The Sustainable Finance Research Platform is a joint project involving five German research institutions.
With their independent research, the project partners aim to support stakeholders in politics, the financial sector, and the real economy in understanding and shaping the central role of capital markets in achieving a net-zero economy.
Publications
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Policy Brief
PB 6/2024: Why Do Investors Pay Higher Fees for Sustainable Investments? The role of financial literacy
The growing supply of sustainable investments, along with increased media attention and EU regulations (like the MiFID II amendments of 20211 and the introduction of…
Read publication -
Policy Brief
PB 5/2024: Biodiversity and Financial Risk Assessments
The rapid loss of biodiversity is threatening the ecosystem services that many industries rely on, also posing significant risks to financial institutions and the overall…
Read publication -
Policy Brief
PB 4/2024: Does MiFID II enable private investors to invest sustainably?
MiFID II is a comprehensive regulatory framework aimed at increasing transparency and oversight in the European financial markets, improving investor protection, and preventing market abuse.…
Read publication -
Policy Brief
PB 2/2024: Enhancing Comparability and Credibility of Transition Plans and Transition Risk Assessment with Standardized Net Zero Scenarios
Transition plans by non-financial and financial corporates can fulfill two central purposes: they can facilitate strategic planning towards net zero 2050 while also helping detect…
Read publication -
Policy Brief
PB 1/2024: Climate Risks and the Cost of Debt: Why Climate Policy Matters
Climate policy is key to achieving the required CO2 emission reductions for the transition towards a sustainable low-carbon economy. Climate policy causes direct and indirect…
Read publication
Events
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Past events
Advancing Net-Zero? The Role of Sustainable Finance Taxonomies Worldwide
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Past events
Sustainable Finance & Biodiversity: State of Play, Challenges and Solutions
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Past events
The evolution of ethical forms of investment: An integrative systematic review of responsible, ethical, social, sustainable and impact investment
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Past events
SRI Funds: Greenwashing and/or Impactwashing?
Read more
News

The members of the Sustainable Finance Research Platform can be found outside of their scientific publications.
Below you will find an overview of current news, statements, press releases, and media contributions around the project.
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„Greenhouse Gas Protocol: Asia-Pacific firms have work cut out on meeting climate-disclosure requirements, executive implementing standard says“
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Alexander Bassen leads GHG Protocol’s new Independent Standards Board
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Invitation to the WPSF Research Seminar
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More than ‘green’ and ‘brown’: How sustainable finance can enable the transition
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Kerstin Lopatta appointed to the EFRAG Sustainability Reporting Board
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New Project Website
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Germany introduces a comprehensive sustainable finance plan
Sustainability reporting

Modern companies are not only expected to make profits but also to live up to their corporate social responsibility (CSR). In this context, companies should disclose information on ecological and social aspects and their corporate governance (ESG) in addition to financial figures. How can sustainability reporting evolve to benefit both companies and their environment?
Research topics:
- ESG reporting
- Sustainability information
- Emission data
- Corporate Social Responsibility (CSR)
- Transparency guidelines
- Reporting obligations
- Materiality
Publications
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Policy Brief, Sustainability Reporting, Sustainability Risks and Opportunities
PB 5/2022: Standardized stress test scenario can improve climate risk reporting
More and more countries, regions, cities, companies, and financial institutions are defining climate neutrality as a strategic goal. So far, however, it is not possible…
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Policy Brief, Sustainability Reporting
PB 4/2022: Key observations about the open EU consultation on the functioning of the EU ESG ratings market
The European Commission has launched a consultation on the functioning of the ESG ratings market in the European Union and on the consideration of ESG…
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Policy Brief, Sustainability Reporting
PB 3/2022: Raising transparency through TCFD-aligned climate reporting
The availability of consistent and comparable climate-related information is a decisive factor in considering the effects of climate change for business and investment decisions. The…
Read publication -
Policy Brief, Sustainability Reporting
PB 2/2022: Closing the transparency gap: Germany’s G7 presidency is an opportunity to promote sustainability reporting internationally
The German G7 presidency presents the opportunity to advance a central pillar of sustainable finance at the international level: mandatory disclosure of ESG risks and…
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Policy Brief, Sustainability Reporting, Sustainability Risks and Opportunities
PB 9/2021: The EU sustainable finance strategy – Implications for the future German Federal Government
The EU’s revised sustainable finance strategy confirms the important role of the financial sector in the sustainability transition of the economy, but does not sufficiently…
Read publication
Sustainability reporting

