Sustainable Banking: The Role of Multilateral Development Banks as Norm Entrepreneurs
Abstract
:1. Introduction
2. Key Terms and Definitions
3. Sustainable Banking in Contemporary Perspective
3.1. Sustainable Development and Sustainable Banking
3.2. What Bars Commercial Banks Going the Whole Route to Sustainability?
3.2.1. The Uncertain Bankability of Sustainable Projects
3.2.2. Lack of Transparency in Tracking Sustainable Finance
3.2.3. The Need for a Systematic Matchmaking Facility
4. Multilateral Development Banks (MDBs) and Sustainable Banking
4.1. MDBs’ Pioneering Entrepreneurship
4.2. MDBs’ Solutions and Enhancements to Sustainable Banking
4.2.1. Leveraging Their Unique Advantages to “De-Risk” Private Partners
4.2.2. Leading on Transparency and Guidance in Tracking Green Finance Flows
4.2.3. Innovating the Matchmaking of Commercial Banks with Sustainable Projects
5. Conclusions
Author Contributions
Funding
Conflicts of Interest
References
- UNCTAD TRADE AND DEVELOPMENT REPORT 2019: FINANCING A GLOBAL GREEN NEW DEAL. In Proceedings of the United Nations Conference on Trade and Development, New York, NY, USA, 25 September 2019; Available online: https://unctad.org/en/PublicationsLibrary/tdr2019_en.pdf (accessed on 22 January 2020).
- UNCTAD. WORLD INVESTMENT REPORT: Investing in the SDGs—An Action Plan. In Proceedings of the United Nations Conference on Trade and Development, 24 June 2014; Available online: https://unctad.org/en/PublicationChapters/wir2014ch4_en.pdf (accessed on 22 January 2020).
- AfDB; ADB; EBRD; EIB; IDB; IMF; World Bank. From Billions to Trillions: Transforming Development Finance Post-2015 Financing for Development: Multilateral Development Finance; 2015; Available online: http://pubdocs.worldbank.org/en/622841485963735448/DC2015-0002-E-FinancingforDevelopment.pdf (accessed on 22 January 2020).
- Attridge, S.; Engen, L. Blended Finance in the Poorest Countries: The Need for a Better Approach; Overseas Development Institute (ODI): London, UK, 2019. [Google Scholar]
- World Bank Gross domestic savings (current US$): World 2018. Available online: https://data.worldbank.org/indicator/NY.GDS.TOTL.CD (accessed on 28 December 2019).
- ICESDF. Report of the Intergovernmental Committee of Experts on Sustainable Development Financing; United Nations: New York, NY, USA, 2014. [Google Scholar]
- Mawdsley, E. ‘From billions to trillions’: Financing the SDGs in a world ‘beyond aid’. Dialogues Hum. Geogr. 2018, 8, 191–195. [Google Scholar] [CrossRef]
- Alden, C.; Large, D.; Mendez, A. The Western Way of Development: A Critical Review. In New Development Assistance: Emerging Economies and the New Landscape of Development Assistance; Jing, Y., Mendez, A., Zheng, Y., Eds.; Palgrave Macmillan: Basingstoke, UK, 2020; pp. 19–38. [Google Scholar]
- Jing, Y.; Mendez, A.; Zheng, Y. New Development Assistance in the Making: An Introduction. In New Development Assistance: Emerging Economies and the New Landscape of Development Assistance; Jing, Y., Mendez, A., Zheng, Y., Eds.; Palgrave Macmillan: Basingstoke, UK, 2020; pp. 1–18. [Google Scholar]
- Farias, C.; Fernandez, P.; Hjorth, D.; Holt, R. Organizational entrepreneurship, politics and the political. Entrep. Reg. Dev. 2019, 31, 555–566. [Google Scholar] [CrossRef] [Green Version]
- Weber, O.; Feltmate, B. Sustainable Banking: Managing the Social and Environmental Impact of Financial Institutions; University of Toronto Press: Toronto, ON, Canada, 2016. [Google Scholar]
- Forcadell, F.J.; Aracil, E. Sustainable banking in Latin American developing countries: Leading to (mutual) prosperity. Bus. Ethics: Eur. Rev. 2017, 26, 382–395. [Google Scholar] [CrossRef]
- Bouma, J.J.; Jeucken, M.; Klinkers, L. Sustainable Banking: The Greening of Finance; Greenleaf Publishing Limited: Sheffield, UK, 2001. [Google Scholar]
- Delikanli, I.U.; Dimitrov, T.; Agolli, R. Multilateral Development Banks: Governance and Finance; Springer International Publishing: Cham, Switzerland, 2018. [Google Scholar]
- Gutner, T.L. Banking on the Environment: Multilateral Development Banks and their Environmental Performance in Central and Eastern Europe; MIT Press: Cambridge, MA, USA, 2002. [Google Scholar]
- Nelson, R. Multilateral Development Banks: Overview and Issues for Congress; R41170; Congressional Research Service (CRS): Washington, DC, USA, 6 July 2018; Available online: https://fas.org/sgp/crs/row/R41170.pdf (accessed on 22 January 2020).
