Shows
Innovations in Sustainable FinanceS3 - E6: The Ominous Omnibus with Andreas RascheIn this episode, I talk about the EU’s omnibus package with Copenhagen Business School Professor Andreas Rasche. The omnibus is a legislative package that aims to simplify several European sustainability directives all at once and has far-reaching implications for the European economy. It is a chance to adjust regulation that has rightly been criticized for being too complex and confusing, but there is a risk that the proposed fixes create more confusion without solving some of the underlying problems. My favourite insights from this conversation were:It’s the right time to engage with...2025-06-0337 min
Innovations in Sustainable FinanceS3 - E5: How to succeed in Blended Finance with Nadia NikolovaIn this episode, I return to the topic of blended finance with Nadia Nikolova, a managing director at Allianz Global Investors. She explains how blended finance projects get off the ground and shares her own journey into the field. Along the way, she provides many fascinating anecdotes and insights, especially for those considering a career in blended finance. My favourite insights were:The three essential ingredients for succeeding in blended finance are: leadership, flexibility, and trust.Blended finance projects are a balancing act, because there are very different parties involved, with different incentives and different constraints. Nadia likens...2025-05-2031 min
Innovations in Sustainable FinanceS3 - E4: Fostering or Dictating Innovation? The Role of Governments with Mac ZellemIn this episode, I speak with Mac Zellem – a former budget director of the State of New Hampshire - about financing innovation. We explore how public finance can shape the future, why regulations can be both a hurdle and a help, and what Germany might need to get right in its planned fiscal stimulus. It turned out to be a longer conversation, mainly because I found it to become more and more interesting as we went along.My favorite takeaways from the conversation were:Government as Both Catalyst and Constraint: We talked about the delicate balance go...2025-05-0551 min
Innovations in Sustainable FinanceS3 - E3: Green Giving with Paul Smeets and Dan SteinIn this episode, I speak with Paul Smeets, a professor of philanthropy and sustainable finance at the University of Amsterdam, and Dan Stein, founder of Giving Green, a research organization that helps donors maximize their climate impact. Together, we explored the intersection of individual actions, systemic change, and effective giving to address climate change. My favorite takeaways from the conversation were: Massive Carbon Savings Through Strategic Interventions: A compelling example discussed was the advocacy to keep California's Diablo Canyon Nuclear Power Plant operational. This single campaign, costing just $3 million, could save 35 megatons of carbon emissions over five...2024-12-0244 min
Innovations in Sustainable FinanceS3 - E2: The Impact of Everything with Annu Nieminen of UprightIn this episode, I speak with Annu Nieminen, CEO of Upright, a Finnish technology startup with an automated method to quantify companies' net impact on people, planet, society, and knowledge. Upright combines machine learning and natural language processing to analyze scientific data and company activities, providing an impact profile for companies worldwide.My favorite takeaways from the conversation were:Compromising the Answer, Not the Question: Annu emphasized the importance of focusing on the right question, even if the answer remains imperfect at first. Upright’s model prioritizes understanding a company's true net impact, even if it ch...2024-11-2050 min
Innovations in Sustainable FinanceS3 - E1 The Evolution of Sustainable Finance with Alex EdmansIn this episode, I speak with Alex Edmans, a professor of Finance at London Business School. Many of you in the audience will have heard of Alex before. We traced his evolution of thought regarding sustainable finance, covering his extensive body of work, including the book “Grow the Pie,” his academic papers, op-eds, and TED Talks, including his most recent paper: Sustainable Investing: Evidence from the Field. My favorite takeaways from the conversation were: When I asked when he first got interested in sustainability, Alex surprised me by saying he was never intere...2024-10-2952 min
Innovations in Sustainable FinanceS2-E8 We Need to Reinvent Everything! A Podcast with Fridtjof Detzner of Planet AIn this episode, I speak with Fridtjof Detzner, co-founder of the climate venture capital fund Planet A, based in Berlin. Fridtjof had early success with an internet company, went on an eye-opening trip to Asia, and came back determined to boost innovation in all climate-relevant sectors and technologies. My favorite insights of this conversation were:Climate tech investing is not narrow. It affects many different industrial processes, from alternative proteins, to plastics, to shipping fuels, to electricity storage, and software.The hard part about innovating industrial processes is that scaling is very expensive. Entrepreneurs need money to...2024-07-3055 min
