[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f4jurTHjhP1QO0APt7r7pTMWs8otYhbNfrn-SmeyKMjM":3,"$flYp4r9qrvbFxEEltfCheEhhZlrq3rwBYwxA_cQlKI64":439,"$frj6g47T178nmQlTSHdaRqy7OAG6muTLa2ztGqDU7OJg":654,"components-data-loader::de-ch::blockParagraph:6lBFubwJfJ1aFIWyZEFBid|blockParagraph:sIJiucvXf2BRaGVMwghks|quote:2GE4Y02TU3QspmDQgN38xh|blockParagraph:5TfPuwYxCUnnWEESZgaSn7|blockRelatedFunds:3V6geX56ejaxI2VEg76iZW|blockParagraph:48uj68SiGfWjGmXwceoCia|insightsImage:7bS3p1vGb6AT25X6zw1TsT|blockParagraph:5LX0ItzVKtOt7NwmtyCDyO|blockParagraph:1sfNnGGYuEpLccL4e6sVSY|blockParagraph:5gZxhT7CaU8muFotb2QWPV|quote:6QavPwmtr3jOunHkRjHBHJ|blockParagraph:42qBBchT4x67HtDVupccts|blockParagraph:6oaXN0K6rzGjzFNjsleds|blockCta:6p5AdItyF3xTubRkEQWznV::":994},{"id":4,"internal":5,"slug":6,"title":7,"text":8,"type":21,"date":25,"authors":26,"image":79,"keywords":83,"summary":97,"aiSummary":105,"relatedFunds":117,"relatedStrategies":118,"components":119,"seo":153,"relatedInsights":219,"targetGroup":438},"464A6SWWlBkbdacw2inmJt","2026-02-16 |  SI Debate: Climate investing after one year of Trump ","/einblicke/2026/02/si-debatte-climate-investing-nach-einem-jahr-trump","SI-Debatte: Climate Investing nach einem Jahr Trump ",{"nodeType":9,"data":10,"content":11},"document",{},[12],{"nodeType":13,"data":14,"content":15},"paragraph",{},[16],{"nodeType":17,"data":18,"value":19,"marks":20},"text",{},"Seit das Übereinkommen von Paris von 2015 Klimaschutzverpflichtungen auf die globale Agenda gesetzt hat, stellt sich eine neue interessante Frage für Anleger, Verantwortliche der Politik und Forschende: Übertreffen „grüne“ Unternehmen ihre „braunen“, emissionsintensiven Pendants? Der Vergleich zwischen sauber und schmutzig klingt zwar einfach, doch dahinter verbirgt sich eine überraschend verworrene Finanzgeschichte über Erwartungen, Risiken, Politik und den Preis des Kapitals.",[],{"id":22,"internal":23,"type":24},"47PdzLacE2w6wENlFtVLug","SI Debate","SI-Debatte","2026-02-16T00:00:00.000Z",[27,55],{"id":28,"internal":29,"name":29,"intro":30,"jobTitle":40,"linkedin":41,"email":42,"image":43,"thumbnail":50,"quote":54},"5Mtt9H5LHCShGmpPpcZWOd","Thijs Markwat",{"nodeType":9,"data":31,"content":32},{},[33],{"nodeType":13,"data":34,"content":35},{},[36],{"nodeType":17,"data":37,"value":38,"marks":39},{},"Thijs Markwat is a climate data scientist. Previously, he held a role as allocation researcher and portfolio strategist at Robeco. His areas of expertise include pension solutions and quantitative research on topics relevant for pension funds and other institutional investors. Thijs started his career at Robeco in 2010 after completing his PhD in Financial Econometrics at Erasmus University Rotterdam. He obtained his Master's in Econometrics cum laude from the same institution.",[],"Climate Data Scientist","https://www.linkedin.com/in/thijs-markwat-01820715","t.markwat@robeco.nl",{"id":44,"src":45,"width":46,"height":47,"alt":48,"focalPoint":49},"NxfBobgKcM4dlLJUyltu3","//images.ctfassets.net/tl4x668xzide/NxfBobgKcM4dlLJUyltu3/bd8c383d0aea6ea27851ab123b0727cf/thijs-markwat-4000px.jpg",4000,1667,"","face",{"id":51,"src":52,"width":53,"height":53,"alt":48},"4YNFvaBo5W3Q846mZvc0wt","//images.ctfassets.net/tl4x668xzide/4YNFvaBo5W3Q846mZvc0wt/93d922678fd97b58dc72f4714264d495/thijs-markwat-500px.jpg",500,"I strive to extract the most useful and accurate information from vast, noisy, and outlier-laden climate data",{"id":56,"internal":57,"name":57,"intro":58,"jobTitle":68,"linkedin":69,"email":70,"image":71,"thumbnail":74,"quote":78},"4NLYE8dNAro5rmHJnZzNLp","Laurens Swinkels",{"nodeType":9,"data":59,"content":60},{},[61],{"nodeType":13,"data":62,"content":63},{},[64],{"nodeType":17,"data":65,"value":66,"marks":67},{},"Laurens Swinkels is Head of Solutions Research and member of the Investment Solutions team. His area of expertise includes empirical asset pricing. He teaches Finance courses and has published his academic work in peer-reviewed journals. Prior to re-joining Robeco in 2016, he was a Researcher at Norges Bank Investment Management. He was a Researcher at Robeco from 2004 to 2012 and at PensionFactory and APG Asset Management from 1999 to 2004. Laurens holds a part-time position (with tenure) at Erasmus University Rotterdam and is member of the Research Committee of Inquire Europe. Laurens holds a PhD in Finance and a Master’s in Econometrics from Tilburg University.",[],"Head of Solutions Research","https://www.linkedin.com/in/laurens-swinkels-6196981","l.swinkels@robeco.com",{"id":72,"src":73,"width":46,"height":47,"alt":48,"focalPoint":49},"1tqRFLjWEmNnnWPgXE4Cp6","//images.ctfassets.net/tl4x668xzide/1tqRFLjWEmNnnWPgXE4Cp6/f9371c045ed673994a66981d3c1b079d/laurens-swinkels-3292-4000px.jpg",{"id":75,"src":76,"width":53,"height":53,"alt":48,"focalPoint":77},"5kfOYV5KQxfGU6L4K1VRW9","//images.ctfassets.net/tl4x668xzide/5kfOYV5KQxfGU6L4K1VRW9/5e07f1139638d0c7899a1cb026561924/laurens-swinkels-3371-500px.jpg","center","It is my passion to develop evidence-based investment solutions",{"id":80,"src":81,"width":46,"height":82,"alt":48,"focalPoint":49},"3093JQ6wxudvZO3pe7NwHO","//images.ctfassets.net/tl4x668xzide/3093JQ6wxudvZO3pe7NwHO/a7473749c1af844ab03b8e04d56b12cf/trump-2183216502-min.jpg",2667,[84,89,93],{"id":85,"title":86,"internal":87,"hidden":88},"5xKx26JftYI5DSnpsv1Fqi","Klimawandel","Climate change",false,{"id":90,"title":91,"internal":92,"hidden":88},"5cC8AN7UvhFNzIyhTkKgCS","USA","US",{"id":94,"title":95,"internal":96,"hidden":88},"1GT8Akgxejcne0p39uq2Fn","Sustainable Investing","Sustainable investing",{"id":98,"texts":99,"design":103},"2bzjzVK0y1UZA30ppVD6NK",[100,101,102],"Die zweite Amtszeit von Trump hat das Umfeld im Climate Investing verändert","Die politische Kehrtwende verlieh „braunen“ Unternehmen in den USA einen Renditeschub","Vorreiter beim Klimaschutz übertreffen beim Ertragspotenzial weiterhin die Nachzügler",{"background":104},"Black",{"text":106,"socialDescription":116},{"nodeType":9,"data":107,"content":108},{},[109],{"nodeType":13,"data":110,"content":111},{},[112],{"nodeType":17,"data":113,"value":114,"marks":115},{},"In unserer Kolumne SI-Debatte untersuchen wir, wie sich das Climate Investing seit dem Übereinkommen von Paris entwickelt hat und welche Auswirkungen die zweite Amtszeit der Trump-Regierung hat. „Grüne“ Unternehmen haben aufgrund steigender Gewinnerwartungen und der zunehmenden Verbreitung sauberer Energien oft eine bessere Performance erzielt. Unterdessen waren „braune“ Unternehmen mit höheren Kapitalkosten konfrontiert, da Anleger klimabedingte Risiken einpreisten, bis die jüngsten Änderungen in der US-Politik den regulatorischen Druck verringerten, wodurch diese Kluft abnahm und die Bewertungen „brauner“ Aktien in die Höhe schnellten. Die von Robeco vorgenommene Unterscheidung zwischen „Vorreitern im Klimaschutz“ im Vergleich zu „Nachzüglern“ veranschaulicht, dass Unternehmen mit glaubwürdigen