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Green Investing and Financial Services: ESG Investing for a Sustainable World

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DOI: 10.1007/978-3-030-38948-2_104-1

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Green Investing and Financial Services: ESG
Investing for a Sustainable World

Artie Ng

Contents
1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
2 Multiple Stakeholders as Advocates for Sustainable Finance and Investments . . . . . . . . . . . . 3
3 Emerging Global Governance Architecture for Developing Green Financial Products
and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Green Financial Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
4.1 Green Bond, Loan, and ESG Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
4.2 Other Green-Derived Financial Products and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
5 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Abstract
This chapter aims to explore the range of green investing and financial services
developed largely over the past decades across the 2008/2009 global financial
crisis. It highlights the motives and incentives for developing and offering these
green investing and financial services: (i) the increasing expectation from stake-
holders for financial institutions to embrace corporate social responsibility and
sustainability, (ii) the emerging global governance architecture for green finance
that supports the development of pertinent innovative financial products and
services offered to the end customers, and (iii) the international trend to integrate
green and sustainability features into various innovative financial instruments for
ESG performance. Examples of contemporary green investing and financial
services are identified. Their future prospects and challenges as a cross-
disciplinary attempt are deliberated.

A. Ng (*)
Global Centre for ESG Education and Research, The Hong Kong Management Association,
Central, Hong Kong
e-mail: artieng@hkma.org.hk

© The Author(s), under exclusive licence to Springer Nature Switzerland AG 2021 1

C. Constance (ed.), The Palgrave Handbook of Global Sustainability,
https://doi.org/10.1007/978-3-030-38948-2_104-1
2 A. Ng

Keywords
Green investing · Green financial services · Sustainable finance · Sustainable
investing · ESG investing

1 Introduction

While the world has gone through various financial crises and corresponding
mitigating regulatory measures over the past decades, the global financial crisis in
2008/2009 is considered the most impactful with respect to adverse consequences to
the society at large (Stiglitz 2010). It resulted in the collapse of one of the largest,
oldest, and most profitable investment banking institutions. Subsequent to this global
financial crisis, a wide spectrum of stakeholders started questioning the role of the
financial markets as a crucial component of capitalism to the world’ s overall
sustainability, particularly on the social and environmental aspects (Stiglitz 2017).
For instance, Hopwood et al. (2010) noted that if business and financial organi-
zations, including both public and private ones, are to meet the mounting challenges
of attaining sustainable development, they need to embed sustainability consider-
ation in their decision-making processes. Nevertheless, such desirable pursuits are
from time to time constrained by the lack of a systematic approach to follow through
the actions by allocating sufficient resources. In particular, lacking a complementary
financial system that advocates green finance and sustainability is a major concern.
As evidenced by supportive financial policy initiatives, it is encouraging to note that
global financial centers around the world have started incorporating ways to enhance
sustainability in their corresponding strategic developments (Boubaker and Nguyen
2019; Ng and Law 2019).
The concepts of Socially Responsible Investment (SRI) and Principles for
Responsible Investment (PRI) were introduced well before the global financial crisis
in 2008/2009 (Krosinsky and Robins 2008; Blowfield and Murray 2014,
pp. 226–229). Such cross-disciplinary movement toward green and sustainable
finance and investment has gained momentum over time as more stakeholders are
concerned about social and environmental sustainability as well as issues and risks
associated with climate change. It is recognized that corporate financial activities
could be critical drivers for desiring a sustainable society and environment beyond
their traditional business function that concentrates on the objectives of economic
growth and generating financial returns to the shareholders (Waygood 2011). Over
the last decade, noticeable efforts have been devoted by financial regulators from the
developed economies to advocate financial institutions in the private sector not only
to focus merely on creating values to the investors but also embrace broader social
and environmental issues around their business activities particularly under the
threat of climate change (TCFD 2017).
This global financial development represents a new paradigm beyond the concept
of corporate social responsibility (CSR) for financial institutions and asset manage-
ment firms that are now proactive in innovating their portfolio of financial products
Green Investing and Financial Services: ESG Investing for a Sustainable World 3