Innovations in Sustainable FinanceS2-E7 The Positive Impact of Football with Liam McGroartyIn this episode, I speak with Liam McGroarty, Strategic Development Manager at UEFA, about the social impacts of football. We discuss how the beautiful game improves lives and how investing in football could have substantial positive impacts. Fun fact: Liam started out as a priest but turned his professional efforts towards the “biggest religion” and is passionate about the power of sports. My favorite learnings were:All things considered, amateur football probably adds more value to a national economy than the professional leagues. In Germany, the estimate is EUR 13.9 billion, vs. EUR 4.48 billion.Many of the benefits...2024-07-1149 min
Campus Conversations – der HSG Student PodcastCampus Conversation #58 with Julian Kölbel on Sustainable FinanceSustainability here, sustainability there. It has become difficult to get away from sustainability in our daily lives. In recent years, the financial universe has also begun to embrace the concept of sustainability, bringing buzzwords such as ESG to the fore. Accompanied by scepticism, 1/3 of all assets under management are now invested sustainably. In this episode we try to cut through the jungle with our esteemed faculty member Prof. Dr. Julian Kölbel, Assistant Professor at the Center for Financial Innovation at the School of Finance, Research Affiliate at MIT Sloan and member of the investment committee of Stiftung Abendrot, a...2024-06-061h 24
Innovations in Sustainable FinanceS2-E6 Letting Citizens Decide – A Wikipedia Approach to Impact AssessmentsIn this episode, I speak with Bertrand Gacon, Co-Founder and CEO at Impaakt. Impaakt is an impact assessment platform that crowdsources information from hundreds of contributors and thousands of reviewers. My favorite insights from this conversation were:I can highly recommend to try out the platform. You can explore company profiles, follow discussions, and put in your personal view of what is important and generate lists of companies or funds that are either “heroes” or “villains” given your priorities.The question of which companies have the most positive impacts on people and planet is simple. The answer is tricky. T...2024-04-1644 min
ESG TalkInsights on ESG RatingsJulian Kölbel, assistant professor at the University of St. Gallen and a research affiliate at the MIT Sloan School of Management, joins co-host Mandi McReynolds for a discussion on ESG rating agencies. Listen in as they delve into his research on sustainable investing with a focus on ESG ratings, the disagreement between different rating agencies, and how it affects investors and companies. For more information on Julian’s work, check out his research: Aggregate Confusion: The Divergence of ESG Ratings.2024-04-0523 min
Innovations in Sustainable FinanceS2-E5 Financing the FairTrade System with Christoph GosdenozIn this episode, I had the pleasure of talking to Christoph Gosdenoz, partner and chairman of FairCapital. FairCapital is an impact investor based in Switzerland that specializes in financing solutions for Fairtrade cooperatives in the global south. My favorite insights from this conversation were: It’s the specific design and timing rather than just the interest rate that determines whether a loan helps a cooperative. One of FairCapital’s innovations is to use existing purchase agreements from reliable buyers as collateral. FairCapital is open to retail impact investors at a minimum commitment of CHF 5’000. However, there is a plan for a...2024-03-0441 min
Innovations in Sustainable FinanceS2-E4 Impact Thinking: A new book by Sam VionnetIn this episode, I sit down with Sam Vionnet, the author of Impact Thinking, subtitled “Learn critical thinking skills to make better decisions that create societal value”. The book is based on 15 years of experience in consulting with multinational corporations, NGOs, and investors. Sam reveals that there are a lot of beliefs that don’t stand up to scrutiny. Rather than blindly following numbers and standards, he advocates for a principled approach that, first of all, establishes what should be measured. He presents a step-by-step framework for thinking about impact up and down the value chain a...2023-12-1248 min
Innovations in Sustainable FinanceS2-E3 The Promise of Pass-Through Voting with Georgia Stewart, Co-founder and CEO of TumeloCan you imagine voting yourself on who should sit on the board of a company you are invested in? Perhaps on your cell-phone? In this episode, I discuss with Georgia Stewart, Co-founder and CEO of Tumelo, how their technology democratizes shareholder voting and explore the opportunities and risks that direct shareholder voting presents in the context of sustainable finance. Nowadays, shareholder voting is usually delegated to asset managers, raising questions about whether the voice of the ultimate owners is heard. Georgia introduces the concept of “Pass-through Voting,” which allows investors in pooled funds to vote at compa...2023-11-2049 min
