FEATURE Financing a sustainable transition · 2020. 8. 18. · billion flowed into ESG funds during...
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FEATURE Financing a sustainable transition CFOs in Europe open up on sustainable finance Dr. Michela Coppola and Joep Rinkel
Transcript of FEATURE Financing a sustainable transition · 2020. 8. 18. · billion flowed into ESG funds during...
FEATURE
Financing a sustainable transitionCFOs in Europe open up on sustainable finance
Dr. Michela Coppola and Joep Rinkel
Environmental, social and governance (ESG) issues, once considered extra- financial, are now being seen as material risks and opportunities for a company’s bottom line. Recognising this, financial markets are changing – with important consequences for how companies finance themselves and shape their inves-tor relations. The results of the latest European CFO Survey reveal that when it comes to ESG, many companies are missing opportunities to engage with investors effectively. Finance departments have a role to play. In order to do so, they might need to build new capabilities.
Financing a sustainable transition
KEY TAKEAWAYS• Investors and lenders now expect companies not only to deliver strong financial performance but
also to have a positive social and environmental impact.
• CFOs can promote the social and ecological transition of their companies by using new financing tools and by supporting sustainability impact projects.
• Finance executives can help rethink the performance model of their company, using new accounting frameworks (such as the Triple Depreciation Line framework) and new measures for triple performance (i.e., economic, social and environmental).
• Finance functions have a key role to play in ensuring the relevance, compliance and accuracy of sustainability information provided to external stakeholders – from risk analysis to governance, internal control, prevention and mitigation measures, and third-party assurance.
• CFOs need to steer financial and non-financial performance using new tools and solutions, internal dashboards, individual and collective performance criteria, and group and entities roadmaps.
Why sustainability is increasingly relevant to the finance functionCompanies and their finance functions have been dealing with the question of sustainability for a long time. However, while the costs and regulatory burdens associated with addressing sustainability were quite evident, the benefits
of doing so have until recently been less visible and quantifiable. That has changed significantly in the past few years as public awareness of the world’s environmental and social challenges has grown and with it the demand for businesses and policymakers to take action. A growing body of evidence shows that a focus on environmental, social and governance issues (ESG) makes companies’ financial and operational performance better.1
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Financing a sustainable transition
Investors are taking note. Asset managers are holding corporate leaders increasingly accountable for the ESG performance of their companies. By the end of 2019, more than 2,500 investors repre-senting over US$80 trillion in funds had signed up to the UN Principles for Responsible Investment (PRI), thereby committing themselves to including sustainability factors in the investment process.
New, dedicated debt instruments have emerged over the past decade to support the move towards a more sustainable business model. More than US$450 billion in sustainable debt has been issued in 2019 – the highest volume in any one year and almost 80 per cent more than in 2018, taking the cumulative volume of issuance well over the US$1 trillion barrier.2
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FIGURE 1
Sustainable Finance – definition of key terms
EquitiesESG funds/Social responsible Investment Funds: Portfolios of equities and/or bonds for which environmental, social and governance (ESG) factors have been integrated into the investment process.
Strategies in portfolio construction and asset selection
DebtSustainable debt: The sustainable debt market includes green, social and sustainability bonds and loans that finance projects with positive environmental and/or social benefits, as well as debt securities that react to the sustainability performance of the borrower.
Climate footprint & decarbonisation:Monitoring the portfolio’s contribu-tion to climate change through assessment of the “portfolio temperature”, its carbon footprint or alignment with the Paris Agreement. Strategies can vary from the exclusion of some activities (e.g. coal) to optimisation of the portfolio’s carbon footprint.
ESG incorporation:Inclusion of ESG issues into investment practices through approaches such as:
– Screening: applying filters to rule companies out (negative screening) or in (positive screening) to the investment universe (e.g. best-in-class strategy, best-prog-ress strategy).
– Thematic and impact investing: investments in companies or sectors that contribute to specific environmen-tal or social outcomes (e.g. renewable energy).
– ESG integration: systematic inclusion of ESG-related risks and opportunities in the standard analysis of a security’s risk/return profile.
Active stewardship:Active exercise of shareholders’ rights (through voting and engagement) to encourage the companies in the portfolio to improve their ESG performance.
Sustainable financeAny form of financial service that integrates environmental, social and governance
(ESG) considerations into investment and lendingdecisions.