Umstellungsplänen weltweit weiterhin starke Gewinnkorrekturen verzeichnen. Insgesamt spiegelt die klimabedingte Marktdynamik veränderte Erwartungen, geopolitische Veränderungen und neu bewertete Risiken wider.",[],"Trump 2.0 verändert Climate Investing: US-Rückschritte stärken braune Unternehmen, doch Klimalführer überzeugen weiter.",[],[],[120,123,125,128,130,133,135,138,140,142,144,146,148,150],{"type":121,"id":122},"blockParagraph","6lBFubwJfJ1aFIWyZEFBid",{"type":121,"id":124},"sIJiucvXf2BRaGVMwghks",{"type":126,"id":127},"quote","2GE4Y02TU3QspmDQgN38xh",{"type":121,"id":129},"5TfPuwYxCUnnWEESZgaSn7",{"type":131,"id":132},"blockRelatedFunds","3V6geX56ejaxI2VEg76iZW",{"type":121,"id":134},"48uj68SiGfWjGmXwceoCia",{"type":136,"id":137},"insightsImage","7bS3p1vGb6AT25X6zw1TsT",{"type":121,"id":139},"5LX0ItzVKtOt7NwmtyCDyO",{"type":121,"id":141},"1sfNnGGYuEpLccL4e6sVSY",{"type":121,"id":143},"5gZxhT7CaU8muFotb2QWPV",{"type":126,"id":145},"6QavPwmtr3jOunHkRjHBHJ",{"type":121,"id":147},"42qBBchT4x67HtDVupccts",{"type":121,"id":149},"6oaXN0K6rzGjzFNjsleds",{"type":151,"id":152},"blockCta","6p5AdItyF3xTubRkEQWznV",{"id":4,"internal":5,"modifiedTime":154,"publishedTime":25,"title":7,"description":116,"image":155,"type":156,"pageType":23,"category":157,"locales":158},"2026-03-05T07:52:56.890Z",{"id":80,"src":81,"width":46,"height":82,"alt":48,"focalPoint":49},"article","insight",[159,162,165,168,171,174,177,180,183,186,189,192,195,198,201,204,207,210,213,216],{"locale":160,"path":161},"de-ch","de-ch/einblicke/2026/02/si-debatte-climate-investing-nach-einem-jahr-trump",{"locale":163,"path":164},"de-de","de-de/einblicke/2026/02/si-debatte-climate-investing-nach-einem-jahr-trump",{"locale":166,"path":167},"en-au","en-au/insights/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":169,"path":170},"en-ch","en-ch/insights/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":172,"path":173},"en-hk","en-hk/insights/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":175,"path":176},"en-int","en-int/insights/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":178,"path":179},"en-latam","en-latam/insights/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":181,"path":182},"en-me","en-me/insights/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":184,"path":185},"en-sg","en-sg/insights/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":187,"path":188},"en-uk","en-uk/insights/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":190,"path":191},"en-za","en-za/insights/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":193,"path":194},"es-es","es-es/vision-de-mercado/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":196,"path":197},"es-latam","es-latam/vision-de-mercado/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":199,"path":200},"fr-be","fr-be/actualites/2026/02/debat-sur-l-investissement-durable-l-investissement-climatique-apres-un-an-d-administration-trump",{"locale":202,"path":203},"fr-fr","fr-fr/actualites/2026/02/debat-sur-l-investissement-durable-l-investissement-climatique-apres-un-an-d-administration-trump",{"locale":205,"path":206},"it-it","it-it/approfondimenti/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":208,"path":209},"jp-jp","jp-jp/insights/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"locale":211,"path":212},"nl-be","nl-be/visie/2026/02/si-debate-klimaatbeleggen-na-een-jaar-trump",{"locale":214,"path":215},"nl-nl","nl-nl/visie/2026/02/si-debate-klimaatbeleggen-na-een-jaar-trump",{"locale":217,"path":218},"zh-hk","zh-hk/insights/2026/02/si-debate-climate-investing-after-one-year-of-trump",{"id":4,"internal":5,"filterIds":220,"carousel":221},[],{"id":4,"items":222,"design":435},[223,236,252,264,276,290,303,319,331,343,355,368,381,397,411,423],{"id":224,"internal":225,"title":226,"image":227,"date":231,"type":232,"keywords":233,"link":234,"upcoming":88},"6QkcNFfPng3nt7mXF7PP9w","2026-06-29 | Can systems-level investing solve social issues?","Kann Systems-Level Investing gesellschaftliche Probleme lösen?",{"id":228,"src":229,"width":46,"height":230,"alt":48,"focalPoint":77},"2mf13GeeSrSYZhfefg6fyv","//images.ctfassets.net/tl4x668xzide/2mf13GeeSrSYZhfefg6fyv/58f8fdb99b7c3d02b4375fc5eb56e7fa/2281769733-min-4000px.jpg",1876,"2026-06-29",{"id":22,"internal":23,"type":24},[],{"id":224,"internal":225,"title":226,"url":235},"/einblicke/2026/06/kann-systems-level-investing-gesellschaftliche-probleme-loesen",{"id":237,"internal":238,"title":239,"image":240,"date":244,"type":245,"keywords":249,"link":250,"upcoming":88},"5B4wjHeeoMoWsYKC4vtjhj","2026-05-26 | Credit, climate and nature – now together","Credit, climate and nature – now together",{"id":241,"src":242,"width":46,"height":230,"alt":48,"focalPoint":243},"34TQ7tC07sMqbl2ziT8I5c","//images.ctfassets.net/tl4x668xzide/34TQ7tC07sMqbl2ziT8I5c/5b29c0855311afe8f175830b1b11f1a9/2227359256-min-4000px.jpg","bottom","2026-05-26",{"id":246,"internal":247,"type":248},"3690xDV2lDciBLJSTnpfrZ","Insight","Einblick",[],{"id":237,"internal":238,"title":239,"url":251},"/einblicke/2026/05/credit-climate-and-nature-now-together",{"id":253,"internal":254,"title":255,"image":256,"date":259,"type":260,"keywords":261,"link":262,"upcoming":88},"3rKsMsJwApjtV5AjHAOMWi","2026-05-12 | How emerging markets are unlocking value in the energy transition","Wie Schwellenländer von der Energiewende profitieren",{"id":257,"src":258,"width":46,"height":230,"alt":48,"focalPoint":77},"30PTxDSxqAmoZ1gSVVm6au","//images.ctfassets.net/tl4x668xzide/30PTxDSxqAmoZ1gSVVm6au/c93d8d16eaee49c63062b2627ed994fc/energy-storage-and-grid-image-min.jpg","2026-05-12",{"id":246,"internal":247,"type":248},[],{"id":253,"internal":254,"title":255,"url":263},"/einblicke/2026/05/how-emerging-markets-are-unlocking-value-in-the-energy-transition",{"id":265,"internal":266,"title":267,"image":268,"date":271,"type":272,"keywords":273,"link":274,"upcoming":88},"4pDKqYrxQ93tCfO4vSBZ5A","2026-05-04 | A value investing approach that doesn’t need typical value markets ","Ein Value-Investing-Ansatz, der nicht auf typische Value-Märkte angewiesen ist ",{"id":269,"src":270,"width":46,"height":230,"alt":48},"56eeeV9R7kfOAySHxqTTyu","//images.ctfassets.net/tl4x668xzide/56eeeV9R7kfOAySHxqTTyu/6d8ff8741023682f387c4c494c3ca985/487803353-min-4000px.jpg","2026-05-04",{"id":246,"internal":247,"type":248},[],{"id":265,"internal":266,"title":267,"url":275},"/einblicke/2026/05/a-value-investing-approach-that-doesn-t-need-typical-value-markets",{"id":277,"internal":278,"title":279,"image":280,"date":285,"type":286,"keywords":287,"link":288,"upcoming":88},"4mjg3oUNYiJGs39yJ78XIW","2026-04-30 | Stewardship Report 2025: Unwavering commitment to drive change","Stewardship Report 2025: Unwavering commitment to drive