Only if the financial markets are sustainable will the social and environmental transformation of the economy be successful. This requires both public and private investment. At the same time, we must ensure that Germany’s economy retains a competitive advantage. A Transformation and Impact Fund to accompany the transformation would be an ideal instrument for this purpose. We must not think only in terms of current and target states when it comes to sustainability policy: a Transformation and Impact Fund would support a just transition for society as a whole. When it comes to implementing the social criteria that pave the way towards a sustainable future, we are only at the beginning. More needs to be done in this area so as to consolidate Germany’s position as a major location for sustainable finance.