Green Finance and Green Investments. Opportunities and challenges of new business models

Textbook , 2020 , 69 Pages

Business economics - Investment and Finance

Climate change is happening. The results of numerous climate researchers and studies have long since confirmed it. Species extinction, floods, droughts - global warming is changing the world we live in. Despite all this, many consumers do not see the need to limit their consumption and lifestyle. Yet they could long ago determine the direction of industry's production.

As this publication shows, only society, politics and business can work together to create a Green Economy. The Paris Climate Agreement and the UN summits in 2015 set the milestones for a green economy. It explains whether, why and to what extent green investments make sense.

The book focuses primarily on ecological and sustainable investments in the financial sector. This is because enormous investments are needed to achieve a green economy. It presents various investment approaches as well as the opportunities and challenges of green finance.

From the contents:
- Capital Investment;
- Investment;
- Finance;
- Environmental protection;
- Sustainability

Table of contents

List of abbreviations

1 Introduction
1.1 Definition of the problem and objectives
1.2 Procedure and structure of the thesis

2 Theoretical foundations
2.1 Green Finance - Definition of terms
2.2 Historic development of Green Finance
2.3 Differencing of investments

3 Green Finance Market
3.1 Players on the green finance market
3.2 Investment approaches

4 "Green Investments" for the financial sector
4.1 Significance of "green investments" for the financial sector
4.2 Green business models
4.3 Regulation in Europe
4.4 Opportunities for "Green Finance"
4.5 Challenges for the green finance market

5 Conclusion

6 Appendix

Bibliography and sources

List of abbreviations

BaFin Federal Financial Supervisory Authority

BVI Federal Association of Investment Companies

COP 21 21st United Nations Climate Change Conference in Paris.

ETF Exchange Traded Fund

ESG Environmental, Social, Governance

ERM Enterprise Risk Management

FDL Financial Institutions

FSB Financial Stability Board

GRI Global Reporting Initiative

GSIA Global Sustainable Investment Association

HSBC The Hong Kong & Shanghai Banking Corporation Limited

IFC International Finance Corporation

IFI International Financial Institutions

ILO International Labour Organisation

ICMA International Capital Market Associationicma

IOSCO International Organisation of Securities Commissions

KAGB Investment Code

KfW Kreditanstalt für Wiederaufbau

NGFS Network for Greening the Financial System

OECD Organisation for economics. Cooperation and development

PRI Principals Responsible Investment

RI Responsible Investment

SASB Sustainability Accounting Standards Board

SDGs Sustainable Development Goals

SRI Social Responsible Investment

TCFC Task Force on Climate-Related Financial Disclosure

1 Introduction

1.1 Definition of the problem and objectives

Climate change is happening! This can be proven on the basis of the results of many climate researchers and studies.¹ – Thawing glaciers, threats to biodiversity or presumably increased natural disasters are few consequences.² Global warming is changing the world we live in. Since industrialization, the Co2-levels have almost quadrupled and humans are largely responsible for the global increase in carbon dioxide.³ Despite everything, many consumers do not see the possibility of restricting their consumption and lifestyle⁴, but they could long ago determine the production direction of the industry.⁵ Society as a whole, as well as politics and the economy, are called upon to create a green economy, "... an economy in harmony with natural boundaries".⁶ The Paris Climate Agreement and UN summit in 2015 set the milestones for a green economy.⁷ The realization of a green economy requires enormous investments. Actors in the financial sector are therefore facing major challenges with regard to the implementation of the climate agreement and the provision of funds.⁸ Financial intermediaries are particularly challenged because the last financial crisis (2008) left its mark on many investors. Against this background, credit institutions can seize the opportunity to regain the trust of investors through ethically and ecologically justifiable financial investments – green finance is the buzzword. It stands for the financing and promotion of environmental and climate projects, both for private and public investments.⁹ Green finance is an important building block for the restoration of a climate-friendly ecosystem and can make a significant contribution to the transformation towards a sustainable society. This Bachelor's thesis is intended to explain whether, why and to what extent green investments make sense, their importance for climate change is gained. The focus of the study will primarily be on the ecological and sustainable investments of the financial sector.

