sustainable finance thesis

Sustainable Finance in Europe pp 329–350 Cite as

Sustainable Finance: An Overview of ESG in the Financial Markets

• Marieke Driessen 7  
• First Online: 06 July 2021

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Part of the book series: EBI Studies in Banking and Capital Markets Law ((ESBCML))

The author provides an overview of ESG in the financial markets. She sets out that sustainable finance has been around for years. After publication of the Sustainable Finance Action Plan by the European Commission in March 2018, sustainable finance rose to the top of the EU legislative agenda for the financial markets, as well as the regulatory and supervisory agenda of EU and national supervisors and competent authorities of the financial sector. The author provides an overview of various sustainable and ESG products that have been a feature of the international financial markets, such as green, ESG and sustainability-linked loans and bonds. The author also discusses the current legal framework in which these financial products are issued, with a focus on EU-level legislation, including the Taxonomy Regulation and the Sustainable Finance Disclosure Regulation, and considers legal and regulatory developments on the horizon, such as the Green Bonds Standard and Climate Benchmarks. The author concludes with a few remarks on general trends in ESG and sustainable finance developments in the financial markets.

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By way of example, in November 2008, the World Bank issued its first green bond, whereby the proceeds of the bond issuance were dedicated to a certain kind of project, based on eligibility criteria for projects and featured a second opinion provider (CICERO) to assess whether a particular project would make a positive impact on the environment. See: https://www.worldbank.org/en/news/feature/2018/11/27/from-evolution-to-revolution-10-years-of-green-bonds .

Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions (8 March 2018), Action Plan: Financing Sustainable Growth , COM/2018/097.

Many financial market participants with the ambition to be at the forefront of sustainable finance claim to have developed the first ever financial transaction of a certain type, resulting in claims to have acted on so-called “market firsts” for a company of a certain type, in a certain jurisdiction or with a certain characteristic. The Climate Bonds Initiative keeps a database of transactions that earmark proceeds for climate or environmental projects and have been labelled as ‘green’ by the issuer. See: https://www.climatebonds.net/cbi/pub/data/bonds .

For example, investors complain that some green financial products are little more than marketing, as they intend to finance, e.g., through green bonds, a company in a determinedly brown sector. See, e.g.: https://www.ft.com/content/c4cefa40-f4ab-11e9-b018-3ef8794b17c6 .

For example, the Dutch Minister of Finance claimed that the green bonds issued by the Dutch government in 2019 would be dark green. See: https://english.dsta.nl/news/news/2019/04/08/issuance-20-year-sovereign-green-bond-on-21-may-2019 .

The 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015, provides a shared blueprint for peace and prosperity for people and the planet through 17 Sustainable Development Goals (SDGs).

The Paris Agreement under the United Nations Framework Convention on Climate Change adopted on 12 December 2015 relates to one SDG specifically, i.e. Goal 13 which calls for urgent action to combat climate change and its impacts. The Paris Agreement officially entered into force on 4 November 2016, after 55 countries accounting for 55 per cent of the total global greenhouse gas emissions, deposited their instruments of ratification, acceptance or approval with the UN Secretary-General. As of June 2020, 195 signatories and 189 countries have joined the Paris Agreement.

CBI, Climate Bonds Standard and Certification Scheme , available at: https://www.climatebonds.net/ .

ICMA (June 2018), Green Bond Principles , available at: https://www.ICMAgroup.org/assets/documents/Regulatory/Green-Bonds/Green-Bonds-Principles-June-2018-270520.pdf .

ICMA (June 2020), Social Bond Principles , available at: https://www.ICMAgroup.org/assets/documents/Regulatory/Green-Bonds/June-2020/Social-Bond-PrinciplesJune-2020-090620.pdf .

ICMA (June 2018), Sustainable Bond Guidelines , available at: https://www.ICMAgroup.org/assets/documents/Regulatory/Green-Bonds/Sustainability-Bonds-Guidelines-June-2018-270520.pdf .

ICMA (June 2020), Sustainability - linked Bond Principles , available at: https://www.ICMAgroup.org/assets/documents/Regulatory/Green-Bonds/June-2020/Sustainability-Linked-Bond-PrinciplesJune-2020-100620.pdf .

For example, ICMA (May 2020), Sustainable Finance, High - level Definitions , available at: www.ICMAgroup.org/assets/documents/Regulatory/Green-Bonds/Sustainable-Finance-High-Level-Definitions-May-2020-110520.pdf .

ICMA, Sustainable Finance, High Level Definitions , page 5, available at: www.ICMAgroup.org/assets/documents/Regulatory/Green-Bonds/Sustainable-Finance-High-Level-Definitions-May-2020-110520.pdf .

Currently 108 Equator Principles Financial Institutions (EPFIs) in 38 countries have officially adopted the EPs, covering the majority of international project finance debt within developed and emerging markets, see: https://equator-principles.com/about/ . The Equator Principles were last updated in July 2020, see: https://equator-principles.com/wp-content/uploads/2020/05/The-Equator-Principles-July-2020-v2.pdf .