- Kellerman, M. The proliferation of multilateral development banks. Rev. Int. Organ. 2019, 14, 107–145. [Google Scholar] [CrossRef] [Green Version]
- Finnemore, M.; Sikkink, K. International norm dynamics and political change. Int. Organ. 1998, 52, 887–917. [Google Scholar] [CrossRef] [Green Version]
- Sunstein, C.R. Social Norms and Social Roles. Columbia Law Rev. 1996, 96, 903–968. [Google Scholar] [CrossRef]
- Nadelmann, E.A. Global prohibition regimes: the evolution of norms in international society. Int. Organ. 1990, 44, 479–526. [Google Scholar] [CrossRef]
- Finnemore, M. National Interests In International Society; Cornell University Press: Ithaca, NY, USA, 1996. [Google Scholar]
- Dominguez, J.I. International cooperation in Latin America: the design of regional institutions by slow accretion. In Crafting Cooperation: Regional International Institutions in Comparative Perspective; Acharya, A., Johnston, A.I., Eds.; Cambridge University Press: Cambridge, UK, 2007; pp. 83–128. [Google Scholar]
- Hamilton, D.S. The United States: A Normative Power. In Who is a Normative Foreign Policy Actor?: The European Union and Its Global Partners; Tocci, N., Ed.; Centre for European Policy Studies: Brussels, Belgium, 2008; pp. 76–155. [Google Scholar]
- Lessig, L. The Regulation of Social Meaning. U. Chi. L. Rev. 1995, 62, 968–973. [Google Scholar] [CrossRef]
- Wendt, A. Anarchy is what States Make of it: The Social Construction of Power Politics. Int. Organ. 1992, 46, 391–425. [Google Scholar] [CrossRef] [Green Version]
- Houghton, D.P. Reinvigorating the Study of Foreign Policy Decision Making: Toward a Constructivist Approach. Foreign Policy Anal. 2007, 3, 24–45. [Google Scholar] [CrossRef]
- Houghton, D.P. Constructivist Analyses of Foreign Policy. In Oxford Research Encyclopedia of Foreign Policy; Thies, C., Ed.; Oxford University Press: New York, NY, USA, 2018; Volume 1, pp. 223–240. [Google Scholar]
- Mendez, A. Colombian Agency and the Making of US Foreign Policy: Intervention by Invitation; Routledge: Abingdon, UK, 2017. [Google Scholar]
- Huntington, S.P. The Clash of Civilizations and the Remaking of World Order; Simon & Schuster: New York, NY, USA, 1996. [Google Scholar]
- Houghton, D.P. The Role of Self-Fulfilling and Self-Negating Prophecies in International Relations. Int. Stud. Rev. 2009, 11, 552–584. [Google Scholar] [CrossRef]
- Komori, Y. The Asian Development Bank: Joining the fight against corruption. In Global Economic Governance and the Development Practices of the Multilateral Development Banks; Park, S., Strand, J.R., Eds.; Routledge: Abingdon, UK, 2016; pp. 21–38. [Google Scholar]
- Mendez, A. Global Governance in Foreign Policy. In The Oxford Encyclopedia of Foreign Policy Analysis; Thies, C.G., Ed.; Oxford University Press: New York, NY, USA, 2018; Volume 1, pp. 793–816. [Google Scholar]
- Vogler, J. Environmental Issues. In The Globalization of World Politics: An Introduction to International Relations, 6th ed.; Baylis, J., Smith, S., Owens, P., Eds.; Oxford University Press: Oxford, UK, 2014; pp. 341–356. [Google Scholar]
- Harrington, J.C. The Challenge to Power: Money, Investing, and Democracy; Chelsea Green Publishing Company: White River Junction, VT, USA, 2005. [Google Scholar]
- Blowfield, M.; Murray, A. Corporate Responsibility, 2nd ed.; Oxford University Press: Oxford, UK, 2011. [Google Scholar]
- Blowfield, M.; Dolan, C.S. Business as a development agent: evidence of possibility and improbability. Third World Q. 2014, 35, 22–42. [Google Scholar] [CrossRef]
- Jones, G. Profits and Sustainability: A History of Green Entrepreneurship; Oxford University Press: Oxford, UK, 2017. [Google Scholar]
- Brandt, W. North-South: A Programme for Survival (The Report of the Independent Commission on International Development Issues); Pan Books Ltd.: London, UK, 1980. [Google Scholar]
- ODI. The Brandt Comission. In ODI Briefing Paper; Overseas Development Intitute: London, UK, 1980; Volume March, Available online: https://www.odi.org/publications/5378-brandt-commission-report (accessed on 22 January 2020).
