Publications

All publications

• 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…

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• 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…

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• 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.…

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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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