Development Banking ESG Policies and the Normativisation of Good Governance Standards

McIntyre, Owen

doi:10.1007/978-3-319-10311-2_8

Cited by 6 publications

(2 citation statements)

References 5 publications

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“…This framework, now being designed and implemented, is expected to shift the focus of the energy transition to the financial sector. However, it is impossible to ignore the legal issues and their implications, which to a large extent permeate many financial decisions today and influence the practices and behaviours of banks [35][36][37]. The emphasis on sustainable finance is not only driven by market pressures but also by regulations being adopted by the European Union as part of the European Green Deal [34].…”

Section: Literature Reviewmentioning

confidence: 99%

Challenges in the EU Banking Sector as Exemplified by Poland in View of Legislative Changes Related to Climate Crisis Prevention

Komarnicka

Komarnicki

2022

Energies

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The activity and initiatives undertaken by financial institutions to protect the environment are now the goal of the evolution of the entire financial market. However, it is important not to ignore the legal issues and their implications, which to a large extent now permeate many financial decisions and affect the practices and behaviours of banks. The main objective of this paper was to identify the current condition of and ongoing developments in European Union legal regulations concerning Environmental, Social, Governance (ESG) and sustainable finance. An important aspect of this study was also to analyse the tools, legal instruments, standards and guidelines of the European Commission and the European Banking Authority (EBA) and those proposed by the international business environment in the area of non-financial reporting ESG disclosures in the EU banking sector as exemplified by Poland. In addition, this paper analyses the status of implementation of ESG-related requirements set by the EU legal framework by banks, banking associations and associations of cooperative banks operating in Poland. To achieve the objectives of this study, and to answer the research questions posed, an analysis of primary and secondary sources was carried out in conjunction with a review of the (national and foreign) literature on the subject. Two non-reactive research methodologies were used in the design of this study: the doctrinal legal method and desk research. The results of the analysis indicate that EU regulations are at the drafting stage and those adopted so far require a number of amendments. Banker associations have voiced extensive criticism of the regulations, which are viewed by banks as inadequate, unclear and inconsistent. Both EU and Polish banker associations primarily point to a high degree of generality in the solutions and legal frameworks adopted. The legal acts enacted to date do not correspond to the needs of the market. The analysis of the positions of the banking associations also revealed that the EU legislation still has gaps preventing a harmonised approach to the comprehensive and consistent integration of ESG factors by banks in their strategy and operations.

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Section: Literature Reviewmentioning

confidence: 99%

Challenges in the EU Banking Sector as Exemplified by Poland in View of Legislative Changes Related to Climate Crisis Prevention

Komarnicka

Komarnicki

2022

Energies

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“…As of December 2019, 101 financial institutions in 38 countries were observant [114]. Thus, MDBs' essential contribution to the adoption and implementation of the principles and procedures of sustainable development cannot be in dispute [115].…”

Section: Mdbs' Pioneering Entrepreneurshipmentioning

confidence: 99%

Sustainable Banking: The Role of Multilateral Development Banks as Norm Entrepreneurs

Méndez

Houghton

2020

Sustainability

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This article explores the role of multilateral development banks (MDBs) in originating norms of sustainable banking that have attracted and supported green private finance, a role not widely known in the management literature. Any prospect of achieving the United Nations (UN) Sustainable Development Goals by 2030 presupposes mobilizing the estimated US$23.3 trillion currently locked-up in risk-averse private savings to bridge the gap between developing countries’ demand for capital and the current global financial architecture’s capacity to supply it. The three biggest obstacles to sustainable banking identified by the authors are discussed: (1) The uncertain bankability of projects; (2) non-transparency in tracking sustainable capital flows; and (3) no universal mechanism capable of making matches between green investment supply and demand; and what MDBs have actually done to overcome these roadblocks, and might do in future, is also discussed. Seen through the lens of “applied constructivism”, MDBs are revealed to be norm entrepreneurs proactive since at least the 1970s in socially constructing most of the basic norms and practices of sustainable banking which the private sector relies on or is now striving to take up. MDBs are typically the first “port of call” for international governmental organizations (IGOs) and civil society organizations wishing to establish a sustainable financial framework for development; and are the likeliest political agents to pioneer sustainable banking in future. MDBs would do well to develop an awareness of the methods of Constructivism, which they have actually been unwittingly using, to empower themselves to meet the challenges of the 21st century.

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Positives Impact Investing: Ein neues Paradigma für zukunftsorientierte Führung und innovative Unternehmenskultur

Wendt

2023

Positives Impact Investing

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Development Banking ESG Policies and the Normativisation of Good Governance Standards

Cited by 6 publications

References 5 publications

Challenges in the EU Banking Sector as Exemplified by Poland in View of Legislative Changes Related to Climate Crisis Prevention

Challenges in the EU Banking Sector as Exemplified by Poland in View of Legislative Changes Related to Climate Crisis Prevention

Sustainable Banking: The Role of Multilateral Development Banks as Norm Entrepreneurs

Positives Impact Investing: Ein neues Paradigma für zukunftsorientierte Führung und innovative Unternehmenskultur

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