{"id":3237,"date":"2021-06-25T09:00:09","date_gmt":"2021-06-25T07:00:09","guid":{"rendered":"http:\/\/www.obsfin.ch\/?page_id=3237"},"modified":"2021-06-25T09:00:49","modified_gmt":"2021-06-25T07:00:49","slug":"virustovitamin-n17","status":"publish","type":"page","link":"https:\/\/www.obsfin.ch\/de\/virustovitamin-n17\/","title":{"rendered":"OF Discussion Board n\u00b017 \u2013 25 June 2021"},"content":{"rendered":"<h2><strong>OF Discussion Board n\u00b017 &#8211; 25 June 2021<br \/>\n<\/strong><\/h2>\n<h3><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-3232 size-medium\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2021\/06\/17-clock_money_400-300x192.png\" alt=\"\" width=\"300\" height=\"192\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2021\/06\/17-clock_money_400-300x192.png 300w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2021\/06\/17-clock_money_400-2x1.png 2w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2021\/06\/17-clock_money_400.png 625w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Question asked : <span style=\"color: #ff0000\">&#8222;<\/span><\/strong><span style=\"color: #ff0000\"><strong>Sustainable finance is very much in fashion nowadays as it is seen as one of the tools for slowing down climate change. But &#8222;sustainable finance&#8220; is more a catchword than a definition of a precise financial product or technique. What needs to be put in place in order to leverage the present enthusiasm around sustainable finance?&#8220;<\/strong><\/span><\/h3>\n<ul>\n<li><a href=\"#Editorial\">Editorial<\/a><\/li>\n<li><a href=\"#All-contribution\">All Contributions<\/a><span id=\"Link-contributions\"><\/span><span id=\"Link-contributions\"><\/span><\/li>\n<\/ul>\n<p>Thanks for those of our contributors who ventured to react to the this question posed in this Discussion Board.<\/p>\n<p><span style=\"font-size: 14pt\"><strong>Editorial &#8211; Sustainable Finance: Hype or Hope?<\/strong><\/span><br \/>\n<span id=\"Editorial\">by Virgile Perret &amp; Paul H. Dembinski<\/span><\/p>\n<table style=\"width: 100%;border-color: #ffffff;border-style: solid\">\n<tbody>\n<tr>\n<td style=\"width: 74%;border-color: #ffffff;border-style: solid;vertical-align: middle\">\n<p style=\"text-align: justify\">In recent years, and even more in the wake of the pandemic, it has become evident that finance must contribute to the development of a more sustainable economy. However, the current sustainable finance landscape is characterized by heterogeneous concepts, definitions, industry and policy standards, which tends to undermine the credibility of this nascent market and open the door to greenwashing.<br \/>\nOne of the challenges is to decide where to draw the line between sustainable and &#8222;normal&#8220; investments, and how to subdivide the universe of sustainable finance. The lack of clear rules on what can be labelled sustainable opens the door to unscrupulous companies and fund managers trumpeting their ESG ratings while simply relabelling existing funds without changing profoundly neither the underlying strategies nor the portfolio composition. As a result, some observers are concerned that \u201cthe overall prevailing mechanism is based on short-term maximization of financial returns, and that ESG is still essentially an idea.\u201d<br \/>\nThus, the first step to improve the situation is to create \u201can accepted framework of definitions and metrics\u201d at regional or global levels to identify high-level standards and align the actions undertaken by political authorities around the world. But it is also important to act on the other side of ESG which is direct financing as opposed to stock market. For example, at European level, the Commission has recently adopted several regulations to support and improve the flow of money towards sustainable activities.<br \/>\nIn addition, it is suggested that broader structural reforms may be necessary \u201cto fully integrate climate-aligned structural change with economic recovery\u201d. Not only should the legal framework be changed, so \u201cthat emissions generate costs\u201d, but \u201cinternational financial transactions could be taxed, so that they leave a trail, shedding light on tax havens while generating resources for sustainable practices.\u201d Other potential measures may include: \u201ccentral bank rediscount policy favouring sectors that do not use fossil fuels; active and pugnacious mobilization of the shareholders most aware of the ecological crisis; monitoring of speculative drifts.\u201d<br \/>\nIf sustainable finance is to be more than a hype and become a real hope, then we will also need governments to step in to fix the rules, with a view to make any financial activity \u201csustainable by default\u201d. Otherwise \u201cthe present enthusiasm around sustainable finance may well be short-lived.\u201d<\/p>\n<\/td>\n<td style=\"width: 26%;border-color: #ffffff;border-style: solid;vertical-align: middle\"><a href=\"http:\/\/www.obsfin.ch\/from-virus-to-vitamin\/contributors\/#Perret\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1912 size-thumbnail\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perret-150x150.