Journal of Applied Economic Research
ISSN 2712-7435
«Green» Banking as a Format of Social Responsibility in Environmental Economics
Shershneva E.G., Kondyukova E.S., Jafarli L.J., Nόbrega M. A-R.
Abstract
The article examines environmentally responsible (“green”) banking as a sustainable development format in the context of the transition of most countries to the “green” economy model. The purpose of the study is to analyze “green” banking in different countries and highlight the appropriateness of the Russian banking sector's attention to environmentally oriented business principles. During the research, the systematic analytical approach to the study of “green” banking theoretical foundations, generalization techniques, the comparative analysis were used. The empirical base was formed by the data of UNEP and the WWF (World Wildlife Fund), and official reports of Russian banks. Summarizing different researchers' view points on the concept of “green” banking, the authors concluded that eco-oriented banking contributes to the “triple profit” effect: increasing economic efficiency, reducing the harmful effects on the ecosystem and improving the bank's social image. As a comparative analysis result of the “green” banking development in several countries (Brazil, Russia, India, China), it was concluded that at present the Russian banking sector is immature in terms of the implementation of environmental principles and initiatives, while the other countries demonstrate major progress in “green” banking practices. It has been established that the Bank of Russia, by contrast to regulators in other countries, is not the engine of environmentally responsible behavior of Russian financial institutions: only a few major banks on a voluntary basis adhere to eco-friendly business principles and implement “green” financial instruments. The recommendations proposed by the authors in “green” banking can be useful for the Bank of Russia for developing a strategy of the financial sector. The results can be used by Russian banking institutions preparing internal documents on corporate social responsibility. In conclusion, the authors emphasize the importance of promoting the adoption of "green" banking solutions in order to reduce the anthropogenic load on the ecosystem.
Keywords
banking sector; socially responsible banking; environmental responsibility; “green” banking; “green” financing; environmental risks
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About Authors
Shershneva Elena Gennadievna – Candidate of Economic Sciences, Associate Professor, Department of Banking and Investment Management, Ural Federal University named after the first President of Russia B.N. Yeltsin, Ekaterinburg, Russia (620002, Ekaterinburg, Mira street, 19); e-mail: elena_sher@e1.ru.
Kondyukova Elena Stanislavovna – Candidate of Philosophic Sciences, Associate Professor, Department of Banking and Investment Management, Ural Federal University named after the first President of Russia B.N. Yeltsin, Ekaterinburg, Russia (620002, Ekaterinburg, Mira street, 19); e-mail: elen-kon@yandex.ru.
Jafarli Lala Jashar Kizi – Undergraduate, Department of Banking and Investment Management, Ural Federal University named after the first President of Russia B.N. Yeltsin, Ekaterinburg, Russia (620002, Ekaterinburg, Mira street, 19); e-mail: lala.jafarli@yandex.ru.
Nόbrega Marcos Antônio Rios da – Doctor in Law, Bachelor in Economics, Professor, Law School, Federal University of Pernambuco, Recife, Brazil (Brazil, state Pernambuco, Recife, 52071-030); e-mail: nobrega@hotmail.com.
For citation
Shershneva E.G., Kondyukova E.C., Jafarli L.J., Nobrega M. A.-R. «Green» Banking as a Format of Social Responsibility in Environmental Economics. Bulletin of Ural <st1:place w:st="on"><st1:placename w:st="on">Federal</st1:placename> <st1:placetype w:st="on">University</st1:placetype></st1:place>. Series Economics and Management, 2018, Vol. 17, No. 4, 670-689. DOI: 10.15826/vestnik.2018.17.4.030.
Article info
Received July 5, 2018; Accepted July 25, 2018
DOI: http://dx.doi.org/10.15826/vestnik.2018.17.4.030
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