The Impact of Sustainable Finance on Insurers’ Activity

2020 ◽  
Vol 4 (105) ◽  
pp. 78-94
Author(s):  
Piotr Wrzesiński
Keyword(s):  
Insurance Companies ◽  
Specific Nature ◽  
Insurance Cover ◽  
Individual Character ◽  
Sustainable Finance ◽  
Risk Managers ◽  
The Impact ◽  
Disclosure Obligations ◽  
The Eu

The article contains an analysis of the impact of the sustainable finance provisions either currently being developed at the European level or already partially implemented on the activities of insurance companies. These regulations will affect insurers’ activity as they play an important role in adapting the EU economy to climate change, above all, acting as long-term investors and risk managers, but also through appropriate management of the provided insurance cover. At this stage, the system seems to be quite complicated. The adopted sustainable finance regulations impose a number of obligations on insurance undertakings, particularly those offering insurance investment products, e.g. additional disclosure obligations, either general or addressed to individual clients. Moreover, insurance companies will have to comply with the restrictions on their investment policy. Besides, it should be emphasised that the adopted solutions do not fully consider the specific nature of insurance activity or individual character of national EU economies. As a consequence, the introduction of the sustainable finance regulation will certainly pose a significant challenge for insurance companies operating in Poland.

Australian PM challenge will hinder policy agenda

2015 ◽  
Keyword(s):  
Political Parties ◽  
Interest Rates ◽  
Prime Minister ◽  
Party Leader ◽  
Content Type ◽  
Developed Economies ◽  
Housing Bubbles ◽  
The Impact ◽  
The Eu

Significance Although a victory in the short term for Abbott, the narrow margin will only intensify doubts about his long-term prospects as party leader and as prime minister. The challenge continues a trend of instability across Australia's main political parties. The country is poised to enter a record 25th year of uninterrupted economic growth, yet has changed prime minister four times since 2007. Impacts Australia will remain one of the most robust developed economies throughout 2015, with growth rates far above those of the EU. The Reserve Bank's decision to cut interest rates indicates that there are worries of the impact of the China-induced mining slowdown. Concerns in state capitals about housing bubbles will grow and may be an issue in the next federal election.

scholarly journals Economic-Engineering Modelling of the Buildings Sector to Study the Transition towards Deep Decarbonisation in the EU

Energies ◽  
2019 ◽  
Vol 12 (14) ◽  
pp. 2745 ◽  
Author(s):  
Fotiou ◽  
Vita ◽  
Capros
Keyword(s):  
Energy Efficiency ◽  
Electric Heating ◽  
Heat Pumps ◽  
Climatic Conditions ◽  
Mathematical Framework ◽  
The European Union ◽  
The Cost ◽  
The Impact ◽  
The Eu

The paper presents a newly developed economic-engineering model of the buildings sector and its implementation for all the European Union (EU) Member States (MS), designed to study in detail ambitious energy efficiency strategies and policies, in the context of deep decarbonisation in the long term. The model has been used to support the impact assessment study that accompanied the European Commission’s communication “A Clear Planet for All”, in November 2018. The model covers all EU countries with a fine resolution of building types, and represents agent decision-making in a complex and dynamic economic-engineering mathematical framework. Emphasis is given to behaviours driving the energy renovation of buildings and the ensuing choice of equipment for heating and cooling. The model represents several market and non-market policies that can influence energy decisions in buildings and promote deep energy renovation. Moreover, the paper presents key applications for supporting policies targeting ambitious reduction of energy consumption and carbon emissions in buildings across Europe. The results illustrate that the achievement of ambitious energy-efficiency targets in the long-term heavily depends on pursuing a fast and extensive renovation of existing buildings, at annual rates between 1.21% and 1.77% for the residential sector and between 0.92% to 1.35% for the services sector. In both cases, the renovation rates are far higher past trends. Strong policies aimed at removing non-market barriers are deemed necessary. Electrification constitutes a reasonable choice for deeply renovated buildings and, as a result, almost 50% of households chooses electric heating over gas heating in the long term. However, heat pumps need to exploit further their learning potential to be economical and implementable for the various climatic conditions in Europe. The results also show that the cost impacts are modest even if renovation and decarbonisation in buildings develop ambitiously in the EU. The reduced energy bills due to energy savings can almost offset the increasing capital expenditures. Fundraising difficulties and the cost of capital are, however, of concern.

