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Sustainable finance: the European Union’s approach to increasing sustainable investments and growth – opportunities and challenges

  1. Journals
  2. Economics, Finance, Business & Management
  3. Vierteljahrshefte zur Wirtschaftsforschung
  4. Vol. 88, Issue 2
  5. pp. 11–27

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Claringbould, D., Koch, M., Owen, P. Sustainable finance: the European Union’s approach to increasing sustainable investments and growth – opportunities and challenges. Vierteljahrshefte zur Wirtschaftsforschung, 88(2), 11-27. https://doi.org/10.3790/vjh.88.2.11
Claringbould, Duco; Koch, Martin and Owen, Philip "Sustainable finance: the European Union’s approach to increasing sustainable investments and growth – opportunities and challenges" Vierteljahrshefte zur Wirtschaftsforschung 88.2, 2019, 11-27. https://doi.org/10.3790/vjh.88.2.11
Claringbould, Duco/Koch, Martin/Owen, Philip (2019): Sustainable finance: the European Union’s approach to increasing sustainable investments and growth – opportunities and challenges, in: Vierteljahrshefte zur Wirtschaftsforschung, vol. 88, iss. 2, 11-27, [online] https://doi.org/10.3790/vjh.88.2.11
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Sustainable finance: the European Union’s approach to increasing sustainable investments and growth – opportunities and challenges

Claringbould, Duco | Koch, Martin | Owen, Philip

Vierteljahrshefte zur Wirtschaftsforschung, Vol. 88 (2019), Iss. 2 : pp. 11–27

12 Citations (CrossRef)

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/vjh.88.2.11
Language
English
Pages
17
Keywords

Author Details

Duco Claringbould, Policy Officer, European Commission, Directorate-General Economic & Financial Affairs.

Martin Koch, Policy Officer, European Commission, Directorate-General Financial Stability, Financial Services and Capital Markets Union.

Philip Owen, Head of Unit, European Commission, Directorate-General Climate Action.

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    https://doi.org/10.1016/j.irfa.2022.102336 [Citations: 4]

  2. Is clean energy contested? Exploring which issues matter to stakeholders in the European Green Deal

    Ringel, Marc | Bruch, Nils | Knodt, Michèle

    Energy Research & Social Science, Vol. 77 (2021), Iss. P.102083

    https://doi.org/10.1016/j.erss.2021.102083 [Citations: 28]

  3. Great Green Transition and Finance

    Kemfert, Claudia | Schäfer, Dorothea | Semmler, Willi

    Intereconomics, Vol. 55 (2020), Iss. 3 P.181

    https://doi.org/10.1007/s10272-020-0896-y [Citations: 30]

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  5. Die Finanzierung unserer Zukunft

    Jenseits des Mantras der traditionellen Finanzierung: Bedeutung und Grenzen des konventionellen Ansatzes

    Brunnhuber, Stefan

    2023

    https://doi.org/10.1007/978-3-031-19625-6_2 [Citations: 0]

  6. SDGs in the EU Steel Sector: A Critical Review of Sustainability Initiatives and Approaches

    Andreotti, Michele | Brondi, Carlo | Micillo, Davide | Zevenhoven, Ron | Rieger, Johannes | Jo, Ayoung | Hettinger, Anne-Laure | Bollen, Jan | Malfa, Enrico | Trevisan, Claudio | Peters, Klaus | Snaet, Delphine | Ballarino, Andrea

    Sustainability, Vol. 15 (2023), Iss. 9 P.7521

    https://doi.org/10.3390/su15097521 [Citations: 5]

  7. Is Sustainability Reporting Promoting a Circular Economy? Analysis of Companies’ Sustainability Reports in the Agri-Food Sector in the Scope of Corporate Sustainability Reporting Directive and EU Taxonomy Regulation

    Falkenberg, Christof | Schneeberger, Carina | Pöchtrager, Siegfried

    Sustainability, Vol. 15 (2023), Iss. 9 P.7498

    https://doi.org/10.3390/su15097498 [Citations: 9]

  8. Handbook of Energy Governance in Europe

    Clean Energy in the European Green Deal: Perspectives of European Stakeholders

    Bruch, Nils | Ringel, Marc | Knodt, Michèle

    2022

    https://doi.org/10.1007/978-3-319-73526-9_79-1 [Citations: 0]

  9. Financing Our Future

    Beyond the Mantra of Traditional Finance: Significance and Limits of the Conventional Approach

    Brunnhuber, Stefan

    2021

    https://doi.org/10.1007/978-3-030-64826-8_2 [Citations: 0]

  10. Support for sustainable finance and investment in Europe

    Olumekor, Michael | Oke, Adekunle

    Journal of Cleaner Production, Vol. 449 (2024), Iss. P.141769

    https://doi.org/10.1016/j.jclepro.2024.141769 [Citations: 3]

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    Clean Energy in the European Green Deal: Perspectives of European Stakeholders

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    2022

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  12. Banking & Innovation 2022/2023

    Quo Vadis ESG – Eine kritische Analyse der Nachhaltigkeitspräferenzen von Privatanlegerinnen und -anlegern

