Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
Hostname: page-component-745bb68f8f-kw2vx Total loading time: 0 Render date: 2025-01-31T06:39:43.408Z Has data issue: false hasContentIssue false

Part IV - Ensuring Financial Stability and Sustainability

Published online by Cambridge University Press:  30 January 2025

Edited by
Kern Alexander ,
Matteo Gargantini  and
Michele Siri
Kern Alexander
Affiliation:
University of Zurich
Matteo Gargantini
Affiliation:
University of Genoa
Michele Siri
Affiliation:
University of Genoa
Get access
Type
Chapter
Information
The Cambridge Handbook of EU Sustainable Finance
Regulation, Supervision and Governance
 , pp. 471 - 640
Publisher: Cambridge University Press
Print publication year: 2025

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

References

Alogoskoufis, S., Carbone, S., and Coussens, W. (2021a), ‘Climate-related risks to financial stability’, ECB Financial Stability Review, 1, available at: https://bit.ly/3IEWDKt (accessed 22 April 2024).Google Scholar
Alogoskoufis, S., Dunz, N., and Emambakhsh, T. (2021b), ‘ECB economy-wide climate stress test – methodology and results’, ECB Occasional Paper Series, No. 281.Google Scholar
Bank of England (2023), Bank of England Report on Climate-related Risks and the Regulatory Capital Frameworks, 13 March, available at: https://bit.ly/3wQQ9pm (accessed 22 April 2024).Google Scholar
Bank of Italy (2022), ‘Legal conference: An EU Legal Framework for Macroprudential Supervision through Borrower-Based Measures’, available at: https://bit.ly/3Iw83QO (accessed 22 April 2024).Google Scholar
Bank of Lithuania (2021), ‘Macroprudential Policy Conference 2021 at the Bank of Lithuania on borrower-based macroprudential measures’, available at: lb.lt/en/events/macroprudential-policy-conference (accessed 22 April 2024).Google Scholar
Baranović, I., Busies, I., Coussens, W., Grill, M., and Hempell, H. (2021), ‘The challenge of capturing climate risks in the banking regulatory framework: is there a need for a macroprudential response?’, ECB Macroprudential Bulletin, No. 15, available at https://bit.ly/4bQVQDr (accessed 24 May 2024).Google Scholar
Basel Committee on Banking Supervision (2022a), ‘Principles for the effective management and supervision of climate-related financial risks’, Bank for International Settlements, available at: bis.org/bcbs/publ/d532.pdf (accessed 22 April 2024).Google Scholar
Basel Committee on Banking Supervision (2022b), ‘Frequently asked questions on climate-related financial risks’, Bank for International Settlements, available at: bis.org/bcbs/publ/d543.pdf (accessed 22 April 2024).Google Scholar
Basel Committee on Banking Supervision (2023), ‘Consultative document – Disclosure of climate-related financial risks’, Bank for International Settlements, available at: bis.org/bcbs/publ/d560.pdf (accessed 22 April 2024).Google Scholar
Board of Governors of the Federal Reserve System (2024), ‘Pilot climate scenario analysis exercise – Summary of participants’ risk-management practices and estimates’, May, available at: www.federalreserve.gov/publications/files/csa-exercise-summary-20240509.pdf (accessed 4 September 2024).CrossRefGoogle Scholar
Bolton, P., Despres, M., Pereira da Silva, L.A., Samama, F., and Swartzman, R. (2020), ‘The green swan – Central banking and financial stability in the age of climate change’, Bank for International Settlements, available at: bis.org/publ/othp31.pdf (accessed 22 April 2024).Google Scholar
Borio, C. (2010), ‘Implementing a macroprudential framework: Blending boldness and realism’, Bank for International Settlements, available at: bis.org/repofficepubl/hkimr201007.12c.pdf (accessed 22 April 2024).Google Scholar
Breeden, S. (2022), ‘Balancing on the net-zero tightrope, speech given at TheCityUK International Conference’, available at: https://bit.ly/43gez7H (accessed 22 April 2024).Google Scholar
British Academy (2009), ‘Letter to Her Majesty The Queen’, available at: ma.imperial.ac.uk/~bin06/M3A22/queen-lse.pdf (accessed 22 April 2024).Google Scholar
Carney, M. (2015), ‘Breaking the tragedy of the horizon – climate change and financial stability’, speech at Lloyd’s of London’, available at: bis.org/review/r151009a.pdf (accessed 22 April 2024).Google Scholar
Coelho, R. and Restoy, F. (2023), ‘Macroprudential policies for addressing climate-related financial risks: challenges and trade-offs’, FSI Briefs, No. 18, 1–9.Google Scholar
Constâncio, V., Cabral, I., and Detken, C. (eds.) (2019), ‘Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policy’, ECB Occasional Paper Series, No. 227, 1–86.Google Scholar
Dafermos, Y. and Nikolaidi, M. (2022), ‘Greening capital requirements’, INSPIRE Policy Briefing Paper 08.Google Scholar
Guindos, De (2021), ‘Macroprudential policy after the COVID-19 pandemic’, Banque de France/Sciences Po Financial Stability Review Conference 2021, available at: bis.org/review/r210303d.pdf (accessed 22 April 2024).Google Scholar
De Larosière, J., Balcerowicz, L., and Issing, O. (2009), Report of the High Level Group on Financial Supervision in the EU, available at: https://bit.ly/43dKaXH (accessed 22 April 2024).Google Scholar
Dikau, S., Robins, N., Smolenska, A. van ‘t Klooster, J., and Volz, U. (2022), ‘Net zero transition plans, A supervisory playbook for prudential authorities’, Grantham Research Institute on Climate Change and the Environment and the Centre for Climate Change Economics and Policy, available at: https://bit.ly/3xbRszH (accessed 22 April 2024).Google Scholar
ECB/ESRB Project Team on climate risk (2023), Towards Macroprudential Frameworks for Managing Climate Risk, available at: https://bit.ly/3Kx4rz8 (accessed 22 April 2024).Google Scholar
ECB/ESRB Project Team on climate risk monitoring (2022), The Macroprudential Challenge of Climate Change, available at: https://bit.ly/43gt4bF (accessed 22 April 2024).Google Scholar
European Banking Authority (2020), ‘Final guidelines on the appropriate subsets of sectoral exposures to which competent or designated authorities may apply a systemic risk buffer in accordance with Article 133(5)(f) of Directive 2013/36/EU’ (EBA/GL/2020/13), available at: https://bit.ly/3Vjfh0m (accessed 22 April 2024).Google Scholar
European Banking Authority (2021), Report on Management and Supervision of ESG Risks for Credit Institutions and Investment Firms (EBA/REP/2021/18), available at: https://bit.ly/3Kyrnhx (accessed 22 April 2024).Google Scholar
European Banking Authority (2022a), ‘The Role of Environmental Risks in the Prudential Framework’, Discussion paper, (EBA/DP/2022/02), available at: https://bit.ly/3xbRvvn (accessed 22 April 2024).Google Scholar
European Banking Authority (2022b), Final Report Draft Implementing Technical Standards on Prudential Disclosures on ESG Risks in Accordance with Article 449a CRR (EBA/ITS/2022/01), available at: https://bit.ly/45j8Z5u (accessed 22 April 2024).Google Scholar
European Banking Authority (2023), ‘Report on the Role of Environmental and Social Risks in the Prudential Framework (EBA/REP/2023/34), available at: https://bit.ly/4bUDTUC (accessed 22 April 2024).Google Scholar
European Banking Authority (2024), ‘Consultation paper – Draft guidelines on the management of ESG risks’ (EBA/CP/2024/02), available at: https://bit.ly/4bRGXRk (accessed 22 April 2022).Google Scholar
European Central Bank (2022), Supervisory Assessment of Institutions’ Climate-related and Environmental Risks Disclosures – ECB Report on Banks’ Progress towards Transparent Disclosure of their Climate-related and Environmental Risk Profiles, available at: https://bit.ly/48RokdX (accessed 22 April 2024).Google Scholar
European Commission (2021), ‘Targeted consultation on improving the EU’s macroprudential framework for the banking sector’, available at: https://bit.ly/3vidC2a (accessed 22 April 2024).Google Scholar
European Commission (2022), ‘Feedback statement of the targeted consultation on improving the EU’s macroprudential framework for the banking sector’, available at: https://bit.ly/48Qlaa7 (accessed 22 April 2024).Google Scholar
European Systemic Risk Board (2020), Positively Green: Measuring Climate Change Risks to Financial Stability, available at: https://bit.ly/43h1hYA (accessed 22 April 2024).Google Scholar
European Systemic Risk Board (2022), Review of the EU Macroprudential Framework for the Banking Sector, available at: https://bit.ly/48PD25g (accessed 22 April 2024).Google Scholar
Financial Stability Board (2022), Supervisory and Regulatory Approaches to Climate-Related Risks: Interim Report, available at: fsb.org/wp-content/uploads/P290422.pdf (accessed 22 April 2024).Google Scholar
Grünewald, S. (2021a), ‘Climate change as a systemic risk in finance – Are macroprudential authorities up to the task?’ in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe: Corporate Governance, Financial Stability and Financial Markets (Cham: Palgrave Macmillan), 227–257.CrossRefGoogle Scholar
Grünewald, S. (2021b), ‘Climate-related risks: Is the macroprudential framework fit for purpose?’, Butterworths Journal of International Banking and Financial Law, 36(11), 743–745.Google Scholar
Grünewald, S. (2024), ‘Climate change as a systemic risk in finance – Are macroprudential authorities up to the task? in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe: Corporate Governance, Financial Stability and Financial Markets, 2nd ed. (Cham: Palgrave Macmillan), 265–290.CrossRefGoogle Scholar
Intergovernmental Panel on Climate Change (2023), Climate change 2023 Synthesis Report, Summary for Policymakers, available at: https://bit.ly/4bPbdMI (accessed 22 April 2024).Google Scholar
Monnin, P. (2022), ‘Is the current macroprudential framework fit for climate systemic risk?’, available at: https://bit.ly/3PgKdfE (accessed 22 April 2024).Google Scholar
Network for Greening the Financial System (2023), ‘NGFS scenarios for central banks and supervisors’, available at: https://bit.ly/3VeCNvx (accessed 22 April 2024).Google Scholar
Oehmke, M. (2022), ‘Bank capital regulation and climate change’, ESRB ASC Insight, No. 3, 1–12.Google Scholar
Stheeman, E. (2022), ‘Why macroprudential policy needs to tackle financial stability risks from climate change’, speech given at Queen’s University Belfast, 3 May, available at: https://bit.ly/3veEBvx (accessed 22 April 2024).Google Scholar
Task Force on Climate-related Financial Disclosures (2017), Final Report: Recommendations of the Task Force on Climate-related Financial Disclosures, available at: https://bit.ly/3Iy3R2Z (accessed 22 April 2024).Google Scholar
Van Tilburg, R., Grünewald, S., Schoenmaker, D., and Boot, A. (2022), ‘Climate risks are real and need to become part of bank capital regulation’, VOXEU column, available at: https://bit.ly/3VjMd9h (accessed 22 April 2024).Google Scholar