Modern companies are not only expected to make profits but also to live up to their corporate social responsibility (CSR). In this context, companies should disclose information on ecological and social aspects and their corporate governance (ESG) in addition to financial figures. How can sustainability reporting evolve to benefit both companies and their environment?
Research topics:
- ESG reporting
- Sustainability information
- Emission data
- Corporate Social Responsibility (CSR)
- Transparency guidelines
- Reporting obligations
- Materiality
Publications
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Policy Brief, Sustainability Reporting, Sustainability Risks and Opportunities
PB 5/2022: Standardized stress test scenario can improve climate risk reporting
More and more countries, regions, cities, companies, and financial institutions are defining climate neutrality as a strategic goal. So far, however, it is not possible…
Read publication -
Policy Brief, Sustainability Reporting
PB 4/2022: Key observations about the open EU consultation on the functioning of the EU ESG ratings market
The European Commission has launched a consultation on the functioning of the ESG ratings market in the European Union and on the consideration of ESG…
Read publication -
Policy Brief, Sustainability Reporting
PB 3/2022: Raising transparency through TCFD-aligned climate reporting
The availability of consistent and comparable climate-related information is a decisive factor in considering the effects of climate change for business and investment decisions. The…
Read publication -
Policy Brief, Sustainability Reporting
PB 2/2022: Closing the transparency gap: Germany’s G7 presidency is an opportunity to promote sustainability reporting internationally
The German G7 presidency presents the opportunity to advance a central pillar of sustainable finance at the international level: mandatory disclosure of ESG risks and…
Read publication -
Policy Brief, Sustainability Reporting, Sustainability Risks and Opportunities
PB 9/2021: The EU sustainable finance strategy – Implications for the future German Federal Government
The EU’s revised sustainable finance strategy confirms the important role of the financial sector in the sustainability transition of the economy, but does not sufficiently…
Read publication
News

„Greenhouse Gas Protocol: Asia-Pacific firms have work cut out on meeting climate-disclosure requirements, executive implementing standard says“

Alexander Bassen leads GHG Protocol’s new Independent Standards Board

Invitation to the WPSF Research Seminar

More than ‘green’ and ‘brown’: How sustainable finance can enable the transition
Sustainability reporting

Modern companies are not only expected to make profits but also to live up to their corporate social responsibility (CSR). In this context, companies should disclose information on ecological and social aspects and their corporate governance (ESG) in addition to financial figures. How can sustainability reporting evolve to benefit both companies and their environment?
Research topics:
- ESG reporting
- Sustainability information
- Emission data
- Corporate Social Responsibility (CSR)
- Transparency guidelines
- Reporting obligations
- Materiality
Publications
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Policy Brief, Sustainability Reporting, Sustainability Risks and Opportunities
PB 5/2022: Standardized stress test scenario can improve climate risk reporting
More and more countries, regions, cities, companies, and financial institutions are defining climate neutrality as a strategic goal. So far, however, it is not possible…
Read publication -
Policy Brief, Sustainability Reporting
PB 4/2022: Key observations about the open EU consultation on the functioning of the EU ESG ratings market
The European Commission has launched a consultation on the functioning of the ESG ratings market in the European Union and on the consideration of ESG…
Read publication -
Policy Brief, Sustainability Reporting
PB 3/2022: Raising transparency through TCFD-aligned climate reporting
The availability of consistent and comparable climate-related information is a decisive factor in considering the effects of climate change for business and investment decisions. The…
Read publication -
Policy Brief, Sustainability Reporting
PB 2/2022: Closing the transparency gap: Germany’s G7 presidency is an opportunity to promote sustainability reporting internationally
The German G7 presidency presents the opportunity to advance a central pillar of sustainable finance at the international level: mandatory disclosure of ESG risks and…
Read publication -
Policy Brief, Sustainability Reporting, Sustainability Risks and Opportunities
PB 9/2021: The EU sustainable finance strategy – Implications for the future German Federal Government
The EU’s revised sustainable finance strategy confirms the important role of the financial sector in the sustainability transition of the economy, but does not sufficiently…
Read publication
News

