U modernim ekonomskim sistemima, finansijski sektor predstavlja centralnu sponu. U pitanju je globalna industrija sa brojnim i isprepletanim poslovnim odnosima, kako prema poslovnom sektoru, tako i fizičkim licima, pa se stoga s pravom može reći da se nalazi u sedištu pažnje odgovornog ponašanja. Finansijski sektor treba da postavi visoko-odgovorne standarde u poslovanju, na način da bude kredibilni instrument za unapređenje društveno odgovornog poslovanja i u drugim sektorima. Postoje brojni načini za ostvarivanje pomenutog cilja, gde je verovatno najjednostavniji analiza ekoloških, društvenih i upravljačkih performansi klijenata, kao bitan preduslov za obezbeđenje kreditne podrške. Od 2003. godine, globalni finansijski sektor zajedno sa Programom za zaštitu životne sredine Ujedinjenih nacija radi na postizanju ciljeva razvoja i promovisanja veze između održivosti i finansijskih rezultata. Kroz umrežavanje, istraživanje i obučavanje, UNEP FI sprovodi svoju misiju da identifikuje, promoviše i realizuje primenu najboljih ekoloških i praksi koje se tiču održivosti kod finansijskih institucija na svim nivoima poslovanja.

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UDK 336.581:502.14 ; 502.131.1
Rad primljen: 28.09.2013.
Odobren za štampu: 15.11.2013.
mr Nataša Krstić
Eurobank a.d. Beograd
кrstic.natasa@gmail.com
PROGRAM ZA
FINANSIJSKU
INICIJATIVU U
OBLASTI ŽIVOTNE
SREDINE UJEDINJENIH
NACIJA - UNEP FI
Rezime
U modernim ekonomskim sistemima, finansijski sektor predstavlja
centralnu sponu. U pitanju je globalna industrija sa brojnim i isprepletanim
poslovnim odnosima, kako prema poslovnom sektoru, tako i fizičkim licima,
pa se stoga s pravom može reći da se nalazi u sedištu pažnje odgovornog
ponašanja. Finansijski sektor treba da postavi visoko-odgovorne standarde
u poslovanju, na način da bude kredibilni instrument za unapređenje
društveno odgovornog poslovanja i u drugim sektorima. Postoje brojni načini
za ostvarivanje pomenutog cilja, gde je verovatno najjednostavniji analiza
ekoloških, društvenih i upravljačkih performansi klijenata, kao bitan preduslov
za obezbeđenje kreditne podrške. Od 2003. godine, globalni finansijski sektor
zajedno sa Programom za zaštitu životne sredine Ujedinjenih nacija radi na
postizanju ciljeva razvoja i promovisanja veze između održivosti i finansijskih
rezultata. Kroz umrežavanje, istraživanje i obučavanje, UNEP FI sprovodi
svoju misiju da identifikuje, promoviše i realizuje primenu najboljih ekoloških
i praksi koje se tiču održivosti kod finansijskih institucija na svim nivoima
poslovanja.
Ključne reči: zaštita životne sredine, banke, finansijski sektor, Ujedinjene
nacije, održivi razvoj, društvena odgovornost, UNEP, UNEP FI
JEL: G21, G23, M14, Q42
pregledni
naučni
članak

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UDC 336.581:502.14 ; 502.131.1
Paper received: 28.09.2013
Approved for publishing: 15.11.2013
Nataša Krstić, MSc
Eurobank a.d. Beograd
кrstic.natasa@gmail.com
UNITED NATIONS
ENVIRONMENT
PROGRAMME
FINANCE
INITIATIVE -
UNEP FI
Summary
Financial sector is the backbone of modern economic systems. As a global
industry with numerous, mutually intertwined business relations, both
towards the commercial sector and retail clients, it is rightfully considered
to be in the focus of responsible behaviour. Financial sector should set highly
responsible business standards, thus being a credible instrument for the
promotion of socially responsible business in other sectors as well. There
are numerous ways to achieve this goal, probably the simplest one being the
analysis of environmental, social and managerial performance of the clients, as
the essential precondition for providing credit support. Since 2003, the global
financial sector, together with the United Nations Environment Programme,
has been working on achieving the development goals and promoting the
correlation between sustainability and financial results. Through networking,
research and training, UNEP FI has been conducting its mission to identify,
promote and implement the best environment and sustainability practices in
financial institutions at all operational levels.