References

Acemoglu, D., Ozdaglar, A. and Tahbaz-Salehi, A. (2015), ‘Systemic risk and stability in financial networks’, 105 American Economy Review, 2, 564–608.CrossRefGoogle Scholar
Ackerman, F., DeCanio, S. J., Howarth, R. B. and Sheeran, K. (2009), ‘Limitations of integrated assessment models of climate change’, 95 Climate Change, 3, 297–315.CrossRefGoogle Scholar
ACPR (Autorité de contrôle prudentiel et de resolution) (2021), ‘A first assessment of financial risks stemming from climate change: The main results of the 2020 climate pilot exercise’, No. 122–2021, May, available at: https://bit.ly/3wRhlEy (accessed 6 October 2022).Google Scholar
Al-Najjar, N. and Weinstein, J. (2009), ‘The ambiguity aversion literature: A critical assessment’, 25 Economics and Philosophy, 3, 249–284.CrossRefGoogle Scholar
Alessi, L., Battiston, S., Melo, A.S. and Roncoroni, A. (2019), ‘The EU Sustainability Taxonomy: a Financial Impact Assessment’, EUR 29970 EN, Publications Office of the European Union, Luxembourg.Google Scholar
Alexander, K. (2014), ‘Stability and Sustainability in Banking Reform. Are Environmental Risks Missing in Basel III?’, Cambridge Institute for Sustainability Leadership and United Nations Environmental Program Finance Initiative.Google Scholar
Allen, F. and Gale, D. (2000), ‘Financial contagion’, 108 Journal of Political Economy, 1, 1–33.CrossRefGoogle Scholar
Allen, F., Babus, A. and Carletti, E. (2011), ‘Financial Connections and Systemic Risk’, NBER Working Paper Series No. 16177.Google Scholar
Babus, A. (2009), ‘Network in finance’ in Kleindorfer, P. and Wind, J. (eds.) The Network Challenge (Upper Saddle River, NJ: Wharton School Publishing), 367–382.Google Scholar
Bank of Canada and Office of the Superintendent of Financial Institutions (2022), Using Scenario Analysis to Assess Climate Transition Risk: Final Report of the BoC-OSFI Climate Scenario Analysis Pilot, January, available at: https://bit.ly/49L0ZM8 (accessed 6 October 2022).Google Scholar
Bank of England (2022), ‘Results of the 2021 Climate Biennial Exploratory Scenario (CBES)’, 24 May, available at: https://bit.ly/3Vej8xF (accessed 6 October 2022).Google Scholar
Bar-Yam, Y. (2002), ‘General features of complex systems’, in Kiel, D. (ed.) Encyclopedia of Life Support Systems. Knowledge Management, Organizational Intelligence and Learning, and Complexity, vol. 1 (Oxford: EOLSS Publishers), 43–96.Google Scholar
BCBS (Basel Committee on Banking Supervision) (2019), ‘The Basel Framework’, 15 December, available at: www.bis.org/basel_framework/ (accessed 4 October 2022).Google Scholar
BCBS (Basel Committee on Banking Supervision) (2021), ‘Climate-related risk drivers and their transmission channels’, April, available at: www.bis.org/bcbs/publ/d517.pdf (accessed 25 April 2024).Google Scholar
BCBS (Basel Committee on Banking Supervision) (2022), ‘Principles for the effective management and supervision of climate-related financial risks’, June, available at: www.bis.org/bcbs/publ/d532.pdf (accessed 6 October 2022).Google Scholar
Berger, L. and Bosetti, V. (2020), ‘Are policymakers ambiguity averse?’, 130 The Economic Journal, 626, 331–355.Google Scholar
Bicchieri, C. (2016), Norms in the Wild: How to Diagnose, Measure, and Change Social Norms (New York: Oxford University Press).Google Scholar
BIS (Bank of International Settlements) (2021), ‘Basel Committee advances work on addressing climate-related financial risks, specifying cryptoassets prudential treatment and reviewing G-SIB assessment methodology’, Press Release, 9 November, available at: www.bis.org/press/p211109.htm (accessed 4 October 2022).Google Scholar
Bolton, P., Després, M., Pereira da Silva, L.A., Samama, F. and Svartzman, R. (2020), ‘The Green Swan: Central banking and financial stability in the age of climate change’, January, Bank for International Settlements, available at: www.bis.org/publ/othp31.pdf (accessed 7 October 2022).Google Scholar
Brañas-Garza, P., Cabrales, A., Espinosa, M.P. and Jorrat, D. (2022), ‘The effect of ambiguity in strategic environments: An experiment’, Working Papers 196, Red Nacional de Investigadores en Economía (RedNIE).Google Scholar
Cabrales, A., Gottardi, P. and Vega-Redondo, F. (2017), ‘Risk-sharing and contagion in networks’, 30 Review of Financial Studies, 9, 3086–3127.CrossRefGoogle Scholar
Cabrales, A., García, M., Ramos Muñoz, D. and Sánchez, A. (2022), ‘The interactions of social norms about climate change: Science, institutions and Economics’, February, available at Carlos III University repository.CrossRefGoogle Scholar
Campiglio, E., Dafermos, Y., Monnin, P. et al. (2018), ‘Climate change challenges for central banks and financial regulators’, 8 Nature Climate Change, 6, 462–468.CrossRefGoogle Scholar
Carney, M. (2015), ‘Breaking the Tragedy of the Horizon – Climate change and financial stability’, 29 September, Speech Lloyd’s of London, London, available at: https://bit.ly/4bFW54t (accessed 4 October 2022).Google Scholar
Craig, B. and Von Peter, G. (2014), ‘Interbank tiering and money center banks’, 23 Journal of Financial Intermediation, 3, 322–347.CrossRefGoogle Scholar
Dafermos, Y., Nikolaidi, M. and Galanis, G. (2017), ‘A stock-flow-fund ecological macroeconomic model’, 131 Ecological Economics, 191–207.CrossRefGoogle Scholar
Demekas, D. and Grippa, P. (2021), ‘Financial Regulation, Climate Change, and the Transition to a Low-Carbon Economy: A Survey of the Issues’, IMF Working Paper 296/2021.CrossRefGoogle Scholar
Dikau, S. and Volz, S. (2019), ‘Central Bank Mandates, Sustainability Objectives, and the Promotion of Green Finance’, Working Paper 222/2019, Department of Economics, SOAS University of London.Google Scholar
EBA (European Banking Authority) (2014), ‘EBA Guidelines on materiality, proprietary and confidentiality and on disclosure frequency under Articles 432(1), 432(2) and 433 of Regulation (EU) No 575/2013’, EBA/GL/2014/14, 23 December, available at: https://bit.ly/3TlUHvI (accessed 6 October 2022).Google Scholar
EBA (European Banking Authority) (2020a), ‘EBA Discussion Paper: On management and supervision of ESG risks for credit institutions and investment firms’, EBA/DP/2020/03, 30 October, available at: https://bit.ly/4a8Po9t (accessed 6 October 2022).Google Scholar
EBA (European Banking Authority) (2020b), Final Report: Guidelines on the Specification and Disclosure of Systemic Importance Indicators, EBA/GL/2020/14, 4 November, available at: https://bit.ly/3Tc9zfP (accessed 7 October 2022).Google Scholar
EBA (European Banking Authority) (2021a), ‘Opinion of the European Banking Authority on the disclosure requirement on environmentally sustainable activities in accordance with Article 8 of the Taxonomy Regulation’, EBA/Op/2021/03, 26 February, available at: https://bit.ly/3IxKeYL (accessed 6 October 2022).Google Scholar
EBA (European Banking Authority) (2021b), ‘Consultation paper: Draft implementing standards on prudential disclosures on ESG risks in accordance with Article 449a CRR’, EBA/CP/2021/06, 1 March, available at: https://bit.ly/3wRiyeW (accessed 6 October 2022).Google Scholar
EBA (European Banking Authority) (2021c), ‘Mapping climate risk: Main findings from the EU-wide pilot exercise’, EBA/Rep/2021/11, 21 May, available at: https://bit.ly/3wP0EJZ (accessed 6 October 2022).Google Scholar
EBA (European Banking Authority) (2021d), EBA Report: On Management and Supervision of ESG Risks for Credit Institutions and Investment Firms, EBA/REP/2021/18, 28 June, available at: https://bit.ly/4c4mkBM (accessed 6 October 2022).Google Scholar
EBA (European Banking Authority) (2022a), Final Report: Final Draft Implementing Technical Standards on Prudential Disclosures on ESG Risks in Accordance with Article 449a CRR, EBA/ITS/2022/01, 24 January, available at: https://bit.ly/3Tc9VDb (accessed 6 October 2022).Google Scholar
EBA (European Banking Authority) (2022b), ‘Discussion paper: The role of environmental risks in the prudential framework’, 2 May 2022, EBA/DP/2022/02, available at: https://bit.ly/48OeZU5 (accessed 10 April 2023).Google Scholar
EBA (European Banking Authority) (2022c), ‘EBA advice on the Review of the Macroprudential Framework. Response to the Commission’s Call for Advice’, available at: https://bit.ly/3PhtHw7.Google Scholar
EBA (European Banking Authority) (2022d), ‘EBA Roadmap on Sustainable Finance’, December 2022, EBA/REP/2022/30. Available at: https://bit.ly/3TcUomK.Google Scholar
EBA (European Banking Authority) (2023), ‘Final Report on the Role of Environmental and Social Risks in the Prudential Framework’, October 2023, EBA/REP/2023/34 Available at: www.eba.europa.eu/publications-and-media/press-releases/eba-recommends-enhancements-pillar-1-framework-capture.Google Scholar
ECB (European Central Bank) (2020a), ‘Guidelines on climate-related and environmental risk: Supervisory expectations relating to risk management and disclosure’, November, available at: https://bit.ly/3PkXtA6 (accessed 4 October 2022).Google Scholar
ECB (European Central Bank) (2020b), ECB Report on Institutions’ Climate-related and Environmental Risk Disclosures, November, available at: https://bit.ly/3Iwno3Q (accessed 6 October 2022).Google Scholar
ECB (European Central Bank) (2022a), Supervisory Assessment of Institutions’ Climate- related and Environmental Risks Disclosures: ECB Report on Banks’ Progress towards Transparent Disclosure of Their Climate-related and Environmental Risk Profiles, March, available at: https://bit.ly/48RokdX (accessed 6 October 2022).Google Scholar
ECB (European Central Bank) (2022b), ‘ECB response to the European Commission’s call for advice on the review of the EU macroprudential framework’, March, available at: https://bit.ly/48Wkb8u.Google Scholar
ECB (European Central Bank) (2022c), 2022 Climate Risk Stress Test, July, available at: https://bit.ly/48VFarY (accessed 6 October 2022).Google Scholar