Source: Deloitte representation based on Deutsche Bundesbank, “The sustainable finance market: a stocktake”, https://www.bundesbank.de/en/publications/search/the-sustainable-finance-market-a-stocktake-811962 October 2019; UN PRI, “An introduction to responsible investment: Screening,” https://www.unpri.org/an-introduction-to-responsible-investment/an-introduction-to-responsible-investment-screening/5834.article, May 2020.
Deloitte Insights | deloitte.com/insights
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Financing a sustainable transition
The onset of the COVID-19 pandemic has accelerated the rise of sustainable finance, both in equity and debt. In the equity market, investors seem willing to stick to their ESG investments and ride out uncertain economic times. Across the globe, more than US$45 billion flowed into ESG funds during the first quarter of 2020 – while the overall fund universe experienced outflows of more than US$380 billion.3 Furthermore, ESG funds are outperforming their non-ESG equiva-lents so far,4 suggesting that companies which address sustainability are more resilient during periods of market turmoil. In the debt market, the pandemic seems to have brought the “social” component of the ESG basket of factors into the limelight. From January to May of this year, issuance of social bonds
– whose proceeds are intended for socially beneficial activities – soared to a record US$32 billion, almost twice as much as in the whole of 2019.5 In addition, many governments are making sustainability central to their COVID-19 economic recovery packages.6
To get a sense of how companies perceive the role of sustainability in their financing deci-sions and in their investor relations, the latest
edition of the European CFO Survey interviewed about 1,000 CFOs across Europe (figure 6).
ESG and the cost of capital
ESG MATTERS FOR THE COST OF CAPITAL BUT IS NOT YET CRUCIAL – AT LEAST FOR PRIVATE COMPANIESESG performance seems to affect companies’ cost of capital. A vast majority of CFOs (87 per cent) believe that the overall performance of their company on ESG issues has at least some impact on its cost of capital today (figure 2). However, less than 50 per cent believe the impact to be moderate or high, although there is a significant difference between publicly listed companies and family-owned or closely held ones. Almost 60 per cent of CFOs of listed companies report that ESG performance has a high or moderate impact on the cost of capital, but only 42 per cent of family-owned businesses. This gap is evident even when businesses of similar size (in terms of annual revenues) are compared. For now, then, ESG performance seems to be less relevant to the cost of capital of private companies as they may be less dependent on financial markets for their financing.
Source: Deloitte European CFO Survey, Spring 2020.Note: Respondents were given a 6-level Likert scale that went from: not at all/very low/low/moderate/high/very high. Throughout the report “very high” and “high” responses have been combined into a single “high” category. Similarly, “very low” and “low” responses have been combined into a single “low” category. Due to rounding, percentages may not always appear to add up to 100%.
Deloitte Insights | deloitte.com/insights
FIGURE 2
Perceived effect of the company’s performance on ESG issues on the cost of capital todayDo you believe the overall performance of your company on ESG issues has an impact on the cost of capital it faces today?
39% 13%12% 36%
31% 12%17% 40%
41% 11%11% 35%
12%42%15% 31%
41% 16%14% 29%
45% 13%6% 36%
Sample average
Listed and traded on a public stock exchange
Private equity/Venture capital backed
Government or state owned
Closely held (excluding family-owned)
Family-owned
Moderate LowHigh No impact
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ESG’S IMPACT ON THE COST OF CAPITAL IS LIKELY TO INCREASEThe picture changes, however, when CFOs look three years ahead. Across the whole sample, 70 per cent of CFOs expect their ESG performance to have a moderate or high impact on the cost of capital in three years’ time. One in three CFOs expect the impact of ESG to be high in the near future – three times as many as those who already see a high impact today (figure 3). This shift in perception is not confined to those who already believe ESG affects the cost of capital. Twenty per cent of the CFOs who see no impact at all today expect ESG criteria to have a moderate or high impact on their company’s cost of capital in three years’ time. CFOs across Europe seem therefore to agree that sustainability issues are likely to affect their companies soon.
Similarly, asked about the role that third-party ESG ratings will have on investors’ and lenders’ decision-making, about two-thirds of CFOs (63 per cent) expect a significant increase in their relevance. There is no standardisation in the criteria used to produce ESG ratings, and ratings firms regularly update these criteria to incorporate new trends. For example, the recommendations of the Task-
force on Climate-Related Financial Disclosures (TCFD) are now generally incorporated into ESG ratings. Agencies also increasingly use alternative data to identify material risks and opportunities.7 Finance functions therefore need to build new skills and capabilities to stay ahead of the game and retain their ratings.