„Greenhouse Gas Protocol: Asia-Pacific firms have work cut out on meeting climate-disclosure requirements, executive implementing standard says“

Alexander Bassen leads GHG Protocol’s new Independent Standards Board

Invitation to the WPSF Research Seminar

More than ‘green’ and ‘brown’: How sustainable finance can enable the transition
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About the project

The Sustainable Finance Research Platform is a joint project between five German research institutions.
With their independent research, the project partners aim to support stakeholders in politics, the financial sector, and the real economy in understanding and shaping the central role of capital markets in achieving a net-zero economy. The researchers involved answer social, political, and business-related questions, provide established and new research findings, and participate in political and public debate. They also want to establish sustainable finance as a topic in the German research landscape and secure connections with international institutes and processes.
Partner institutions
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The research of the Chair of Finance and Banking at the University of Augsburg focuses on the areas of climate finance, investment funds, financial engineering, and capital market-oriented risk management. The research strength in the area of sustainable finance results from the transfer of extensive methodological competence from classical finance disciplines on the one hand and from comprehensive knowledge in dealing with the most important sustainability databases worldwide on the other[BR1] .
[BR1]A second hand is not needed and imo it sounds better without a second hand.Go to the website of the University of Augsburg’s Chair of Finance and Banking >
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The Climate Policy Department at the German Institute for Economic Research (DIW Berlin) focuses on the question of how the energy, industrial, and building sectors can achieve climate neutrality. In addition to publications in leading international journals, the department initiated the joint projects “Climate Friendly Materials Platform” and “Future Power Markets Platform.” It also advises the German federal government and the EU Commission and organizes the BMBF “Dialogue on Climate Economics” on the topic of finance together with PIK Potsdam.
Go to the website of the DIW Berlin Climate Policy Department’s >
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As part of the Frankfurt School, the FS-UNEP Collaborating Centre for Climate and Sustainable Energy Finance is a think-and-do-tank that implements projects in the field of sustainable investment on a global scale. It focuses on the role of finance in the transformation of the real economy. Among other things, the team is studying the impact of climate change on corporate financing conditions. The “Finance Fit for Paris Tracker” assesses the compatibility of financial market regulation with their transformation goals for different countries. These results will also be used to create a toolbox for policy design in countries of the global south.
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The Research Group on Sustainable Finance (RGSF) at the University of Hamburg focuses on the areas of finance, accounting, and strategy. The aim is to investigate and push the role of financial markets and investments for more sustainability in society and economy. Research focuses on sustainability reporting and transparency, performance and risk impact of environmental, social, and governance (ESG) criteria, and impact measurement of sustainable assets and investments.
Go to the website of the University of Hamburg’s Research Group on Sustainable Finance >
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The team of the Chair of Sustainable Finance at the University of Kassel has been working exclusively on sustainability issues in the financial sector for several years. They focus on the behavior of retail investors dealing with sustainable assets as well as the question of how existing barriers to investment in sustainable assets can be successively removed. An important challenge is implementing new sustainable financial products as well as developing existing ones further.
Go to the Website of the University of Kassel’s Chair of Sustainable Finance>
External project partners
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Climate & Company is one of Europe’s leading sustainable finance think tanks and supports the Sustainable Finance Research Platform by coordinating its EU Outreach. Founded in 2020 by Ingmar Juergens (also a founding member of the Research Platform) and David Rusnok, this private non-profit institute brings together leading senior sustainable finance expert economists from EU institutions, academia, and the banking and investment sectors. The experienced leadership team is supported by the knowledge, energy, vision, and commitment of a growing team of young economists and sustainable finance experts from prestigious universities.
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The Sustainability Transformation Monitor (STM) is a collaboration between the Bertelsmann Stiftung, Stiftung Mercator, the Universities of Hamburg and Mannheim, and the Peer School for Sustainable Development. The STM aims to explore the sustainability transformation of the economy with a simultaneous view of the real and financial economy focusing on the drivers and barriers of transformation. It is a survey amongst leaders, sustainability managers and experts from the real and financial economy over a three-year period. The project is accompanied by the platform members Prof. Dr. Alexander Bassen, Prof. Dr. Timo Busch, Prof. Dr. Kerstin Lopatta (all University of Hamburg), and Prof. Dr. Sebastian Utz (University of Augsburg), amongst others.
Go to website of the Sustainability Transformation Monitor >
Management Board
The Management Board decides on the Sustainable Finance Research Platform’s strategic direction. The monthly board meetings are presided over by the current chair and the project coordinator.