and services with tangible green features for social and environmental sustainability.
The practice for environmental, social governance (ESG) performance is observed as
integrative strategy in alignment with UN SDGs a while sustaining the overall
corporate performance among the prominent ones (Blackrock 2021).
The chapter is presented and structured as follows. Section 2 highlights the key
stakeholders as advocates for this global development for developing green
investing and financial services. Section 3 explains the evolving global financial
regulatory system or architecture for regulating market-based profit-seeking institu-
tions and firms to deliver ESG performance. Section 4 then provides a stocktaking of
the key green financial products and services emerged from this global movement.
Section 5 concludes by highlighting the opportunities and challenges ahead with
securitization of green investments as the world moves toward the sustainable
development goals.

2 Multiple Stakeholders as Advocates for Sustainable

Finance and Investments

Various stakeholders around the world, including investors, corporate managers,

lawmakers, and policymakers, have come to a consensus that there should be a
global effort to embrace the significance of sustainable development for the world at
large in light of the ongoing environmental challenges. Krosinsky and Robins (2008)
documented that sustainable investing had become an emerging innovative way of
creating long-term financial returns for the investors while addressing the broader
stakeholders’ concern over the world’s sustainability and related ethical issues.
Similar to other business corporations, financial institutions nowadays consider
stakeholder engagement is growingly essential in their contemporary corporate
social responsibility practice (Blowfield and Murray 2014; Slebos and MacKenzie
2017). Such stakeholders should include employees, consumers, customers, sup-
pliers, and communities at large beyond the shareholders and the immediate financial
stakeholders.
The global agenda for sustainable finance and investing has been heightened by a
consensus of the international communities on climate change risk and its
intergenerational impact. In particular, the UN SDGs that aim to address various
sustainable development issues have been endorsed by many developed and devel-
oping nations as common goals for the world to achieve by 2030. The Paris
Agreement has gained support from the major economies around the world, includ-
ing the United States and China, to take timely action to tackle greenhouse gas
emissions jointly despite divergences in ideologies among governments. Such
emerging global efforts have generated momentum and reinforced legitimacy for
the financial institutions in the private sector to further develop a corresponding
green finance ecosystem aligned with such global consensus (Carney 2021).
As more conventional investors have now deliberated sustainability as a pertinent
matter, there have been various movements in the financial sector to comprehend the
efficacy of green and sustainable investing on a global basis. It is contemplated that
4 A. Ng

socially responsible investing will outperform the traditional approach through

systematic evaluation of the investment opportunities by the fund managers on
ESG issues. As explained by Gray et al. (2014), funds can take in nonfinancial
criteria in their decision-making through positive screening, negative screening, and
engagement. Positive screening is about seeking out companies or stocks that meet
such criteria on sustainability; negative screening refers to avoiding those with
ethical concerns, whereas engagement in which fund managers would engage with
management of a company to understand criteria-related issues through dialogue
before investing (Gray et al. 2014, p. 201).
It is worthwhile noting that PRI supported by the United Nations since 2005 has
been endorsed by 3000 various financial institutions and asset management compa-
nies around the world with close to US$ 90 trillion under management (PRI 2021),
and the following are the six main principles advocated by PRI:

• Principle 1: We will incorporate ESG issues into investment analysis and

decision-making processes.
• Principle 2: We will be active owners and incorporate ESG issues into our
ownership policies and practices.
• Principle 3: We will seek appropriate disclosure on ESG issues by the entities in
which we invest.
• Principle 4: We will promote acceptance and implementation of the Principles
within the investment industry.
• Principle 5: We will work together to enhance our effectiveness in implementing
the Principles.
• Principle 6: We will each report on our activities and progress toward
implementing the Principles.

