Entidades de crédito y medio ambiente: introducción y fomento de criterios de sostenibilidad ambiental en el sector financiero

Nowadays, there is an undeniable growing concern about the impact of human activities on the environment. In this sense, the financial system can play a crucial role as responsible for the channeling of resources towards sustainable investments. Within the financial sector, banking institutions have...

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Bibliographic Details
Main Author: Esteban Ríos, Javier
Format: Article
Language:Spanish
Published: 2018
Subjects:
finanzas sostenibles
banca sostenible
supervisión bancaria
entidades de crédito
finanzas verdes
medio ambiente
Unión Europea
cambio climático
riesgos medioambientales
desarrollo sostenible
sustainable finance
sustainable banking
banking supervision
credit institutions
green finance
environment
European Union
climate change
environmental risks
sustainable development
Online Access:https://dialnet.unirioja.es/servlet/oaiart?codigo=6888460
Source:Revista Aragonesa de Administración Pública, ISSN 1133-4797, Nº 19, 2018 (Ejemplar dedicado a: Mecanismos económicos y de mercado para la protección ambiental), pags. 487-519
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Entidades de crédito y medio ambiente: introducción y fomento de criterios de sostenibilidad ambiental en el sector financiero
Summary: Nowadays, there is an undeniable growing concern about the impact of human activities on the environment. In this sense, the financial system can play a crucial role as responsible for the channeling of resources towards sustainable investments. Within the financial sector, banking institutions have, in particular, a central role in the implementation of sustainable development, from both a quantitative and qualitative point of view. Nevertheless, in practice, it has been observed that credit institutions are not conducting generalized sustainable practices. In order to change this situation, achieving the introduction of environmental criteria in the financial decision-making processes, there are diverse policies that could be enforced and which would involve different degrees of public intervention in the freedom of credit institutions (build up an activity classification framework, impose reporting obligations, measure environmental risks, conduct stress test, set limits to large exposures in non-sustainable activities or specific prudential requirements). Whatever the regulatory option was, a careful weighing of public and private interests involved must be carried out. This judgment should respect the nature of the prudential model in force, which is risk-based, and should avoid impacts on the credibility of a trust-based system, which is, therefore, very sensitive to changes.

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