EUROPEAN INNOVATION FUND – FINANCIAL OPPORTUNITIES FOLLOWING THE EU GREEN DEAL FOR THE ENERGY SECTORIn 2019, the European Union established a €10 billion Innovation Fund to assist its efforts to make Europe the first climate-neutral continent by 2050. The fund is part of a wider landscape of both national and EU funding instruments that provide financial incentives to support companies pursuing innovative and sustainable projects.
The Innovation Fund focuses on highly innovative technologies that can bring about significant reductions in carbon emissions. To meet the criteria, the projects need to be sufficiently mature in terms of planning, business model and financial and legal structure. The fund finances up to 60 per cent of the additional capital and operational costs linked to innovation, mainly in the form of grants that are disbursed flexibly, based on project needs and milestones achieved over the project’s lifetime. Up to 40 per cent of the grants can be disbursed based on pre-defined milestones before the whole project is fully up and running.
CFOs should consider the implications of all incentives available, such as the Innovation Fund, when considering a carbon-reducing project. The finance departments of those companies which apply successfully will need professionals with sufficient knowledge of sustainability and related laws and legislation, in order to comply with ESG reporting requirements.
Source: Deloitte European CFO Survey, Spring 2020.Deloitte Insights | deloitte.com/insights
Impact in three years6%
Impact today
FIGURE 3
Perceived effect of the company’s performance on ESG issues on the cost of capital today and in three years’ timeDo you believe the overall performance of your company on ESG issues has an impact on the cost of capital it faces today? And in three years’ time?
High
13%
39%
36%
12%
24%
37%
33%
Moderate Low No impact
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Financing a sustainable transition
When we look at the survey sample from an industry perspective, key differences emerge. CFOs in energy and utilities, for example, are much more likely to report that ESG factors have a significant impact on the cost of capital now, as well as in three years’ time (figure 4). Investors and shareholders began to turn their
FIGURE 4
Perceived effect of ESG performance on the cost of capital in different industriesDo you believe the overall performance of your company on ESG issues has an impact on the cost of capital it faces today? And in three years’ time? (Net balances*)
Source: Deloitte European CFO survey, Spring 2020.Deloitte Insights | deloitte.com/insights
*Note: A net balance is the difference between the percentage that perceive the impact of the ESG performance on the cost of capital as high or very high, and those who consider it as having no impact at all
Tourism & Travel
Above average now, below averagein three years’ time
Below average now, below average in three years’ time
Below average now, above averagein three years’ time
Above average now, above averagein three years’ time
Life Sciences
TMT
Consumer Goods
Financial Services
Retail
Business & Professional Services
Energy, Utilities, Mining
Transport & Logistics
Automotive
Construction Industrial Products & Services
Expected effect in three years time
Perc
eive
d eff
ect t
oday
Companies in energy, utilities and mining see a strong impact fom ESG performance on their cost of capital, both today and in the future. The transition towards cleaner energy sources has been in focus for quite some time and will probably remain a priority for companies in the longer term.
Companies in tourism and travel see a stronger impact from ESG performance on their cost of capital now than is the case in other industries. But they expect less of an increase in the future. Things may change if new regulations are out in place (e.g. a carbon tax).
Companies in transport and logistics and automotive see less effect from ESG performance on their cost of capital. But this may be evidence of a blind spot for CFOs in these sectors.
SUSTAINABILITY ISSUES IN THE POWER AND UTILITIES SECTORStructural changes in the market – many of them directly related to sustainability – have long challenged the business model of companies in the power and utilities sector.
Investors have therefore focused on understanding their exposure to risks and opportunities related to sustainability. They seem willing to reward companies that are pivoting in a credible way towards a more sustainable business model.
In 2019, a major utility issued two bonds with a coupon that is linked to the achievement of specific targets for generation of renewable energy and the reduction of greenhouse gases. Although the bonds provoked considerable controversy in the market, they were heavily oversubscribed, signalling investors’ demand for financial instruments that allow them to hold a company accountable for its sustainability performance.