scholarly journals AN OVERVIEW OF FISCAL CONSOLIDATION PROCESS IN THE EUROPEAN UNION

2014 ◽  
Author(s):  
Iulia Andreea Bucur ◽  
Mircea Muntean
Keyword(s):  
Sovereign Debt ◽  
The European Union ◽  
Fiscal Consolidation ◽  
Consolidation Process ◽  
Fiscal Effort ◽  
Eu Countries ◽  
Eu Member States ◽  
The Impact ◽  
The Eu

This paper aims to explore, based on theoretical and empirical research in the field and on data available on Eurostat and European Commission, in the context of financial significant imbalances and thus of the financial stress in the EU countries and especially in the Euro area, the main developments in the fiscal consolidation process given the fiscal effort of each country towards fiscal union. Since the financial crisis started in 2008, many EU Member States demonstrates an obvious macroeconomic imbalance which requires increased responsibility regarding fiscal developments. The impact of the crisis and the causes of sovereign debt high levels trends varied between EU countries as well as the budget deficit levels. Thus, the main priority for EU members must be the continuation of differentiated fiscal consolidation, given the specificities of each economy, favoring growth. The medium-term fiscal policy needs to focus on consolidating public finances along with restoring long-term sustainability.

scholarly journals THE NEED FOR A PARADIGM SHIFT IN FINANCE: SUSTAINABLE CORPORATE FINANCE

2021 ◽  
Vol 13 (1) ◽  
pp. 33-38
Author(s):  
Simona Marcela AGÂRBICEANU ◽  
◽  
Tatiana PĂUN ◽  
Keyword(s):  
Corporate Finance ◽  
Critical Role ◽  
Low Carbon ◽  
Responsible Behavior ◽  
Recent Developments ◽  
Decision Making Processes ◽  
Sustainable Finance ◽  
Financial Decision ◽  
The Impact

Under current global conditions, finance may play a critical role in allocating investment to sustainable enterprises and projects, thereby hastening the transition to a low-carbon circular economy. Finance promotes risk assessment and, as a result, can aid in addressing the inherent ambiguity surrounding environmental concerns such as the impact of carbon emissions on climate change. In recent decades, thinking about sustainable finance has progressed through several stages, with the emphasis steadily changing from short-term profit to long-term value creation. This study seeks to conduct an examination of the concept and premises of sustainable corporate finance based on literature research, with the goal of bringing arguments to the need to shift the financial paradigm. This emerging perspective emphasizes that, while profit creation and maximization are important, firms must also seek other goals that have an impact on society, such as those connected to sustainable development. The integration of environmental, social, and governance components into financial decision-making processes is referred to as sustainable finance. Recent developments highlight the importance of businesses' commitment to responsible behavior in transforming the company into a truly sustainable enterprise that adds value to the business, society, and the environment.

scholarly journals Measures and Possible Support Solutions of the Sustainable European Economy in the Context of Actual Crises

2020 ◽  
Vol 3 (2) ◽  
pp. 93
Author(s):  
Otilia Manta
Keyword(s):  
Business Environment ◽  
State Aid ◽  
The European Union ◽  
Current Crisis ◽  
Funding Programs ◽  
Severe Recession ◽  
The Impact ◽  
Direct Measures ◽  
The Eu

