Environment and the Financial Sector
The activities of financial service companies have typically been considered to have a low direct environmental impact. However, financial institutions can and do have serious indirect impact on the environment through their credit and investment policies, industrial portfolio engagement and asset management. In order to address this issue, this Laboratory was established to gather best practice examples that will guide Spanish banks in managing their direct (operational) and indirect (financial) environmental impacts.
Did you know?
- Europe currently wastes, at a minimum, 20% of its energy due to inefficient use
- The International Energy Agency reports that energy-efficient buildings, industrial processes and transportation could reduce the world's projected energy desires in 2050 by one third, and be crucial in controlling global emissions of greenhouse gases
- Eco-efficiency improves environmental performance, and helps companies get out in front of market and regulatory trends, and sensure long-term business sustainability
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Video: Inés García-Pintos from CECA presents the CSR Laboratory on Environment and the Financial Sector |
Environment and the Financial Sector
The financial sector lies at the heart of the modern global economy and thus plays a key role in the initiation and facilitation of new environmental practices.
The Confederacion Española de Cajas de Ahorros (CECA) has coordinated a working group of 13 Spanish savings banks - led by Bancaja and Cajasol - to create a better understanding of the direct and indirect impacts of the financial sector on the environment.
To achieve this a comprehensive sector study was conducted. Through a series of questionnaires, answered by member companies and stakeholders, a detailed set of principles was derived. These principles are now being disseminated to help guide the environmental strategies of the Spanish savings banks.
Get Equipped
- Findings of the Working Group: Environment and Financial Institutions (PDF)
- Flyer - CECA Laboratories (PDF)
- Una aproximación a la sostenibilidad desde las entidades financieras (PDF)
See Also . . .
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Over 100 company solutions on Environmental sustainability in our CSR solutions database
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More information about the CSR Laboratory on the Environment and the Financial Sector
Laboratory Leaders and Facilitator
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