Elliott, M. L., Jackson, M.O. and Golub, B. (2014), ‘Financial networks and contagion’, 104 American Economic Review, 10, 3115–3153.CrossRefGoogle Scholar
Equator Principles (2020), ‘EP4’, July (updated), available at https://bit.ly/3VeDarx (accessed 9 October 2022).Google Scholar
ESRB (European Systemic Risk Board) (2022), Review of the EU Macroprudential Framework for the Banking Sector March 2022, available at: https://bit.ly/3VaarUY.Google Scholar
European Central Bank – Banking Supervision (2021), ‘Aggregated results of SREP 2021’, available at: https://bit.ly/48LcjGQ (accessed 9 October 2022).Google Scholar
European Commission (2018), ‘Communication from the commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions Action Plan: Financing Sustainable Growth’, COM/2018/097 final, Brussels, 8 March.Google Scholar
European Commission (2019), ‘Communication from the Commission. Guidelines on non-financial reporting: Supplement on reporting climate-related information’, 2019/C 209/01, 20 June.Google Scholar
European Commission (2020), ‘Call for advice to the European Supervisory Authorities on key performance indicators and methodology on the disclosure of how and to what extent the activities of undertakings under the NFRD qualify as environmentally sustainable as per the EU Taxonomy’, Ref. Ares (2020)4805202, 15 September.Google Scholar
European Commission (2021), ‘Proposal for a Directive amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks, and amending Directive 2014/59/EU’, Brussels, 27 October, COM(2021) 663 final.Google Scholar
European Commission (2024), Report from the Commission to the European Parliament and the Council on the macroprudential review for credit institutions, the systemic risks relating to NonBank Financial Intermediaries (NBFIs) and their interconnectedness with credit institutions, under Article 513 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012’, Brussels 24 January 2024 COM(2024) 21 final.Google Scholar
Freixas, X., Parigi, B., and Rochet, J. C. (2000), ‘Systemic risk, interbank relations and liquidity provision by the Central Bank’, 32(3, Part 2) Journal of Money, Credit and Banking, 611–638.CrossRefGoogle Scholar
FSB (Financial Stability Board) (2015), ‘FSB proposes creation of disclosure task force on climate-related risks’, Press Release, 9 November, available at: https://bit.ly/48Qd0ib (accessed 4 October 2022).Google Scholar
FSB (Financial Stability Board) (2017), Recommendations of the Task Force on Climate-related Financial Disclosures, Final Report, June, available at: www.fsb-tcfd.org/recommendations/ (accessed 4 October 2022).Google Scholar
FSB (Financial Stability Board) (2021), ‘Task Force on Climate-related Financial Disclosures. Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures’, October, available at: www.fsb-tcfd.org/publications/ (accessed 4 October 2022).CrossRefGoogle Scholar
G20 Research Group (2012), ‘G20 Leader Declaration’, 19 June, Los Cabos, Mexico, available at: www.g20.utoronto.ca/2012/2012-0619-loscabos.html (accessed 4 October 2022).Google Scholar
G20 Research Group (2015), ‘G20 Finance Ministers and Central Bank Governors – Communiqué’, 17 April, Washington DC, available at: www.g20.utoronto.ca/2015/150417-finance.html (accessed 4 October 2022).Google Scholar
Georg, C. P. (2013), ‘The effect of the interbank network structure on contagion and common shocks’, 37 Journal of Banking and Finance, 7, 2216–2228.CrossRefGoogle Scholar
Giglio, S., Kelly, B. T. and Stroebel, J. (2020), ‘Climate Finance’, NBER Working Paper Series No. 28226/2020.Google Scholar
Gilboa, I., Postlewaite, A. and Schmeidler, D. (2009), ‘Is it always rational to satisfy Savage’s axioms?’, 25 Economics and Philosophy, 3, 285–296.CrossRefGoogle Scholar
Grünewald, S. (2020), ‘Climate Change as a Systemic Risk: Are Macroprudential Authorities Up to the Task?’, EBI Working Paper Series No. 62/2020.Google Scholar
GSSB (Global Sustainability Standard Board) (2022), ‘GRI Standards: Consolidated Set of the GRI Standards’, 30 June (updated), available at: https://bit.ly/4cbLrCG (accessed 9 October 2022).Google Scholar
in ’t Veld, D. and van Lelyveld, I. (2014), ‘Finding the core: Network structure in interbank markets’, 49 Journal of Banking and Finance, 27–40.CrossRefGoogle Scholar
Lamandini, M., D’Ambrosio, R. and Ramos Muñoz, D. (2022), ‘Supervisory Review Evaluation Process (SREP) in the context of the exercise of supervisory powers and extraordinary measures’ in Joosen, B., Lamandini, M. and Tröger, T. (eds.), Capital and Liquidity Requirements for European Banks (Oxford: Oxford University Press), 526–547.CrossRefGoogle Scholar
Mazzucato, M, Ryan-Collins, J. and Voldsgaard, A. (2020), ‘Central Bank’s Green Mission’, Project Syndicate.Google Scholar
Mishkin, F. (2011a), ‘How Should Central Banks Respond to Asset-Price Bubbles? The ‘Lean’ versus ‘Clean’ Debate After the GFC’, Reserve Bank of Australia Bulletin.Google Scholar
Mishkin, F. (2011b), ‘Monetary Policy Lessons after the Crisis’, NBER Working Paper 16755/2011, available at: www.nber.org/system/files/working_papers/w16755/w16755.pdf (accessed 7 October 2022).Google Scholar
Monasterolo, I., Roventini, A. and Foxon, T. (2019), ‘Uncertainty of Climate Policies and Implications for Economics and Finance: An Evolutionary Economics Approach’, 163 Ecological Economics, 177–182.CrossRefGoogle Scholar
NGFS (Network for Greening the Financial System) (2019), A Call for Action. Climate Change as a Source of Financial Risk, First Comprehensive Report, April, available at: https://bit.ly/3PjxzfR (accessed 4 October 2022).Google Scholar
NGFS (Network for Greening the Financial System) (2020a), ‘Guide for Supervisors: Integrating climate-related and environmental risks in prudential supervision’, Technical document, May, available at: https://bit.ly/4a4dUZe (accessed 4 October 2022).Google Scholar
NGFS (Network for Greening the Financial System) (2020b), ‘Guide to climate scenario analysis for central banks and supervisors’, June, available at: https://bit.ly/3wP3oqL (accessed 4 October 2022).Google Scholar
NGFS (Network for Greening the Financial System) (2021a), Progress Report on the Guide for Supervisors, October, available at: https://bit.ly/4cnCGps (accessed 4 October 2022).Google Scholar
NGFS (Network for Greening the Financial System) (2021b), Scenarios in Action: A Progress Report on Global Supervisory and Central Bank Climate Scenario Exercises, October, available at: https://bit.ly/43h8aJO (accessed 6 October 2022).Google Scholar
NGFS (Network for Greening the Financial System) (2021c), ‘Climate-related litigation: Raising awareness about a growing source of risk’, Technical Document, November, available at: https://bit.ly/3Tg6rPZ (accessed 4 October 2022).Google Scholar
Pindyck, R. S. (2013), ‘Climate Change Policy: What do the models tell us?’, 51 Journal of Economic Literature, 3, 860–872.CrossRefGoogle Scholar
PRA (Prudential Regulatory Authority) (2019), ‘Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change’, SS3/2019, Bank of England, April, available at: https://bit.ly/49OvkcQ (accessed 6 October 2022).Google Scholar
Ramos Muñoz, D., Cerrato, E. and Lamandini, M. (2021), ‘The EU’s “green” finance. Can “exit”, “voice” and “coercion” be enlisted to aid sustainability goals?’, EBI Working Paper Series 90/2021.Google Scholar
Ramos Muñoz, D., Cabrales, A. and Sánchez, A. (2022), ‘Central Banks and Climate Change. Fit, Opportunity and Suitability in the Law and Beyond’, EBI Working Paper Series 119/2022.Google Scholar
Robins, N., Dikau, S. and Volz, U. (2021), ‘Net-zero central banking: A new phase in greening the financial system’, SOAS London Policy Report. London: SOAS.Google Scholar
Schoenmaker, D. and van Tilburg, R. (2016), ‘What Role for Financial Supervisors in Addressing Environmental Risks?’, 58 Comparative Economic Studies, 317–334.CrossRefGoogle Scholar
Setzer, J. and Higham, C. (2021), ‘Global trends in climate change litigation: 2021 snapshot’. London: Grantham Research Institute on Climate Change and the Environment and Centre for Climate Change Economics and Policy, London School of Economics and Political Science.Google Scholar
Smoleńska, A. and van ’t Klooster, J. (2021), ‘A risky bet: Should the EU choose a microprudential or a credit guidance approach to climate risk?’, EBI Working Paper Series 104/2021.CrossRefGoogle Scholar
Solana, J. (2020), ‘Climate change litigation as financial risk’, 2 Green Finance, 4, 344–372.CrossRefGoogle Scholar
Squartini, T., van Lelyveld, I. and Garlaschelli, D. (2013), ‘Early-warning signals of topological collapse in interbank networks’, 3 Scientific Reports, 3357, available at: doi.org/10.1038/srep03357.CrossRefGoogle ScholarPubMed
Stern, N. (2016), ‘Economics: Current climate models are grossly misleading’, 530 Nature, 407–409.CrossRefGoogle ScholarPubMed
UN (United Nations) (2006), ‘Principles for Responsible Investment’, available at: https://bit.ly/3TcHEfO (accessed 9 October 2022).Google Scholar
UNEP FI (United Nations Environment Programme Finance Initiative) (2019), ‘Principles for Responsible Banking’, available at: www.unepfi.org/banking/more-about-the-principles/ (accessed 9 October 2022).Google Scholar
Vermeulen, R., Schets, E., Lohuis, M. et al. (2018), ‘An energy transition risk stress test for the financial system of the Netherlands’, 16 Occasional Studies, 7, available at: https://bit.ly/3VaPvNH (accessed 6 October 2022).Google Scholar
Villeroy de Galhau, F. (2018), ‘Green finance – A new frontier for the 21st century’, Speech at the International Climate Risk Conference for Supervisors, Amsterdam, 6 April, available at www.bis.org/review/r180419b.htm (accessed 7 October 2022).Google Scholar
Volz, U. (2017), ‘On the role of central banks in enhancing green finance’, UNEP Inquiry Working Paper 17/01.Google Scholar