All figures as reported by Bloomberg research company BloombergNEF, see: https://about.bnef.com/blog/sustainable-debt-sees-record-issuance-at-465bn-in-2019-up-78-from-2018/ .

LMA (May 2020), Global Loan Market Associations Launch New Guidance Documents to Support the Green Loan Principles and the Sustainability Linked Loan Principles , available at: https://www.lma.eu.com/news-publications/press-releases?id=176 .

https://www.bourse.lu/green .

The Dow Jones Sustainability World Index is constituted of companies that are weighted in accordance with ESG characteristics, including Carbon to Value Invested, Carbon to Revenue, Weighted Average Carbon Intensity and Fossil Fuel Reserve Emissions. See: https://www.spglobal.com/spdji/en/indices/equity/dow-jones-sustainability-world-index/#data .

S&P Global, ESG in Credit Ratings , see: https://www.spglobal.com/ratings/en/products-benefits/products/esg-in-credit-ratings ; Moody’s, ESG & Climate Risk , see: https://esg.moodys.io/insights-analysis#insights-MIS .

For a detailed discussion, see Chapter 5 by A. M. Pacces.

Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement (investment strategies).

Recital 15 of the Shareholders Engagement Directive.

Capital requirements are set out in the Capital Requirements Directive (Directive 2013/36/EU) and the Capital Requirements Regulation (Regulation (EU) No 575/2013) and legislative instruments pursuant thereto. CRD/CRR refer to sustainability of policies and practices of financial institutions, underlining long-term considerations.

The ECB has made clear that climate scenario analysis and stress testing should explicitly feed into banks’ capital adequacy to help drive the European Green Deal. The US, meanwhile, shows no sign of introducing climate-risk stress tests for its banks. See: https://www.fitchratings.com/research/banks/climate-stress-tests-will-eventually-influence-bank-capital-10-09-2020 .

NGFS members include central banks and financial supervisors from all five continents.

For a further discussion of the role of supervisors in the financial markets, see Chapter 9 by A. L. Riso.

ECB, Climate Change and the ECB , see: https://www.ecb.europa.eu/ecb/orga/climate/html/index.en.html .

ESMA (July 2019), Final Report Guidelines on Disclosure Requirements Applicable to Credit Ratings , available at: https://www.esma.europa.eu/sites/default/files/library/esma33-9-320_final_report_guidelines_on_disclosure_requirements_applicable_to_credit_rating_agencies.pdf .

AFM (April 2019), Sustainable Finance: The AFM and AMF Publish a Common Position on the Content of the Prospectus for Green Bonds , see: https://www.afm.nl/en/nieuws/2019/apr/transparantie-prospectus-groene-obligaties .

The EU rules on non-financial reporting apply to large public-interest companies with more than 500 employees. This covers approximately 6,000 large companies and groups across the EU, including listed companies, banks, insurance companies and other companies designated by national authorities as public-interest entities. See: https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/company-reporting/non-financial-reporting_en .

Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups.

The European Commission guidelines on non-financial reporting, first published on 26 June 2017 (last update on: 18 June 2019), available at: https://ec.europa.eu/info/publications/non-financial-reporting-guidelines_en#climate .

See below in paragraphs 4 and 5.

EC, Consultation Non - financial Reporting by Large Companies (updated rules) , available at: https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12129-Revision-of-Non-Financial-Reporting-Directive/public-consultation .

Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088.

The Taxonomy regulation is discussed in more detail in Chapter 11 by Ch. V. Gortsos.

Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.

The Sustainable Finance Disclosure Regulation is discussed in more detail in Chapter 12 by D. Busch.

For example, banks have started to impose general information undertakings in loan documentation that the borrower will provide ESG relevant information at request.

The consultation period ends on 2 October 2020.

EC, Targeted Consultation Document. Establishment of an EU Green Bond Standard , see: https://ec.europa.eu/info/sites/info/files/business_economy_euro/banking_and_finance/documents/2020-eu-green-bond-standard-consultation-document_en.pdf .

Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance).

Regulation (EU) 2019/2089 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) 2016/1011 as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks.

Commission Delegated Regulation supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks; and Commission Delegated Regulation supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and published.

ESMA (29 April 2020), No Action Letter , available at: https://www.esma.europa.eu/sites/default/files/library/esma41-137-1300_esmar_article_9a3_opinion_-_bmr_nca.pdf .

The Markets in Financial Instruments (MiFID II) Directive 2014/65/EU and the Markets in Financial Instruments (MiFIR) Regulation (EU) No 600/2014.

Draft Commission Delegated Directive amending Delegated Directive (EU) 2017/593 as regards the integration of sustainability factors and preferences into the product governance obligations.

Draft Commission Delegated Regulation amending Delegated Regulation (EU) 2017/565 as regards the integration of sustainability factors, risks and preferences into certain organisational requirements and operating conditions for investment firms.

