{"id":2224,"date":"2022-01-12T18:59:43","date_gmt":"2022-01-12T17:59:43","guid":{"rendered":"https:\/\/gfk-cfs.de\/sustainable-finance\/"},"modified":"2024-12-03T13:10:39","modified_gmt":"2024-12-03T12:10:39","slug":"sustainable-finance","status":"publish","type":"page","link":"https:\/\/gfk-cfs.de\/en\/research\/sustainable-finance\/","title":{"rendered":"Sustainable Finance"},"content":{"rendered":"<p><div class=\"fusion-bg-parallax\" data-bg-align=\"center top\" data-direction=\"down\" data-mute=\"false\" data-opacity=\"100\" data-velocity=\"-0.1\" data-mobile-enabled=\"false\" data-break_parents=\"0\" data-bg-image=\"https:\/\/gfk-cfs.de\/media\/bg_forschung4.svg\" data-bg-repeat=\"false\" ><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container fusion-parallax-down vhfull nonhundred-percent-fullwidth non-hundred-percent-height-scrolling fusion-animated fusion-custom-z-index\" style=\"--awb-background-position:center top;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-z-index:2;--awb-padding-top-small:100px;--awb-min-height:calc(100vh - 84px);--awb-min-height-medium:70vh;--awb-min-height-small:65vh;--awb-background-image:url(&quot;https:\/\/gfk-cfs.de\/media\/bg_forschung4.svg&quot;);--awb-background-size:cover;--awb-flex-wrap:wrap;\" data-animationType=\"fadeIn\" data-animationDuration=\"0.8\" data-animationOffset=\"top-into-view\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-end fusion-flex-align-content-flex-end fusion-flex-content-wrap\" style=\"max-width:1352px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_3_5 3_5 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:60%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.2%;--awb-margin-bottom-large:30px;--awb-spacing-left-large:3.2%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-title title fusion-title-1 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"--awb-text-color:var(--awb-color8);--awb-margin-bottom:25px;--awb-margin-bottom-small:20px;--awb-margin-bottom-medium:25px;--awb-font-size:50px;\"><h1 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"font-family:&quot;IBM Plex Sans&quot;;font-style:normal;font-weight:300;margin:0;font-size:1em;--fontSize:50;line-height:1.16;\">Sustainable Finance<\/h1><\/div><div class=\"fusion-text fusion-text-1 fontMobil20\" style=\"--awb-font-size:22px;--awb-line-height:1.5;--awb-text-transform:none;--awb-text-color:var(--awb-color8);--awb-text-font-family:&quot;IBM Plex Sans&quot;;--awb-text-font-style:normal;--awb-text-font-weight:300;\"><p>This research area is focused on the role of the financial sector in the transformation to a more sustainable economy. Due to the immense volume of investments needed to transform nearly all sectors of the economy, significant capital has to be mobilised from the private sector to reach the ambitious objectives set down in the Paris Agreement. Therefore, the research area \u201cSustainable Finance\u201d deals with a variety of issues such as the associated regulatory framework, the design of sustainable financial products and the avoidance of \u201cgreenwashing\u201d.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_2_5 2_5 fusion-flex-column fusion-no-small-visibility fusion-no-medium-visibility\" style=\"--awb-padding-top:20px;--awb-padding-right:20px;--awb-padding-bottom:20px;--awb-padding-left:20px;--awb-bg-color:#ffffff;--awb-bg-color-hover:#ffffff;--awb-bg-size:cover;--awb-box-shadow:10px 10px 30px 0px rgba(0,0,0,0.1);;--awb-width-large:40%;--awb-margin-top-large:0px;--awb-spacing-right-large:4.8%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:4.8%;--awb-width-medium:40%;--awb-order-medium:0;--awb-spacing-right-medium:4.8%;--awb-spacing-left-medium:4.8%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-2 fusion-text-no-margin\" style=\"--awb-font-size:14px;--awb-text-transform:uppercase;--awb-text-color:#707070;--awb-margin-bottom:5px;--awb-text-font-family:&quot;IBM