References

Alexander, K. (2014), ‘Stability and sustainability in banking reform: Are environmental risks missing in Basel III?’, available at: https://doi.org/10.5167/uzh-103844.CrossRefGoogle Scholar
Armour, J., Awrey, D., Davies, P. et al. (2016), Principles of Financial Regulation (Oxford: Oxford University Press).CrossRefGoogle Scholar
Banque de France (2021), ‘Climate risk analysis and supervision – Analysis and synthesis no. 122: The main results of the 2020 climate pilot exercise’, 5 April, available at: https://bit.ly/4cfz4Wi.Google Scholar
BCBS (Basel Committee on Banking Supervision) (1988), ‘International convergence on capital measurement and capital standards’, July, available at: www.bis.org/publ/bcbs04.pdfGoogle Scholar
BCBS (Basel Committee on Banking Supervision) (2004), Basel II: International Convergence of Capital Measurement and Capital Standards: A Revised Framework – Comprehensive Version, June, available at: www.bis.org/publ/bcbs128.pdf.Google Scholar
BCBS (Basel Committee on Banking Supervision) (2020), ‘Climate-related financial risks: A survey on current initiatives’, April, available at: www.bis.org/bcbs/publ/d502.pdf.Google Scholar
BCBS (Basel Committee on Banking Supervision) (2022), ‘Principles for the effective management and supervision of climate-related financial risks’, June, available at: www.bis.org/bcbs/publ/d532.pdf.Google Scholar
BCBS (Basel Committee on Banking Supervision) (2024), ‘Core principles for effective banking supervision’, April, available at: www.bis.org/bcbs/publ/d573.pdf.CrossRefGoogle Scholar
Boot, A. and Schoenmaker, D. (2018), ‘Climate change adds to risk for banks, but EU lending proposals will do more harm than good’, 16 January, available at: https://bit.ly/3Vpiwp1.Google Scholar
Cullen, J. (2018), ‘After “HLEG”: EU banks, climate change abatement and the precautionary principle’, 20 Cambridge: Cambridge Yearbook of European Legal Studies, 61–87.Google Scholar
De Arriba-Sellier, N. (2021), ‘Turning gold into green: Green finance in the mandate of European financial supervision’, 58 Common Market Law Review, 1097–140.CrossRefGoogle Scholar
Demekas, D. G. and Grippa, P. (2021), ‘Financial regulation, climate change, and the transition to a low-carbon economy: A survey of the issues’, International Monetary Fund Working Paper WP/21/296, available at: https://bit.ly/3VtwcPF.CrossRefGoogle Scholar
EBA (European Banking Authority) (2021), EBA Report on Management and Supervision of ESG Risks for Credit Institutions and Investment Firms, EBA/REP/2021/18, June, available at: https://bit.ly/4c4mkBM.Google Scholar
EBA (European Banking Authority) (2022), Final Report – Final Draft Implementing Technical Standards on Prudential Disclosures on ESG Risks in Accordance with Article 449a CRR, EBA/ITS/2022/01, 24 January, available at: https://bit.ly/3Tc9VDb.Google Scholar
EBA (European Banking Authority), ‘Consultation Paper: Draft Guidelines on the management of ESG risks’, EBA/CP/2024/02, January, available at www.eba.europa.eu/activities/single-rulebook/sustainable-finance/guidelines-management-esg-risks.Google Scholar
ECB (European Central Bank) (2021), ‘The state of climate and environmental risk management in the banking sector’, November, available at: https://bit.ly/43tMie3.Google Scholar
ECB (European Central Bank) (2022a), Supervisory Assessment of Institutions’ Climate-related and Environmental Risk Disclosures – ECB Report on Banks’ Progress towards Transparent Disclosure of Their Climate-Related and Environmental Risk Profiles, March, available at: https://bit.ly/48RokdX.Google Scholar
ECB (European Central Bank) (2022b), ‘2022 Climate risk stress test’, July, available at: https://bit.ly/48VFarY.Google Scholar
ECB (European Central Bank) (2022c), ‘Walking the talk – Banks gearing up to manage risks from climate change and environmental degradation. Results of the 2022 thematic review on climate-related and environmental risks’, November, available at: https://bit.ly/3vabklZ.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2019), ‘Technical Advice on the integration of sustainability risks and factors in the delegated acts under Solvency II and IDD’, 30 April, EIOPA-BoS-19/172, available at: https://bit.ly/3TmrlND.Google Scholar
European Commission (2018), ‘Action plan financing sustainable growth’, 8 March, COM(2018) 97 final.Google Scholar
European Commission (2019), ‘Communication from the Commission to the European Parliament, the European Council, the Council, the European Economic and Social Committee and the Committee of the Regions: The European Green Deal’, 11 December, COM(2019) 640 final.Google Scholar
European Commission (2021a), ‘Proposal for a Directive of the European Parliament and of the Council amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting’, COM(2021) 189 final.Google Scholar
European Commission (2021b), ‘Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: Strategy for Financing the Transition to a Sustainable Economy’, 6 June, COM(2021) 390 final.Google Scholar
European Commission (2021c), ‘Proposal for a Directive of the European Parliament and of the Council amending Directive 2009/138/EC as regards proportionality, quality of supervision, reporting, long-term guarantee measures, macro-prudential tools, sustainability risks, group and cross-border supervision’, 22 September, COM(2021) 581 final.Google Scholar
European Commission (2021d), ‘Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor’, 27 October, COM(2021) 664 final.Google Scholar
European Commission (2021e), ‘Proposal for a Directive of the European Parliament and of the Council amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks, and amending Directive 2014/59/EU’, 27 October 2021, COM(2021) 663 final.Google Scholar
FSB (Financial Stability Board) (2015), ‘Proposal for a disclosure task force on climate-related risks’, 9 November, available at: www.fsb.org/wp-content/uploads/P070721-4.pdf.Google Scholar
FSB (Financial Stability Board) (2017), ‘Recommendations of the Task Force on Climate-related Financial Disclosures’, 29 June, available at: www.fsb.org/wp-content/uploads/P290617-5.pdf.Google Scholar
FSB (Financial Stability Board) (2020), ‘The implications of climate change for financial stability’, 23 November, available at: www.fsb.org/wp-content/uploads/P231120.pdf.Google Scholar
FSB (Financial Stability Board) (2021a), Report on Promoting Climate-related Disclosures, 7 July, available at: www.fsb.org/wp-content/uploads/P070721-4.pdf.Google Scholar
FSB (Financial Stability Board) (2021b), ‘FSB Roadmap for Addressing Climate-related Financial Risks’, 7 July, available at: www.fsb.org/wp-content/uploads/P070721-2.pdf.Google Scholar
FSB (Financial Stability Board) (2022a), ‘Supervisory and Regulatory Approaches to Climate-related Risks’, 13 October, available at: www.fsb.org/wp-content/uploads/P131022-1.pdf.Google Scholar
FSB (Financial Stability Board) (2022b), Progress Report on Climate-Related Disclosures, 13 October, available at: www.fsb.org/wp-content/uploads/P131022-2.pdf.Google Scholar
Goodhart, C. A. E. (2011), The Basel Committee on Banking Supervision. A History of the early years, 1974–1997 (Cambridge, UK: Cambridge University Press).CrossRefGoogle Scholar
Gortsos, C. V. (2022), ‘Historical evolution of bank capital requirements in the European Union’, in Joosen, B. P. M., Lamandini, M. and Tröger, T. H. (eds.), Capital and Liquidity Requirements for European Banks (Oxford: Oxford University Press), 3–42.CrossRefGoogle Scholar
Grünewald, S. (2021), ‘Climate change as a systemic risk in finance: Are macroprudential authorities up to the task?’, in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe. Corporate Governance, Financial Stability and Financial Markets (London: Palgrave Macmillan), 227–57.Google Scholar
HLEG (High Level Expert Group on Sustainable Finance) (2017), Financing a Sustainable Economy, Interim Report, 12 July, available at: https://bit.ly/3Th8T96.Google Scholar
HLEG (High Level Expert Group on Sustainable Finance) (2018), Financing a Sustainable Economy, Final Report, 31 January, available at: https://bit.ly/3IQc5U9.Google Scholar
Joosen, B. P. M., Lamandini, M. and Tröger, T. H. (2022), Capital and Liquidity Requirements for European Banks (Oxford: Oxford University Press).CrossRefGoogle Scholar
Mülbert, P. O. and Sajnovits, A. (2020), CRD IV Framework for Banks’ Corporate Governance, 2nd ed., (Oxford: Oxford University Press), 223–80.CrossRefGoogle Scholar
NGFS (Network for Greening the Financial System) (2020a), ‘Guide for Supervisors – Integrating climate-related and environmental risks into prudential supervision’, May, available at: https://bit.ly/4a4dUZe.Google Scholar
NGFS (Network for Greening the Financial System) (2020b), ‘Guide to climate scenario analysis for central banks and supervisors’, June, available at: https://bit.ly/3wP3oqL.Google Scholar
NGFS (Network for Greening the Financial System) (2022), Capturing Risk Differentials from Climate-related Risks: A Progress Report, May, available at: https://bit.ly/4afvE3W.Google Scholar
Norton, J. J. (1995), Devising International Bank Supervisory Standards (London: Graham & Trotman/Martinus Nijhoff).Google Scholar
Smoleńska, A. and van’t Klooster, J. (2022), ‘A risky bet: Climate change and the EU’s microprudential framework for banks’, 8 Journal of Financial Regulation, 51–74.CrossRefGoogle Scholar
Steuer, S. and Tröger, T. (2022), ‘The role of disclosure in green finance’, 8 Journal of Financial Regulation, 1–50.CrossRefGoogle Scholar
Theissen, R. (2023), EU Banking Supervision (The Hague: Eleven International Publishing).Google Scholar
Tröger, T. H. (2022), ‘Qualitative capital requirements and their relationship with MREL/TLAC’, in Joosen, B. P. M., Lamandini, M. and Tröger, T. H. (eds.), Capital and Liquidity Requirements for European Banks (Oxford: Oxford University Press), 94–121.CrossRefGoogle Scholar
Vermeulen, R., Schets, E., Lohuis, M. et al. (2018), ‘An energy transition risk stress test for the financial system of the Netherlands’, DNB Occasional Study 16-7, available at: https://bit.ly/3VaPvNH.Google Scholar

