RELATIONSHIP BETWEEN SUSTAINABLE DEVELOPMENT AND GREEN ECONOMY - EMPHASIS ON GREEN FINANCE AND BANKING
DOI:
https://doi.org/10.5937/ekoPolj1704467MKeywords:
Concept of sustainable development, Green economy, socially responsible behaviour, environment, the Equator principlesAbstract
In this paper authors review the issue of relationship between economy, society and environmental protection. This could not be done without the three sustainability principles being incorporated in the concept of sustainable development and later in the concept of green economy. Many defnitions of both concepts refer to the fact that these relationships are complex, as economic well-being and environmental protection cannot "reconcile" in the short run. The aim of green economy is to even economy, society and environment. Green fnance was developed within this new economic concept. One instrument of green fnance, i.e. socially responsible fnance is the Equator principles. This thesis shows the mechanism of action of fnancial institutions which accepted these new principles, but also points out disadvantages that must be removed over time so that these principles could have a positive impact on society and environment.
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References
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34. The Equator Principles III (2013): (available at: http://www.equator-principles.com/resources/equator_principles_III.pdf)
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40. Wang, T., Bansal, P. (2012): Social responsibility in new ventures: profiting from a long-term orientation. Strategic Management Journal, vol. 33, no. 10, pp. 1135-1153, John Wiley & Sons Ltd., United Kingdom, (DOI: 10.1002/smj.1962).
2. Carnegie, A., (june 1889): The Gospel of Wealth, The Pall Mall Gazette, London, United Kingdom.
3. Carroll, A. B. (1991): The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business horizons, vol. 34, no. 4, pp. 39-48, Elsevier Inc., United States, (DOI: 10.1016/0007-6813(91)90005-G).
4. Carter, C. R. (2005): Purchasing social responsibility and frm performance: The key mediating roles of organizational learning and supplier performance. International Journal of Physical Distribution & Logistics Management, vol. 35, no. 3, pp. 177-194, Emerald Group Publishing Limited, United Kingdom, (DOI: 10.1108/09600030510594567).
5. Chamorro, A., Bañegil, T. M. (2006): Green marketing philosophy: a study of Spanish frms with ecolabels. Corporate Social Responsibility and Environmental Management, vol 13, no. 1, pp. 11-24, Wiley-Blackwell, United Kingdom, (DOI: 10.1002/csr.083).
6. Chapple, W., Paul, C. J. M., Harris, R. (2005): Manufacturing and corporate environmental responsibility: cost implications of voluntary waste minimisation. Structural Change and Economic Dynamics, vol. 16, no. 3, pp. 347-373, Elsevier BV, Netherlands, (DOI: 10.1016/j.strueco.2004.04.003)
7. Cooper, S. (2000): Shareholder Wealth or Societal Welfare: A Stakeholder Perspective/Arnold G. Value Based Management. Context and Application. New York, Wiley&Sons Ltd.
8. Dahlsrud, A. (2008): How corporate social responsibility is defned: an analysis of 37 defnitions, Corporate social responsibility and environmental management, vol. 15, no.1, pp. 1-13, John Wiley & Sons, Inc., United Kingdom, (DOI: 10.1002/csr.132).
9. Ebner, D., Baumgartner, J. R. (2006): The relationship between Sustainable Development and Corporate Social Responsibility, Corporate Responsibility Research Conference. Dublin, Ireland. (available at: http://www.crrconference.org/Previous_conferences/downloads/2006ebnerbaumgartner.pdf)
10. European Commission, (25.10.2011): Communication from the Commission to the European Economic and Social Committee and the Committee of the regions: A renewed EU strategy 2011-2014 for Corporate Social Responsibility, Brussels: European Commission.
