Modern society is faced with the complex and intractable challenge of global warming, along with other environmental issues that could potentially alter our way of life if not managed properly. Is it possible that financial markets and equity investors could have a huge part to play in the transformation towards a greener and more sustainable world? Previous studies about investment strategies regarding sustainability have for the most part been centered around possibly less objective ESG-scores or around carbon and GHG-emissions only, with little or no consideration for water usage and waste management. This thesis aims to amend to the previous work on carbon reducing strategies and ESG-investing with the addition of water usage and waste management, especically using raw data of these measures instead of ESG-ratings. Index replicating portfolios have become more and more popular as it proves harder and harder to beat the index, offering good returns along with cheap and uncomplicated portfolio construction and management. In a trending market, the fear of missing out and the demand for market return can make an index replicating strategy a way for investors to have market exposure but still remain diversied and without confusion about which horses to bet on. This thesis studies the relationship between tracking-error and the increase of sustainability in a portfolio through reduction of the intensity of carbon emissions, water usages and poor waste management. To be able to make a fair comparison, these measures are normalized by dividing each measure by the reported annual revenue. These three obtained intensities are then implemented individually, as well as all together into index replicating portfolios in order to study the effect from decreasing them. First and foremost we study the effect on the tracking-error, but also the effects on returns and volatility. We also study the effect on liquidity and turnover in the portfolios to show that it is possible to implement extensive sustainability increasing methods into an index replication equity portfolio. We follow the UCITS-directory to avoid overweightin specic companies and only allow the portfolios to overweight a sector with maximum 2%, in order to avoid an unwanted exposure to sectors with naturally lower intensities. The portfolios are obtained by using a multi-factor risk model to predict the expected statistical behaviour in relation to the chosen factors. Followed by applying Markowitz Modern Portfolio Theory through a convex optimization problem with the objective function to minimize tracking-error. All displayed portfolios had stable and convex optimization and were compliant with the UCITS-directory. We limited our study to only North American stocks and chose the index "MCSI NA" to replicate. Only stocks that were a part of the index were allowed to invest in and we did not allow negative weights for any stocks. The portfolios were constructed and backtested for the period 2014-12-01 until 2019-03-01 with rebalancing quarterly at the same points in time that the index is rebalanced by MCSI. We found that it was possible to implement extensive sustainability considerations into the portfolios and still keep a high correlation with the index whilst keeping low tracking-errors. We believe that most index replicating investors should be able to implement reductions of above mentioned intensities of about 40-60% without compromising tracking-errors,returns and volatility too much. We found evidence that during this time and in this market our low-intensities portfolios would have overperformed the index. We also found that returns increased and volatility decreased as we increased the reduction of each individual measure and all three collectively. Reducing carbon intensity seemed to drive positive returns and lower volatility the most, but we also observed apositive effect from reduction of all intensities. Our belief before conducting this study was that sustainability should have a negative effect on returns due to the limitation of the feasible area of investing. This motivated us to build portfolios with intent to makeup for these lesser returns and hopefully "beat the index". This failed in almost all cases and the only way we were able to beat the index were through implementing sustainability in our portfolios.