1.2 Procedure and structure of the thesis

In view of the required scope of the topic, a narrowing down will be necessary. In the following, the topic of this work is so limited by the current political climate debate that the positive effects of green finance as a strategy for the promotion of sustainable products in the financial sector are particularly understood. This bachelor thesis is divided into five parts. In Chapter 2, the reader receives a brief introduction to the origin and meaning of green finance as well as related terms such as sustainable finance or ethical-ecological investments. The reader should receive a basic idea of green investments, which is necessary for understanding in the following. The chapter ends with a distinction between green finance and traditional investments. In the further course of Chapter 3, the players in the green finance market will be briefly introduced and their investment approaches will be examined in more detail. Chapter 4 illustrates the importance of green finance models as well as the opportunities and challenges in the financial sector. The conclusion concludes the thesis with a final evaluation and an outlook on the future development of the industry.

2 Theoretical foundations

2.1 Green Finance - Definition of terms

So far, there is no uniform definition or demarcation for the term green finance. This is due, among other things.dem fact that many publications do not try to define the term – e.g. the International Finance Corporation (IFC). At the international level, the terms environmental finance and climate finance are often used in a similar form.¹⁰ Many market participants define green finance very controversially and prevent a uniform classification.¹¹ A more comprehensive overview can be provided by the following illustration by Dr. Nannette Lindenberg, economist at the German Development Policy Institution. Despite different opinions, the economist defines green finance as follows: "Green finance – a positive shift on the global economy's path to sustainability – stands for the financing of public and private investments and government policies that strengthen green initiatives. Its two main tasks are the internalisation of external environmental costs and the reduction of risk perception in order to promote environmentally friendly investments."¹² From this it can be said that green investments have a positive side effect on the environment and society. This statement will be examined in more detail below using the example of green investments as an alternative on the capital market.

Abbildung in dieser Leseprobe nicht enthalten

2.2 Historic development of Green Finance

A sustainable and healthy global economy begins with an individual conscience and responsible management. Addressing the climate and social issues that affect people around the world requires more. There are two main motivational impulses that have driven green finance and sustainable investments forward in recent years. On the one hand, through the United Nations Summit in September 2015. With the 2030 Agenda, all countries in the world have committed themselves to implementing the roadmap for a sustainable and more livable future over the next 15 years. The Sustainable Development Goals (SDGs) define the 17 global goals and 169 sub-goals of the comprehensive 2030 Agenda, which for the first time "... all three dimensions of sustainability – social, environmental, climate – equally", see Figure 2.¹³ On the other hand, 195 countries signed the Paris Agreement (COP 21) a few weeks later.¹⁴ The nation agreed to set global warming at 2°C, with 1.5°C ideally set as a target. However, this can only be achieved by reducing greenhouse gas emissions. The restriction of the propellant expenditure not only requires enormous capital¹⁵, but also a fundamental restructuring in economic and social areas such as e.g. sustainable urban planning or the use of renewable energies. The participation and cooperation of all countries is a prerequisite for ensuring the roadmap for a more sustainable future by 2030.¹⁶ "In practice, this means the radical decarbonization of our economic systems and fundamental changes in the financial world: Green finance is the buzzword."¹⁷ Green finance offers investors the opportunity to finance ethical-ecological projects in order to achieve a return on investment and at the same time contribute to the improvement of the next generation.¹⁸