- World Commission on Environment and Development. Our Common Future (Brundtland Report); Oxford University Press: Oxford, UK, 1987. [Google Scholar]
- Hens, L.; Nath, B. The World Summit on Sustainable Development: The Johannesburg Conference; Springer: Dordrecht, The Netherlands, 2005. [Google Scholar]
- Lafferty, W.M. The politics of sustainable development: Global norms for national implementation. Environ. Polit. 1996, 5, 185–208. [Google Scholar] [CrossRef]
- Seghezzo, L. The five dimensions of sustainability. Environ. Politics 2009, 18, 539–556. [Google Scholar] [CrossRef] [Green Version]
- GEF. Financing Adaptation Action: Least Developed Countries Fund Special Climate Change Fund; Global Environment Facility: Washington, DC, USA, 2012. [Google Scholar]
- From 1992 to 2019: The Evolution of Sustainable Finance, UNEP FI. Available online: https://www.unepfi.org/news/25th-anniversary/timeline/ (accessed on 27 December 2019).
- Grubb, M. The "Earth Summit" Agreements: A Guide and Assessment, an Analysis of the Rio ’92 UN Conference on Environment and Development; Earthscan Publications Ltd.: London, UK, 1993. [Google Scholar]
- Schmidheiny, S.; Zorraquin, F. Financing Change: The Financial Community, Eco-efficiency, and Sustainable Development; MIT Press: Cambridge, MA, USA, 1996. [Google Scholar]
- Hák, T.; Moldan, B.; Dahl, A.L. Sustainability Indicators: A Scientific Assessment; Island Press: Washington, DC, USA, 2012. [Google Scholar]
- UN. United Nations Millennium Declaration. In Resolution adopted by the General Assembly on 8 September 2000; United Nations: New York, NY, USA, 2000. [Google Scholar]
- UN. Road map towards the implementation of the United Nations Millennium Declaration. In Report of the Secretary-General; United Nations: New York, NY, USA, 2001. [Google Scholar]
- Vandemoortele, J. The MDG Story: Intention Denied. Dev. Change 2011, 42, 1–21. [Google Scholar] [CrossRef]
- Sachs, J. The End of Poverty: How We can Make it Happen in Our Lifetime; Penguin: London, UK, 2005. [Google Scholar]
- Victor, D.G. Recovering Sustainable Development. Foreign Aff. 2006, 85, 91–103. [Google Scholar] [CrossRef]
- Evans, A.; Steven, D. What Happens Now? Time to Deliver the Post-2015 Development Agenda; CIC at New York University: New York, USA, 2015; Available online: https://cic.nyu.edu/sites/default/files/what_happens_now_post2015_1.pdf (accessed on 22 January 2020).
- UN. Transforming our world: the 2030 Agenda for Sustainable Development. In Resolution adopted by the General Assembly on 25 September 2015; United Nations: New York, NY, USA, 2015. [Google Scholar]
- Kates, R.W.; Parris, T.M.; Leiserowitz, A.A. What is Sustainable Development? Goals, Indicators, Values, and Practice. Environ. Sci. Policy Sustain. Dev. 2005, 47, 8–21. [Google Scholar]
- National Academy of Sciences. Our Common Journey: A Transition Toward Sustainability; National Academy Press: Washington, DC, USA, 1999. [Google Scholar]
- Weber, O. Environmental Credit Risk Management in Banks and Financial Service Institutions. Bus. Strat. Env. 2012, 21, 248–263. [Google Scholar] [CrossRef]
- Forcadell, F.J.; Aracil, E. European Banks’ Reputation for Corporate Social Responsibility. Corp. Soc. Responsib. Environ. Mgmt. 2017, 24, 1–14. [Google Scholar] [CrossRef]
- Țîrcă, D.-M.; Apetri, A.-N.; Aceleanu, M. Sustainability in Finance and Economics. In Financing Sustainable Development: Key Challenges and Prospects; Ziolo, M., Sergi, B.S., Eds.; Palgrave Macmillan: Cham, Switzerland, 2019; pp. 9–52. [Google Scholar]
- Elkington, J. Towards the Sustainable Corporation: Win-Win-Win Business Strategies for Sustainable Development. Calif. Manag. Rev. 1994, 36, 90–100. [Google Scholar] [CrossRef]
- UN. The Millennium Development Goals Report 2015; United Nations: New York, NY, USA, 2015. [Google Scholar]
- MacDonald, A.; Clarke, A.; Huang, L.; Roseland, M.; Seitanidi, M.M. Multi-stakeholder Partnerships (SDG #17) as a Means of Achieving Sustainable Communities and Cities (SDG #11). In Handbook of Sustainability Science and Research; Leal Filho, W., Ed.; Springer: Cham, Switzerland, 2018; pp. 193–209. [Google Scholar]
- Elkington, J. 25 Years Ago I Coined the Phrase “Triple Bottom Line.” Here’s Why It’s Time to Rethink It. Harv. Bus. Rev. 2018. Available online: https://store.hbr.org/product/25-years-ago-i-coined-the-phrase-triple-bottom-line-here-s-why-it-s-time-to-rethink-it/H04E7P (accessed on 22 January 2020).
