Sustainable finance

849:(BRI), a flagship project spanning numerous countries, is increasingly embracing green finance principles, prioritizing eco-friendly investments across its vast infrastructure and development endeavors. This shift aligns the BRI with sustainability goals, emphasizing clean energy, climate resilience, and biodiversity protection in partner nations. The Green Investment Principles for the BIR were launched in 2018 and looked to create a plan that calls for assessment and disclosure of strategies for managing climate risk, setting new green investment targets, and a commitment to decreasing investment in carbon-intensive practices. Simultaneously, the People's Bank of China is diligently crafting a green taxonomy to standardize the classification of environmentally responsible projects and assets, enhancing transparency and reducing the risk of greenwashing. China is further solidifying its commitment by establishing a Green Finance Research Center, which will act as a global hub for sustainable finance research, fostering international collaboration. Notably, China's 14th Five-Year Plan introduces a comprehensive sustainability approach that permeates various sectors, encompassing agriculture, mining, transportation, and more. China's active engagement in international collaborations is poised to influence global green finance standards, driving increased transparency and accountability in sustainable investments. 661:. To reach the target of a maximum temperature increase of 2 °C, we need billions of green investments each year in key sectors of the global economy. Public finance will continue to play a key role, but a significant share of the funding will have to come from the private sector. Because financial markets are global, they offer a great opportunity, but this potential is largely untapped. Indeed, to mobilize international investors, it is necessary to promote integrated markets for environmentally sustainable finance at the global level.The UNFCCC and Paris Agreement's collective goal of mobilizing USD 100 billion per year by 2020 in the context of meaningful mitigation action and transparency on implementation fell short in 2018. Therefore, this requires a high degree of coherence between the different capital market frameworks and tools that are essential for investors to identify and seize green investment opportunities. This means working together to ensure the potential of financial markets, and it is in this context that the International Platform on Sustainable Finance has been created. 771:, NGFS, OICV-IOSCO and The Coalition of Finance Ministers for Climate Action. The ultimate objectives of the IPSF are to scale up the mobilization of private capital towards environmentally sustainable finance at the global level and to promote integrated markets for environmentally sustainable finance to increase the amount of private capital invested in environmentally sustainable investments by enabling members to exchange and disseminate information to promote best practice, benchmark their different initiatives and identify barriers and opportunities for sustainable finance while respecting national and regional contexts. Where appropriate, willing members can work to align their initiatives and approaches. 1149:

rules. More precisely, the impact of an organization on the environment, human rights and social standards will be introduced in this CSRD. Indeed, this reporting directive asks for more detailed reporting requirements thanks to common criteria, in line with the EU’s climate goals. The Commission will adopt the first set of standards by June 2023 after that, the aim of the Commission is to enlarge more and more companies to this set of standards. Indeed, from 1 January 2026, the rules will apply to listed SMEs and other undertakings, with reports due in 2027. However, SMEs can opt out until 2028. Thanks to this new set of rules, the EU has become a front-runner in global sustainability reporting standards.

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the end of 2022 China had a cumulative labelled green bond volume of USD489bn (RMB 3.3tn). In June 2020, the People's Bank of China (PBoC), China's central bank, China Securities and Regulatory Commission (CSRC), and National Development and Reform Commission released a Green Bond Endorsed Project Catalogue draft which looked to build an overarching guideline for green bonds in China. China has since become the world's largest issuer of green bonds, with both domestic and international issuers seeking to fund environmentally friendly projects. Notable examples of issuers include the Industrial and Commercial Bank of China (ICBC), which among the 40 green

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integrate ESG criteria into their lending practices. In June 2022, China's National Development and Reform Commission released its 14th 5 year plan on renewable energy development (2021-2025), to accelerate renewable energy expansion. The plan looks to increase renewable energy generation by 50% and looks for a target of 3.3 trillion kWh as compared to 2020's 2.2 trillion kWh and hopes to reduce emissions by 2.6 gigatons annually. China's National Energy Administration has also furthered this goal by introducing policies supporting renewable energy development, facilitating investments in wind, solar, and hydroelectric power.

47: 1302:. However, there are still no universally adopted standards for how companies and organisations can measure and report on their sustainability performance. Instead, there are a large number of NGOs working independently to develop standards for sustainability reporting, alongside new regulations in many markets, which has historically created complexity and confusion for companies and investors. Indeed, the initiators of reforms in sustainable finance can be very different. There are initiatives from non-governmental organisations such as 1409:

rater later explained that they upgraded those companies because they updated their methodologies thus the scores went up. This way, most companies had upgraded for what MSCI calls “corporate behavior and data protection”, while only one company was upgraded for emission reduction. It was argued that MSCI worked in the interest of big S&P 500 corporations to get a higher score of ESG rating to help them lower their cost of capital and attract more investors.

971:(2019) strongly recommend including this climate factor in the risk assessment of bonds. The aim is, on the one hand, to increase the borrowing cost of brown bonds which can fund carbon-intensive projects and de-incentivise their investment by increasing the weight of climate risk. On the other hand, the goal is to reduce the weight of risk of green bonds in order to stimulate investment and potentially encourage banks to reduce the interest rate of these bonds. 5460: 5472: 1135:

disclose the climate-related risks in their business, as well as their internal governance enabling the management of these risks. In the United Kingdom, the Governor of the Bank of England, Mark Carney, has actively supported the TCFD's recommendations and has called on several occasions for the implementation of obligations for companies in the financial sector to be transparent and to take into account

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development, and are attracting significant investment in renewable energy projects. The China Development Bank issued green bonds worth 10 billion yuan to improve the environmental protection efforts of the Yellow River and advance social development of regions. These efforts reflect China's aim to align its financial system with green development goals and transition toward a low-carbon economy.

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as a means of supporting other policy objectives such as promoting a low-carbon economy (Baer et al. 2021). However, according to many researchers, the pursuit of such promotional goals in monetary policy decisions raises serious questions about the legitimacy of independent central banks (Fontan et al. 2016). By way of illustration, Greenpeace protestors claimed in March 2021 that the

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announced a detailed roadmap to incorporate climate change in its monetary policy framework. The action plan includes measures to integrate climate-risks metrics in the ECB's collateral framework and corporate sector purchase programme (CSPP) referred to bonds. Christine Lagarde said she was also in favour of developing "green lending facilities" like the

1792: 613:) provides grants and low-interest loans through its Clean Water State Revolving Fund for projects that improve water quality or address water infrastructure needs. The Small Business Administration (SBA) also offers loans and grants for green businesses. Research and utilize these programs to secure necessary financing. 946:. One of the most important criteria of this plan is that at least 37% is dedicated to the green aspect and 20% to digitalisation. Disbursement is gradual, with 13% received after the contract is signed, and the remainder on the basis of a bi-annual evaluation based on a report submitted and a payment request. 1444:

In a nutshell, Baer and co-authors argue that central banks may their legitimacy issues by working in tandem with elected officials. In other words, a thorough examination of the actions of central banks necessitates a close examination of the actions of the governments and parliaments that formulate