In the field of sustainable finance, Environmental-, Social- and Governance-ratings (ESG) have become an acknowledged measurement of a firm's sustainability performance. The increased awareness of sustainability issues in today's society is undeniable. However, based upon contradicting results from previous research, it was uncertain if investors were rewarding a firm’s sustainability efforts in the form of a lower cost of equity. The purpose of this thesis has therefore been to examine the relationship between sustainability, risk and valuation as well as stock-price behavior in times of crisis regarding large firms publicly listed in the Nordic countries. In order to fulfil the purpose, various multiple regression models have been conducted on quarterly data from the period between 2011 to 2020. The approach chosen to examine if ESG has a relation to the cost of equity has been to calculate the implied cost of equity inferred from consensus forecasts of future financial development and stock price at each point in time, also known as the ex-ante cost of equity. Since the independent variable ESG-score was not likely to be the sole variable to affect the independent variables in our multivariate regression models, we have followed previous studies in the choice of control variables. The empirical results of this study showed a significantly negative relationship between a firm’s ESG-score and the cost of equity. In addition, our results showed a significantly positive relationship between a firm’s ESG-score and both the price-to-earnings ratio as well as the price-to-book ratio while no significant relationship between a firm’s ESG-score and the enterprise value to earnings before interest and taxes ratio could be established. Finally, the results of this thesis showed that firms with a greater ESG-score generated excess returns during the latest market turmoil of 2020 caused by the Covid-19 outbreak. This thesis challenges the value-destruction view of ESG-efforts since our results indicate that investors are pricing sustainability risk with a negative risk premium in line with the value creation approach. No causality test has been performed during this study, however several possible mechanisms by which ESG impacts the valuation and crisis resistance have been discussed based upon previous research and the theoretical framework. We argue for the reduced cost of equity to reflect diminished information asymmetry, a larger investor base, improved growth and cash-flow opportunities as well as reduced risk for litigations as aconsequence of a more sustainable business conduct. To the best of our knowledge, no previous study on the topic has been conducted on the Nordic markets. This study fills thus a research gap on the relation between sustainability, risk andequity market valuation and we sincerely hope to have contributed to academia with new approaches.

The theoretical and practical importance of working capital management (Sharma & Kumar, 2011) and its strong link with the firm’s financial stability (Wang et al., 2020, p. 2; Kamel 2015, p. 35) make it one of the most important functional areas of corporate finance. Although literature and the corporate world recognize corporate sustainability mainly through corporate social responsibility (CSR), ESG emerged in the recent past and quickly made its strong footfall as an indicator of corporate sustainability. Literature is evident that studies have mainly focused on studying both working capital management (WCM) and corporate sustainability in relation to firm financial performance (FFP), while scant research has assessed the relationship between WCM and corporate sustainability (Barros et al., 2022, p. 1). The primary purpose of this study is to examine the relationship between corporate sustainability and WCM in the Swedish market to fill this gap in the literature and contribute to the existing body of knowledge on the subject matter through its findings, especially with reference to the use of ESG rating scores.  The relationship was examined through the quantitative approach. Sample data was comprised of 418 firm-year observations retrieved from Refinitiv Eikon on 38 firms listed on Nasdaq Stockholm between 2010-2020. ESG rating scores were used to measure corporate sustainability, while two proxy measures; cash conversion cycle (CCC) and working capital requirements (WCR) were for WCM. Stata software was used to find the results of the study by running the pertinent regression models using robust standard errors. Various statistical tests were performed to satisfy all the OLS classical assumptions. The empirical results of our study revealed mixed findings. The findings connected to CCC indicated no statistically significant relationship between ESG scores and CCC which allowed us to conclude that sustainable firms in Sweden do not operate with a shorter CCC (or cash cycle). The findings connected to WCR indicated a significant negative relationship of WCR with the environmental and social score, however no relationship with ESG and governance scores. These results allowed us to conclude that sustainable firms in Sweden are able to operate with WCR (or cash requirements), however, these effects entirely come from the environmental and social pillars, which indirectly implies more sustainable firms can operate with lower levels of debt than their counterparts. Since we found no significant effect from the ESG scores for both CCC and WCR, our findings were partially in line with the shareholder theory, the stakeholders’ theory, and the legitimacy theory we used as theoretical references in our study. The overall findings of our study allow us to suggest sustainable firms in Sweden reconsider their working capital policy decisions to achieve working capital efficiency (a shorter cash cycle) while staying aligned with their sustainability goals.