Keywords: environmental protection, banks, financial sector, United Nations,
sustainable development, social responsibility, UNEP, UNEP FI
JEL: G21, G23, M14, Q42
scientific
review
article

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“Finansijski sektor može da odigra ključnu
ulogu u transformaciji ka održivoj životnoj sredini.
Kao finansijski posrednici u ekonomiji, finansijske
institucije mogu da doprinesu olakšavanju ekoloških
problema, istovremeno koristeći mogućnosti koje
održivost nudi sektoru”
Program za finansijsku inicijativu u oblasti
životne sredine Ujedinjenih nacija
Možda najkritičniji i najizazovniji
element odgovornog bankarstva, ali i čitavog
finansijskog sektora u celini predstavlja
održivo finansiranje, koje je definisano kao
„pružanje usluga pozajmljivanja finansijskog
kapitala i upravljanja rizicima usmerenih ka
proizvodima i/ili preduzećima koja promovišu
ili ne ugrožavaju ekonomsko blagostanje,
životnu sredinu i društvenu pravdu“.
Pomenuti principi, poznati još i kao „Londonski
principi“ (The London Principles) predstavljaju
zajedničku inicijativu Vlade Velike Britanije
i Londonske korporacije (Corporation of
London) radi promovisanja najboljih primera
iz prakse finansiranja održivog razvoja,
ohrabrivanjem finansijskih institucija da usvoje
osnovne principe zasnovane na ekonomskom
blagostanju,zaštitiživotnesredineidruštvenom
razvoju. Principe je razvio Forum za budućnost
(Forum for the Future), radi predstavljanja na
konferenciji o Svetskom održivom razvoju
(World Sustainable Development Conference)
septembra 2002. godine u Johanesburgu.
U modernim ekonomskim sistemima,
finansijski sektor predstavlja centralnu sponu.
U pitanju je globalna industrija sa brojnim
i isprepletanim poslovnim odnosima, kako
prema poslovnom sektoru, tako i fizičkim
licima, pa se stoga s pravom može reći da
se nalazi u središtu pažnje odgovornog
ponašanja. Finansijski sektor treba da postavi
visoko-odgovorne standarde u poslovanju,
na način da bude kredibilni instrument za
unapređenje društveno odgovornog poslovanja
i u drugim sektorima. Postoje brojni načini za
ostvarivanje pomenutog cilja, gde je verovatno
najjednostavniji analiza
ekoloških, društvenih i
upravljačkih performansi
klijenata, kao bitan
preduslov za obezbeđenje
kreditne podrške.
Program za finansijsku inicijativu u oblasti
životne sredine Ujedinjenih nacija (United
Nations Environment Programme Finance
Initiative, UNEP FI) predstavlja jedinstveno
globalno partnerstvo izmedju Programa za
životnu sredinu Ujedinjenih nacija (United
Nations Environment Programme, UNEP) i
međunarodnog finansijskog sektora. UNEP
FI blisko sarađuje sa oko 200 finansijskih
institucija koje su potpisnice izjave o članstvu,
i brojnim partnerskim organizacijama u više od
40 zemalja sveta, u cilju razvoja i promovisanja
veze između održivosti i finansijskih rezultata.
Kroz umrežavanje, istraživanje i obučavanje,
UNEP FI sprovodi svoju misiju da identifikuje,
promoviše i realizuje primenu najboljih
ekoloških i praksi koje se tiču održivosti
kod finansijskih institucija na svim nivoima
poslovanja. Članice ove inicijative su finansijske
institucije iz oblasti bankarstva (koje su i
najbrojnije, čineći 66 odsto), osiguranja (17
odsto) i investicionog sektora (17 odsto).
