Shaping the future – green and sustainable finance in Germany August 2018 1 Green and Sustainable Finance Cluster Germany e. V. Adickesallee 32-34 60322 Frankfurt am Main Germany
[email protected] www.gsfc-germany.com 2 Contents Forewords 7 Executive Summary 11 1. An empirical market survey or: walk the talk? 12 2. From niche to mainstream: the rising relevance of sustainable finance 20 2.1 The German financial sector in the global context 20 2.2 Regulatory developments 23 3. Global trend and local implementation – sustainable finance initiatives based on examples from other financial centres 26 4. Green and Sustainable Finance Cluster Germany 30 4.1 Role 30 4.2 Mission and objectives 30 4.3 Areas of action 31 Quotes by board members 36 Acknowledgement 39 Annex 1 42 Annex 2 49 3 Charts Fig. 1: Results of the survey on organisation and reporting 16 Fig. 2: Proportion of financial institutions where the products referred to are part of the core business or are highly significant 16 Fig. 3: Top 3 non-product-related activities 17 Fig. 4: Top 3 tools to manage sustainable investment and finance 17 Fig. 5: Top 3 perceived drivers and barriers to sustainable finance 18 Fig. 6: Action required to eliminate existing barriers 20 Fig. 7: Background information on the sustainable finance initiatives in Paris, London and Luxembourg 37 Fig. 8: GSFCG action matrix 40 4 Abbreviations ASFI Accelerating Sustainable Finance Initiative“ IWF Renewable Energy Institute BCG Boston Consulting Group KfW Kreditanstalt für Wiederaufbau (German promotional bank) BDI Bundesverband der Deutschen Industrie e.V.