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1、Leading the way to a green and resilient economy A Swiss-quality approach to sustainable finance www.pwc.ch/wwf-report September 2020 Contributors The core team of editors wants to thank all the contributors to this paper. Core Team Dr. Antonios Koumbarakis, PwC Switzerland Stephan Hirschi, PwC Swit

2、zerland Sofia Tsankova, PwC Switzerland Amandine Favier, WWF Switzerland Ivo Mugglin, WWF Switzerland Stephan Kellenberger, WWF Switzerland Contributors Dr. Gnther Dobrauz, PwC Switzerland Marcel Tschanz, PwC Switzerland Loric Szalai, PwC Switzerland Moritz Obst, PwC Switzerland Leading the way to a

3、 green and resilient economy | 3Leading the way to a green and resilient economy | 3 Foreword 4 Executive summary 5 1. Global climate and biodiversity goals and the role of the financial sector 8 1.1 Global legal environmental architecture 8 1.2 Role of the financial sector 9 2. Sustainable finance

4、in Switzerland and globally: recent developments and current debate 10 3. Financial flows for a green and resilient economy: the core of a Swiss-quality approach to sustainable finance 13 3.1 Rationale for a Swiss-quality approach 13 3.2 How to operationalise “financial flows for a green and resilie

5、nt economy” 15 3.2.1 The scientific findings 15 3.2.2 Translating the scientific findings into goals for the financial sector 15 3.2.3 Levers of the financial sector 16 3.3 Associated economic and social benefits 16 3.3.1 Micro- and macroeconomic benefits 16 3.3.2 Social benefits 17 4. An action age

6、nda to build a green and resilient economy 19 Conclusion 26 Annex 27 Contacts 28 45 4 | Leading the way to a green and resilient economy Since our first joint PwC and WWF sustainable finance reports in 2019 (Paradigm Shift in Financial Markets) and in early 2020 (Nature is Too Big to Fail), the worl

7、d we live in has changed dramatically. The COVID-19 pandemic has swept across the world, impacting lives and livelihoods and exposing how fragile our economies and societies are to external shocks. At the societal level, the COVID-19 crisis gave rise to much uncertainty and reminded us of the urgenc

8、y to act that many of us already felt long before in light of the looming ecological crisis. On the other hand, the COVID-19 crisis showed that states can act rapidly and boldly and that people around the world can unite to fight against the pandemic. Recent developments can thus be seen as a cataly

9、st for change and renewal. It is now more important than ever to change our unsustainable relationship with nature and to limit the averse impacts of mankind on the environment. As governments around the world are restarting their ecnomic engines and mulling post-pandemic recovery plans, it is funda

10、mental to acknowledge that these must address long-term prosperity while advancing our capacity to deal with future shocks. Only then will our societies and economies become greener and more resilient. The transition to a climate-safe world with net zero green- house gas emissions and fully recovere

11、d biodiversity is steadily gathering pace. More and more forward-looking businesses and financial institutions recognise the strategic imperative to act on climate change and biodiversity loss. However, the pace and scale at which this transition is hap- pening is still far from sufficient. The fina

12、ncial sector has a critical role to play in this transformation by how it allocates capital and manages risks, thereby impacting the current and future shape of our economy. This has been recognised by the Paris Agreement, which acknowledges the instrumen- tal role of aligning financial flows with a

13、 pathway towards low greenhouse gas emissions and climate-resilient develop- ment. While the political momentum and scientific evidence on financial risks related to biodiversity loss are less advanced compared with climate change, it is evident that the two challenges have to be addressed simultane

14、ously. Most sustainable finance discussions in Switzerland per- ceive action as a vehicle to strengthen the competitiveness of the financial sector. There is nothing to be said against this. The authors believe however that when approaching the climate and biodiversity crises, the financial sectors

15、broader role should also be considered to ensure consistency and credibility. PwC and WWF are convinced that financial flows should, first and foremost, serve to create a green and resilient economy. To realise this objective, financial flows managed or controlled by Swiss financial institutions nee

