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1、SWISS SUSTAINABLE INVESTMENT MARKET STUDY 2020 MAIN SPONSORS Cover : SCOUTING AND WEEDING ROBOTS ECOROBOTIX The Swiss green-tech startup ecoRobotix SA based in Yverdon-les-Bains develops, produces and sells innova- tive farming robots that require low energy and reduce the negative ecological impact
2、 of modern agriculture. The autonomous machines, equipped with photovoltaic panels, a GPS antenna and row-tracking cameras, can detect weeds to a centimetre precisely and sprays only a micro-dose of herbicide. This reduces the usage of her- bicides by up to 90% and allows for a more ecological and e
3、conomical weeding of row crops, meadows and intercropping cultures. CONTENTPreface by Swiss Sustainable Finance 3 Preface by the University of Zurich 5 Executive Summary 8 INTRODUCTION 14 SWISS SUSTAINABLE INVESTMENT MARKET 18 Overall Market Size and Characteristics 18 Investor Types 21 Sustainable
4、Investment Approaches 22 Asset Allocation 31 Special Topics 35 EXPECTED MARKET TRENDS 38 Market Trends Asset Managers 38 Market Trends Asset Owners 40 REGULATORY FRAMEWORK 44 CONCLUSION AND OUTLOOK 54 SPONSOR CONTRIBUTIONS 56 APPENDIX 66 Glossary 66 List of Figures 70 List of Abbreviations 71 Study
5、Participants 72 Overview Table : Swiss Sustainable Investment Market 73 List of Sponsors 74 Imprint 76 1 2 3 4 6 7 5 2.1 3.1 3.2 2.2 2.3 2.4 2.5 SWISS SUSTAINABLE FINANCESwiss Sustainable Investment Market Study 20201 SWISS SUSTAINABLE FINANCESwiss Sustainable Investment Market Study 20202 An encour
6、aging sign of the path to a more sustainable world. SWISS SUSTAINABLE FINANCE3Preface For the third consecutive year, Swiss Sustainable Finance (SSF) and the Center for Sustainable Finance and Private Wealth (CSP) at the University of Zurich have teamed up to shed light on sustainable investment dev
7、elopments in Switzerland. As in previous years, we again observe impressive double-digit growth rates in sustainable investing in 2019, as highlighted by this years Swiss Sustainable Investment Market Study. What is driving this development ? 2019 has come with escalat- ing environmental challenges,
8、 as evidenced by faster-melting gla- ciers, massive reductions of insect populations and water shortages in many areas of the world. Investors keep a close eye on such devel- opments and increasingly consider them in a systematic way. On the regulatory side, policymakers particularly the European Co
9、mmis- sion have identified the financial sector as instrumental in address- ing these challenges. At the same time, global discussions on inves- tor responsibilities have further shifted away from risk-return profiles to focus more on impact generation. Against this backdrop, it comes as no surprise
10、 that sustainable investing continues its main- streaming path. With a total of 76 respondents, including many of the large asset managers and asset owners, we are confident that the study gives a fair overview of the Swiss sustainable investment market. As a new feature, this years survey looks at
11、common combinations of sustainable investment approaches prevalent in the market. We con- sider this particularly valuable, as it is a useful contribution to the growing political debate about the quality and impact of investments. The respective figures explain the relevance and characteristics of
12、the volumes reported. We again include a chapter summarising the latest regulatory developments. While the EU Action Plan on Financ- ing Sustainable Growth takes centre stage, more activities from other bodies have emerged that aim to make the integration of sus- tainability factors into financial d
13、ecisions the “ new normal ”. This market study was compiled with the help of an SSF work- group, which allowed the methodology to be closely aligned to market needs and views. The data analysis was carried out jointly by SSF and CSP, which ensured systematic assessment of the data based on scientifi
14、c principles. The study was funded by the six main sponsors, Basellandschaftliche Kantonalbank, BearingPoint, INOKS Capital, Pictet Asset Management, RobecoSAM and Swisscanto Invest, as well as by the six supporting sponsors Berner Kantonalbank, ECOFACT, Inrate, OLZ, Swiss Life Asset Managers and VE
15、RIT Investment Manage- ment. We would like to take this opportunity to thank all the parties involved for their valuable support. This report was finalised during a time when the global focus was on facing the enormous challenges brought on by Covid-19. For this reason, we chose to concentrate on po
16、sitive aspects by illustrat- ing the report with some innovative solutions brought to the market to address existing global challenges. They are “ Made in Switzerland ” and are an encouraging sign of the path to a more sustainable world. PREFACE BY SWISS SUSTAINABLE FINANCE ZURICH, JUNE 2020 Jean-Da