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The global regulatory framework evolves in a global context of shift toward sustainable finance regulations. Currently, 29 countries in the world have in significant level of mandatory ESG disclosure regulation. Investors and financiers often favor companies with strong ESG records, which in turn can

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The term "Green Central Banking" refers to the critical role that central banks must play in achieving zero-net-emissions targets and mitigating climate change. By adjusting their monetary policies into “green monetary policy” and capital requirements, central banks can redirect investment into green

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project. This project promises an investment of 750 billion euros in grants and loans (at 2018 prices), by the European Commission, aiming to revive the post-covid-19 economy in the 27 EU member states. Up to 30% of the budget will be raised by issuing green bonds, which results in up to 250 million,

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China recognizes the importance of international collaboration in sustainable finance. In 2015, China established the Green Finance Committee (GFC) to promote the development of green finance and align with international green finance principles. This platform was created in response to China hosting

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First, in response to the recent global financial crisis, which started with the outbreak of the pandemic, there has been a strong reliance on central banks to intervene not only for their traditional prudential motives of ensuring price and financial stability but also for more promotional purposes

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adjustments were meticulously observed and linked to the thorny question of data manipulation to make ESG raters look more accurate. The result is that the ESG rating landscape is plagued with incoherence and makes it much harder for end investors to make a profound and thorough investment analysis.

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All around the world, the green regulatory framework hardens, complexifies and presents never-ending interdependencies. The greenhouse gas emissions reporting requirements are a probing example of this "spaghetti bowl”. It is said to lead to inefficiencies and a lack of transparency that can only be

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Since sustainable finance is rather new and a constantly evolving topic with many different participants with varying needs, frameworks will likely continue to evolve over time. For example, a new framework for sustainable finance, ISO 32210 was published in October 2022. This tool provides guidance

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and after pressure from NGOs, the ECB committed to contributing to the implementation of the Paris Agreement's aim of “making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development”. (Article 2.1. (c) of the Paris Agreement, 2015) The ECB also

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The taxonomy came into force in July 2020. The taxonomy is seen as the most comprehensive and sophisticated initiative of its type; it may inspire other countries to develop their own taxonomies or may indeed become the world's 'gold standard. However, when the disclosure regime comes into effect in

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Because energy transition is a broad concept and sustainability or green can apply to many projects (renewable energy, energy efficiency, waste management, water management, public transportation, reforestation...), several taxonomies are being established to evaluate and certify "green" investments

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From a legal point of view, green bonds are not really different from traditional bonds. The promises made to investors are not always included in the contract, and not often in a binding way. Issuers of green bonds usually follow standards and principles set by private-led organisations such as the

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China's National Energy Administration is committed to supporting renewable energy development through a variety of policies, including feed-in tariffs, renewable portfolio standards, investment subsidies, and grid access. These policies have helped to make China the world leader in renewable energy

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issued guidelines for green bond issuance. These guidelines established the framework for certifying and regulating green bonds, ushering in a new era of green investment in the country. The guidelines looked to help classify projects and set eligibility criteria within six environmental sectors. By

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In addition, the same actors also face a lack of comparability. Indeed, it is very difficult to compare companies and investments on the basis of their ESG performance. Taking again the example of the oil and gas industry, the reporting on sustainability is carried in varied ways. Indeed, according

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Businesses can also leverage the opacity and the diversity of ESG ratings methodologies thus questioning the reliability of ratings, greenwashing threats, and the relaying of inaccurate and piecemeal information to investors through self-reporting. This is considered as morally hazardous as depends

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The NGFS, through its working group “Workstream 2”, has published new Scenarios for central banks and supervisors in September 2022 in partnership with an academic consortium. The NGFS Scenarios were developed to assess the impact of climate change on the global economy and financial markets. While

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Policymakers, through their green monetary policies, help speed up the adoption of sustainable finance by supporting the development of investment instruments and fund structures tailored specifically to sustainable finance, creating incentives for investors, and establishing a regulatory agenda to

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In addition, in October 2022, the Corporate Sustainability Reporting Directive was adopted. This new reporting rule will apply to all large firms, whether listed on stock markets or not. Therefore, around 50,000 companies will be covered by new rules, compared to about 11,700 with the former set of

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on several levels including; making it greener, accelerating its digitalisation, improving the health system and preparing it for future challenges or supporting young people and making Europe more inclusive. The main project under this initiative is the Recovery and Resilience Facility (RRF) which

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China's commitment to sustainable finance is reinforced by its strategic policy decisions. In 2016, the People's Bank of China launched a green finance pilot program in five provinces, followed by the Green Credit Issuance Guidelines, encouraging financial institutions to support green projects and

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has a rating system that is based on a scale of AAA (top of the line) to CCC (bottom of line), accompanied with a report explaining why a company went up or down in its score overtime. It was noted that of 150 companies on MSCI’s repertoire, 50% had a score going up while changing nothing. The ESG

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Green bonds are loans issued in the market by a public or private organization to finance environmentally friendly activities. Their issuance is growing steadily with an average growth of over 50% per year over the last five years. They reached $ 170 billion in 2018 and $ 523 billion in 2021. The

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Central banks are rarely tasked with advancing environmental or climate change mitigation objectives. When it comes to these environmental policies, central banks must deal with arbitrary issues, and there is no agreement on who should bear the burden. Neither conservative nor progressive central

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Also, a paper finds that only 60% of ESG ratings concord, compared to 99% for credit ratings from the largest rating agencies. The explanation of these discrepancies of methodologies according to the authors is the challenge of aggregating scores on three pillars, mainly the more complex social

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created a working group of technical experts on sustainable finance (TEG: Technical Expert Group) to define a classification of economic activities (the "taxonomy"), in order to have a robust methodology defining whether an activity or company is sustainable or not. The aim of the taxonomy is to

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is to encourage the financing of green projects by attracting investors and therefore reducing the cost of borrowing. According to empirical studies, the high demand for this type of bond provides it with a lower yield than its standard equivalent. Some scientific papers such as Gabor & al.

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In addition, another tool and some standards lie in reporting and transparency. In 2015, the Financial Stability Board (FSB) launched the Taskforce on Climate-related Financial Disclosures (TCFD) which is led by Michael Bloomberg. The TCFD's recommendations aim to encourage companies to better

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is present and may wrongly induce investors to accept lower rates of return than for brown investments. The standardization of this taxonomy would reduce the criticism of greenwashing that can be attributed to this type of obligation and enhance clarity and transparency in their use. Baldi and

1358:, at an international level, the lack of homogeneity on sustainable finance norms and standards is even larger. However, initiatives such as the International Platform on Sustainable Finance open the discussion and the exchange of best practices to have more international norms and standards. 1436:

Furthermore, the Central Bank Independence (CBI) framework says that central banks should be permitted to operate independently within a limited mandate (Dietsch et al., 2018), although other writers feel that changing the central bank's mandate is insufficient (Fontan et al. 2022).