Insufficient ESG information has been identified as a barrier in the transition towards a climate-neutral economy. This topic recently gained new interest, with the EU Commission implementing an action plan to finance sustainable growth. For the first time, the EU Commission has introduced a taxonomy that classifies whether or not an economic activity is sustainable - a potentially substantial addition to the field of ESG reporting. Financial market participants are initially targeted by the demands of disclosing taxonomy alignment of all affected activities. Due to the significant mandate that financiers hold as intermediates, their perspective on ESG disclosure is key to sorting out the complexity of non-financial transparency. The purpose of this thesis is to identify financiers’ current challenges within ESG reporting, and to indicate how the EU taxonomy will impact this context. A qualitative study was carried out with an aim to gather the perspectives of Swedish banks that provide portfolio management. 20 interviews with industry professionals were held, in order to illuminate internal obstacles and viewpoints in the banks’ operative businesses. The empirical data was thematically analyzed and discussed in regard to the Swedish finance industry as a whole. The findings present that the current challenges with ESG reporting firstly lie in a lack of comparability and clarity in the disclosure process. Secondly, there are difficulties with integration due to the tensions that underlie the financial purposes of most businesses. Despite the fact that shorter-term challenges are expected to remain with the taxonomy, mainly in the form of access to data and communication, the taxonomy is generally received as a long-awaited common language. The taxonomy contributes with standardization and structure to this setting and shows promise of integrational effects due to its activity-centered focus. Although the satisfaction of information needs will not entail change in itself, it is deemed necessary to obtain transparency in order for a subsequent environmental transition to take place. / Bristfällig ESG-information har identifierats som ett hinder i omställningen mot en klimatneutral ekonomi. Detta område har på sistone mötts av ett ökat intresse, i och med EU Kommissionens handlingsplan för att finansiera hållbar tillväxt. Mer specifikt introduceras för första gången en taxonomi, vilken klassificerar hur en ekonomisk aktivitet skall bedömas som hållbar - ett potentiellt signifikant tillägg till ESG-redovisning i stort. Initialt omfattas finansmarknadsaktörer av kraven att redovisa berörda aktiviteters överensstämmelse med taxonomins gränsvärden. I och med det betydande mandat som finansiärer innehar som intermediärer, är deras perspektiv på ESG redovisning mycket betydelsefullt i förståelsen av komplexiteten som kringligger icke-finansiell transparens. Syftet med denna studie är att identifiera finansiärers nuvarande utmaningar inom ESG redovisning, samt att indikera hur EU taxonomin kommer påverka dessa aktiviteter. En kvalitativ studie har genomförts med syftet att ansamla perspektiven av svenska banker som tillhandahåller portföljförvaltning. 20 intervjuer hölls med individer verksamma inom branschen, för att kunna identifiera interna hinder och synvinklar från bankernas operativa verksamhet. Den empiriska datan analyserades sedan tematiskt och diskuterades i förhållande till den svenska finansindustrin i stort. Resultaten visar att de nuvarande utmaningarna inom ESG-redovisning härleds dels till en brist på jämförbarhet och klarhet i redovisningsprocessen, och dels till svårigheter att integrera arbetet i och med intressekonflikter som underbygger de finansiella syftena av företag. Trots faktumet att vissa svårigheter på kortare sikt väntas kvarstå med införandet av taxonomin, framförallt inom datatillgång och kommunikation, så mottar branschen taxonomin som ett efterlängtat gemensamt språk. Taxonomin bidrar med standardisering och struktur till redovisningslandskapet, och dess aktivitetsfokus visar på lovande integrationsmässiga effekter. Tillfredsställandet av informationsbehov innebär visserligen inte någon förändring i sig, men upprättandet av förhöjd transparens ses som direkt nödvändigt för att möjliggöra en efterföljande transition mot mer hållbara industrier.