17、niel Gerber Sabine Dbeli President SSF CEO SSF SWISS SUSTAINABLE FINANCESwiss Sustainable Investment Market Study 20204 The sustainable finance space continues to develop rapidly. SWISS SUSTAINABLE FINANCE5Preface The sustainable finance space continues to develop rapidly, both in Switzerland and gl
18、obally. This is illustrated by the continued growth in assets that are managed and owned in a sustainable way, as out- lined in this report, as well as the dynamic political developments in the EU. It is also remarkable how the thinking about the different sustainable investing approaches is evolvin
19、g. In the early days of sustainable finance, the focus was on exclusion criteria and the avoidance of unethical behaviour, as well as strict best-in-class approaches the emergence of a new niche market. This was fol- lowed by an era marked by mainstreaming in the market, focused on the use of variou
20、s ESG data in the form of ESG integration, the inter- relation with financial performance, active voting, and the applica- tion of these approaches to large pools of assets. In this report, prepared jointly by Swiss Sustainable Finance (SSF) and the Center for Sustainable Finance and Private Wealth
21、(CSP) at the University of Zurich, we describe how the market is moving towards a new third era. With ESG now broadly integrated into finan- cial markets, a clear shift is observable towards the consideration of actual impact. This third era has a more outcome-oriented focus, combining active voting
22、 with ESG engagement, as well as different forms of impact investment. The numbers in this report clearly demonstrate that these approaches with the highest growth rates are gaining in importance. Regulators, asset owners and asset managers increasingly ask : Do sustainable investments contribute to
23、 a better world ? This reori- entation towards impact in financial markets is significant. It poses new questions and brings ample opportunities for all stakeholders. It is also at the core of the work of both SSF and CSP, driving thought-leadership and outreach activities to facilitate this impor-
24、tant journey of the finance community. We hope that you will enjoy this report. We invite you to join us as we explore the implications and opportunities that lie ahead. ZURICH, JUNE 2020 PREFACE BY THE UNIVERSITY OF ZURICH Dr Falko Paetzold Prof. Dr Timo Busch Initiator and Managing Director Senior
25、 Fellow SWISS SUSTAINABLE FINANCESwiss Sustainable Investment Market Study 20206 FRESH SHRIMPS FROM SWITZERLAND SWISSSHRIMP The company SwissShrimp has been producing eco- friendly salt-water shrimps for stores and restaurants in Switzerland since 2018. The shrimp farm located in Rhein- felden AG us
26、es residual heat from the Swiss Saltworks nearby to produce shrimps without the use of antibiotics. Compared to frozen shrimps imported from abroad, these shrimps reach Swiss consumers with short trans- portation routes. Swiss technologies for the future Global sustainability challenges have become
27、more demanding than ever, but at the same time we have witnessed fascinating techno- logical progress in many areas in the past decade. This is why this years Swiss Sustain- able Investment Market Study displays pic- tures of five innovative market solutions developed in Switzerland that tackle very
28、 specific sustainability challenges. Not all solutions are at the same market stage, but what they have in common is that they are ambitious and impact-driven projects. Given their potential to foster sustainable solutions in different sectors, they are an encouraging sign of the path to a more sust
29、ainable world. SWISS SUSTAINABLE FINANCE7Swiss technologies for the future SWISS SUSTAINABLE FINANCESwiss Sustainable Investment Market Study 20208 The growth story continues : high double-digit growth of sustainable investments In 2019, the market for sustainable investments (SI) in Switzerland aga
30、in experienced double-digit growth, as in previous years. Based on the responses to a market survey performed by Swiss Sustainable Finance (SSF), the volume increased by 62 % to CHF 1,163.3 billion. This figure covers SI funds (147 % increase), sustainable mandates (195 % increase) and sustainable a
31、ssets of asset owners (6 % increase 1). The SI market growth can be ascribed to three main effects : a wider adoption of SI approaches, the positive market per- formance in 2019 (approximately 18 percentage points of observed growth), and changes in methodology (see Chapter 1). On the level of susta
32、inable funds, the volumes more than doubled to CHF 470.7 billion and now represent 38 % of the overall Swiss fund market (as compared to 18 % in 2018). The amount of SI reported by asset owners (CHF 483.7 billion) corresponds to approximately 30 % of the total assets managed by Swiss pension funds a
33、nd insurance compa- nies. These numbers mirror the mainstreaming effect : while an increasing proportion of products are being marketed as sustainable, a growing number of conventional products are also taking ESG criteria into account. Private investors catch up In terms of client types, both priva