16、d to follow a well set out and measurable transitional pathway to achieve net zero greenhouse gas emissions and recover biodiversity fully by no later than 2050. We have a long way to go, knowing that Swiss financial flows currently are far from being aligned with international agreements such as th

17、e Paris Agreement and the Convention on Biological Diversity. Our idea is not targeted exclusively at the Swiss financial sector and may be adapted to other contexts. However, we are convinced that Switzerland in particular would benefit from it. First, the alignment of financial flows with global e

18、nvironmental goals triggers transformational change in the real economy, thereby creating new economic opportunities, while at the same time honouring Switzerlands international commitments. Furthermore, when based on measurable progress, it strengthens the competitiveness and long- term viability o

19、f the Swiss financial sector, which is hard- pressed to find a new identity and competitive edge after the end of Swiss banking secrecy. Focusing on the positive environmental impact of financial flows would provide Switzerland a unique selling point, increasing its positive reputation while buildin

20、g on typical Swiss attributes such as high quality, competence and credibility. At the same time, the transition to a sustainable financial sector will provide benefits to both financial players and their clients. PwC and WWF agree that building the economy of the future and making our financial sys

21、tem greener and more resilient will only be possible if a broad coalition of relevant actors come together to rally behind a common goal and jointly develop concrete solutions. While there is no single “silver- bullet” solution, we are convinced that there are critical leverage points in the system

22、that need to be activated without further delay. This paper calls all actors involved in sustainable finance in Switzerland to embrace and publicly endorse the idea of putting the positive environmental impacts of financial flows at the centre. By proposing a suite of concrete measures, the authors

23、intend to kickstart a discussion between the financial sector, companies, policymakers and civil society actors to build a fully-fledged action plan with clear roles, responsibilities and timelines. Only a concerted effort by a broad coalition of actors will bring to life a new quality approach to s

24、ustainable finance with which Switzerland can make a pioneering contribution to building a healthy planet for future generations. Foreword Thomas Vellacott, CEO WWF Switzerland Andreas Staubli, CEO PwC Switzerland A crisis is a productive state; you simply have to get rid of its aftertaste of catast

25、rophe. Max Frisch, Swiss playwright and novelist Leading the way to a green and resilient economy | 5Leading the way to a green and resilient economy | 5 Attention to sustainable finance is at an all-time high in the news and sustainably managed assets have hit a new peak both internationally and in

26、 Switzerland. Multiple initiatives have emerged since the last two PwC/WWF joint reports (Paradigm shift, 2019; Nature is too big to fail, 2020). Despite this increasing attention and the impressive array of publications from actors such as the Swiss Bankers Association and the Federal Council, the

27、significant direct and indirect impacts of financial flows on climate change and biodiversity loss still need to be addressed with more concrete actions. Financial flows, particularly in Switzerland, still have significant negative environmental impacts. And while progress is being made in relation

28、to the integration of climate risks, financial flows are still far from being aligned with international agreements such as the Paris Agreement and especially the Convention on Biological Diversity. PwC and WWF believe this has to change and suggest a Swiss-quality approach to sustainable finance: a

29、ll financial flows managed or controlled by Swiss financial institutions contribute to a green and resilient economy, thus facilitating the achievement of the Paris Agreement and the Convention on Biological Diversity. The World Economic Forum underlines it clearly: “There is no future for business

30、as usual we are reaching irreversible tipping points for nature and climate, and over half of the global GDP, $44 trillion, is potentially threatened by nature loss.”1 Thus, there is no other issue that is as pressing as safeguarding humanitys capacity to sustain life on earth. This can only be achi

31、eved if climate change and biodiversity loss are addressed effectively and simultaneously via transforming the economic system. As the financial sector is at the heart of the economic system, it has a privileged position to encourage, demand and create the necessary incentives for the transformation

32、 of the real economy. Substantial progress needs to be made to ensure that the financial sector genuinely supports businesses on their transition path towards sustainability. There is no better place than Switzerland to kickstart this reflection. Switzerland boasts an important financial sector (man

33、aging over CHF 6200 billion2), a long-standing tradition in sustainable finance, an innovative market space, lean framework conditions and excellent universities. Furthermore, Switzerland is known for its attributes such as excellence and competence. Lastly, reducing the negative environmental impac