References

Alexander, K. (2019), Principles of Banking Regulation (Cambridge, UK: Cambridge University Press).CrossRefGoogle Scholar
Alexander, K. and Fisher, P. G. (2018), ‘Banking regulation and sustainability’, available at: https://ssrn.com/abstract=3299351.Google Scholar
Amesheva, I. (2022), ‘The rise of ESG data: A tectonic transparency shift’, in Bril, H., Kell, G., and Rasche, A. (eds.), Sustainability, Technology, and Finance: Rethinking How Markets Integrate ESG (London: Routledge), 251–272.CrossRefGoogle Scholar
BCBS (Basel Committee on Banking Supervision) (2021), ‘Climate-related risk drivers and their transmission channels’, Bank for International Settlements, 14 April, available at: www.bis.org/bcbs/publ/d517.Google Scholar
BCBS (Basel Committee on Banking Supervision) (2022a), ‘Principles for the effective management and supervision of climate-related financial risks’, 15 June, available at: www.bis.org/bcbs/publ/d532.pdf.Google Scholar
BCBS (Basel Committee on Banking Supervision) (2022b), ‘Frequently asked questions on climate-related financial risks’, 8 December, available at: www.bis.org/bcbs/publ/d543.htm.Google Scholar
Betrosian, S. A. (2021), ‘The impact of the EU Sustainable Finance framework on banking regulation’, Master’s thesis, Law School, National and Kapodistrian University of Athens, available at: https://pergamos.lib.uoa.gr/uoa/dl/object/2974963/file.pdf.Google Scholar
Binder, J.-H., Gortsos, C.V., Lackhoff, K. and Ohler, C. (eds.) (2022), Brussels Commentary on the Banking Union (Baden-Baden/Munich/Oxford: Nomos/C.H. Beck/Hart Publishing).CrossRefGoogle Scholar
Bodansky, D. (2016), ‘The legal character of the Paris Agreement’, Review of European, Comparative and International Environmental Law, 25, 142–150.CrossRefGoogle Scholar
Busch, D. (2024), ‘Sustainability Disclosure in the Financial Sector’, in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe: Corporate Governance, Financial Stability and Financial Markets (Cham: Palgrave Macmillan), 563–602.CrossRefGoogle Scholar
Busch, D., Avgouleas, E. and Ferrarini, G. (eds.) (2018), Capital Markets Union in Europe (Oxford: Oxford EU Financial Regulation Series, Oxford University Press).CrossRefGoogle Scholar
Colaert, V. (2022), ‘The Changing Nature of Financial Regulation: Sustainable Finance as a New EU Policy Objective’, Common Market Law Review, 59, Kluwer Academic Publishers, The Netherlands, 1669–1710.CrossRefGoogle Scholar
De Arriba-Sellier, N. (2022), ‘Banking on Green: Sustainability in the Commission’s Banking Reform’, EU Law Live, Weekend edition, No 86, January 22, available at: https://eulawlive.com/weekend-edition/weekend-edition-no86.Google Scholar
De Oliveira Neves, R. (2022), ‘The EU Taxonomy Regulation and Its Implications for Companies’, in Câmara, P. and Morais, F. (eds), The Palgrave Handbook of ESG and Corporate Governance (Cham: Palgrave Macmillan), 249–265.CrossRefGoogle Scholar
Ehlers, T. and Packer, F. (2017), ‘Green bond finance and certification’, BIS Quarterly Review, September 2017, available at: www.bis.org/publ/qtrpdf/r_qt1709h.pdf.Google Scholar
EBA (European Banking Authority) (2019), ‘EBA Action Plan on Sustainable Finance’, 6 December, available at: https://bit.ly/3TK2yEI.Google Scholar
EBA (European Banking Authority) (2021), ‘On management and supervision of ESG risks for credit institutions and investment firms’ (EBA/REP/2021/18), 26 June, available at: https://bit.ly/3vr9E7t.Google Scholar
EBA (European Banking Authority) (2022a), ‘Final draft implementing technical standards on prudential disclosures on ESG risks in accordance with Article 449a CRR’ (EBA/ITS/2022/01), 24 January, available at: https://bit.ly/3IN5CcW.Google Scholar
EBA (European Banking Authority) (2022b), ‘Discussion paper on the role of environmental risks in the prudential framework’, 2 May, available at: https://bit.ly/4aEsGXh.Google Scholar
ECB (European Central Bank) (2020), ‘Guide on climate-related and environmental risks: Supervisory expectations relating to risk management and disclosure’, 27 November, available at: https://bit.ly/3PkXtA6.Google Scholar
ECB (European Central Bank) (2021), ‘Climate-related risk and financial stability’, ECB/ESRB Project Team on climate risk monitoring, July, available at: https://bit.ly/4ammD9C.Google Scholar
ECB (European Central Bank) (2022), ‘ECB takes further steps to incorporate climate change into its monetary policy operations’, 4 July, available at: https://bit.ly/3TrGbCt.Google Scholar
European Commission Communication (2020), ‘A Capital Markets Union for people and businesses – New action plan’, 24 September (COM/2020/590 final).Google Scholar
European Court of Auditors (2020), Capital Markets Union: Slow Start towards an Ambitious Goal’ Special Report 25/2020, 11 November, available at: www.eca.europa.eu/en/Pages/DocItem.aspx?did=57011.Google Scholar
Fatica, S., Panzica, R. and Rancan, M. (2019), ‘The pricing of green bonds: Are financial institutions special?’, JRC Working Papers in Economics and Finance, Issue 7, available at: https://bit.ly/3ToNURK.CrossRefGoogle Scholar
Ferran, E. (2012), ‘Understanding the New Institutional Architecture of EU Financial Market Supervision’, in Wymeersch, E., Hopt, K. J. and Ferrarini, G. (eds.), Financial Regulation and Supervision – A Post-Crisis Analysis (Oxford: Oxford University Press), 111–158.CrossRefGoogle Scholar
Flammer, C. (2021), ‘Corporate Green Bonds’, Journal of Financial Economics, 142(2), November, 499–516.CrossRefGoogle Scholar
G20 Sustainable Finance Study Group (2018), ‘Synthesis Report’, July, available at: https://bit.ly/3PrTMbC.Google Scholar
Giráldez, J. and Fontana, S. (2022), ‘Sustainability-linked bonds: The next frontier in sovereign financing’, Capital Markets Law Journal, 17(1), 8–19.CrossRefGoogle Scholar
Gortsos, C. V. (2020), European Central Banking Law (Cham: Palgrave Macmillan).CrossRefGoogle Scholar
Gortsos, C. (2021), ‘The Taxonomy Regulation: More important than just as an element of the Capital Markets Union’, in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe: Corporate Governance, Financial Stability and Financial Markets (Cham: Palgrave Macmillan), 351–395.CrossRefGoogle Scholar
Gortsos, C. V. (2022a), ‘The foundation of the European Capital Markets Union (CMU): From the 2015 to the 2020 CMU Action Plan and their implementation’, available at: https://ssrn.com/abstract=4005259.CrossRefGoogle Scholar
Gortsos, C. V. (2022b), ‘The Evolution of European (EU) Banking Law under the Influence of (Public) International Banking Law: A Comprehensive Overview’, e-book, 4th ed., available at: https://ssrn.com/abstract=3334493.Google Scholar
Gortsos, C. V. (2022c), ‘The 2021 legislative ‘banking package’: Finalisation of the ‘Basel III’ reforms and supervisory enhancement in the EU, EU LAW LIVE’, weekend edition No 94, 1–12, available at: https://eulawlive.com/weekend-edition/weekend-edition-no94.Google Scholar
Gortsos, C. V. (2023), The European Banking Regulation Handbook, Volume I: Theory of Banking Regulation, International Standards, Evolution and Institutional Aspects of EU Banking Law (Cham: Palgrave Macmillan).CrossRefGoogle Scholar
Gortsos, C. V. and Kyriazis, D. (2022), ‘Sustainable Finance: The EU’s Legislative Trilogy and the Need for Global Convergence’, available at: https://hub.uoa.gr/sustainable-finance.Google Scholar
Gortsos, C. V. and Kyriazis, D. (2024), ‘The Taxonomy Regulation and its implementation’, in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe: Corporate Governance, Financial Stability and Financial Markets (Cham: Palgrave Macmillan), 505–561.CrossRefGoogle Scholar
Grünewald, S. (2024), ‘Climate change as a systemic risk in finance: Are macroprudential authorities up to the task?’, in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe: Corporate Governance, Financial Stability and Financial Markets (Cham: Palgrave Macmillan), 265–290.CrossRefGoogle Scholar
Helleringer, G. (2021), ‘EU vs. greenwashing: The birth pangs of transparency, comparability, cooperation and leadership’, Oxford Business Law Blog, 5 July, available at: https://bit.ly/3VrMPLQ.Google Scholar
High-Level Forum on the Capital Markets Union (2020), A New Vision for Europe’s Capital Markets, Final Report, June, available at: https://bit.ly/498BD9U.Google Scholar
Joosen, R. and Zhelyazkova, A. (2022), ‘How do supranational regulators keep companies in line? An analysis of the enforcement styles of EU agencies’, Journal of Common Market Studies, 60(4), 983–1000.CrossRefGoogle Scholar
Konietschke, P., Ongena, S. R. G. and Ponte Marques, A. (2022), ‘Stress tests and capital requirement disclosures: Do they impact banks’ lending and risk-taking decisions?’, Swiss Finance Institute Research Paper No. 60, July, available at: https://ssrn.com/abstract=4182633.Google Scholar
Kyriazis, D. (2022), Sustainable Finance Law: Evolution and Legal Framework (Athens: Nomiki Bibliothiki).Google Scholar
Lannoo, K. and Thomadakis, A. (2019), ‘Rebranding Capital Markets Union: A market finance action plan’, CEPS-ECMI Task Force Report, Centre for European Policy Studies, available at: https://bit.ly/493lkuQ.Google Scholar
Liang, H. and Renneboog, L. (2020), ‘Corporate social responsibility and sustainable finance: A review of the literature’, European Corporate Governance Institute – Finance Working Paper No. 701/2020, Part of the Oxford Research Encyclopedia of Economics and Finance, available at: https://ssrn.com/abstract=3698631.Google Scholar
Maragopoulos, N. (2023), ‘Towards a European Green Bond Standard: A European Initiative to Promote Sustainable Finance’, in Ramos Muñoz, D. and Smoleńska, Ag. (eds.), Greening the Bond Market: A European Perspective (Cham: Palgrave Macmillan), 21–50.CrossRefGoogle Scholar
Miller, H. and Dikau, S. (2022), Preventing a ‘Climate Minsky Moment’: Environmental Financial Risks and Prudential Exposure Limits: Exploring the Case Study of the Bank of England’s Prudential Regime, Policy Report, Grantham Research Institute on Climate Change and the Environment, London School of Economics and Political Science, March, available at: https://bit.ly/49XJDvR.Google Scholar
MOCOMILA (Committee on International Monetary Law) (2022), ‘International Law Association Lisbon Conference’, available at: https://bit.ly/493loL6.Google Scholar
Mollers, T. M. (2022), ‘European green deal: Greenwashing and the forgotten good corporate citizen as an investor’, Columbia Journal of European Law, 28, 203 et seq.Google Scholar
Motani, H. (2024), ‘The European Green Deal, in Smits, R. (ed.), Sustainable Finance and Climate Change, Elgar Financial Law and Practice (Cheltenham: Edward Elgar Publishing), 100–115.CrossRefGoogle Scholar
Network for Greening the Financial System (2020), ‘Guide for Supervisors – Integrating climate-related and environmental risks into prudential supervision’, May, available at: https://bit.ly/4a4dUZe.Google Scholar
Pacces, A. M. (2021), ‘Will the EU Taxonomy Regulation foster a sustainable corporate governance?’, ECGI Law Working Paper No 611/2011, October, available at: https://bit.ly/4cgCOXA.CrossRefGoogle Scholar
Pacces, A.M. (2024), ‘The Role of EU Securities Regulation in Sustainable Corporate Governance’, in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe: Corporate Governance, Financial Stability and Financial Markets (Cham: Palgrave Macmillan), 147–183.CrossRefGoogle Scholar
Payne, J. (2020), ‘The institutional design of financial supervision and financial stability’, in Amtenbrink, F. and Herrmann, C. (eds.), Oxford Handbook on the EU Law of Economic and Monetary Union (Oxford: Oxford University Press), 568–570.Google Scholar
Ramos Muñoz, D. and Smoleńska, Ag (eds.) (2023), Greening the Bond Market: A European Perspective (Cham: Palgrave Macmillan).CrossRefGoogle Scholar
Ramos Muñoz, D. and Smoleńska, Ag. (2023), The Governance of ESG Ratings and Benchmarks (Infomediaries) as Gatekeepers: Exit, Voice and Coercion, European Banking Institute Working Paper Series no. 149, available at: https://ssrn.com/abstract=4531520.Google Scholar
Reichlin, L., Adam, K., McKibbin, W. J. et al. (2021), ‘The ECB strategy: The 2021 review and its future’, CEPR Press, available at: https://bit.ly/3ILR6lC.Google Scholar
Reinders, H., Schoenmaker, D. M. Van Dijk (2020), ‘A Finance Approach to Climate Stress Testing’, 131 Journal of International Money and Finance, 1–19.Google Scholar
Siri, M. and Zhu, S. (2024), ‘Integrating Sustainability in EU Corporate Governance Codes’, in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe: Corporate Governance, Financial Stability and Financial Markets (Cham: Palgrave Macmillan), 211–262.CrossRefGoogle Scholar
Smits, R. (ed.) (2024), Sustainable Finance and Climate Change (Cheltenham: Edward Elgar Publishing).CrossRefGoogle Scholar
Smits, R. (2024), ‘The ECB’s mandate in the face of climate change and biodiversity loss’, in Smits, R. (ed.), Sustainable Finance and Climate Change, (Cheltenham: Edward Elgar Publishing), 137–218.CrossRefGoogle Scholar
Task Force on Climate-related Financial Disclosures (2007), ‘Recommendations of the Task Force on Climate-related Financial Disclosures’, 29 June, available at: https://bit.ly/43nSQuz.Google Scholar
United Nations (2016), ‘The Paris Agreement: What is the Paris Agreement?’, available at: https://bit.ly/3TK4AVm.Google Scholar
Winter, J. (2024), ‘The role of the Board, societal responsibility and climate change’, in Smits, R. (ed.), Sustainable Finance and Climate Change, Elgar Financial Law and Practice, Chapter 4, 34-53 (Cheltenham: Edward Elgar Publishing).Google Scholar
Wutscher, C. (2024), ‘The ECB’s New Green Monetary Policy’, in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe: Corporate Governance, Financial Stability and Financial Markets, Second Edition, Chapter 11, 409–462 (Cham: Palgrave Macmillan).CrossRefGoogle Scholar
Zetzsche, D.A., Bodellini, M. and Consiglio, R. (2021), The EU Sustainable Finance Framework in Light of International Standards, 13 December, available at: https://ssrn.com/abstract/3984511.CrossRefGoogle Scholar
Zilioli, C. (2021), ‘The new ECB Monetary Policy Strategy and the ECB’s roadmap of climate change-related actions’, EU Law Live, weekend edition no. 67, 2–6.Google Scholar

