Call for Proposals. Sustainable Financial Development Research on Financial Markets and Sustainability

Transcription

1 Call for Proposals Sustainable Financial Development Research on Financial Markets and Sustainability A call for applications within the Programme for Research on Financial Markets

2 2 1. General information about the call for proposals Vinnova is Sweden's innovation agency. We strengthen Sweden's innovativeness, aiding sustainable growth and benefiting society. Vinnova s vision is for Sweden to be a worldleading country in research and innovation and an attractive place in which to invest and conduct business. We promote collaborations between companies, universities, research institutes and the public sector. We do this by encouraging the increased utilisation of research results, by making long-term investments in strong research and innovation environments and by developing meeting places that promote interaction and spark creativity. The latest information about the call for proposals, the research programme and a link to the application can be found on the call for proposal's webpage at under For applicants, Calls for proposals. 2. Who may apply The Research on Financial Markets and Sustainability call for proposals is aimed at Swedish universities and research institutes in collaboration with private and/or public financial market stakeholders. By financial market stakeholders is meant private and public stakeholders with operations related to financial markets, such as banks, insurance companies, public authorities etc. The applicant (coordinator) and recipients of research grants are to be universities or research institutes. 3. Description 3.1 Background and details of the call for proposals This is the sixth call for proposals within the Programme for Research on Financial Markets. 1 This call for proposals is focused on financial markets and sustainable development. Policy makers have clearly expressed their desire for the financial system to contribute in achieving lofty goals within several policy areas. Since the financial sector functions as a key infrastructure that enables development and implementation of projects throughout society, it is important that the various stakeholders on the financial market weight environmental, social and company governance considerations in order to contribute to the global objectives for sustainable development. 1 During 2010, two calls for proposals were held within the Programme for Research on Financial Markets. The first call was The Centre for Research on Financial Markets. The second call was Industry-sponsored Doctoral Students within the Financial Sector. In 2011, the Research on Financial Consumer Services call for proposals was held. Research on Financial Stability and Regulations was the theme for the 2012 call for proposals.

3 3 Sustainability has increasingly become a higher priority on the political agenda and with this comes pressure fr the financial market to measure and handle both positive and negative external effects, called externalities. It is increasingly accepted that these questions will impact the results of companies and increasingly influence how progress is measured. As this trend grows, the need for new ways of measuring sustainability, risks and value creation from an economic, social and environmental social perspective also increases. The programme aims to fund research of high scientific quality and to develop research-based knowledge that contributes to better decision making by private and public finance market stakeholders. To ensure research is focused on questions relevant for Swedish financial market stakeholders, Vinnova has conducted a number of seminars with private and public financial market stakeholders. The questions examined here are: What does the new climate economy look like from an investor s perspective? How should this transition to a new climate economy be financed and who should pay? How are institutional investors impacted by new regulations and guidelines? How do we promote long-term value creation in the financial industry? Why are there gaps in demand and supply of sustainable investment objects? How should the assessment be conducted based on climate and environmental perspectives when, for example, granting credit or investing? How do you identify and differentiate between symbolic actions and activities that actually create sustainable development? How important is transparency and information on possible corruption when investing in growth markets? What is the importance of climate insurance, climate bonds, green bonds and other new financial instruments? What returns and reimbursements can be linked to climaterelated events? How do financial instruments contribute to sustainable development? How should sustainability be measured (including Corporate Social Responsibility (CSR), i.e. even such aspects as human rights and ethical investments) and what is the ultimate goal? How should standards for sustainability accounting be formulated? Can and should gender equality be included in sustainability accounting? When developing proposals for research projects for the call for proposals, applicants are encouraged to discuss questions with potential users and/or stakeholders that would be impacted by the knowledge that would be developed. Financial market stakeholders have also asked for research that critically examines how sustainability issues are currently being applied in the industry, e.g. whether these new instruments have the desired effect. Additionally, the issues that the financial market stakeholders raise are often so complex in nature that they often require cooperation across disciplines to achieve results that can be applied to real challenges in the financial industry. Based on the above questions, the purpose is therefore the following, see below.