34、ts of financial flows is associated with a number of economic and social benefits such as increased financial stability, equivalence with EU legislation and protection of consumers against greenwashing. Despite this excellent initial position, the sustainable finance debate in Switzerland is still c

35、haracterised by a number of contrasting views with regards to the purpose that sustainable finance should serve (e.g. competitiveness of the financial sector vs. contribution to sustainability goals), the scope it encompasses (e.g. ESG vs. climate change), the business lines it focuses on (e.g. lend

36、ing vs. investment) and the type of intervention that is required or desirable (e.g. regulation vs. voluntary action). The authors claim that financial flows should, first and foremost, serve to create a green and resilient economy. To achieve this, all financial flows (investment, lending and under

37、writing business) managed or controlled by Swiss financial institutions need to follow a well set out and measurable transitional pathway to achieve net zero greenhouse gas (GHG)3 emissions and fully recover biodiversity by no later than 2050. This basically means translating the scientific findings

38、 on climate change and biodiversity loss to the financial sector. Building the economy of the future and making our financial system greener and more resilient does not happen overnight and requires the buy-in of all relevant sustainable finance actors. PwC and WWF therefore suggest that until 2030

39、the combined efforts are geared towards creating a net zero GHG-emitting and full biodiversity-recovering real economy. The financial sector plays a pivotal role in this transformation by reducing its exposure to high-emitting economic sectors and activities, by engaging vigorously with the invested

40、 companies and policymakers and by creating new financial vehicles for a net zero, biodiversity-recovering economy. But the financial sector also depends deeply on the transformation of the real economy, which currently is far from being climate- and biodiversity-friendly. At the same time, the tran

41、sformation needs to be based on ambitious, practical measures for the financial sector and a clear policy framework (common standards for defining sustainability, sustainability disclosure requirements and sufficient granular data). Therefore, the authors suggest that until 2030 the negative impacts

42、 on climate and biodiversity should be decreased, acknowledging that GHG emissions and biodiversity destruction will continue, albeit at a slower growth rate. To reverse this trend, it is imperative that from 2030 onwards all new financial flows or refinancing activities emit net zero GHG and restor

43、e and enhance biodiversity. This creates a second strong, necessary push to achieve the final goal by 2050. Furthermore, it gives the real economy until 2030 to adapt and transform towards the set-out goal. Executive summary 1 https:/www.weforum.org/reports/new-nature-economy-report-ii-the-future-of

44、-nature- and-business 2 https:/www.six- en.pdf 3 In this paper we consistently use the term “greenhouse gas emissions”, which broadly refers to gases that trap heat in the atmosphere. There are several types of GHGs with different global warming potentials, with CO2 being the most important GHG. 6 |

45、 Leading the way to a green and resilient economy The years until 2030 are crucial to set the stage and start moving in the right direction. Missing this window makes it almost impossible to reach the formulated goals in time. To kickstart this transition, all actors (financial institutions, federal

46、 administration, industry associations, policymakers and civil society) need to join forces and push in the same direction. Focusing solely on voluntary measures by market players falls short, given that the Swiss financial sector is way off track from meeting global environmental targets.4 The shee

47、r size of the challenge at hand also requires clear and predictable policy signals and regulatory framework conditions, which should be complemented by ambitious, targeted self- regulation. A smart mix of measures is therefore most likely to produce the desired outcomes. The authors propose to place

48、 the short-term focus on the following leverage points, which in their view are the most impactful: 4 Current estimates by the Federal Office for the Environment (FOEN) indicate that the Swiss financial flows contribute to global warming of between 4 and 6 degrees Celsius. 6 | Leading the way to a g

49、reen and resilient economy Leverage point 1Turn Switzerlands political commitment to net zero GHG emissions by 2050 into a legal obligation for financial actors and set a political goal for aligning financial flows with full biodiversity recovery. Leverage point 2Revise the fiduciary duty such that financial actors and regulators need to integrate the financial risks associated with climate change and biodiversity loss and are responsible for minimising the negative impacts of financial flows on climate and biodiversity. Leverage point 3Promote meaning