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perret-150x150.png 150w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perret-300x300.png 300w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perret-1024x1024.png 1024w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perret-768x768.png 768w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perret-1536x1536.png 1536w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perret-1x1.png 1w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perret.png 1592w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><a href=\"http:\/\/www.obsfin.ch\/from-virus-to-vitamin\/contributors\/#Dembinski\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1903 size-thumbnail\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/PHD-150x150.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/PHD-150x150.png 150w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/PHD-300x300.png 300w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/PHD-1x1.png 1w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/PHD.png 552w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"http:\/\/www.obsfin.ch\/VirusToVitamin17\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-2483 size-full\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/08\/Image-PDF.jpg\" alt=\"\" width=\"124\" height=\"90\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/08\/Image-PDF.jpg 124w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/08\/Image-PDF-1x1.jpg 1w\" sizes=\"auto, (max-width: 124px) 100vw, 124px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<table id=\"All-contribution\" style=\"width: 100%;border-color: #ffffff;border-style: solid\">\n<tbody>\n<tr>\n<td style=\"width: 73.9666%;border-color: #ffffff;border-style: solid\"><strong>&#8222;<\/strong><strong>\u2026 the present enthusiasm around sustainable finance may be short-lived \u2026 \u201d<\/strong><\/p>\n<p style=\"text-align: justify\">Finance is only one of the means: directing public and institutional financial flows towards investments that exclude &#8211; or fight against &#8211; the carbon economy; central bank rediscount policy favouring sectors that do not use fossil fuels; active and pugnacious mobilization of the shareholders most aware of the ecological crisis; monitoring of speculative drifts. However, <span style=\"color: #ff0000\"><strong>whatever financial modalities are adopted, these ecological costs will necessarily weigh on financial profitability. Which leaves me to fear that \u201cthe present enthusiasm around sustainable finance\u201d is short-lived.<\/strong><\/span><\/p>\n<p style=\"text-align: right\"><strong>Etienne Perrot<\/strong><\/p>\n<\/td>\n<td style=\"width: 25.8884%;text-align: center;vertical-align: middle;border-color: #ffffff;border-style: solid\"><strong><a href=\"http:\/\/www.obsfin.ch\/from-virus-to-vitamin\/contributors\/#Perrot\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1980 size-thumbnail\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perrot-150x150.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perrot-150x150.png 150w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perrot-300x300.png 300w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perrot-1024x1024.png 1024w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perrot-768x768.png 768w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perrot-1536x1536.png 1536w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perrot-2048x2048.png 2048w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Perrot-1x1.png 1w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 73.9666%;border-color: #ffffff;border-style: solid\"><strong>&#8222;<\/strong><strong>\u2026 labels should apply only to project financing related to clean energy \u2026 \u201d<\/strong><\/p>\n<p style=\"text-align: justify\"><strong>All sustainable finance labels should apply only to project financing related to clean energy.<\/strong> Investment houses should not finance fossil fuel firms in any way to declare themselves deserving a sustainable finance seal of approval. This also goes for green financing.<\/p>\n<p style=\"text-align: right\"><strong>Oscar Ougarteche<\/strong><\/p>\n<\/td>\n<td style=\"width: 25.8884%;text-align: center;vertical-align: middle;border-color: #ffffff;border-style: solid\"><a href=\"http:\/\/www.obsfin.ch\/from-virus-to-vitamin\/contributors\/#Ugartech\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2219 size-thumbnail\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/05\/Ugarteche-150x150.