• Publication

    Physical Cliamte Risk and Bank Loans

    An article published in the Journal of Environmental Economics and Management analyses the effect of firms’ exposure to phyiscal cliamte risk on the pricing of bank loans.

    Hero 2
  • Publication

    The performance of low-carbon equity funds

    In an article published in the International Review of Financial Analysis, researchers of the SFRP analyse the performance of low-carbon equity funds.

    Hero 2
  • Policy Brief

    Assessing Company Impact

    Policy Brief 1/2026 examines the current state and future direction of company impact assessment.

  • Policy Brief

    Climate Transparency in Mutual Funds

    Policy Brief 3/2025 summarizes key findings from a recent empirical study on 622 European climate-oriented mutual funds, which identifies four dominant climate strategies and analyzes their relationship with specific climate metrics and financial performance.

    Hero 2

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.

Partners of the Sustainable Finance Research Platform

Learn more about the project

Publications

  • Scientific publication

    Journal of Environmental Economics and Management: Physical climate risk and the pricing of bank loans

    This paper analyses how physical climate risk affects the pricing of loans. Using a global dataset of almost 86,000 syndicated bank loans, we find that…

    Read publication
  • Policy Brief

    PB 1/2026: Assessing Company Impact

    Assessing positive and negative impacts at the company level is central for impact investors, but company impact assessment tools lack precise methods and reliable information…

    Read publication
  • Scientific publication

    International Review of Financial Analysis: The performance of low-carbon equity funds

    This study examines the performance of low-carbon equity funds by gaining a better understanding of what drove past performance, what opportunity costs arose from higher…

    Read publication
  • Scientific publication

    The Review of Financial Economics: Measuring the performance of government bond portfolios with index-based level, slope, and curvature factors

    This paper introduces a three-factor interest rate risk model to improve the measurement of active bond fund performance. Traditional models assume a linear relationship between…

    Read publication
  • Scientific publication

    Energy Policy: EU power market reform toward locational pricing: Rewarding flexible consumers for resolving transmission constraints

    The ongoing expansion of wind and solar electricity generation alongside increasing electrification is leading to a considerable strain on transmission capacities and grid bottlenecks in…

    Read publication
Show all publications

Events

  • Past events

    On the Road to Net Zero: Enhancing Transition Risk Assessment with Bank Transition Plans?

    Date: 20. May 2025 Place: At DIW Berlin & virtually via Teams Type: Berlin Seminar on Energy, Climate Policy and Sustainable Finance

    Read more
  • Past events

    Advancing Net-Zero? The Role of Sustainable Finance Taxonomies Worldwide

    Date: 18. July 2024 Place: Zoom Type: Berlin Seminar

    Read more
  • Past events

    Sustainable Finance & Biodiversity: State of Play, Challenges and Solutions 

    Date: 31. January 2024 Place: Federal Ministry of Finance Type: SFB-Conference

    Read more
  • Past events

    The evolution of ethical forms of investment: An integrative systematic review of responsible, ethical, social, sustainable and impact investment

    Date: 15. June 2023 Place: online via MS Teams Type: Sustainable Finance Brown-Bag Seminar

    Read more
Show all events

News

Aktuelles

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.

  • News, Sustainability reporting

    Alexander Bassen leads GHG Protocol’s new Independent Standards Board

    Read more
  • News

    Invitation to the WPSF Research Seminar

    Read more
  • News

    Kerstin Lopatta appointed to the EFRAG Sustainability Reporting Board

    Read more
  • News

    New Project Website

    Read more

Sustainability reporting

NB

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

  • 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
Show all publications >

Events

No events were found!

Show all events

Sustainability reporting

NB

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

  • 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
Show all publications >

News

  • Singapore Media article

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

    Read more
  • News, Sustainability reporting

    Alexander Bassen leads GHG Protocol’s new Independent Standards Board

    Read more
  • News

    Invitation to the WPSF Research Seminar

    Read more
  • Media article

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

    Read more
  • Events

    No events were found!

    Show all events

    Sustainability reporting

    NB

    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

    • 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
    Show all publications >

    News

  • Singapore Media article

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

    Read more
  • News, Sustainability reporting

    Alexander Bassen leads GHG Protocol’s new Independent Standards Board

    Read more
  • News

    Invitation to the WPSF Research Seminar

    Read more
  • Media article

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

    Read more
  • Events

    No events were found!

    Show all events

    Subscribe to our newsletter (in German)

    Subscribe to our newsletter to stay up to date regarding current publications, events and other activities of the Sustainable Finance Research Platform. The newsletter is in German.

     

    To subscribe to the newsletter, please click on the blue button below and send the email draft that opens in your email program. Alternatively, you can send an email with the subject “subscribe sustainablefinance-newsletter” to sympa@list.diw.de. You will then receive an email request from list.diw.de, which you should reply to in order to be entered on the subscriber list.

