This comprehensive addition to the debate on sustainable
development has been produced in order to take a global pulse on
how the financial services sector is responding to the growing
challenge of shareholder and stakeholder expectations on social and
environmental performance. In the opinion of many commentators in
this new book, given the intermediary role banks play within
economies, their potential contribution toward sustainable
development is enormous. Indeed, for banks, the conclusion that
corporate sustainability has become an investable concept that
increases long-term shareholder value is becoming difficult to
deny.To date, banks have been relatively slow to examine their
exposure to risk (the environmental and social performance of their
clients) and the business opportunities of sustainable development
(the products and services they offer). Not before time,
Sustainable Banking concludes that this is beginning to change,
with both risk and opportunity becoming established elements in
banking policies towards environmental sustainability. In addition,
banks have now begun to take notice of and address their own
environmental performance. Through the use of case studies and
detailed analysis, the book examines the environmental policies of
banks, the importance of transparency and communication with their
stakeholders, environmental and ethical investment funds, current
practice by the providers of financial services with regard to
environmental risk management and, finally, the key role of
government, NGOs and multilateral banks in delivering
sustainability.Sustainable banking has not, however, been achieved
and nor will it be in the immediate future. As globalisation
proceeds apace, Sustainable Banking argues that improvements are
necessary in banks' attitudes toward transparency and
accountability with regard to their lending policies. In addition,
in order to promote best practice, the leading banks need to start
measuring their customers' environmental performance in order to
persuade polluting clients that minimum compliance to regulations
will no longer suffice. The book finds many shining examples in the
co-operative, mutual and social sectors for the big players to
emulate. Environmental and ethical considerations in such loan
portfolios have proven to be profitable and "best-in-class" larger
banks are now also reaping benefits.The unprecedented scope of the
book has attracted contributors from four continents including
Deloitte & Touche, Rabobank, The World Bank, The European Bank
for Reconstruction and Development, The United Nations Environment
Programme, The World Business Council for Sustainable Development,
UBS, Henderson Investors, KPMG, The World Resources Institute and
SAM Sustainability.
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