Istorijat UNEP FI
Inicijativa UNEP FI pokrenuta je 1991.
godine, kada se mala grupa vodećih
komercijalnih banaka - Deutsche Bank, HSBC
Holdings, Natwest, Royal Bank of Canada,
Westpac udružila sa Programom za životnu
sredinu Ujedinjenih nacija (United Nations
Environment Program, UNEP) kako bi kod
bankarske industrije probudila svest o temama
koje se tiču sinergije između zaštite životne
sredine, ekonomskog i održivog razvoja. U 1992.
godini u Njujorku je promovisana zajednička
„Izjava banaka o životnoj sredini i održivom
razvoju“ u sklopu Programa za zaštitu životne
sredine Ujedinjenih nacija (UNEP Statement
by Banks on the Environment and Sustainable
Development), koja je poznata pod imenom
Bankarska inicijativa. Inicijativa je istakla vezu
između ekoloških tema u svim segmentima
poslovanja finansijskog sektora, kao i značaj
ulaganja koji dolazi iz privatnog sektora u
ekološki napredne
tehnologije i
usluge. Tokom
1995. godine
UNEP-u su se
priključila vodeća

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“Financial sector can play the crucial role in the
transformation towards sustainable environment.
As financial intermediaries in the economy,
financial institutions can facilitate the alleviation of
environmental problems, at the same time benefiting
from the possibilities that sustainability offers to this
sector”
United Nations Environment Programme
Finance Initiative
Perhaps the most critical and most
challenging element of responsible banking, but
also of the financial sector overall, is sustainable
finance, defined as “the provision of services
of lending financial capital and managing risks
directed towards products and/or enterprises
promoting or not jeopardizing economic
welfare, environment and social justice”.
The mentioned principles, also known as the
London Principles, represent the joint initiative
of the UK Government and the Corporation of
London, aimed at promoting the best examples
from the practice of sustainable development
finance, through encouraging financial
institutions to adopt the basic principles based
on economic welfare, environmental protection
and social development. The Principles were
developed by the Forum for the Future, in the
form of a presentation for the World Sustainable
Development Conference, in September 2002 in
Johannesburg.
Financial sector is the backbone of modern
economic systems. As a global industry with
numerous, mutually intertwined business
relations, both towards the commercial sector
and retail clients, it is rightfully considered to be
in the focus of responsible behaviour. Financial
sector should set highly responsible business
standards, thus being a credible instrument for
the promotion of socially responsible business
in other sectors as well. There are numerous
ways to achieve this goal, probably the simplest
one being the analysis of environmental, social
and managerial performance of the clients, as
the essential precondition for providing credit
support.
The United Nations Environment
Programme Finance Initiative - UNEP FI is a
unique global partnership of the United Nations
Environment Programme - UNEP and the
international financial sector. UNEP FI has close
cooperation with over 200 financial institutions
whichhavesignedtheStatementonMembership
and with numerous partner organizations in
more than 40 countries worldwide, with a view
to developing and promoting the correlation
between sustainability and financial results.
Through networking, research and training,
UNEP FI has been conducting its mission to
identify, promote and implement the best
environment and sustainability practices in
financial institutions at all operational levels.
The members of this initiative are financial
institutions in the field of banking (which are
most numerous, accounting for 66%), insurance
(17%) and investment (17%).
