wilde, J. (2017): The involvement of European insurance groups in the fossil fuels sector. A report for The Sunrise Project, Amsterdam, The Netherlands: Profundo.  Google Scholar
  73. Tuhkanen, H. und Vulturius, G. (2020): Are green bonds funding the transition? Investigating the link between companies’ climate targets and green debt financing. Journal of Sustainable Finance & Investment, 12(4), 1194 – 1216. https://doi.org/10.1080/20430795.2020.1857634.  Google Scholar
  74. Unitend Nations (UN) (2022): Emissions Gap Report 2022: The Closing Window – Climate crisis calls for rapid transformation of societies. UN, Nairobi. https://www.unep.org/resources/emissions-gap-report-2022.  Google Scholar
  75. Vögele, G. (2023): Optionen für mehr Qualität und (Klima–)Wirkung bei Dialogstrategien. DIW Berlin: Quarterly Journal of Economic Research, (Forthcoming).  Google Scholar
  76. Wade, B. und Rekker, S. (2020): Research can (and should) support corporate decarbonization. Nature Climate Change, 10, 1064 – 1065. https://doi.org/10.1038/s41558-020-00936-0.  Google Scholar
  77. Admati, A. und Pfleiderer, P. (2009): The „Wall Street Walk“ and Shareholder Activism: Exit as a Form of Voice. Review of Financial Studies, 22(7), 2645 – 2685. https://doi.org/10.1093/rfs/hhp037.  Google Scholar
  78. Atanasova, C. und Schwartz, E. (2020): Stranded Fossil Fuel Reserves and Firm Value. NBER Working Paper No. 26497. https://doi.org/10.3386/w26497.  Google Scholar
  79. Barber, B., Morse, A. und Yasuda, A. (2021): Impact investing. Journal of Financial Economics, 139(1), 162 – 185. https://doi.org/10.1016/j.jfineco.2020.07.008.  Google Scholar
  80. Battiston, S., Mandel, A., Monasterolo, I., Schütze, F. und Visentin, G. (2017): A climate stresstest of the financial system. Nature Climate Change, 7, 283 – 288. https://doi.org/10.1038/nclimate3255.  Google Scholar
  81. Bauer, R., Ruof, T. und Smeets, P. (2021): Get Real! Individuals Prefer More Sustainable Investments. The Review of Financial Studies, 34(8), 3976 – 4043. https://dx.doi.org/10.2139/ssrn.3287430.  Google Scholar
  82. Baumüller, J. und Sopp, K. (2022): Double materiality and the shift from non-financial to European sustainability reporting: review, outlook and implications. Journal of Applied Accounting Research, 23(1), 8 – 28. https://doi.org/10.1108/JAAR-04-2021-0114.  Google Scholar
  83. Bjørn, A., Tilsted, J. P., Addas, A. und Lloyd, S. (2022): Can Science-Based Targets Make the Private Sector Paris-Aligned? A Review of the Emerging Evidence. Current Climate Change Reports 8, 53 – 69. https://doi.org/10.1007/s40641-022-00182-w.  Google Scholar
  84. Coady, D., Parry, I., Sears, L. und Shang, B. (2017): How Large Are Global Fossil Fuel Subsidies? World Development, 91, 11 – 27. https://doi.org/10.1016/j.worlddev.2016.10.004.  Google Scholar
  85. Cojoianu, T., Collins, E., Hoepner, A., Magill, D., O’Neill, T. und Schneider, F. (2020): In the Name of COVID-19: Is the ECB Fuelling the Climate Crisis?. Environmental and Resource Economics, 76, 447 – 517. http://dx.doi.org/10.2139/ssrn.3630112.  Google Scholar
  86. Cojoianu, T., Hoepner, A., Schneider, F., Urban, M., Vu, A. und Wojcik, D. (2021): The city never sleeps: but when will investment banks wake up to the climate crisis? Regional Studies. https://doi.org/10.1080/00343404.2021.1995601.  Google Scholar
  87. Dordi, T., Gehricke, S., Naef, A. und Weber, O., Ten financial actors can accelerate a transition away from fossil fuels. Environmental Innovation and Societal Transitions, 44, 60 – 78. https://doi.org/10.1016/j.eist.2022.05.006.  Google Scholar
  88. Dzhengiz, T. und Hockerts, K. (2022): Dogmatic, instrumental and paradoxical frames: A pragmatic research framework for studying organizational sustainability. International Journal of Management Reviews (Forthcoming). https://doi.org/10.1111/ijmr.12290.  Google Scholar
  89. Emodi, N., Wade, B., Rekker, S. und Greig, C. (2022): A systematic review of barriers to greenfield investment in decarbonisation solutions. Renewable and Sustainable Energy Reviews, 165. https://doi.org/10.1016/j.rser.2022.112586.  Google Scholar
  90. European Investment Bank (2020): EIB Group climate bank roadmap 2021 – 2025. DOI:10.2867/503343  Google Scholar
  91. Fichtner, J. und Heemskerk, E. (2018): The New Permanent Universal Owners: Index Funds, (Im)patient Capital, and the Claim of Long-termism. Working Paper. http://dx.doi.org/10.2139/ssrn.3321597.  Google Scholar
  92. Flammer, C. (2021): Corporate green bonds. Journal of Financial Economics, 142(2), 499 – 516. https://doi.org/10.1016/j.jfineco.2021.01.010.  Google Scholar
  93. Freiberg, D., Grewal, J. und Serafeim, G. (2021): Science-based carbon emissions targets. Working Paper. https://doi.org/10.2139/ssrn.3804530.  Google Scholar
  94. Hawley, J. und Williams, A. (2000): The Emergence of Universal Owners. Challenge, 43(4), 43 – 61. 10.1080/05775132.2000.11472161.  Google Scholar
  95. Henderson, B., Jegadeesh, N. und Weisbach, M. (2006): World markets for raising new capital. Journal of Financial Economics, 82, 63 – 101. https://doi.org/10.1016/j.jfineco.2005.08.004.  Google Scholar
  96. Hirschman, A. (1970): Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations, and States. Harvard University Press.  Google Scholar
  97. Hoepner, A., Dimatteo, S., Schaul, J., Yu, P. und Musolesi, M. (2017): Tweeting about Sustainability: Can Emotional Nowcasting Discourage Greenwashing?. Corporate Finance, 8(3&4), 90 – 94. https://dx.doi.org/10.2139/ssrn.2924088.  Google Scholar
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