673:. The platform is a multi-stakeholder forum for dialogue between policymakers tasked with developing regulatory measures for sustainable finance to help investors identify and seize sustainable investment opportunities that truly contribute to climate and environmental goals. 1445:

the central bank's mandate (Elgie 2002). Whether it's through working with a green investment bank to reduce their carbon footprint or forming joint committees of central bankers and members of parliament to influence the types of assets they purchase (Fontan et al. 2022).

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influence their ability to engage in international trade. Those who do are confronted to the multiplicity and divergence of regulatory frameworks around the world with specific market access prerequisites, disclosure standards, compliance supervision, authorities, etc.

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is taking the lead in global standards for stock exchanges. This is possible because the organisation possess a deep expertise in the standard-setting process, it also has legitimacy in the corporate and investor community, and regulators support it internationally.

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and the European Banking Authority. However this approach is generally being opposed by central bankers and nonprofits organisations, which propose instead the adoption of higher capital requirements for assets linked with fossil fuels ("Brown-penalizing factor").

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to all organisations, active in the financial sector, including, but not limited to, direct lenders and investors, asset managers and service providers, on the implementation of sustainability principles, practices and terminology for financing activities.

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the G20 and has only grown since its founding. The GFC has actively engaged with global organizations such as the Green Finance Initiative (GFI) in the United Kingdom, contributing to a greater understanding of green finance's international dynamics.

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China, as one of the world's largest economies and a global leader in environmental challenges, has taken significant strides in the development of sustainable finance. The country's journey toward integrating environmental, social, and governance

1197:(NGFS), a network of central banks and financial supervisors wanting to explore the potential role of central banks to accompany the energy transition. This network has nearly 116 central banks and supervisors and 19 observers including the 1007:

the largest issuer of green bonds. On 21 December 2024, the European Union Green Bonds Regulation comes into force, allowing the issue of "European Green Bond" (or "EuGB") by companies, regional or local authorities and EEA supra-nationals.

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are not as green as they claim to be. Indeed, some ESG funds still hold shares in oil and coal companies, which might surprise some investors. However, since there are no universally adopted standards, this practice is still ongoing.

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Cited by Fichtner, J., Jaspert, R. and Petry, J. (2023), Mind the ESG capital allocation gap: The role of index providers, standard-setting, and “green” indices for the creation of sustainability impact. Regulation & Governance.

987:. To date, there are no regulations requiring the borrower to specify its "green" intentions in writing, however, the EU is currently developing a green bond standard which will force issuers to fund activities aligned with the 1346:

If the incentives to greenwash are quite high, it is partly correlated to the fact that rated ESG firms enjoy lower capital and debt costs for doing so. This problem is said to be mainly a question of the company’s maturity on

991:. This standard is expected to be a voluntary standard, operating alongside other voluntary standards, with academics and practitioners raising the policymakers' awareness to the dangers of imposing it as a mandatory standard. 3818:"The application of corporate social responsibility (<scp>CSR</scp>) actions for mitigation of environmental, social, corporate governance (<scp>ESG</scp>) and reputational risk in integrated reports" 3228: 3203: 1374:

regarding the profusion of global trade agreements. As global supply chains expand, it is harder to find a common guideline on ESG factoring and face the subsequent “red tape” and costs, especially for SMEs.

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of nuclear. The results will be investigated for three months by two expert groups before the Commission makes a decision on the classification. Natural gas is seen by some countries as the bridge between coal and

645:(ESG) factors in its scope. Sustainable finance extends its domain to the three components of ESG; it is therefore the broadest term, covering all financing activities that contribute to sustainable development. 2333: 1441:

bankers defend this dilemma (Fontan et al. 2022). As a result, according to the previous authors, their pursuit of green monetary policies puts central banks in a tough spot, casting doubt on their legitimacy.

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For instance, according to ESMA’s consultancy, of the 34 respondents disclosing the number of ESG rating agencies they rely on, 77% use more than one provider for ESG ratings, while 23% use only one provider.

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To encourage banks to increase green lending, commercial banks have been proposing to introduce a "Green-supporting factor" on banks' capital requirements. This proposal is currently being considered by the

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central banks can adopt green conditions when banks refinance themselves from central banks, for example by granting a lower interest rate if banks issue a certain volume of loans for green projects.

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In France, the 2015 Energy Transition Law requires institutional investors to be transparent about their integration of Environmental, Social and Governance Criteria into their investment strategy.

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to a study conducted by researchers at the University of Perugia's Economics Department, out of 51 relevant GRI indicators, only four indicators appear in over 75% of the companies' GRI reports.

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provides grants and loan funding to EU member states to support reform and investment. In order to access these funds, each EU Member State must propose a plan which must be approved by the

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is the set of practices, standards, norms, regulations and products that pursue financial returns alongside environmental and/or social objectives. It is sometimes used interchangeably with

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O’Reilly, S., Gorman, L., Mac An Bhaird, C., & Brennan, N. M. (2023, November). Implementing the European Union Green Taxonomy: implications for small-and medium-sized enterprises. In

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In accordance with its recent decisions, the ECB commits to contributing to the Paris Agreement goals and NGFS initiatives within its mandate by taking the following specific actions:

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central banks can restrict collateral eligibility rules by excluding polluting assets, or requiring banks to mobilize a pool of assets that is aligned with net zero trajectories.

3014: 1205:(ECB). Priorities for the NGFS include sharing best practices, advancing climate and environmental risk management in the financial sector, and mobilizing mainstream finance. 3359: 3190:

Bingler, Julia Anna and Kraus, Mathias and Leippold, Markus, Cheap Talk and Cherry-Picking: What ClimateBert has to say on Corporate Climate Risk Disclosures (March 2, 2021).

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to connect with the economy and its populations by financing its agents in seeking a growth objective. The long-standing concept was promoted with the adoption of the

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aim to tackle current global challenges, including protecting the planet. Sustainable finance has become a key cornerstone for the achievement of these goals.

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Another problem concerning methodologies is that there are no set-in stone and can evolve with time, making comparison attempts null and void. For instance,

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and where it is situated on the CSR pyramid that distinguishes four distinct levels of responsibilities: economic, legal, ethical, and lastly philanthropic.

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to steer the transition towards a sustainable and inclusive economy. This commitment involves 193 member states and comprises 17 goals and 169 targets. The

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investing. However, many distinguish between ESG integration for better risk-adjusted returns and a broader field of sustainable finance that also includes

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https://stacs.io/governments-eye-mandatory-esg-disclosures/, see also https://www.azeusconvene.com/articles/the-global-state-of-mandatory-esg-disclosures

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developed primarily for use by central banks and supervisors, they may be valuable to the broader business sector, government, and academics as well.

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China's dedication to sustainable finance is extending to multiple fronts, demonstrating a holistic approach to green development. The ambitious

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Various government programs and incentives support green and sustainable initiatives. For instance, the U.S. Environmental Protection Agency (

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Gabor, Daniela; Dafermos, Yannis; Nikolaid, Maria; Rice, Peter; van Lerven, Frank; Kerslake, Robert; Pettifor, Ann; Jacobs, Michael (2019).