Plex Sans&quot;;--awb-text-font-style:normal;--awb-text-font-weight:600;\"><p>For further information please contact<\/p>\n<\/div><div class=\"fusion-person person fusion-person-left fusion-person-1 fusion-person-icon-top\" style=\"--awb-pic-style-color:#000000;--awb-pic-borderradius:50%;--awb-margin-top:0px;--awb-margin-right:0px;--awb-margin-bottom:0px;--awb-margin-left:0px;--awb-social-box-border-top:0px;--awb-social-box-border-right:0px;--awb-social-box-border-bottom:0px;--awb-social-box-border-left:0px;--awb-social-box-border-color:var(--awb-color3);--awb-social-box-border-color-hover:var(--awb-color4);--awb-social-box-colors-hover:rgba(242,243,245,0.8);--awb-social-icon-boxed-colors:#f2f3f5;--awb-social-icon-colors:#9ea0a4;--awb-social-icon-colors-hover:rgba(158,160,164,0.8);\"><div class=\"person-shortcode-image-wrapper\"><div class=\"person-image-container hover-type-none person-rounded-overflow\" style=\"-webkit-border-radius:50%;-moz-border-radius:50%;border-radius:50%;border:0px solid #e2e2e2;-webkit-border-radius:50%;-moz-border-radius:50%;border-radius:50%;\"><img decoding=\"async\" class=\"person-img img-responsive wp-image-11954\" width=\"400\" height=\"400\" src=\"https:\/\/gfk-cfs.de\/media\/Bruehl-klein-2024-1.jpg\" alt=\"Prof. Dr. Volker Br\u00fchl\" srcset=\"https:\/\/gfk-cfs.de\/media\/Bruehl-klein-2024-1-200x200.jpg 200w, https:\/\/gfk-cfs.de\/media\/Bruehl-klein-2024-1.jpg 400w\" sizes=\"(max-width: 640px) 100vw, 400px\" \/><\/div><\/div><div class=\"person-desc\"><div class=\"person-author\"><div class=\"person-author-wrapper\"><span class=\"person-name\">Prof. Dr. Volker Br\u00fchl<\/span><span class=\"person-title\">Managing Director<\/span><\/div><\/div><div class=\"person-content fusion-clearfix\">Tel.: <a href=\"tel:06979830055\">069\/798-30055<\/a><br \/>\n<a href=\"mailto:volker.bruehl@hof.uni-frankfurt.de\">volker.bruehl (at) hof.uni-frankfurt.de<\/a><\/div><\/div><\/div>\n<div class=\"fusion-person person fusion-person-left fusion-person-2 fusion-person-icon-top\" style=\"--awb-pic-style-color:#000000;--awb-pic-borderradius:50%;--awb-margin-top:0px;--awb-margin-right:0px;--awb-margin-bottom:0px;--awb-margin-left:0px;--awb-social-box-border-top:0px;--awb-social-box-border-right:0px;--awb-social-box-border-bottom:0px;--awb-social-box-border-left:0px;--awb-social-box-border-color:var(--awb-color3);--awb-social-box-border-color-hover:var(--awb-color4);--awb-social-box-colors-hover:rgba(242,243,245,0.8);--awb-social-icon-boxed-colors:#f2f3f5;--awb-social-icon-colors:#9ea0a4;--awb-social-icon-colors-hover:rgba(158,160,164,0.8);\"><div class=\"person-shortcode-image-wrapper\"><div class=\"person-image-container hover-type-none person-rounded-overflow\" style=\"-webkit-border-radius:50%;-moz-border-radius:50%;border-radius:50%;border:0px solid #e2e2e2;-webkit-border-radius:50%;-moz-border-radius:50%;border-radius:50%;\"><img decoding=\"async\" class=\"person-img img-responsive wp-image-2075\" width=\"150\" height=\"150\" src=\"https:\/\/gfk-cfs.de\/media\/Rainer-Klump-klein.jpg\" alt=\"Prof. Dr. Rainer Klump\" srcset=\"https:\/\/gfk-cfs.de\/media\/Rainer-Klump-klein-66x66.jpg 66w, https:\/\/gfk-cfs.de\/media\/Rainer-Klump-klein.jpg 150w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/div><\/div><div class=\"person-desc\"><div class=\"person-author\"><div class=\"person-author-wrapper\"><span class=\"person-name\">Prof. Dr. Rainer Klump<\/span><span class=\"person-title\">Director<\/span><\/div><\/div><div class=\"person-content fusion-clearfix\">Tel.: <a href=\"tel:06979834782\">069\/798-34782<\/a><br \/>\n<a href=\"mailto:klump@wiwi.uni-frankfurt.de\">klump (at) wiwi.uni-frankfurt.de<\/a><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling fusion-custom-z-index\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-overflow:hidden;--awb-z-index:1;--awb-padding-bottom:30px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-justify-content-space-between