Draft Commission Delegated Regulation amending Delegated Regulation (EU) 2017/565 as regards the integration of Environmental, Social and Governance (ESG) considerations and preferences into the investment advice and portfolio management.

Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company (UCITS) and Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (AIFMD), respectively.

Draft Commission Delegated Regulation amending Delegated Regulation (EU) 2017/2359 as regards the integration of ESG considerations and preferences into the investment advice for insurance-based investment products.

EC, Consultation Document. Consultation on the Renewed Sustainable Finance Strategy , see: https://ec.europa.eu/info/sites/info/files/business_economy_euro/banking_and_finance/documents/2020-sustainable-finance-strategy-consultation-document_en.pdf .

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Driessen, M. (2021). Sustainable Finance: An Overview of ESG in the Financial Markets. In: Busch, D., Ferrarini, G., Grünewald, S. (eds) Sustainable Finance in Europe. EBI Studies in Banking and Capital Markets Law. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-71834-3_10

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The University of Liverpool Repository

Essays in sustainable finance.

Qiu, Wanling (2022) Essays in Sustainable Finance. PhD thesis, University of Liverpool.

Sustainability has grown to be a fundamental part of the finance landscape. Whether understanding through assets under management in sustainable funds, the breadth of firm sustainability reports, or the ever-increasing volume of academic literature on the topic, the centrality of sustainability is clear. This thesis presents three papers which contribute against this growth. Uniting the chapters is the desire to further our understanding of the economic relevance of companies’ dynamically changing corporate social responsibility (CSR) attributes. Chapter 2 evaluates the importance of the stakeholder dimensions of CSR to maximising corporate financial performance (CFP) across the CFP distribution using unconditional quantile regression. Results show that poor CFP firms should not use CSR as a short-term strategy, but may use external stakeholder dimensions such as community and environment, to improve long-term CFP. Good CFP firms should focus on sharing success with employees. Environment focused CSR is most effective for firms around the median of the CFP distribution. Each of these results emerge here for the first time and contribute important understanding to the CSR-CFP relationship. Managers should be guided by the results to optimise their CSR investment. Policymakers must design incentive structures for CSR improvements accordingly, for example subsidising only lesser profitable firms to increase support to employees. Identifying true sustainability index listing effects has been hindered by challenges of parallel trend assumptions and a lack of robustness to shocks which only impact certain industries. In response, Chapter 3 considers listing to the Dow Jones Sustainability Index North America (DJSI). Formally, a generalised synthetic control approach that addresses both concerns is used. A counterfactual portfolio of industry peers is created for each listing firm such that returns to the portfolio match the control period. Absent of listing, the behaviour of this portfolio is how the listing stock would have been expected to behave. Listing effects are then the difference between observed returns on the listing stock and the counterfactual portfolio. Abnormal returns to listing are found to be more persistent than previously identified. Investors gain from these abnormal returns by identifying firms who will be listed ahead of the formal DJSI announcement. High volumes of sustainable investment inspire an investigation of the possibilities to augment traditional strategies, such as the long-small-short-large firm size strategy, with information on firms’ environment, social and governance (ESG) performance. Chapter 4 shows that abnormal returns to these ESG flavoured strategies are not significantly lower than the corresponding pure traditional strategies. Investors may use ESG flavoured strategies to increase ESG exposure without incurring any alpha cost. New evidence is contributed that having an ESG focus and having a return focus need not be mutually exclusive. Across the three chapters, it is shown how innovative econometric techniques and novel approaches to investors portfolio selection yield critical understanding of the links from CSR to CFP and stock returns. Learning therefrom can help firms and investors to leverage the benefits of CSR and also help policymakers to best incentivise progression to more sustainable practices. Meanwhile the contributions aid the academic community to best model and evaluate the role of sustainability in finance.

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Sustainable Finance: ESG performance and disclosure in the capital market context

Research output : Thesis › Doctoral Thesis › Internal

• capital market
• sustainability

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T1 - Sustainable Finance

T2 - ESG performance and disclosure in the capital market context

AU - Hauptmann, Clarissa V.

N2 - This dissertation examines the dynamics between corporate sustainability and capital market outcomes. It uncovers the role and impact of financial institutions on fostering sustainability, addresses the value-relevance of sustainability disclosures, and examines the effects of leadership diversity on capital market outcomes.The research shows that weak corporate sustainability performance results in higher bank loan costs when the lending bank has strong performance. It was also shown that companies run by female top executives have better access to bank loan capital, but that this advantage is conditional on the cultural environment. Furthermore, she shows that sustainability disclosure reduces stock price co-movements with the industry and market, reflecting valuable firm-specific information.

AB - This dissertation examines the dynamics between corporate sustainability and capital market outcomes. It uncovers the role and impact of financial institutions on fostering sustainability, addresses the value-relevance of sustainability disclosures, and examines the effects of leadership diversity on capital market outcomes.The research shows that weak corporate sustainability performance results in higher bank loan costs when the lending bank has strong performance. It was also shown that companies run by female top executives have better access to bank loan capital, but that this advantage is conditional on the cultural environment. Furthermore, she shows that sustainability disclosure reduces stock price co-movements with the industry and market, reflecting valuable firm-specific information.