- Sridhar, K.; Jones, G. The three fundamental criticisms of the Triple Bottom Line approach: An empirical study to link sustainability reports in companies based in the Asia-Pacific region and TBL shortcomings. Asian J. Bus. Ethics 2013, 2, 91–111. [Google Scholar] [CrossRef] [Green Version]
- Zhu, L.; Chua, D.K.H. Identifying Critical Bankability Criteria for PPP Projects: The Case of China. Adv. Civ. Eng. 2018, 2018, 1–11. [Google Scholar] [CrossRef] [Green Version]
- Cooper, P.J.; Vargas, C.M. Implementing Sustainable Development: From Global Policy to Local Action; Rowman & Littlefield Publishers: Boulder, CO, USA, 2004. [Google Scholar]
- Caplen, B. Making money move South. In The Banker; Financial Times Ltd.: London, UK, 2019. [Google Scholar]
- Finnerty, J.D. Project Financing: Asset-Based Financial Engineering; John Wiley & Sons: Hoboken, NJ, USA, 2007. [Google Scholar]
- Jacobsen, M. Project Costing and Financing. In Water and Wastewater Management in the Tropics; Lonholdt, J., Ed.; IWA Publishing: Padstow, UK, 2005; pp. 50–120. [Google Scholar]
- Mo, L. Effective Private Financing Approaches and Equity Financial Instruments for Low-Carbon Energy Investment: ADB Experiences. In Financing for Low-carbon Energy Transition: Unlocking the Potential of Private Capital; Anbumozhi, V., Kalirajan, K., Kimura, F., Eds.; Springer: Singapore, 2018; pp. 277–316. [Google Scholar]
- Kaminker, C.; Stewart, F. The Role of Institutional Investors in Financing Clean Energy; OECD: Paris, France, 2012. [Google Scholar]
- Howarth, N. Clean Energy Technology and the Role of Non-Carbon Price-Based Policy: An Evolutionary Economics Perspective. Eur. Plann. Stud. 2012, 20, 871–891. [Google Scholar] [CrossRef]
- Mashamba, T. The effects of Basel III liquidity regulations on banks’ profitability. J. Gov. Regul. 2018, 7, 34–48. [Google Scholar] [CrossRef] [Green Version]
- BSDC. Better Business Better World: The report of the Business & Sustainable Development Commission; Business and Sustainable Development Commission: London, UK, 2017. [Google Scholar]
- Ernst & Young, Why Sustainable Development Goals should be in your business plan. Available online: https://www.ey.com/en_gl/assurance/why-sustainable-development-goals-should-be-in-your-business-plan (accessed on 22 January 2020).
- Pavoni, S. How green is your bank? Defining sustainable finance. In The Banker; The Financial Times Ltd.: London, UK, 2019. [Google Scholar]
- GRI Global Reporting Initiative. Available online: https://www.globalreporting.org/Information/about-gri/Pages/default.aspx (accessed on 16 November 2019).
- Tett, G.; Nauman, B.; Temple-West, P. Moral Money: infighting undermines ESG standarisation push. Financial Times, 13 November 2019; Pagination. Available online: https://www.ft.com/content/0b354b76-059e-11ea-a984-fbbacad9e7dd(accessed on 22 January 2020).
- Crow, D.; Binham, C. Banks pushed to cleanse their balance sheets of climate risk. Financial Times, 26 December 2018; Pagination. Available online: https://www.ft.com/content/e697d3bc-ff98-11e8-ac00-57a2a826423e(accessed on 22 January 2020).
- Rezaee, Z.; Fogarty, T. Business Sustainability, Corporate Governance, and Organizational Ethics; Wiley: Hoboken, NJ, USA, 2019. [Google Scholar]
- Crow, D. Third of biggest banks fail to sign up to climate initiative. Financial Times, 15 October 2019. Available online: https://www.ft.com/content/0eec5a1e-ee99-11e9-ad1e-4367d8281195(accessed on 22 January 2020).