The strong demand for the bonds gave the issuer an immediate economic advantage. In the longer run, the ability to stick to the agreed targets will allow the company to give quantifiable clues on the evolution of its business model, improving the way it is seen in the market.
attention to this sector earlier, scrutinising in particular the actions taken in response to climate change.8 There has been a strong focus for some time on the transition to cleaner energy sources. ESG issues and sustainability in general will probably remain a high priority for companies in this sector in the long term.9
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How ESG considerations shape investor relations
DEFINING ESG IN THE COMPANY’S STRATEGY IS MAINSTREAM… Sustainability is now a strategic issue for a large majority of companies in Europe. On average, 72 per cent of CFOs report that ESG considerations are a defined part of their company’s strategy, and that share is substantially higher (87 per cent) among CFOs who see that ESG performance is already affecting their cost of capital.
…BUT USING SUSTAINABILITY TO ENGAGE WITH INVESTORS IS NOTThe picture differs, however, when it comes to taking sustainability to the next level and engaging with investors and lenders. Only a little more than half of the respondents (56 per cent) go beyond in-tegrating ESG considerations into company strategy by communicating the case for the long-term per-formance of the business through ESG indicators.
The third level of awareness of the importance of sustainability for the business involves disclosures. The share of CFOs reporting that they also have a good understanding of the disclosures that matter most to their investors is smaller still, at 44 per cent of respondents (figure 5).
Companies that fail to embed sustainability in their corporate communications to create a strategic, investor-relevant narrative are missing an opportunity. Investors are increasingly focused on the ESG issues that have (or may have in the future) a financial impact on the company. Thus, developing a good understanding of what these issues are, quantifying their material relevance for the long-term performance of the business and setting up ambitious and yet achievable key performance indicators (KPIs) is essential to engage effectively with the capital markets. The survey results indicate that a majority of companies need to do more to integrate their commitment to sustain-ability in their relationship with investors.
FIGURE 5
CFO’s views on how ESG considerations are used in defining the company’s strategy and in shaping the conversation with investors and lenders
Source: Deloitte European CFO Survey, Spring 2020.Deloitte Insights | deloitte.com/insights
report to include ESGconsiderations in the definition
of the company’s strategy
72%
include ESG considerations in the strategy & use ESG indicators to make the case for long-term performance
56%
include ESG considerationsin the strategy
&use ESG indicators to
make the casefor long-term performance
&understand the disclosures
that matter most to their investors
44%
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SEEK AND YOU WILL FIND: ENGAGING WITH INVESTORS ON ESG LEADS TO BETTER DATAAccording to the survey, a majority of financial executives do not see the availability of ESG data as a major obstacle to communication with investors. On average, less than one in three CFOs agree that there is a gap between the ESG data they can provide and the data expected by the capital market. That share is higher, however, at 42 per cent, among CFOs in companies that are at a more
“advanced” stage in their use of sustainability issues in their investor relations.10 The reality is that most CFOs in companies that do not leverage sustain-ability in their corporate communications are unable to judge whether there is a data gap or not.
Similarly, only a minority of CFOs perceive a lack of standardised and commonly agreed ESG indicators as a constraint to productive engagement with investors and lenders. And again it is the case that CFOs who are already engaging with investors on sustainability issues are more likely to see a lack of standardised indicators as a constraint. CFOs in companies that do not use sustainability within their investor relations do not have a stance on this issue. In other words, the more that companies use ESG indicators in their investor relations, the more they recognise the limitations of their data.
In ESG the Social and Governance are vital, too
There is widespread agreement among CFOs participating in our survey that improved dis-closures on environmental issues represent an opportunity for their company to gain better access to capital markets. This seems logical given the attention climate change has received, particu-larly since the signing of the Paris Agreement in 2015 and the setting out of tangible ambitions in the EU Green Deal. Environmental concerns tend to dominate the sustainability discussion, making the former synonym used for the latter.
However, a recent analysis from the Moody’s ratings agency reports that governance issues were the most widely mentioned material consid-eration affecting rating actions for private-sector issuers. And social considerations led to negative rating actions more often than environmental issues.11 This underlines the importance of periodically evaluating the materiality of sus-tainability issues when considering where to put time and effort into improving disclosures.
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Financing a sustainable transition Financing a sustainable transition
What this means for companies and the role of financial executives Sustainability is increasingly affecting how com-panies interact with the financial market. The COVID-19 pandemic has accelerated the trend, showing the relevance of ESG considerations for the financial performance of businesses.