KW - capital market

KW - sustainability

U2 - 10.26481/dis.20171012ch

DO - 10.26481/dis.20171012ch

M3 - Doctoral Thesis

SN - 978 94 6159 755 7

PB - Datawyse / Universitaire Pers Maastricht

CY - Maastricht

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Sustainable Finance and Investments

The Master’s thesis is an important part of your Master's Programme. The thesis is written individually and in English.

Below you can find information about the time schedule and deadlines, the regulations, the U.S.E. thesis award, and some tips.

Time schedule

Kick-off event for each master programme is organized, usually between 16 and 30 November, but deviations are possible. You will be informed about

• Potential thesis topics
• Potential supervisors and second readers
• Guidelines in case you want to propose your own topic
• Opportunities for a research internship in combination with your thesis

Matchmaking with your supervisor and the second reader takes place in December-January. The second reader will be involved in the process to (i) to grade and provide feedback on the research proposal and set up of the thesis, and (ii) read and independently grade the final manuscript. Grades for both will be based on the independent assessments of the supervisor and second reader; the supervisor consults with the second reader to establish a final grade that will be made available to the student.

Period 3 (5 EC)

Research proposal. At the end of period 3 you are supposed to have written a full research proposal. This implies you have done extensive literature research, addressed a research gap, drafted research questions, and develop a plan for empirical data analysis. You are usually also supposed to have collected the empirical  material for your thesis, or at minimum, developed a plan for data collection.

You present and/or discuss your draft research proposal with your supervisor and second reader.

Deadline to upload your research proposal via Osiris Case. The proposal will be graded (weight 10%). If you upload the research proposal too late, or not at all, the research proposal will be graded with a 1. When your progress is insufficient at this point, you will have to put in substantial extra effort in period 4 to be able to finish your thesis in time.

Deadline for supervisor (including consultation with second reader, resulting in the final grade) to finish the assessment in Osiris Case.

Period 4 (10 EC)

Develop and finalise thesis. You collect remaining data and literature, analyse data, and write your thesis.

June  17-21

You present and/or discuss your draft thesis in a meeting or final seminar organized by your supervisor and second reader, and receive final comments.

Deadline to upload the final version of your thesis in Osiris Case. The thesis will be graded (weight 90%).

Deadline for supervisor to finish the assessment (including consultation with second reader, resulting in the final grade) in Osiris Case.

Number of meetings

The thesis process has at least four compulsory meetings/deadlines:

• April 8-11: discuss your draft research proposal and full literature review
• April 12: hand in your final resarch proposal and full literature review online via Osiris Case. Specific instructions will be supplied on Blackboard. Concerning the literature review, consider coverage of at least 20 relevant academic papers as a reference point. However, your supervisor may set other expectations during the process.
• June 17-21: present/discuss your draft thesis
• June 28: hand in your final thesis online via Osiris Case (specific instructions will be supplied)

Theses need to be handed in via OSIRIS Student  (tab Cases > Thesis Assessment (U.S.E.)) to the thesis supervisor and second reader. The supervisor checks the thesis on plagiarism, grades it, and digitally fills in the two evaluation forms ( evaluation form 10% and evaluation form 90% ). You can check the evaluation forms in OSIRIS Student  (after your supervisor finalises the assessment and determined the grade in Osiris).

• For your research proposal no retake is possible.

For your master thesis , a retake is possible. Conditions:

• Your unrounded final score (10%*proposal + 90%*thesis) is less than 5.5, but at least 4.0.
• Your supervisor will provide you with feedback/guidance of what to improve, but only once. Afterwards no additional feedback or guidance can be claimed from the supervisor (holiday season).
• You can resubmit your master thesis only once.
• The deadline to upload your revised thesis is August 4, after which the grade will be handed in by the supervisor at the latest by August 18.
• The rounded final grade for the thesis cannot be higher than a 6; this is only to be fair to students finishing in shorter time.

In case you do not succeed in finishing your thesis with a passing grade in semester 2, including the retake opportunity, you can consult the study advisor and submit a request to redo the thesis with a new topic and supervisor in period 1+2 of the next academic year if you think the following requirements apply:

• You have worked on the thesis in the regular period, but did not receive a passing grade.
• You have put in enough effort. The thesis evaluation form, including the written feedback by your supervisor, serves as the basis for this and your thesis grade is at least 4.
• You have finished all other courses of your master programme.

The request needs to be made ultimately on September 15 (or when this is a Saturday or Sunday, the Friday before September 15). The study advisor will contact the Board of Examiners (BoE). The BoE takes the final decision.

If your unrounded final grade is less than 4.0, no retake is possible. You will have to enroll again, and start with a new topic and supervisor in November 2024. Thus, you will then develop a new thesis in period 3 and 4 of the academic year 2024/25. 