Abbildung in dieser Leseprobe nicht enthalten

The term "sustainability" has so far only been associated with ecological, forestry topics such as e.g. the sustainable extraction of finite resources.¹⁹ The original meaning goes back to the creator of the term Hans Carl von Carlowitz in 1732. Carlowitz defines sustainability as a long-term result of today's actions and calls for the sustainable use of wood as a raw material.²⁰ The word sustainability is also used in the linguistic meaning as "having a strong effect over a longer period of time"²¹ used. However, the definition has changed fundamentally in the social context.²² The European Commission now describes sustainability as "... one of the most important fields of work" and defines this term as follows: "Sustainable development meets the needs of today's generations without compromising the opportunities of future generations. In this comprehensive concept, economic, social and environmental aspects come into play, which are mutually reinforcing".²³ "Just a few years ago, sustainable finance was considered a niche topic that only a few employees in banks, insurance companies or asset management took care of"²⁴, today sustainable finance is on the priority list of many financial service providers and is considered a top topic, also for fiscal policy legislation.²⁵ From this, it can be concluded that, in addition to economic aspects, investors also assume social responsibility, for example for climate or environmental problems. Ecological basic ideas of investment strategy setting thus move further into focus, whereby the classic investment objectives of profitability, liquidity and security, which together form the magic triangle²⁶, more in the background.

Abbildung in dieser Leseprobe nicht enthalten

Strongly related to sustainability is the term corporate responsibility – also known as CSR.²⁷ CSR describes in the narrower sense "the specific contribution that companies make to sustainable management, to sustainability, perform".²⁸ The word "social" should not be confused with the German word "sozial" in the narrower sense.²⁹ Here, the responsibility of companies relates more to the social environment as a whole and less to the social environment. In 1991, Carroll dealt extensively with the topic and set up a CSR pyramid. According to their statement, a company should conduct profitable business, avoid violations of the law and assume social responsibility as a good, conscientious actor.³⁰ If the terms green finance and sustainability are transferred to the financial market, the ESG criteria – environmental, social and governance – are recognizable. ESG is often divided into three areas: environmental, social and governance, according to English expressions. ESG has its origins in the Socially Responsible Investments (SRI) sector³¹ and is used by ESG investors for sustainability and investment assessment.³² For example, the Environment division deals with the efficient use of energy and raw materials. The second area covers the social and societal aspects such as.B fair conditions in the workplace or remuneration of employees. The third area deals with sustainability goals of the management in the company. If active investors dive deeper into the green finance market, the terms Socially Responsible Investments, Responsible Investment or Ethical Investment are more common. "SRI is the generic term for different investment concepts."³³ It is a combination of returns, social and economic goals that determine the sustainable sustainability values in investment concepts.³⁴ SRI is once again differentiated into strictly sustainable and responsible investments. The strict form takes into account more than 200 ecological, ethical and social factors, whereby the responsible variant excludes only individual sectors such as the arms industry. Ethical investment is understood to mean social, moral and religious values that investors apply to their investment portfolios.³⁵ At the end of the day, all the terms lead to "the investment process that takes ESG factors into account"³⁶ back. The importance of ESG criteria on investment decisions will be discussed in more detail later.

2.3 Differencing of investments

Green finance can consist of different forms of investment that hardly differ from the classic forms of bonds. The only deviation lies in the use of funds of the money. The capital can, for example, serve public and private investments such as renewable energies, the prevention of further air and water pollution or the management of natural resources, "... while sustainable finance also covers economic and social sustainability aspects."³⁷ However, there is more to green finance than just raising capital and promoting sustainable investments. Green Finance basically also covers topics such as:

- designing the financial system on an environmentally and climate-friendly level,
- Management of environmental and climate risks in financial institutions and
- all climate policy measures, to give a few examples. In addition to securities, savings investments in environmental funds or profit participation certificates, green bonds are one of the most important forms of investment in environmental and climate finance on the financial market.³⁸ Investors who invest in green bonds or sustainable bonds benefit twice. Investors not only benefit from interest (yield), but also let their money work according to sustainable rules. This is because the investment proceeds flow into various climate and environmental projects.³⁹ The Magic Triangle is a reminder that in addition to liquidity and security, returns also play an important role. Some of the respondents from an online survey by the German Banking Association are of the opinion that a sustainable financial investment brings less return than the classic variant.⁴⁰ No, "On the contrary, the returns are usually the same or even better in the long term, depending on the type of product."⁴¹ Ethical-ecological ideas do not necessarily have to be at the expense of performance, because after all, not everything that is green has to be worse. "For a long time, this doubt prevented many investors from being guided by sustainability criteria when selecting securities."⁴² An attractive return tends to be paid for with a higher level of risk. This also applies to classic investments. For this reason, it is up to each investor to decide which financial instruments to invest in, as green financial investments hardly differ from conventional ones.