4470: 2479: 2702: 2240:"Advancing the Green Development of the Belt and Road Initiative: Harnessing Finance and Technology to Scale Up Low-Carbon Infrastructure" 5311: 2645:"Commission puts forward a new strategy to make the EU's financial system more sustainable and proposes new European Green Bond Standard" 544: 2789:"The role of ESG scoring and greenwashing risk in explaining the yields of green bonds: A conceptual framework and econometric analysis" 5058: 4000: 3785: 3035: 2945: 807: 3562: 3006: 2984: 892:

emissions by 2030. Within it, the Commission has promised to raise no less than €1 trillion in order to achieve the objectives of the

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Deng, Manshu; Xie, Wenhong; MacGeoch, Matthew; Xu, Xinru; Shi, Yi; Shang, Jin; Chen, Yingying; Lu, Zhengwei; Qian, Lihua (May 2023).

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Pandimiglio (2022) further suggest that rating agencies focus more on this type of risk in order to identify and quantify it better.

625:(UNEP) defines three concepts that are different but often used as synonyms, namely: climate, green and sustainable finance. First, 5534: 4508: 3348: 1607: 1241: 976: 888:, approved in 2020, to put in place a series of policies to make Europe climate neutral by 2050 and to cut at least half of its CO 2581: 2652: 900:. Sustainable finance is therefore one of the pillars on which the EU Green Deal focuses and in addition to its own investments. 1503: 5008: 3443: 3316: 2363: 1025: 988: 929:(see green bonds section) to finance part of NextGenerationEU. The aim of this initiative is to relaunch the economy following 904: 2111: 5427: 3733: 3688: 2615: 1459: 1339:

on self-reported data based on the free will of companies to disclose information more than often unaudited and incomplete.

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has already created its own "Next Generation EU Green bonds framework" to use green bonds to raise part of the funds for the

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adaptation and mitigation. Then, green finance has a broader scope because it also covers other environmental issues such as

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Showing off cleaner hands: mandatory climate-related disclosure by financial institutions and the financing of fossil energy

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The terminology is essential to understand the different concepts around sustainable finance and the differences. The

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Hong Kong’s Financial Secretary, Paul Chan, delivered the 2023-24 budget on 22 February 2023 with the promotion of a

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Working towards higher awareness and intellectual capacity, also through technical assistance and knowledge sharing

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Nevertheless, empirical research has shown the limited effect of disclosure policies if they remain voluntary.

386: 2038:"The Impact of the Green Finance Reform and Innovation Pilot Zone on the Green Innovation—Evidence from China" 1190: 5519: 5497: 5476: 5444: 5321: 5248: 3969: 3586:"Evaluating the Intra-Industry Comparability of Sustainability Reports: The Case of the Oil and Gas Industry" 1885: 1275:

Exploring the effects of climate-related risks on the Eurosystem monetary policy framework within our mandate

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threatened to step down. They stated they see the inclusion of gas as a contradiction to climate science, as

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January 2022 there will still be huge gaps in data and it may be several years before it becomes effective.

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Integrating climate-related risks into financial stability monitoring and prudential supervision of bank

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El-Hage, J. (2021). Fixing ESG: Are Mandatory ESG Disclosures the Solution to Misleading ESG Ratings?.

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A pivotal moment in China's sustainable finance journey was the emergence of green bonds. In 2015, the

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and in other EU International agreements, and its popularity continues to grow in financial markets.

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and climate-resilient development." In addition, sustainable finance has a key role to play in the

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Another concern worth debating in sustainable finance is the legitimacy of Green Central Banking.

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Because of this pool of standards and the constant evolution, it is not unusual to find that some

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highlighted a desire to standardize reporting practices related to green bonds, in order to avoid

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Wang, Shangjia; Zhao, Wenhui; Fan, Shuwen; Xue, Lei; Huang, Zijuan; Liu, Zhigang (January 2022).

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Several policy options for greening monetary policy instruments have been explored by the NGFS:

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The International Platform on Sustainable Finance (IPSF) was launched on 18 October 2019 by the

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Empirical studies such as that conducted by Baldi and Pandimiglio (2022) show that the risk of

583:, which stipulates that parties must make "finance flows consistent with a pathway towards low 361: 4435:"The politics of the European Central Bank: principal-agent theory and the democratic deficit" 5381: 5326: 5283: 5166: 5141: 5106: 4782: 2848:"ESMA Proposes Rules for Taxonomy-Alignment of Non-Financial Undertakings and Asset Managers" 1430: 1371: 1202: 1079: 925:, on behalf of its 27 member states, is also making greater use of green finance, especially 756: 630: 493: 406: 3798:

Ferriani, F. (2023). Issuing bonds during the Covid-19 pandemic: Was there an ESG premium?.

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Financial regulations, standards, norms and products that pursue an environmental objective.

5346: 5316: 5268: 5263: 5186: 5091: 4987: 4810: 4669: 4654: 4629: 4614: 4571: 4229: 3554: 340: 243: 3476: 8: 5278: 5156: 4901: 4820: 4639: 4619: 4609: 1116: 1092: 1075: 1035: 1004: 939: 922: 893: 885: 881: 875: 588: 4233: 1480:

Measuring Good Business: Making Sense of Environmental, Social and Governance (ESG) Data

1298:

First, as already mentioned, the concept of sustainable finance is directly linked with

1290:

There are a few concerns and limitations that can be attributed to sustainable finance.

1003:

and a total of 14.5 million had already been raised by January 2022. This will make the

5223: 5218: 4853: 4815: 4772: 4691: 4462: 4381: 4305: 4181: 4031:

CAPIZZI, VINCENZO; GIOIA, ELEONORA; GIUDICI, GIANCARLO; TENCA, FRANCESCA (2021-11-12).

3892: 3845: 3694: 2818: 2694: 2104:"China's 14th Five-Year Plans on Renewable Energy Development and Modern Energy System" 2072: 2037: 999: 916: 897: 508: 466: 451: 421: 345: 273: 190: 68: 56: 4218:"It takes two to dance: Institutional dynamics and climate-related financial policies" 3864: 2644: 1043:

and to help investors make greener choices. Investments are judged by six objectives:

5432: 5415: 5386: 5181: 5065: 4871: 4624: 4561: 4454: 4385: 4373: 4309: 4297: 4185: 4173: 4108: 4064: 3994: 3884: 3880: 3849: 3837: 3779: 3729: 3698: 3684: 3525: 3484: 3171: 2822: 2698: 2158: 2077: 2059: 1915: 1626: 1483: 1245: 1096: 930: 896:

by making sustainable investments. Part of this money has been raised to finance the

441: 436: 426: 371: 197: 165: 4466: 5356: 5228: 5203: 5096: 4922: 4896: 4848: 4843: 4825: 4762: 4713: 4634: 4604: 4599: 4556: 4446: 4365: 4289: 4245: 4241: 4237: 4165: 4098: 4054: 4044: 4015: 3896: 3876: 3829: 3721: 3676: 3622: 3597: 2808: 2800: 2686: 2148: 2103: 2067: 2049: 1088: 1052: 861:, sustainable development and China’s “3060 Dual Carbon Targets” at the forefront. 576: 565: 488: 483: 456: 326: 302: 297: 258: 238: 202: 150: 38: 3713: 748:

have also joined IPSF. Together, the 18 IPSF members represent 50% of the world's

5191: 5101: 5086: 4952: 4917: 4726: 3725: 3207: 2725:"The European Central Bank's vision for green bond standards forgoes inclusivity" 1315: 1307: 980: 903:

A major milestone in the EU's agenda for sustainable finance was the adoption of

710:

Hong Kong Special Administrative Region of the People's Republic of China (HKSAR)

657:, more than 190 countries have committed to fighting climate change and reducing 654: 626: 580: 446: 431: 391: 207: 145: 106: 101: 3617:

Berg, Florian; Koelbel, Julian; Pavlova, Anna; Rigobon, Roberto (October 2022).

