Environment and the Financial Sector
This Laboratory has sought to create a better understanding of the direct and indirect impacts of the financial sector on the environment. Led by the Confederacion Espanola de Cajas de Ahorros (CECA), a series of questionnaires has been answered by member companies and associated stakeholders to create a comprehensive set of principles to guide the ecological decisions of Spanish savings banks.
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Project description
The financial sector, being at the heart of modern economies, plays a key role in the initiation and facilitation of new environmental practices. The Environment and Financial Institutions Lab has spent the past year gathering a wealth of information related to the environmental impact of the finance sector, particularly as it relates to Spanish Cajas. With this comprehensive study the various aspects of environmental management are assessed and specific plans of action are detailed to further the spread of environmental protection. With such an approach the value of firms enageged in this proactive movement will enhance their overall value.
The Lab focuses on both the direct and indirect impacts of financial institutions. Reducing direct impacts entails the reduction of paper, water, and energy consumption as well as controlling carbon emissions and the production of waste. The indirect environmental impacts include the financing of firms with a dedicated environmental record, and capitalising on new businesses geared toward environmental concerns (i.e. the renewable energy sector).
With these industry-directed mechanisms the financial institutions involved will be able to enhance profitability through lower costs and the securing of new business inititatives of the twenty-first century.
Objectives
To enhance the environmental culture in the financial sector and provide a general overview to the institutions in order to guide their actions in managing environmental impacts.
To approach environmental issues from a sectoral perspective that will add value to financial institutions.
Deliverable
A Document that captures comprehensive information on direct and indirect environmental impacts of financial institutions - relevant to both Spanish Cajas and financial institutions generally.
Lab Leaders
Facilitator
Confederacion Española de Cajas de Ahorros (CECA)
Company Participants
Caixa Galicia, Caja Círculo, Unicaja, CAI, Caja Madrid, CCM, CAM, Caixanova, Caixa Catalunya, Caja Navarra, IberCaja, Caja de Burgos, and BBK
Contact Information
Ms. Inés García-Pintos
CECA
+34-91-596.55.82
igarcia@ceca.es
Milestones
- 26 October 2006: A Round-table discussion with participants and the CEO of Global Reporting Initiative
- 14 November 2006: Dissemination of the first questionnaire about Direct Environmental Impacts
- 21 February 2007: Dissemination of the second questionnaire regarding Indirect Environmental Impacts
- 25 February 2007: 1st Lab session - presentations of conclusions regarding direct Environmental Impacts of Financial Entities and best practices
- 4 July 2007: 2nd Lab session - presentation of the conclusions regarding indirect Environmental Impacts of Financial Entities and best practices