References

Bierman, B. (2019), ‘Sustainable capital: Prudential supervision on climate risks for banks’, in Beekhoven van den Boezem, F.-J., Jansen, C. and Schuijling, B. (eds.), Sustainability and Financial Markets, Law of Business and Finance, vol. 17, (Deventer: Wolters Kluwer), 129–160.Google Scholar
Colaert, V. (2021), ‘Integrating sustainable finance into the MiFID II and IDD investor protection frameworks’, in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe. Corporate Governance, Financial Stability and Financial Markets, EBI Studies in Banking and Capital Markets Law (London: Palgrave Macmillan), 445–475.Google Scholar
EBA (European Banking Authority) (2015), Report on the Peer Review of the Guidelines on the Assessment of the Suitability of Members of the Management Body and Key Function Holders, EBA/GL/2012/06, 16 June, available at: https://bit.ly/4aWYKoI.Google Scholar
EBA (European Banking Authority) (2021a), ‘Guidelines on Internal Governance under Directive (EU) 2013/36/EU (CRD IV)’, EBA/GL/2021/05, 2 July, available at: https://bit.ly/3RjOArq.Google Scholar
EBA (European Banking Authority) (2021b), ‘Guidelines on Internal Governance under Directive (EU) 2019/2034 (IFD)’, EBA/GL/2021/17, 22 November, available at: https://bit.ly/4aTKw8b.Google Scholar
EBA (European Banking Authority) (2021c), Report on Management and Supervision of ESG Risks for Credit Institutions and Investment Firms, EBA/REP/2021/18, 23 June, available at: https://bit.ly/45geL86.Google Scholar
EBA (European Banking Authority) (2022), ‘Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) and supervisory stress testing under Directive 2013/36/EU (CRD IV)’, EBA/GL/2022/03, 18 March, available at: https://bit.ly/3x2HTmL.Google Scholar
EBA and ESMA (European Banking Authority/European Securities and Markets Authority) (2021), ‘Guidelines on the assessment of the suitability of members of the management body and key function holders under Directive 2013/36/EU and Directive 2014/65/EU’, ESMA35-36-2319 EBA/GL/2021/06, 2 July, available at: https://bit.ly/3XdhcpV.Google Scholar
EBA and ESMA (European Banking Authority/European Securities and Markets Authority) (2022), ‘Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) under Directive (EU) 2019/2034 (IFD)’, EBA/GL/2022/09 ESMA35-36-2621, 21 July, available at: https://bit.ly/45jaPn9.Google Scholar
ECB (European Central Bank) (2017), ‘Opinion on amendments to the Union framework for capital requirements of credit institutions and investment firms’ (CON/2017/46), 8 November, available at: https://bit.ly/3xb602A.Google Scholar
ECB (European Central Bank) (2018), ‘Fit and proper for better governance’, 14 February, available at: https://bit.ly/3Tkskhi.Google Scholar
ECB (European Central Bank) (2020), ‘Guide on climate-related and environmental risks’, November, available at: https://bit.ly/3Rnfm2e.Google Scholar
ECB (European Central Bank) (2021), ‘Guide to fit and proper assessments’, December, available at: https://bit.ly/3RfzMd9.Google Scholar
ECB (European Central Bank) (2022a), ‘Walking the talk. Bank gearing up to manage risks from climate change and environmental degradation’, Results of the 22 thematic review on climate-related and environmental risks, 2 November, available at: https://bit.ly/3VvNU4F.Google Scholar
ECB (European Central Bank) (2022b), ‘Good practices for climate related and environmental risk management: Observations from the 2022 thematic review’, November, available at: https://bit.ly/4ejmbM7.Google Scholar
EIOPA (2014), ‘Guidelines on system of governance’ (EIOPA-BoS-14/253), 1 January, available at: https://bit.ly/3VBzCP1.Google Scholar
EIOPA (2018), ‘Peer review of key functions: Supervisory practices and application in assessing key functions’, available at: https://bit.ly/45iafWI.Google Scholar
EIOPA (2019a), ‘Technical Advice on the integration of sustainability risks and factors in Solvency II and the Insurance Distribution Directive’ (EIOPA-BoS-19/172), 30 April, available at: https://bit.ly/3VAGRb5.Google Scholar
EIOPA (2019b), ‘Opinion on Sustainability within Solvency II’, EIOPA-BoS-19/241, 30 September, available at: https://bit.ly/3KAgsUf.Google Scholar
EIOPA (2019c), ‘Results of the peer review on propriety of administrative, management or supervisory body members and qualifying shareholders’, 25 January, available at: https://bit.ly/4aTzQ9K.Google Scholar
EIOPA (2022), ‘Application guidance on running climate change materiality assessment and using climate change scenarios in the ORSA’, EIOPA-BoS-22/329, 2 August, available at: https://bit.ly/3yY8m5C.Google Scholar
Elderson, F. (2022), speech, ‘Sitting on Bank boards: Suitability and better governance’, 11 June, available at: https://bit.ly/3yW2vh5.Google Scholar
European Commission (2021), ‘Strategy for Financing the Transition to a Sustainable Economy’, 6 July, available at: https://bit.ly/4cb3mbP.Google Scholar
International Association of Insurance Supervisors (IAIS) (2021), ‘Application Paper on the Supervision of Climate-related Risks in the Insurance Sector’, May, available at: https://bit.ly/3RgkAwI.Google Scholar
Loizzo, T. and Schimperna, F. (2022), ‘ESG disclosure: Regulatory framework and challenges for Italian banks’, Banca d’Italia Occasional Papers 2022/744.CrossRefGoogle Scholar
Pacces, A. M. (2021), ‘Sustainable corporate governance: The role of the law’, in Busch, D., Ferrarini, G. and Grünewald, S. (eds.), Sustainable Finance in Europe. Corporate Governance, Financial Stability and Financial Markets, EBI Studies in Banking and Capital Markets Law (London: Palgrave Macmillan), 151–174.Google Scholar
Palm-Steyerberg, I. P. (2019), ‘Climate change and fit and proper-testing in the Dutch financial sector’, 13(1) Law and Financial Markets Review, 17–29.CrossRefGoogle Scholar
Palm-Steyerberg, I. P. (2021), Fit and Proper-Testing in the Financial Sector. A Study from the Perspective of Dutch and European Law, Series Company and Law Part 127 (Deventer: Wolters Kluwer).Google Scholar
Palm-Steyerberg, I. P. and Busch, D. (2019), ‘Fit and proper requirements in EU financial regulation, towards more cross-sectoral harmonization’, in Busch, D., Ferrarini, G. and van Solinge, G. (eds.), Governance of Financial Institutions (Oxford: Oxford University Press), 175–203.Google Scholar
Schoenmaker, D. (2020), 10 ‘A financial sector at the service of a sustainable economy’, Journal of Financial Law, 463–469.Google Scholar
van der Eerden, F. (2022), ‘Sustainability and banks’, in van Loopik, M. and Palm-Steyerberg, I. P. (eds.), The Twin Transition: Digital and Sustainable Finance, (Deventer: Wolters Kluwer), 233–250.Google Scholar
van Rijn, M. (2022), Judicial Protection for Banks under the Single Rulebook and the Single Supervisory Mechanism, Series Law of Business and Finance, vol. 22. (Deventer: Wolters Kluwer).Google Scholar

