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2019 | nr 12 (63) | 23--34
Tytuł artykułu

Sustainable Finance as a New Financial Investment Model

Autorzy
Warianty tytułu
Zrównoważone finanse jako nowy model dla inwestycji finansowych
Języki publikacji
EN
Abstrakty
Przedmiotem opracowania są zrównoważone finanse. Celem jest wskazanie na konieczność przebudowania procesu inwestowania zarządzanych aktywów finansowych. Obiekt badań stanowią procesy dyfuzji zachodzące na współczesnym rynku finansowym pomiędzy klasycznym inwestowaniem opartym jedynie na kryteriach efektywności finansowej oraz inwestowaniem uwzględniającym odpowiedzialność społeczną. Stwierdzono, że dotychczasowy proces fakultatywnego uwzględniania kryteriów ESG (środowisko - społeczna odpowiedzialność - ład kororacyjny) w procesie podejmowania decyzji inwestycyjnych systematycznie jest zastępowany przez obligatoryjne wymogi zawarte w aktach prawnych. W rezultacie dotychczasowa powolna ewolucja rynku finansowego w zakresie uwzględniania ESG nabrała istotnego przyspieszenia. Docelowo można się spodziewać, że aktywa inwestowane z uwzględnieniem preferencji pozafinansowych będą dominować na rynku finansowym. Przebudowa ta stanowi swoistą rewolucję w inwestowaniu.
EN
The subject of this study are legal regulations and guidelines concerning sustainable finance. The research objective is to identify the need of reshaping the process of financial assets under management. The object of the research is the overlapping processes on the financial markets between general investment based on financial efficiency and investment concerning social responsibility. The following research methods were used in the development of this article: the analysis of the literature of the subject, analysis of legal acts, desk research, observations, descriptive and comparative analysis. The main conclusion is that the current process of optionally including ESG criteria (environmental-social-governance) during investment decisions is being substituted by obligatory requirements in legal acts. As a result, the modest evolution of financial markets with regard to ESG consideration has accelerated significantly. It is to be expected that assets that also consider non-financial preferences will dominate financial markets in the future. This ongoing trend may be considered as a significant revolution in investment.
Słowa kluczowe
Rocznik
Numer
Strony
23--34
Opis fizyczny
Twórcy
autor
  • Nicolaus Copernicus University in Toruń, Poland
Bibliografia
  • 2016 Global Sustainable Investment Review. (n.d.). Retrieved July 30, 2019 from http://www.gsi-alliance. org/wp-content/uploads/2017/03/GSIR_Review2016.F.pdf
  • 2018 Global Sustainable Investment Review. (n.d.). Retrieved July 30, 2019 from http://www.gsi-alliance. org/wp-content/uploads/2019/03/GSIR_Review2018.3.28.pdf
  • Camilleri, M. A. (2017). Corporate sustainability, social responsibility and environmental management. Cham, Switzerland: Springer International Publishing.
  • de Colle, S., York, J. G. (2009). Why wine is not glue? The unresolved problem of negative screening in socially responsible investing. Journal of Business Ethics, 85.
  • Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups. Retrieved July 9, 2019 from https://eur-lex.europa.eu/legal-content/ EN/TXT/HTML/?uri=CELEX:32014L0095&from=EN
  • Dziawgo, L. (2014). Greening financial market, Copernican Journal of Finance & Accounting, (2).
  • Espadinha, M. (2018). Pension schemes mandated to disclose ESG risks. Retrived July 28, 2019 from https://www.ftadviser.com/pensions/2018/09/11/pension-schemes-mandated-to-disclose-esg-risks/
  • EUR-Lex, Document Ares. (2018). Proposal - Commission Delegated Regulation (EU) .../... amending Regulation (EU) 2017/565 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive. Retrieved July 9, 2019 from https://eur- -lex.europa.eu/legal-content/EN/TXT/?uri=pi_com:Ares(2018)2681500
  • European Commission. (n.d.). Commission action plan on financing sustainable growth - official document. Retrived July 12, 2019 from https://ec.europa.eu/info/publications/180308-action-plan-sustainable- growth_en
  • European Commission (1) (n.d.). Sustainable finance: Commission publishes guidelines to improve how firms report climate-related information and welcomes three new important reports on climate finance by leading experts. Retrieved July 12, 2019 from http://europa.eu/rapid/press-release_ IP-19-3034_en.htm
  • European Commission. (n.d.). Sustainable finance. Overview. Retrieved May 15, 2019 from https:// ec.europa.eu/info/business-economy-euro/banking-and-finance/sustainable-finance_en
  • European Parliament resolution of 6 February 2013 on Corporate Social Responsibility: Accountable, transparent and responsible business behavior and sustainable growth (2012/2098(INI)). Retrieved July 9, 2019 from http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+TA+P7- -TA-2013-0049+0+DOC+XML+V0//EN
  • European Parliament resolution of 6 February 2013 on Corporate Social Responsibility: Promoting society's interests and a route to sustainable and inclusive recovery (2012/2097(INI)). Retrieved July 9, 2019 from https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52013IP0050& from=GA
  • Global Compact Network Poland. (n.d.). Retrieved July 7, 2019 from https://ungc.org.pl/o-nas/obszary- dzialan/
  • Norm-based Exclusions: How Responsible Investors Handle Controversial Companies. (2012). Retrieved July 15, 2019 from https://www.novethic.com/fileadmin/user_upload/tx_ausynovethicetudes/ pdf_complets/Norm-based_exclusions_EN_20120306.pdf
  • Our Common Future. (1987). Report of the World Commission on Environment and Development. United Nations. Retrieved July 4, 2019 from http://netzwerk-n.org/wp-content/uploads/2017/04/0_ Brundtland_Report-1987-Our_Common_Future.pdf
  • Principles for Responsible Investment. (n.d.). Retrieved July 12, 2019 from https://www.unpri.org/pri/ what-are-the-principles-for-responsible-investment
  • The Boston Consulting Group. (n.d.). Global Asset Management 2018. The Digital Metamorphosis. Retrieved July 15, 2019 from http://image-src.bcg.com/Images/BCG-The-Digital-Metamorphosis- July-2018-R_tcm9-197509.pdf
  • United Nations. (n.d.). Earth Summit. Agenda 21. The United Nations Programme of Action from RIO. Retrieved July 2, 2019 from https://www.dataplan.info/img_upload/7bdb1584e3b8a53d33 7518d988763f8d/agenda21-earth-summit-the-united-nations-programme-of-action-from-rio_1.pdf
  • United Nations Millennium Declaration. (n.d.). Retrieved July 9, 2019 from https://www.un.org/millennium/ declaration/ares552e.htm
  • United Nations Official Document, Resolution adopted by the General Assembly on 25 September 2015. (n.d.). Retrieved June 9, 2019 from https://www.un.org/ga/search/view_doc.asp?symbol=A/ RES/70/1&Lang=E
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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