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Sustainable Finance and Banking the Financial Sector and the Future of the Planet

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Sustainable Finance and Banking the Financial Sector and the Future of the Planet Sustainable Banking 10/9 12/9/01 1:30 pm Page i Sustainable Finance and Banking The Financial Sector and the Future of the Planet Marcel Jeucken Earthscan Publications Ltd London • Sterling, VA Sustainable Banking 10/9 12/9/01 1:30 pm Page ii First published in the UK and USA in 2001 by Earthscan Publications Ltd Copyright © Marcel H A Jeucken, 2001 All rights reserved ISBN: 1 85383 766 0 Typesetting by PCS Mapping & DTP Printed and bound in the UK by Biddles Ltd, Guildford Cover design by Declan Buckley For a full list of publications please contact: Earthscan Publications Ltd 120 Pentonville Road, London, N1 9JN, UK Tel: +44 (0)20 7278 0433 Fax: +44 (0)20 7278 1142 Email: [email protected] http://www.earthscan.co.uk 22883 Quicksilver Drive, Sterling, VA 20166-2012, USA Earthscan is an editorially independent subsidiary of Kogan Page Ltd and publishes in association with WWF-UK and the International Institute for Environment and Development A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data Jeucken, Marcel [Duurzaam bankieren. English] Sustainable finance and banking : the financial sector and the future of the planet / Marcel Jeucken. p. cm. Rev. translation of: Duurzaam bankieren. Includes bibliographical references and index. ISBN 1-85383-766-0 1. Sustainable development—Finance. 2. Banks and banking—Netherlands. I. Title. HC79.E5 J4813 2001 332.1` 068–dc21 2001002398 This book is printed on elemental chlorine-free paper Sustainable Banking 10/9 12/9/01 1:30 pm Page iii Contents List of boxes, figures and tables vi Foreword by Jan Pronk ix Foreword by Hans Smits xi Acknowledgements xiii List of acronyms and abbreviations xv 1 Introduction 1 Trends 1 Paradigm shift 3 General structure of the book 3 Structure by chapter 5 Part I Sustainability: A General Introduction 2 Environmental Consciousness and Sustainable Development 11 Introduction 11 Environmental issues 12 Environmental consciousness 16 Sustainable development 21 Environmental policy 27 Conclusion 34 3 Sustainability: The Challenges for Companies 37 Introduction 37 Corporate governance and sustainable development 38 Sustainable business 41 Accountability and reporting 45 Conclusion 48 4 Sustainability: A Special Role for Banks 52 Introduction 52 Banks and their function in an economy 53 The drive behind sustainability at banks 61 Intermediation and sustainability 67 Sustainable banking 71 Conclusion 74 Sustainable Banking 10/9 12/9/01 1:30 pm Page iv iv Sustainable Finance and Banking Part II Banking and Sustainability 5 Sustainability, Markets and Banking Products 83 Introduction 83 Sustainable investment funds 84 Fiscal green funds 92 New, more sustainable financial products: Committed resources 97 New, more sustainable financial products: Investments 102 Sustainability and advice from banks 109 The financial sector and the Kyoto Protocol 111 Conclusion 116 6 Sustainability and Financing Risks 118 Introduction 118 Environmental risks for clients 120 Indirect environmental risks for banks 129 Direct environmental risks for banks 135 Risks to banks’ reputations 139 Instruments for analysing environmental risk 143 Conclusion 146 7 Internal Environmental Care 148 Introduction 148 Energy 149 Waste 153 Sustainable building 154 Supply and distribution chain management 155 Conclusion 156 8 Organization and Communication about Sustainability 160 Introduction 160 The organization of sustainability within banks 161 The role of internal communication 169 The role of external communication 172 External accountability and the risks of external communication 178 Conclusion 181 Part III In Reflection 9 Sustainable Banking in Perspective: The Cases of 34 International Banks 185 Introduction 185 Codes of conduct, environmental reporting and environmental management systems (EMSs) 188 Environmental care in practice: Reported policy, objectives and data 190 Sustainable Banking 10/9 12/9/01 1:30 pm Page v Contents v Environmental care in practice: Products and risk management 192 Socioeconomic activities and sponsoring 197 Integral score of sustainable banking 199 Conclusion 200 10 Sustainable Development: A Paradigm Shift 204 Introduction 204 Are incremental steps sufficient? 206 The existing economic system 207 Are there shortcomings associated with the current economic paradigm? 