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2019 | OriginalPaper | Buchkapitel

10. Sustainable Finance: A Common Ground for the Future in Europe?

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Autoren: Silvio Goglio, Ivana Catturani

Verlag: Springer International Publishing

Erschienen in: The Rise of Green Finance in Europe

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Abstract

Sustainable finance is a recent term that defines non-predatory finance, attentive to the production of value and aimed at fostering sustainable development. Moving from the classic theory, value is defined as a surplus generated through the production of both tangible and intangible outcomes. As by-products, positive and negative externalities are created and should be accounted with a positive or a negative sign to describe the actual economy outcomes. Applying this theory to financial intermediaries implies a valuation of their capacity to drive capitals in activities intensive in green and social productive capital, to support firms aimed at preserving the environment and at including vulnerable subjects, to invest capital with a human design and to exploit factors for a sustainable production.

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The UN Environment Inquiry ( 2016) identifies only three factors: environment, society and governance. However, according to the authors of this chapter, this view is reductive since more elements, such as immaterial factors, might contribute in the process (Goglio 2002).

The UN Environment Inquiry report on Italy includes in this list the limited access to finance, especially for SMEs, since it reduces their participation into green economy. In our view, SMEs might get advantages in investing in this sector given its potentiality. However, in their case, the limited access to finance is not a stringent limit, since their main sources of financing are the internal mechanism, such as collecting capital by the owners or angel finance.

Many international organizations have introduced indices aimed to compare economic systems not on the mere GDP, but adding other relevant aspects, such as health and education (see the Human Development Index by the UNDP). What we propose here is not to add more items to the traditional GDP but to change the way in which the product is accounted by “cleaning” the value from negative externalities while adding positive ones.

For more details on definition of green bonds, see Chap. 2.

For more information on future challenges and perspective of cooperative banks, see Migliorelli ( 2018).

‘2019 Global 100 Results’. (2019, January 22). Corporate knights. https://www.corporateknights.com/reports/2019-global-100/2019-global-100-results-15481153/

Carè, R. (2018). “Sustainable banking: Issues and challenges”, Palgrave Pivot. Cham: Palgrave Macmillan. CrossRef

Cavallito, M., Isonio, E., & Meggiolaro, M. (2017). Ethical and sustainable finance in Europe. Firenze: Finanzaetica.

Dombret, A. (2018). “Greener finance – Better finance? How green should the financial World be?” Bundesbank symposium ‘Banking supervision in dialogue’. Frankfurt/Main: Deutsche Bundesbank.

EACB. (2017). Towards a sustainable finance framework in EU: The views of Co-Operative Banks – Policy paper. European Association of Co-operative Banks.

EACB. (2019). Annual report 2018. European Association of Co-operative Banks.

Goglio, S. (2002). Fattori immateriali e sviluppo. Economia e società regionale. Milano: FrancoAngeli Editore.

Kaminker, C. R., & Sachs, S. (2018). The green bond. SEB. https://www.eticanews.it/wp-content/uploads/2018/05/SEB-The-Green-Bond-May-2018-Final-media.pdf

Marshall, A. (1920). Principles of economics. London: Macmillan.

Mazzucato, M. (2018). The value of everything: Making and taking in the global economy. London: Allen Lane, an imprint of Penguin Books.

Migliorelli, M. (Ed.). (2018). New cooperative banking in Europe. Strategies for adapting the business model post-crisis. London: Palgrave Macmillan.

Silver, N. (2017). Finance, society and sustainability – How to make the financial system work for the economy, people and planet. London: Palgrave Macmillan.

Sustainable Saving and Investing. (2019). Financial products with a particular focus on people, the environment and sustainable business. http://www.sustainablesavingandinvesting.be/.

UN Environment Inquiry. (2016). Financing the future: Report of the Italian national dialogue on sustainable finance. Geneve.

Titel

Sustainable Finance: A Common Ground for the Future in Europe?

Buch

The Rise of Green Finance in Europe

Print ISBN: 978-3-030-22509-4

Electronic ISBN: 978-3-030-22510-0

https://doi.org/10.1007/978-3-030-22510-0

DOI

https://doi.org/10.1007/978-3-030-22510-0_10

Autoren:

Silvio Goglio
Ivana Catturani

Verlag

Springer International Publishing

Sequenznummer

Kapitelnummer

Chapter 10

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