The interest for green investments has risen rapidly in the past years and with it, the green bond market. In line with the EU’s new Green Deal for a sustainable future, a Taxonomy of sustainable activities has been released along with a complementary green bond framework, the EU Green bond standard (EU GBS). Within the literature, there is a consensus that the green bond market has not yet reached its full potential and a number of obstacles for market growth have been identified. The new EU GBS is predicted to have an impact on the market, but it is not clear what it will look like, what role it will take on the market, and if it has the prerequisites to become the new market praxis framework. As the EU GBS will have an impact on the market, it could also have an impact on the obstacles for market growth. It is also at this stage uncertain if the EU GBS will contribute with new obstacles. Findings show that the EU GBS does have the prerequisites to become the standard framework on the market. It has advantages in being closely linked to the mandatory Taxonomy as well as a credible organization behind it. However, there are many other options, and it may be difficult for some issuers to issue an EU GBS as the criteria is set high. The EU GBS could help overcome some of the obstacles, but could also make some worse. It could open some doors, such as new sectors for green bonds and a common standard among European countries which could simplify the process. However, the uncertainty around it, the highly set thresholds and the do no significant harm criteria could decrease its growth. There are also issues around possible sub optimization and its credibility due to the notable presence of politics in the decision-making process. / Intresset för gröna investeringar har snabbt ökat de senaste åren och således även intresset för gröna obligationer. I linje med EU:s nya Green Deal för en hållbar framtid har en taxonomi för hållbara aktiviteter släppts tillsammans med en kompletterande ramverk för gröna obligationer, EU Green bond standard (EU GBS). Inom litteraturen råder det enighet om att den gröna obligationsmarknaden ännu inte har nått sin fulla potential och ett antal hinder för marknadstillväxt har identifierats. Det nya EU GBS förutspås ha en inverkan på marknaden, men det är inte klart hur den kommer att se ut, vilken roll EU GBS kommer att ta och om ramverket har förutsättningar för att bli marknadspraxis. Eftersom EU GBS kommer att påverka marknaden kan det också komma att påverka hindren för marknadstillväxt. Det är också i detta skede osäkert om EU GBS kommer att bidra med nya hinder. Resultaten visar att EU GBS har förutsättningar att bli marknadspraxis. En av dess fördelar är sin nära koppling till den obligatoriska taxonomin såväl som en trovärdig organisation som står bakom. Det finns dock många andra alternativ och det kan vara svårt för vissa emittenter att utfärda ett EU GBS eftersom kriterierna är höga. EU GBS kan hjälpa till att övervinna några av hindren, men kan också arbeta emot dem. Ramverket kan öppna vissa dörrar, till exempel för nya sektorer för gröna obligationer och en gemensam standard för europeiska länder som kan förenkla processen. Osäkerheterna kring ramverket, de högt ställda tröskelvärdena samt ”do no significant harm”-kriterierna skulle dock kunna minska tillväxten av den gröna obligationsmarknaden. Det finns också frågor kring möjlig suboptimering och Taxonomins trovärdighet på grund av den politiska inblandningen i beslutsprocessen.

Corporate Social Responsibility (CSR) och hållbarhet i finanssektorn har under de senaste åren blivit en mycket omdiskuterad fråga. I denna studie har jag undersökt vilka hållbarhetsrelaterade utmaningar som finns inför framtiden för den svenska finansmarknaden. Genom att titta på de finansiella aktörerna Swedbank, Folksam och Söderberg & Partners verksamheter samt prata med deras respektive hållbarhetschefer har det framkommit flera utmaningar. En av dem är att kunna hantera de risker som en omställning från en icke hållbar verksamhet till en hållbar verksamhet innebär. En annan utmaning är att förstå den effekten ens handlingar leder till i det långa loppet. Genom en granskning av EU-kommissionens rapport och handlingsplan gällande finanssektorns viktiga roll i att klara klimatmålen för år 2030 har det även framkommit fler utmaningar och möjligheter för den finansiella marknaden att utveckla sina verksamheter.Studien visar också att ordet CSR inte används i finansbranschen längre utan att de använder sig av ordet hållbarhet. Endast i ett avseende pratar företagen om CSR och inte hållbarhet. Det är när företagen tänker på filantropiska aktiviteter. / Corporate Social Responsibility (CSR) and sustainability in the financial sector has in recent years become a highly discussed issue. In this study I have investigated the sustainability-related challenges facing the future of the Swedish financial market. By looking at the financial actors Swedbank, Folksam and Söderberg & Partners operations as well as talking with their respective sustainability managers, several challenges have been identified. One of them is being able to handle the risks that are involved in a shift from a non-sustainable business into a sustainable business. Another challenge is to understand the effect that one's actions lead to in the long run. A review of the EU Commission's report and action plan on the important role of the financial sector in meeting climate targets by 2030 has also revealed more challenges and opportunities for the financial market to develop its operations.The study also shows that the word CSR is not used in the financial sector anymore. They are using the word sustainability. Only in one perspective, companies talk about CSR and not sustainability. This is when companies talk about their philanthropic activities.