- Forcadell, F.J.; Aracil, E.; Úbeda, F. The Influence of Innovation on Corporate Sustainability in the International Banking Industry. Sustainability 2019, 11, 3210. [Google Scholar] [CrossRef] [Green Version]
- Fontaine, H.; Abbam, M.; Zia, H.; Hoell, J.; Plant, A. Task Force on Climate-related Financial Disclosures (TCFD) Recommendations: Global Progress Report for the Banking Sector; BCS Consulting: London, UK, 2019; Available online: https://www.bcsconsulting.com/wp-content/uploads/2019/11/043_Global-Process-Report-Document_Final_small.pdf (accessed on 22 January 2020).
- Baraldi, D. Banking on sustainability—what’s next. In Sustainable Development Impact Summit; World Economic Forum: Davos, Switzerland, 2019. [Google Scholar]
- Carney, M. TCFD: strengthening the foundations of sustainable finance. In Proceedings of the TCFD Summit 2019, Tokyo, Japan, 8 October 2019; Available online: https://www.bis.org/review/r191008a.pdf (accessed on 22 January 2020).
- ClientEarth. Risk Unwrapped: Plastic Pollution as a Material Business Risk; ClientEarth: London, UK, 2018; Available online: https://www.documents.clientearth.org/wp-content/uploads/library/2018-07-24-risk-unwrapped-plastic-pollution-as-a-material-business-risk-ce-en.pdf (accessed on 22 January 2020).
- Rich, P. The Organizational Taxonomy: Definition and Design. Acad. Manag. Rev. 1992, 17, 758–781. [Google Scholar] [CrossRef]
- Planty, M.; Carlson, D. Understanding Education Indicators: A Practical Primer for Research and Policy; Teachers College Press: New York, NY, USA, 2015. [Google Scholar]
- Olsen, K.H.; Fenhann, J. Sustainable development benefits of clean development mechanism projects: A new methodology for sustainability assessment based on text analysis of the project design documents submitted for validation. Energy Policy 2008, 36, 2819–2830. [Google Scholar] [CrossRef]
- Franklin, J. Banks cautiously optimistic about EU’s sustainability framework. In International Financial Law Review; IFLR: London, UK, 2019. [Google Scholar]
- NGFS. A Call for Action Climate Change as a Source of Financial Risk; Network for Greening the Financial System: London, UK, 2019. [Google Scholar]
- EU taxonomy for sustainable activities, European Commission. Available online: https://ec.europa.eu/info/publications/sustainable-finance-teg-taxonomy_en (accessed on 21 October 2019).
- European Commission. EU Taxonomy Technical Report; Technical Expert Group of Sustainable Finance: Brussels, Belgium, 18 June 2019. [Google Scholar]
- UNEP FI. Principles for Responsible Banking; United Nations Environmental Programme-Finance Initiative: Geneva, Switzerland, 2019; Available online: https://www.unepfi.org/wordpress/wp-content/uploads/2019/09/PRB-Guidance-Document-Final-19092019.pdf (accessed on 22 January 2020).
- ITC. SME Competitiveness Outlook 2019: Big Money for Small Business - Financing the Sustainable Development Goals; International Trade Centre: Geneva, Switzerland, 2019. [Google Scholar]
- Edgecliffe-Johnson, A. Global business chiefs pledge to boost sustainable development. Financial Times, 16 October 2019. Available online: https://www.ft.com/content/15ae565a-efc4-11e9-ad1e-4367d8281195(accessed on 22 January 2020).
- Cordon, R. International matchmaking and business partnering. Int. Trade Forum 2001, 29–31. [Google Scholar]
- Lemma, A.F.; Ellis, K. Centrally Managed Donor Funds and facilities To Promote Business Engagement; Overseas Development Institute: London, UK, 2014. [Google Scholar]
- Taghizadeh-Hesary, F.; Yoshino, N. The way to induce private participation in green finance and investment. Finance. Res. Lett. 2019, 31, 98–103. [Google Scholar] [CrossRef]
- De Broeck, W. Crowdfunding platforms for renewable energy investments: anoverview of best practices in the EU. Int. J. Sustain. Energy Plan. Manag. 2018, 15, 3–10. [Google Scholar]
- Natixis GREEN & SUSTAINABLE HUB. Available online: https://gsh.cib.natixis.com/ (accessed on 30 October 2019).
- HM Government. Green Finance Strategy: Transforming Finance for a Greater Future; UK Government: London, UK, 2019. [Google Scholar]
- Guterres, A. Progress toward sustainable development is seriously off-track. Financial Times, 4 November 2019; Pagination. Available online: https://www.ft.com/content/0c0eadc6-f739-11e9-bbe1-4db3476c5ff0(accessed on 22 January 2020).
