A transformative sovereign wealth fund functions like a long-term investor whose main objective is to contribute to the development and dissemination of a sustainable economy. It invests in companies or projects that are likely to contribute to reaching the goals of the Paris climate agreement (e.g. in the areas of sustainable materials, storage technology, and sustainable mobility). Investments are guided by strict sustainability criteria, which are constantly refined by a democratic board. Revenues are used to finance structural and social policy measures. And the fund is financed on the one hand by a price on CO2 to tax current emissions and on the other by an inheritance tax to account for past emissions.
The workshop will focus on the following questions:
- Does a transformative sovereign wealth fund have the potential to foster additional investments?
- How can a transformative sovereign wealth fund pick the most promising companies for transformation?
- How can it be governed democratically, efficiently and at low cost?
- How can sustainable public investments be made compatible with European law?
The workshop consists of an introduction to the proposal and a presentation about the sustainability of Norway’s major sovereign wealth fund. After that, there will be two open discussion rounds where individual contributions are integrated. The participants will include economists with expertise on sustainability valuation, experts from sustainable finance, investments and sustainability ratings, lawyers, and representatives from the German Ministries of Finance and the Environment.
Please contact David Löw Beer if you would like to participate.
List of external participants:
- Prof. Claus Leggewie, University of Gießen, Co-Director of the Käte Hamburger Kolleg "Center for Global Cooperation Research", IASS Senior Fellow
- Prof. John Schellnhuber, Director of the Potsdam Institute for Climate Impact Research
- Dr Maja Göpel and Dr Teresa Schlüter, German Advisory Council on Global Change (WBGU)
- Prof. Sjafjell (Oslo University, head of the project Sustainable Market Actors for Responsible Trade (SMART)
- Dr Linda Bergset, Borderstep Institute, support systems for sustainable Business start-ups and Green Start-Up Investment Alliance
- Dr. Jörg Meyer-Ries, head of a division on general aspects of environmental and sustainability policy at the Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB)
- Prof. Sylvia Kreibiehl, Co-Head of the Frankfurt School - UNEP Collaborating Centre for Climate & Sustainable Energy Finance
- Dr. Natalia Besedovsky, University of Hamburg, sociologist specialising in societal analysis and social change
- Dr Georg Horntrich, Director of Studies in Economics and Finance at the Katholische Akademie Rabanus Maurus
- Jun.- Prof. Dr Moritz Drupp, Economist, University of Hamburg
- Claudia Tober, Masrid Nasri: Forum nachhaltige Geldanlagen e.V.
- N.N., Borderstep Institute, GreenUp Invest, Start Green
- Andreas Kraemer, Senior Fellow Mercator Stiftung, founder of the ecologic Institute, Berlin, Chair of the Advisory Board of OekoWorld
- Christoph von Donat, Lawyer, subsidy law specialist, Müller-Wrede & Partner
- N.N, German Ministry of Finance, international environmental and climate protection
Publication on the topic:
- Löw Beer, D., Schlüter, T., Vinke, K., Farrell, K. N. (2018): Transformationsfonds für die Nachhaltigkeitswende. - Leviathan, 46, 3, p. 309-335.