The COVID-19 pandemic involves the major risk of a severe recession, and of the economic, financial, social, educational crises, which will affect the entire EU economy, with consequences for citizens, businesses, jobs, and households. In order to guarantee the continued availability of sufficient liquidity on the market, to counteract the damage caused to healthy enterprises and to maintain the continuity of economic activity during the epidemic and after the end of the COVID-19 pandemic, it is necessary to develop a plan of measures and solutions. supporting the European economy, both through direct measures of state aid, as well as through measures to support/develop/innovate the business environment through the EU funding programs allocated at the level of the Member States both in the period 2014-2020, but more elected 2021-2027, the effects of the current crisis being both short term, but especially in the medium and long term. Among the objectives pursued we propose: identification and proposal of state aid measures to support the economy in the context of the current epidemic of COVID-19 through close coordination at European level of the aid measures; estimating the impact of temporary state aid measures on the European economy through the intervention of the European Commission; and ways to attract European funds for the business environment through the European Union funding programs existing in the budget for the period 2014-2020, but especially for the period 2021-2027.

scholarly journals Estimation of future methane production from Hellenic landfills

2013 ◽  
Vol 11 (2) ◽  
pp. 162-171
Keyword(s):  
Methane Production ◽  
Energy Production ◽  
Phase Model ◽  
Methane Generation ◽  
Sanitary Landfills ◽  
Multi Phase ◽  
The Impact ◽  
The Eu

The main objective of this research was to predict expected methane generation in Hellenic sanitary landfills, in order to evaluate its potential for energy production and to ensure health and safety in and around these sites on the long term. The study was performed for the period 2008 – 2028 with the use of a multi-phase model and included also a sensitivity analysis in order to determine the impact of certain waste parameters. In this context, two ‘extreme’ reference scenarios were formulated and assessed, one anticipating fulfilment of the EU landfill directive (which sets limits to the amount of biodegradable and packaging materials to be deposited in sanitary landfills) whereas a second (do-nothing scenario) assuming no such timely compliance.

Przezwyciężanie kryzysu w procesie integracji europejskiej, poprzez zmiany regulacji dotyczących rozliczalności w podejmowaniu decyzji w UE, w wymiarze makroekonomicznym i fiskalnym

2016 ◽  
pp. 10-23
Author(s):  
Anna Sroka
Keyword(s):  
European Union ◽  
Democratic Deficit ◽  
The European Union ◽  
Integration Process ◽  
Quality Of Democracy ◽  
Research Questions ◽  
The Impact ◽  
The Eu

This article concerns the impact of the crisis on the manner in which the European Union functions, with particular attention paid to the issue of accountability. The analysis of particular legal solutions adopted since the eruption of the economic crisis enables capturing of the changes that have occurred with respect to the functioning of democracy in the EU. This facilitates the search for an answer to the following research questions: during times of crisis, do transformations lead to improvements in the quality of democracy, or do they rather deepen the existing democratic deficit, particularly in respect of accountability? Are modifications to mechanisms governing the functioning of democracy in the EU helping to overcome both shortand long-term crises in the integration process? In order to find answers to these questions, an analysis has been performed of the changes made to regulations addressing governance in the European Union in the macroeconomic and fiscal sphere implemented between 2008 and 2013.

The Implications of Climate Change for the Actuarial Profession. A Discussion Meeting

2008 ◽  
Vol 14 (1) ◽  
pp. 127-145
Keyword(s):  
Climate Change ◽  
Research Group ◽  
Time Frame ◽  
Environmental Research ◽  
Considerable Impact ◽  
To Come ◽  
Risk Managers ◽  
The Impact

INTRODUCTIONIn our role, as actuaries, as long-term risk managers, climate change may have a considerable impact on some of our work, and, at the very least, we need to be able to answer clients' questions on the issue. The aim of this meeting is to come to a consensus on what that impact might be and how it can be managed. The impact on society and on the economy of climate change is subject to a great deal of uncertainty. We need to ascertain the risks; what they are, the degree of uncertainty, the potential magnitude and the time frame.Earlier, the Environmental Research Group of the Actuarial Profession had conducted a survey of actuaries on climate change and its implications, by means of a questionnaire. The analysis of this questionnaire is printed here, as an indication of the reactions of those actuaries who responded.

scholarly journals UEFA and the European Union: From Confrontation to Co-operation?