Prof. Dr. Marco Wilkens
University of Augsburg
Show profile page>
Funding
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The establishment of the Sustainable Finance Research Platform was made possible by funding from Stiftung Mercator, which ran from August 2020 to November 2024. This enabled the partner institutions to consolidate their network work and strengthen and expand the Research Platform’s outreach activities. Stiftung Mercator is a private, independent foundation with extensive scientific expertise and practical project experience.
Go to the website of Stiftung Mercator >
As part of a pilot phase, the partner institutions of the Sustainable Finance Science Platform were funded by the Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection (BMU) and Stiftung Mercator between August 2019 and August 2021. Further information on this project phase can be found here.
Contact
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Dr. Franziska Schütze
DIW Berlin
E-Mail: fschuetze@diw.de
Show profile page>
Phone: +49 30 89789 – 454
Topics

The Sustainable Finance Research Platform aims to support a successful sustainability transformation.
How can financing conditions be created that foster investments in sustainability and promote a long-term restructuring of capital flows? What are the risks and opportunities associated with climate change and the transition it requires? What is relevant sustainability information and how can we make it so that players in the financial and real economy benefit from communicating this information transparently?
Current topics
Corporate Sustainability Reporting Directive (CSRD)
Mit der Corporate Sustainability Reporting Directive (CSRD) will die Europäische Union einheitliche Standards für Nachhaltigkeitsberichterstattung etablieren.

„Greenhouse Gas Protocol: Asia-Pacific firms have work cut out on meeting climate-disclosure requirements, executive implementing standard says“

Alexander Bassen leads GHG Protocol’s new Independent Standards Board

Invitation to the WPSF Research Seminar

More than ‘green’ and ‘brown’: How sustainable finance can enable the transition
Publications
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Policy Brief
PB 6/2024: Why Do Investors Pay Higher Fees for Sustainable Investments? The role of financial literacy
The growing supply of sustainable investments, along with increased media attention and EU regulations (like the MiFID II amendments of 20211 and the introduction of…
Read publication -
Policy Brief
PB 5/2024: Biodiversity and Financial Risk Assessments
The rapid loss of biodiversity is threatening the ecosystem services that many industries rely on, also posing significant risks to financial institutions and the overall…
Read publication -
Policy Brief
PB 4/2024: Does MiFID II enable private investors to invest sustainably?
MiFID II is a comprehensive regulatory framework aimed at increasing transparency and oversight in the European financial markets, improving investor protection, and preventing market abuse.…
Read publication -
Policy Brief
PB 2/2024: Enhancing Comparability and Credibility of Transition Plans and Transition Risk Assessment with Standardized Net Zero Scenarios
Transition plans by non-financial and financial corporates can fulfill two central purposes: they can facilitate strategic planning towards net zero 2050 while also helping detect…
Read publication -
Policy Brief
PB 1/2024: Climate Risks and the Cost of Debt: Why Climate Policy Matters
Climate policy is key to achieving the required CO2 emission reductions for the transition towards a sustainable low-carbon economy. Climate policy causes direct and indirect…
Read publication
Researchers