[pt] O oceano é um ecossistema fundamental para a sobrevivência dos humanos e não humanos. Todavia, vem sendo explorado de forma desordenada e sufocado com poluição plástica, como demonstram diagnósticos recentes, elaborados na Década do Oceano, inclusive em relação ao cenário brasileiro. Nesse período, pretende-se alavancar ações para alcançar um oceano saudável e produtivo, entre outros atributos, mediante integração e colaboração entre diversos atores, inclusive as instituições financeiras, que dispõem de recursos para financiar sua execução. O presente trabalho objetiva demonstrar como o Planejamento Espacial Marinho, cujo estudo para implementação do Projeto-Piloto na região sul do país será apoiado pelo Banco Nacional de Desenvolvimento Econômico e Social (BNDES), poderá, além de servir de base para a adequada regulação do uso sustentável do oceano, também acelerar o combate à poluição plástica nesse ecossistema, induzindo a ampliação de ações voltadas à gestão de resíduos sólidos, nele planejadas. Esse efeito adicional poderá ser alcançado porque esse planejamento será desenvolvido com base ecossistêmica e observando a integração entre as políticas públicas marinhas e terrestres já existentes, além de considerar todas as questões que afetam o oceano. A Convenção das Nações Unidas sobre Diversidade Biológica definiu a base ecossistêmica como uma estratégia para a gestão integrada da terra, da água e dos recursos vivos, que promove a conservação e o uso sustentável, de um modo equitativo. No âmbito do referido financiamento, deverão ser produzidos cadernos técnicos setoriais, entre os quais sobre meio ambiente e mudança do clima, analisando, inclusive, a poluição marinha e como esse problema ambiental e social pode afetar o uso econômico do oceano. Assim, aliando essa iniciativa a outras que já são apoiadas, em linha com sua missão socioambiental, o BNDES irá induzir transformações relevantes, ao colaborar para a efetividade da Política Nacional de Resíduos Sólidos, necessária para o desenvolvimento da Economia Azul e a consequente sustentabilidade do oceano. / [en] The ocean is a fundamental ecosystem for the survival of humans and non-humans. However, it has been exploited in a disorderly way and suffocated with plastic pollution, as shown by recent diagnoses, elaborated in the Ocean Decade, including in relation to the Brazilian scenario. During this period, the intention is to leverage actions to achieve a healthy and productive ocean, among other attributes, through integration and collaboration between different actors, including financial institutions, which have resources to finance its execution. This work aims to demonstrate how the Marine Spatial Planning, whose study for the implementation of the Pilot Project in the southern region of the country will be supported by the National Bank for Economic and Social Development (BNDES), may, in addition to providing for the regulation of ocean use, also accelerate the combat against plastic pollution in this ecosystem, inducing the expansion of actions aimed at solid waste management in Brazil. This additional effect can be achieved because this planning will be developed based on ecosystem and observing the integration between existing marine and terrestrial public policies, in addition to considering all issues that affect the ocean. The United Nations Convention on Biological Diversity defined the ecosystem base as a strategy for the integrated management of land, water and living resources that promotes conservation and sustainable use in an equitable way. In this financing, should be produced a sectoral notebook about the environmental and climate change, including analyzing marine pollution and how this environmental and social problem can affect the economic use of the ocean. Thus, combining this initiative with others that are already supported, in line with its socio-environmental mission, the BNDES will induce relevant transformations, by collaborating for the effectiveness of the National Solid Waste Policy, necessary for the development of the Blue Economy and the consequent sustainability of the ocean.

