Opis:
From Introduction
THE SUBJECT AND AIM OF THIS PUBLICATION
The subject of this publication is an offer of commercial financial institutions of the financial market related to the financing of the protection of natural environment, particularły to pro-ecological economic undertakings. This offer concems the financing or the gaining of financial resources for the financing of the above-mentioned aim.
It seems that having such a financial offer at the disposal of a financial institution is evidence ofa special engagement in environmental protection, thus, the morę precious of an attempt that it is to use the financial market. So, this means an ability to use the basie feature of a financial institution, that is, the ability to perform financial operations in order to finance the natural environment.
Especially, an offer of commercial financial institutions of the financial market was anałysed. These institutions arę later called financial institutions.
In this paper attention is focused on two kinds of financial institutions, namely, banks and investment fund companies. Firstły, these arę the institutions of an unquestioned strong position on the international financial market. It can be supposed that the processes, which take place in them will influence other financial institutions. Secondly, it is in the case of banks and investment companies that most examples of offers containing environmental aspects can be shown.
In rum, a pro-ecological economic undertaking is perceived in this publication as an undertaking which contributes in a special way to natural environmental protection. This may be an economic undertaking in which products of environment protection technologies are manufactured, or an economic undertaking in which the management process is performed with a particular respect of environmental protection. Obviously, there are divided opinions on what a pro-ecological undertaking is. These discrepancies are frequently very serious. In this publication these disputes will not be analysed in spite of the importance of this issue. They should be addressed in other specialist elaborations.
Not only a fair description of the present reality is an important task of this research work but also a prognosis of developmental trends in selected processes. This publication is also subject to this idea.
This paper aims at drawing the attention of scientific, political, economic and financial circles to examples and offers of banks and investment fund companies which operate on the international financial market and take environmental protection into consideration. It can be hoped that this will serve to popularise the solutions as well as open a debate on the use of the institution of the financial market for the financing of natural environment protection.
The aim of this publication is also to present the Polish experience and achievements in the financing of environmental protection by using commercial financial institutions. Not only western solutions are adapted in Poland, but a series of domestic, unique, and tested solutions can be indicated. Poland is one of the more important emerging markets. This country's forthcoming accession to the European Union will make the Polish market even more attractive and worthwhile.
Contents
Review (Grazyna Borys)
INTRODUCTION
CHAPTER 1: FINANCIAL INSTITUTIONS VERSUS THE PROBLEM OF ENVIRONMENTAL PROTECTION
1. Foreword * 2. The hierarchy of pro-ecological activities of financial institutions * 3. Environmental management system: integrated and complex systems of management of a financial institution's relationship with the natural environment * 4. Characteristics of selected pro-ecological activities of a financial institution: 4.1. Organisation of work and management processes 4.2. Information policy * 5. Classification of pro-ecological activity in a financial institution: 5.1. Classification of financial institutions in respect of their engagement in the financing of environmental protection: the offer criterion 5.2. Other classifications of pro-ecological activity of financial institutions * 6. Banks: 6.1. Foreword 6.2. Environmental protection in banking operations 6.3. The concept of the ecological bank * 7. Investment funds companies: 7.1. Foreword 7.2. Ecological investment funds 7.3. The classification of ecological investment funds * 8. Other financial institutions engaged in the financing of environmental protection * 9. The securities market
CHAPTER 2: BANKING TOWARDS NATURAL ENVIRONMENT PROTECTION
1. Foreword * 2. Selected international initiatives: 2.1. UN Declaration (UNEP) 2.2. UNEP international conferences: financial institutions and the protection of the environment * 3. Integrated and complex systems of managing the relationships of a bank with the natural environment: environmental management system * 4. Organisation of work processes * 5. Standards, stock indexes and eco-ratings * 6. Taking ecological risk into account * 7. The bank offer: 7.1. Foreword 7.2. Examples of bank offers * 8. The ecological bank: 8.1. Presentation of selected ecological banks 8.1.1. UmweltBank AG 8.1.2. Triodos Bank
CHAPTER 3: ECOLOGICAL INVESTMENT FUNDS
1. Foreword * 2. The development of the market of ecological investment funds * 3. International overview: 3.1. The United States 3.2. Great Britain 3.3. Germany - Austria - Switzerland - Luxembourg 3.4. The Netherlands 3.5. France 3.6. Japan 3.7. Other markets * 4. Selected ecological investment funds: 4.1. UBS (Lux) Equity Funds - Eco Performance 4.2. Pictet Global Water Fund 4.3. ValueSar Equity 4.4. OekoSar 4.5. Jupiter Ecology Fund 4.6. Swissca Green Invest 4.7. DWS * 5. Eco-ethical investment clubs: 5.1. Investment Club Sisyfos
CHAPTER 4: SECURITIES MARKET
1. Foreword * 2. Indexes: 2.1. Dow Jones Sustainability Index 2.2. FTSE4Good 2.3. Index NAI 2.4. UmweltBank-AktienIndex UBAI * 3. Eco-rating: 3.1. Ecological rating agency - Oekom Gesellschaft fuer Oekologische Kommunikation GmbH * 4. Ecological issues and ecological issuers: 4.1. Examples of government and municipal issues 4.2. Issuers: enterprises and institutions 4.2.1. Eurofima - European Company for Railroad Rolling Stock Financing 4.2.2. Selected examples of ecological issuers 4.3. Other financial instruments
CHAPTER 5: COMMERCIAL FINANCIAL INSTITUTIONS AND THE PROTECTION OF THE NATURAL ENVIRONMENT IN POLAND
1. Foreword * 2. Pro-ecological attitudes in financial institutions: 2.1. Ecological risk and credit risk * 3. Bank Ochrony Srodowiska S.A.: 3.1. General information about the bank 3.2. The pro-ecological activity of the bank 3.3. Credit offer - preferential ecological loans 3.4. Ecological results 3.5. Deposit offer 3.6. Evaluation of the bank's activity * 4. Business offer of financial institutions combined with financing of environmental protection: 4.1. Banking offer 4.2. The offers of pension and investment funds 4.2.1. The Uni XXI Century investment fund * 5. Securities market: 5.1. Foreword 5.2. Examples of issues * 6. Polish society's interest in ecological investing: 6.1. Results of selected surveys 6.2. Complex questionnaire surveys regarding the inclusion of the ecological criterion in the offer of financial institutions 6.2.1. Foreword 6.2.2. The results of 1997 and 2002 surveys 6.2.3. General assessment of survey results
CONCLUSION
APPENDIX 1. UNEP Statement by Financial Institutions on the Environment ai Sustainable Development
APPENDIX 2. List of Signatories to the UNEP Statement by Financial Institutio on the Environment & Sustainable Development (By Country As of March 2003)
BIBLIOGRAPHY
LIST OF SCHEMATA
LIST OF TABLES
LIST OF CHARTS
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