Innovations in Sustainable FinanceS2-E2 Flow-driven ESG returns with Philippe van der BeckIn this episode, I had a conversation with Philippe van der Beck, who wrote a fascinating paper (work in progress) titled "Flow-driven ESG returns". The paper highlights that investing $1 in sustainable mutual funds can increase the value of green firms by 40 cents. This raises questions about whether ESG investing really has an impact.Philippe explains in detail how he arrived at this statement. He cautions that the impact is limited to the stock price, and it is challenging to say how it affects real outcomes. Nevertheless, it is an intriguing deep dive into how markets and prices...2023-11-0654 min
Innovations in Sustainable FinanceS2-E1 Crowd-Financed Solar Panels with Aurel SchmidDid you know that the University of St. Gallen in collaboration with Solarify offers the opportunity to invest into solar panels on their gym rooftop? In this episode, I talk to Aurel Schmid, founder of Solarify. Together we dive into the finance and impact behind crowd-founded solar panels and discover how small scale investor can have an impact towards green energy. We find out what makes the solar rooftop project at the University of St. Gallen special and what kind of return and impact investors can expect from it. We conclude with an outlook from Aurel on the current...2023-10-1151 min
The Sustainability StoryJulian Kölbel: Cutting through the Confusion on ESG Ratings and What Works in Impact InvestingIn this episode of the Sustainability Story, we tackle two areas of mass confusion in the world of sustainable investing: what should be done about the divergence in ESG ratings, and what works and doesn't work in impact investing. Deborah Kidd, CFA, talks with Dr. Julian Kölbel, Assistant Professor in Sustainable Finance at the Center for Financial Services Innovation at the University of St. Gallen and Research Associate at MIT Sloan, where he co-founded the Aggregate Confusion Project. Julian is also host of the podcast Innovations in Sustainable Finance. https://fsi.unisg.ch/en/insights/innovations-in-sustainable-finance/2023-08-3127 min
Innovations in Sustainable FinanceInnovations in sustainable finance #8: Sorry, it's a law! Regulating Sustainable Investments with Lena HörnleinIn this episode, I talk to Lena Hörnlein, a senior manager at B-Capital Partners. Our discussion revolves around the interaction between sustainable finance regulations, including SFDR, and the operational landscape of a fund exclusively centered on energy transition assets. Lena provides a detailed explanation of how the regulation works. Interestingly, Lena's fund has opted for Article 8 as opposed to Article 9, a decision grounded in caution. Ultimately, we conclude by underscoring the pivotal role of regulations in other domains, such as electricity markets, in expediting the progress of the energy transition.2023-08-3049 min
Innovations in Sustainable FinanceInnovations in Sustainable Finance #7: The art of active ownership with Christine ChowIn this episode, I talk to Christine Chow about active ownership. Christine explains what it is, its dos and dont's, and what investors can bring to the table that companies do not know yet. We explore the tension that the best kind of active ownership is the most difficult to make visible, come up with an idea for professional certification, and Christine explains that being good at engaging is like being good at riding a horse.2023-07-2542 min
Innovations in Sustainable FinanceInnovations in Sustainable Finance #6: ESG Incentives and the Zone of Discretion with Tom GoslingDid you know that most large European corporations compensate executives for reaching ESG targets? Is that a good thing, and how should this be done?I discuss these fascinating questions with Tom Gosling, perhaps the world's most experienced expert regarding ESG compensation. I learned a lot in this episode! Some (but not all) of my favorite insights:Even if ESG targets contribute to long-term shareholder value, it can make sense to incentivize middle managers on ESG because they are usually incentivized on annual targets.ESG incentives can work when they are aligned with overall strategy, focus o...2023-06-2755 min
Innovations in Sustainable FinanceInnovations in Sustainable Finance #5: From IPO to ESG with Per Einar EllefsenI talk with Per Einar Ellefsen, CEO and founder of Amundsen IM, a fund that specializes in the European primary equity market. We have a long conversation about the role of ESG factors in the IPO process, from the angle of risk assessment, investment performance, and impact. Along the way, we talk about a lot of interesting companies: Azelis, Verallia, Visma, Eurogroup Laminations, and EDP Renewables. https://amundsen-im.com2023-05-161h 00