11.Golušin, M., Munitlak Ivanović, O., (2011): Kyoto Protocol implementation in Serbia as precognition of sustainable energetic and economic development, Energy Policy, vol. 39, no. 2, pp. 2800-2807, Elsevier BV, United Kingdom, (DOI: 10.1016/j.enpol.2011.02.052)
12. Golušin, M., Munitlak Ivanovic, O., Jovanovic, L., Domazet, S. (2012): Determination of ecological-economic degree of development in Countries of SE Europe - weight coeffcients technique, Problemy ekorozwoju, vol. vii, no.1., pp. 87-93. European Academy of Science and Arts, Salzburg, Austria.
13. Herbohn, K. (2005): A full cost environmental accounting experiment. Accounting, Organizations and Society, vol. 30, no. 6, pp. 519-536, Elsevier Ltd. (DOI: 10.1016/j.aos.2005.01.001).
14. Ilić Petković, A. (2015): Sustainable development and green economy – similarities and differences, Ecologica, no. 79, pp. 561-563, Naučno-stručno društvo za zaštitu životne sredine Srbije "ECOLOGICA", Beograd, Srbija.
15. Kalyta, P. (2016): SMEs Achievement of exellent quality - Basic requirements for Green Economy, Final Workshop Report on "SMEs and Green Economy", Organization of the Black Sea Economic Cooperation (BSEC) and KonradAdenauer-Stiftung (KAS), Kyiv, Ukraine, pp. 276-283.
16. Klein, J., Dawar, N. (2004): Corporate social responsibility and consumers attributions and brand evaluations in a product - harm crisis. International Journal of research in Marketing, vol. 21, no. 3, pp. 203-217. Elsevier BV, Netherlands, (DOI: 10.1016/j.ijresmar.2003.12.003).
17. Lele, S. M. (1991): Sustainable development: a critical review, World development, vol. 19, no. 6, pp. 607-621, Elsevier, United Kingdom, (DOI: 10.1016/0305-750X(91)90197-P).
18. Munitlak Ivanović O., Mitić, P., Raspopović, N. (2015): Klimatske fnansije - instrument globalne klimatske politike, Ecologica, vol. 22, no. 79, pp. 541-545, Naučno-stručno društvo za zaštitu životne sredine Srbije "ECOLOGICA", Beograd, Srbija
19. Munitlak Ivanović, O. (2007): Održivi razvoj kao redefnisan pristup ekonomskom razvoju, Zadužbina Andrejević, Beograd, Srbija.
20. Munitlak Ivanović, O. (2015): Osetljivost privrede na klimatske promene, Međunarodna naučna konferencija: Životna sredina i adaptacija na klimatske promene, Beograd, Srbija, pp. 19-20.
21. Munitlak Ivanović, O., Bagarić, I. (2006): Implementacija održivog razvoja delovanjem međunarodnog ekonomskog instrumenta-Mehanizmi Kjoto protokola, Četvrta regionalna konferencija o uzajamnosti zaštite životne sredine i efkasnosti energetskih sistema, Elektra IV.
22. Munitlak Ivanović, O., Mitić, P. (2016): A theoretical investigation of Sustainable development and Resilience, Impact of Economic Policies on Attaining Resilieng Growth, Belgrade, Serbia, pp. 67-69.
23. Munitlak Ivanović, O., Raspopović N., Mitić P., Jovanović L. (2014): Novi pristupi i načini merenja bogatstva u održivoj privredi, Ecologica – Međunarodna naučna konferencija: Održiva privreda i životna sredina, Beograd, Srbija, pp. 15-17.
24. Munitlak Ivanović, O., Raspopović, N., Mitić, P. (2014): Specifčni oblici međunarodne trgovine "Cap and Trade" sistem, Poslovna ekonomija, vol. 15, no. 2, pp. 115-126, Fakultet za uslužni biznis, Sremska Kamenica, Srbija.
25. OECD (2014): Overview Paper on Resilient Economies and Societies, Meeting of the OECD Council at Ministerial Level, Paris, May 2014, (available at: https://www.oecd.org/mcm/C-MIN(2014)7-ENG.pdf).