fusion-flex-content-wrap\" style=\"max-width:1352px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_2 1_2 fusion-flex-column fusion-animated\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:50px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-margin-bottom-medium:40px;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\" data-animationType=\"fadeIn\" data-animationDuration=\"0.8\" data-animationOffset=\"top-into-view\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-3 fusion-text-no-margin\" style=\"--awb-text-transform:none;\"><p>Current research topics:<\/p>\n<ul>\n<li>Sustainable\/Green Financial Products<\/li>\n<li>Sustainable Finance Disclosure Regulation (SFDR)<\/li>\n<li>Taxonomy Regulation (TR)<\/li>\n<li>Sustainability Ratings<\/li>\n<li>Greenwashing<\/li>\n<li>Sustainable Banking<\/li>\n<\/ul>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_2_5 2_5 fusion-flex-column kontaktboxshadow fusion-no-small-visibility fusion-no-medium-visibility fusion-animated\" style=\"--awb-bg-color:#ffffff;--awb-bg-color-hover:#ffffff;--awb-bg-size:cover;--awb-box-shadow:10px 10px 30px 0px rgba(0,0,0,0.1);;--awb-width-large:40%;--awb-margin-top-large:0px;--awb-spacing-right-large:4.8%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:4.8%;--awb-width-medium:40%;--awb-order-medium:0;--awb-spacing-right-medium:4.8%;--awb-spacing-left-medium:4.8%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\" data-animationType=\"fadeIn\" data-animationDuration=\"0.8\" data-animationOffset=\"top-into-view\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_1 1_1 fusion-flex-column fusion-no-large-visibility\" style=\"--awb-padding-top:20px;--awb-padding-right:20px;--awb-padding-bottom:20px;--awb-padding-left:20px;--awb-bg-color:#ffffff;--awb-bg-color-hover:#ffffff;--awb-bg-size:cover;--awb-box-shadow:10px 10px 30px 0px rgba(0,0,0,0.1);;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-margin-bottom-medium:20px;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-4 fusion-text-no-margin\" style=\"--awb-font-size:14px;--awb-text-transform:uppercase;--awb-text-color:#707070;--awb-margin-bottom:5px;--awb-text-font-family:&quot;IBM Plex Sans&quot;;--awb-text-font-style:normal;--awb-text-font-weight:600;\"><p>For further information please contact<\/p>\n<\/div><div class=\"fusion-person person fusion-person-left fusion-person-3 fusion-person-icon-top\" style=\"--awb-pic-style-color:#000000;--awb-pic-borderradius:50%;--awb-margin-top:0px;--awb-margin-right:0px;--awb-margin-bottom:0px;--awb-margin-left:0px;--awb-social-box-border-top:0px;--awb-social-box-border-right:0px;--awb-social-box-border-bottom:0px;--awb-social-box-border-left:0px;--awb-social-box-border-color:var(--awb-color3);--awb-social-box-border-color-hover:var(--awb-color4);--awb-social-box-colors-hover:rgba(242,243,245,0.8);--awb-social-icon-boxed-colors:#f2f3f5;--awb-social-icon-colors:#9ea0a4;--awb-social-icon-colors-hover:rgba(158,160,164,0.8);\"><div class=\"person-shortcode-image-wrapper\"><div class=\"person-image-container hover-type-none person-rounded-overflow\" style=\"-webkit-border-radius:50%;-moz-border-radius:50%;border-radius:50%;border:0px solid #e2e2e2;-webkit-border-radius:50%;-moz-border-radius:50%;border-radius:50%;\"><img decoding=\"async\" class=\"person-img img-responsive wp-image-11954\" width=\"400\" height=\"400\" src=\"https:\/\/gfk-cfs.de\/media\/Bruehl-klein-2024-1.jpg\" alt=\"Prof. Dr. Volker Br\u00fchl\" srcset=\"https:\/\/gfk-cfs.de\/media\/Bruehl-klein-2024-1-200x200.jpg 200w, https:\/\/gfk-cfs.de\/media\/Bruehl-klein-2024-1.jpg 400w\" sizes=\"(max-width: 640px) 100vw, 400px\" \/><\/div><\/div><div class=\"person-desc\"><div class=\"person-author\"><div class=\"person-author-wrapper\"><span class=\"person-name\">Prof. Dr. Volker Br\u00fchl<\/span><span class=\"person-title\">Managing Director<\/span><\/div><\/div><div class=\"person-content