1999:

Meng, Alan X.; Xie, Wenhong; Shao, Huan; Shang, Jin; Qiqige, Zhula (July 2021).

979:(ICMA)'s Green Bond Principles or the label of the Climate bond initiative. The 46: 5116: 5033: 4967: 4962: 4681: 4659: 4594: 4517: 4353: 3221:"Sustainable economy: Parliament adopts new reporting rules for multinationals" 1355: 1186: 1136: 1100: 995: 967: 934: 745: 677: 670: 634: 569: 461: 366: 316: 278: 170: 117: 111: 91: 86: 4450: 4369: 4277: 4049: 4032: 2804: 5513: 5421: 5146: 5131: 5126: 5111: 4932: 4886: 4644: 4458: 4377: 4301: 4293: 4177: 4112: 4068: 3888: 3841: 3529: 3488: 2690: 2162: 2063: 1539: 1454: 1250: 1227:

central banks could restrict their asset purchases programmes to green bonds.

1071: 858: 401: 376: 228: 175: 3317:"Adapting central bank operations to a hotter world: Reviewing some options" 2788: 5394: 4792: 4551: 4405: 3670: 2583:

Finance and climate change: a progressive green finance strategy for the UK

2081: 2054: 1433:'s (ECB) monetary policies subsidise fossil fuel companies (Treeck, 2021). 1056: 1040: 1012: 984: 638: 503: 478: 248: 140: 135: 126: 96: 4404:

Dietsch, Peter; Fontan, Clément; Dion, Jérémie; Claveau, François (2022).

4157: 4103: 4086: 3680: 2271:

Alim, Serena; Asakura, Rie; Becka, Nicolas; Benoiton, Cyril (April 2022).

755:

There are also seven Observers of the International Platform, namely, the

4977: 4972: 4937: 4800: 4169: 4059: 1370:

Thus, the ESG market is often referred to as a “mess”, comparable to the

1236:

European Central Bank’s Financial Commitment to Addressing Climate Change

1182: 1067: 812: 741: 725: 599: 498: 311: 268: 263: 253: 160: 77: 4250: 4033:"The Divergence of Esg Ratings: An Analysis of Italian Listed Companies" 2914: 2813: 5136: 5121: 4947: 4927: 4019: 3602: 3585: 3149:"French Energy Transition Law: Global investor briefing on Article 173" 2153: 2136: 960: 926: 664: 3817: 1720: 5405: 5351: 4805: 3833: 2675:"Green lemons: overcoming adverse selection in the green bond market" 1331: 737: 713: 681: 3618: 5198: 4216:

Baer, Moritz; Campiglio, Emanuele; Deyris, Jérôme (December 2021).

3943:

Bhagwati, J. N. (1995). US trade policy: The infatuation with FTAs.

3626: 3475:

Barker, Richard; Eccles, Robert G.; Serafeim, George (2020-12-03).

1354:

Lastly, it is important to mention that much focus has been on the

1170: 840: 721: 223: 3007:"Chancellor sets out ambition for future of UK financial services" 1109: 5171: 4486: 4276:

Fontan, Clément; Claveau, François; Dietsch, Peter (2016-07-31).

3123:"Report – Breaking the climate-finance doom loop | Finance Watch" 2042:

International Journal of Environmental Research and Public Health

943: 733: 705: 473: 416: 4085:

Berg, Florian; Kölbel, Julian F; Rigobon, Roberto (2022-05-23).

3718:

Investor Relations and ESG Reporting in a Regulatory Perspective

2508: 1647:"United Nations Environment Programme, Definitions and Concepts" 1310:, the International Integrated Reporting Council (IIRC) and the 1272:

Integrating sustainability factors into own portfolio management

4835: 4158:"Rewriting History II: The (Un)Predictable Past of ESG Ratings" 4128:"Sustainable Investing Is Mostly About Sustaining Corporations" 3621:(Report). Cambridge, MA: National Bureau of Economic Research. 3415:"Lagarde Has Open Mind on ECB Lending as a Climate-Crisis Tool" 2273:"Enhancing market transparency in green and transition finance" 1540:

Global Sustainable Investment Alliance (GSIA) (November 2023).

818: 729: 685: 3816:

Karwowski, Mariusz; Raulinajtys-Grzybek, Monika (2021-03-19).

3641:"Here's why comparable ESG reporting is crucial for investors" 3619:

ESG Confusion and Stock Returns: Tackling the Problem of Noise

779: 4156:

Berg, Florian; Fabisik, Kornelia; Sautner, Zacharias (2020).

3720:, Cham: Springer International Publishing, pp. 305–311, 3584:

Cardoni, Andrea; Kiseleva, Evgeniia; Terzani, Simone (2019).

2207:"The Fourth Anniversary of the China Green Finance Committee" 1608:"7 Top Strategies to Secure Green Business Financing in 2024" 1327: 864: 717: 701: 697: 693: 689: 155: 3920:"Letter: Untangling ESG mess will need more than regulation" 3822:

Corporate Social Responsibility and Environmental Management

3815: 2915:"Experts threaten to quit over new EU 'green finance' rules" 752:, 50% of the world's population and 45% of the world's GDP. 2977:"Draft EU taxonomy sparks discord over gas, nuclear future" 2503: 2501: 1404: 1260: 1139:

in their management, notably through climate stress tests.

792: 768: 764: 381: 4324:"Greenpeace lands on ECB tower in climate finance protest" 4126:

Simpson, Cam; Rathi, Akshat; Kishan, Saijel (2021-12-10).

3287:"NGFS climate scenarios for central banks and supervisors" 1940:"China Sustainable Debt - State of the Market Report 2022" 4037:

Journal of Financial Management, Markets and Institutions

3669:

Bril, Herman; Kell, Georg; Rasche, Andreas (2022-10-06).

3616: 2579: 1691: 4403: 4030: 3248: 3246: 2539: 2498: 2270: 5376:

UN Conference on the Human Environment (Stockholm 1972)

3964: 3962: 595: 3583: 1823:"International Platform on Sustainable Finance (IPSF)" 1031:(having no or very little impact on the environment). 3863:

Carroll, Archie B.; Shabana, Kareem M. (2010-01-15).

3712:

Lykkesfeldt, Poul; Kjaergaard, Laurits Louis (2022),

3711: 3516:

Eccles, Robert G.; Mirchandani, Bhakti (2022-02-15).