34、te and institutional investors increased their SI volumes in absolute terms. The 2020 report again highlights the dominance of institutional investors in the SI field, who make up 79 % of all SI in Switzerland. Compared to the previous year, the catch-up in the private segment is noteworthy : at 185
35、 %, last years growth was impressive. A key driver was that asset managers increasingly reported applying one or more sustainability approaches to retail funds. EXECUTIVE SUMMARY DEVELOPMENT OF SUSTAINABLE INVESTMENTS IN SWITZERLAND (IN CHF BILLION) 1 Three participants delivered data covering signi
36、ficant corrections compared to the previous years. Without these corrections, the corresponding growth for asset owners would have been about 45 %. Funds Mandates Asset owners 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0 Volume (CHF billion) 200162014 36.2 34.9 2015 55.2
37、46.2 40.3 2013 27.5 28.6 2012 22.1 25.5 2011 18.7 22.5 2010 16.1 24.5 2009 13.6 18.8 Source: Swiss Sustainable Finance 470.7 190.9 94.4 64.2 208.9 70.8 57.9 46.3 483.7 455.0 238.2 104.5 32.440.641.2 47.656.1 71.1 141.7 215.0 390.6 716.6 1,163.3 62 % 6 % 195 % 147 % SWISS SUSTAINABLE FINANCE9Executiv
38、e Summary DEVELOPMENT OF INSTITUTIONAL AND PRIVATE SUSTAINABLE INVESTMENTS (IN CHF BILLION) (n=73) DEVELOPMENT OF SUSTAINABLE INVESTMENT APPROACHES (IN CHF BILLION) (n=72) Volume (CHF billion) ESG Integration Exclusions ESG Engagement Norms-Based Screening ESG Voting Best-in-Class Impact Investing S
39、ustainable Thematic Investments 2019 2018 00900800700600500 808.2 490.4 754.7 379.0 633.0 286.7 488.6 315.7 372.9 159.5 124.4 89.6 62.6 39.2 50.4 16.3 +65 % +99 % +121 % +55 % +134 % +39 % +60 % +209 % Volume (CHF billion) 20182019 Private Institutional 1,300 1,200 1,100 1,000 900 800 700
40、 600 500 400 300 200 100 0 630.2 917.4 86.4 245.8 46 % 185 % 1,163.3 716.6 88 % 79 % 12 % 21 % SWISS SUSTAINABLE FINANCESwiss Sustainable Investment Market Study 202010 ESG engagement and ESG voting gain traction All of the SI approaches grew in volume in 2019. ESG integration remains in the lead, f
41、ollowed by exclusions. The high growth rates illustrate the mainstreaming process in financial markets : sustaina- bility is not a niche topic any more. ESG engagement now ranks third, indicating that active interaction with investee firms is gaining in importance. It is interesting to note that the
42、 growth rates of ESG engagement as well ESG voting are the strongest after impact investments showing a clear shift in focus to a more outcome-ori- ented SI mindset. Combinations as a common practice For the first time this year, this report looks at common combinations of SI to gain a better pictur
43、e of the nature and quality of reported volumes. In sum, asset managers and owners utilise two approaches or more for over 80 % of all SI volumes, while only 17 % of the vol- umes apply just one approach. ESG integration is very popular in combination with other SI approaches, but also as a stand-al
44、one approach. This holds for asset managers and owners. ESG engagement a potentially very effective approach from an impact point of view is very common in the top combinations of SI approaches, mostly linked with exclusions. Shifting importance of asset classes The asset allocation distribution for
45、 SI has experienced some shifts in 2019. The largest shift was that equity now ranks first, followed by NUMBER OF APPROACHES APPLIED TO SUSTAINABLE INVESTMENT VOLUMES (IN %) (n=69) ASSET CLASS DISTRIBUTION FOR SUSTAINABLE INVESTMENTS (IN %) (n=64) 30 % Equity 20 % Corporate Bonds 16 % Sovereign Bond
46、s 14% Real Estate/Property 4 % Private Equity 3 % Private Debt 3 % Monetary/Deposit 3 % Supranational Bonds 2 % Infrastructure 1 % Hedge Funds 1 % Mortgages 4 % Other 17 % 1 approach 26 % 2 approaches 23 % 3 approaches 25 % 4 approaches 9 % 5 or more approaches SWISS SUSTAINABLE FINANCE11Executive S
47、ummary corporate bonds. This shift can mainly be ascribed to asset managers reporting increased volumes of funds and mandates, most of which have a strong focus on equity and/or corporate bonds. The optimism remains : stable growth expectations for the Swiss sustainable investment market Expectation
48、s about the SI market growth, as well as its main drivers and barriers, remain stable : as in previous years, Swiss asset manag- ers and owners are optimistic about the future growth of the SI mar- ket, with a majority of them expecting it to lie above 15 %. Demand based drivers from the institution
49、al side especially (i.e. investors demands), as well as top-down pressure (i.e. board-level pressure and legislation), remain the most relevant factors in this develop- ment. At the same time, the lack of conviction of client advisors is no longer the main barrier for asset managers, but rather a lack of standards. For asset owners, performance remains the major concern, closely interlinked with the notion of fiduciary duty. Pressure from the Board Political pressure External pressure International initiatives Demand from be