The researchers involved work on various aspects of sustainability in the financial and real economy. The Sustainable Finance Research Platform now joins 12 members and more than 30 young scholars (“Associated Members”) from the five partner institutes.
Members
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Prof. Dr. Ulf Moslener
Frankfurt School of Finance & Management
E-Mail: u.moslener@fs.de
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PD Dr. Martin Rohleder
University of Augsburg
E-Mail: martin.rohleder@wiwi.uni-augsburg.de
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Prof. Dr. Marco Wilkens
University of Augsburg
E-Mail: marco.wilkens@wiwi.uni-augsburg.de
Show profile
Associated members
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Jun.-Prof. Dr. Tobias Bauckloh
University of Cologne
E-Mail: bauckloh@wiso.uni-koeln.de
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Maximilan Görgen
University of Augsburg
E-Mail: maximilian.goergen@wiwi.uni-augsburg.de
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Dr. Alexandra Hüttel
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Stefan Jacob
University of Augsburg
E-Mail: stefan.alexander.jacob@student.uni-augsburg.de
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Menglu Neupert-Zhuang
Frankfurt School of Finance & Management
E-Mail: M.Neupert-Zhuang@fs.de
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Publications

The members of the Sustainable Finance Research Platform publish their research in various formats.
The Platform’s Policy Briefs play a central role. In addition, there are discussion and working papers from the partner institutes as well as selected external publications.
All publications
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Policy Brief
PB 6/2024: Why Do Investors Pay Higher Fees for Sustainable Investments? The role of financial literacy
The growing supply of sustainable investments, along with increased media attention and EU regulations (like the MiFID II amendments of 20211 and the introduction of…
Read publication -
Policy Brief
PB 5/2024: Biodiversity and Financial Risk Assessments
The rapid loss of biodiversity is threatening the ecosystem services that many industries rely on, also posing significant risks to financial institutions and the overall…
Read publication -
Policy Brief
PB 4/2024: Does MiFID II enable private investors to invest sustainably?
MiFID II is a comprehensive regulatory framework aimed at increasing transparency and oversight in the European financial markets, improving investor protection, and preventing market abuse.…
Read publication -
Policy Brief
PB 2/2024: Enhancing Comparability and Credibility of Transition Plans and Transition Risk Assessment with Standardized Net Zero Scenarios
Transition plans by non-financial and financial corporates can fulfill two central purposes: they can facilitate strategic planning towards net zero 2050 while also helping detect…
Read publication -
Policy Brief
PB 1/2024: Climate Risks and the Cost of Debt: Why Climate Policy Matters
Climate policy is key to achieving the required CO2 emission reductions for the transition towards a sustainable low-carbon economy. Climate policy causes direct and indirect…
Read publication -
Policy Brief, Sustainability Risks and Opportunities
PB 3/2023: Climate transition plans: State of play in EU legislation and policy recommendations
Company transition plans (of real economy and financial market actors) have the potential to become a steering instrument for directing capital flows toward climate neutrality…
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Policy Brief
PB 2/2023: The role of sustainable investments in the transformation: (further) education as a key element
Sustainable investments can be an important building block in the transformation of the economy and society. There has recently been a growing interest in sustainable…
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Scientific publication
Finance Research Letters: Rating changes revisited: New evidence on short-term ESG momentum
Environmental, social and governance (ESG) ratings are mainstream in sustainable finance. This paper provides important evidence on the effects of ESG rating changes on companies’…
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Scientific publication
Environmental and Resource Economics: Low-Carbon Investment and Credit Rationing
This paper develops a principal-agent model with adverse selection to analyse firms’ decisions between an existing carbon-intensive technology and a new low-carbon technology requiring an…
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Policy Brief, Sustainability Risks and Opportunities
PB 6/2022: The first ECB bottom-up climate stress test: dealing with data gaps and methodological challenges
The ECB’s “SSM Climate risk stress test,” published in July 2022, provides an important step toward integrating climate change related risks into the banking system.…
Read publication