fusion-clearfix\">Tel.: <a href=\"tel:06979830055\">069\/798-30055<\/a><br \/>\n<a href=\"mailto:volker.bruehl@hof.uni-frankfurt.de\">volker.bruehl (at) hof.uni-frankfurt.de<\/a><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-bottom:10px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1352px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_1 1_1 fusion-flex-column fusion-animated\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\" data-animationType=\"fadeIn\" data-animationDuration=\"0.8\" data-animationOffset=\"top-into-view\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-image-element \" style=\"--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none fullwidth-img\"><img decoding=\"async\" width=\"1300\" height=\"749\" title=\"Sustainable Finance\" src=\"https:\/\/gfk-cfs.de\/media\/wiese_Sustainable_Finance.jpg\" alt class=\"img-responsive wp-image-2091\" srcset=\"https:\/\/gfk-cfs.de\/media\/wiese_Sustainable_Finance-200x115.jpg 200w, https:\/\/gfk-cfs.de\/media\/wiese_Sustainable_Finance-400x230.jpg 400w, https:\/\/gfk-cfs.de\/media\/wiese_Sustainable_Finance-600x346.jpg 600w, https:\/\/gfk-cfs.de\/media\/wiese_Sustainable_Finance-800x461.jpg 800w, https:\/\/gfk-cfs.de\/media\/wiese_Sustainable_Finance-1200x691.jpg 1200w, https:\/\/gfk-cfs.de\/media\/wiese_Sustainable_Finance.jpg 1300w\" sizes=\"(max-width: 640px) 100vw, 1300px\" \/><\/span><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-4 fusion-flex-container fusion-parallax-none nonhundred-percent-fullwidth non-hundred-percent-height-scrolling fusion-animated\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:50px;--awb-padding-bottom:30px;--awb-background-image:url(&quot;https:\/\/gfk-cfs.de\/media\/bg_forschung.svg&quot;);--awb-background-size:cover;--awb-flex-wrap:wrap;\" data-animationType=\"fadeIn\" data-animationDuration=\"0.8\" data-animationOffset=\"top-into-view\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1352px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-6 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-title title fusion-title-2 fusion-sep-none fusion-title-text fusion-title-size-two\" style=\"--awb-text-color:var(--awb-color8);--awb-margin-top:5px;--awb-margin-top-medium:0px;--awb-margin-bottom-medium:0px;\"><h2 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:40;line-height:1.2;\">Publications<\/h2><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-7 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><nav class=\"awb-menu awb-menu_column awb-menu_em-hover mobile-mode-collapse-to-button awb-menu_icons-right awb-menu_dc-yes mobile-trigger-fullwidth-off awb-menu_mobile-toggle awb-menu_indent-left mobile-size-full-absolute loading mega-menu-loading awb-menu_desktop awb-menu_dropdown awb-menu_expand-right awb-menu_transition-fade forschung-menu2\" style=\"--awb-font-size:22px;--awb-transition-time:200;--awb-items-padding-top:7px;--awb-items-padding-bottom:7px;--awb-color:var(--awb-color8);--awb-active-color:var(--awb-color5);--awb-icons-size:22;--awb-icons-color:var(--awb-color8);--awb-icons-hover-color:var(--awb-color5);--awb-main-justify-content:space-between;--awb-mobile-justify:flex-start;--awb-mobile-caret-left:auto;--awb-mobile-caret-right:0;--awb-fusion-font-family-typography:&quot;IBM Plex Sans&quot;;--awb-fusion-font-style-typography:normal;--awb-fusion-font-weight-typography:300;--awb-fusion-font-family-submenu-typography:inherit;--awb-fusion-font-style-submenu-typography:normal;--awb-fusion-font-weight-submenu-typography:400;--awb-fusion-font-family-mobile-typography:inherit;--awb-fusion-font-style-mobile-typography:normal;--awb-fusion-font-weight-mobile-typography:400;\" aria-label=\"Publikationen DE\" data-breakpoint=\"0\" data-count=\"0\" data-transition-type=\"fade\" data-transition-time=\"200\" data-expand=\"right\"><ul id=\"menu-publications-en\" class=\"fusion-menu awb-menu__main-ul awb-menu__main-ul_column\"><li  