Sustainable Finance and Banking

In developing countries the price of rapid growth is all too often noxious airborne pollution, which annually contributes to a disturbing number of avoidable deaths. In recent decades, however, there has been considerable progress in the epidemiology of a

List of boxes, figures and tables

vi

Foreword

ix

Jan Pronk

Foreword

xi

Hans Smits

Acknowledgements

xiii

List of acronyms and abbreviations

xv

Introduction

1

(10)

Trends

1

(2)

Paradigm shift

3

(1)

General structure of the book

3

(2)

Structure by chapter

5

(6)

Part I Sustainability: A General Introduction

Environmental Consciousness and Sustainable Development

11

(26)

Introduction

11

(1)

Environmental issues

12

(4)

Environmental consciousness

16

(5)

Sustainable development

21

(6)

Environmental policy

27

(7)

Conclusion

34

(3)

Sustainability: The Challenges for Companies

37

(15)

Introduction

37

(1)

Corporate governance and sustainable development

38

(3)

Sustainable business

41

(4)

Accountability and reporting

45

(3)

Conclusion

48

(4)

Sustainability; A Special Role for Banks

52

(31)

Introduction

52

(1)

Banks and their function in an economy

53

(8)

The drive behind sustainability at banks

61

(6)

Intermediation and sustainability

67

(4)

Sustainable banking

71

(3)

Conclusion

74

(9)

Part II Banking and Sustainability

Sustainability, Markets and Banking Products

83

(35)

Introduction

83

(1)

Sustainable investment funds

84

(8)

Fiscal green funds

92

(5)

New, more sustainable financial products: Committed resources

97

(5)

New, more sustainable financial products: Investments

102

(7)

Sustainability and advice from banks

109

(2)

The financial sector and the Kyoto Protocol

111

(5)

Conclusion

116

(2)

Sustainability and Financing Risks

118

(30)

Introduction

118

(2)

Environmental risks for clients

120

(9)

Indirect environmental risks for banks

129

(6)

Direct environmental risks for banks

135

Risks to banks' reputations

39

(104)

Instruments for analysing environmental risk

143

(3)

Conclusion

146

(2)

Internal Environmental Care

148

(12)

Introduction

148

(1)

Energy

149

(4)

Waste

153

(1)

Sustainable building

154

(1)

Supply and distribution chain management

155

(1)

Conclusion

156

(4)

Organization and Communication about Sustainability

160

(25)

Introduction

160

(1)

The organization of sustainability within banks

161

(8)

The role of internal communication

169

(3)

The role of external communication

172

(6)

External accountability and the risks of external communication

178

(3)

Conclusion

181

(4)

Part III In Reflection

Sustainable Banking in Perspective: The Cases of 34 International Banks

185

(19)

Introduction

185

(3)

Codes of conduct, environmental reporting and environmental management systems (EMSs)

188

(2)

Environmental care in practice: Reported policy, objectives and data

190

(2)

Environmental care in practice: Products and risk management

192

(5)

Socioeconomic activities and sponsoring

197

(2)

Integral score of sustainable banking

199

(1)

Conclusion

200

(4)

Sustainable Development: A Paradigm Shift

204

(16)

Introduction

204

(2)

Are incremental steps sufficient?

206

(1)

The existing economic system

207

(4)

Are there shortcomings associated with the current economic paradigm?

211

(2)

Sustainable development as a paradigm shift

213

(3)

Sustainable development: Another way of seeing

216

(4)

Towards sustainable banking

220

(43)

Introduction

220

(1)

The trends: A summary

221

(2)

A link to the future

223

(3)

The role of banks in a sustainable future

226

(2)

Conclusion

228

(3)

Appendices

I Environmental Performances of Developed Countries

231

(2)

II Sectoral Changes in the Pursuit of Sustainability: A Dutch Scenario

233

(2)

III IFC Project Classification for Environmental Assessments

235

(2)

IV Example of an Environmental Risk Checklist

237

(2)

V The ICC Business Charter for Sustainable Development: Principles for Environmental Management

239

(3)

VI UNEP Statement by Financial Institutions on the Environment and Sustainable Development

242

(2)

VII List of Signatories to the UNEP Statement by Financial Institutions on the Environment and Sustainable Development

244

(7)

VIII Overview of Characteristics of Selected Banks

251

(4)

IX An Integral Score for Sustainable Banking

255

(3)

X Ecological Economics

258

(1)

XI Zero Growth and Other Solutions?

259

(2)

XII The Prisoner's Dilemma

261

(2)

Glossary

263

(4)

Notes

267

(28)

References

295

(15)

Index

310

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Sustainable Finance and Banking

Summary

Table of Contents

Supplemental Materials