Publications

All publications

• 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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• 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.…

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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…

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• 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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• Scientific publication

  iScience: Carbon Contracts-for-Difference: how to de-risk innovative investments for a low-carbon industry

  The shift to climate neutrality requires new process technologies for energy-intensive industries, such as steel, chemicals, or cement. A variety of technology options exist –…

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• Scientific publication

  European Journal of Operational Research: Non-Contour Efficient Fronts for Identifying Most Preferred Portfolios in Sustainability Investing

  The paper focuses on investors whose strength of interest in sustainability issues (such as environmental, social, and governance) causes ESG to become a third criterion…

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