     

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    About the project

    Das Projekt

    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

    External project partners

    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.

    Das Foto zeigt Timo Busch.

    Prof. Dr. Timo Busch

    Universität Hamburg

    Profil anzeigen>

    E-Mail: timo.busch@uni-hamburg.de
    Das Foto zeigt Christian Klein

    Prof. Dr. Christian Klein

    University of Kassel
    Show profile page >

    E-Mail: klein@uni-kassel.de
    Das Foto zeigt Ulf Moslener.

    Prof. Dr. Ulf Moslener

    Frankfurt School of Finance & Management

    Show profile page>

    Das Foto zeigt Karsten Neuhoff.

    Prof. Karsten Neuhoff, Ph.D.

    DIW Berlin

    Show profile page>

     

    E-Mail: kneuhoff@diw.de
    Das Foto zeigt Marco Wilkens.

    Prof. Dr. Marco Wilkens

    University of Augsburg
    Show profile page>

    E-Mail: marco.wilkens@wiwi.uni-augsburg.de

    Funding

    Contact

    Topics

    Themen

    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.

  • Singapore Media article

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

    Read more
  • News, Sustainability reporting

    Alexander Bassen leads GHG Protocol’s new Independent Standards Board

    Read more
  • News

    Invitation to the WPSF Research Seminar

    Read more
  • Media article

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

    Read more
  • Publications

    • Policy Brief

      PB 1/2026: Assessing Company Impact

      Assessing positive and negative impacts at the company level is central for impact investors, but company impact assessment tools lack precise methods and reliable information…

      Read publication
    • Policy Brief

      PB 3/2025: Towards Granular Climate Transparency in Mutual Funds: Informing the SFDR Review

      Climate-oriented mutual funds apply heterogeneous climate approaches, from Paris Alignment and CO₂ reduction targets to SDG13 and EU Taxonomy orientation, each linked to different investment…

      Read publication
    • 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

    Researchers

    Presse

    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

    Associated members

    Publications

    Publikationen

    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

    • Scientific publication

      Journal of Environmental Economics and Management: Physical climate risk and the pricing of bank loans

      This paper analyses how physical climate risk affects the pricing of loans. Using a global dataset of almost 86,000 syndicated bank loans, we find that…

      Read publication
    • Policy Brief

      PB 1/2026: Assessing Company Impact

      Assessing positive and negative impacts at the company level is central for impact investors, but company impact assessment tools lack precise methods and reliable information…

      Read publication
    • Scientific publication

      International Review of Financial Analysis: The performance of low-carbon equity funds

      This study examines the performance of low-carbon equity funds by gaining a better understanding of what drove past performance, what opportunity costs arose from higher…

      Read publication
    • Scientific publication

      The Review of Financial Economics: Measuring the performance of government bond portfolios with index-based level, slope, and curvature factors

      This paper introduces a three-factor interest rate risk model to improve the measurement of active bond fund performance. Traditional models assume a linear relationship between…

      Read publication
    • Scientific publication

      Energy Policy: EU power market reform toward locational pricing: Rewarding flexible consumers for resolving transmission constraints

      The ongoing expansion of wind and solar electricity generation alongside increasing electrification is leading to a considerable strain on transmission capacities and grid bottlenecks in…

      Read publication
    • Scientific publication

      Finance Research Letters: What drives stock market reactions to greenwashing? An event study of European companies

      This study examines stock market reactions in response to 296 greenwashing events involving STOXX Europe 600 companies. The results indicate that companies with the lowest…

      Read publication
    • Scientific publication

      Finance Research Letters: The impact of ESG preferences on stock borrowing volumes and fees

      Capital market models propose a green premium in expected stock returns due to differing ESG preferences. Green investors favor green stocks, causing a scarcity raising…

      Read publication
    • Scientific publication

      Annals of Operations Research: Empirical analysis of the trade-offs among risk, return, and climate risk in multi-criteria portfolio optimization

      This paper contains an empirical analysis that studies trade-offs among risk, return, and climate risk in asset management. Using a multi-criteria optimization approach to generate…

      Read publication
    • Scientific publication

      The Financial Review: What Drives Sustainable Institutional Engagement and Voting Behavior?

      We examine what drives institutional engagement and voting on environmental, social, and governance (ESG)-related shareholder proposals, using data from Principles for Responsible Investment (PRI) and…

      Read publication
    • Scientific publication

      Journal of Economic Behavior & Organization: Avoiding catastrophic climate change: Heterogeneous abatement costs and voting on redistribution in a threshold public good experiment

      Achieving the goal of limiting global warming is challenging, as it requires national contributions, whereas the benefits are shared between contributors and free-riders. We model…

      Read publication