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/05\/Ugarteche-150x150.png 150w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/05\/Ugarteche-1x1.png 1w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/05\/Ugarteche.png 297w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 73.9666%;border-color: #ffffff;border-style: solid\"><strong>&#8222;<\/strong><strong>\u2026 ESG is still essentially an idea \u2026\u201d<\/strong><\/p>\n<p style=\"text-align: justify\">The world produces an amount of goods and services amply sufficient to ensure everyone has a dignified life. We have the necessary technologies to produce in a sustainable way. And we presently have detailed understanding of the slow-motion catastrophe climate change represents. While the Paris conference presented the goals, the Addis Ababa conference on how to fund them reached no agreement. The overall prevailing mechanism is based on short-term maximization of financial returns, and ESG is still essentially an idea. <span style=\"color: #ff0000\"><strong>The legal framework has to change, so that emissions generate costs. International financial transactions must be taxed, so that they leave a trail, shedding light on tax havens while generating resources for sustainable practices. The key issue is corporate governance.<\/strong><\/span><\/p>\n<p style=\"text-align: right\"><strong>Ladislau Dowbor<\/strong><\/p>\n<\/td>\n<td style=\"width: 25.8884%;text-align: center;vertical-align: middle;border-color: #ffffff;border-style: solid\"><strong><a href=\"http:\/\/www.obsfin.ch\/from-virus-to-vitamin\/contributors\/#Dowbor\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1631 size-thumbnail\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Dowbor-150x150.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Dowbor-150x150.png 150w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Dowbor-300x300.png 300w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Dowbor-1024x1024.png 1024w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Dowbor-768x768.png 768w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Dowbor-1x1.png 1w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Dowbor.png 1406w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 73.9666%;border-color: #ffffff;border-style: solid\"><strong>&#8222;<\/strong><strong>\u2026 it is not clear that substantial public intervention is needed \u2026 \u201d<\/strong><\/p>\n<p style=\"text-align: justify\">Sustainable finance is a broad umbrella, but nonetheless has a clear meaning as investments strategies and products that aim at fostering activities that promote environmental, social and governance improvements. The private sector has rapidly developed, having realized that there is a clear appetite by investors for investment with such priorities. Specific products have been created, as well as rigorous metrics and certifications. <span style=\"color: #ff0000\"><strong>It is therefore not clear that substantial public intervention is needed (in fostering sustainable finance, by contrast to ensuring proper pricing of for instance CO2 where taxes are needed).Public intervention could focus on requiring disclosure of the sustainability dimension of investment by financial intermediaries to facilitate transparency.<\/strong><\/span><\/p>\n<p style=\"text-align: right\"><strong>C\u00e9dric Tille<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<td style=\"width: 25.8884%;text-align: center;vertical-align: middle;border-color: #ffffff;border-style: solid\"><a href=\"http:\/\/www.obsfin.ch\/from-virus-to-vitamin\/contributors\/#Tille\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2001 size-thumbnail\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tille-150x150.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tille-150x150.png 150w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tille-300x300.png 300w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tille-1024x1024.png 1024w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tille-768x768.png 768w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tille-1536x1536.png 1536w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tille-1x1.png 1w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tille.png 1842w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 73.9666%;border-color: #ffffff;border-style: solid\"><strong>&#8222;<\/strong><strong>\u2026 every financial decision should take climate risk into account \u2026 \u201d<\/strong><\/p>\n<p style=\"text-align: justify\">Globally private sector needs altering processes such that their investments do not worsen climate change. The Indian government needs to introduce guidelines to standardise climate-related revelations in all financial statements and push private companies to manage their exposure to climate risks in their tasks and processes. A lack of clarity about true exposures to specific climate risks for physical and financial assets, coupled with uncertainty about the size and timing of these risks, creates major vulnerabilities. <span style=\"color: #ff0000\"><strong>It is suggested that the only way forward is to fully integrate climate-aligned structural change with economic recovery needing a fundamental shift in the entire finance system. Meaning that every financial decision should take climate risk into account and climate finance is integral to the transformation process.