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Prepared for the Future? ESG Competences Are Key

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Abstract

Banks are only gradually starting to realise that environmental and social risks have much wider repercussions than simply the potential damage to their reputation. The conventional initiatives taken by banks in the area of corporate social responsibility (CSR) are woefully inadequate for tackling the global environmental challenges they currently face. It is not enough to take environmental and social risks into consideration when financing projects and developing individualgreeninvestment products. Instead, a paradigm shift is requiredin the interest of both the banks and their clients. To be properly prepared for the imminent changes such as disruptions resulting from the growing scarcity of resources or changing regulations and to be able to realistically assess potential risks and opportunities, banks must successfully incorporate environmental and social challenges into the decision processes of their core business activities.

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  • DOI: 10.1007/978-3-319-10311-2_40
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Notes

  1. 1.

    WWF, KPMG, “Environmental performance of Swiss banks: Shifting gears towards next generation banking.

  2. 2.

    Levin, Joshua, Profitability and Sustainability in Palm Oil Production, WWF 2012.

  3. 3.

    WWF, “The 2050 Criteria: Guide to Responsible Investment in Agricultural, Forest, and Seafood Commodities”, 2012: http://awsassets.panda.org/downloads/the_2050_critera_report.pdf

  4. 4.

    Spedding, Paul et al: Oil and Carbon revisited—Value at risk from “unburnable” carbon, HSBC global research, 2013.

  5. 5.

    WWF, Credit Suisse, „Auf dem Weg zu einer kohlenstoffarmen Wirtschaft: Die Rolle der Banken“, 2011.

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Correspondence to Thomas Vellacott .

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© 2015 Springer International Publishing Switzerland

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Serafimova, K., Vellacott, T. (2015). Prepared for the Future? ESG Competences Are Key. In: Wendt, K. (eds) Responsible Investment Banking. CSR, Sustainability, Ethics & Governance. Springer, Cham. https://doi.org/10.1007/978-3-319-10311-2_40

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