- UN. Global Investors for Sustainable Development Alliance. 2019. Available online: https://www.un.org/esa/ffd/wp-content/uploads/2019/10/GISD-1015.pdf (accessed on 22 January 2020).
- Humphrey, C. He who pays the piper calls the tune: Credit rating agencies and multilateral development banks. Rev. Int. Organ. 2017, 12, 281–306. [Google Scholar] [CrossRef]
- Bhattacharya, A.; Kharas, H.; Plant, M.; Prizzon, A. The New Global Agenda and the Future of the Multilateral Development Bank System. Int. Organ. Res. J. 2018, 13, 101–124. [Google Scholar] [CrossRef]
- Prizzon, A. Introduction and Overview. In Six Recommendations for Reforming Multilateral Development Banks: An Essay Series; ODI, Ed.; Overseas Development Institute: London, UK, 2017; pp. 6–9. [Google Scholar]
- Prizzon, A.; Humphrey, C.; Kaul, I.; Kodera, K.; McKechnie, A.; Rogerson, A. Six Recommendations for Reforming Multilateral Development Banks: An Essay Series; ODI, Ed.; Overseas Development Institute: London, UK, 2017. [Google Scholar]
- Ahluwalia, M.S.; Summers, L.; Velasco, A.; Birdsall, N.; Morris, S. Banking for this Century’s Development Challenges: Five Recommendations to Shareholders of the Old and New Multilateral Development Banks; Center for Global Development: Washington, DC, USA, 2016. [Google Scholar]
- Langer, M.J. Key Instrument of private environmental finance: funds, project finance and market mechanisms. In Harnessing Foreign Investment to Promote Environmental Protection: Incentives and Safeguards; Dupuy, P.-M., Viñuales, J.E., Eds.; Cambridge University Press: Cambridge, UK, 2013; pp. 131–175. [Google Scholar]
- Vives, A. The Role of Multilateral Development Institutions in Fostering Corporate Social Responsibility. Development 2004, 47, 45–52. [Google Scholar] [CrossRef]
- Baumast, A. Equator Principles. In Encyclopedia of Corporate Social Responsibility; Idowu, S.O., Capaldi, N., Zu, L., Gupta, A.D., Eds.; Springer: Berlin/Heidelberg, Germany, 2013; pp. 1045–1051. [Google Scholar]
- The Equator Principles, EP. Available online: https://equator-principles.com/about/ (accessed on 28 December 2019).
- McIntyre, O. Development Banking ESG Policies and the Normativisation of Good Governance Standards: Development Banks as Agents of Global Administrative Law. In Responsible Investment Banking: Risk Management Frameworks, Sustainable Financial Innovation and Softlaw Standards; Wendt, K., Ed.; Springer International Publishing: Cham, Switzerland, 2015; pp. 143–155. [Google Scholar]
- Broccolini, C.; Lotti, G.; Maffioli, A.; Presbitero, A.F.; Stucchi, R. Mobilization Effects of Multilateral Development Banks. IMF Working Paper 2019. [Google Scholar] [CrossRef] [Green Version]
- Chin, G.T. The Asian Infrastructure Investment Bank—New Multilateralism: Early Development, Innovation, and Future Agendas. Glob. Policy 2019, 10, 569–581. [Google Scholar] [CrossRef]
- Vazquez, K.C.; Chin, G.T. The AIIB and Sustainable Infrastructure: A Hybrid Layered Approach. Glob. Policy 2019, 10, 593–603. [Google Scholar] [CrossRef]
- Mendez, A.; Turzi, M. The Political Economy of China–Latin America Relations: The AIIB Membership; Palgrave Pivot (in-print): New York, NY, USA, 2020. [Google Scholar]
- Mendez, A.; Alden, C. China in Panama: From Peripheral Diplomacy to Grand Strategy. Geopolitics 2019, 1–23. [Google Scholar] [CrossRef]
- Mendez, A. Latin America and the AIIB: Interests and Viewpoints. Glob. Policy 2019, 10, 639–644. [Google Scholar] [CrossRef]
- Mohieldin, M.; Verbeek, J.; Subramaniam, N. Crowding-In Private Finance: What Multilateral Development Banks Can Do Differently. In From Summits to Solutions: Innovations in Implementing the Sustainable Development Goals; Desai, R.M., Katō, H., Kharas, H.J., Eds.; Brookings Institution Press: Washington, DC, USA, 2018; pp. 353–370. [Google Scholar]
- Merritt, A.; Stubbs, T. COMPLEMENTING THE LOCAL AND GLOBAL: PROMOTING SUSTAINABILITY ACTION THROUGH LINKED LOCAL-LEVEL AND FORMAL SUSTAINABILITY FUNDING MECHANISMS. Publ. Admin. Dev. 2012, 32, 278. [Google Scholar] [CrossRef]
- ADB; AFDB; AIIB; EBRD; EIB; IDB; ISDB; NDB; World Bank. High Level MDB Statement. Available online: https://www.aiib.org/en/news-events/news/2019/_download/Joint-MDB-statement-on-climate-change-finance-FINAL-220919.pdf (accessed on 24 December 2019).