211 Sustainable development as a paradigm shift 213 Sustainable development: Another way of seeing 216 11 Towards sustainable banking 220 Introduction 220 The trends: A summary 221 A link to the future 223 The role of banks in a sustainable future 226 Conclusion 228 Appendices I Environmental Performances of Developed Countries 231 II Sectoral Changes in the Pursuit of Sustainability: A Dutch Scenario 233 III IFC Project Classification for Environmental Assessments 235 IV Example of an Environmental Risk Checklist 237 V The ICC Business Charter for Sustainable Development: Principles for Environmental Management 239 VI UNEP Statement by Financial Institutions on the Environment and Sustainable Development 242 VII List of Signatories to the UNEP Statement by Financial Institutions on the Environment and Sustainable Development 244 VIII Overview of Characteristics of Selected Banks 251 IX An Integral Score for Sustainable Banking 255 X Ecological Economics 258 XI Zero Growth and Other Solutions? 259 XII The Prisoner’s Dilemma 261 Glossary 263 Notes 267 References 295 Index 310 Sustainable Banking 10/9 12/9/01 1:30 pm Page vi List of Boxes, Figures and Tables BOXES 1.1 Delineation of countries in this book 4 2.1 The coherence of economic and ecological systems 13 2.2 Some major international environmental issues examined 17 2.3 Global facts of human development 23 2.4 The relationship between prosperity, population size, environmental impact and technology: Past and present 25 2.5 Results of Dutch environmental policy since 1985 30 3.1 Van Melle’s indicator approach 45 3.2 The GRI guidelines 49 3.3 Foreign direct investment (FDI) and the environment 50 4.1 Global, regional and national development banks 66 4.2 Micro-credit or micro-financing 75 4.3 Solar home systems 76 4.4 Debt-for-nature swaps 77 5.1 The ASN equity fund 87 5.2 The criteria for the Dutch fiscal green regulation and how it works 94 5.3 Multilateral funds for sustainability in developing countries 103 5.4 PV securitization 108 5.5 Guarantee arrangement for SMEs 111 6.1 General risks for banks 119 6.2 Changing governmental environmental requirements: A case study 131 6.3 Environmental risks and market changes: A case study 132 6.4 Environmental risks and soil contamination: A case study 135 6.5 Direct environmental risk: The US versus Fleet Factors 137 6.6 Environmental assessment at the World Bank Group 141 6.7 The CSFI method for classifying environmental risk 144 7.1 Social and environmental indicators for the distribution policy of The Co-operative Bank, UK 157 8.1 ISO 14001 and EMAS in practice 165 8.2 The ISO 14000 series 167 8.3 Quotes from banks’ statements of intent and environmental policy statements 173 8.4 Ethical accounting and the Spar Nord Bank 177 9.1 Sample survey of mainstream banks 186 10.1 An illustration of a second-order process of change 215 Sustainable Banking 10/9 12/9/01 1:30 pm Page vii List of Boxes, Figures and Tables vii 10.2 Another view 216 10.3 A new era? 217 10.4 Other cultures 218 IX.1 Sliding scales 256 FIGURES 2.1 The relationship between environment, people and the economy 13 2.2 Total number of people living on less than US$1 a day, per region, 1998 24 2.3 Change in the number of people living on less than US$1 a day, per region, 1987–1998 24 2.4 The relationship between prosperity, population growth and environmental impact 25 2.5 Results, prognoses and aims of Dutch environmental policy, 1985–2005 30 4.1 The role of financial markets in an economic system 55 4.2 Internal and external bank stakeholders 64 4.3 A typology of banking and sustainable development 71 5.1 Financial performance of US sustainable companies, the Domini 400 Social Index, 1990–2001 88 5.2 Risk selection diagram: IEDI 101 5.3 Opportunities and risks of climate policy for banks 112 7.1 Internal environmental care 150 7.2 Energy savings at NatWest Bank, 1990–1997 152 8.1 Environmental management as a continuous process 163 8.2 EMS certification in developed countries, 1999–2000 166 8.3 The ethical accounting model 177 9.1 Geographical distribution of the 34 selected banks 186 9.2 Public declarations and reports by banks on sustainability, 1998–2000 189 9.3 Internal environmental aspects of selected banks, 1998–2000 191 9.4 Environmental policy of selected banks, 1998–2000 192 9.5 Environmental aspects of granting credit, 1998–2000 193 9.6 Financial products geared to the environment, 1998–2000 195 9.7 Socially responsible banking, 1998–2000 199 9.8 Banks distributed by integral sustainability score, 1998–2000 200 9.9 Differences between countries aiming for sustainable banking, 1998–2000 201 10.1 The 20th century 208 10.2 Yin and yang versus Western thought 218 I.1 Energy consumption and related pollution of developed countries 231 I.2 Protected forest, water and waste in developed countries 232 Sustainable Banking 10/9 12/9/01 1:30 pm Page viii viii Sustainable Finance and Banking TABLES 1.1 Geographical scope of this book 4 2.1 Goods and services from ecosystems 14 2.2 The worldwide position and development of ecosystems 15 2.3 Performance of individual EU Member States on selected environmental issues 31 2.4 International climate instruments developed
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