References

CEIOPS (Committee of Insurance and Occupational Pensions Regulators) (2007), ‘Advice to the European Commission in the Framework of the Solvency II Project on Safety Measures (Limits on Assets)’, March, CEIOPS-DOC-07-07, available at: www.mnb.hu/letoltes/szolvencia-consulpaper16-2.pdf.Google Scholar
Commission staff working document (2007), ‘Accompanying document to the Proposal for a Directive of the European Parliament and of the Council concerning life assurance on the taking-up and pursuit of the business of Insurance and Reinsurance – Solvency II – Impact assessment report’, COM(2007) 361 final, available at: https://bit.ly/3xkYB0BGoogle Scholar
Communication of the Commission to the European Parliament, the European Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions (2018), ‘Action Plan: Financing Sustainable Growth’, COM (2018) 97 final, 8 March, available at: https://bit.ly/497N6GU.Google Scholar
Communication of the Commission to the European Parliament, the European Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions (2021), ‘Strategy for Financing the Transition to a Sustainable Economy’, COM (2021) 390 final, 6 July, available at: https://bit.ly/3VxrT5y.Google Scholar
Council of the European Union (2022), ‘General approach, proposal for a Directive of the European Parliament and of the Council, amending Directive 2009/138/EC as regards proportionality, quality of supervision, reporting, long-term guarantee measures, macro-prudential tools, sustainability risks, group and cross-border supervision’, Confirmation of the final compromise text with a view to agreement, 2 June, 2021/0295 (COD), available at: https://bit.ly/4c8nrzu.Google Scholar
Dutch Central Bank (2019), ‘Good practice on the treatment of climate-related risks in the ORSA’, 4 November, available at: https://bit.ly/3VAdYf2.Google Scholar
Dutch Central Bank (2021), ‘Q&A of the Dutch Central Bank on climate risks for insurers’, 2 February, available at: https://bit.ly/4aUBzLU.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2015), Final Report on Public Consultation No. 14/017 on Guidelines on the System of Governance, 28 January, EIOPA-BoS-14/253, available at: https://bit.ly/3x1H4L0.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2018a), ‘Statement on consumer detriment resulting from policyholder exposure to contracts for differences and binary options’, 1 June, EIOPA-18/215, available at: https://bit.ly/3Xgf15d.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2018b), ‘What are the requirements that shall be met by the transactions on derivatives to be considered as facilitating effective portfolio management by the undertaking? What are the types of transactions on derivatives that cannot be considered as facilitating effective portfolio management?’, Q&A 1388, 23 July, available at: https://bit.ly/4bSmtYv.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2019a), ‘Technical Advice on the integration of sustainability risks and factors in the delegated acts under Solvency II and IDD’, 30 April, EIOPA-BoS-19/172, available at: https://bit.ly/3yJx9di.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2019b), ‘Opinion to the European Commission on Sustainability in Solvency II’, 30 September, EIOPA-BoS-19/241, available at: https://bit.ly/3KAgsUf.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2021), ‘Opinion on the supervision of the use of climate change risk scenarios in the ORSA’, 19 April, EIOPA-BoS-21-127, available at: https://bit.ly/3yVdQ0Q.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2022a), ‘Prudential treatment of sustainability risks’, Discussion Paper, 29 November, EIOPA-BoS-22-527, available at: https://bit.ly/3XfQSeM.Google Scholar
EIOPA (2022b), ‘Revised single programming document 2023-2025, including Annual Work Programme 2023’, 29 September, EIOPA-BoS-22/460, available at:. www.eiopa.europa.eu/document/download/7ca47d26-eab3-48ac-b739-4053606e0661_en?filename=Revised%20single%20programming%20document%202023-2025%20Including%20Annual%20Work%20Programme%202023.pdf.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2022c), ‘Application guidance on running climate change materiality assessment and using climate change scenarios in the ORSA’, 2 August, EIOPA-B0S-22/329, available at: https://bit.ly/3yY8m5C.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2022d), ‘Dashboard on insurance protection gap for natural catastrophes’, 5 December, available at: https://bit.ly/4a0RM2l.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2023a), Impact Underwriting: Report on the Implementation of Climate-related Adaptation Measures in Non-life Underwriting Practices, EIOPA-BoS-22-593, 6 February 2023, available at: https://bit.ly/3VfXSpA.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2023b), ‘Staff paper on nature-related risks and impacts for insurance’, EIOPA-23/247, 29 March 2023, available at: https://bit.ly/3VtE2J7.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2023c), ‘Fact Sheet: Insurers’ Green Investments’, 1 March, available at: https://bit.ly/3Vz7kGt.Google Scholar
EIOPA (European Insurance and Occupational Pensions Authority) (2023d), ‘Consultation paper, Prudential treatment of sustainability risks, 13 December 2023, EIOPA-BoS-23-460, available at: https://bit.ly/3VBbkG3.Google Scholar
EIOPA and ECB (European Insurance and Occupational Pensions Authority/European Central Bank) (2023), ‘Staff paper on policy options to reduce the climate insurance protection gap’, 26 April 2023, available at: https://bit.ly/3xeY8wv.Google Scholar
European Commission (2021), ‘Proposal for a Directive of the European Parliament and of the Council amending Directive 2009/138/EC as regards proportionality, quality of supervision, reporting, long-term guarantee measures, macro-prudential tools, sustainability risks, group and cross-border supervision’, Brussels, 22 September, COM (2021) 581 final, available at: https://bit.ly/3VxEGVG.Google Scholar
Ferber, M. (2022), ‘Draft report of the European Parliament on the proposal for a directive of the European Parliament and the Council, amending Directive 2009/138/EC as regards proportionality, quality of supervision, reporting, long-term guarantee measures, macro-prudential tools, sustainability risks, group and cross-border supervision’, Committee on Economic and Monetary Affairs, 6 June, 2021/0295 (COD), available at: https://bit.ly/3RjIpUe.Google Scholar
Maatman, R. H. (2007), Prudent-person regel en verantwoord beleggingsbeleid’, 6 Tijdschrift voor Ondernemingsbestuur, 177–187.Google Scholar
Maatman, R. H. (2020), ‘Pensioenfondsen en zorgplichten: uitdijen of indammen?’, in Busch, D. et al. (eds.), Zorgplicht in de financiële sector, Bundel ter gelegenheid van het tienjarig bestaan van het Instituut voor Financieel Recht, Serie Onderneming & Recht, deel 122 (Deventer: Wolters Kluwer), p. 141–169.Google Scholar
PRA (Prudential Regulatory Authority) (2020), ‘Supervisory Statement, Solvency II: Prudent Person Principle’, SS 1/20, May, available at: https://bit.ly/3VwZsoe.Google Scholar
Van den Hurk, A. J. A. D. and Joosen, E. P. M. (2019), ‘A cross-sectoral analysis of micro-prudential regulation’, in Colaert, V., Busch, D. and Incalza, T. (eds.), European Financial Regulation, levelling the cross-sectoral playing field (Oxford, London, New York, New Delhi, Chicago: Hart Publishers), p. 129–159.CrossRefGoogle Scholar
Van den Hurk, A. J. A. D. (2024), ‘Prudent person approaches and ESG’, in van Meerten, H., Bennett, P. and van Zanden, J. (eds.), EU Pensions Law (Cheltenham: E. Elgar Publishing) (forthcoming).Google Scholar
Van Hulle, K. (2019), Solvency II, Solvency Requirements for EU Insurers, Solvency II Is Good for You (Cambridge, Antwerp, Chicago: Intersentia), p. 431.Google Scholar

