Sustainable finance in Germany: mapping discourses, stakeholders, and policy initiatives

Berthold M. Kuhn

Journal of Sustainable Finance & Investment, 2022, vol. 12, issue 2, 497-524

Abstract: The topic of sustainable finance is of growing interest for political scientists as we witness a series of new policy initiatives, regulations, and campaigns at global, supranational, and national levels. This paper aims to contribute to a better understanding of discourses and initiatives related to the promotion of sustainable finance in Germany. It sheds light on the role and actions of different stakeholders in this field, including government-led policy initiatives, the banking and insurance sector, as well as nonprofit organisations and their networks. Interviews were carried out with three mainstream banks and one asset management group on how they are responding to this new trend in finance. For a long time, Germany has not been a frontrunner in sustainable finance but latest figures show a strong upward trend. This paper argues that many initiatives from different types of stakeholders, including civil society organisations, have contributed to broadening debates and deepening discourses and, thus, have promoted the mainstreaming of sustainable finance in Germany. Initiatives at the global level and at the level of the European Union, especially the EU Action Plan on Sustainable Finance, resonate well in Germany.

Date: 2022
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DOI: 10.1080/20430795.2020.1783151

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