The study has identified a lack of research that has studied the value of sustainability reports for private investors in Sweden. Existing research has mostly been conducted from the perspective of companies and institutional investors, hence there is a gap that needs to be studied. 

The purpose of the study is to gain a better understanding of the incentives that lead to sustainable investments for Swedish private investors. Furthermore, the study aims to investigate how sustainability reports and ESG ratings are assessed as sources of information in an investment decision. 

Firstly, it presents the research that has already been done in this area and then proceeds to present the GRI framework. Finally, Planned Behavior theory and Individual decision process theory are presented. 

A qualitative method in the form of semi-structured interviews was conducted with 9 private investors who have read sustainability reports in the past and priorities sustainability in their investments. The respondents were selected through the researchers' social media and were interviewed either physically or remotely. 

The result shows that the respondents receive sustainability information from different sources depending on their attitude towards the information source, which is based on previous experiences, level of knowledge, preference of asset type and level of commitment. Respondents choose sustainable options due to two factors: 1) good long-term returns and 2) strong values. Sustainability reports are used due to two factors: 1) demand for detailed information and 2) the perception that sustainability reporting leads to increased responsibility for companies. However, the respondents find shortcomings in the reports, especially in terms of clarity and reliability. 

These shortcomings can be partly explained by respondent’s lack of understanding of information as well as companies' attempts to hide underperformance and emphasize positive news. Finally, ESG ratings are mainly used because respondents seek information that is easy to obtain and easy to understand. As was established in relation to sustainability reports, past experiences are also decisive here in the perception of ESG ratings. The respondents who use only ESG ratings have previously had positive experiences such as social confirmation from their surroundings, which then creates the positive attitude towards ESG ratings. 

Both sustainability reports and ESG ratings have their advantages and disadvantages, which affects the usability of it among the respondents. The study argues that it is previous experiences that particularly create a specific attitude that give birth to repeated use of information sources as a basis for investment decisions for the respective respondent.