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References

  1. European Investment Bank (2016). Finance for Climate Action. Retrieved from https://www.eib.org/attachments/thematic/climate_action_en.pdf.  Google Scholar
  2. Fatemi, A. M., and I. J. Fooladi (2013): Sustainable finance: A new paradigm. Global Finance Journal, 24(2), 101 - 113.  Google Scholar
  3. G20 Green Finance Study Group (2016a): G20 Green Finance Synthesis Report. Retrieved from http://unepinquiry.org/wp-content/uploads/2016/09/Synthesis_Report_Full_EN.pdf.  Google Scholar
  4. G20 Green Finance Study Group (2016b): G20 Green Finance Synthesis Report, p. 3. Retrieved from http://unepinquiry.org/wp-content/uploads/2016/09/Synthesis_Report_Full_EN.pdf.  Google Scholar
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  12. von Müller and Brieger (2015): in Ramiah, V., and G. N. Gregoriou (eds.) (2016), Handbook of environmental and sustainable finance. Academic Press.  Google Scholar
  13. European Investment Bank (2016). Finance for Climate Action. Retrieved from https://www.eib.org/attachments/thematic/climate_action_en.pdf.  Google Scholar
  14. Fatemi, A. M., and I. J. Fooladi (2013): Sustainable finance: A new paradigm. Global Finance Journal, 24(2), 101 – 113.  Google Scholar
  15. G20 Green Finance Study Group (2016a): G20 Green Finance Synthesis Report. Retrieved from http://unepinquiry.org/wp-content/uploads/2016/09/Synthesis_Report_Full_EN.pdf.  Google Scholar
  16. G20 Green Finance Study Group (2016b): G20 Green Finance Synthesis Report, p. 3. Retrieved from http://unepinquiry.org/wp-content/uploads/2016/09/Synthesis_Report_Full_EN.pdf.  Google Scholar
  17. Joint Research Centre (2019). Fossil CO2 and GHG emissions of all world countries. Retrieved from https://publications.europa.eu/en/publication-detail/-/publication/9d09ccd1-e0dd-11e9-9c4e-01aa75ed71a1Glémain, P. (2015): The Strategy and Fundamentals of Sustainable Finance Serving Sustainable Development. Finance and Sustainability: Towards a New Paradigm? A Post-Crisis Agenda, 187 – 209.  Google Scholar
  18. Lobez, F., and L. Vilanova, (2006): Microeconomie bancaire. Finance, PUF, 331 pp. as cited by von Müller and Brieger (2015) in Ramiah, V., and G. N. Gregoriou (eds.) (2016), Handbook of environmental and sustainable finance. Academic Press.  Google Scholar
  19. Mermod, A. Y., and S. O. Idowu (2014): Corporate social responsibility in the global business world. Heidelberg: Springer.  Google Scholar
  20. Petty (2003): in Mermod, A. Y., and S. O. Idowu (2014), Corporate social responsibility in the global business world. Heidelberg: Springer.  Google Scholar
  21. Robins (2012): in Cherneva, I. (2012), The business case for sustainable finance. Routledge.  Google Scholar
  22. Scott (2012): in Cherneva, I. (2012), The business case for sustainable finance. Routledge.  Google Scholar
  23. Vlasic and Atlee (2012): in Ramiah, V., and G. N. Gregoriou, (eds.) (2016), Handbook of environmental and sustainable finance. Academic Press.  Google Scholar
  24. von Müller and Brieger (2015): in Ramiah, V., and G. N. Gregoriou (eds.) (2016), Handbook of environmental and sustainable finance. Academic Press.  Google Scholar

Abstract

The article provides an overview of the most important current EU initiatives contributing to sustainable finance. After an introduction on how the concept of sustainability entered the domain of European policy, the definition of sustainable finance from the EU perspective is discussed, as well as its relationship to the concept of green finance. After outlining the need for sustainable finance to achieve EU and international policy goals, the article provides a discussion of sustainable finance from a theoretical perspective, taking into account already existing perspectives from literature. A brief overview is given of what the EU could theoretically do to foster sustainable finance. The article then proceeds with an overview of the most important existing EU initiatives to foster sustainable finance: the Action Plan on financing sustainable growth adopted in March 2018, the EU Emissions Trading System and EU financial support contributing to sustainable finance. Finally, the article provides a discussion of the challenges and political implications of current sustainable finance policies for the EU, followed by conclusions.

Table of Contents

Section Title Page Action Price
Duco Claringbould, Martin Koch, and Philip Owen: Sustainable finance: the European Union’s approach to increasing sustainable investments and growth – opportunities and challenges 11
Summary 11
Zusammenfassung 12
Prelude 12
1 Introduction: how sustainability entered European policy 12
2 Definition and necessity of sustainable finance 13
2.1 Green finance and sustainable finance 14
2.2 The need for sustainable finance to achieve EU and international policy goals 15
3 Sustainable finance in theory 16
4 Action Plan on financing sustainable growth 18
5 Fighting climate change by pricing emissions: the EU Emissions Trading System 11
6 Financial support at the EU level 11
7 Challenges and political implications of sustainable finance for the EU 11
7.1 Challenge 1: the global dimension of sustainable finance 11
7.2 Challenge 2: fostering sustainable finance at the national, regional and local level 11
7.3 Challenge 3: the social dimension 11
8 Summary and conclusions 11
References 11

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