Green is becoming the new Black – Sustainable Finance is a Global Opportunity and the Key to tackling Climate Change

2021 ◽  
pp. 123-130
Author(s):  
Sirpa Pietikäinen
Author(s):  
Stefania Sylos Labini

The leitmotif of this fourth issue of the journal seems to revolve around the role of finance in the current context of climate change. Concerns about the disastrous effects of climate change affect many areas. The rapidity of climate change requires urgent action from governments, industries and businesses to build more resilient communities and reduce the impact of disasters. The most recent example is the disaster that is affecting Australia, with fires fueled by record temperatures and entrenched drought conditions. Coordinated national action is critical for managing the impacts of this phenomenon. Although the most immediate financial impact of catastrophic events regards the insurance sector, the whole world of finance is affected by these phenomena. In this context, areas of growing interest for scholars at the international level are sustainable finance, corporate social responsibility and insurance.


2018 ◽  
Vol 20 ◽  
pp. 61-87 ◽  
Author(s):  
Jay CULLEN

AbstractThe EU is making progress in reducing its carbon footprint. The creation of a High-Level Group on Sustainable Finance has supplemented recent market-led initiatives and provided some recommendations for future reform. This article argues that more remains to be achieved. In particular, in light of the fundamental structural uncertainties attached to climate change, precautionary approaches to the funding of GHG-intensive industries are worth contemplating. Such measures include raising the capital requirements on assets with ‘brown’ credentials. The high dependence on banks for external financing in the EU makes these reforms particularly appropriate for implementation within the bloc.


Author(s):  
Pham Thu Thuy ◽  
Nguyen Dinh Tien ◽  
Nguyen Thuy Anh ◽  
Nguyen Van Anh ◽  
Dao Thi Linh Chi ◽  
...  

Sustainable finance is essential for the implementation of adaptation and mitigation policies on natural sources and climate change. However, global and domestic finance for sustainable natural resources and forest management has been scared and unable to meet the practical needs for the last decades. Identifying innovative financing mechanism for sustainable natural resources management and climate adaptation and mitigation has been considered by globally communities as well as Vietnamese government as an important priority. This paper analyses new and innovative financing mechanisms for 2021- 2050, that are being considered and developed by a large number of countries, discusses opportunities and constraints for translating these mechanisms to the ground, and proposes policy recommendations for Vietnam to better access to these new funding sources.


Author(s):  
Catherine Dwyer ◽  
Helen Hasan

In the emerging field of Green IT/IS, 2% is often quoted as the percentage of environmentally harmful emissions attributed to the IT industry. The term ‘Green IT’ is now part of the vocabulary, recognizing the problem of IT as a polluter and the responsibility of IT professionals. There is a counter argument that in IT, IS people have the potential to positively influence the global environmental future – in other words, develop Green IS to reduce the other 98%. Given the urgent need for progress on Climate Change, the authors argue that it is the duty of IS academics, researchers, and practitioners to reorient IS and develop new IS practices that optimize processes in support of sustainable outcomes. This argument is supported by the ability of IS to transform business processes. This paper describes Climate Change as an example of a ‘wicked problem,’ and argues that IS research has often demonstrated that imposed, top down solutions are ineffective for highly complex problems. In contrast, bottom up, emergent solutions have more promise for creating real change.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Lois M. Evans

