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

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  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

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

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

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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
  5. 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
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  7. Mermod, A. Y., and S. O. Idowu (2014): Corporate social responsibility in the global business world. Heidelberg: Springer.  Google Scholar
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  11. Vlasic and Atlee (2012): in Ramiah, V., and G. N. Gregoriou, (eds.) (2016), Handbook of environmental and sustainable finance. Academic Press.  Google Scholar
  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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