On 19 September 2024, the 8th Liechtenstein Workshop of Sustainable Finance took place at the University of Liechtenstein. The event brought together leading representatives from international academia and the regional economy to discuss the latest developments in the field of sustainable finance. The workshop was organized by Prof. Dr. Marco Menichetti, the initiator of the conference, together with his team.

As part of the event, academic papers were presented and the best contributions were honored with awards. These awards were presented by the long-time sponsors of the workshop: Bernd Hartmann from VP Bank, Karin Jehle from the LIFE Climate Foundation Liechtenstein, and Dr. Marcel Vaschauner from Liechtenstein Life Assurance.

The Best Paper Award, sponsored by VP Bank, was awarded to Lennart Sperling and Rainer Baule from FernUniversität in Hagen for their work "Transition Risk Premiums in Option Prices". The study examines how the risk of transitioning to a low-carbon economy — the so-called transition risk — is priced into stock options. The results show that the absolute value of this risk, measured by the so-called "carbon beta", influences option prices, but not the direction of the risk (green or brown). Particularly carbon-intensive firms carry a higher volatility premium, highlighting the role of transition risk for investors.

The Impact Award, sponsored by the LIFE Climate Foundation Liechtenstein, was awarded to Henry Flach and Christina E. Bannier from Justus Liebig University Giessen for their work "European Corporate Sustainability Reporting – The Financial Materiality Compass as an Auxiliary Tool". This work introduces the Financial Materiality Compass, a tool that helps companies better identify financially relevant sustainability information in their reporting. The research makes a valuable contribution to the current debate on European sustainability reporting and its effectiveness, especially in the context of the new requirements of the CSRD (Corporate Sustainability Reporting Directive).

The Climate Finance Award, sponsored by Liechtenstein Life Assurance, went to Julia Eckert from the University of Kassel and her co-authors Thomas Cauthorn, Anne Kellers, Christian Klein, and Bernhard Zwergel for their work "Do Sustainable Investors Get What They Ask For?". The study examines whether sustainable investors are actually offered investment products by advisors that align with their preferences and requirements. The findings reveal that in many cases, investors’ preferences are not fully considered, raising questions about the quality of financial advice and the implementation of regulatory requirements.

The workshop provided a unique opportunity to present research findings of international relevance while also fostering the exchange between academia and practice. The awarded papers offer important insights for the advancement of sustainable financial strategies and highlight the need for close collaboration to drive the global transition toward a more sustainable economy.