IDEAS home Printed from https://ideas.repec.org/p/wfo/wpaper/y2021i640.html

The Evolution of the Green Finance Agenda – Institutional Anchoring and a Survey-based Assessment for Austria

Author

Listed:
  • Daniela Kletzan-Slamanig

    (WIFO)

  • Angela Köppl

Abstract

A comprehensive restructuring of economies and a massive increase of investments in climate-friendly technologies, infrastructures, and R&D is needed for reaching the Paris targets. The EU has launched a process for greening the financial sector emphasising the need for new instruments and financial market regulation for aligning investments to sustainability. This chapter summarises research on two topics: firstly, what are the main political strategies, especially at EU level, to support green finance, and secondly, which are the key supporting factors, barriers and actors for an upscaling of green investments? To assess the relevance of green finance in the financial market and climate policy (with focus on Austria) an expert survey was conducted. It delivers insights on promising policies and strategies for fostering the growth of green finance. Conclusions can be drawn on instruments (like carbon pricing) that should be integrated in post-COVID-19 stimulus packages to ensure a Paris-aligned recovery.

Suggested Citation

  • Daniela Kletzan-Slamanig & Angela Köppl, 2021. "The Evolution of the Green Finance Agenda – Institutional Anchoring and a Survey-based Assessment for Austria," WIFO Working Papers 640, WIFO.
    • Handle: RePEc:wfo:wpaper:y:2021:i:640
    as