In some circumstances the July deadline may be extended. See ‘Regulations’ (hereafter).

U.S.E. thesis regulations Academic Masters 2022-2023

• All theses must be written and finished within semester 2.
• All theses will be checked on plagiarism.
• In agreement with the second supervisor, the thesis supervisor will determine the final grade and fill in the Thesis Evaluation Form, which is then presented to you.
• The supervisor grades the thesis within 10 working days from receiving the material, and makes sure the results are processed administratively. Deadline to hand in final versions of the thesis to the supervisor and co-reader is June 30th . Deadline for supervisor to hand in the thesis grade is July 14th .
• In case of special personal circumstances, the Board of Examiners may grant a postponement of the deadline, following consultation with the MSc coordinator.
• When you have stopped working on your thesis during semester 2 for other reasons than special personal circumstances, or do not hand in your thesis on time, or when you receive an insufficient grade, you will have to start again in the next academic year (at the kick-off event in November), with a new thesis subject and new supervisor, unless the requirements mentioned under 10 apply.
• You can resubmit your master thesis only once .
• The deadline to hand in your revised thesis is August 9th, after which the grade will be handed in by the supervisor at the latest by August 18th .
• If your unrounded final grade is less than 4.0, no retake is possible. You will have to subscribe again, and start with a new topic and supervisor in November 2023 . Thus, you will then develop a new thesis in period 3 and 4 of the academic year 2023/24 .
• You have put in enough effort . The thesis evaluation form, including the written feedback by your supervisor, serves as the basis for this and your thesis grade is at least 4.
• The request needs to be made ultimately on September 15 (or when this is a Saturday or Sunday, the Friday before September 15 ). The study advisor will contact the Board of Examiners (BoE). The BoE takes the final decision.
• In addition to the cum laude classification in art. 6.2 of the Education and Examination Regulations: if you do an external research in combination with your thesis and this prevents you to graduate in one year, and as a consequence you do not qualify for a cum laude graduation, the Board of Examiners may apply a special (leniency) regulation.

Publish your thesis

It is not mandatory, but we recommend you submit your thesis to the Students Theses Archive .

Thesis award

U.S.E. Master’s Thesis Award

Each year, Utrecht University School of Economics (U.S.E.) chooses the top Master's theses from each of the 1-year MSc programmes. These theses are recognised with the  U.S.E. Master's Thesis Award . The winning theses need to be written and completed in semester 2 and are chosen for their relevance, academic merit, and particularly for their integration of a ‘real world perspective’ into an economics issue. Furthermore, the submitted thesis must have received a mark of at least an 8.5. Out of these ‘best-in-programme’ theses, the one thesis that stands out most receives additional accolades. The authors of the winning theses are awarded with a certificate during the Master’s Graduation ceremony.

UU Best Master’s Thesis

Utrecht University awards a prize for the best Master's thesis written at the University. It is awarded every year during the opening of the new academic year. The winner will receive an award which consists of a certificate and €1,500. Nominees need to meet certain criteria. The submitted graduate thesis or research must have received a mark of at least an 8.5 for instance. U.S.E. strives to select and submit one candidate each year. More information can be found on the university website .

Tips and tricks

Tips and tricks about academic research, writing skills, etcetera you can find in the Thesis Manual and Toolbox (this is not available yet)

For workshops, courses and individual writing tutoring see the Skills lab  and Libguide for an overview on much consulted information sources Economics

Research Data Management

When you write a thesis, you are dealing with Research Data Management: processing data and possibly also personal data, for example when you conduct interviews. In the latter case, you are then dealing with the General Data Protection Regulation (GDPR). You also need to secure your data properly at all times. It is therefore important that you know what you have to comply with in terms of legislation and university frameworks. Please figure this out before you start writing your thesis. Your thesis supervisor can help you with this, ask for the guidelines. More information can be found on the following websites:

• https://www.uu.nl/en/research/research-data-management
• https://www.uu.nl/en/research/research-data-management/guides/handling-personal-data

Subscriptions to databases

U.S.E. has acquired subscriptions to

• Wharton Research Data Services (WRDS), 
• Mergent FISD,
• Refitiviv Eikon and Datastream

Compustat covers financial information and executive compensation data for publicly listed companies in the United States. WRDS provides access to Compustat and other free databases using a Web interface, SAS, Matlab, Python and R. Furthermore, WRDS offers a cloud environment with a SAS 9.4 installation. WRDS and Compustat can be accessed through the Wharton website and are available to all U.S.E. staff and students. Bank Focus is accessible through Bureau van Dijk .

See also the UU Library Search Engine ; and select 'Economie'.