- Senanayake, S.G.J.N. Indigenous knowledge as a key to sustainable development. J. Agric. Sci. 2006, 2, 87–94. [Google Scholar] [CrossRef] [Green Version]
- Mohieldin, M.; Subramaniam, N.; Verbeek, J. Multilateral Development Banks must mobilize private finance to achieve the SDGs. In The Brookings Institution; 2018; Available online: https://www.brookings.edu/blog/up-front/2018/07/19/multilateral-development-banks-must-mobilize-private-finance-to-achieve-the-sdgs/ (accessed on 22 January 2020).
- IFC. Project Finance in Developing Countries; International Finance Corporation: Washington, DC, USA, 1999. [Google Scholar]
- Perkal, D. Multilaterals develop a new side. Infrastruct. Financ. 1996, 5, 46–49. [Google Scholar]
- MIGA. 2019 Annual Report; Multilateral Investment Guarantee Agency (MIGA)-World Bank Group: Washington, DC, USA, 2019. [Google Scholar]
- Stafford-Smith, M.; Griggs, D.; Gaffney, O.; Ullah, F.; Reyers, B.; Kanie, N.; Stigson, B.; Shrivastava, P.; Leach, M.; O’Connell, D. Integration: the key to implementing the Sustainable Development Goals. Sustain. Sci. 2017, 12, 911–919. [Google Scholar] [CrossRef] [PubMed] [Green Version]
- Jacobi, J.; Mathez-Stiefel, S.-L.; Gambon, H.; Rist, S.; Altieri, M. Whose Knowledge, Whose Development? Use and Role of Local and External Knowledge in Agroforestry Projects in Bolivia. Environ. Manag. 2017, 59, 464–476. [Google Scholar] [CrossRef] [PubMed]
- Hoch, L.; Pokorny, B.; Jong, W. Financial attractiveness of smallholder tree plantations in the Amazon: bridging external expectations and local realities. Agroforest. Syst. 2012, 84, 361–375. [Google Scholar] [CrossRef]
- Coffee, J. Financing Resilient Infrastructure. In Optimizing Community Infrastructure; Colker, R., Ed.; Butterworth-Heinemann: Oxford, UK, 2020; pp. 101–121. [Google Scholar]
- Smallridge, D.; Buchner, B.; Trabacchi, C.; Netto, M.; Gomes Lorenzo, J.J.; Serra, L. The Role of National Development Banks in Catalyzing International Climate Finance; Inter-American Development Bank: Washington, DC, USA, 2013. [Google Scholar]
- Shelepov, A.V. The AIIB, multilateral and national development banks: potential for cooperation. Vestnik RUDN. Int. Relat. 2018, 18, 135–147. [Google Scholar] [CrossRef] [Green Version]
- Griffith-Jones, S.; Ocampo, J.A.; Rezende, F.; Schclarek, A.; Brei, M. The Future of National Development Banks. In The Future of National Development Banks; Griffith-Jones, S., Ocampo, J.A., Eds.; Oxford University Press: Oxford, UK, 2018; pp. 1–38. [Google Scholar]
- European Commission. FINANCING A SUSTAINABLE EUROPEAN ECONOMY: Final Report; EU High-Level Expert Group on Sustainable Finance: Brussels, Belgium, 2018; Available online: https://ec.europa.eu/transparency/regexpert/index.cfm?do=groupDetail.groupDetailDoc&id=36814&no=1 (accessed on 22 January 2020).
- EIB Climate Awareness Bonds: Newsletter H1 2017. Available online: https://www.eib.org/attachments/fi/2017-H1-cab-newsletter.pdf (accessed on 22 December 2019).
- EIB Climate Awareness Bonds - Newsletter March 2018. Available online: https://www.eib.org/attachments/fi/2017-cab-newsletter-en.PDF (accessed on 21 December 2019).