References

Akbar, M. W., Yuelan, P., Zia, Z. and Arshad, M. I. (2021), ‘Role of fiscal policy in energy efficiency and CO2 emission nexus: An investigation of Belt and Road Region’, 2 Journal of Public Affairs, e2603.Google Scholar
Alexander, K. (2022), ‘Global financial governance and banking regulation: Redesigning regulation to promote stakeholder interests’, in Pauwellyn, J., Maggeti, M., Buthe, T. and Berman, A. (eds.), Rethinking Participation in Global Governance: Challenges and Reforms in Financial and Health Institutions (Oxford: Oxford University Press), 111–126.CrossRefGoogle Scholar
Baldwin, R. and Cave, M. (2021), Taming the Corporation: How to Regulate for Success (Oxford: Oxford University Press).Google Scholar
Barnes, P. M. and Hoerber, T. C. (eds.) (2013), Sustainable Development and Governance in Europe: The Evolution of the Discourse on Sustainability (London: Routledge).CrossRefGoogle Scholar
Bastedas-Orteaga, E. and Stewart, M. G. (2019), Climate Adaptation Engineering: Risks and Economics for Infrastructure Decision-Making (Oxford: Butterworth-Heinemann).Google Scholar
Bellucci, M. and Manetti, G. (2018), Stakeholder Engagement and Sustainability Reporting (London: Routledge).CrossRefGoogle Scholar
Busch, D., Ferrarini, G. and Grünewald, S. (2021), Sustainable Finance in Europe (London: Palgrave Macmillan).CrossRefGoogle Scholar
Choy, S., Jiang, S., Liao, S. and Wang, E. (2022), ‘Public environmental enforcement and private lender monitoring: Evidence from environmental covenants’, 10(1) Rotman School of Management Working Paper, 3860178.CrossRefGoogle Scholar
Colgan, J., Green, J. and Hale, T. (2021), ‘Asset revaluation and the existential politics of climate change’, 75(2) International Organization, 586–610.CrossRefGoogle Scholar
Crane, A., Matten, D., Glozer, S. and Spence, L. J. (2019), Business Ethics: Managing Corporate Citizenship and Sustainability in the Age of Globalization (Oxford: Oxford University Press).CrossRefGoogle Scholar
Cremasco, C. and Boni, L. (2022), ‘Is the European Union (EU) Sustainable Finance Disclosure Regulation (SFDR) effective in shaping sustainability objectives? An analysis of investment funds’ behaviour’, 9 Journal of Sustainable Finance & Investment, 1–19.Google Scholar
de Oliveira Neves, R. (2022), ‘The EU Taxonomy Regulation and its implications for companies’, in Camara, P. and Morais, F. (eds.), The Palgrave Handbook of ESG and Corporate Governance (London: Palgrave Macmillan).Google Scholar
Dietz, T. (2003), ‘What is a good decision? Criteria for environmental decision making’, 10(1) Human Ecology Review, 33–39.Google Scholar
Dobravec, V., Matak, N., Sakulin, C. and Krajacic, G. (2021), ‘Multilevel governance energy planning and policy: A view on local energy initiatives’, 11(2) Energy, Sustainability and Society, 1–17.CrossRefGoogle Scholar
Eicken, H., Danielsen, F., Sam, J.-M. et al. (2021), ‘Connecting top-down and bottom-up approaches in environmental observing’, 71(5) BioScience, 467–483.CrossRefGoogle ScholarPubMed
Eyl-Mazzega, M. A and Mathieu, C. (2019), ‘Strategic dimensions of the energy transition: Challenges and responses for France, Germany and the EU’, Etudes de l’IFRI, available at: https://bit.ly/45hdo9l.Google Scholar
Fernandez-Feijoo, B., Romero, S. and Ruiz, S. (2015), Multilevel Approach to Sustainability Report Assurance Decisions, 14 December, available at: https://doi.org/10.1111/auar.12104.CrossRefGoogle Scholar
Fernandez, R. (2021), ‘Community Renewable Energy Projects: The Future of the Sustainable Energy Transition?’, 56 The International Spectator, 87–104.CrossRefGoogle Scholar
Fiorino, D. J. (2018), Can Democracy Handle Climate Change (Cambridge, UK: Polity).Google Scholar
Ganguly, G., Setzer, J. and Heyvaert, V. (2018), ‘If at first you don’t succeed: Suing corporations for climate change’, 38(4) Oxford Journal of Legal Studies, 841–868.CrossRefGoogle Scholar
Gargantini, M. (2019), ‘Corporate governance, financial information and EU market abuse regulation’, in Busch, D., Ferrarini, G. and van Solinge, G. (eds.), Corporate Governance of Financial Institutions (Oxford: Oxford University Press), p. 291.Google Scholar
Gargantini, M. and Di Noia, C. (2020), ‘The approval of prospectus: Competent authorities, notification and sanctions’, in Busch, D., Ferrarini, G. and Franx, J. P. (eds.), Prospectus Regulation and Prospectus Liability (Oxford: Oxford University Press), p. 370.Google Scholar
Ghoogossian, C. (2015), ‘Evading the transparency tragedy: The legal enforcement of corporate sustainability reporting’, 11(2) Hastings Business Law School, 361–384.Google Scholar
Heddeman-Robinson, M. (2018), Enforcement of International Environmental Law: Challenges and Responses at the International Level (London: Routledge).CrossRefGoogle Scholar
Hill, J. (2020), Environmental, Social, and Governance Investing: A Balanced Analysis of the Theory and Practice of a Sustainable Portfolio (Amsterdam: Elsevier Science/Academic Press).Google Scholar
Hoerber, T. (2012), The Origins of Energy and Environmental Policy in Europe: The Beginnings of a European Environmental Conscience (London: Routledge).CrossRefGoogle Scholar
Hoerber, T., Kurze, K. and Kuenzer, J. (2021), ‘Towards ego-ecology? Populist environmental agendas and the sustainability transition in Europe’, 56 The International Spectator, 1–15.CrossRefGoogle Scholar
Kartadjumena, E. and Rodgers, W. (2019), ‘Executive compensation, sustainability, climate, environmental concerns, and company financial performance: Evidence from Indonesian commercial banks’, 11(6) Sustainability, 1673.CrossRefGoogle Scholar
Knodt, M. (2019), ‘Multilevel coordination in EU energy policy: A new type of “harder” soft governance?’, in Behnke, N., Broschek, J. and Sonnicksen, J. (eds.), Configurations, Dynamics, and Mechanisms of Multilevel Governance (London: Palgrave Macmillan), 173–192.CrossRefGoogle Scholar
Lasalla, C., Orero-Blat, M. and Ribeiro-Navarette, S. (2021), ‘The financial performance of listed companies in pursuit of the Sustainable Development Goals (SDG)’, 34(11) Economic Research, 427–449.Google Scholar
Lepore, L. and Pisano, S. (2022), Environmental Disclosure. Critical Issues and New Trends (London: Routledge).CrossRefGoogle Scholar
Macchiavello, E. and Siri, M. (2020), ‘Sustainable finance and fintech: Can technology contribute to achieving environmental goals. A preliminary assessment of “Green FinTech”’, European Banking Institute Working Papers 71.Google Scholar
Machiavello, E. and Siri, M. (2022), ‘Sustainable finance and fintech: Can technology contribute to achieving environmental goals? A preliminary assessment of “green fintech” and “sustainable digital finance”’, 19(1) European Company and Financial Law Review, 128–174.CrossRefGoogle Scholar
Maltais, A. and Nykwist, B. (2020), ‘Understanding the role of green bonds in advancing sustainability’, 14(2) Journal of Sustainable Finance and Investment, 1–20.CrossRefGoogle Scholar
Manetti, G. (2011), ‘The quality of stakeholder engagement in sustainability reporting: Empirical evidence and critical points’, 18(2) Corporate Social Responsibility and Environmental Management, 110–122.CrossRefGoogle Scholar
McKinsey (2021), ‘Sustainability, organizing for sustainability success: Where, and how, leaders can start’, 10 August, available at: https://mck.co/3VFpV3i.Google Scholar
Millar, H., Bourgeois, E., Bernstein, S. and Hoffmann, M. (2021), ‘Self-reinforcing and self-undermining feedbacks in subnational climate policy implementation’, 30(5) Environmental Politics, 791–810.CrossRefGoogle Scholar
Narin Mathur, V., Price, A. D. F. and Austin, S. (2008), ‘Conceptualizing stakeholder engagement in the context of sustainability and its assessment’, 16(6) Construction Management and Economics, 601–609.CrossRefGoogle Scholar
O’Farrell, P. J. and Anderson, P. M. L. (2010), ‘Sustainable multifunctional landscapes: A review to implementation’, 2(1–2), Current Opinion in Environmental Sustainability, 59–65.CrossRefGoogle Scholar
Och, M. (2020), ‘Sustainable finance and the EU Taxonomy Regulation – Hype or hope?’, 05 KU Leuven Working Papers.CrossRefGoogle Scholar
Olah, J., Aburumman, N., Popp, J. et al. (2020), ‘Impact of Industry 4.0 on environmental sustainability’, 12(11) Sustainability, 4674.CrossRefGoogle Scholar
Pereira, L., Asrar, G. R., Bhargava, R. et al. (2021), ‘Grounding global environmental assessments through bottom-up futures based on local practices and perspectives’, 16 Sustainability Science, 1907–1922.CrossRefGoogle Scholar
Plater, Z. J. B. (2006), ‘Law, media and environmental policy: A fundamental linkage in sustainable democratic governance’, 33 B.C. Environmental Law Review, 511–521.Google Scholar
Prevost, D. and Alexovicova, I. (2019), ‘Mind the compliance gap: Managing trustworthy partnerships for sustainable development in the European Union’s free trade agreements’, 6(3) International Journal of Public Law and Policy, 236–269.CrossRefGoogle Scholar
Rishi, P. (2022), Managing Climate Change and Sustainability through Behavioural Transformation. Sustainable Development Goals Series (London: Palgrave Macmillan).Google Scholar
Roelfsema, M., van Soest, H. L., Harmsen, M. et al. (2020), ‘Taking stock of national climate policies to evaluate implementation of the Paris Agreement’, 11 Natural Communication, 2096.CrossRefGoogle ScholarPubMed
Rogers, D. T. (2022), Environmental Compliance Handbook: Sustainability and Future Environmental Regulations (London: Routledge).Google Scholar
Rossinioli, F., Stacchezzini, R. and Lai, A. (2021), ‘Financial analysts’ reaction to voluntary integrated reporting: Cross-sectional variation in institutional enforcement contexts’, 23(1) Journal of Applied Accounting Research, 29–54.CrossRefGoogle Scholar
Sachs, J. D., Woo, T. W., Yoshino, N. and Taghizadeh-Hesary, F. (2020), ‘Importance of green finance for achieving sustainable development’, in Sachs, J. D., Woo, W. T., Yoshino, N. and Takhizadeh-Hezary, F. (eds.), Handbook of Green Finance. Energy, Security and Sustainable Development, Goals and Energy Security (Singapore: Springer), 3–12.Google Scholar
Sarker, T., Taghizadeh-Hesary, F., Mortha, A. and Saha, A. (2020), ‘The role of fiscal incentives in promoting energy efficiency in the industrial sector: Case studies from Asia’, (08) Asian Development Bank Institute Working Paper 1172.CrossRefGoogle Scholar
Sheehy, B. (2019), ‘TNC code of conduct or CSR? A regulatory systems perspective’, in Rahim, M. M. (ed.), Code of Conduct on Transnational Corporations. Challanges and Opportunities (Cham: Springer), 45–62.CrossRefGoogle Scholar
Siri, M. and Zhu, S. (2019), ‘Will the EU Commission successfully integrate sustainability risks and factors in the Investor Protection Regime? A research agenda’, 11(22) Sustainability, 6292.CrossRefGoogle Scholar
Smith, J. L. (2008), ‘A critical appreciation of the “bottom-up” approach to sustainable water management: Embracing complexity rather than desirability’, 13(4) Local Environment, 353–366.CrossRefGoogle Scholar
Soderholm, P. (2020), ‘The Green Economy Transition: The challenges of technological change for sustainability’, 3(6) Sustainable Earth, 1–11.CrossRefGoogle Scholar
Sugiawan, Y. and Manag, S. (2019), ‘Public acceptance of nuclear power plants in Indonesia: Portraying the role of a multilevel governance system’, 26 Energy Strategy Reviews, 100427.CrossRefGoogle Scholar
Taghizadeh-Hesary, F. and Yoshino, N. (2020), ‘Sustainable solutions for green financing and investment in renewable energy projects’, 14(4) Energies, 788.CrossRefGoogle Scholar
Tanaka, K. (2011), ‘Review of policies and measures for energy efficiency in industry sector’, 39(10) Energy Policy, 6532–6550.CrossRefGoogle Scholar
Vantagiatto, F. P. (2020), ‘Regulatory relationships across levels of multilevel governance systems: From collaboration to competition’, 33 Governance 173–189.CrossRefGoogle Scholar
Waas, T., Hugé, J., Block, T. et al. (2014), ‘Sustainability assessment and indicators: Tools in a decision-making strategy for sustainable development’, 6 Sustainability, 5512–5534.CrossRefGoogle Scholar
Weiss, F. and Kammel, A. J. (eds.) (2015), The Changing Landscape of Global Financial Governance and the Role of Soft Law (Leiden: Brill).Google Scholar
Wenta, J., McDonald, J. and McGee, J. S. (2019), ‘Enhancing resilience and justice in climate adaptation laws’, 8(1) Transnational Environmental Law, 89–118.CrossRefGoogle Scholar
World Economic Forum (2021), ‘The EU wants business to be sustainable. But it must empower companies to do that’, 26 October, https://bit.ly/3KYlSZL.Google Scholar
Ziolo, M., Filipiak, B. Z. and Tundys, B. (2021), Sustainability in Bank and Corporate Business Models, (London: Palgrave Macmillan).CrossRefGoogle Scholar

Save book to Kindle

To save this book to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×