Fast and Fair Blind Peer-Reviewed with Hybrid Access Scholar & Practical Journals
Prospective Innovation at Ethical Banking and Finance
Fostering Sustainable Finances: The consideration of a Third Party Certification Program
Blanca Fernandez Milan
Land use, Infrastructure and Transport - Mercator Research Institute on Global Commons and Climate Change (MCC) gGmbH
Sustainable development is an ongoing process based on a set of principles that have to continue to spread throughout all economic activities. Looking at the current economic scenario, the transformation of the financial sector appears crucial. I define a common understanding of sustainable finances through the identification of those characteristics appearing repeatedly in the literature, stressing the dynamism of the concept. Powerful drivers towards sustainable practices in strong profit-oriented markets are sustainable consumer behaviour and social expectations. Mixed methodology is used to analyse the current and future scenarios of sustainable finances from the consumer perspective. The study focuses on the potential to foster sustainability and on the long-term competitiveness. Although there are strengths and opportunities for further development, there are also threats that need immediate solutions. As a consequence of the financial crisis, society is seeking new alternatives and sustainable finances should be considered as an indispensable one. Nevertheless, public mistrust leads to the necessity of supporting and protecting those truly sustainable initiatives within the financial sector. This research concludes with the idea of a third party certification system as a tool to protect and enhance the adequate development of sustainable finances.
BankTrack 2003 The C ollevecchio Declaration on Financial Institutions and Sustainability viewed 12 March 2013, http://www.banktrack.org/download/collevechio_declaration/030401_collevecchio_declaration_with_signatories.pdf
Bouma, J., Jeucken, M., Klinkers, L. 2001 “Sustainable Banking: The Greening of Finance” Deloitte &Touche.UK: Greenleaf Publishing.
Buttle, M.2007 “I’m not in it for the money: Constructing and mediating ethical reconnections in UK social banking”.Geoforum 38 pp. 1076–1008.
Carrasco, I. 2006 “Ethics and Banking”. International Advances in Economic Research 12 pp. 43-50.
Coddington, W. 1993 “Environmental Marketing. Positive Strategies for Reaching the Green Consumer”. Maidenhead: McGraw Hill.
COOP57 2013. COOP57. <http://www.coop57.coop/>
de Clerck, Frans 2009.“Ethical Banking”. Ethical Prospects 2009, pp. 209-227.
Dolan P., Hallsworth M., Halpern D., King D., Metcalfe R., Vlaev I. 2012. “Influencing behaviour: the mind space way.” Journal of Economic Psychology 33 pp. 264-277.
Douglas J. Miller, Jr. 2011. “A study on Sustainable Behaviour Inducement: The role of Information and Feedback” University of Oxford. (viewed 28 February 2012, http://igel.upenn.edu/)
Ewart, T. 2009. “What sustainabiity attributes drive consumer behaviour. A systematic review of the research on sustainable consumption”. (viewed 30 February 2012, http://www.oecd.org/)
FIARE 2013. FIARE <http://www.proyectofiare.com/web/>
Hurtado, M. E. (1998 “Changing consumer expectations and choices” In: Environmental Responsibility in World Trade. UK: British Council.
International Finance Corporaton (IFC) 2007. Banking on Sustainability: Financing Environmental and Social Opportunities in Emerging Markets <http://www.ifc.org/>
Jeucken, M. H. A. 2001. “Sustainable Finance and Banking: The Financial Sector and the Future of the Planet”. UK: Earthscan Publications.
Mellor, M. 2010). “The Future of Money.From Financial Crisis to Public Resource”. USA: PlutoPress.
San Emeterio, J., Retolaza, A. 2003. “¿Existe espacio para una banca ética?”, Lan Harremanak 29 pp. 127-163.
San-Jose, L., Retolaza J.L., Guitierrez-Goiria, J. 2011 “Are Ethical Banks Different? A Comparative Analysis Using the Radical Affinity Index”. Journal of Business Ethics. Special Issue, Vol 100, N 1, pp. 151-173.
San-Jose, L., Retolaza, JL., Guitierrez-Goiria, J. 2009 “Ethical banks: an Alternative in the Financial Crisis”. Paper presented at “22nd EBEN Annual Conference”, Athens (Greece) September.
Sooyoung, Cho/ Krasser, Andreas H. 2011 “What makes us care? The impact of cultural values, individual factors, and attention to media content o motivation for ethical consumerism”. International Social Science Review 86 pp. 3-15.
Tallontire, A., Rentsendorj, E., Blowfield M. 2001 “Ethical Consumers and Ethical Trade: A review of current literature”. Social and Economic Development Department, Natural Resources Institute. University of Greenwich. (viewed 15 April 2012http://www.nri.org/ (viewed 28 February 2013, 18 March 2012.
Triodos Bank 2013. Triodos Bank <http://www.triodos.com/>
Whatmore, S., Thorne, L. 1997 ”Nourishing networks: alternative geographies of food”. In: Watts, M. (Ed.), “Globalising Food: Agrarian Questions and Global Restructuring” 287–304 UK: Routledge.
WWF, BankTrack 2006 Shaping the Future of Sustainable Finances. <http://www.banktrack.org/manage/ems_files/download/shaping_the_future_of_sustainable_finance/060126_sustainable_finance_summary.pdf>
Investor rationality, Financial Institution, Financial Service, Standard.
Blanca Fernandez Milan (2013), Fostering Sustainable Finances: The consideration of a Third Party Certification Program in Leire San-Jose, Jose Luis Retolaza (eds.) Prospective Innovation at Ethical Banking and Finance (Studies in Philosophy, Law and Economics), - Sumy: Vinnychenko M.D., pp.78-99. Available at http://taadler.com/a34