History of UNEP FI
The UNEP FI initiative was launched in 1991,
whenasmallgroupofleadingcommercialbanks
- Deutsche Bank, HSBC Holdings, Natwest,
Royal Bank of Canada, Westpac - joined
forces with the United Nations Environment
Programme - UNEP in order to raise the banking
industry’s awareness of the topics concerning
the synergy of environmental protection,
economic and sustainable development. In
1992 in New York there was a promotion of
the joint UNEP Statement by Banks on the
Environment and Sustainable Development,
better known as the Banking Initiative. The
Initiative underlined the correlation among
the environmental topics in all segments of the
financial sector, and the importance of private
sector’s investments into the environmentally
advanced technologies and services. In the
course of 1995 the UNEP was joined by the
leading global insurance and reinsurance
companies - General Accident, Gerling Global
Re, National Provident, Storebrand, Sumitomo
Marine & Fire, Swiss Re - as well as pension
funds, with a view to promoting the UNEP
Statement of Environmental Commitment by
the Insurance Industry. In order to mobilize
the support of the entire financial services
sector, at the 2003 Annual General Assembly
in Geneva the above mentioned initiatives were
merged into one - known as the UNEP Finance
Initiative. On this occasion, the Initiative set the
following activities as its goals:
• Analysis of business case studies for

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svetska osiguravajuća i reosiguravajuća
preduzeća - General Accident, Gerling Global
Re, National Provident, Storebrand, Sumitomo
Marine & Fire, Swiss Re i penzioni fondovi,
u cilju promovisanja „Izjave o zaštiti životne
sredine u sektoru osiguranja programa
Ujedinjenih nacija“ (UNEP Statement of
Environmental Commitment by the Insurance
Industry). Kako bi se objedinila podrška
čitavog sektora pružanja finansijskih usluga,
pomenute inicijative su se u 2003. godini spojile
u jednu - poznatu pod imenom „UNEP Finance
Initiative” na Godišnjem generalnom sastanku
održanom u Ženevi. Inicijativa je tom prilikom
postavila sledeće aktivnosti kao svoj cilj:
• analiza poslovnih studija slučajeva radi
internacionalizacije ekoloških, društvenih i
aktivnosti na nivou nacionalnih vlada,
• usaglašavanje direktiva, politika i ostalih
oruđa za primenu,
• obuka i izgradnja kapaciteta putem
međunarodnih, regionalnih i nacionalnih
konferencija i seminara,
• umrežavanje i direktna razmena iskustva
sa ostalim članicama i zainteresovanim
stranama, posredstvom tri vodeće
organizacione forme: sektorskih komisija
(za bankarstvo, osiguranje, investiranje),
tematskih grupa (klimatske promene,
očuvanje voda, pružanje usluga u oblasti
biodiverziteta i ekosistema, ljudska prava)
i regionalnih radnih grupa (Afrika i Bliski
Istok, Azija-Pacifik, Evropa, Latinska
Amerika, Karibi i Severna Amerika).
Članstvo u UNEP FI - prednosti za
finansijske organizacije
Prilikompristupanjafinansijskihorganizacija
članstvu u UNEP FI, neophodno je da njihov
najviši organ ili rukovodeće lice potpiše Izjavu
o privrženosti održivom razvoju, koja glasi:
„Mi, članice sektora pružanja finansijskih
usluga, prepoznali smo da ekonomski razvoj
treba da bude komplementaran sa ljudskim
blagostanjem i zdravom životnom sredinom.
Ignorisanje ove činjenice je rizično, i dovodi do
uvećanih društvenih, ekoloških i finansijskih
troškova. Takođe, prepoznajemo da održivi
razvoj predstavlja kolektivnu odgovornost
vlada,poslovnogsektoraipojedinaca.Posvećeni
smo međusobno da sarađujemo radi postizanja
zajedničkih ciljeva održivog razvoja. “ (izvorno:
„We members of the Financial Services Sector
recognize that economic development needs
to be compatible with human welfare and a
healthy environment. To ignore this is to risk
increasing social, environmental and financial
costs. We further recognize that sustainable
development is the collective responsibility of
governments, businesses and individuals. We
are committed to working collectively toward
common sustainability goals.”)
