Selected ESG & CSR Studies
CONNEXIS regards the following publications as highly interesting for our existing clients as well as outside visitors. These studies and papers provide valuable and up-to-date insight into the latest trends in ESG & CSR. As an additional service, we summarize key studies on the effects of ESG on corporate profits & credit risk in a new presentation. Read More
- METASTUDY: ESG Impact on Corporate Financial Performance - Evidence from 2,000+ Studies
- Deloitte: Sustainability Action Report (2022)
- Institute of International Finance (IIF): Sustainable Finance in Focus (2020)
- The World Economic Forum (WEF): Global Risks Report 2020
- Second WWF Study "Sustainability of Swiss Pension Funds" (2019)
- GSIA: 4th Biennial Global Sustainable Investment Review (2019)
- FNG: 2019 Market Report on Sustainable Investment in the D-A-CH Region (2019)
- GreenBiz: State of Green Business 2019
- FNG: 2018 Market Report on Sustainable Investment in the D-A-CH Region (2018)
- UNEP: Aligning the Financial System with Sustainable Development (2018)
- Green Lending Policy reduces credit risk in China (2018)
- CSR Europe & GRI: Implementation of EU CSR Directive in the EU Member States
- The World Economic Forum (WEF): Global Risks Report 2017
- FNG: 2017 Market Report on Sustainable Investment in the D-A-CH Region (2017)
- The World Economic Forum (WEF): Global Risks Report 2016
- The World Economic Forum (WEF): Global Risks Report 2015
- The EEA: State and Outlook of the European Environment (SOER) 2015
- The GSIA: Global Sustainable Investment Review
- Nature: Business Culture and Dishonesty in the Banking Industry (Dec 2014)
In a meta-study from 2015 scientists from the University of Hamburg (Germany) evaluated more than 2,000 empirical studies from 44 years (1970 to 2014) on the relationship between ESG criteria and Corporate Financial Performance (CFP).
Their results show that 92% of the 2,000 studies found a positive or neutral effect of ESG criteria on corporate profits. Full study
In the summer of 2022 Deloitte asked 300 executives of US companies with annual revenue of more than US$ 500 MM about their current sustainability reporting, including their challenges and planning. The survey found that 99% of the companies already have or are in the process of establishing ESG councils or working groups (2021:78%) and 96% plan to seek external assurance. Companies' GHG reporting continues to focus on Scope 1 (61%, 2021: 58%) and Scope 2 (76%, 2021: 47%) emissions. The strong increase in 2022 is considered a consequence of the new SEC regulation on climate change risk disclosure that was proposed in March 2022. Full Report
In order to bring clarity to the complex ecosystem of climate data, risk assessment, taxonomy & reporting IIF launches its new “back-to-basics” reports. 'Sustainable Finance Pyramid' offers a framework for the assessment of climate-related risks & opportunities to regulators, policymakers & investors. Franz Knecht played an important role in IIF's involvement with ISO's TC 322 Sustainable Finance. Full Report
In parallel to their annual conference in Davos, the World Economic Forum just published the 15th edition of its 'Global Risks' report. For the first time environmental risks occupy nine out of ten top global risks, both in terms of their likelihood as well as their potential impact. Full report
In a recent follow-up study, WWF Switzerland analyzed and evaluated the sustainability of the Swiss pension funds for a second time. The new results are particularly interesting in relation to the results of the first WWF survey of Swiss pension funds in 2016.
Out of the 20 pension funds under review, seven funds were rated as leaders and followers, while 13 funds were rated in the lower field. Full study (German only)
The Global Sustainable Investment Association (GSIA) recently published their 4th biennial report on the development of the global market for sustainable investment.
Among many other key insights the report finds that the global market for sustainable investment grew by 34% from US$ 23tn to US$ 31tn in the period from 2016 to 2018 (compared to 25% in the previous two years from 2014 to 2016). Europe remains the global leader with US$ 12.3tn, followed by the US with US$12 tn, while 'Negative/Exclusionary Screening' continues to lead the strategies with US$20tn ('ESG Integration' still in 2nd place with US$ 18tn). Full report
The German Association for Sustainable Investment (FNG) has published the 2019 version of their market report on sustainable investment in Germany, Austria and Switzerland, commonly referred to as the D-A-CH region.
Since 2005 FNG has analyzed the D-A-CH market for sustainable investment on an annual basis, highlighting the key developments in the market as well as giving an outlook on expected future developments. Full report
The 12th annual edition of State of Green Business looks at key trends and dozens of metrics assessing how, and how much, companies are moving the needle on the world’s most pressing environmental challenges. The report is produced in partnership with Trucost, part of S&P Global.
