Practical aspects of the implementation of sustainable development and ESG policies in the banking sector: case of BRICS countries
DOI:
https://doi.org/10.5377/reice.v12i24.20068Keywords:
Banking sector, BRICS, sustainable development, ESG banking, green finance, UN SDGSAbstract
This study examines the practical aspects of implementing sustainable development and ESG (environmental, social, and governance) policies in the banking sector, using the example of several BRICS member countries (China, South Africa, Brazil, the United Arab Emirates and Saudi Arabia). We consider the key legal acts and regulatory features that govern sustainable development and ESG policy in the banking sector in each country. We also analyze the institutional features and major organizations involved in implementing sustainable development and ESG banking policies in these BRICS countries. Our analysis shows that the banking sector plays a significant role in implementing sustainable development principles in China. Additionally, the UAE and Saudi Arabia place great emphasis on green finance and encourage the financing of environmentally friendly projects. For its part, Brazil has achieved significant progress in fostering sustainable development within the banking sector through the collaboration of key government agencies and stakeholders. Similarly, South Africa has made substantial strides in implementing sustainable development policies within the banking industry over the past five years.
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