3 Emerging Global Governance Architecture for Developing

Green Financial Products and Services

In order to facilitate a legitimate and effective global development for green and
sustainable investing, it is anticipated that more international standards similar to
PRI will be developed and endorsed under an emerging global governance archi-
tecture since there are heterogeneous financial markets and related regulations
around the world. As explained by Alexander et al. (2006, p. 239) on the challenge
of governing financial systems on a global scale, “the application of global gover-
nance to financial regulation must take account of certain standards and principals
of corporate governance, some of which are advocated by international financial
bodies that address the internal operation and management of financial
institutions.”
In the meantime, the emergence of global financial markets for green and
sustainable financing is to enable more institutional funding to be allocated into
firms that in turn invest into sustainable infrastructure, assets, and business opera-
tions (see Fig. 1). Development of green financial instruments is a global trend
Green Investing and Financial Services: ESG Investing for a Sustainable World 5

Firms
Global Financial
Resources
A firm raises funding from the financial markets markets
allocation into
Green and
Financial institutions
sustainable Retained earnings allocating investments
infrastructure as for reinvestment into sustainable
well as utilization
financial Instruments:
of such assets for Dividends and e.g. ESG equities and
sustainable Investment returns debt repayments Green Bonds with

Taxes
operations
potentials for
securitizations

The firm to disclose periodic

sustainability / ESG Investors in financial
Government markets to review ESG
information to stakeholders
to mitigate information information for decision
asymmetry making

ESG Reporng and other compliance requirements

Fig. 1 Firms and the global financial markets for green and sustainable investing

among the asset management companies, commercial banks, institutional investors,

pension funds and private equities, etc. There are a number of other international
financial associations gathering forces from both the public and private sectors to
engage the stakeholders with consensus. Besides PRI, some other standards have
been released while others are being introduced and developed further.
In particular, the Financial Stability Board founded the Task Force on
Climate-related Financial Disclosures (TCFD) to embark on promoting effective
climate-related disclosures to enhance informed investment, credit, and insurance
underwriting decisions as a way to facilitate stakeholders’ better understanding
about carbon-related assets in the financial sector and the exposures of the global
financial system to climate-related risks (TCFD 2017). The TCFD disclosure rec-
ommendations are expected to provide transparency in support of informed capital
allocation over key thematic areas or core elements on how organizations operate
with respect to governance, strategy, risk management, and metrics and targets.
There are about 31 members in the TCFD comprising the G20 countries and chaired
by Michael R. Bloomberg, founder of Bloomberg L.P. In December 2019, Bank of
England Governor Mark Carney noted that “changes in climate policies, new
technologies and growing physical risks will prompt reassessments of the values
of virtually every financial asset” (TCFD 2021). In response, financial regulators and
stock exchanges have started embracing such disclosure requirements.
Subsequently, the International Organization of Securities Commissions Organi-
sation (IOSCO) has also formed its Sustainable Finance Task Force (STF) as an
urgent need to improve the “consistency, comparability, and reliability” of sustain-
ability reporting with an initial interest in climate change-related risks and opportu-
nities but expected to be widened to include other sustainability issues (IOSCO
2021).
6 A. Ng

An important ongoing development is the Global Sustainability Reporting being

advocated by the International Federation of Accountants (IFAC), which is the
global organization for the accountancy profession dedicated to serving the public
interest by strengthening the profession and contributing to the development of
strong international economies. This development is linked with the International
Financial Reporting Standards (IFRS) as a set of comprehensive accounting stan-
dards for the world. In 2019, a task force was established by the Trustees of the IFRS
Foundation to complete a document for public consultation in order to engage the
stakeholders on their views about the needs and requirements of sustainability
reporting (IFRS Foundation 2020).
Another international association that is worth mentioning is the Climate Bond
Initiative (CBI), which is an international nonprofit organization that has become
growingly influential over the past few years on their advocates to develop practice
for mobilizing the green bond market for climate change solutions around the world
(CBI 2021). (CBI conducts market analysis, policy research, and market develop-
ment; advises governments and regulators; and administers a global green bond
standard and certification scheme. Climate Bonds screens green finance instruments
against its Climate Bonds Taxonomy to determine alignment and uses sector-specific
criteria for certification. Climate Bonds Certification requires initial and ongoing
third-party verification to ensure the assets meet predefined criteria.)