change",{"id":281,"src":282,"width":46,"height":283,"alt":48,"focalPoint":284},"1BkBPDPPQDMsBOXKjbjJNI","//images.ctfassets.net/tl4x668xzide/1BkBPDPPQDMsBOXKjbjJNI/9ce0bb758d0f175baf2819ca65fb76f4/AT3722-001-min.jpg",1690,"bottom_left","2026-04-30",{"id":246,"internal":247,"type":248},[],{"id":277,"internal":278,"title":279,"url":289},"/einblicke/2026/04/stewardship-report-2025-unwavering-commitment-to-drive-change",{"id":291,"internal":292,"title":293,"image":294,"date":298,"type":299,"keywords":300,"link":301,"upcoming":88},"bwAou4GBLh7ZwgdHRtVTk","2026-04-23 | SI Debate: Resilience as an investment imperative","SI-Debatte: Resilienz bei Anlagen zwingend erforderlich",{"id":295,"src":296,"width":46,"height":297,"alt":48},"2z3FGIpVWiF2s39EJsgZuV","//images.ctfassets.net/tl4x668xzide/2z3FGIpVWiF2s39EJsgZuV/5b3b9de6042fe919eec2576db9d981c0/1293794151-min.jpg",2670,"2026-04-23",{"id":22,"internal":23,"type":24},[],{"id":291,"internal":292,"title":293,"url":302},"/einblicke/2026/04/si-debatte-resilienz-bei-anlagen-zwingend-erforderlich",{"id":304,"internal":305,"title":306,"image":307,"date":311,"type":312,"keywords":316,"link":317,"upcoming":88},"6xCGXwusx6OwkEVQbUOGbx","2026-04-20 | Safeguarding shareholder rights leads Q1 Active Ownership report","Safeguarding shareholder rights leads Q1 Active Ownership report",{"id":308,"src":309,"width":46,"height":310,"alt":48},"5n1Tm8Xaw5S9p8iIEFtyGF","//images.ctfassets.net/tl4x668xzide/5n1Tm8Xaw5S9p8iIEFtyGF/cde2d7c6e6ae36b2848479ef3913b8b2/1406515325-min.jpg",2665,"2026-04-20",{"id":313,"internal":314,"type":315},"6hoRSUP84nhTkaCaP4r74G","Active Ownership Report","Report zu Active Ownership",[],{"id":304,"internal":305,"title":306,"url":318},"/einblicke/2026/04/safeguarding-shareholder-rights-leads-q1-active-ownership-report",{"id":320,"internal":321,"title":322,"image":323,"date":326,"type":327,"keywords":328,"link":329,"upcoming":88},"49Z0XuxxdaEnqvW4HcyyH6","2026-04-10 | Fixed income solutions for Asia-Pacific insurers","Fixed income solutions for Asia-Pacific insurers",{"id":324,"src":325,"width":46,"height":230,"alt":48,"focalPoint":77},"4FksBu5dHkTgpUAMZ22OA1","//images.ctfassets.net/tl4x668xzide/4FksBu5dHkTgpUAMZ22OA1/120e574d1199658b616bd543dd6fd5ea/1449617186-min-4000px.jpg","2026-04-10",{"id":246,"internal":247,"type":248},[],{"id":320,"internal":321,"title":322,"url":330},"/einblicke/2026/04/fixed-income-solutions-for-asia-pacific-insurers",{"id":332,"internal":333,"title":334,"image":335,"date":338,"type":339,"keywords":340,"link":341,"upcoming":88},"3Gm1Pfong6VBqoFGw7Focm","2026-04-08 | Learning curve: the 2026 update of the Essentials of Sustainable Investing","E-Learning: Aktualisierung unserer SI Essentials",{"id":336,"src":337,"width":46,"height":82,"alt":48,"focalPoint":77},"3a4vLmuL2HL5tVF3ITJNFI","//images.ctfassets.net/tl4x668xzide/3a4vLmuL2HL5tVF3ITJNFI/1409cba6520d77ff159904fd0f686d0b/1163961430.jpg","2026-04-08",{"id":246,"internal":247,"type":248},[],{"id":332,"internal":333,"title":334,"url":342},"/einblicke/2026/04/e-learning-aktualisierung-unserer-si-essentials",{"id":344,"internal":345,"title":346,"image":347,"date":350,"type":351,"keywords":352,"link":353,"upcoming":88},"3SMrxdqTVdbcPj8xP9pfuD","2026-03-25 | Power, protests and the future of investor influence","Power, protests and the future of investor influence",{"id":348,"src":349,"width":46,"height":82,"alt":48,"focalPoint":77},"508NGNhsI9ICQoCFRtPxhs","//images.ctfassets.net/tl4x668xzide/508NGNhsI9ICQoCFRtPxhs/ac90cd6294a21a68558eb406c74e7c15/annual-general-mayhem-looking-ahead-to-a-lively-proxy-season-ai.png","2026-03-25",{"id":246,"internal":247,"type":248},[],{"id":344,"internal":345,"title":346,"url":354},"/einblicke/2026/03/power-protests-and-the-future-of-investor-influence",{"id":356,"internal":357,"title":358,"image":359,"date":363,"type":364,"keywords":365,"link":366,"upcoming":88},"6eW70GogNHYVZFqIimyoq6","2026-03-17 | SI in Transition - the 2026 update of the Big Book of SI","SI im Wandel: Das Update 2026 des Big Book of SI",{"id":360,"src":361,"width":46,"height":230,"alt":48,"focalPoint":362},"5sMxA3hU0dgSQPMeG0whk1","//images.ctfassets.net/tl4x668xzide/5sMxA3hU0dgSQPMeG0whk1/215df29bfe86837f5f33e22a7b72f3fe/587146633-lichter-min.jpg","top","2026-03-17",{"id":246,"internal":247,"type":248},[],{"id":356,"internal":357,"title":358,"url":367},"/einblicke/2026/03/si-im-wandel-das-update-2026-des-big-book-of-si",{"id":369,"internal":370,"title":371,"image":372,"date":376,"type":377,"keywords":378,"link":379,"upcoming":88},"ok1YQop2LzEFixVuCPwIO","2026-03-13 | Redefining value: From style category to investment discipline","Value neu definieren: Von der Stilkategorie zur Anlagedisziplin",{"id":373,"src":374,"width":46,"height":375,"alt":48,"focalPoint":49},"586zZHVsQ6Sv7CtwTFfBMs","//images.ctfassets.net/tl4x668xzide/586zZHVsQ6Sv7CtwTFfBMs/cfb273d4b75f17e287d7192f90f004fb/developed-markets-equities-v7.jpg",2448,"2026-03-13",{"id":246,"internal":247,"type":248},[],{"id":369,"internal":370,"title":371,"url":380},"/einblicke/2026/03/value-neu-definieren-von-der-stilkategorie-zur-anlagedisziplin",{"id":382,"internal":383,"title":384,"image":385,"date":389,"type":390,"keywords":394,"link":395,"upcoming":88},"2MMmkknrTBwotd5blLTWAD","2026-03-10 | Monthly Outlook: The Achilles’ heel for the everything rally: A dollar comeback ","Die Achillesferse des allgemeinen Aufschwungs: Ein Comeback des US-Dollars ",{"id":386,"src":387,"width":46,"height":230,"alt":48,"focalPoint":388},"khSFl82NjLaL5JzVLDphn","//images.ctfassets.net/tl4x668xzide/khSFl82NjLaL5JzVLDphn/68e57b577c97f414123f6f78547cad6a/2198135132-min.jpg","right","2026-03-10",{"id":391,"internal":392,"type":393},"6k9v78bP54Piymw9zA08tR","Monthly outlook","Monatsausblick ",[],{"id":382,"internal":383,"title":384,"url":396},"/einblicke/2026/03/die-achillesferse-des-allgemeinen-aufschwungs-ein-comeback-des-us-dollars",{"id":398,"internal":399,"title":400,"image":401,"date":404,"type":405,"keywords":408,"link":409,"upcoming":88},"64lr2Oy717TiMfWUnrf9yU","2026-02-11 | Liquidity at risk: Water scarcity’s impact on chemical company fundamentals","Liquidität bedroht: Wasserrisiko für die Chemie",{"id":402,"src":403,"width":46,"height":47,"alt":48},"3377dsTXjMWfp05xDg1HFY","//images.ctfassets.net/tl4x668xzide/3377dsTXjMWfp05xDg1HFY/6f4cec51b3fb0daf542f48cb5b779a61/2218222826-4000x1667px-min.jpg","2026-02-11",{"id":406,"internal":407,"type":407},"3XqOXs2Lvbh15CiIvrpu73","Research",[],{"id":398,"internal":399,"title":400,"url":410},"/einblicke/2026/02/liquiditaet-bedroht-wasserrisiko-fuer-die-chemie",{"id":412,"internal":413,"title":414,"image":415,"date":418,"type":419,"keywords":420,"link":421,"upcoming":88},"3g0MJ0OmVJ4ld62AKrikA","2026-02-09 | Monthly Outlook: Shiny objects, solid returns","Glänzende Gegenstände, solide Renditen",{"id":416,"src":417,"width":46,"height":230,"alt":48,"focalPoint":243},"7pXPRGVa3sQh6nFi77wAS8","//images.ctfassets.net/tl4x668xzide/7pXPRGVa3sQh6nFi77wAS8/edb799c1bd9809783d861e7fdb194684/527810328-min-4000px.jpg","2026-02-09",{"id":391,"internal":392,"type":393},[],{"id":412,"internal":413,"title":414,"url":422},"/einblicke/2026/02/glaenzende-gegenstaende-solide-renditen",{"id":424,"internal":425,"title":426,"image":427,"date":430,"type":431,"keywords":432,"link":433,"upcoming":88},"78owilojGk4JjMhXC0GsCH","2026-02-06 | Sustainable Asia is rich with alpha opportunities","Alpha-Chancen bei nachhaltigen Investments in Asien",{"id":428,"src":429,"width":46,"height":82,"alt":48,"focalPoint":243},"EFetbTQ8j3qXwRSAWAALr","//images.ctfassets.net/tl4x668xzide/EFetbTQ8j3qXwRSAWAALr/566c0b477dbba0cd09d212ded241e996/1037524326-min.jpg","2026-02-06",{"id":246,"internal":247,"type":248},[],{"id":424,"internal":425,"title":426,"url":434},"/einblicke/2026/02/sustainable-asia-is-rich-with-alpha-opportunities",{"background":436,"variant":437},"Gradient-Black-Blue-Orange","Carousel","professional",{"id":440,"text":441,"linkLists":451,"socialMedia":573,"disclaimers":592,"logo":625,"cta":630},"7lIh99G195DOVZTdWtgDGK",{"nodeType":9,"data":442,"content":443},{},[444],{"nodeType":13,"data":445,"content":446},{},[447],{"nodeType":17,"data":448,"value":449,"marks":450},{},"Robeco möchte seinen Kunden ermöglichen, ihre Finanz- und Nachhaltigkeitsziele zu erreichen, indem sie überragende Anlagerenditen und Lösungen anbietet.",[],{"primary":452,"secondary":481},{"id":453,"items":454},"1NwCyPJSb2SOG3S8fgh8yJ",[455,461,466,471,476],{"id":456,"internal":457,"title":458,"url":459,"variant":460},"6CMLQzdsfMyzmovQ5eSYwd","Navigation - Disclaimer  ","Rechtliche Hinweise","/rechtliche-hinweise","Link",{"id":462,"internal":463,"title":464,"url":465,"variant":460},"4vQMr5qznv3i7B4siEiYhF","Navigation - Imprint","Impressum","/impressum",{"id":467,"internal":468,"title":469,"url":470,"variant":460},"3MlFDYZB7ms0dDbledaTqe","Navigation - Security    ","Sicherheit","/sicherheit",{"id":472,"internal":473,"title":474,"url":475,"variant":460},"60OxDbj0MY6qS8ctLiC2Pz","Navigation - Policies  ","Richtlinien","/richtlinien",{"id":477,"internal":478,"title":479,"url":480,"variant":460},"1fMQEXl3GmLWwlziGsBYqa","Navigation - Financial Services Act","Finanzdienstleistungsgesetz (FIDLEG)","/finanzdienstleistungsgesetz",[482,516,540],{"id":483,"title":484,"items":485},"7ieulVXkl9EiVhiLuRltlG","Wichtige Themen",[486,491,496,501,506,511],{"id":487,"internal":488,"title":489,"url":490,"variant":460},"FR50e4uUXhKiuDuVT998R","Navigation - Insights","Einblicke","/einblicke",{"id":492,"internal":493,"title":494,"url":495,"variant":460},"6vaVAJ8UO6yVKZ69xkQAdk","Navigation - Products - Funds","Fonds","/produkte/fonds",{"id":497,"internal":498,"title":499,"url":500,"variant":460},"6GQejZYhd2ci6paaiteUKU","Navigation - Products - Strategies","Strategien","/produkte/strategien",{"id":502,"internal":503,"title":504,"url":505,"variant":460},"5JtQPBKTyeENFFaW63F7YD","Navigation - Products - Opportunities  ","Chancen","/anlagechancen",{"id":507,"internal":508,"title":509,"url":510,"variant":460},"20MQO3PnPc865R3Dux4LHh","Navigation - Sustainable investing ","Nachhaltigkeit","/nachhaltigkeit",{"id":512,"internal":513,"title":514,"url":515,"variant":460},"174SStMLchxQ09AyXwR9jj","Navigation - About us ","Über uns","/ueber-uns",{"id":517,"title":518,"items":519},"5D1Rrk6Asm3B3hTG2dCs03","Schnelle Links",[520,525,530,535],{"id":521,"internal":522,"title":523,"url":524,"variant":460},"2JRM7b78aahxDfjO1OKZwQ","Navigation - About us - Contact ","Kontakt","/ueber-uns/kontakt",{"id":526,"internal":527,"title":528,"url":529,"variant":460},"1RLQTj49zmjmDrpixoktFA","Navigation - Contact - Careers ","Karriere","/karriere",{"id":531,"internal":532,"title":533,"url":534,"variant":460},"2Hh2VDl0WSfAB2P7PS9K9","Navigation - Glossary","Glossar","/glossar",{"id":536,"internal":537,"title":538,"url":539,"variant":460},"nBLI5OKGJOpksYLAJAw7R","Navigation - Advisor Education ","E-Learning","/einblicke/ausbildung",{"id":541,"title":542,"items":543},"5KKDrfDctqHwBAhm8GYuL3","Kernkompetenzen",[544,549,554,559,563,568],{"id":545,"internal":546,"title":547,"url":548,"variant":460},"1aBW9QykjirqJUAo21Gtsl","About us - Key Strengths - Emerging markets ","Schwellenländer","/uber-uns/kernkompetenzen/emerging-markets",{"id":550,"internal":551,"title":552,"url":553,"variant":460},"5k0qSW9liatIFG27HIS13q","About us - Key Strengths -  Credits ","Unternehmensanleihen","/uber-uns/kernkompetenzen/unternehmensanleihen",{"id":555,"internal":556,"title":557,"url":558,"variant":460},"5OZSH4bfKXTcTp4yCehdBS","About us - Key Strengths - Quant ","Quantitative Investing","/uber-uns/kernkompetenzen/quantitative-investing",{"id":560,"internal":561,"title":96,"url":562,"variant":460},"YNvMXnSAyVTbE20VzHY4V","Key strengths - Sustainable investing ","/uber-uns/kernkompetenzen/sustainable-investing",{"id":564,"internal":565,"title":566,"url":567,"variant":460},"4H8kD4FaLn8Ch7rVc8QlW4","About us - Key Strengths - Thematic investing","Thematic Investing","/thematic-investing",{"id":569,"internal":570,"title":571,"url":572,"variant":460},"7s6plwzFPOytZg0WPyrHQM","Products - Investment solutions","Anlagelösungen","/loesungen/anlageloesungen",{"id":574,"items":575},"5RiVAEV3FBteX23DdI1pqd",[576,582,587],{"id":577,"internal":578,"title":579,"url":580,"external":581,"openInNewWindow":581},"1OQpyXXhvAAkrXsKsL4VLT","Social media - Facebook","Facebook","https://www.facebook.com/robecointernational",true,{"id":583,"internal":584,"title":585,"url":586,"external":581,"openInNewWindow":581},"18EnPnTQmRuMqRmW2krQcK","Social media - Linkedin","Linkedin","https://www.linkedin.com/company/robeco",{"id":588,"internal":589,"title":590,"url":591,"external":581,"openInNewWindow":581},"4IWuKxXvDWoXMBwHx8zdSV","Social media - Instagram","Instagram","https://www.instagram.com/robeco_am/",{"primary":593,"secondary":622},{"nodeType":9,"data":594,"content":595},{},[596],{"nodeType":13,"data":597,"content":598},{},[599,605,609,618],{"nodeType":17,"data":600,"value":601,"marks":602},{},"Wichtige Informationen:",[603],{"type":604},"bold",{"nodeType":17,"data":606,"value":607,"marks":608},{}," Investitionen in Finanzinstrumente sind mit Risiken verbunden, einschliesslich des möglichen Verlusts des investierten Kapitals. Die Anleger erhalten möglicherweise nicht den ursprünglich investierten Betrag zurück. Beurteilen Sie Ihre finanzielle Situation und Ihre Risikobereitschaft sorgfältig und lassen Sie sich bei Bedarf unabhängig beraten. Hier finden Sie ",[],{"nodeType":610,"data":611,"content":613},"hyperlink",{"uri":612},"https://www.robeco.com/de-ch/finanzdienstleistungsgesetz",[614],{"nodeType":17,"data":615,"value":616,"marks":617},{},"weitere Informationen zu den relevanten Risiken",[],{"nodeType":17,"data":619,"value":620,"marks":621},{},".",[],{"nodeType":9,"data":623,"content":624},{},[],{"id":626,"src":627,"width":628,"height":629,"alt":48},"7mygwms2vuSwirnfvaCSvL","//images.ctfassets.net/tl4x668xzide/7mygwms2vuSwirnfvaCSvL/53c11011042200918f62414bf6cfff87/robeco-logo-color.png",488,144,{"id":631,"title":632,"text":633,"link":647,"design":653},"XV7HXWdSfvNHVZLSm8Q9z","Führen