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Home » Blog » Dissertation » Topics » Finance » Sustainable Finance » 80 Sustainable Finance Research Topics

80 Sustainable Finance Research Topics

FacebookXEmailWhatsAppRedditPinterestLinkedInWelcome, ambitious scholars, to the realm of academia, where the journey of research and topics intertwines to shape the foundation of your thesis or dissertation. As students dedicated to the cause of sustainable finance, you stand at the crossroads of a pivotal choice, one that not only holds the potential to expand the horizons of […]

Welcome, ambitious scholars, to the realm of academia, where the journey of research and topics intertwines to shape the foundation of your thesis or dissertation. As students dedicated to the cause of sustainable finance, you stand at the crossroads of a pivotal choice, one that not only holds the potential to expand the horizons of financial knowledge but also contributes significantly to the pressing global discourse on sustainability.

In this quest for meaningful exploration, selecting compelling research topics becomes the compass guiding your intellectual expedition. Whether you’re embarking on the undergraduate, master’s, or doctoral level, this blog post will illuminate your path with many captivating sustainable finance research ideas that can captivate minds and drive positive change.

A List Of Potential Research Topics In Sustainable Finance:

• Critical review of the effectiveness of green bond certification standards.
• Sustainable microfinance and inclusive economic growth.
• Sustainable agriculture financing and food security.
• Post-pandemic recovery investments and ESG criteria.
• Social enterprise funding models and financial viability.
• Role of UK banks in financing the transition to a low-carbon economy.
• An analysis of regulatory frameworks’ impact on green finance development.
• Regulatory frameworks for promoting sustainable finance.
• Socially responsible investing and shareholder activism.
• Climate bonds standardization and market development.
• Natural capital accounting and corporate reporting.
• Green banking practices and their financial performance.
• Financial innovation for biodiversity conservation.
• Role of sustainable finance in building healthcare resilience.
• Uk green bonds market development and investor interest.
• Green finance policies and implementation challenges in the UK.
• Green tangible assets and infrastructure investment trusts.
• Behavioral finance aspects in ESG investment decision-making.
• Reviewing the role of central banks in promoting sustainable finance initiatives.
• A systematic review of impact measurement metrics in socially responsible investing.
• Impact of climate change disclosures on stock prices.
• Renewable energy project financing in developing economies.
• Corporate social responsibility reporting and investor decision-making.
• Urbanization trends and intelligent city financing.
• The role of central banks in promoting sustainable finance.
• Brexit’s impact on the UK’s sustainable finance agenda.
• Role of green bonds in financing renewable energy projects.
• Financial literacy and sustainable investment behaviour.
• Sustainable investing in post-pandemic economies.
• Sustainable infrastructure investment in UK cities.
• Pension fund integration of ESG criteria in the UK.
• Water scarcity and its impact on investment decisions.
• Climate adaptation finance for vulnerable communities.
• Evaluating the effectiveness of green financial instruments.
• Insurance industry resilience to climate-related risks.
• Behavioural changes in retail investors’ sustainable choices.
• Sustainable infrastructure investment in emerging markets.
• Greenwashing in corporate sustainability reporting: an overview.
• Implications of remote work trends on sustainable investments.
• Fintech innovations for advancing sustainable finance.
• Indigenous peoples’ rights and investment policies.
• Climate risk and its implications for asset allocation.
• Measuring the financial materiality of ESG factors.
• Evaluating the effectiveness of sustainable finance policies: a review of case studies.
• Green recovery funds and their effectiveness in economic revival.
• Role of regulatory frameworks in advancing sustainable finance in the UK.
• The resilience of green bonds in times of economic crisis.
• Risk management strategies for climate-related events.
• Literature review on the relationship between corporate social responsibility and financial performance.
• A comprehensive review of ESG integration strategies in asset management.
• Microinsurance for climate and disaster resilience.
• Carbon pricing mechanisms and financial market reactions.
• ESG integration in sovereign bond investments.
• Renewable energy investment trends in the UK energy sector.
• Environmental risk assessment in banking: a systematic review.
• Environmental, social, and governance (ESG) rating accuracy.
• Financial inclusion and environmental sustainability nexus.
• Carbon offsetting mechanisms and investment choices.
• Supply chain disruptions and ESG risk management.
• Role of institutional investors in driving sustainability.
• Sustainable supply chain finance and business resilience.
• Carbon divestment strategies and portfolio performance.
• Social impact measurement in community investments.
• Sustainable tourism investment and economic growth.
• Blue economy investments and coastal infrastructure.
• Social impact bonds and funding social welfare programs.
• Just transition finance for carbon-intensive industries.
• Technological disruptions in green investment strategies.
• Ethical considerations in impact investing strategies.
• Sustainable shipping and maritime industry investments.
• ESG disclosure practices among FTSE-listed companies.
• Green stimulus packages and long-term sustainability.
• Digital transformation and its impact on green finance.
• Sustainable retirement planning and pension funds.
• Sustainable real estate investment and property valuations.
• Assessing the impact of ESG integration on portfolio performance.
• Green procurement and supplier relationship management.
• Carbon market development and financial innovation.
• Circular economy models and investment opportunities.
• Sustainable finance and economic inclusion in Africa.