Iako danas postoji mnogo izazova u
dostizanju odgovornijeg i održivijeg sektora
finansijskih usluga, u poslednje vreme
pokrenute su mnogobrojne inovacije u
kojima je upravo UNEP FI odigrao ulogu
ključnog usmerivača. U nastavku izdvajamo
najznačajnije, koje bi ujedno mogle da postanu
korisno oruđe i za srpski bankarski sistem,
ophrvan teretom prenešenih problema iz
privrede i konstantnom krizom poverenja:
• energetska efikasnost (ЕЕ) u poslovanju;
finansijski sektor pronalazi sve više načina
da unapredi tzv. ЕЕ koja proističe iz
sopstvenog poslovanja, redukcijom emisija
štetnih gasova, uz istovremeno sniženje
troškova,
• razumevanje ekoloških rizika; direktnim
ili indirektnim uticajem na ograničavanje
emisije ugljen dioksida (CO2
) kroz proces
upravljanja rizicima i procenu investicionog
portfolija klijenata,
• pružanjem usluga zemljama u razvoju,
putem npr. inicijativa u oblasti mikro
kreditiranja, gde finansijski sektor stvara
nove mogućnosti za rast, podsticanjem
ekonomskog razvoja,
• tranzicija ka ekonomiji sa niskom emisijom
ugljen dioksida, finansiranjem odnosnih
projekata (inovacija i infrastrukture),
• jačanje poverenja putem boljih odnosa sa
zainteresovanim stranama.
Možda najkritičniji i najizazovniji element
odgovornog bankarstva i čitavog finansijskog
sektoraucelini,predstavljaodrživofinansiranje,
koje je na „Forumu za budućnost“ održanom
u Londonu 2002. godine definisano kao
„pružanje usluga pozajmljivanja finansijskog
kapitala i upravljanja rizicima usmerenih ka
proizvodima i preduzećima koja promovišu

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the purpose of internationalization
of environmental, social and national
government level activities;
• Harmonization of directives, policies and
other implementation tools;
• Training and building-up of capacities
through international, regional and national
conferences and seminars;
• Networking and direct exchange of
experiences with other members and
stakeholders, by means of the three
major organizational forms: sector-level
commissions (for banking, insurance and
investment); topic-based groups (climate
change; water conservation; provision of
services in the field of biodiversity and
ecosystems; human rights); and regional
working groups (Africa and Middle East,
Asia-Pacific, Europe, Latin America,
Caribbean, and North America).
Membership in UNEP FI -
Advantages for Financial
Organizations
When a financial organization wishes to
gain membership in UNEP FI, it is required
from its top management body or top manager
to sign the following Statement of Commitment
by Financial Institutions on Sustainable
Development: „We members of the Financial
Services Sector recognize that economic
development needs to be compatible with
human welfare and a healthy environment.
To ignore this is to risk increasing social,
environmental and financial costs. We further
recognize that sustainable development is
the collective responsibility of governments,
businesses and individuals. We are committed
to working collectively toward common
sustainability goals.”
Although today there are many challenges
in achieving a more responsible and sustainable
financial services sector, numerous innovations
have recently been launched, with UNEP FI
playing the key role in the process. What follows
is a list of the most significant innovations that
could at the same time become a useful tool
for the banking system of Serbia, given the
burden of the bad economy and constant crisis
of confidence under which it operates:
• Energy efficiency (EE) in business; financial
sectorhasfoundanincreasingnumberofways
to upgrade the so-called energy efficiency,
arising from one’s own business operations,
through the reduction of carbon emissions,
and simultaneous reduction of costs;
• Understanding environmental risks;
through direct or indirect impact on limiting
carbon-dioxide (CO2
) emissions through
the risk management process and the
assessment of clients’ investment portfolios;
• Providing services to developing countries,
for instance, by means of the initiatives
in the field of micro-lending, where the
financial sector generates new possibilities
for growth, due to the boosted economic
development;
• Transition to the economy with a low
carbon-dioxide emission, through the
financial of related projects (innovation and
infrastructure);
• Strengthening confidence by cherishing
better relations with the stakeholders.
Perhaps the most critical and most
challenging element of responsible banking, but
also of the financial sector overall, is sustainable
finance, which was, at the 2002 Forum for the
FutureheldinLondon,definedas“theprovision
of services of lending financial capital and
managing risks directed towards products and/
or enterprises promoting or not jeopardizing
economic welfare, environment and social
justice”.According to this definition, sustainable
banking can be defined as a decision of banks to
offer products and services only to those clients
who take into account the environmental and
social consequences of their business activities.