wir die Diskussion weiter",{"nodeType":9,"data":634,"content":635},{},[636],{"nodeType":13,"data":637,"content":638},{},[639,643],{"nodeType":17,"data":640,"value":641,"marks":642},{},"Melden Sie sich für unsere Newsletter an und bleiben Sie über aktuelle Ereignisse im Bereich nachhaltiger und quantitativer Investments, Trends und Credits auf dem Laufenden.",[],{"nodeType":644,"data":645,"key":646},"break",{},"break-0-0",{"id":648,"internal":649,"title":650,"url":651,"variant":652},"5UBcTUsbLCeY5US1EtvTOf","Newsletter Subscribe | Don’t miss out (secondary blue)","Nicht verpassen","/monatlicher-newsletter","Button Secondary Blue",{},{"languages":655,"menu":810,"logos":931,"searchPage":946,"login":951,"menuSecondary":993},{"id":656,"title":657,"column1":658,"column2":677,"column3":738,"column4":773,"globalLink":807},"4YybewlWJgqkinfUiog7RU","Schweiz",[659,668],{"id":660,"title":661,"items":662},"2O2NJyGAV9zlazHQNwGQ6U","Sprache wechseln",[663],{"id":664,"internal":665,"title":666,"url":667,"external":581,"openInNewWindow":88},"4SFOOIz21ZAxJ6TgeWSa3I","Countries - Europe - Switzerland (EN)","Switzerland (EN)","/en-ch/",{"id":669,"title":670,"items":671},"4TLVtFY3ZNlonZhNGWQa4v","International",[672],{"id":673,"internal":674,"title":675,"url":676,"external":581,"openInNewWindow":88,"variant":652},"30IFFdcGMcO6b7ZkNaSJiR","Countries - Global","Global website","/en-int/",[678],{"id":679,"title":680,"items":681},"yl8ZKvqgB00hoTk4OWf46","Europe",[682,687,692,697,702,707,712,717,722,727,728,733],{"id":683,"internal":684,"title":685,"url":686,"external":581,"openInNewWindow":88},"2UI3iumTSQxntAOrMwlSPD","Countries - Europe - Belgique (FR)","Belgique (FR)","/fr-be/",{"id":688,"internal":689,"title":690,"url":691,"external":581,"openInNewWindow":88},"7iWqAjnDQgrD1fHEO4MEIx","Countries - Europe - België (NL)","België (NL)","/nl-be/",{"id":693,"internal":694,"title":695,"url":696,"external":581,"openInNewWindow":88},"z8RbZxQyrwRXPkuuuddMd","Countries - Europe - Deutschland","Deutschland","/de-de/",{"id":698,"internal":699,"title":700,"url":701,"external":581,"openInNewWindow":88},"60Tb6aFbY2UmWiUEJggFid","Countries - Europe - España","España","/es-es/",{"id":703,"internal":704,"title":705,"url":706,"external":581,"openInNewWindow":88},"6Vkx57UuB5C6Z8oBpZJIrq","Countries - Europe - France","France","/fr-fr/",{"id":708,"internal":709,"title":710,"url":711,"external":581,"openInNewWindow":88},"2GyU6K0jr2FtqqmUhYSjnA","Countries - Europe - Italia","Italia","/it-it/",{"id":713,"internal":714,"title":715,"url":716,"external":581,"openInNewWindow":88},"7G1IS9NldKxCJdvitm0o11","Countries - Europe - Nederland","Nederland","/nl-nl/",{"id":718,"internal":719,"title":720,"url":721,"external":581,"openInNewWindow":88},"7FS3jEz1LAxAIiFScTNnGg","Countries - Europe - Nordics","Nordics","/en/nordics",{"id":723,"internal":724,"title":725,"url":726,"external":581,"openInNewWindow":88},"1iulvFF6hJ1QFc1Xt9tv9h","Countries - Europe - Schweiz (DE)","Schweiz (DE)","/de-ch/",{"id":664,"internal":665,"title":666,"url":667,"external":581,"openInNewWindow":88},{"id":729,"internal":730,"title":731,"url":732,"external":581,"openInNewWindow":88},"4BlNwJTQovL57sLYVFdYJr","Countries - Europe - United Kingdom","United Kingdom","/en-uk/",{"id":734,"internal":735,"title":736,"url":737,"external":581,"openInNewWindow":88},"7hi4kNoNn99Dht5Edh7DmU","Countries - Europe - Other countries","Andere Länder","/en/riam",[739],{"id":740,"title":741,"items":742},"6dqJWjDyBJmoaXxFbia1id","Asia-Pacific",[743,748,753,758,763,768],{"id":744,"internal":745,"title":746,"url":747,"external":581,"openInNewWindow":88},"6GRJdx8WsrLlFGGuTVKbUA","Countries - Asia-Pacific - Australia","Australia","/en-au/",{"id":749,"internal":750,"title":751,"url":752,"external":581,"openInNewWindow":88},"2Ww6SHqqLgSl6QVw3nLeFv","Countries - Asia-Pacific - 上海 (CN)","上海 (CN)","/zh-cn/",{"id":754,"internal":755,"title":756,"url":757,"external":581,"openInNewWindow":88},"I7vxGnbzmrjzql5xwrjNq","Countries - Asia-Pacific - Hong Kong (EN)","Hong Kong (EN)","/en-hk/",{"id":759,"internal":760,"title":761,"url":762,"external":581,"openInNewWindow":88},"o3qWzGDKy8ZOrfmdJIM9u","Countries - Asia-Pacific - 香港 (ZH) ","香港 (ZH)","/zh-hk/",{"id":764,"internal":765,"title":766,"url":767,"external":581,"openInNewWindow":88},"1eUgCPu5EHmLp0TwgnS7et","Countries - Asia-Pacific - 日本 (JP)","日本 (JP)","/jp-jp/",{"id":769,"internal":770,"title":771,"url":772,"external":581,"openInNewWindow":88},"J2AWFs6mEFBwbQo7gZYCS","Countries - Asia-Pacific - Singapore","Singapore","/en-sg/",[774,793],{"id":775,"title":776,"items":777},"7byCQqlh9CheUaxoX1oGna","Americas",[778,783,788],{"id":779,"internal":780,"title":781,"url":782,"external":581,"openInNewWindow":88},"2EJaitTLJjWAGjlCMzrNMZ","Countries - Americas - América Latina (ES)","América Latina (ES)","/es-latam/",{"id":784,"internal":785,"title":786,"url":787,"external":581,"openInNewWindow":88},"366bVRrYl1Rf4c7QFVsRQ","Countries - Americas - Latin America (EN)","Latin America (EN)","/en-latam/",{"id":789,"internal":790,"title":791,"url":792,"external":581,"openInNewWindow":88},"1UWk48aqAG0pIeEjZmPv8j","Countries - Americas - United States","United States","/en-us/",{"id":794,"title":795,"items":796},"2z3nXXYeJT90dklIRjsiKy","Africa & Middle East",[797,802],{"id":798,"internal":799,"title":800,"url":801,"external":581,"openInNewWindow":88},"j7WYs2ZnvwcfyNQkzB0mW","Countries - Africa & Middle East - Africa","Africa","/en-za/",{"id":803,"internal":804,"title":805,"url":806,"external":581,"openInNewWindow":88},"6K5IlrYc7rsDzndm09RJy2","Countries - Africa & Middle East - Middle East","Middle East","/en-me/",{"id":808,"internal":809,"title":675,"url":676,"external":581,"openInNewWindow":88},"7K6SJJ6JgzpvmtC07jWDbn","Global website - Mobile Button",[811,841,864,869,900],{"id":487,"internal":488,"title":489,"url":490,"subNav":812},[813,818,823,828,833,836],{"id":814,"internal":815,"title":816,"url":490,"hide":817},"1cZxPYXqehpCTXNXYD1iBU","Navigation - Insights - Overview Insights","Übersicht Einblicke","Desktop",{"id":819,"internal":820,"title":821,"url":822},"1HMX6yNhTIrBhZByL7Bgx7","Navigation - Insights - Latest","Neueste","/einblicke/neueste-einblicke",{"id":824,"internal":825,"title":826,"url":827},"3tz4ofq4N39RBkcvWjRUnR","Navigation - Insights - Top stories","Top-Stories","/aktuelle-analysen/top-stories",{"id":829,"internal":830,"title":831,"url":832},"4cYd1QlxciTff3sk6iL7ot","Navigation - Insights - Market view & outlook","Markteinschätzung & Ausblick","/einblicke/marktmeinung-ausblick",{"id":834,"internal":835,"title":538,"url":539},"1Yc8CjN4Ew1z0LCga3Mrsa","Navigation - Insights - Education",{"id":837,"internal":838,"title":839,"url":840},"6htNekix5eEECk6bQtnLY6","Navigation - Insights - Webinars","Webinare ","/einblicke/webinar-events",{"id":842,"internal":843,"title":844,"url":845,"subNav":846},"1fRM391oECscm2cp73Psx0","Navigation - Products","Produkte","/produkte",[847,851,852,857,858,859],{"id":848,"internal":849,"title":850,"url":845,"hide":817},"5V7vQs0Og5hvhKimHSF4vo","Navigation - Products - Overview Products","Übersicht Produkte",{"id":492,"internal":493,"title":494,"url":495},{"id":853,"internal":854,"title":855,"url":856},"7sL5k0BN1sNguslFlyBu4A","Navigation - Products - ETF","ETFs","/produkte/etf",{"id":497,"internal":498,"title":499,"url":500},{"id":502,"internal":503,"title":504,"url":505},{"id":860,"internal":861,"title":862,"url":863},"2d5U4o3xTCqn2gC6Yx1mll","Navigation - Products - Indices","Indizes","/produkte/indizes",{"id":865,"internal":866,"title":867,"url":572,"subNav":868},"5tLU3nrmt0zPfcdTKgWjFF","Navigation - Solutions","Lösungen",[],{"id":507,"internal":508,"title":509,"url":510,"subNav":870},[871,875,880,885,890,895],{"id":872,"internal":873,"title":874,"url":510,"hide":817},"5ISRo7xxJ5AOtjhPXzD6q3","Navigation - Sustainable investing - Overview Sustainable investing ","Übersicht Nachhaltigkeit",{"id":876,"internal":877,"title":878,"url":879},"1ABPXVOQxFmCH7sw6Ayjf3","Navigation - Sustainable investing - Journey","Die Reise","/nachhaltigkeit/die-reise",{"id":881,"internal":882,"title":883,"url":884},"6On4bmzPLgMwxhfP7DwEqw","Navigation - Sustainable investing - Expertise","Expertise","/nachhaltigkeit/expertise",{"id":886,"internal":887,"title":888,"url":889},"2wjJaEBMEzu5rTLlEmjwtG","Navigation - Sustainable investing - Active Ownership (exept US + China)","Active Ownership","/nachhaltigkeit/active-ownership",{"id":891,"internal":892,"title":893,"url":894},"6Otlq94qwhI9uIfqBFD33a","Navigation - Sustainable investing - Climate & Biodiversity","Klima & Biodiversität","/nachhaltigkeit/klima-biodiversitat",{"id":896,"internal":897,"title":898,"url":899},"29CCmMMgduT59CQY7sXzkr","Navigation - Sustainable investing - SDGs","SDGs","/nachhaltigkeit/sdgs",{"id":512,"internal":513,"title":514,"url":515,"subNav":901},[902,906,911,915,920,925,930],{"id":903,"internal":904,"title":905,"url":515,"hide":817},"2zPveCK2sssSFkrecgDKIz","Navigation - About us - Overview About us","Übersicht Über uns",{"id":907,"internal":908,"title":909,"url":910},"3vINz2JyyW7Emj9lTTGBR1","Navigation - About us - Who we are","Wer wir sind","/ueber-uns/wer-wir-sind",{"id":912,"internal":913,"title":542,"url":914},"LAGRyJHaFaC0IsYr3Whkn","Navigation - About us - Key strengths","/uber-uns/kernkompetenzen",{"id":916,"internal":917,"title":918,"url":919},"3s0Ido5fRGArmxHs8QTpUV","Navigation - About us - Governance","Governance","/ueber-uns/unternehmensfuehrung",{"id":921,"internal":922,"title":923,"url":924},"1Oo9CSnJFICqPO9YUpnG8Z","Navigation - About us - History","Geschichte ","/ueber-uns/geschichte",{"id":926,"internal":927,"title":928,"url":929},"54ip9Wk6hPvJjCm8L3X03i","Navigation - About us - Diversity & inclusion","Vielfalt & Inklusion","/uber-uns/vielfalt-inklusion",{"id":521,"internal":522,"title":523,"url":524},{"id":932,"link":933,"logoDesktopDark":934,"logoDesktopLight":936,"logoMobileDark":939,"logoMobileLight":943},"53cK6WPuMobhAGYr2PlTYX",{"id":723,"internal":724,"title":725,"url":726,"external":581,"openInNewWindow":88},{"id":626,"src":627,"width":628,"height":629,"alt":935},"Robeco, The Investments Engineers - Logo",{"id":937,"src":938,"width":628,"height":629,"alt":935},"17uZboFLmbSFTaqugpnBnq","//images.ctfassets.net/tl4x668xzide/17uZboFLmbSFTaqugpnBnq/50fabb6a2ded715f5bbbc7506c8c8795/robeco-logo-white.png",{"id":940,"src":941,"width":628,"height":942,"alt":935},"4QnDEzaoCxRt5urb04u778","//images.ctfassets.net/tl4x668xzide/4QnDEzaoCxRt5urb04u778/70d701463b570d50da58fe3e3acee81f/robeco-color-logo-small.png",90,{"id":944,"src":945,"width":628,"height":942,"alt":935},"3HqCSmJoRNJ9SJB0oFu7su","//images.ctfassets.net/tl4x668xzide/3HqCSmJoRNJ9SJB0oFu7su/9aedba1d11b7946bb749339abba58f9b/robeco-logo-white-small.png",{"id":947,"internal":948,"title":949,"url":950},"acOTqNu10iMsF7qEv7vdz","Search","Suchen","/suchen",{"id":952,"title":953,"text":954,"loggedInMenu":975},"b9tKzbz8HyDCjaYc6kuXg","MyRobeco - Zugriff auf Ihr Portfolio und Nachhaltigkeitsdaten",{"nodeType":9,"data":955,"content":956},{},[957],{"nodeType":13,"data":958,"content":959},{},[960,964,972],{"nodeType":17,"data":961,"value":962,"marks":963},{},"MyRobeco ist für unsere professionellen Kunden verfügbar. Wenden Sie sich an Ihren Ansprechpartner bei Robeco, um mehr darüber zu erfahren, oder lesen Sie die ",[],{"nodeType":610,"data":965,"content":967},{"uri":966},"https://www.robeco.com/docm/docu-robeco-myrobeco-clientportal-brochure.pdf",[968],{"nodeType":17,"data":969,"value":970,"marks":971},{},"MyRobeco-Broschüre",[],{"nodeType":17,"data":973,"value":620,"marks":974},{},[],{"id":976,"items":977},"5iTIOUkYYtQSeSZYluAfoB",[978,983,988],{"id":979,"internal":980,"title":981,"url":982},"5dTJ1nY4Zkwy3ouTbxheKZ","client-portal","MyRobeco","/portal#/",{"id":984,"internal":985,"title":986,"url":987},"2LhyOnhfpCcaQabHry6y8V","settings","Settings","/portal#/settings/profile",{"id":989,"internal":990,"title":991,"url":992},"4UvrdpaXTbVZvsrOorhZT0","faq","FAQ","/portal/faq",[],[995,1042,1084,1088,1130,1170,1183,1218,1258,1279,1310,1314,1334,1355],{"id":122,"text":996,"design":1040,"type":121},{"nodeType":9,"data":997,"content":998},{},[999],{"nodeType":13,"data":1000,"content":1001},{},[1002,1006,1023,1027,1030,1033,1037],{"nodeType":17,"data":1003,"value":1004,"marks":1005},{},"Auf den ersten Blick erscheint die Idee intuitiv. Wenn die Welt sich mehr um die globale Erwärmung kümmert und beginnt, den Übergang zu ",[],{"nodeType":1007,"data":1008,"content":1018},"entry-hyperlink",{"target":1009,"type":1013,"props":1014},{"sys":1010},{"id":1011,"type":460,"linkType":1012},"rNE521MZnIff8gF5zRxUz","Entry","link",{"id":1011,"internal":1015,"title":1016,"url":1017,"isAllowed":581},"Glossary - Sustainable Investing - Renewable energy investing","Renewable energy investing","/glossar/sustainable-investing/renewable-energy-investing",[1019],{"nodeType":17,"data":1020,"value":1021,"marks":1022},{},"sauberer Energie",[],{"nodeType":17,"data":1024,"value":1025,"marks":1026},{}," zu vollziehen, dürften sich die Wachstumsaussichten für weniger CO2-intensive Unternehmen verbessern. Und tatsächlich ist ein Grund dafür, dass „grüne“ Aktien besser abschneiden konnten als „braune“, ganz einfach: die Gewinnerwartungen. ",[],{"nodeType":644,"data":1028,"key":1029},{},"break-2-0",{"nodeType":644,"data":1031,"key":1032},{},"break-2-1",{"nodeType":17,"data":1034,"value":1035,"marks":1036},{},"Anleger haben möglicherweise unterschätzt, wie schnell umweltfreundlichere Technologien wachsen und wie stark sich die Nachfrage verändern würde. Als die Gewinnprognosen nach oben korrigiert wurden, stiegen die Aktienkurse nachfolgend an. „Braune“ Unternehmen, wie Ölproduzenten, Kohlebergwerke und industrielle Großemittenten, könnten weniger positive Überraschungen erlebt