In conclusion, the spectrum of sustainable finance research topics caters to diverse academic pursuits across various degree levels. These subjects address critical issues within finance and sustainability and offer invaluable insights for shaping a more resilient and responsible global financial landscape. As scholars delve into these topics, they embark on a journey that advances their academic careers and contributes significantly to the imperative goal of achieving a sustainable and equitable future.

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Dissertations / Theses on the topic 'Green finance'

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Chinyamunzore, Ephraim. "Green finance and green growth: towards sustainable development in South Africa." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30355.

Forsbacka, Kristina. "Climate Finance and the Point of Green Bonds." Licentiate thesis, Luleå tekniska universitet, Samhällsvetenskap, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-82363.

Manthata, Olympus. "Green Bonds as a more effective way of capitalizing the South African National Green Fund." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/28990.

Freytag, Julia. "Challenges for Green Finance in India : An Analysis of Deficiencies in India’s Green Financial Market." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-180908.

Banga, Josué. "Essays on climate finance." Thesis, Université Grenoble Alpes, 2020. http://www.theses.fr/2020GRALE001.

Green, Michael Allan. "An outsourced offshore information processing model for Japanese finance sector multinationals / Michael Allan Green." Thesis, Potchefstroom University for Christian Higher Education, 2000. http://hdl.handle.net/10394/9610.

Pina, Joana Catarina Sampaio. "Equity research - Corticeira Amorim, SGPS, S.A. : green bonds – sustainable finance, but not for all." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19337.

Fransman, Madeleine, and Beatrice Häll. "Green bonds - market barriers and investor motives." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-358227.

Sabbi, Enrico, and Triantafyllia Karampini. "Venture Capital & Green Ventures : Developing an Understanding of the Investment Decision." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-161360.

ter, Woort Sam, Lucía Tydén, and Casper Johansson. "In pursuit of green municipalities : An exploratory research of green bonds in the transition towards sustainability in Swedish municipalities." Thesis, Jönköping University, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52930.

capolini, francesca, and robin horvat. "green bonds : does the greeness of the bond impact on the bond yield?" Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-86027.

Tanskanen, Isabella. "Green Funds : An Analysis of the Product Specific Disclosures of the EU Sustainable Finance Disclosure Regulation 2019/2088." Thesis, Uppsala universitet, Juridiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-444049.

Andersson-Junkka, Emil, and Felix Malmström. "Green Is The New Black - A qualitative study on the motives and future of the Nordic green bond market from an underwriter perspective." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-187080.

Borthwick, Sarah. "The potential for 'green' fiscal policy measures to influence individuals' vehicle purchasing decisions in Scotland." Thesis, Edinburgh Napier University, 2015. http://researchrepository.napier.ac.uk/Output/8820.

Acheampong, Josephine. "Green Financing: Financing Circular Economy Companies : Case Studies of Ragn-Sellsföretagen AB and Inrego AB." Thesis, KTH, Entreprenörskap och Innovation, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-188677.

Queen, Irene T. "Green Bonds and Climate Change: State of the Art or Artful Dodge?" Miami University / OhioLINK, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=miami1470352085.

Kivikoski, Lauri, and Robert Sandberg. "Individual investors' preferences regarding green bonds : A survey of Swedish investors." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-165057.

Backenroth, Sanna, and Casper Lindqvist. "A Green New World : How the Real Estate Sector is Working with Sustainable Financing in Regard to the EU Taxonomy." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-297930.

Mayer, Caroline, and Emelie Bergström. "Transition through Transparency : Assessing ESG Reporting and the EU Taxonomy for Sustainable Finance." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-296649.

Ranchber, Susan. "Stimulating Green FinTech Innovation for Sustainable Development: An Analysis of the Innovation Process." Thesis, Uppsala universitet, Institutionen för geovetenskaper, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-359728.

Lillieroth, Helena, and Sofia Lillieroth. "Accelerating Green Bond Market Growth : The role of the EU Taxonomy and the EU Green Bond Standard." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-297239.

Ebadian, Mona, and Linda Ivarsson. "Green Finance and its Relation to Asset Classes : Analyzing the dependency structure with a DCC-GARCH and a cross-quantilogram approach." Thesis, Linköpings universitet, Nationalekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-177961.

AHMED, RABBU, and MOSTAFA CHARAFEDDIN. "The reallocation of capital towards green investments : A study on the EU Taxonomy Regulations." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-299280.

Crépey, Stéphane. "Contribution a des methodes numeriques appliquees a la finance et aux jeux differentiels." Palaiseau, Ecole polytechnique, 2001. http://www.theses.fr/2001EPXX0012.

Tate, Terry Geonnie. "U.S. Corporate Energy Productivity, Greenhouse Gas Productivity, and Return on Equity." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5662.

Persson, Michaela. "Building Trust on the Green Bond Market : A Qualitative Study Examining the Investors' Perspective." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-297853.

Lejdfelt, Lucas, and Felix Sandquist. "Framtiden för gröna obligationer : En studie kring investerares perspektiv och produktens betydelse för en hållbar omställning." Thesis, KTH, Fastigheter och byggande, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-276699.