4 Green Financial Instruments

4.1 Green Bond, Loan, and ESG Equities

4.1.1 Green Bonds and Loans

Green bond acts as the most notable green financial products in current development
which tend to input financial instruments with green and sustainability elements to
facilitate market activities. Under the global movement for sustainable financing,
CBI has been active in promoting the development of the green bond market for
investing in climate change solutions estimated of a USD100 trillion funding need
ultimately (CBI 2021). It advocates financing and investing in projects and assets
allocation for a swift transition to a low-carbon and climate-resilient economy. Such
green bond issuances are expected to reduce the cost of capital for large-scale green
infrastructure projects that result in cutting down greenhouse gas (GHG) emissions.
CBI categorizes three main green and sustainable debt themes with distinct features
as follows: (i) “Green” debt with specific environmental sustainability impacts,
(ii) “Social” debt with specific social benefits, and (iii) “Sustainability” debt with
combined green and social benefits in one instrument. Their accumulative size at the
end of 2020 was about US$1.7 trillion and is expected to grow further in the
emerging markets as well (CBI 2021).
For instance, as global financial center Hong Kong’s green bond market has
reached a significant level, about 16 green bonds with an estimated total of US$2.3
billion were issued within the first half of 2017 highlighting the rapid growth of
Green Investing and Financial Services: ESG Investing for a Sustainable World 7

promotion of green bonds (Liu 2018). The number reaches US$2.5 billion with the
implementation of the government’s Green Bond Framework in 2019 (HKMA
2021). The offerings are led by the Hong Kong Monetary Authority (HKMA)
under its Government Green Bond Program (GGBP) for allocating such bond
funds into public environmental projects for a low-carbon economy while at the
same time augmenting the breadth and depth of the local bond market”. According to
the HKMA (2021), the green bonds are now being settled and listed on the stock
exchanges of Hong Kong and London. These green bonds have been assigned with
high-grade credit ratings from S&P and Fitch (AA+, AA-, respectively) (HKMA
2021). Furthermore, more Chinese Mainland enterprises are expected to become
more active within Hong Kong’s international green bond market in relation with
their offshore developments.
With respect to the private sector, there have been various examples of issuing
green bonds particularly for investing in the development of large-scale green
infrastructure projects in the emerging economies (Fu and Ng 2021). For instance,
Towngas, an energy utility based in China, has developed its own green bond
framework and green bond principles. The promised usage of proceeds is financing
for Green projects, such as wastewater treatment projects that purify wastewater in
meeting discharge standard) as well as landfill gas projects (natural gas synthesis) or
biomass projects that possess the technologies to convert waste to biofuel (HKCG
2019). These infrastructure projects financed by green bond have an objective to
reduce GHG emissions through more effective circular uses of natural resources as a
means to enhance environmental protection in the pursuit of global sustainability.
On the other hand, green loans are bank loans offered to companies or associa-
tions which allow them to finance for existing or future eligible green projects.
Typically, there should be clearly stipulated objectives related to environmental
sustainability based on specific criteria on materiality of environmental risk assess-
ment. Some green loans are invested under the principle of a green financial
framework developed by a private firm for financing of commercial development
projects, including property and real estate development projects (Liu 2018). It is
observed that the popularity of green loans has exceeded over some of traditional
loans in recent years, and it is predicted that the trend will continue (Liu 2018).
For example, HSBC – a global commercial bank – has launched its sustainable
financing program for providing support to company pursuing low-carbon foot-
prints. These loans are offered to enterprises in acquiring eco-friendly machines and
adopting evidence-based sustainable strategies. In such arrangement, the commer-
cial bank provides a loan of a fixed amount and a defined repayment period (HSBC
2021). The repayment of green loans could be flexible with installment; in addition,
cash rebate is available for carbon saving at a percentage of the loan amount per
annum (HSBC 2021). Such financial incentives are expected to generate more
interests in green loans to finance investments in improving the sustainability
amount of the small and medium enterprises.
8 A. Ng