Innovations in Sustainable FinanceInnovations in Sustainable Finance #4 Stéphanie Mielnik | Sustainability-Linked BondsIn this episode, Stephanie and I delve into sustainability-linked bonds (SLBs) to explore their potential benefits and risks. SLBs have grown to a USD 280 billion market and represent an exciting alternative to green bonds in the sustainable debt market. When issuing an SLB, companies pledge to reach a sustainability performance target as part of the contract. If the company does not reach the target, the bond investors receive an additional “step-up” coupon. We analyze the example of a recent Air France KLM issue. One of Stephanie’s key points is that market pricing should reveal which SLBs have ambitious target...2023-05-0254 min
Innovations in Sustainable FinanceInnovations in Sustainable Finance #3 Jan Anton van Zanten | An Open Source Approach to the SDGsIn this episode, I talk to Jan Anton van Zanten, a sustainable investing expert at Robeco. We discuss Robeco's open-source SDG scores, a unique approach to measuring companies' sustainability performance. We also delve into the importance of understanding the impact of companies on society and the environment, and how engaging with companies can drive positive change. Finally, we touch on Robeco's decision to make their data open source and how academics and others can benefit from that.Link to Anton’s paperIf you have any feedback, please write to, I would love to hear fro...2023-04-1946 min
Think dänk!Zu Gast: Julian Kölbel, Experte für Nachhaltigkeit im FinanzsektorNachhaltiges Investieren boomt: Fast die Hälfte der in der Schweiz verwalteten Anlagefonds folgt gemäss dem Branchenverband Swiss Sustainable Finance einem Nachhaltigkeitsansatz. Das Volumen hat sich in den letzten 10 Jahren auf zirka 2 Billionen Franken verfünzigfacht. So zu investieren, dass Umwelt-, Sozial- und Governance-Aspekten Rechnung getragen wird, entspricht offensichtlich einem grossen Bedürfnis. Doch: Wie wird […]
The post Zu Gast: Julian Kölbel, Experte für Nachhaltigkeit im Finanzsektor appeared first on Avenir Suisse.2023-04-1221 minThink dänk!Zu Gast: Julian Kölbel, Experte für Nachhaltigkeit im FinanzsektorNachhaltiges Investieren boomt: Fast die Hälfte der in der Schweiz verwalteten Anlagefonds folgt gemäss dem Branchenverband Swiss Sustainable Finance einem Nachhaltigkeitsansatz. Das Volumen hat sich in den letzten 10 Jahren auf zirka 2 Billionen Franken verfünzigfacht. So zu investieren, dass Umwelt-, Sozial- und Governance-Aspekten Rechnung getragen wird, entspricht offensichtlich einem grossen Bedürfnis. Doch: Wie wird Nachhaltigkeit gemessen? Welche Präferenzen und Absichten treiben die Entwicklung in diesem Sektor? Und was bedeuten nachhaltige Anlagen für die Realwirtschaft? Prof. Julian Kölbel referierte bei Avenir Suisse zu «Wirkungen und Nebenwirkungen von nachhaltigem Investieren» – Marc Lehmann hat die Gelegenheit genutzt, ihn zu eine...2023-04-1221 min
Innovations in Sustainable FinanceInnovations in Sustainable Finance #2 Philipp Aeby | RepRisk AGIn this episode, I talk with Philipp Aeby, founder and CEO of RepRisk, an ESG data provider. We discuss how innovations in artificial intelligence have changed the way RepRisk processes data. We then move on to the role of transparency, how it can help to improve business conduct globally, as well as about the transparency of RepRisk’s own data generating process.Links to some of the things we talk abouthttps://www.reprisk.com/research-lab For questions or feedback write to isf-podcast@unisg.ch2023-04-0439 min
Börsen-Zeitung | Nachhaltiges InvestierenDo investors care about impact? | Episode 37Julian Kölbel, Universität St. Gallen, im Gespräch
Do investors care about impact? Dieser Frage sind Wissenschaftler der Universität St. Gallen (HSG) systematisch auf den Grund gegangen. Sie wollten herausfinden, ob Investoren bereit sind, für mehr Impact auch mehr zu bezahlen. Die Ergebnisse zeigen jedoch: Zwar bevorzugt die Mehrzahl bei ihrer Entscheidung ein nachhaltiges Produkt und nimmt dafür auch Preisaufschläge in Kauf. Wie stark der Nachhaltigkeitseffekt ist, macht jedoch für die Anleger dann keinen großen Unterschied mehr. „Den Leuten ist Impact wahnsinnig wichtig, aber auf einer emotionalen Basis“, sagt Julian Kölbel, Assisten...2023-03-2326 min
Innovations in Sustainable FinanceInnovations in Sustainable Finance #1 Harald Walkate | "Blended Finance is like Music"I ask Harald Walkate why he thinks blended finance is like music. Harald knows about finance, he has 25 years of experience, having worked at Natixis Investment Managers and Aegon Asset Management. He also knows about music, he plays the piano really well. Harald explains how blended finance works, and how it transforms the idea of "sustainable finance" into "financing sustainability". Along the way, we talk about wind turbines in Mali, Milton Friedman, how to access deep pockets, and scoring impact points. As a bonus, you can listen to one of Harald’s recent recordings.For those looking fo...2023-03-2049 min
