HSG research project focuses on non-governmental influence on banks in the green transition

The financial sector plays an ambivalent key role in the fight against climate change. On the one hand, banks contribute to global warming by financing fossil fuels, but on the other hand, they are indispensable for redirecting capital into clean technologies such as renewable energies. In addition to government regulations, pressure on banks from other actors is growing. The “climateB” research project will investigate the extent to which pressure from active investors, civil society actors such as non-governmental organisations, and voluntary industry associations influences the strategic decisions and financial flows of banks. The aim is not only to shed light on the promises made by banks, but also to empirically verify whether these words are followed by actions in the context of financing.

Long-term analysis of 1,000 banks worldwide

Their approach is two-pronged: in a comprehensive long-term analysis, data over 10 years and from the 1,000 largest banks worldwide will be evaluated to identify patterns in the financing of the energy sector. In addition, the researchers will conduct interviews with bank strategists to understand how these decision-makers perceive and how they process external pressure. The research project is led by Prof. Dr Adrian Rinscheid and Prof. Dr Roy Gava from the School of Economics and Political Science at the University of St.Gallen (HSG). They are supported by the United Nations Environment Programme Finance Initiative (UNEP FI) and WWF Switzerland. The project budget amounts to 600,000 Swiss francs (CHF). In addition to smaller contributions from the Swiss National Science Foundation (SNF) and the HSG Basic Research Fund, “climateB” is mainly financed by the Swiss Network for International Studies (SNIS) with around CHF 300,000.

Public panel discussion at HSG

The research project will kick off with the symposium "Banking on climate action" on the 5 and 6 February 2026 at HSG. Researchers from all over Europe will meet with experts from the banking sector and civil society to discuss the role of banks in the green transformation. The symposium will be open to the general public. In the Grand Senate Hall, external project partner Prof. Dr. Zacharias Sautner from the University of Zurich will present current research on the financial sector's contribution to a sustainable future, before a panel discussion that will delve deeper into how civil society can influence strategic decisions made by banks.