3 Green Finance Market

3.1 Players on the green finance market

Abbildung in dieser Leseprobe nicht enthalten

In the green finance market, private investors, institutional investors, credit institutions, international financial institutions (IFIs) such as the central bank or supervisory authorities are among the most important players in the financial market. The financial sector plays a key role for countries that want to transform themselves towards an "inclusive, resource-efficient and low-greenhouse gas economy".⁴³ It is immediately obvious that such a financial sector strategy can have a positive impact on the slowdown of climate change, for which financial resources are made available.

3.1.1 Investors

Institutional investors have a significant influence on the financial market, whereas private investors represent only a small group of investors. There is a saying from Africa: "A lot of little people in a lot of small places doing a lot of little things can change the face of the world."⁴⁴ The KAGB differentiates investors into private, professional and semi-professional investors, with the last two types of investors belonging to the institutional ones.⁴⁵ In this work, investors are again divided into classic and green investors, whereby the green investors are of interest here. The category of classic investors includes those who operate according to maximization of returns, regardless of the use of funds. In contrast, green investors also let their money work according to ethical-ecological rules. Private investors have the opportunity to invest their capital directly or indirectly. The acquisition of financial securities from sustainable companies, financial institutions or the federal government is a direct investment. An investment via financial intermediaries such as credit institutions or fund companies, which in turn invest in CSR companies, leads to the indirect path.

3.1.2 Sustainable companies

Companies that include ethical-ecological aspects in their value chain can not only improve competitiveness, but also write long-lasting success stories.⁴⁶ Sustainable companies that also consider future generations as relevant stakeholders in strategic decisions do something good for society – "doing well by doing good" without neglecting value creation.⁴⁷ Exactly such companies are selected by green investors who pursue ethical-ecological values. There is still no uniform standard for assessing how sustainable and ethical-ecological a company operates, so "supervisory authorities must develop a common understanding of sustainability because they should check on a comparable basis whether companies behave sustainably".⁴⁸ Consumers in the food sector have the opportunity to orient themselves on organic seals as a decision-making support. When selecting sustainable companies, there is no objective seal of approval for an ecologically sound plant. In general, the following criteria are used by ethically and ecologically oriented investors:

- Social aspects
- armor
- Nuclear weapons
- power generation
- human rights
- Environmental aspects.⁴⁹

Furthermore, ESG criteria are becoming increasingly important in responsible investing for both private and institutional investors. Ecological and social aspects as well as governance are increasingly being included in decision-making issues.⁵⁰ Consumers and investors as well as purchasing companies are questioning the sustainability of the supply chain. On the one hand, the focus here is on the conditions for the consumption of raw materials in the environment. On the other hand, the effects of the raw material procurement are discussed. After all, a sustainable design of the supply chain can certainly bring competitive and reputational advantages.⁵¹ "In recent years, numerous industry initiatives have emerged that have set themselves the goal of making their supply chain more sustainable."⁵² They align their value chain more sustainably, offer their products/services with better working conditions and attach more importance to responsible resource extraction. Companies must ask themselves to what extent their core business can remain competitive in the future if companies ignore the business trend today.⁵³

3.1.3 Financial services provider

Financial service providers are shown in Figure 4 as a financial intermediary between investors and companies. In the context of this work, only banks, insurance companies, fund companies and pension funds are used. Financial instruments are a very complex issue. For inexperienced investors who find green companies difficult to recognize, there is the opportunity to take advantage of the offer of financial services to invest the invested capital in the form of bonds, green mutual funds or ETFs, etc. The bank such as e.g. the Umweltbank or the Staatliche Förderbank (Kfw) can in turn invest the money in green investments or grant it as a loan. There are strict credit requirements that banks must adhere to. The assets are used exclusively to finance sustainable projects⁵⁴, which can have a positive impact on climate change. Ecological credit financing is a company that adheres to ethical-ecological principles from production to sale. In doing so, they refrain from child labour and ensure a decent working environment for men and women.⁵⁵ The indirect variant offers more overview and flexibility, possibly also "security", since money is managed by a professional asset manager who is more familiar with the topic than the investor himself.