3243: 3146: 1512:

United Nations Framework Convention on Climate Change

1123: 1019: 815:

issuers ranked the largest with at about 6.75bn USD.

4275: 4087:"Aggregate Confusion: The Divergence of ESG Ratings" 3959: 3474: 2946:"View from Brussels: Nuclear power set for EU boost" 1379:

mitigated through advanced streamlining processes.

1293: 665:

International Platform on Sustainable Finance (IPSF)

4215: 2177:"China Development Bank enhances green initiatives" 1420: 852: 676:The founding members of the IPSF are obviously the 4155: 4125: 3444:"Bank of Japan to launch climate lending facility" 2746: 2238:Ivey, Rebecca; Song, Sha; Guo, Kaidi; et al. 1392:aspect. This phenomenon can be referred to as the 575:A key idea is that sustainable finance allows the 4084: 4080: 4078: 3515: 1937: 641:protection. Lastly, sustainable finance includes 633:, it mainly refers to funds which are addressing 5511: 2786: 2543:Sustainable Debt Global State of the Market 2021 1998: 1244:(COP 26), in July 2021, under the leadership of 1171:Network for Greening the Financial System (NGFS) 1106:The UK is working on its own separate taxonomy. 841:Next Generation of China for Sustainable Finance 774: 2912: 1793:"International Platform on Sustainable Finance" 1757:"International Platform on Sustainable Finance" 1361: 1110:Green-supporting factor on capital requirements 5400:Rio Declaration on Environment and Development 4075: 3862: 3668: 3199:Mésonnier Jean-Stéphane, Nguyen Benoît « 2540:Harrison, C; MacGeoch, M; Michetti, C (2022). 2134: 831: 643:Environmental, Social and Corporate Governance 4502: 797: 538: 3518:"We Need Universal ESG Accounting Standards" 2672: 2237: 1099:from the natural gas form are a significant 819:Promotion of Green Finance Policies in China 562:Environmental, Social & Governance (ESG) 3869:International Journal of Management Reviews 3281: 3279: 3176:: CS1 maint: numeric names: authors list ( 2753:Pellicani, Nicholas P. (20 February 2024). 1721:"AR6 Synthesis Report: Climate Change 2023" 1631:: CS1 maint: numeric names: authors list ( 1542:"Global Sustainable Investment Review 2022" 780:Development of Sustainable Finance in China 648: 5471: 4509: 4495: 3800:International Review of Financial Analysis 1460:Environmental, Social and Governance (ESG) 1278:Bridging data gaps in climate-related data 865:Sustainable Finance and The European Union 808:National Development and Reform Commission 545: 531: 5411:Convention on Biological Diversity (1992) 4249: 4102: 4058: 4048: 3601: 3349:"The ECB pledge on climate change action" 3069:European Commission - European Commission 2812: 2752: 2152: 2071: 2053: 1477: 1195:Network for Greening the Financial System 1177:Network for Greening the Financial System 1158:standardize ESG measures of performance. 5439:UN Conference on Sustainable Development 3276: 2881:"EU taxonomy for sustainable activities" 1382: 1261:Action Plan of the ECB on Climate Change 1242:United Nations Climate Change Conference 1161: 1152: 977:International Capital Market Association 793:Catalyst of Sustainable Finance in China 680:, but also the competent authorities of 3672:Sustainability, Technology, and Finance 3343: 3341: 3210: », Banque de France, January 2021 2913:Sánchez Nicolás, Elena (2 April 2021). 2187:from the original on September 30, 2023 2035: 2001:"China Green Bond Market Report – 2022" 1314:. However, recently, it seems like the 14: 5512: 5009:Corporate environmental responsibility 4399: 4397: 4395: 4351: 3999:: CS1 maint: archived copy as title ( 3784:: CS1 maint: archived copy as title ( 3412: 2943: 2845: 2722: 2233: 2231: 2130: 2128: 2097: 2095: 2093: 2091: 2036:Zhang, Yanbo; Li, Xiang (2022-06-15). 2017:from the original on November 19, 2023 1933: 1931: 1879: 1877: 1773:from the original on 29 September 2022 1026:EU taxonomy for sustainable activities 989:EU taxonomy for sustainable activities 949: 869: 4490: 4432: 3511: 3509: 3470: 3468: 3365:from the original on 22 November 2022 3297:from the original on 18 November 2022 3264:from the original on 11 December 2022 3231:from the original on 28 November 2022 2908: 2906: 2875: 2873: 2841: 2839: 2787:Baldi, F; Pandimiglio, A (May 2022). 2782: 2780: 2596:from the original on 11 December 2022 2575: 2573: 2571: 2535: 2533: 2430:from the original on 11 December 2022 2400:from the original on 11 December 2022 2302: 2252:from the original on October 26, 2023 1956:from the original on December 3, 2023 1883: 1833:from the original on 11 December 2022 1349:Corporate and Societal Responsibility 910: 708:. However, since its foundation, the 5382:Brundtlandt Commission Report (1983) 4414:from the original on 2 December 2022 4282:Politics, Philosophy & Economics 3477:"The Future of ESG Is … Accounting?" 3338: 2974: 2858:from the original on 19 October 2021 2556:from the original on 5 November 2022 2460:from the original on 9 December 2022 2101: 1803:from the original on 3 November 2022 1751: 1749: 1747: 1745: 1655:United Nations Environment Programme 1605: 623:United Nations Environment Programme 4392: 2228: 2125: 2088: 1928: 1874: 24: 5024:Environmental full-cost accounting 4516: 4278:"Central banking and inequalities" 3714:"Encompassing ESG Rating Agencies" 3506: 3465: 2956:from the original on 29 March 2021 2903: 2870: 2836: 2777: 2568: 2530: 2480:"Recovery and Resilience Facility" 2344:from the original on 13 March 2023 1193:, eight central banks created the 1124:Mandatory and voluntary disclosure 1055:, pollution, effect on water, and 1020:Taxonomy of sustainable activities 25: 5561: 4958:Run-of-the-river hydroelectricity 4439:Journal of European Public Policy 3565:from the original on 17 June 2016 2925:from the original on 5 April 2021 2891:from the original on 5 April 2021 2846:Sholem, Michael (10 March 2021). 