Environmental changes and social instability are two great challenges of today’s society. The development of the sustainable bond market is a response to these. The demand is strong but there is no clear definition of the instruments and there is no standardised way of measuring the effect of them. The purpose of this thesis is thus to study the impact of sustainable bonds, and ways to communicate it to stakeholders. The research consists of nine interviews and the results are analysed in alignment with theoretical frameworks and models evaluated in a literature review. The key findings focus on suggestions for measures and creating a common language for reporting. The main recommendation for the commissioner is to undertake the following three steps: 1) Collect and aggregate all raw data from issuers into their systems. 2) Create harmonised values of the data. 3) Include soft and general values in the calculations. / Klimatförändringar och social osäkerhet är två stora utmaningar i dagens samhälle. Utvecklingen av hållbara obligationer är en följd av dessa. Efterfrågan är stark men det finns ingen tydlig definition av instrumenten och det finns inget standardiserat sätt att mäta effekten av dem. Syftet med denna studie är därför att undersöka påverkan av hållbara obligationer samt sätt att kommunicera dem till intressenter. Forskningen består av nio intervjuer och resultaten är analyserade i linje med de teoretiska ramverk samt modeller som utvärderas i litteraturstudien. Nyckelresultaten fokuserar på förslag till mätetal samt skapandet av ett gemensamt språk för rapportering. Huvudrekommendationen till uppdragsgivaren är att ta sig an följande tre steg: 1) Samla och aggregera rådata från emittenter i system. 2) Harmonisera data så att den är jämförbar. 3) Inkludera mjuka och generella värden i beräkningar.

The construction and real estate sector accounts for a significant part of Sweden's total greenhouse gas emissions. Swedish real estate companies play a leading role in the climate transition and represent more than half of the Swedish market for green corporate bonds. International initiatives such as the UN's Agenda 2030, the Paris Agreement, and the EU's Green Taxonomy Regulation promote sustainable development and the identification of sustainable investments. The taxonomy regulation directs investments towards sustainability, which, along with growing global demand, impacts the market for sustainability linked loans.  The thesis aims to investigate the motives and driving forces behind Swedish property companies and banks' participation in sustainability linked loans, their application and impact on their sustainability work, and potential challenges and future prospects for these loans in Sweden. This thesis is based on a qualitative research method and includes seven interviews with respondents from two different stakeholder groups; lenders (banks) and borrowers (property companies). A literature study has been prepared to provide insight into sustainability linked loans and the market's characteristics. The collected empirical material has then been analyzed based on Corporate Social Responsibility (CSR) and Signaling theory. The conclusions are based on the study's empirical data and discussion. The conclusions drawn are that sustainability linked loans play a significant role in Swedish real estate companies' sustainability work by offering financial incentives, strengthening the companies' strategies, and increasing transparency. Banks and property companies see advantages in the form of better conditions and a stronger link between sustainability efforts and financial benefits. Challenges for the future include transparency and the risk of greenwashing. The implementation of the EU's CSRD and ESRS is expected to address these challenges. Despite this, sustainability linked loans are expected to continue to grow and be demanded by more industries. / Bygg- och fastighetssektorn står för en betydande del av Sveriges totala utsläpp av växthusgaser. Svenska fastighetsbolag spelar en ledande roll i klimatomställningen och dominerar mer än hälften av den svenska marknaden för gröna företagsobligationer. Internationella initiativ som FN:s Agenda 2030, Parisavtalet och EU:s gröna taxonomiförordning, främjar hållbar utveckling och identifiering av hållbara investeringar. Taxonomiförordningen styr investeringar mot hållbarhet, vilket tillsammans med växande global efterfrågan påverkar marknaden för hållbarhetslänkade lån.  Uppsatsen syftar i att undersöka motiv och drivkrafter bakom svenska fastighetsbolags och bankers deltagande i hållbarhetslänkade lån, deras tillämpning och inverkan på deras hållbarhetsarbete, samt eventuella utmaningar och framtidsutsikter för dessa lån i Sverige. Denna uppsats baseras på en kvalitativ forskningsmetod och inkluderar sju intervjuer med respondenter från två olika intressentgrupper; långivare (banker) och låntagare (fastighetsbolag). En litteraturstudie har utarbetats för att ge insikt i hållbarhetslänkade lån och marknadens karaktärsdrag. Det insamlade empiriska materialet har sedan analyserats utifrån Företagens sociala ansvar (CSR) och signaleringsteori. Slutsatserna baseras på studiens empiri och diskussion. Slutsatserna som dras är att hållbarhetslänkade lån spelar en betydande roll för svenska fastighetsbolags hållbarhetsarbete genom att erbjuda ekonomiska incitament, stärka företagens strategier och öka transparensen. Banker och fastighetsbolag ser fördelar i form av bättre villkor och en starkare koppling mellan hållbarhetsinsatser och ekonomiska fördelar. Utmaningar för framtiden inkluderar transparens och risk för greenwashing. Implementeringen av EU:s CSRD och ESRS förväntas adressera dessa utmaningar. Trots detta förväntas hållbarhetslänkade lån fortsätta växa och efterfrågas av fler branscher.