Purpose The paper aims to respond to three questions: Are Canadian organizations committed to sustainability? Are there any links between sustainability and records management and archives programs? And, to what extent are records managers, archivists and technologists engaged in climate action? The paper also provides background on climate change in the Canadian and global contexts, defines relevant terminology, and presents a literature review that positions sustainability, adaptation and mitigation in relation to records management and archives. Design/methodology/approach The paper is based on qualitative participatory research involving expert interviews in 24 government agencies, universities and businesses located in 10 Canadian cities. Findings The organizations in the study are committed to sustainability and have developed significant programs and activities in support of this aim. Although the records managers, archivists and technologists interviewed are involved in related activities, there is a gap between what they are doing as a matter of course and the wider sustainability efforts of their parent organizations. As resources are tight, sustainability measurement entails more work and there are no real incentives to add sustainability components to programs, the participants are focused on delivering the programs they are hired to do. As a result, there is a sense of serendipity around outcomes that do occur – “sometimes, green is the outcome”. Research limitations/implications This paper presents the results of research conducted at 24 organizations in 10 Canadian cities, a small but meaningful sample that provides a springboard for considering climate action in records and archives. Based on the discussion, there is a need for a records and archives agenda that directly responds the United Nation's climate action targets: strengthening resilience and adaptive capacity to climate-related hazards and natural disasters; integrating climate change measures into policies, strategies and planning; and improving education, awareness-raising and human institutional capacity on climate change mitigation, adaptation, impact reduction and early warning. In support of this aim, the paper charts possible material topics from the literature and compares these with research findings. Practical implications From a top-down perspective, organizations need to expand sustainability programs to address all business areas, including records and archives. From a bottom-up perspective, records managers and archivists should include adaptation in disaster planning and consider the program benefits of developing economic, environmental and social sustainability initiatives to mitigate climate change. Originality/value The paper defines resilience, sustainability, adaption and mitigation and positions these terms in records management and archives. The paper examines how records managers, archivists and technologists think about sustainability; where sustainability intersects with records and archives work; and how records managers and archivists can engage in climate action.


2022 ◽  
pp. 92-113
Author(s):  
Beata Zofia Filipiak

An effective response to climate change that assures a sustainable development pathway will require a fundamental transformation towards a low carbon, climate-resilient societies. Each change need for solid financial support, financial solutions, and dedicated instruments, taking into account ESG factors and taking into account the impact of financial crises. This chapter aims to bring together theories, trends, dilemmas, and directional concepts to answer the question about changes in the existing paradigm of climate finance. On the other hand, the analysis of trends and presenting future prospects regarding sustainable finance will be aimed at enhancing the substantive and practical knowledge of the target audience. In addition, in this chapter, the following issues will be presented in particular: changes in the sustainable finance paradigm and the emergence of the climate finance paradigm, macro-and micro-financial aspects of climate change taking into account the influence of risk (including ESG risk), and a new landscape of climate finance.


VUZF Review ◽  
2020 ◽  
Vol 5 (3) ◽  
pp. 31-39
Author(s):  
Stanislav Dimitrov

Sustainable finance has been one of the modern topics in recent years. The main reason is the growing need for active steps and measures to preserve nature and avoid the risks of climate change and its consequences. A basic concept in sustainable finance is the adoption and follow-up of ESG principles. The latter refers to environmental “E”, social “S” principles and good corporate governance “G” policies. Financial institutions are considered as the conductor of policies in the field of ESG principles. The European Union is following an action plan to implement these principles and policies in the financial sphere. This report examines the integration of ESG principles into the activities of insurance companies and capital pension funds. Potential problems are identified and possible solutions are presented.


Author(s):  
Răzvan Hoinaru ◽  
Cedine Benson ◽  
Georgiana Oana Stănilă ◽  
Florin Dobre ◽  
Daniel Buda

AbstractAs the investor base committed to financing sustainable companies in an attempt to combat the climate crisis expands, green financial products have become more attractive to issuers, corporate and sovereign alike. As a result, the EU is attempting to create favourable market conditions which mobilise the allocation of private capital for investments that reduce the contribution to climate change. As part of the EU Commission’s Action Plan for Sustainable Finance, it intends to create Green Bond Standards which aim to support the transition to greener securities investments. As a foundation, we provide an overview of the green bond market development. We then consider investment challenges such as incentivisation and transparency and discuss whether the Green Bond Standards shall likely resolve these issues. Furthermore, we confer that enforceability of current green securities regulations is weak to non-existent and propose possible policy approaches which address these issues.


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