1902:from the original on June 5, 2023 1742: 1578:"Overview of sustainable finance" 1294:The important number of standards 1181:In 2018, under the leadership of 981:Paris agreement on climate change 5470: 5459: 5458: 5428:UN Millennium Declaration (2000) 3881:10.1111/j.1468-2370.2009.00275.x 2765:from the original on 23 May 2024 1606:Vkrs, Patel029 (June 17, 2024). 1558:from the original on 13 May 2024 1421:Green Central Banking legitimacy 1189:, and Banque de France Governor 853:Sustainable Finance in Hong Kong 45: 5535:Corporate social responsibility 5014:Corporate social responsibility 4943:Ocean thermal energy conversion 4882:Community-supported agriculture 4567:Human impact on the environment 4473:from the original on 2022-07-21 4426: 4345: 4334:from the original on 2023-01-12 4316: 4269: 4258:from the original on 2023-03-27 4209: 4192: 4149: 4138:from the original on 2024-02-11 4119: 4024: 4007: 3982:from the original on 2023-07-09 3946: 3937: 3926:from the original on 2023-12-25 3912: 3903: 3856: 3809: 3792: 3767:from the original on 2024-02-04 3747: 3705: 3662: 3651:from the original on 2023-12-26 3633: 3610: 3577: 3547: 3536:from the original on 2022-12-14 3495:from the original on 2022-12-14 3454:from the original on 2022-04-04 3436: 3425:from the original on 2022-10-20 3406: 3395:from the original on 2021-10-16 3377: 3327:from the original on 2022-06-26 3309: 3213: 3193: 3184: 3140: 3129:from the original on 2021-10-16 3115: 3104:from the original on 2021-10-16 3086: 3075:from the original on 2021-10-16 3057: 3028: 3017:from the original on 2022-06-01 2999: 2975:Hall, Siobhan (25 March 2021). 2968: 2937: 2735:from the original on 2022-01-22 2716: 2705:from the original on 2022-01-04 2666: 2655:from the original on 2019-06-21 2637: 2626:from the original on 2020-05-30 2608: 2519:from the original on 2015-09-05 2472: 2442: 2412: 2382: 2356: 2326: 2315:from the original on 2023-11-29 2296: 2285:from the original on 2024-01-18 2264: 2217:from the original on 2023-09-23 2199: 2169: 2114:from the original on 2023-11-30 2029: 1992: 1968: 1863:from the original on 2022-01-27 1845: 1815: 1785: 1731:from the original on 2023-03-20 1702:from the original on 2022-12-11 1684:"Green and sustainable finance" 1665:from the original on 2022-10-06 1588:from the original on 2020-11-05 1522:from the original on 2021-10-19 288:Over-the-counter (off-exchange) 5254:Socially responsible marketing 4433:Elgie, Robert (January 2002). 4242:10.1016/j.ecolecon.2021.107210 4200:Fordham J. Corp. & Fin. L. 1713: 1676: 1639: 1599: 1570: 1533: 1496: 1471: 954: 616: 13: 1: 5445:Sustainable Development Goals 5249:Socially responsible business 2944:Morgan, Sam (29 March 2021). 1920:: CS1 maint: date and year ( 1465: 1213:Green refinancing operations: 775:Sustainable Finance and China 514:Sustainable development goals 3726:10.1007/978-3-031-05800-4_39 3413:Randow, Jana (1 June 2022). 3042:. 2014-01-22. Archived from 2723:Henide, Karim (2022-01-17). 2549:. Climate Bonds Initiative. 2390:"Finance and the Green Deal" 1980:www.greenfinanceplatform.org 1857:www.greenfinanceplatform.org 1362:A legislative Spaghetti Bowl 1219:Green collateral frameworks: 1084:environmental sustainability 7: 5545:Economy and the environment 5274:Sustainability organization 5059:Standards and certification 4650:Social return on investment 4352:Tucker, Paul (2020-02-20). 3147:2016-04-22T15:13:00+01:00. 3040:European Banking Federation 2755:"EU Green Bonds Regulation" 2673:Karim Henide (2021-12-22). 2450:"Recovery Plans for Europe" 2303:Patel, Anika (2023-10-06). 1884:Zhang, Hao (January 2020). 1448: 1304:Global Reporting Initiative 1199:International Monetary Fund 832:International Collaboration 10: 5566: 4699:Systemic change resistance 2679:Transnational Corporations 2509:"Climate Bonds Initiative" 1225:Green quantitative easing: 1174: 1127: 1023: 958: 914: 873: 798:Green Bond Market in China 5454: 5365: 5302: 5074: 5001: 4910: 4877:Climate-smart agriculture 4862: 4834: 4791: 4745: 4712: 4585: 4542: 4524: 4451:10.1080/13501760110120219 4370:10.1017/s026626711900035x 4050:10.1142/s2282717x21500067 2805:10.1016/j.gfj.2022.100711 1893:ADBI Working Paper Series 1312:Carbon Disclosure Project 1285: 1049:climate change adaptation 1045:climate change mitigation 659:environmental degradation 397:Diversification (finance) 5019:Environmental accounting 4768:Sustainable architecture 4758:Environmental technology 4358:Economics and Philosophy 4294:10.1177/1470594x16651056 3225:News European Parliament 2759:Debevoise & Plimpton 2691:10.18356/2076099x-28-3-2 2513:Climate Bonds Initiative 2008:Climate Bonds Initiative 1947:Climate Bonds Initiative 1482:. Taylor & Francis. 1130:Sustainability Reporting 933:and aims to improve the 847:Belt and Road Initiative 761:European Investment Bank 750:greenhouse gas emissions 649:International Initiative 585:greenhouse gas emissions 572:and ethical investing. 4892:Sustainable agriculture 4162:SSRN Electronic Journal 3522:Harvard Business Review 3481:Harvard Business Review 3254:"Green central banking" 2852:The National Law Review 2616:"Green Bond Principles" 2364:"A European Green Deal" 1372:“spaghetti bowl” effect 1074:are controversial. The 1066:The classifications of 581:Paris Climate Agreement 5435:(Rio+10, Johannesburg) 5304:Sustainable management 5289:Urban drainage systems 5029:Environmental planning 4993:Water recycling shower 4983:Tidal stream generator 4778:Sustainable industries 4737:Sustainable population 4722:Demographic transition 4704:Tragedy of the commons 3956:(pp. 1-26). Routledge. 2793:Global Finance Journal 2181:China Development Bank 2055:10.3390/ijerph19127330 1255:People's Bank of China 804:People's Bank of China 362:Alternative investment 5327:Humanistic capitalism 5142:Environmental finance 4783:Sustainable packaging 4407:Green Central Banking 3681:10.4324/9781003262039 3448:Green Central Banking 3389:European Central Bank 1478:Hardyment, R (2024). 