Finance departments have a key role to play in supporting the transition to sustainability in their companies. Financial execu-tives could benefit from considering the following points:
1. Connect with all relevant stakeholders. Setting sustainability targets alone is not enough to move toward a more sustainable business model. These ambitions need to per-meate the organisation. It is therefore key for the finance function to involve all stakeholders and departments, in order to ensure there is both the will and a budget to implement the required practices and plans. By connecting in a structured way, the finance function can pro-mote innovation and the creation of sustainable products and services in the organisation.
2. Assess and transform data capabilities. The demand for more reliable sustainability information is increasing. Finance functions have a key role to play in ensuring the relevance, compliance and accuracy of non-financial infor-mation provided to external stakeholders. Also, the quality of management’s internal reporting needs to be on a par with the external reporting, in order to steer the business strategy and exe-cute it. This requires new flows of reliable data. Finance functions will need professionals with sufficient knowledge of sustainability and related laws and legislation, as well as data modelling capabilities to address different scenarios.
3. Digital non-financial information. Financial information is likely to become avail-able in real time without manual interference.12
This is also likely to be the case for non-financial information. Digitisation and automation may prove an effective means to be in control of information gathering and delivery while keep-ing finance costs at an acceptable level.
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0 30 60 90 120
Industry products & services
Professional services
Construction
Retail
Consumer goods
Energy, utilities, mining
TMT
Transport & logistics
Business & professional services
Life sciences
Automotive
Tourism & travel
Other
131
114
99
94
78
74
73
57
49
49
41
27
106
992 CFOs
FIGURE 6
The Deloitte European CFO SurveySince 2015 Deloitte has conducted the European CFO Survey, giving voice twice a year to chief financial officers from across Europe. Besides providing an overview of business sentiment in Europe, each edition focuses on a topical issue. The Spring 2020 edition focused on sustainable finance. The data was collected in March 2020. A total of 992 CFOs in 18 countries and across 17 major industries responded to the questions in this article.
Source: Deloitte European CFO survey, Spring 2020.
Deloitte Insights | deloitte.com/insights
1 billion euro and moreBetween 100 and 999 million euro Less than 100 million euro
21%
44%
35%
BE
LUXCH
IE
DE
NO
SE
FI
DK
IT
GR
PL
RU
AT
NL
ESPT
IS
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Financing a sustainable transition Financing a sustainable transition
Endnotes1. See among others: Gordon Clark, Andreas Feiner, and Michael Viehs, “From the Stockholder to the Stakeholder:
How Sustainability Can Drive Financial Performance”, March 2015; Robert Eccles, Ioannis Ioannou, and George Serafeim “The Impact of Corporate Sustainability on Organizational Processes and Performance,” 2014; Morgan Stanley “The business case for sustainable investing”, 2015; Bank of America Merrill Lynch, “ESG Part II: A Deeper Dive,” 2017, accessed June 24th, 2020.
2. BloombergNEF, “Sustainable Debt Sees Record Issuance At $465Bn in 2019, Up 78% From 2018”, January 2020, accessed June 24th, 2020.
3. Morningstar, “Global Sustainable Fund Flows Report”, May 2020, accessed June 25th, 2020.
4. United Nations Environment Programme, “Implications of the COVID-19 Pandemic for Global Sustainable Finance”, May 2020, accessed June 25th, 2020.
5. BloombergNEF, “Covid-19 Indicators: Sustainability”, June 2020. Available on Bloomberg Terminal, accessed on June 24th, 2020.
6. See for example the proposed recovery plan for the European Union: https://ec.europa.eu/commission/press-corner/detail/en/ip_20_940, accessed June 25th, 2020.
7. Deloitte 2020, “Advancing environmental, social, and governance investing”, accessed June 25th, 2020.
8. See also the results of the previous edition of the Deloitte’s European CFO Survey dedicated to climate change, https://www2.deloitte.com/content/dam/Deloitte/de/Documents/risk/DI_Feeling-the-heat-sustainability.pdf, accessed June 24th, 2020.
9. Deloitte “Navigating the energy transition from disruption to growth”, May 2020, accessed June 25th, 2020.
10. Based on the answers given to the survey, we label as “advanced” companies that include ESG considerations into their strategy decisions, use ESG indicators to make the long-term case for their business and have a good understanding of the disclosures that matter most to their investors.
11. Moody’s, 2020, “ESG risks material in 33% of Moody’s 2019 private-sector issuer rating actions”, April 2020, accessed June 25th, 2020.