    Download full text from publisher

    File URL: https://www.wifo.ac.at/?p=47967
    File Function: abstract
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Marco Migliorelli, 2021. "What Do We Mean by Sustainable Finance? Assessing Existing Frameworks and Policy Risks," Post-Print hal-03476960, HAL.
    2. Emanuele Campiglio & Yannis Dafermos & Pierre Monnin & Josh Ryan-Collins & Guido Schotten & Misa Tanaka, 2018. "Climate change challenges for central banks and financial regulators," Nature Climate Change, Nature, vol. 8(6), pages 462-468, June.
    3. Angela Köppl & Stefan P. Schleicher, 2018. "What Will Make Energy Systems Sustainable?," Sustainability, MDPI, vol. 10(7), pages 1-13, July.
    4. Claudia Kemfert & Sophie Schmalz, 2019. "Politische Einflussmöglichkeiten auf die Entwicklung nachhaltiger Geldanlagen: Herausforderungen der Implementierung," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 88(3), pages 67-79.
    5. Nicholas Silver, 2017. "Blindness to risk: why institutional investors ignore the risk of stranded assets," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 7(1), pages 99-113, January.
    6. Quatrini, Simone, 2021. "Challenges and opportunities to scale up sustainable finance after the COVID-19 crisis: Lessons and promising innovations from science and practice," Ecosystem Services, Elsevier, vol. 48(C).
    7. Grégory Claeys & Rebecca Christie & Pauline Weil, 2021. "Next Generation EU borrowing- a first assessment," Bruegel Policy Contributions 45769, Bruegel.
    8. Emirhan Ilhan & Philipp Krueger & Zacharias Sautner & Laura T. Starks, 2019. "Institutional Investors’ Views and Preferences on Climate Risk Disclosure," Swiss Finance Institute Research Paper Series 19-66, Swiss Finance Institute.
    9. David Gilchrist & Jing Yu & Rui Zhong, 2021. "The Limits of Green Finance: A Survey of Literature in the Context of Green Bonds and Green Loans," Sustainability, MDPI, vol. 13(2), pages 1-12, January.
    10. Clark, Robyn & Reed, James & Sunderland, Terry, 2018. "Bridging funding gaps for climate and sustainable development: Pitfalls, progress and potential of private finance," Land Use Policy, Elsevier, vol. 71(C), pages 335-346.
    11. Marco Migliorelli, 2021. "What Do We Mean by Sustainable Finance? Assessing Existing Frameworks and Policy Risks," Sustainability, MDPI, vol. 13(2), pages 1-17, January.
    12. Duco Claringbould & Martin Koch & Philip Owen, 2019. "Sustainable Finance: The European Union’s Approach to Increasing Sustainable Investments and Growth: Opportunities and Challenges," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 88(2), pages 11-27.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Zhang, Yifan & Gao, Ke & Wang, Tao & Chi, Shuaina & Cui, Kaiyuan & Wen, Chen, 2025. "The development, regional differences, and dynamic evolution of China's Green Finance in the context of “Carbon Peaking and Carbon Neutrality”," International Review of Economics & Finance, Elsevier, vol. 100(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Satish Kumar & Dipasha Sharma & Sandeep Rao & Weng Marc Lim & Sachin Kumar Mangla, 2025. "Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research," Annals of Operations Research, Springer, vol. 345(2), pages 1061-1104, February.
    2. Mário Nuno Mata & Rui Miguel Dantas & João Miguel Rita, 2026. "Mapping the Knowledge Landscape of Sustainable Finance in the Face of Climate Challenges: a Bibliometric Analysis," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 17(2), pages 4140-4174, April.
    3. Dev, Dhairya & Sharma, Gagan Deep & Gupta, Mansi & Tiwari, Aviral Kumar, 2025. "Sustainable finance in action: A comprehensive framework for policy and practice integration," International Review of Economics & Finance, Elsevier, vol. 103(C).
    4. Olatunji Abdul Shobande & Joseph Onuche Enemona, 2021. "A Multivariate VAR Model for Evaluating Sustainable Finance and Natural Resource Curse in West Africa: Evidence from Nigeria and Ghana," Sustainability, MDPI, vol. 13(5), pages 1-15, March.
    5. Mayank Joshipura & Sachin Mathur & Nikita Kedia, 2024. "Sustainable investing and financing for sustainable development: A hybrid review," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(5), pages 4469-4485, October.
    6. MingCan JI & Xing Zhang, 2024. "RETRACTED ARTICLE: Assessing the Impacts and Mechanisms of Green Bond Financing on the Enhancement of Green Management and Technological Innovation in Environmental Conservation Enterprises," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 12709-12750, September.
    7. Chen, Shi & Wang, Mengjie & Huang, Fu-Wei & Chang, Ching-Hui & Lin, Jyh-Jiuan, 2025. "Downcycling in circular production through sustainable insurance under cap-and-trade regulation and carbon tariffs," Energy Economics, Elsevier, vol. 142(C).
    8. Phoebe Koundouri & Conrad Felix Michel Landis & Konstantinos Dellis & Angelos Plataniotis, 2025. "Integrating Sustainable Development Goals in Environmental, Social, and Governance Criteria and the Sustainability Transformation of the EU Business Sector," Annual Review of Resource Economics, Annual Reviews, vol. 17(1), pages 381-399, October.
    9. Bhavesh Kumar & Love Kumar & Avinash Kumar & Ramna Kumari & Uroosa Tagar & Claudio Sassanelli, 2024. "Green finance in circular economy: a literature review," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(7), pages 16419-16459, July.
    10. Nilashi, Mehrbakhsh & Ali Abumalloh, Rabab & Keng-Boon, Ooi & Wei-Han Tan, Garry & Cham, Tat-Huei & Cheng-Xi Aw, Eugene, 2024. "Unlocking sustainable resource management: A comprehensive SWOT and thematic analysis of FinTech with a focus on mineral management," Resources Policy, Elsevier, vol. 92(C).
    11. Zhao, Jing, 2024. "Impact of green finance on low-carbon transformation: Spatial spillover effects in China," The North American Journal of Economics and Finance, Elsevier, vol. 74(C).
    12. Ozili, Peterson K, 2024. "The role of central bank in greening the Nigerian financial system," MPRA Paper 120157, University Library of Munich, Germany.
    13. Angela Köppl & Margit Schratzenstaller-Altzinger, 2022. "Macroeconomic Effects of Green Recovery Programmes. Conceptual Framing and a Review of the Empirical Literature," WIFO Working Papers 646, WIFO.
    14. Abdul Samed Muntaka & Isaac Akurugu Apike & David Antwi, 2024. "Antecedents of sustainable agricultural supply chain financing for achieving food security in resource‐constrained developing economies: A complex adaptive systems theory perspective," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 68(4), pages 868-890, October.
    15. Flögel Franz & Schepelmann Philipp & Zademach Hans-Martin & Zörner Michael, 2024. "Injecting climate finance into SME lending in Germany: Opportunities for and limitations of regional savings and cooperative banks," ZFW – Advances in Economic Geography, De Gruyter, vol. 68(2), pages 111-123.
    16. María Jesús Segovia‐Vargas & I. Marta Miranda‐García & Freddy Alejandro Oquendo‐Torres, 2023. "Sustainable finance: The role of savings and credit cooperatives in Ecuador," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 94(3), pages 951-980, September.
    17. Olivier Boiral & Marie‐Christine Brotherton & David Gilbert‐Parisée & David Talbot & Isabelle Martinez, 2025. "Decontesting an essentially contested concept: The standardization of sustainable finance," Business Strategy and the Environment, Wiley Blackwell, vol. 34(1), pages 39-56, January.
    18. Shi Chen & Mengjie Wang & Shiu-Chieh Chiu & Jyh-Jiuan Lin, 2026. "Heterogeneous climate tail risks, carbon capture and storage, and cap-and-trade in a supply chain through sustainable insurance," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-14, December.
    19. Christnacht, Lukas & Mertzanis, Charilaos, 2025. "Foreign direct investment, technology transfer and the global issuance of green bonds," Energy Economics, Elsevier, vol. 143(C).
    20. Schclarek Alfredo & Juncos Ignacio, 2025. "Sources of Green Financing for Public Banks in North America (Canada, Mexico, and USA)," Asociación Argentina de Economía Política: Working Papers 4839, Asociación Argentina de Economía Política.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wfo:wpaper:y:2021:i:640. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Florian Mayr (email available below). General contact details of provider: https://edirc.repec.org/data/wifooat.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.