haben.",[],{"nodeType":644,"data":1038,"key":1039},{},"break-2-2",{"alignment":1041},"100 Center",{"id":124,"title":1043,"text":1044,"design":1083,"type":121},"Konzentration auf die Kapitalkosten",{"nodeType":9,"data":1045,"content":1046},{},[1047],{"nodeType":13,"data":1048,"content":1049},{},[1050,1054,1056,1059,1063,1077,1081],{"nodeType":17,"data":1051,"value":1052,"marks":1053},{},"Aber es gibt noch einen anderen, subtileren Mechanismus, der außerhalb der Forschung weit weniger Beachtung findet: die Kapitalkosten. Dabei handelt es sich im Wesentlichen um die erwartete Rendite, die Anleger für das Halten von Aktien eines Unternehmens anstreben. Steigt diese erwartete Rendite, sinkt der Aktienkurs, auch wenn das Geschäft des Unternehmens gleich bleibt.",[],{"nodeType":644,"data":1055,"key":646},{},{"nodeType":644,"data":1057,"key":1058},{},"break-0-1",{"nodeType":17,"data":1060,"value":1061,"marks":1062},{},"Und genau hier kommt die Klimapolitik ins Spiel. Wenn große institutionelle Anleger sich von Industrien mit hohem Anteil an fossilen Brennstoffen trennen, begründen sie dies oft nicht nur mit moralischen Gründen, sondern auch mit dem Risiko. Emissionsintensive Unternehmen müssen mit strengeren Vorschriften, ",[],{"nodeType":1007,"data":1064,"content":1072},{"target":1065,"type":1013,"props":1068},{"sys":1066},{"id":1067,"type":460,"linkType":1012},"7qmjiPlgmUvcLDW4g3nFQm",{"id":1067,"internal":1069,"title":1070,"url":1071,"isAllowed":581},"Glossary - Sustainable Investing - Stranded assets","Stranded assets","/glossar/sustainable-investing/stranded-assets",[1073],{"nodeType":17,"data":1074,"value":1075,"marks":1076},{},"verlorenen Vermögenswerten",[],{"nodeType":17,"data":1078,"value":1079,"marks":1080},{},", volatiler Nachfrage und künftigen Verbindlichkeiten rechnen. ",[],{"nodeType":644,"data":1082,"key":1029},{},{"alignment":1041},{"id":127,"quote":1085,"design":1087,"type":126},{"quote":1086},"Wenn große institutionelle Anleger sich von Industrien mit hohem Anteil an fossilen Brennstoffen trennen, begründen sie dies oft nicht nur mit moralischen Gründen, sondern auch mit dem Risiko",{},{"id":129,"text":1089,"design":1129,"type":121},{"nodeType":9,"data":1090,"content":1091},{},[1092],{"nodeType":13,"data":1093,"content":1094},{},[1095,1099,1101,1103,1107,1113,1117,1122,1126],{"nodeType":17,"data":1096,"value":1097,"marks":1098},{},"Diese Risiken bedeuten, dass „braune“ Unternehmen höhere Kapitalkosten haben dürften. Wenn Anleger abwandern, werden die Aktienkurse fallen, was die erwarteten Renditen erhöht.",[],{"nodeType":644,"data":1100,"key":646},{},{"nodeType":644,"data":1102,"key":1058},{},{"nodeType":17,"data":1104,"value":1105,"marks":1106},{},"Mit anderen Worten können „braune“ Aktien einfach deshalb zurückbleiben, weil der Markt weniger bereit ist, sie zu kaufen, und nicht unbedingt, weil ihre Gewinne enttäuschend sind. Ironischerweise sagt die Theorie den gegenteiligen Effekt voraus, sobald diese ",[],{"nodeType":17,"data":1108,"value":1109,"marks":1110},{},"höheren",[1111],{"type":1112},"italic",{"nodeType":17,"data":1114,"value":1115,"marks":1116},{}," Kapitalkosten vollständig eingepreist sind: „braune“ Unternehmen sollten letztendlich höhere Renditen erwirtschaften, um die Anleger für ihr erhöhtes Klimarisiko zu entschädigen. Dies wird von einigen Researchern als ",[],{"nodeType":17,"data":1118,"value":1119,"marks":1120},{},"CO2-Risikoprämie",[1121],{"type":1112},{"nodeType":17,"data":1123,"value":1124,"marks":1125},{}," bezeichnet.",[],{"nodeType":644,"data":1127,"key":1128},{},"break-4-0",{"alignment":1041},{"id":132,"internal":1131,"layoutType":1132,"relatedFunds":1133,"relatedShareClasses":1165,"charts":1166,"design":1167,"type":131},"Global Climate Transition Equities | Ribbon White - H3","Ribbon",[1134,1153],{"id":1135,"title":1135,"url":1136,"date":1137,"currentDate":1138,"size":1139,"method":1140,"disclaimers":1141,"tableData":1145},"Global Climate Transition Equities D EUR","{{prefix}}-lu2496629259/robeco-global-climate-transition-equities-d-eur",1780185600000,1784073600000,455290.24,"Annualized",[1142,1143,1144],"fund.detail.general.performance-disclaimer","fund.detail.tabs.performance-costs.performance-table.annualized-method","fund.detail.tabs.performance-costs.performance-table.return-type.transaction",{"performanceYtd":1146,"performance3Y":1147,"rating":1148,"sfdr":1149,"dividend":1150,"currentPrice":1151,"inception":1152},14.8067136990027,17.0265327446225,4,"article8","No",171.81,1657843200000,{"id":1154,"title":1154,"url":1155,"date":1137,"currentDate":1138,"size":1156,"method":1140,"disclaimers":1157,"tableData":1158},"Smart Energy D EUR","{{prefix}}-lu2145461757/robeco-smart-energy-d-eur",2318229690,[1142,1143,1144],{"performanceYtd":1159,"performance3Y":1160,"rating":1161,"sfdr":1162,"dividend":1150,"currentPrice":1163,"inception":1164},55.722760247712,27.4903792191259,5,"article9",100.82,1603929600000,[],[],{"title":1168,"background":1169},"H3 Title","White",{"id":134,"title":1171,"text":1172,"design":1182,"type":121},"Was hat sich folglich in der Realität getan?",{"nodeType":9,"data":1173,"content":1174},{},[1175],{"nodeType":13,"data":1176,"content":1177},{},[1178],{"nodeType":17,"data":1179,"value":1180,"marks":1181},{},"Dazu haben Researcher immer ausgefeiltere Modelle entwickelt, die die Aktienkurse mit den langfristigen Wachstumserwartungen und den sich ändernden Kapitalkosten verknüpfen. Wenn wir diese Modelle betrachten und die Ergebnisse überprüfen, ergibt sich ein klares Bild.",[],{"alignment":1041},{"id":137,"internal":1184,"title":1185,"image":1186,"source":1191,"design":1217,"type":136},"2026-02-16 |  SI Debate: Climate investing after one year of Trump - 06","Abbildung 1: Der Widerspruch zwischen erwarteter und realisierter Rendite",{"id":1187,"src":1188,"width":1189,"height":1190,"alt":48},"61v0gTOYvHRslqBL0G8Ktr","//images.ctfassets.net/tl4x668xzide/61v0gTOYvHRslqBL0G8Ktr/b2bd2767449e02b7ecb98ea7af8497a8/20260216-si-debate-climate-investing-after-one-year-of-trump-fig1.jpg",800,489,{"nodeType":9,"data":1192,"content":1193},{},[1194,1202],{"nodeType":1195,"data":1196,"content":1197},"heading-5",{},[1198],{"nodeType":17,"data":1199,"value":1200,"marks":1201},{},"Die bisherige Performance bietet keine Garantie im Hinblick auf zukünftige Ergebnisse. Der Wert von Kapitalanlagen kann schwanken. Nur zur Veranschaulichung.",[],{"nodeType":13,"data":1203,"content":1204},{},[1205,1210,1214],{"nodeType":17,"data":1206,"value":1207,"marks":1208},{},"Quelle",[1209],{"type":604},{"nodeType":17,"data":1211,"value":1212,"marks":1213},{},": Robeco, Markwat, Hanauer, Swinkels (2026). ",[],{"nodeType":644,"data":1215,"key":1216},{},"break-1-0",{"background":1169},{"id":139,"text":1219,"design":1257,"type":121},{"nodeType":9,"data":1220,"content":1221},{},[1222],{"nodeType":13,"data":1223,"content":1224},{},[1225,1229,1243,1247,1249,1251,1255],{"nodeType":17,"data":1226,"value":1227,"marks":1228},{},"In