1431:European Central Bank 1383:Lack of comparability 1203:European Central Bank 1162:Green Central Banking 1153:Green Monetary Policy 1080:Joint Research Centre 884:is a proposal by the 757:European Central Bank 631:environmental finance 494:Investment management 407:Environmental finance 5520:Sustainable business 5294:Urban infrastructure 4988:Water heat recycling 4811:Conservation biology 4655:Steady-state economy 4630:Micro-sustainability 4615:Ecological footprint 4572:Planetary boundaries 4222:Ecological Economics 4170:10.2139/ssrn.3722087 3645:World Economic Forum 966:aim of this type of 5395:Earth Summit (1992) 5049:Metrics and indices 4902:Sustainable fishery 4821:Holocene extinction 4640:Product stewardship 4610:Earth Overshoot Day 4234:2021EcoEc.19007210B 4104:10.1093/rof/rfac033 3258:European Parliament 3227:. 11 October 2022. 3036:"Supporting Factor" 2885:European Commission 2729:LSE Business Review 2649:European Commission 2183:. August 24, 2021. 1582:European Commission 1117:European Commission 1093:European Commission 1076:European Commission 1036:European Commission 1005:European Commission 950:Tools and Standards 940:European Commission 923:European Commission 921:More recently, the 894:European Green Deal 886:European Commission 882:European Green Deal 876:European Green Deal 870:European Green Deal 589:European Green Deal 558:Sustainable finance 519:Sustainable finance 33:Part of a series on 5525:Ethical investment 4854:Sustainable energy 4816:Endangered species 4773:Sustainable design 4687:Consumer behaviour 4020:10.1111/rego.12530 3603:10.3390/su11041093 3206:2021-10-16 at the 2486:. 12 February 2021 2420:"NextGenerationEU" 2154:10.3390/en15113949 1191:Villeroy de Galhau 1000:Next Generation EU 917:Next Generation EU 911:Next Generation EU 898:Next Generation EU 509:Speculative attack 274:Structured product 5507: 5506: 5433:Earth Summit 2002 5416:Lisbon Principles 5388:Our Common Future 5066:Sustainable yield 4872:Civic agriculture 4625:Green consumption 4562:Global governance 4091:Review of Finance 3735:978-3-031-05799-1 3690:978-1-003-26203-9 3419:www.bloomberg.com 2620:www.icmagroup.org 2211:Paulson Institute 1504:"Paris Agreement" 1246:Christine Lagarde 1097:methane emissions 931:COVID-19 pandemic 555: 554: 382:Banks and banking 372:Asset (economics) 198:Credit derivative 166:Stock certificate 39:Financial markets 16:(Redirected from 5557: 5474: 5473: 5462: 5461: 5406:Agenda 21 (1992) 5377: 5342:Natural resource 5229:Organic movement 5204:Impact investing 4923:Hydroelectricity 4897:Sustainable diet 4849:Renewable energy 4844:Carbon footprint 4826:Invasive species 4763:Natural building 4714:World population 4675:Marketing myopia 4635:Over-consumption 4605:Circular economy 4600:Anti-consumerism 4557:Environmentalism 4511: 4504: 4497: 4488: 4487: 4482: 4481: 4479: 4478: 4430: 4424: 4423: 4421: 4419: 4401: 4390: 4389: 4349: 4343: 4342: 4340: 4339: 4320: 4314: 4313: 4273: 4267: 4266: 4264: 4263: 4253: 4213: 4207: 4196: 4190: 4189: 4153: 4147: 4146: 4144: 4143: 4123: 4117: 4116: 4106: 4097:(6): 1315–1344. 4082: 4073: 4072: 4062: 4052: 4028: 4022: 4011: 4005: 4004: 3998: 3990: 3988: 3987: 3981: 3974: 3966: 3957: 3954:Accounting Forum 3950: 3944: 3941: 3935: 3934: 3932: 3931: 3916: 3910: 3907: 3901: 3900: 3860: 3854: 3853: 3834:10.1002/csr.2137 3828:(4): 1270–1284. 3813: 3807: 3796: 3790: 3789: 3783: 3775: 3773: 3772: 3766: 3759: 3751: 3745: 3744: 3743: 3742: 3709: 3703: 3702: 3666: 3660: 3659: 3657: 3656: 3637: 3631: 3630: 3614: 3608: 3607: 3605: 3581: 3575: 3574: 3572: 3570: 3551: 3545: 3544: 3542: 3541: 3513: 3504: 3503: 3501: 3500: 3472: 3463: 3462: 3460: 3459: 3440: 3434: 3433: 3431: 3430: 3410: 3404: 3403: 3401: 3400: 3381: 3375: 3374: 3372: 3370: 3364: 3353: 3345: 3336: 3335: 3333: 3332: 3321:Banque de France 3313: 3307: 3306: 3304: 3302: 3293:. 24 June 2020. 3283: 3274: 3273: 3271: 3269: 3250: 3241: 3240: 3238: 3236: 3217: 3211: 3197: 3191: 3188: 3182: 3181: 3175: 3167: 3165: 3164: 3155:. 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107:High-yield debt 102:Government bond 28: 23: 22: 15: 12: 11: 5: 5563: 5553: 5552: 5550:Sustainability 5547: 5542: 5540:Social finance 5537: 5532: 5527: 5522: 5505: 5504: 5502: 5501: 5494: 5487: 5480: 5468: 5455: 5452: 5451: 5449: 5448: 5442: 5441:(Rio+20, 2012) 5436: 5430: 5425: 5419: 5413: 5408: 5403: 5397: 5392: 5384: 5379: 5371: 5369: 5363: 5362: 5360: 5359: 5354: 5349: 5344: 5339: 5334: 5329: 5324: 5319: 5314: 5308: 5306: 5300: 5299: 5297: 5296: 5291: 5286: 5281: 5276: 5271: 5266: 5261: 5256: 5251: 5246: 5241: 5236: 5231: 5226: 5221: 5216: 5211: 5206: 5201: 5196: 5195: 5194: 5189: 5187:Infrastructure 5184: 5174: 5169: 5164: 5159: 5154: 5149: 5144: 5139: 5134: 5129: 5124: 5119: 5117:Eco-capitalism 5114: 5109: 5104: 5099: 5094: 5089: 5084: 5078: 5076: 5072: 5071: 5069: 5068: 5063: 5062: 5061: 5056: 5051: 5046: 5041: 5034:Sustainability 5031: 5026: 5021: 5016: 5011: 5005: 5003: 5002:Accountability 4999: 4998: 4996: 4995: 4990: 4985: 4980: 4975: 4970: 4965: 4960: 4955: 4950: 4945: 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3627:10.3386/w30562 3609: 3590:Sustainability 3576: 3546: 3505: 3464: 3450:. 2021-06-21. 3435: 3405: 3391:. 2021-07-08. 3376: 3337: 3323:. 2021-03-24. 3308: 3275: 3242: 3212: 3192: 3183: 3139: 3125:. 2020-06-07. 3114: 3085: 3056: 3027: 2998: 2967: 2936: 2902: 2869: 2835: 2776: 2745: 2715: 2665: 2636: 2607: 2567: 2529: 2497: 2471: 2441: 2411: 2381: 2370:. 14 July 2021 2355: 2325: 2295: 2263: 2227: 2198: 2168: 2124: 2087: 2028: 1991: 1967: 1927: 1873: 1844: 1814: 1784: 1741: 1712: 1675: 1638: 1598: 1569: 1532: 1495: 1488: 1469: 1467: 1464: 1463: 1462: 1457: 1450: 1447: 1422: 1419: 1384: 1381: 1363: 1360: 1356:European Union 1295: 1292: 1287: 1284: 1283: 1282: 1279: 1276: 1273: 1270: 1262: 1259: 1237: 1234: 1229: 1228: 1222: 1216: 1201:(IMF) and the 1187:Frank Elderson 1175:Main article: 1172: 1169: 1163: 1160: 1154: 1151: 1128:Main article: 1125: 1122: 1111: 1108: 1101:greenhouse gas 1082:to assess the 1072:nuclear energy 1024:Main article: 1021: 1018: 996:European Union 968:bond 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