50 Business Spotlight 3/2020 LANGUAGE
Foto: ismagilov/iStock.com; Gert Krautbauerasset manager
[(Äset )mÄnIdZE]
, Vermögensverwalter(in)
blank [blÄNk]
, leer; hier: verständnislos
call [kO:l] , hier: Forderung
carbon tax [(kA:bEn tÄks]
, CO 2 -Steuer
clean up one’s act
[)kli:n Vp wVnz (Äkt] ifml.
, sich grundlegend
bessern
corporate bond
[)kO:pErEt (bQnd]
, Unternehmensanleihecorporate governance
[)kO:pErEt (gVv&nEns]
, wertorientierte
Unternehmensführung
disinvest from sb./sth.
[)dIsIn(vest frQm]
, Investitionen von
jmdm./etw. abziehen
greenwash sth.
[(gri:nwQS] , etw. ein
grünes Image geben
issue (bonds) [(ISu:]
, (Anleihen) ausgeben
monitor sth. [(mQnItE]
, etw. kontrollierenpursue sth. [pE(sju:]
, etw. verfolgen
quantitative easing (QE)
[)kwQntItEtIv (i:zIN]
, monetäre Lockerung
red-hot [)red (hQt]
, hier: brandaktuell
sovereign bond [)sQvrIn
(bQnd] , Staatsanleihe
uncontroversial
[)VnkQntrE(v§:S&l]
, unumstritten
up one’s game
[)Vp wVnz (geIm]
, seinen Einsatz erhöhenLANGUAGE
TALKING FINANCEGoing green
Nachdem es schon in der letzten Ausgabe in dieser Rubrik um Geld
und seine Farben ging, erklärt IAN MCMASTER nun näher, welche
Verbindung zwischen Grün und der Finanzwelt besteht.
ADVANCED AUDIOI
n the last issue, we discussed the
many colours of money, including
black, blue and pink. Here, we look
at the red-hot topic of green finance.
When I came to Germany in 1989,
I asked my bank about ethical funds
— those that avoided companies that
produced weapons, cigarettes or nu-
clear power. I was met with blank faces.
Today, discussions of “ESG” standards
— environmental, social and (corporate)
governance — are everywhere.
Asset managers are under pressure to
take action on green issues — disinvest-
ing from companies with poor environ-
mental records, encouraging CEOs to up
their environmental games and actively
investing in environmentally friendly
firms.
At the same time, many governments
— including those in France, Poland and
the Netherlands — have issued “green
sovereign bonds” to finance projects for
public transport and renewable energy.
There have also been calls for “green
central banking” — the idea that central
banks should pay more attention to the
environment. Christine Lagarde, the new
president of the European Central Bank
(ECB), has described the issue of climate
change as “mission critical”.
One uncontroversial proposal is that
central banks should monitor risks to
individual financial institutions and the
financial system — either from natural
disasters such as fires or flooding (forIAN MCMASTER
is editor-in-chief
of Business
Spotlight.Contact:
i.mcmaster@
spotlight-verlag.deexample, from insurance claims) or from the impact of govern-
ment policies (such as carbon taxes) on share prices.
More controversial is the proposal that central banks should
promote green policies through “green quantitative easing
(QE)”. This would mean that, when buying corporate bonds as
part of their strategy of managing interest rates, central banks
would avoid the “brown bonds” of environmentally destructive
firms and buy the “green bonds” of environmentally friendly
firms. (A more radical version of “green QE” would be for cen-
tral banks to create large quantities of new money and invest it
directly in green projects.)
One problem is the definition of “environmentally friendly”.
Particularly problematic are “transition bonds”, issued by com-
panies with poor environmental records that want to clean up
their act, for example by reducing their carbon emissions. Envi-
ronmental campaigners see the danger of “greenwashing”, with
firms using the green label to improve their image.
Opponents of central bank green activism argue that only
governments have the democratic mandate to pursue environ-
mental aims. But the pressure for action — on asset managers,
governments and central banks — is only likely to increase.AUDIO
You can hear Ian
McMaster talking
about green finance
and other news
topics on Business
Spotlight Audio. To
order, go to http://www.
aboshop.spotlight-
verlag.de