2007 ◽  
Vol 3 (3) ◽  
pp. 202-223
Author(s):  
Borja García
Keyword(s):  
Special Focus ◽  
European Law ◽  
The European Union ◽  
Strategic Partner ◽  
Governing Body ◽  
Elite Interviews ◽  
Relationship Of ◽  
The Impact ◽  
The Eu

This article investigates the relationship between UEFA, as European football’s governing body, and the EU. It assesses the evolution of UEFA as a football governing body since the Bosman ruling (1995) until current initiatives such as the rules on locally-trained players (2005-2006). The paper traces the evolution of UEFA’s reactions to the increasing involvement of EU institutions in football matters, with special focus on the regulation of the players’ market. It is argued that UEFA’s attitude towards the EU has changed in the last ten years. Whilst the EU was seen as a threat for UEFA in 1995, it is now considered a ‘long term strategic partner’. Two main reasons can be identified for UEFA’s evolution. First and foremost, UEFA has been forced to accept the primacy of European law and its application to the activities of football organisations. UEFA has had no option but to adapt to the impact of European law and policies on its activities. This has lead to a relationship of ‘supervised’ autonomy between UEFA and the EU institutions. Second, UEFA’s strategic vision to preserve its own position within the governance structures of football. UEFA has tried to enhance its legitimacy within football’s governing structures by engaging in policy co-operation with EU authorities. This paper draws almost entirely on empirical research conducted through elite interviews and the review of official documents.

scholarly journals A measure of cereal market integration between Finland and European major countries

2012 ◽  
pp. 1-6
Author(s):  
Liu Xing ◽  
Csaba Jansik ◽  
Jyrki Niemi
Keyword(s):  
Bread Wheat ◽  
Price Transmission ◽  
Agricultural Markets ◽  
Food Crisis ◽  
Member States ◽  
Producer Price ◽  
Cereal Products ◽  
The Impact ◽  
The Eu

From take-off in January 2007 to peaks in the first half of 2008, wheat prices worldwide including Finland were doubled at the highest compared to the previous years, which known as “food crisis”. Rising prices for key staples ran alarm bells. The producer price for cereal products in Finland has become much more volatile, and the price level has followed the average price in the EU more closely than earlier. This indicates that the prices have become more subject to the changes in other EU countries. Within EU, one of the key targets of the CAP is to facilitate the spatial integration of agricultural markets within the individual member states as well as within the community. In other words, on a spatially integrated market, price information should freely flow between member states. International trade and trade liberalization contribute to greater price transmission elasticities as domestic markets become better integrated into the world economy. Therefore, the integration of the Finnish cereal market in the EU has important implications for domestic agricultural policy. In EU, Germany is the most important trading partners of wheat and barley for Finland, and France is the most important consumer and producer of all cereal products in EU and the Exchange Market of cereal products MATIFF is also located in France. Thus Germany and France are the best price benchmark market for the Finnish producer to follow the prices. Our aim is to estimate the characteristics of the Finnish bread wheat and feed barley markets in relation to those of Germany and France from producer's point of view. Especially we investigate the impact of “Food Crises” on the estimates of price transmission of Finnish producer’s prices in comparison to the European bench-mark countries, which are Germany and France. Methodologically, we apply the threshold vector error correction model (TVECM) developed by Balke and Fomby (1997) Goodwin and Piggott (2001), Hansen and Seo (2002), to identify regimes, one of which cover the food crises period. A TVECM allows us to more accurately discern the existence of a long-term equilibrium relationship among the stochastic processes as well as test for price asymmetry. We focus attention on the estimation of the transmission elasticities in different regimes especially during the period of food crisis. We found that the LOP held very well in the Finnish producer’s cereal market with those in Germany and France. Noticeably, the speed of adjustment towards long-term equilibrium was found to be quite fast during “food crises” for both cases of feed barley and bread wheat. It implied that Finnish producer prices of cereal products were cointegrated to EU market faster and better during price escalation and the time of “food crises”. It seems that “food crises” brought also opportunity for Finland to open agricultural markets, which is very important after the European market liberalized policies for the agricultural markets.

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