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학술저널
저자정보
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한국경영법률학회 경영법률 경영법률 제20권 제2호
발행연도
2010.1
수록면
481 - 516 (36page)

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The development of environmental standards at financial institutions is among the most important environmental law developments in these days. Environmental and social standards now exist for all international sources of project finance capital. Central to all of them is a commitment to screen and categorize projects according to their environmental and social impacts. Although important differences exist in the details of these environmental assessment policies, they are generally consistent. Nowadays aspects of environmental protection have become of interest to financial organizations, both in terms of their own use of internal resources and control of their client's environmental activities. The Equator Principles are a set of voluntary environmental guidelines created to manage environmental degradation that results from large- scale developmental projects in the developing countries. The adoption of them by private financial institutions appears to be a meaningful step toward implementing environmental standards in developing countries. However debate as to whether the Principles are spurring environ- mental change remains. The efficacy of the Principles will depend on the manner in which they are implemented by the banks themselves--a process now beginning. Financiers have long had minimal financial incentives to take account of their customers' environmental performance. Implementation of the Principles will involve the application of environmental, social, and risk management tools and techniques to complex and contested projects in remote parts of the globe. Even the most sophisticated banks will find changes and refinements necessary. But if the Principles are consistently and transparently applied by private lenders to achieve their objectives, then the Principles may emerge as an effective consensus standard for international project development. There are many actors on the move as the interrelationship between environmental and social risk and financial performance becomes better understood. The shareholder search for value and the stakeholder search for responsibility is beginning to converge, and we are beginning to understand more about how to signal what is important for company performance over the long-term, as well as how to assess the risks to that performance. Each of these actors is voluntarily developing the tools needed to reveal that value, to manage risks, and to focus on what is material. This study has examined the growing relevance of environmental care to the banking sector and shown that the availability of credit, the cost of capital and the construction of banking contracts provide a framework for banks to integrate environmental risk in project financing. A combination of partial lender liability rules and introduction of environmental standards into banking regulation could provide a framework for promoting greater reflection on environmental policy among banks.

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