<\/strong><\/span><\/p>\n<p style=\"text-align: right\"><strong>Archana Sinha<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<td style=\"width: 25.8884%;text-align: center;vertical-align: middle;border-color: #ffffff;border-style: solid\"><a href=\"http:\/\/www.obsfin.ch\/from-virus-to-vitamin\/contributors\/#Sinha\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1993 size-thumbnail\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sinha-150x150.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sinha-150x150.png 150w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sinha-300x300.png 300w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sinha-1x1.png 1w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sinha.png 321w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 73.9666%;border-color: #ffffff;border-style: solid\"><strong>&#8222;<\/strong><strong>\u2026 green rating for business firms \u2026\u201d<\/strong><\/p>\n<p style=\"text-align: justify\">Rendering sustainable finance an effective, practical concept depends, <em>inter alia<\/em>, on (1) measures regarding definitions, sustainability reporting, and regulation; (2) genuine commitment to mitigation of climate change; and (3) honest and sound assessment of outcomes. Under (1) can be singled out the extension of the definitions and accounting essential to regulation, with special attention to the concepts of natural capital and of contingent assets and liabilities. Under (2) there is the need for senior bankers and other key decision makers to evaluate and explain the charting and navigation of the new business routes required for mitigation. Under (3)<span style=\"color: #ff0000\"><strong> there are roles for many different parties &#8211; governments, central banks, research institutions and NGOs. The roles could include development and application of green ratings for business firms and other relevant institutions, which draw on historical experience with credit ratings.<\/strong><\/span><\/p>\n<p style=\"text-align: right\"><strong>Andrew Cornford<\/strong><\/p>\n<\/td>\n<td style=\"width: 25.8884%;text-align: center;vertical-align: middle;border-color: #ffffff;border-style: solid\"><a href=\"http:\/\/www.obsfin.ch\/from-virus-to-vitamin\/contributors\/#Cornford\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1916 size-thumbnail\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Corrnford-150x150.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Corrnford-150x150.png 150w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Corrnford-300x300.png 300w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Corrnford-1x1.png 1w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Corrnford.png 412w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 73.9666%;border-color: #ffffff;border-style: solid\"><strong>&#8222;<\/strong><strong>\u2026 an accepted framework of definitions and metrics \u2026\u201d<\/strong><\/p>\n<p style=\"text-align: justify\">The movement towards ecological sustainability is still in its infancy in the world economy. It is real and probably here to stay, but companies and governments will meet many economic, physical and human hurdles on the way, including raw materials bottlenecks and lack of specialized talent. ESG investment can be seen as an expression of demand for sustainability in society, pressing in the right direction. But to confirm their effectiveness and credibility, <span style=\"color: #ff0000\"><strong>ESG motivated investors will need an accepted framework of definitions and metrics (the \u201ctaxonomy\u201d being discussed at EU level). Ideally, one would imagine a world-wide self-regulated consensus about environmental cost, similar to the one which led to the international acceptance of the International Financial Reporting Standards (IFRS).<\/strong><\/span><\/p>\n<p style=\"text-align: right\"><strong>Domingo Sugranyes<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<td style=\"width: 25.8884%;text-align: center;vertical-align: middle;border-color: #ffffff;border-style: solid\"><a href=\"http:\/\/www.obsfin.ch\/from-virus-to-vitamin\/contributors\/#Sugranyes\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1605 size-thumbnail\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sugranyes-150x150.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sugranyes-150x150.png 150w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sugranyes-300x300.png 300w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sugranyes-1024x1024.png 1024w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sugranyes-768x768.png 768w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sugranyes-1x1.png 1w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Sugranyes.png 1296w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 73.9666%;border-color: #ffffff;border-style: solid\"><strong>&#8222;<\/strong><strong>\u2026 a point of reference in public debate \u2026\u201d<\/strong><\/p>\n<p style=\"text-align: justify\">A transition\u00a0from enthusiasm to reality requires 3 steps:<\/p>\n<ul>\n<li style=\"text-align: justify\"><strong>From experts\u2019 room to the public sphere<\/strong>. <span style=\"color: #ff0000\"><strong>Sustainable finance cannot flourish without being a point of reference in public debate and a \u201cvisible\u201d concern in everyday life. Such a paradigm shift can only be initiated through a participatory socio-political justification.