The 12th annual edition of State of Green Business looks at key trends and dozens of metrics assessing how, and how much, companies are moving the needle on the world’s most pressing environmental challenges. The report is produced in partnership with Trucost, part of S&P Global. Full report
The German Association for Sustainable Investment (FNG) has published the 2018 version of their market report on sustainable investment in Germany, Austria and Switzerland, commonly referred to as the D-A-CH region.
Since 2005 FNG has analyzed the D-A-CH market for sustainable investment on an annual basis, highlighting the key developments in the market as well as giving an outlook on expected future developments. The 2018 report focuses on the role of the Region's financial services industry in the context of the recommendations of the EU High Level Expert Group on Sustainable Finance. Full report
The Inquiry into the Design of a Sustainable Financial System was initiated by the United Nations Environment Programme (UNEP) to advance options to align the financial system with sustainable development. ‘Making Waves: Aligning the Financial System with Sustainable Development’ is its final, global report.
This report reviews the Inquiry’s core analysis, summarizes progress made in aligning the financial system with sustainable development between 2014 and 2017, reflects on the lessons that can be learned from the Inquiry’s approach, and highlights what still needs to be done and what success could look like. It finds real signs that a shift to a sustainable financial system is well under way. Full report
In 2007 China introduces its Green Credit Policy that obliges large banks to offer green loans for environmental protection, emission reduction, and energy conservation projects, as well as restrict loans to high-pollution, high-emission, and overcapacity industries.
Yujun Cui and his colleagues from the University of Waterloo (Canada) and the Northern Illinois University (USA) explored the consequences of the Green Credit Policy from a credit risk perspective. The results suggest that allocating more green loans to the total loan portfolio does reduce a bank’s non-performing loan (NPL) ratio. The researchers conclude that institutional pressure by the Chinese Green Credit Policy had a positive effect on both the environmental and the financial performance of banks in China. Full report
GRI, CSR Europe and Accountancy Europe issued a new report that outlines the principal elements of the 28 Member States’ laws, and provides insights on the direction non-financial reporting is headed in Europe. "The Non-financial Reporting Directive signals a new beginning in leveraging the transformative power of transparency." said GRI Chief Executive, Tim Mohin. Full report
In its 12th edition the Global Risk Report continues to be driven by geo-political risks (large-scale international migration) as well as climate change related matters.
The German Association for Sustainable Investment (FNG) has published the 2017 version of their market report on sustainable investment in Germany, Austria and Switzerland, commonly referred to as the D-A-CH region.
Since 2005 FNG has analyzed the D-A-CH market for sustainable investment on an annual basis, highlighting the key developments in the market as well as giving an outlook on expected future developments. Full report.
In its 11th edition the Global Risk Report continues to be driven by geo-political risks (large-scale international migration) as well as climate change related matters.
Geo-political risks have moved to the top of the perceived risks in the latest report by the World Economic Forum. ‘Interstate conflict’ is now perceived as the most likely risk, with ‘Extreme weather events’ and “Failure of national governance’ in places two and three. In terms of impact respondents now regard Water crises’ as the No1 risk, with ‘Infectious diseases’ and ‘Weapons of mass destruction’ on ranks two and three. Full report
The European Environmental Agency has published its latest report State and Outlook of the European Environment 2015 (SOER 2015). Roughly half way between the start of European Environmental policy in 1970 and the strategic target of 2050 the EEA concludes that much has been achieved, but a lot more remains to be done. Full report
In February 2015 the Global Sustainable Investment Alliance (GSIA) released their ‘Global Sustainable Investment Review' for 2014. In their third report the GSIA finds that assets managed under SRI criteria have grown significantly faster than non-SRI assets since 2012. According to GSIA more assets (58.8%) are now managed under SRI criteria in Europe than under other professional management criteria. Full report
In their recent study at the University of Zurich (published in the journal Nature, Volume 516, December 2014) researchers Alain Cohn, Ernst Fehr and Michel Maréchal asked 128 employees of a large international bank (50% from a core banking function, 50% from back-offices) to toss a coin in a private environment and report their results. Positive results were rewarded with USD20 per event (max. USD200). On average, bank employees behaved just as honestly as the control group from non-banking professions. However, once their banking background was rendered salient, a significant portion of bank employees became dishonest. This effect is specific to bank employees because control experiments with employees from other industries and with students show that they do not become more dishonest when their professional identity are rendered salient. Full report