Transformationslabels in der Klimafinanzierung

ClimLabels – Transition Labels in Climate Finance

Das Verbundprojekt „Transformationslabels in der Klimafinanzierung“ (ClimLabels) hat zum Ziel, zukunftsorientierte Perspektiven für Produkte in den Finanzmärkten und Anreize für Emissionsreduktionen zu entwickeln und damit die Entwicklung neuer Labels für die Transition zu unterstützen.

Es besteht aus vier Teilprojekten.

Teilprojekt 1: Befragungen, Handlungsempfehlungen und Koordination

Das erste Teilprojekt fokussiert auf die Planung und Durchführung von Befragungen, die Entwicklung von Handlungsempfehlungen und die Koordination innerhalb des Verbundprojekts.

Prof. Dr. Andreas Löschel

Teilprojekt 2: Laborexperimente

Das zweite Teilprojekt untersucht mittels Laborexperimenten, wie Teilnehmende in inzentivierten Experimenten Transformationslabels nachfragen und inwiefern sich diese auf experimentalökonomischen Märkten behaupten könnten.

Prof. Dr. Markus Dertwinkel-Kalt

Teilprojekt 3: Zukunftsorientierte Indikatoren und Konfiguration von Fonds

Das dritte Teilprojekt analysiert zunächst bereits existierende Nachhaltigkeitslabels für Finanzprodukte sowie deren Nutzung von zukunftsorientierten Indikatoren. Anschließend soll die Aussagekraft zukunftsorientierter Indikatoren (z. B. die Verlässlichkeit von Science-Based-Targets) empirisch untersucht werden. Die Ergebnisse können genutzt werden, um Finanzprodukte mit einem „Transitionsfokus“ zu gestalten (z. B. Aktienfonds) oder Offenlegungsvorschriften zu gestalten.

Ingmar Juergens

Teilprojekt 4: Wahrnehmung und Nutzung durch Privatanleger

Das vierte Teilprojekt nutzt die Erkenntnisse der Laborexperimente und untersucht in Feldexperimenten, ob die Erkenntnisse unter diesen Umständen Bestand haben, den Einfluss von Erwartungs-Updates auf die Allokationsentscheidungen sowie die Rolle von Finanzexpert:innen.

Prof. Dr. Christine Laudenbach

Publikationen von ClimLabels

ClimLabels I Integrating “transition” more systematically into finance

ClimLabels - Integrating “transition” more systematically into finance Forward-looking indicators to identify companies following a transition pathway towards net-zero.

About the context: Reaching net zero targets by 2050 requires massive investments from the private and public sector, as well as a supporting financing framework. While there has been a surge in interest in investments that are currently sustainable (such as renewable energy investments), there is a need for stronger financial incentives in current emissions-intensive sectors to help them decarbonise (such as manufacturing or agriculture). Creating better financing conditions for economic activities becoming green lies at the heart of the frequently discussed term “transition finance”. About the project: The joint research project “Transition Labels in Climate Finance” (ClimLabels) aims to integrate the forward-looking perspectives into financial products to incentivise investments into transitioning economic activities. Among others, it thus supports the development of (transition-related) financial products as well as labels. The project is jointly implemented with our partners from Ruhr-University Bochum (Prof. Andreas Löschel), University of Münster (Prof. Dertwinkel-Kalt) and the Leibniz Institute for Financial Research SAFE (Prof. Christine Laudenbach). The project is financed by the Federal Ministry of Education and Research and is part of a bigger funding programme “Sustainable Finance and Climate Protection” (with 14 funded projects).

ClimLabels I Investor Impact in Transition Finance: Learning from Ecolabels

ClimLabels I Remarks on UK’s proposed transition investment label

Remarks on UK’s proposed transition investment label

The UK Financial Conduct Authority (FCA) has proposed three sustainable investment labels (i.e., sustainable focus, sustainable improvers, sustainable impact) in the form of a consultation paper (link). Our response to the consultation builds on research originating from our ClimLabels project, financed by the German Ministry of Education and Research (BMBF). The project analyses transition labels in climate finance. Our technical input therefore focuses on the “Sustainable Improvers” label, its qualifying criteria (in particular Question 9), and how (retail) investment can support Paris-aligned transition pathways and the decarbonisation of high-emitting sectors. To date, most efforts to align financial flows with the trajectory towards lower greenhouse gas emissions and the goals of the Paris Agreement, have focused on “dark green” sectors and economic activities. But there is also the urgent need to create and finance transition pathways of currently high-emitting sectors, if low-carbon technologies are available. Our main recommendations to improve the “Sustainable Improvers” label are the following: A clear reference to the Paris Agreement and the UK climate/ environmental targets creates the necessary ambition and prevents greenwashing. A reduction of the investable universe by excluding high-impact companies without transition plans increases the credibility of the label. Specific requirements for the engagement process for the manager of the fund improves the success rate of the stewardship process.

ClimLabels I Transition Products: Conceptual Clarity & Implementation Guidance

Transition Products: Conceptual Clarity & Implementation Guidance

This white paper is part of a wider discussion about new regulatory efforts in the EU, UK and beyond to categorise financial products with sustainability features. This report focuses on the category of ‘transition products’ in public equity markets. By reviewing existing proposals for transition products, we identify their key characteristics and potential criteria. As a next step, we illustrate the application of the potential criteria using a global universe of listed companies to provide evidence-based feedback to decision-makers.

Transformations­labels in der Klimafinanzierung