id=\"menu-item-2396\"  class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-2396 awb-menu__li awb-menu__main-li awb-menu__main-li_regular\"  data-item-id=\"2396\"><span class=\"awb-menu__main-background-default awb-menu__main-background-default_fade\"><\/span><span class=\"awb-menu__main-background-active awb-menu__main-background-active_fade\"><\/span><a  href=\"https:\/\/gfk-cfs.de\/en\/working-papers\/\" class=\"awb-menu__main-a awb-menu__main-a_regular fusion-flex-link\"><span class=\"menu-text\">Working Papers<\/span><span class=\"awb-menu__i awb-menu__i_main fusion-megamenu-icon\"><i class=\"glyphicon ico-cfsarrow-right\" aria-hidden=\"true\"><\/i><\/span><\/a><\/li><li  id=\"menu-item-2397\"  class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-2397 awb-menu__li awb-menu__main-li awb-menu__main-li_regular\"  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class=\"awb-menu__main-a awb-menu__main-a_regular fusion-flex-link\"><span class=\"menu-text\">Code of Ethics \u201eCodex\u201c (PDF)<\/span><span class=\"awb-menu__i awb-menu__i_main fusion-megamenu-icon\"><i class=\"glyphicon ico-cfsarrow-right\" aria-hidden=\"true\"><\/i><\/span><\/a><\/li><\/ul><\/nav><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-5 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling fusion-animated\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:50px;--awb-padding-bottom:30px;--awb-background-color:var(--awb-color8);--awb-flex-wrap:wrap;\" data-animationType=\"fadeIn\" data-animationDuration=\"0.8\" data-animationOffset=\"top-into-view\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1352px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-8 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-title title fusion-title-3 fusion-sep-none fusion-title-text fusion-title-size-two\" style=\"--awb-text-color:#ffffff;--awb-margin-top:5px;--awb-margin-top-medium:0px;--awb-margin-bottom-medium:0px;\"><h2 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:40;line-height:1.2;\">Other research areas<\/h2><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-9 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><nav class=\"awb-menu awb-menu_column awb-menu_em-hover mobile-mode-collapse-to-button awb-menu_icons-right awb-menu_dc-yes mobile-trigger-fullwidth-off awb-menu_mobile-toggle 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Markets<\/span><span class=\"awb-menu__i awb-menu__i_main fusion-megamenu-icon\"><i class=\"glyphicon ico-cfsarrow-right\" aria-hidden=\"true\"><\/i><\/span><\/a><\/li><li  id=\"menu-item-2393\"  class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2393 awb-menu__li awb-menu__main-li awb-menu__main-li_regular\"  data-item-id=\"2393\"><span class=\"awb-menu__main-background-default awb-menu__main-background-default_fade\"><\/span><span class=\"awb-menu__main-background-active awb-menu__main-background-active_fade\"><\/span><a  href=\"https:\/\/gfk-cfs.de\/en\/research\/monetary-policy-financial-stability\/\" class=\"awb-menu__main-a awb-menu__main-a_regular fusion-flex-link\"><span class=\"menu-text\">Monetary Policy &#038; Financial Stability<\/span><span class=\"awb-menu__i awb-menu__i_main fusion-megamenu-icon\"><i class=\"glyphicon ico-cfsarrow-right\" aria-hidden=\"true\"><\/i><\/span><\/a><\/li><li  id=\"menu-item-2392\"  class=\"menu-item 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aria-hidden=\"true\"><\/i><\/span><\/a><\/li><\/ul><\/nav><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":2343,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"100-width.php","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sustainable Finance - Center for Financial Studies<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gfk-cfs.de\/en\/research\/sustainable-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sustainable Finance - Center for 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