den USA sind in den Jahren unmittelbar nach dem ",[],{"nodeType":1007,"data":1230,"content":1238},{"target":1231,"type":1013,"props":1234},{"sys":1232},{"id":1233,"type":460,"linkType":1012},"3J9a9xpq4V2wdJoP7RVd91",{"id":1233,"internal":1235,"title":1236,"url":1237,"isAllowed":581},"Glossary - Sustainable Investing - Paris Agreement"," Paris Agreement","/glossar/sustainable-investing/paris-agreement",[1239],{"nodeType":17,"data":1240,"value":1241,"marks":1242},{},"Übereinkommen von Paris",[],{"nodeType":17,"data":1244,"value":1245,"marks":1246},{}," die Kapitalkosten bzw. die erwartete Rendite für „braune“ Unternehmen im Vergleich zu ähnlichen „grünen“ Unternehmen um 0,55 Prozentpunkte gestiegen. Bei letzteren handelt es sich um das Drittel der Unternehmen innerhalb jeder Branche mit der niedrigsten, während „braune“ Unternehmen das Drittel mit der höchsten CO2-Emissionsintensität sind. ",[],{"nodeType":644,"data":1248,"key":1029},{},{"nodeType":644,"data":1250,"key":1032},{},{"nodeType":17,"data":1252,"value":1253,"marks":1254},{},"Dies ist in der obigen Grafik mit blauen Balken dargestellt. Es handelt sich um eine bedeutende Neubewertung auf den Finanzmärkten. Bemerkenswert ist, dass dieser Unterschied von 0,55 Prozentpunkten zwischen „braunen“ und „grünen“ Aktien bis zur US-Präsidentschaftswahl im November 2024 mehr oder weniger gleich blieb.",[],{"nodeType":644,"data":1256,"key":1039},{},{"alignment":1041},{"id":141,"title":1259,"text":1260,"design":1278,"type":121},"Trump 2.0: Die Vorschriften rückgängig machen",{"nodeType":9,"data":1261,"content":1262},{},[1263],{"nodeType":13,"data":1264,"content":1265},{},[1266,1270,1272,1274],{"nodeType":17,"data":1267,"value":1268,"marks":1269},{},"Dann änderte sich die Politik. Die Klimaschutzvorschriften wurden zurückgenommen, die USA sind aus dem Übereinkommen von Paris ausgestiegen und die Subventionen für saubere Energie wurden gekürzt. Der Druck auf die umweltschädlichen Unternehmen ließ nach, und Anleger reagierten ebenso. Obwohl Trump in seiner ersten Amtszeit ebenfalls aus dem Übereinkommen von Paris ausgestiegen ist, ist die Kehrtwende in der Klimapolitik in seiner zweiten Amtszeit viel aggressiver ausgefallen. ",[],{"nodeType":644,"data":1271,"key":646},{},{"nodeType":644,"data":1273,"key":1058},{},{"nodeType":17,"data":1275,"value":1276,"marks":1277},{},"Der Unterschied bei den Kapitalkosten zwischen „braunen“ und „grünen“ Unternehmen hat sich inzwischen auf 0,30 Prozentpunkte verringert. Für Anleger in „braune“ Aktien war dies eine gute Nachricht. Niedrigere Kapitalkosten führen automatisch zu höheren Bewertungen. Die politische Kehrtwende verlieh „braunen“ emissionsintensiven Unternehmen in den USA im Endeffekt einen Renditeschub.",[],{"alignment":1041},{"id":143,"title":1280,"text":1281,"design":1309,"type":121},"Vorreiter im Klimaschutz im Vergleich zu Nachzüglern",{"nodeType":9,"data":1282,"content":1283},{},[1284],{"nodeType":13,"data":1285,"content":1286},{},[1287,1291,1305],{"nodeType":17,"data":1288,"value":1289,"marks":1290},{},"Bei Robeco mögen wir die Unterscheidung zwischen „grünen“ und „braunen“ Unternehmen nicht so sehr. Stattdessen bewerten wir, ob Unternehmen glaubwürdige Pläne für die ",[],{"nodeType":1007,"data":1292,"content":1300},{"target":1293,"type":1013,"props":1296},{"sys":1294},{"id":1295,"type":460,"linkType":1012},"TbJldeDeuFUEWZEFEfX8G",{"id":1295,"internal":1297,"title":1298,"url":1299,"isAllowed":581},"Glossary - Sustainable Investing - Decarbonization","Decarbonization","/glossar/sustainable-investing/decarbonization",[1301],{"nodeType":17,"data":1302,"value":1303,"marks":1304},{},"Dekarbonisierung",[],{"nodeType":17,"data":1306,"value":1307,"marks":1308},{}," aufweisen oder neue Technologien entwickeln wollen, um den Übergang zu sauberer Energie zu beschleunigen. Solche mit guten Plänen bezeichnen wir als „Vorreiter im Klimaschutz“, und solche ohne Pläne als „Nachzügler“. ",[],{"alignment":1041},{"id":145,"quote":1311,"design":1313,"type":126},{"quote":1312},"Selbst als die US-Klimaschutzverpflichtungen nachließen, hatten die weltweiten Vorreiter im Klimaschutz bessere Gewinnaussichten",{},{"id":147,"text":1315,"design":1333,"type":121},{"nodeType":9,"data":1316,"content":1317},{},[1318],{"nodeType":13,"data":1319,"content":1320},{},[1321,1325,1327,1329],{"nodeType":17,"data":1322,"value":1323,"marks":1324},{},"Auch wenn es zwischen diesen beiden erhebliche Überschneidungen gibt, ist die Unterscheidung wichtig, da einige „braune“ Unternehmen sich glaubwürdig zu „grünen“ Unternehmen entwickeln. Aber wie sieht es bei den Vorreitern im Klimaschutz aus, diesen „grünen“ oder grüner werdenden Unternehmen, die von dieser politischen Kehrtwende betroffen sind? Wurden sie dafür bestraft, das „Richtige“ zu tun?",[],{"nodeType":644,"data":1326,"key":646},{},{"nodeType":644,"data":1328,"key":1058},{},{"nodeType":17,"data":1330,"value":1331,"marks":1332},{},"Die Daten lassen das Gegenteil vermuten. Selbst als die US-Klimaschutzverpflichtungen nachließen, hatten die weltweiten Vorreiter im Klimaschutz bessere Gewinnaussichten, was auf die technologische Dynamik, die sinkenden Kosten für saubere Energie und die zunehmende Einführung klimafreundlicher Maßnahmen in Europa und Asien zurückzuführen ist. Dies ist in der Grafik mit orangefarbenen Balken dargestellt. Diese Gewinnkorrekturen nach oben schlugen sich in höheren Aktienkursen nieder, unabhängig von der Entwicklung der US-Politik.",[],{"alignment":1041},{"id":149,"title":1335,"text":1336,"design":1354,"type":121},"Hat es sich gelohnt?",{"nodeType":9,"data":1337,"content":1338},{},[1339],{"nodeType":13,"data":1340,"content":1341},{},[1342,1346,1348,1350],{"nodeType":17,"data":1343,"value":1344,"marks":1345},{},"Hat sich der grüne Wandel also gelohnt? Das hängt von der Messmethode ab. „Braune“ Unternehmen in den USA erhielten einen kurzfristigen Schub, als sich die US-Klimapolitik änderte. Aber die weltweiten Vorreiter im Klimaschutz verzeichnen immer noch ein über den Erwartungen liegendes Wachstum.",[],{"nodeType":644,"data":1347,"key":646},{},{"nodeType":644,"data":1349,"key":1058},{},{"nodeType":17,"data":1351,"value":1352,"marks":1353},{},"Eines ist klar: Die Marktentwicklung nach dem Übereinkommen von Paris ist weitaus differenzierter als ein einfacher Sieg für saubere Energie. Es geht um veränderte Erwartungen, geopolitische Kehrtwenden, neu bewertete Risiken und die Erinnerung daran, dass der Klimawandel auf den Finanzmärkten keine abstrakte künftige Bedrohung mehr darstellt. Sie verändert die Kurse bereits heute.",[],{"alignment":1041},{"id":152,"title":24,"link":1356,"design":1361,"type":151},{"id":1357,"internal":1358,"title":1359,"url":1360,"variant":652},"4XLAseBSmDVUPDfBY9qYec","SI Debate was SI Dilemmas | Read all articles (secondary blue)","Lesen Sie alle Artikel","/einblicke?f=47PdzLacE2w6wENlFtVLug",{"cirle":1362,"background":1169},"Blue-Orange"]