- EIB; GFC. The need for a common language in Green Finance: Towards a Standard-neutral Taxonomy for the Environmental Use of Proceeds; European Investment Bank and Green Finance Committee of China Society for Finance and Banking: Luxembourg, 2017. [Google Scholar]
- Carmody, L.; Dodge, L. Mitigating ESG Risk in Asian Portfolios. In Evolutions in Sustainable Investing: Strategies, Funds and Thought Leadership; Krosinsky, C., Robins, N., Viederman, S., Eds.; John Wiley & Sons: Hoboken, NJ, USA, 2011; pp. 313–322. [Google Scholar]
- Anbumozhi, V.; Timilsina, P. Leveraging Private Finance Through Public Finance: Role of International Financial Institutions. In Financing for Low-carbon Energy Transition: Unlocking the Potential of Private Capital; Anbumozhi, V., Kalirajan, K., Kimura, F., Eds.; Springer: Singapore, 2018; pp. 317–334. [Google Scholar]
- Ketterer, J.A.; Andrade, G.; Netto, M.; Haro, M.I. Transforming Green Bond Markets: Using Financial Innovation and Technology to Expand Green Bond Issuance in Latin America and the Caribbean; Inter-American Development Bank: Washington, DC, USA, 2019. [Google Scholar]
- Asgari, N. World’s top pension fund warns against risk of green-bond ‘fad’. Financial Times, 3 July 2019; Pagination. Available online: https://www.ft.com/content/f844f1c2-998e-11e9-8cfb-30c211dcd229(accessed on 22 January 2020).
- Koellner, T.; Weber, O.; Fenchel, M.; Scholz, R. Principles for Sustainability Rating of Investment Funds. Bus. Strat. Environ. 2005, 14, 54–70. [Google Scholar] [CrossRef]
- Pekmezovic, A. Re-Orienting the Global Financial System Towards Sustainability. In Sustainable Development Goals: Harnessing Business to Achieve the SDGs through Finance, Technology and Law Reform; Walker, J., Pekmezovic, A., Walker, G., Eds.; Wiley: Chichester, UK, 2019; pp. 121–142. [Google Scholar]
- IDB: A/B Loans and Syndications. Available online: https://www.iadb.org/en/about-us/ab-loans-and-syndications (accessed on 11 November 2019).
- Romero, M.J. What Lies Beneath? A Critical Assessment of PPPs and Their Impact on Sustainable Development; European Network on Debt and Development: Brussels, Belgium, 2015. [Google Scholar]
- Jacobs, B. Can the Addis Ababa Action Agenda Bring about a More Integrated Blend? Facilitating African Infrastructure Development Through Institutionalized Portfolio Approaches. Forum Dev. Stud. 2016, 43, 385–413. [Google Scholar] [CrossRef]
- UN. Addis Ababa Action Agenda: Monitoring Commitments and Actions (Innaugural Report 2016); Inter-agency Task Force on Financing for Development, United Nations: New York, NY, USA, 2016. [Google Scholar]
- OECD. The State of Blended Finance 2018; OECD Publishing: Paris, France, 2018. [Google Scholar]
- BSDC. THE STATE OF BLENDED FINANCE; Working Paper; Business & Sustainable Development Commission: London, UK, 2017. [Google Scholar]
- BSDC. BETTER FINANCE BETTER WORLD: Consultation Paper of the Blended Finance Taskforce; Business & Sustainable Development Commission: London, UK, 2018. [Google Scholar]
- Bhattacharya, A.; Oppenheim, J.; Stern, N. Driving Sustainable Development through Better Infrastructure: Key Elements of a Transformation Program. In Global Economy and Development at Brookings; The Brookings Institution: Washington, DC, USA, 2015. [Google Scholar]
Target | Specification |
---|---|
17.3 | Mobilize additional financial resources for developing countries from multiple sources. |
17.17 | Encourage and promote effective public, public–private and civil society partnerships, building on the experience and resourcing strategies of partnerships. |
© 2020 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).
Share and Cite
Mendez, A.; Houghton, D.P. Sustainable Banking: The Role of Multilateral Development Banks as Norm Entrepreneurs. Sustainability 2020, 12, 972. https://doi.org/10.3390/su12030972
Mendez A, Houghton DP. Sustainable Banking: The Role of Multilateral Development Banks as Norm Entrepreneurs. Sustainability. 2020; 12(3):972. https://doi.org/10.3390/su12030972
Chicago/Turabian StyleMendez, Alvaro, and David Patrick Houghton. 2020. "Sustainable Banking: The Role of Multilateral Development Banks as Norm Entrepreneurs" Sustainability 12, no. 3: 972. https://doi.org/10.3390/su12030972
APA StyleMendez, A., & Houghton, D. P. (2020). Sustainable Banking: The Role of Multilateral Development Banks as Norm Entrepreneurs. Sustainability, 12(3), 972. https://doi.org/10.3390/su12030972