The role of the financial advisor is subject to fiduciary duty, which means that the advisor always should act in the best interest of the client and has traditionally referred to the financial aspects. Finance is now experiencing a revolution, where the concept of sustainable finance is on the agenda of many actors when the sustainability amendments to MiFID II entered into force, as part of the EU Action Plan on Sustainable Finance. The new regulations will add to the already intensified information load characterizing the financial advisory landscape. Moreover, this new dimension of sustainability is very different from the strictly financial one, which in itself is subject to both conceptually and operational complexity. This study aims to investigate what difficulties and complexities are arising from the growing amount of sustainability demands and information and how these affect the financial advisor and its role. This was done as a qualitative case study where nine semi-structured interviews were conducted with financial advisors working in Denmark, Finland, and Sweden, together with two interviews with employees working with sustainability at a central level in a Nordic bank. The analysis is based on the interviews combined with current literature and together lays the foundation for the findings. The key findings of the study are that there are five identified difficulties stemming from different areas that are seen as important for understanding what the inclusion of sustainability preferences into financial advisory might mean going forward, and what effects that it will have on the financial advisor: (i) regulatory changes and compliance, (ii) sustainability preferences, (iii) the information-intensive landscape, (iv) advisors’ required awareness and knowledge, and (v) the perceived advisor’s role. When adding these identified difficulties together, the conclusion is that the concept of sustainable finance is not as uncomplicated as perhaps portrayed, and this holds extra true for the studied inclusion of sustainability in the advisory process. / Den finansiella rådgivarens roll är föremål för fiduciary duty, vilket innebär att rådgivaren alltid ska agera i kundens bästa och traditionellt har hänvisat till de ekonomiska aspekterna. Finans upplever nu en revolution, där begreppet hållbar ekonomi står på dagordningen för många aktörer när hållbarhetsändringarna till MiFID II trädde i kraft, som en del av EU: s handlingsplan för finansiering av hållbar tillväxt. De nya reglerna kommer att öka den redan intensifierade informationsbelastningen som kännetecknar det finansiella rådgivande landskapet. Dessutom skiljer sig denna nya hållbarhetsdimension mycket från den strikt ekonomiska, som i sig är föremål för både konceptuell och operativ komplexitet. Studien syftar till att undersöka vilka svårigheter och komplexiteter som uppstår till följd av den ökande mängden hållbarhetskrav och information och hur dessa påverkar den finansiella rådgivaren och dess roll. Detta gjordes som en kvalitativ fallstudie där nio semistrukturerade intervjuer genomfördes med finansiella rådgivare som arbetade i Danmark, Finland och Sverige, tillsammans med två intervjuer med anställda som arbetade med hållbarhet på en central nivå i en nordisk bank. Analysen baseras på intervjuerna i kombination med aktuell litteratur och lägger tillsammans grunden för resultaten. De viktigaste resultaten i studien är att det finns fem identifierade svårigheter som härrör från olika områden som ses som viktiga för att förstå vad införandet av hållbarhetspreferenser i finansiell rådgivning kan innebära framöver och vilka effekter det kommer att få för finansiella rådgivare: (i) regeländringar och efterlevnad, (ii) hållbarhetspreferenser, (iii) det informationsintensiva landskapet, (iv) rådgivarnas medvetenhet och kunskap och (v) den upplevda rådgivarens roll. När man sammanställer dessa identifierade svårigheter är slutsatsen att begreppet hållbar ekonomi inte är så okomplicerat som det kanske framställs, och detta gäller extra för den studerade inkluderingen av hållbarhet i rådgivningsprocessen.