4 4 3.2 Purpose The call for proposals aims to promote broader collaboration between the financial market s stakeholders 2 and stakeholders within research and innovation to achieve the global objectives for sustainable development. The project is to contribute to new or strengthen of existing competencies in relation to the international knowledge situation and thereby contribute to renewal and knowledge for decision makers in the financial market. Project proposals are to contribute to strengthening the financial system s ability to influence and achieve the global objectives for sustainable development. 3.3 Objectives Experience shows that an individual party rarely solves a social challenge on its own. Instead, collaboration between several parties is central to illuminating and finding innovative solutions. Collaboration is therefore an overall objective for this call for proposals. Stimulate multidisciplinary collaboration within finance-related research and other research areas and contribute to scientific renewal and quality. Increase the knowledge base about financial markets and their impact on sustainable challenges within multiple areas. Increase the understanding of how relations and networks within financial markets impact development of regulations. Increase the potential for utilisation of research results in both the short term and long term. Public and private industry players can make use of research results for, e.g., o Developing new services o Improving regulations o Creating a better understanding for the financial system o Understanding if and how to achieve long-term and sustainable returns o Disseminating knowledge of research results and how to utilise research results in general, and thereby to achieve a larger system impact Prerequisites for funding In Research on Financial Markets and Sustainability, Vinnova intends to fund projects up to SEK 2.5 million. Vinnova s support will be at most 50 per cent of the project s costs. The budget for the entire call for proposals is approximately SEK 10 million. A project may last at most three years. Applicants (coordinator) and recipients of research grants are to be universities or research institutes. 5. Timetable 2 Examples of market stakeholders are bankers, stock brokers, investors, credit brokers, insurance companies and pension funds. 3 Expertise, an effective exchange of knowledge and mutual learning in interaction between companies, research and policy are prerequisites for a well-functioning innovation system.

5 5 The following dates apply for this call for proposals. Please note that these dates are tentative. For the latest information, please visit the call for proposal's website. Research on Financial Markets and Sustainability Opening date: 22 June 2016 Information meeting at Vinnova: 30 August Application due date: 13 October p.m. (CET) Last date of decision: 15 November 2016 Earliest date for project commencement: Monday 9 January Formal requirements The following requirements are to be met before the application will be considered. There are to be at least two parties involved with an application, of which one is a financial market stakeholder. The applicant (coordinator) is to be a university or research institute with operations in Sweden. The applicant (coordinator) is to be the organisation where the research project is primarily conducted. Vinnova will only consider complete applications including CVs. Researchers based outside of Sweden may be included in the research project. In many cases, cooperating with researchers at foreign seats of learning can strengthen Swedish financial market research. 7. Assessment and assessment criteria The applications are assessed by an external assessment group comprised of international researchers and representatives from public and private financial market stakeholders. Vinnova will then make the formal decision about financing and will notify all applicants of its decision. The following criteria will be applied by Vinnova when assessing applications: 1. The potential (i.e. the significance of the results and impact if the project is successful) a. Stimulate multidisciplinary collaboration within finance-related research and other research areas. Contribute to scientific renewal and quality. b. Increase the understanding of how relations and networks within financial markets impact development of regulations. c. Broad and deep base of knowledge on financial markets and their relation to sustainable challenges within several areas. d. Enable public and private industry stakeholders to make use of the research results in the short and long term for, e.g., Developing new services Improving regulations

