The French Prudential Supervision and Resolution Authority (ACPR) together with the French Central Bank (Banque de France) conducted a voluntary climate stress testing pilot exercise from July 2020 to April 2021. It stress-tested 9 banking and 15 insurance groups in France over the following hypothesis:

  • 30-year long-term horizon covering the 2020–2050 period with a combination ;
  • A sector-specific approach covering 55 sectors of activity, for each scenario and each geographical area considered;
  • A combination of Static Balance Sheet from 2021–2025 and Dynamic Balance Sheet assumption from 2025–2050;
  • Three economic and energy transition risk scenarios (all reaching “net zero” emission);
  • One…


https://ukcop26.org/

From October 31st till November 12th, Glasgow will be the centre of the world for climate change mitigation. All the representatives of 195 signatory countries of the United Nations Framework Convention (UNFCCC) which was signed in the Rio Earth Summit in 1992 will be present there to discuss and review how are we doing in the fight with climate change.

It will be already a 26th meeting of the so called “Conference of the Parties (COP)” that has taken place every year since 1992 with the exception of last year due to the COVID pandemic.

Such conferences do not always…


In order to meet its 2030 climate and energy targets as defined in the European Green Deal, the European Commission has set out to align definitions, reporting and companies’ objectives with its Taxonomy for sustainable activities. It is a list of economic activities with performance criteria to assess the activities’ contribution toward six environmental objectives aiming to achieve EU toward climate neutrality by 2050:

  1. Climate change mitigation
  2. Climate change adaptation
  3. The sustainable use and protection of water and marine resources
  4. The transition to a circular economy
  5. Pollution prevention and control
  6. The protection and restoration of biodiversity and ecosystems

EU is…


Although a lot has been written about the positive impact of sustainable practices on the environment, the material impact of such practices on companies’ balance sheets and P&Ls has remained overshadowed.

The question therefore is, can sustainable practices have a positive material impact on companies’ financial performance? Although there are undoubtedly many various ways how the impact can be measured, we are examining the impact of Greemium, i.e. Green Premium from the perspective of “Green Bonds” issuance and “Green Marketing.”

Green Bonds

Green Bonds are financial instruments adhering to Green Bond Principles as well as to ESG standards. Green Bonds have started…


ESG or Environmental, Social and Governance practices have always been at the forefront of investment decisions either negatively or positively. However with the rise of readily available data, the ESG scores have moved from qualitative assessments to quantitative assessments equalling in its value the standard company measurement tools such as Balance Sheets, Profit & Loss statements and Cash Flow statements. Such available data sets include:

  • Satellite Imagery: Use of Solar/Wind Panels/Turbines, Waste deposited near factory unit, Deforestation over time
  • News & Social Media: Involvement with local communities and NGOs, Violation of GHG emissions norms, New CSR initiative launched, Strike by…


Korona-virová pandemie nevyhnutelně vyvolala potřebu změnit pracovní návyky jednotlivců. Mnoha zaměstnancům bylo ze dne na den nařízeno, ať pracují z domova, bez jakékoliv dřívější zkušenosti.

Na druhou stranu si společnosti díky Korona-krizi uvědomily, že zaměstnanci mohou pracovat z domova a i tak být stále produktivní. Hlavní přidanou hodnotou pracovišť tak zůstává možnost se socializovat a navazovat vztahy. Společnosti tak již uvažují o investicích do decentralizovaných pracovišť na bázi Co-workingu.

Vše zmíněné ovšem bude možné jen za nových podmínek, kterým se budou muset Co-workingová pracoviště přizbůsobit. Mezi hlavní změny se řadí:

  1. Digitalizace

Nová digitální nabídka, jako je například organizování virtuálních kurzů…


https://www.euronews.com/green/2020/09/09/what-is-greenwashing-and-why-is-it-a-problem

Carbon is the most abundant substance in the world. In the recent years, we could have seen a similar abundance of corporate pledges of becoming carbon neutral or even climate positive by 2030–2040–2050, frequently with the help of voluntary Carbon Offsets, also referred to as Carbon Credits. Although Europe has been so far going in the direction of the mandatory Emission Trading Scheme (EU-ETS) the interest in voluntary offsetting of one’s emisions has been steadily rising within the past few years.

This rise in popularity of Carbon Credits poses 2 challenges:

  1. proper understanding of Carbon Offsets through Carbon Credits
  2. risks…

  • Koronakrize znamenala pro lidstvo obrovskou výzvu s ohledem na omezení pohybu, styk s blízkými a obecné radosti jako například navštěvování kina. Lidé se proto začali více dívat na možnosti pořízení si mazlíčků, tak aby jim karanténa rychleji utekla. A jelikož měli více diskrečního příjmu, který neměli kde utratit, investovali jej do blaha svých mazlíčků. Výše zmíněné jsou hlavní motivátory za rekordním růstem trhu domácích mazlíčků, který láká investory po celém světě.
  • Trh mazlíčků zaznamenal růst v roce 2019 o zhruba 10 %, přičemž lze očekávat růst o zhruba 6 % v roce 2021. Největší zájem byl o jídlo pro kočky…

The Global warming is indisputably the key topic of the 21st century which is impacting all of us. However, the common understanding across the globe of the key levers that are either increasing or reducing the amount of Green House Gases in the atmosphere remains scarce.

What is not helping to improve the common understanding is also the plethora of standards of Carbon Accounting, sometimes also referred to as the 4th statement (after Balance Sheet, Profit & Loss, Cash Flow).

The standards are managed and produced by several leading world organisations; CDP, CDSB, GRI, IIRC, SASB as well as governmental…


Ačkoliv pandemie Koronaviru zasáhla nesmírně hluboko celé lidstvo, i přes to lze nalézt alespoň 2 hlavní pozitiva z minulého roku. Tím prvním je pozitivní dopad na přírodní prostředí, které dokázalo vstřebat alespoň trochu CO2 vyprodukovaného během posledních 100 let. Druhým pozitivem je pak osvícení lidí, že lze dělat věci digitálně.

Na toto téma navazuje i prohlášení Eurokomisařky Margrethe Vestager o plánu zavádět digitální peněženku pro evropské občany. Podobnou digitální formu identity má již Belgie a mimo Evropu na tom již delší dobu pracují i jiné země. …

Karel Kotoun

Financial Services & Entrepreneur

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