<\/strong><\/span><\/li>\n<li style=\"text-align: justify\"><strong>Towards a glocal perspective<\/strong>. As it happens with every declaration the 17 SDGs and the Agenda 2030 provisions need to be part of the national and local development strategy both as aims and evaluation measures.<\/li>\n<li style=\"text-align: justify\"><strong>From wishes to accountability. <\/strong>Various actions &#8211; mirrored in the national and international law &#8211; are required to empower accountability: legislation initiatives that forbid\u00a0hazardous products, give motives for \u201cclean production\u201d and favour of a circular economy, annual monitoring on sustainable practices, reduction of waste\/emission and a regulatory framework for investment plans.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: right\"><strong>Christos Tsironis<\/strong><\/p>\n<\/td>\n<td style=\"width: 25.8884%;text-align: center;vertical-align: middle;border-color: #ffffff;border-style: solid\"><a href=\"http:\/\/www.obsfin.ch\/from-virus-to-vitamin\/contributors\/#Tsironis\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1785 size-thumbnail\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tsironis-150x150.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tsironis-150x150.png 150w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tsironis-300x300.png 300w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tsironis-768x768.png 768w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tsironis-1x1.png 1w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Tsironis.png 939w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 73.9666%;border-color: #ffffff;border-style: solid\"><strong>&#8222;<\/strong><strong>\u2026 any finance activity needs to be sustainable by default \u2026\u201d<\/strong><\/p>\n<p style=\"text-align: justify\">Given that rational justice requires the current generation to have a fiduciary duty to the future generation, any finance activity needs to be sustainable by default. In that sense we need to distinguish between finance and unsustainable finance, and need to focus on diminishing unsustainable finance to the benefit of finance. <span style=\"color: #ff0000\"><strong>This means finance needs be defined purposeful and needs to account for all interests at stake. This then needs to be coded into law and into incentive systems. While ESG-data is important, assessing and certifying impact on a case-by-case basis gives true input for governance and direction towards social and environmental sustainability<\/strong>,<\/span> all things considered. This requires a new moral psychology for leadership.<\/p>\n<p style=\"text-align: right\"><strong>Eelco Fiole<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<td style=\"width: 25.8884%;text-align: center;vertical-align: middle;border-color: #ffffff;border-style: solid\"><a href=\"http:\/\/www.obsfin.ch\/from-virus-to-vitamin\/contributors\/#Fiole\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1704 size-thumbnail\" src=\"http:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Fiole-150x150.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Fiole-150x150.png 150w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Fiole-300x300.png 300w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Fiole-1x1.png 1w, https:\/\/www.obsfin.ch\/wp-content\/uploads\/2020\/04\/Fiole.png 679w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>OF Discussion Board n\u00b017 &#8211; 25 June 2021 Question asked : &#8222;Sustainable finance is very much in fashion nowadays as [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":617,"comment_status":"closed","ping_status":"closed","template":"page-templates\/full-width.php","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-3237","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.obsfin.ch\/de\/wp-json\/wp\/v2\/pages\/3237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.obsfin.ch\/de\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.obsfin.ch\/de\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.obsfin.ch\/de\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.obsfin.ch\/de\/wp-json\/wp\/v2\/comments?post=3237"}],"version-history":[{"count":3,"href":"https:\/\/www.obsfin.ch\/de\/wp-json\/wp\/v2\/pages\/3237\/revisions"}],"predecessor-version":[{"id":3255,"href":"https:\/\/www.obsfin.ch\/de\/wp-json\/wp\/v2\/pages\/3237\/revisions\/3255"}],"wp:attachment":[{"href":"https:\/\/www.obsfin.ch\/de\/wp-json\/wp\/v2\/media?parent=3237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}