4.1.2 Green IPOs and ESG Equities

Emerging green industries, which are key to realizing sustainable development and
growth of a country, can be financed through raising capital via initial public offers
(IPOs) from the stock markets as primary listings. These industries include energy
conservation, environmental protection, renewable and sustainable energy projects, and
electric vehicles. For instance, according to UNEP (2015), it is estimated that China’s
green industries represent an investment opportunity that requires more than US$320
billion per annum. Some of these investment projects require large amounts of initial
capital injection for the transformation of the existing infrastructures or stranded assets
which are considered environmentally unsustainable. Funding from the governments
alone is considered insufficient given the huge capital requirements for these emerging
industries. Funding from the institutional investors in the private sector through green
financing capital markets would be complementary and vital to the development of a
country’s green industries (Ng 2018). In particular, the equity market accounted for a
significant portion of the overall financing for the green energy industry in North
America whereas the equity markets in Asia were still in its infant phase about a decade
ago (UNEP 2015). The recent global trend on ESG investments among the institutional
investors has brought about more attention to investing in listed companies around the
world that demonstrate ESG performances (Fidelity 2020).
For Green IPOs, the example could be the new stock exchange platform launch by
the Hong Kong Stock Exchange (HKEX) called “STAGE” (HKEX 2020). The
platform promotes the opportunities to participate in investing sustainable and green
financial products with liquidity. It enables stakeholders, such as issuers, asset man-
agers, and investors to jointly enhance the development of a long-term green finance
ecosystem through trading a secondary market that is facilitated by free flow of capital
and information (HKEX 2020; SFC 2021). Besides, HKEX is expected to expand the
platform coverage so as to accommodate more asset classes and product varieties
(HKEX 2020). This could facilitate more institutional investors to participate in seeking
viable investment opportunities to fulfill the underlying criteria on ESG performance
via a green exchange platform. This initiative would have to be complemented by the
requirements on ESG disclosures as imposed by various stock exchanges.

4.2 Other Green-Derived Financial Products and Services

A report by the United Nations Environment Programme Finance Initiative

highlighted that there have been various possibilities in the development and growth
of green financial products and services as an opportunity to reconcile environmental
concerns through lending and financing arrangements (UNEP-FI 2007). With
respect to household financing, green mortgage could be offered at lower interest
rates than the regular market levels to clients for purchasing energy-efficient homes
or financing energy-efficient appliances, green energy facilities, and qualified retro-
fits. For instance, UK home loans offer various financial incentives to lenders,
including competitive interest rates, cashback, and fee exemptions. These loans are
attached with specific requirements, such as energy performance exceeding the
minimum building regulation standard or proceeds of the loans being used to
Green Investing and Financial Services: ESG Investing for a Sustainable World 9

