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The project Greening Investments in the Face of Climate Risk, supported by the Marianne and Marcus Wallenberg Foundation has two core objectives.

  • Understand the perceptions and motivations of investors and issuers in the green bond market in Sweden. The purpose is to gain a deeper understanding of how the financial sector can catalyze new investments in low-carbon and climate-resilient solutions. 
  • Investigate how climate risk is currently incorporated into financial decision making (with a focus on Norwegian actors). Here we want to understand how climate science and climate risk can be communicated in ways that meet the needs of institutional investors and asset managers.  

The project is a collaboration between the Stockholm Environment Institute, which focuses its work on green bonds, and CICERO in Norway, which works on climate risk. The project is mainly done through interviews with institutional investors, asset managers, green bond issuers, government regulators and with the head of the Swedish Government inquiry into green bonds.


  • Maltais, A., & Nykvist, B. (2020). Understanding the role of green bonds in advancing sustainability. Journal of Sustainable Finance & Investment, 1-20.
  • Vulturious, G., & Tuhkanen, H (forthcoming). Are green bonds funding the transition? Investigating the link between companies’ climate targets and green debt financing. Journal of Sustainable Finance & Investment.
  • Tuhkanen, H. (2020). Green bonds: a mechanism for bridging the adaptation gap? Stockholm: Stockholm Environment Institute.
  • Torvanger, A. B. (2019). Climate science for the financial sector: Managing climate risk in Norway and Sweden. Oslo: Report no. 15, CICERO.


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