Banking Activity for Sustainable Development

Alexandra Eremia and Ion Stancu
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Alexandra Eremia: Fundatia „Two Wings” AIESEC Austria

Theoretical and Applied Economics, 2006, vol. 6(501), issue 6(501), 23-32

Abstract: The corporations gain a power of influence, unthinkable years ago; they have acquired more and more rights and, in some way, govern the life of billions of peoples and of the earth in general. With every right, comes though the responsibility of the conservation and development of the environment in which the corporations act. The banking system has a major role to play in the evolution of the international framework, given its position on the economic stage. Some important banking groups realized this fact and made important steps in the area. The case study of the Holland banking group ABN AMRO proves the complexity of the introduction of sustainable development in the core of the financial business. The implementation is neither easy nor cheap. It implies essential changes in the bank management, in the way to determine the financial policies, in how to choose the clients, the employees, the suppliers etc. Led in an efficient way, sustainable banking implies innovation, creativity and, implicitly, new gains, through creating new products and opening new markets. The international banking community proved, through leading examples (ABN AMRO Bank, HSBC Group, Rabobank Group, JP Morgan Chase, Citigroup etc.) that it understands the importance, the necessity and also the viability of the sustainable development.

Keywords: sustainable development; sustainable banking & Finance; Equator Principles, Dow Jones Sustainability Group Index & FTSE4Good Index; ecological, social and ethical responsibilities. (search for similar items in EconPapers)
Date: 2006
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