As a result of this initiative, multilateral/bilateral
financial institutions (International Financial
Institutions - IFIs) adopted certain principles
and guidelines, which they have implemented
in their cooperation with the clients, mostly
commercial banks:
• The European Bank for Reconstruction
and Development (EBRD) compiled
the Environmental and Social Risk
Categorization List, with the intention
to enable the users (officers in credit or
investment departments of commercial
banks) a review of significant environmental
and social risks related to concrete business

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ili ne ugrožavaju ekonomsko blagostanje,
životnu sredinu i društvenu pravdu“. Prema
ovoj definiciji, održivo bankarstvo se može
definisati kao odluka banaka da ponude
proizvode i usluge samo onim klijentima koji
uzimaju u obzir ekološke i društvene posledice
svojih poslovnih aktivnosti. Kao rezultat ove
inicijative, multilateralne/bilateralne finansijske
institucije (International Financial Institutions,
IFIs) usvojile su određene principe i smernice,
koje primenjuju u saradnji sa svojim klijentima,
pre svega poslovnim bankama:
• Evropska banka za obnovu i razvoj
(European Bank for Reconstruction and
Development, EBRD) sačinila je spisak
za kategorizaciju ekoloških i društvenih
rizika (Environmental and Social Risk
Categorisation List), sa namerom da
omogući korisnicima (službenicima u
kreditnim ili investicionim sektorima
poslovnih banaka) prikaz bitnih ekoloških i
društvenih rizika povezanih sa konkretnom
poslovnom aktivnošću, koji treba da dovedu
do obezbeđivanja odgovarajućeg nivoa
zaštite životne sredine. Kao rezultat, oko
60 odsto banaka, među kojima se nalaze
i najveće svetske, zvanično su uvrstile
upravljanje ekološkim rizicima u svoje
kreditne politike, njih 70 odsto usvojilo je
politiku zaštite životne sredine, a 60 odsto
nudi takozvane „zelene proizvode i usluge“.
• Holandska razvojna finansijska organizacija
(Netherlands Development Finance
Company, FMO) razvila je nekoliko alata
za analizu društvenih i ekoloških rizika,
uključujući privatne fondove za upravljanje
imovinom (Private equity funds), mikro-
finansijske institucije i mala i srednja
preduzeća.
• danas najpoznatiji principi za procenu,
upravljanje i utvrđivanje ekoloških
i društvenih rizika povezanih sa
kreditnim rizicima u finansiranju
projekata međunarodnih finansijskih
organizacija jesu tzv. Ekvatorski principi
(Equator Principles, EPs). Primenjuju se
dobrovoljno ili u slučajevima kada trošak
finansiranja projekata prevazilazi deset
miliona američkih dolara. Ekvatorski
principi zasnovani su na standardima
Međunarodne finansijske korporacije (IFC
Performance Standards) koji se odnose na
društvenu i ekološku održivost, kao i na
ekološkim, zdravstvenim i sigurnosnim
smernicama Svetske banke (World Bank
Group Environmental, Health, and Safety
Guidelines). Deset vodećih banaka, na
čelu sa Siti grupom (Citigroup) usvojilo je
pomenute Principe 2003. godine, dok ih
danas sledi 79 finansijskih institucija iz 35
zemalja, čime se pokriva oko dve trećine
međunarodnog projektnog finansiranja
duga u zemljama u razvoju (zvanični podaci
AsocijacijeEkvatorskihprincipa).Finansijske
organizacije koje primenjuju Ekvatorske
principe obavezale su se da će finansirati
samo one projekte koji deklarisano poštuju
životnu sredinu, društvo i širu zajednicu.
