Introduction

Abstract

Current extensive and in-depth challenges are shaping the way modern economic systems work and establishing a novel approach to the analysis of economic phenomena. Environmental and socials risk in assessing general transaction risk are growing because of the impact and the role of such a factors as: increasing climate change, aging of societies, social exclusion, and polarization, changes in the model of consumption, globalization as well as the automation of industrial processes. The criteria for assessing the risk of transactions change under the influence of economic changes. This is clear in the conditions of “greening” the economy and social inclusion. These two phenomena, referring to the environmental and social pillars of sustainable development, strongly weigh on the necessity of extending the risk assessment criteria used by financial institutions for Environmental Social Governance (ESG) risk (environmental, social, corporate governance). The demand for extending the risk assessment methodology with ESG components is emphasized by the Environmental Program Financial Initiative (UNEP FI), and the state of implementation of this postulate by financial institutions, depending on the country and institutions, is still at various levels of development. Investigating the economy moving on a greener path, the sharing economy, industry 4.0, and banking 3.0 are just preferred contexts of these changes that are setting the stage for a fresh look at the economy and the ways it is financed, broadly considered. In the context of environmental and social challenges that are continuously affecting modern states, the sustainability concept is receiving increasing recognition as a means to counter the effects of negative externalities.