12. Deloitte, 2016 “Crunch time: Finance in a digital world”, accessed June 24th, 2020.
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About the authors
Dr. Michela Coppola | [email protected]
Michela is a senior economist and the research lead within the EMEA Research Centre. She liaises with partners around the firm to identify, scope and develop international thought leadership. Michela leads Deloitte’s European CFO Survey, working closely with local teams to ensure the European report provides relevant and valuable insights from both regional and national perspectives.
Before joining Deloitte, Michela developed thought leadership for Allianz Asset Management, with a focus on demographic changes and long-term savings and investments. Before that, she worked at the University of Mannheim and at the Max-Planck-Institute as a post-doctoral researcher. Michela has a PhD in economics.
Joep Rinkel | [email protected]
Joep is a sustainability oriented finance transformation professional, based in the Netherlands’– Amsterdam office. Being purpose-driven, he challenges CFOs and their finance functions, to enrich their core finance processes and to focus on stakeholder value. He is a Dutch Chartered Auditor and contributed to the NBA Public Management Letter – Climate is Financial.
At Deloitte, we help finance leaders and finance organisations leverage the potential of sustainability. We know that early adopters become the companies that thrive in the future. We help our clients identify those areas within their (finance) organisation where sustainability can create the highest impact, not only on their own business, but on society as a whole. For more information please visit Deloitte.com.
Deloitte services
Julien Rivals + 33 1 40 88 83 94 | [email protected]
Dr. Michela Coppola + 49 89 29036 8099 | [email protected]
Joep Rinkel + 31 882882836 | [email protected]
Contact usOur insights can help you take advantage of change. If you’re looking for fresh ideas to address your challenges, we should talk.
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Country contacts
AustriaGuido EperjesiDirector, Clients & Industries, Austria+43 1 537 00 2522 | [email protected]
Belgium
Thierry Van Schoubroeck Partner, Finance Transformation, Belgium+32 2 749 56 04 | [email protected]
Denmark
Kim Hendil Tegner CFO Programme Lead, Denmark+45 30 93 64 46 | [email protected]
Germany
Alexander Boersch Director, Head of Research, Deloitte GmbH+49 89 29036 8689 | [email protected]
Greece
Panagiotis Chormovitis Partner, Financial Advisory Services, Greece+30 210 6781 316 | [email protected]
Iceland
Haraldur Ingi Birgisson Clients & Industries Lead, Iceland+354 580 3305 | [email protected]
Ireland
Daniel GaffneyPartner, S&O Finance Transformation, Ireland+353 1 417 2349 | [email protected]
Italy
Riccardo RaffoPartner, CFO Programme Lead, Italy+39 028 332 2380 | [email protected]
Luxembourg
Pierre MassetPartner, CFO Service Lead, Luxembourg+352 451 452 756 | [email protected]
NetherlandsFrank GeelenPartner, CFO Programme Lead, Netherlands+31 882 884 659 | [email protected]
Norway
Andreas EngerHead of Monitor Deloitte, Norway+47 901 31 228 | [email protected]
Poland
Aleksandra PetrukCFO Programme Marketing Lead, Poland+48 660 580 371 | [email protected]
Portugal
Nelson FontainhasPartner, CFO Programme Lead, Portugal +351 2135 67100 | [email protected]
Russia
Ekaterina TrofimovaPartner, Head of Deloitte Insights in the CIS+7 495 787 0600 | [email protected]
Spain
Nuria FernandezSenior Manager, CFO Programme, Spain+34 9143 81811 | [email protected]
Sweden
Henrik NilssonPartner, CFO Survey Lead, Sweden+46 73 397 11 02 | [email protected]
Switzerland
Michael GramppChief Economist,Head of Research, Deloitte AG+41 582 796 817 | [email protected]
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Financing a sustainable transition
Acknowledgements
The authors would like to thank Chris Ruggeri, Risk and Financial advisory, Deloitte US, Eric Dugelay, Sustainability Services, Deloitte France, Thomas Krick, Sustainability Services, Deloitte Germany, and Alexander Boersch, Research, Deloitte Germany for their important contributions to the questionnaire.
We would also like to thank Catherine Saire, Risk Advisory, Deloitte France, Eric de Weerdt, Risk Advisory, Deloitte Netherlands, and Hesse McKechnie, Finance and Performance, Deloitte Netherlands for their valuable comments on previous versions of the article.
Financing a sustainable transition
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