Uspostavljanjem pomenutih Principa, banke
su takođe dogovorile da od svojih klijenata
zahtevaju sprovođenje analiza uticaja na
životnu sredinu, javne konsultacije s tim u
vezi, i opšte upravljanje projektima koje je u
skladu sa minimalnim standardima koji se
tiču ekologije, ljudskih prava i uslova rada.
Odgovornost finansijskih institucija
koja proističe iz njihove delatnosti
Pored odgovornosti pri kreditiranju i u
politici rizika, savremene banke razvile su, i
svojim klijentima nude veliki broj takozvanih
„održivih proizvoda i usluga“, poput, na
primer, zelenih kreditnih kartica i štednih
računa (kod zelenog štednog računa, glavni
motivacioni faktor za štediše predstavlja
kreditiranje zelenih inicijativa i projekata;
štediše su u mogućnosti da vide opipljive koristi
po životnu sredinu koje mogu da naprave sa
svojim ulogom, putem ekoloških inicijativa koje
banka sprovodi), kredita za hibridna/ekološka
vozila, zelenih stambenih i potrošačkih kredita
u domenu poslovanja sa stanovništvom.
Za mala i srednja preduzeća, tu su zelene
kreditne linije (koje služe za finansiranje
obnovljivih izvora energije - solarne, energije
iz vetra i vode, ekoloških projekata - otpadnih
voda, mere protiv zagađivanja, unapređenja
energetske efikasnosti poslovnih zgrada
i organske poljoprivrede), lizing i usluge
savetovanja u oblasti zaštite životne sredine.
Potom, investiciono bankarstvo trguje zelenim

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activities, which should result in providing
the appropriate levels of environmental
protection. As a result, about 60% of banks,
including the major banks in the world,
officially included environmental risk
management into their credit policies; 70% of
banks adopted the environmental protection
policy, whereas 60% of banks started
offering the so-called “green products and
services”.
• The Netherlands Development Finance
Company (FMO) developed several tools
for the analysis of social and environmental
risks, including private equity funds, micro-
financial institutions and SMEs.
• Today, the best known principles for the
assessment, management and identification
of environmental and social risks related to
credit risks in the financing of IFIs projects
are the so-called Equator Principles (EPs).
They are applied either on a voluntary
basis or in the cases when the cost of project
finance exceeds ten million US dollars.
The Equator Principles are based on the
IFC Performance Standards, related to the
social and environmental sustainability, and
on the World Bank Group Environmental,
Health and Safety Guidelines. The top ten
banks, headed by Citigroup, adopted the
concerned Principles in 2003, and today they
are implemented by 79 financial institutions
from 35 countries, covering about two thirds
of the international project finance of debt
in the developing countries (official data
of the Equator Principles Association). The
financial organizations implementing the
Equator Principles committed themselves
to financing only those projects which
decidedly honour the environment, society
and wider community. By establishing these
Principles, the banks also agreed to require
from their clients to conduct environmental
impact analyses, public consultations in this
respect, and general project management
in line with the minimum standards
concerning environment, human rights and
labour conditions.
Responsibility of Financial
Institutions Arising from Their Field
of Activity
In addition to responsible lending and risk
policies, modern banks have developed and
offered to their clients a large number of the so-
called “sustainable products and services”, such
as, for instance, green credit cards and savings
accounts (in case of a green savings account, the
main factor of motivation for the deponents is
the crediting of green initiatives and projects;
deponents can actually see the tangible benefits
for the environment that their deposits facilitate
through environmental initiatives launched
by the bank); loans for hybrid/green vehicles;
green housing and consumer loans in the
field of retail banking. For SMEs there are
green credit lines (used for the financing of
renewable sources of energy - solar, wind and
water energy; green projects - waste water,
anti-pollution measures, promotion of energy
efficiency of business premises and organic
agriculture); leasing and consulting services in
respect of environmental protection. Likewise,
investment banking trades in securities in the
form of green bonds, carbon-dioxide emissions,
and is actively engaged in the field of socially
responsible investments.