Campus Conversations – der HSG Student PodcastInnovations in Sustainable Finance – Trailer - Innovations in Sustainable FinanceSustainable Finance has become an important phenomenon in financial markets but is still a new field. That means, there are new things happening every day. It is important to keep innovating in this field, and to critically evaluate what is going on. In this podcast, Julian Kölbel discusses ideas in sustainable finance. New ideas, good ideas, even dangerous ideas. He invites guests who are doing something novel, something interesting, something different that is worth discussing. His goal is to learn from them, to connect their ideas to academic insights, and contribute to the future development of the field o...2023-03-0801 minMeet the CFOInnovations in Sustainable Finance – Trailer - Innovations in Sustainable FinanceSustainable Finance has become an important phenomenon in financial markets but is still a new field. That means, there are new things happening every day. It is important to keep innovating in this field, and to critically evaluate what is going on. In this podcast, Julian Kölbel discusses ideas in sustainable finance. New ideas, good ideas, even dangerous ideas. He invites guests who are doing something novel, something interesting, something different that is worth discussing. His goal is to learn from them, to connect their ideas to academic insights, and contribute to the future development of the field o...2023-03-0801 minInnovations in Sustainable FinanceInnovations in Sustainable Finance – TrailerSustainable Finance has become an important phenomenon in financial markets but is still a new field. That means, there are new things happening every day. It is important to keep innovating in this field, and to critically evaluate what is going on. In this podcast, Julian Kölbel discusses ideas in sustainable finance. New ideas, good ideas, even dangerous ideas. He invites guests who are doing something novel, something interesting, something different that is worth discussing. His goal is to learn from them, to connect their ideas to academic insights, and contribute to the future development of the field o...2023-03-0801 min
Sustainability Bridges#Episode 4 - Conversation with Julian Kölbel🎙️ 🌱 Sustainability Bridges - Episode 4
👥 Eurosif former Executive Director, Victor van Hoorn, is discussing with an assistant professor on sustainable finance at the University of St Gallen, working on Sustainability linked bonds and ESG Ratings.
🎤 Julian Kölbel, assistant professor at the University of St Gallen, used to work at the Center for Sustainable Finance and Private Wealth (CSP) at the University of Zurich.
👉Sustainability-linked bonds, ESG ratings and scores, EU legislation on Sustainable Finance will be discussed during this insightful conversation.
🎧 Enjoy your listening!2022-08-1735 min
(don't) Waste Water! | Water Tech to Solve the WorldSpecial 9 - The Essential of Water Finance - by 8 Subject Expertswith 🎙️ Antoine Walter, Podcaster in Chief and Senior Business Development Manager @ GF Piping Systems
💧 GF Piping Systems is the leading flow solutions provider, specializing in process automation solutions to ensure sustainable water management for life.
It's been an amazing year on the (don't) Waste Water podcast!
52 awesome guests shared a wealth of knowledge on the microphone, and we covered a vast array of topics. Too much to digest in 10 minutes? No worries, I cooked you a series of syntheses to give you a sound understanding of some key topic...2022-01-1011 min
(don't) Waste Water! | Water Tech to Solve the WorldS3E5 - 3 Powerful Tactics Impact Investing shall Better Use to Save the Worldwith 🎙️ Florian Heeb & Julian Kölbel - Researchers @ the Center for Sustainable Finance and Private Wealth (CSP) in Zürich
💧 CSP is an academic research and teaching institution at the Department of Banking and Finance at the University of Zurich.
What we covered:
🍏 The two types of Impact - and what Impact Investing can trigger
🍏 How Impact Investing can grow green companies
🍏 How Sustainable Finance can make Brown Companies Greener
🍏 How Impact Investors can act as activists for change
🍏 How the t...2021-07-071h 01
Einsichten - Das ForschungsmagazinEinsichten - das Forschungsmagazin 02/2014Die Welternährungslage hat sich aufs Ganze gesehen verbessert, das ist die gute Nachricht. Die Zahl der Hungernden ist gesunken, um knapp 40 Prozent weltweit seit 1990, bilanzierte kürzlich die Welthungerhilfe in ihrem neuesten Index, der unter anderem auf Daten der Vereinten Nationen und der Weltgesundheitsorganisation (WHO) beruht. Doch noch immer haben 800 Millionen Menschen nicht genug zu essen, das ist ein Zehntel der Weltbevölkerung. "Der Hunger ist ein paradigmatisches Beispiel dafür, wie notwendig es ist, Solidarität und Gerechtigkeit im globalen Maßstab neu zu denken", sagt Sozialethiker Markus Vogt. In dieser Einsichten-Ausgabe analysiert der LMU-Wissenschaftler, was der Begriff Gerech...2014-10-1200 min