Allred, E. Clay. "Knowledge, Norms and Preferences for Tamarisk Management in the Green and Colorado River Corridors of the Colorado Plateau." DigitalCommons@USU, 2012. https://digitalcommons.usu.edu/etd/1224.

Cox, Marcus Z. "When and Where Does It Pay to Be Green: Intra- and Inter-organizational Factors Influencing the Environmental/Financial Performance Link." Thesis, University of North Texas, 2014. https://digital.library.unt.edu/ark:/67531/metadc500091/.

Aiyadurai, Janusa, and Mathias Brenckert. "A Comparative Study on Green Mutual Equity Fund’s Financial Performance : International vs Domestic Fund Composition." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-172469.

Aassouli, Dalal. "L'eau, le soleil et le vent : des énergies pour le monde. Quels modes de financement "éthiques" ?" Thesis, Lyon, 2017. http://www.theses.fr/2017LYSEN001.

Fewell, Jason Edward. "The Effect of Lender-Imposed Sweeps on an Ethanol Firm's Ability to Invest in New Technology." Thesis, North Dakota State University, 2009. https://hdl.handle.net/10365/29634.

Ahmadin, Muhammad S. "ESSAYS ON THE VALUE OF A FIRM’S ECO-FRIENDLINESS IN THE FINANCIAL ASSET MARKET." UKnowledge, 2014. http://uknowledge.uky.edu/agecon_etds/31.

Norris, Samuel James. "Corporate Social Responsibility: A Financial Performance-Based Approach in Understanding CSR." Ohio University Honors Tutorial College / OhioLINK, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1354842245.

Aristidou, Antonis. "Market microstructure issues related to the Greek capital market." Thesis, City University London, 2007. http://openaccess.city.ac.uk/8515/.

Jungwirth, Michal. "Studie proveditelnosti - zavedení nového produktu na trh - zelené úvěry." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222537.

Karathanasopoulos, Andreas. "Modeling and trading the Greek stock market with artificial intelligence models." Thesis, Liverpool John Moores University, 2011. http://researchonline.ljmu.ac.uk/6106/.

Makrygiannakis, Georgios. "Reproducing budgeting and budgeting reproduction : cases on the adaptation of Greek hotels to the financial crisis." Thesis, University of Portsmouth, 2013. https://researchportal.port.ac.uk/portal/en/theses/reproducing-budgeting-and-budgeting-reproduction(e1b4336a-66c3-4231-a86a-2473b78d0be3).html.

Fagerström, Johanna. "How China and Nordic countries conceptualise Corporate Social Responsibility : – A study of senior decision-makers’ statements within the banking sector." Thesis, Högskolan Dalarna, Kinesiska, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:du-35145.

Glyptis, Loukas G. "The cost management and control of inter-organisational relationships : a case from the Greek shipping industry." Thesis, University of Birmingham, 2010. http://etheses.bham.ac.uk//id/eprint/1323/.

Baralexis, Spyridon K. "Impact of general purchasing power accounting on Greek accounts." Thesis, University of Stirling, 1989. http://hdl.handle.net/1893/2604.

Angolkar, Tejal. "The Effects of Macroeconomic Indicators and Event Shocks on Greek Stock and Bond Market Performance." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1423.

Alalou, Hannah Elizabeth. "Credit Instruments in the Late Roman Republic: Nomina in Cicero's Letters to Atticus." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/scripps_theses/1404.

Berger, Antoine. "Overreaction to the 2015 Greek debt crisis: a study on FTSE, CAC & DAX." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17320.

Calès, Sabrina. "L'oikonomos dans les cités grecques aux époques classique et hellénistique." Thesis, Bordeaux 3, 2019. http://www.theses.fr/2019BOR30045.

Varenio, Céline. "L'efficacité énergétique dans les bâtiments existants : déficit d'investissement, incitations et accompagnement." Phd thesis, Université de Grenoble, 2012. http://tel.archives-ouvertes.fr/tel-00783705.

Lacour, Pauline. "Quantifier le contenu environnemental des relations économiques entre la Chine et le Japon : Analyse de trois canaux de transfert de technologies vertes." Phd thesis, Université de Grenoble, 2012. http://tel.archives-ouvertes.fr/tel-00825647.

Leboullenger, Déborah. "Essais sur la transition énergétique : enjeux, valorisation, financement et risques." Thesis, Paris 10, 2017. http://www.theses.fr/2017PA100065/document.

Schultz, Emilien. "Construire une économie de la recherche sur projets. L’installation de l’Agence Nationale de la Recherche en France et ses conséquences dans les domaines de la génomique végétale et de la chimie durable." Thesis, Paris 4, 2016. http://www.theses.fr/2016PA040106.

Audige, Henri. "La stabilité financière face au risque de contagion." Thesis, Paris 10, 2014. http://www.theses.fr/2014PA100059/document.