3.1.4 State

Investment projects that pursue ethical and social values are increasingly demanded of investors."⁵⁶ Among other things, Luxembourg is one of the pioneers of the green finance market. Already 3 years ago, the first and only trading platform – LGX – for pure green bonds was launched. The bonds listed on LGX come from all over the world.⁵⁷ The oil nation of Norway, which manages the world's largest sovereign wealth fund, now wants to withdraw billions from oil and coal companies. Norway will invest more in renewable industries to ensure the prosperity of future generations.⁵⁸ France, Denmark, Poland and Belgium are among the EU countries that already issue green government bonds.⁵⁹ So far, Kfw has taken on the pioneering role in Germany, but in 2020 the Federal Republic of Germany is also to open up to sustainable bonds and offer green bonds for the first time.⁶⁰

The opportunities for the players include finding sought-after investment opportunities such as the former niche sector and achieve corresponding returns. If the above criteria for the investments such as sustainability, ethical-ecological considerations, etc. filled with life, there is an opportunity to contribute to slowing down climate change with this type of business model. However, these opportunities are limited because a reasonable return must also be achieved. In addition, a closer look at the investment rates.

3.2 Investment approaches

For investors who opt for sustainable or ethical-ecological investments, there are now green alternatives for many forms of investment. Investors can orient themselves on different investment approaches. Investors can filter their investment opportunities taking into account the following investment approaches. Depending on preference and investment strategy, investment approaches are applied differently. "In the case of ethical-ecological investment funds, several approaches are often combined by the providers."⁶¹ The Global Sustainable Investment Alliance (GSIA) defines seven investment styles:

Exclusion criteria (negative screening) are initially determined by companies, states or industries that are active in certain business areas. Which e.g. Nuclear energy, weapons, tobacco, alcohol, child labour or genetic engineering. According to FNG, negative screening is the most widely used strategy in Europe with an asset value of $19.8 trillion.⁶²

In the best-in-class approach, only companies that are the trendsetters in the ethical, ecological and social areas are selected. The industry is not defined at the beginning, which means that economic sectors such as the defence industry can be included in the portfolio. The aim is to motivate the less committed industries and to increase the sustainability of the entire industry in the long term.⁶³

Impact investment is a capital investment in projects/companies that pursue a specific goal in addition to maximizing profits, such as e.g. the avoidance of exploitative child labour or violation of human rights.⁶⁴

ESG integration is an explicit incorporation of sustainability criteria and risks into traditional financial analysis. This approach dominates with the majority of assets in the US, Canada and Australia.⁶⁵

Sustainable thematic funds are investments in specific assets or topics to promote sustainability. The most commonly chosen investment areas are some renewable energy, green real estate, energy efficiency and climate change.

Standards-based screening is a review of investments according to certain standards and norms. These include, for example.B. UN Global Compact, OECD guidelines or ILO core labour standards.⁶⁶

Ethical-ecological industries or companies invest specifically in sustainable projects under certain criteria. There is a risk of increased correlation and too little diversification of the risks in the portfolio. The investor bears a higher risk if the investment turns out to be unfavorable.⁶⁷

A commitment requires direct contact between companies and investors as well as other organizations and decision-makers from politics and business. After all, ESG criteria will continue to be integrated into the company in the future.⁶⁸

[...]

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¹ cf. Schadwinkel, Alina (2017), https://www.zeit.de (accessed on 12.8.2019 - Document 42 of the CD).

² N.N. (undated), https://www.umweltbundesamt.de (accessed 11.8.2019 - Document 28 of the CD).