6 6 Creating a better understanding for the financial system e. Contribute to increased gender equality and diversity f. Understand if and how to achieve long-term and sustainable returns. 2. Implementation (i.e. how the project has been designed to achieve its expected results and impact goals) a. Realism and credibility of the project plan and budget. b. Approach, methodology and interaction between researchers and organisations in the project. c. Strategy and plan for disseminating and utilising the results within and beyond the project period. This includes different types of contacts, intermediaries and networks used to promote dissemination and utilisation. d. How well gender equality and diversity aspects are integrated into the project plan. e. Documented experience of leading interaction between the financial market and related players. 3 Constellation of parties (i.e., which parties within the area are involved and how cooperation between them has been organised to implement the project and achieve the project s expected results and impact goals) a. Competency, ability and commitment of the constellation s parties in relation to the project objectives and implementation. b. How well the project has been grounded and prepared in the participating organisations and how well it is linked to their internal strategy and development processes. c. The project manager's competency, ability and commitment to lead the project. d. How well the project team (key persons) is composed with respect to gender balance, including commitment and influence. e. Potential to improve the preconditions for more effective collaboration between academia and financial market stakeholders by creating networks between them. f. Broader collaboration between several parties for solving complex tasks will be prioritised. Vinnova will conduct a comprehensive assessment of the application based on these criteria.

7 7 8. Application 8.1 How to apply Applications are to be submitted electronically via the application service in Vinnova s eservices Portal. The portal is accessed through the call for proposals webpage on Vinnova's website. To be able to submit an application, the applicant must first create a user account with Vinnova. Using this account, the applicant can then log in to the application service. If the applicant already has a Vinnova user account, this account can be used to submit the application. Note that applications must be submitted no later that 2 p.m. (CET) on the last day of the application period, 13 October After this time, the application submission system closes and it is no longer possible to submit applications to Vinnova. After this time, no adjustments to the application may be submitted unless Vinnova requests such. Remember that it can take time to fill in, upload and submit an application, particularly if many applications are being submitted. For this reason, make sure to begin filling in your application well ahead of the deadline. Note that it is possible to save changes and additions up until the time the application is sent. For information about the application s details, see Application details below. 8.2 Application details The application consists of a number of electronic forms to be filled in by the applicant. Include a project description and an annex listing personnel with the application. Annexes should be submitted as PDF files. The project description should be no more than ten A4 pages, 12-point font. The application is to relate to the research front of the subject and also clearly define its benefit for the financial market stakeholders in the project. The application should be written in English since the selection process will involve foreign researchers and financial market stakeholders. The application is to include the following: Project title in Swedish and English Summary The project's purpose as relates to the call for proposal's purpose The project's objectivesas relates to the call for proposal's objectives The project s expected impact and benefit for the different participants and on the short and long terms Description of the project s relation to the research front Description of how knowledge transfer will occur to the co-financing financial market stakeholders and other possible stakeholders.

8 8 Implementation plan for the project, including schedule and activity plan, resource plan, budget and so on. Presentation of the project s financing including description of the character of the requested co-financing Corporate ID numbers and work sites for the project's parties The annexed list of personnel should contain relevant CVs for the project manager and other key individuals for the project s implementation. The annexed list of personnel may be at most five A4 pages with 12-point font. 9. Terms and conditions (see terms and conditions for eligible costs) You can read more about eligible expenses in the Guide to Vinnova s terms for eligible expenses, see Confidentiality of applications Applications for this call for proposals are generally public information, which the public has a right to access. This also applies to applications that are rejected. Vinnova's decisions and the reasons for its decisions are also public information. However, Vinnova is required to keep confidential all information about an individual's business and operating circumstances, inventions and research results if it can be assumed that the individual will suffer financial loss if the information is made public. The programme manager at Vinnova handling the applications is primarily responsible for assesses whether an application contains information which should be covered by confidentiality. More detailed information about what confidentiality rules apply to applications can be found on the Sekretess vid ansökningar page (in Swedish), which can be accessed from the call for proposal s web page. For more information, see Sekretess vid ansökningar under Hur man ansöker in the left column on the call for proposal s webpage. 11. Contact The contacts for this call for proposals are: Ebba Lindegren, programme and call for proposal manager, tel. +46(0) , ebba.lindegren@vinnova.se Bengt Larsson, programme assistant, tel. +46(0) , bengt.larsson@vinnova.se Vinnova's contact for questions about the online application service is: Vinnova s IT support, tel , ITsupport@Vinnova.se.