In addition to responsible financial
institutions as intermediaries in providing
crediting services, UNEP FI also offers the
developed tools concerning the sustainability
and responsibility of its members’ business. To
this end, the key parameters helping banks (and
other financial organizations) to measure the
consequences of their business operations to the
ecosystem, the community and the climate are
as follows:
• Emission of carbon-dioxide and other
greenhouse gases; by managing unhealthy
emissions (through reduction or
replacement), for instance, by using video-
conference equipment, as a way to decrease
the number of business trips;
• Consumption of energy resources;
developing strategies for its reduction in
the form of optimal utilization of daylight or
motion-detection lighting or energy-efficient
computer equipment and information
technologies;

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obveznicama kao hartijama od vrednosti,
emisijama ugljen dioksida i aktivno je u domenu
društveno odgovornog ulaganja.
Osim odgovornosti finansijskih institucija
kao posrednika u pružanju usluge kreditiranja,
UNEP FI nudi i razvijene alate na temu
održivosti i odgovornosti poslovanja njegovih
članica. U tu svrhu, ključni parametri koji
pomažu bankama (i ostalim finansijskim
organizacijama) da izmere posledice svog
poslovanja po ekosistem, zajednicu i klimu su:
• emisija ugljen dioksida i ostalih gasova sa
efektom staklene bašte; putem upravljanja
štetnim emisijama (redukovanjem ili
zamenom), poput, na primer, upotrebe
opreme za video konferencije koja ima za
cilj da smanji službena putovanja,
• potrošnja energetskih resursa; razvijanje
strategija za njihovo sniženje u vidu
optimalnog korišćenja dnevnog ili svetla
koje radi na pokret ili energetski efikasne
kompjuterske opreme i informacione
tehnologije,
• potrošnja vode; u vidu merenja i postavljanja
ciljeva za sniženjem količine u upotrebi,
• potrošnja papira; uvođenjem naprednih
programa reciklaže i ponovnog korišćenja
hartije, zeleno štampanje (dvostrano,
korišćenje eko štampača, računi bez papira,
elektronski izvodi),
• otpad i njegovo ekološko odlaganje,
• zelene poslovne prostorije (Green
buildings); u administraciji i održavanju
zgrada, njihovom renoviranju, pri izboru
i projektovanju novih poslovnih prostorija
(korišćenje obnovljivih izvora energije,
savremenih sistema za hlađenje i grejanje,
bolja iskorišćenost dnevnog svetla),
organizacija nabavne službe tako da bude
ekološki i društveno odgovorna.
Zaključak
Iz svega navedenog, postoje jasne i opipljive
prednosti za finansijski sektor, posebno banke
da sprovode uspešne društveno odgovorne
strategije i inicijative, od poboljšanja ugleda u
zajednici u kojoj posluju, sprovođenja lokalnih,
nacionalnih i međugraničnih ekonomskih
projekata koji omogućavaju društveni razvoj,
uz istovremeno jačanje sopstvenih prihoda
i tržišne pozicije. Ukoliko postoji dilema o
perspektivama bankarskog sektora i njegovoj
budućoj ulozi - društveno odgovorne banke su
definitivno finansijske organizacije budućnosti.
Literatura / References
1. Equator Principles, Environmental & social
risk management for project finance www.
equator-principles.com(stranicipristupljeno
jula 2013)
2. European Bank for Reconstruction and
Development, „Environmental and social
sustainability“ www.ebrd.com/pages/
about/principles/sustainability/re sources/
financial.shtml (stranici pristupljeno juna
2013)
3. Forum for the Future, Centre for Sustainable
Investments, „The London Principles of
Sustainable Finance“ (2002, str. 5) www.
griequity.com/resources/integraltech/
GRIBusinessModel/sustfinprinciples.pdf
(stranici pristupljeno juna 2013)
4. Friends of the Earth, Finance Initiatives for
Sustainable Development, www.foe.co.uk
(2002, stranici pristupljeno novembra 2013)
5. Jeucken Marcel, Klinkers Leon, Bouma Jan
Jaap, „Sustainable Banking - The Greening
of Finance“, