Towards a Global Financial System for Sustainability: Implications for an Emerging Global Financial Center

Artie W. Ng and Vincent T. Law

Chapter 10 in Corporate Social Responsibility, Ethics and Sustainable Prosperity, 2019, pp 285-304 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Despite the global initiatives for sustainable development, the environmental sustainability of the world has not been improved significantly with allocation of financial capital into responsible investments intended to reduce the world’s current unsustainability. This chapter aims to look into the emergence of a global financial system that attempts to enhance environmental and social sustainability while enabling financial sustainability with a balanced approach for economic development. Through the case of Hong Kong as the global financial center of China — the next economic and political power house — it suggests a convergence of institutional endorsement in addressing local and international stakeholders’ concerns over sustainability. However, the idealism of a global financial market taking an effective role to fully align investments for sustainability with a long-term prospect is yet to be realized.

Keywords: Corporate Social Responsibility; Ethics; Sustainable Prosperity; Corporate Decision Making; Corporate Social Performance; Fraud; Microfinance Institutions; Financial Institutions; Environmental Performance; Corporate Governance; Value Creation; Circular Economy; Asian Infrastructure Investment Bank; Green Finance; Sustainable Value Money; Turkish Banking Sector; Lending Decisions (search for similar items in EconPapers)
JEL-codes: G3 M14 (search for similar items in EconPapers)
Date: 2019
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