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Banking and finance play a fundamental role in public policy and
economic performance as well as in all forms of commerce and
industry. They are crucial in determining whether society - from
governments to individual consumers - succeeds in following an
environmentally sustainable path. However, those working in the
financial sector are largely unaware of the rationale and pressures
for sustainable development and its bearing on their work, while
those in the relevant research and policy areas commonly overlook
how vital the financial sector is for progress. Marcel Jeucken sets
out to rectify this state of affairs, in a style which is
accessible to those with no experience of environmental finance
issues. He provides a comprehensive account of their
interdependence: why the financial sector is crucial to achieving
sustainability and why the triple bottom line of commercial,
environmental and social success points the way forward for
banking. From a systematic assessment of major banks around the
world, he presents a comprehensive account of current best
practice, an analysis of the differences in approach and
performance, and recommendations of actions and policies for
improved performance that will contribute to sustainable
development.
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.
Banking and finance play a fundamental role in public policy and
economic performance as well as in all forms of commerce and
industry. They are crucial in determining whether society - from
governments to individual consumers - succeeds in following an
environmentally sustainable path. However, those working in the
financial sector are largely unaware of the rationale and pressures
for sustainable development and its bearing on their work, while
those in the relevant research and policy areas commonly overlook
how vital the financial sector is for progress. Marcel Jeucken sets
out to rectify this state of affairs, in a style which is
accessible to those with no experience of environmental finance
issues. He provides a comprehensive account of their
interdependence: why the financial sector is crucial to achieving
sustainability and why the triple bottom line of commercial,
environmental and social success points the way forward for
banking. From a systematic assessment of major banks around the
world, he presents a comprehensive account of current best
practice, an analysis of the differences in approach and
performance, and recommendations of actions and policies for
improved performance that will contribute to sustainable
development.
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