improve the energy efficiency rating of a home. Such rating is offered by Cooper-
ative Financial Services (CFS) in UK. Besides, the “Generation Green Home Loan”
is offered by Bendigo Bank in Australia for financing both new and old homes, with
a per annum reduction on the current variable interest rate and exemption of the
monthly service fee. These green mortgage features provide measurable financial
incentives to the home purchasers of flats that are rated with high-energy efficiency.
UNEP-FI (2007) identified that green auto loan can provide below-market interest
rates to consumers who purchase vehicles with low GHG intensity or rated with
outstanding fuel efficiency. A bank could make assessment of the GHG rating
associated with a vehicle type when determining an appropriate loan interest rate. In
Europe, some banks that offer green car loans attach educational services about the
relationship between the transportation sector and GHG emissions. As such, a package
is given to the borrowers with information on reducing emissions and fuel-efficient
driving tips. For instance, a credit union in Australia has introduced a clean air auto
loan for low-emitting vehicles with a prime rate which is lower than that of an average
car loan. More recently, the Government of Canada has provided defined financial
incentives as rebates to consumers who purchase or lease an eligible zero-emission
vehicle (Transport Canada 2021). Such a policy scheme by the government is consid-
ered complementary to the incentives offered by the market-based green auto loans.
It is also pointed out that green credit and debit cards offered by a financial
institution can be linked with environmentally friendly activities (UNEP-FI 2007).
For example, credit card companies offer a donation based on a defined percentage
on the amount of every purchase. In addition, the credit cards are no longer made of
plastic but of more environmentally friendly materials. It is promised that green
credit cards provide discounts and lower borrowing rates to the car owners when
they purchase environmentally friendly product and services. Therefore, it offers
green credit card owners to adopt a lifestyle of embracing environmentally friendly
products and services that are attached with various financial incentive features.
At last, there have been more green and ESG funds being offered in various
financial markets around the world for greater interests in sustainable investing at
both corporate and individual levels. Asset management companies have developed
and offered mutual funds with green and ESG elements for personal investments.
These companies are expected to comply with the disclosure requirements when
offering these products with respect to the claimed green and ESG features in their
asset allocations. For instance, the Securities and Futures Commission (SFC) in
Hong Kong has the regulatory responsibility to review the offerings of securities
products regardless of being green or not prior to being introduced and offered to the
public at large (SFC 2021). But the growing interest in sustainable and green
investing from the market has created demands for green and sustainable securities.

5 Summary

At this juncture of globalization, there is now an opportunity for investors across

different generations to invest for a more sustainable world through the ESG approach
(PRI 2020a). It has been reported that ESG investing gained strong interest in 2020
10 A. Ng

with about US$ 150 billion of new funding injected into ESG-associated investment
products resulting in an estimated total global asset of US$ 1.6 trillion in these
products (Webb 2021). It is noted that about 60% of the young retail investors in the
USA within the age group of 18–34 are interested in selecting funds focusing on ESG
performance (Webb 2021). Comparable results are found in Europe as young investors
consider the people and the planet in their investment decision-making.
Similar movement is seen in the pension fund market that serves people across
different generations who have retired or are planning for retirement under different
spectrum of time. For example, there has already been a regulatory environment for
responsible investing by the pension funds in UK, which is further coordinated by
the stakeholders to support alignment of pension investments with the carbon
neutrality goals under the Paris Agreement (PRI 2020b). In addition, there are
interests in investing in more fixed income instruments that are aligned with policies
for ESG investing. Development of investment products through securitization of
ESG financing and investments has gained growing interests among the international
capital markets (PRI 2020c).
As a method of bundling the underlying receivables of a financial institution,
securitization of these assets has been frequently used to create liquidity while
developing investment products that can be sold to a broader group of investors.
Over time, as there are more viable listed companies and equities emerging from the
green industries as well as the vast amounts of green bond being issued, there are
opportunities to securitize these assets into various innovative green financial and
investment products for both institutional and retail investors.
Despite such emerging global enthusiasm in ESG consideration for green financ-
ing and investing, risk management is desirable in avoiding potential green washing
among these securitized products distributed to broader groups of investors. Perti-
nent regulations and standards for improving ESG disclosures and monitoring ESG
performance throughout the international financial markets with transparency are
seen increasingly relevant and necessary. Effective ESG due diligence could be
challenging if there is no systematic approach to integrating ESG factors in their
assessments of these securitized products. ESG investment for global sustainability
can be considered as an interdisciplinary practice that requires talents with adequate
knowledge and education particularly environmental and social sustainability
beyond conventional finance and investment.

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