³ N.N. (undated), https://www.co2online.de (accessed on 12.8.2019 - Document 30 of the CD).

⁴ cf. Schäfer, Kristina (2019), p. 1.

⁵ cf. Johannsen, Kai (2019a), p. 1.

⁶ N.N. (2018), https://www.ecologic.eu (accessed 13.8.2019 - Document 34 of the CD).

⁷ cf. Press and Information Office of the Federal Government (2019), p. 1.

⁸ cf. Nicolas Mackel (2019), p. 1; Johannsen, Kai (2019b), p.1.

⁹ cf. Berensmann, Kathrin/Lindenberg, Nannette (2016), https://www.econstor.eu (accessed 27.7.2019 - Document 2 of the CD).

¹⁰ cf. N.N. (2015), https://www.bmz.de (accessed on 9.8.2019 - Document 31 of the CD).

¹¹ cf. Consumer Centre (2019), https://www.verbraucherzentrale.de (accessed on 25.7.2019 - document 43 of the CD).

¹² cf. Berensmann, Kathrin/Lindenberg, Nannette (2016), https://www.econstor.eu (accessed 27.7.2019 - Document 2 of the CD).

¹³ N.N. (2019), http://www.bmz.de (accessed on 3.8.2019 - Document 40 of the CD).

¹⁴ cf. Karl Ludwig Brockmann (2017), https://www.kfw.de (accessed on 21.7.2019 - Document 19 of the CD).

¹⁵ cf. N.N. (2019), https://www.wiwo.de (accessed 22.7.2019 - Document 38 of the CD).

¹⁶ cf. N.N. (2019), http://www.bmz.de (accessed on 3.8.2019 - Document 40 of the CD).

¹⁷ Berensmann, Kathrin/Lindenberg, Nannette (2016), https://www.econstor.eu (accessed 27.7.2019 - Document 2 of the CD).

¹⁸ cf. Werner, Thomas (2009), p. 37.

¹⁹ cf. Hafenstein, Andrea (2016), p. 7.

²⁰ cf. Carlowitz, Hans Carl/Hamberger, Joachim (2013), p. 70.

²¹ N.N. (undated) Duden, https://www.duden.de (accessed on 30.7.2019 - Document 8 of the CD).

²² cf. Johannsen, Kai (2019a), p. 7.

²³ cf. COMM/DG/UNIT (2017), https://ec.europa.eu (accessed 30.7.2019 - Document 5 of the CD).

²⁴ N.N. (2019), https://www.bafin.de (accessed 22.7.2019 - Document 37 of the CD).

²⁵ cf. N.N. (2019), https://www.bafin.de (accessed 22.7.2019 - Document 37 of the CD).

²⁶ cf. Görgen, Frank/Rosar, Maximilian (2013), p. 74.

²⁷ cf. Hafenstein, Andrea (2016), p. 8.

²⁸ N.N. csr-in-germany, https://www.csr-in-deutschland.de (accessed on 2.8.2019 - Document 6 of the CD).

²⁹ cf. N.N. csr-in-germany, https://www.csr-in-deutschland.de (accessed on 2.8.2019 - Document 6 of the CD).

³⁰ cf. Hafenstein, Andrea (2016), p. 8f.

³¹ cf. N.N. (undated), http://www.nachhaltig-investieren.org (accessed on 12.8.2019 - document 39 of the CD).

³² cf. N.N. (2019), https://www.wiwo.de (accessed 22.7.2019 - Document 38 of the CD).

³³ Lexikon der Nachhaltigkeit (2015), https://www.nachhaltigkeit.info (accessed on 5.8.2019 - Document 22 of the CD).

³⁴ cf. Hafenstein, Andrea (2016), p.11.

³⁵ cf. Will Kenton (2019), https://www.investopedia.com (accessed 5.8.2019 - Document 44 of the CD).

³⁶ Hafenstein, Andrea (2016), p. 11.

³⁷ Karl Ludwig Brockmann (2017), https://www.kfw.de (accessed on 21.7.2019 - Document 19 of the CD).

