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Defining and Measuring Green Investments: Implications for Institutional Investors' Asset Allocations

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  • Georg Inderst
  • Christopher Kaminker
  • Fiona Stewart
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    Abstract

    This definitional, stocktaking paper aims to provide a comprehensive review of the concepts and definitions related to “green” investments that are currently used in the market place. The purpose of this research is not to take a position on a specific definition but rather to explore what is being generally used, whether there are commonalties and inconsistencies, and what lessons can be drawn from this analysis. The paper examines how “green” investments are defined across different asset classes (equities, bonds and alternative investments), as well as providing some estimates of the size of these markets. The paper concludes that, given the lack of consensus on the usage and definition of the term “green”, the most productive approach could be to take an open and dynamic stance towards definitions and standards, with international institutions and governments adopting a “governance approach to green investment”. Ce document à caractère définitionnel et d’inventaire vise à fournir une revue complète des concepts et définitions liés aux investissements « verts » utilisés actuellement sur le marché. L’objectif de cette recherche n’est pas de prendre position pour une définition particulière mais plutôt d’explorer ce qui est généralement utilisé, s’il existe des points communs et des incohérences et quelles leçons peuvent être tirées de cette analyse. Le document examine comment les investissements « verts » sont définis à travers différentes classes d’actif (actions, obligations and investissements alternatifs) et fournit également certaines estimations de la taille de ces investissements. Le document conclut que, étant donné le manque de consensus autour de l’usage et de la définition du terme « vert », l’approche la plus productive pourrait être d’adopter une attitude ouverte et dynamique au regard des définitions et des standards, les institutions internationales et les gouvernements pouvant adopter « une approche de gouvernance pour l’investissement vert ».

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    File URL: http://dx.doi.org/10.1787/5k9312twnn44-en
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    Bibliographic Info

    Paper provided by OECD Publishing in its series OECD Working Papers on Finance, Insurance and Private Pensions with number 24.

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    Date of creation: Sep 2012
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    Handle: RePEc:oec:dafaad:24-en

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    Keywords: socially responsible investment (SRI); environmental; social and governance (ESG); green bonds; pension funds; fonds de pension; obligations vertes; social/sociétal et la gouvernance (ESG); investissement socialement responsable (ISR);

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