26. Petkoski, D., Twose, N. (2003): Public policy for corporate social responsibility. WBI Series on Corporate Responsibility, (available at: http://web.worldbank.org/archive/website01006/WEB/IMAGES/PUBLICPO.PDF)
27. Pokrajac, S. (2009): Održivi razvoj i ekološka ekonomija kao poslovne paradigme, Škola biznisa, vol xx, no. iv, pp. 21-30, Visoka poslovna škola strukovnih studija Novi Sad, Srbija.
28. Popović, S., Munitlak Ivanović, O., Jovanović, L. (2015): Zelena ekonomija kao faktor razvoja privrede Srbije i prerada manje opasnog otpada, Ecologica, vol. xxii, no. 80, pp. 693-697, Naučno-stručno društvo za zaštitu životne sredine Srbije "ECOLOGICA", Beograd, Srbija.
29. Rana, P., Platts, J., Gregory, M. (2009): Exploration of corporate social responsibility (CSR) in multinational companies within the food industry, CRR Conference, United Kingdom, (available at: http://www.crrconference.org/Previous_conferences/downloads/rana.pdf)
30. Sredojević, S. (2006): Društvena odgovornost korporacije – Corporate social responsibility (CSR), Bankarstvo, vol 7, no. 8, Udruženje banaka, Beograd, Srbija, (available at: http://www.ubs-asb.com/Portals/0/Casopis/2006/7_8/UBSBankarstvo-7-8-2006-Sredojevic.pdf).
31. Stanojević, D., Mitić, P., Rakić, S. (2013): Strategija bankarskog sektora u kontekstu održivog razvoja - perspektive Srbije, XVIII Internacionalni naučni skup SM2013 - Strategijski menadžment i sistemi podrške odlučivanju u strategijskom menadžmentu "Korporativno upravljanje u funkciji održivog razvoja", Subotica, Srbija, pp. 437-446.
32. Szabo, A. (2016): Eco- innovation and Green Action plan for SMEs in the European Union, Final Workshop Report on "SMEs and Green Economy", Organization of the Black Sea Economic Cooperation (BSEC) and KonradAdenauer-Stiftung (KAS), Kyiv, Ukraine, pp 27-40.
33. The Equator Principles Association (2011): (availabe at: http://www.equatorprinciples.com).
34. The Equator Principles III (2013): (available at: http://www.equator-principles.com/resources/equator_principles_III.pdf)
35. Tomić, Z. (2015): Analysis of the Impact of Public Education Expenditure on Economic Growth of European Union and BRICS, Economic Analysis, vol. 48, no. 2015/1-2, pp. 19-38, Institute of Economic Sciences, Belgrade, Serbia, (available at: http://www.ien.bg.ac.rs/images/stories/Izdavastvo/Economic%20analysis/2015/2015_1-22.pdf).
36. UNEP (2016): (available at: http://web.unep.org/).
37. United Nations Forum on Sustainability Standards (2017), (available at: https://unfss.org/work-areas/topics/additional-areas/).
38. Unković, M., Kordić, N. (2012): Održivi razvoj i ekologija, X naučni skup Sinergija, Bijeljina, Bosna i Hercegovina, pp. 11-21.
39. Vladisavljević, V., Knežević, M., Jovanović, D. (2017): Uslovi i mogućnosti ostvarivanja održivog razvoja, VII Međunarodni kongres Revizija, Palić, pp. 183-194.
40. Wang, T., Bansal, P. (2012): Social responsibility in new ventures: profiting from a long-term orientation. Strategic Management Journal, vol. 33, no. 10, pp. 1135-1153, John Wiley & Sons Ltd., United Kingdom, (DOI: 10.1002/smj.1962).
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Published
2018-05-09
How to Cite
Munitlak-Ivanović, O., Zubović, J., & Mitić, P. (2018). RELATIONSHIP BETWEEN SUSTAINABLE DEVELOPMENT AND GREEN ECONOMY - EMPHASIS ON GREEN FINANCE AND BANKING. Ekonomika Poljoprivrede, 64(4), 1467–1482. https://doi.org/10.5937/ekoPolj1704467M
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