³⁸ cf. Karl Ludwig Brockmann (2017), https://www.kfw.de (accessed on 21.7.2019 - Document 19 of the CD).

³⁹ cf. Johannsen, Kai (2019c), p. 2.

⁴⁰ cf. Association of German Banks (2019), https://bankenverband.de (accessed on 24.7.2019 - Document 1 of the CD).

⁴¹ Schäfer, Kristina (2019), p. 1.

⁴² cf. Riedel, Stefan (2019), p. 2.

⁴³ N.N. (2015), https://www.bmz.de (accessed on 9.8.2019 - Document 31 of the CD).

⁴⁴ N.N. (undated), https://www.aphorismen.de (accessed on 8.8.2019 - Document 29 of the CD).

⁴⁵ cf. EXPORO (accessed on 7.8.2019 - Document 10 of the CD).

⁴⁶ cf. Wunder, Thomas (2017), p. 9.

⁴⁷ cf. Wunder, Thomas (2017), p. 19.

⁴⁸ N.N. (2019), https://www.bafin.de (accessed 22.7.2019 - Document 37 of the CD).

⁴⁹ cf. Werner, Thomas (2009), p. 45.

⁵⁰ cf. Karrenbrock, Pia (2019), https://www.private-banking-magazin.de (accessed on 9.8.2019 - Document 20 of the CD).

⁵¹ cf. N.N. (o.J.b), https://www.csr-in-deutschland.de (accessed on 8.8.2019 - Document 27 of the CD).

⁵² N.N. (o. J.a.), https://www.csr-in-deutschland.de (accessed on 8.8.2019 - document 26 of the CD).

⁵³ cf. Wunder, Thomas (2017), 6.

⁵⁴ cf. Berensmann, Kathrin/Lindenberg, Nannette (2016), https://www.econstor.eu (accessed 27.7.2019 - Document 2 of the CD).

⁵⁵ cf. EXPORO (2019), https://exporo.de (accessed on 22.7.2019 - Document 11 of the CD).

⁵⁶ cf. Karrenbrock, Pia (2019), https://www.private-banking-magazin.de (accessed on 9.8.2019 - Document 20 of the CD).

⁵⁷ cf. Nicolas Mackel (2019), p. 1.

⁵⁸ cf. Hecking, Claus (2019), https://www.spiegel.de (accessed on 26.7.2019 - Document 15 of the CD).

⁵⁹ cf. Finthammer, Volker (2019), https://www.deutschlandfunk.de (accessed on 9.8.2019 - Document 12 of the CD).

⁶⁰ cf. Blume, Jacob (2019), p. 1.

⁶¹ cf. Consumer Centre (2019), https://www.verbraucherzentrale.de (accessed on 25.7.2019 - document 43 of the CD).

⁶² Cf. N.N. (2018), http://www.gsi-alliance.org (accessed 28.8.2019 - Document 33 of the CD)

⁶³ cf. FNG (2019), https://www.forum-ng.org (accessed on 9.8.2019 - Document 14 of the CD).

⁶⁴ cf. N.N. (2019), https://www.wiwo.de (accessed 22.7.2019 - Document 38 of the CD).

⁶⁵ cf. FNG (2013), https://www.forum-ng.org (accessed 28.8.2019) - Document 13 of the CD.

⁶⁶ Dittrich, Simone/Gloger, Anne-Marie/Masri, Raschid et al. (2019), https://www.forum-ng.org (accessed 9.8.2019 - Document 7 of the CD).

⁶⁷ cf. Consumer Centre (2019), https://www.verbraucherzentrale.de (accessed on 25.7.2019 - document 43 of the CD).

⁶⁸ cf. FNG (2019), https://www.forum-ng.org (accessed on 9.8.2019 - Document 14 of the CD).

• Publication Year: 2020
• Pages: 69
• Catalog Number: V1177058
• ISBN (PDF): 9783346587251
• Language: English
• Tags: green, finance, investments, opportunities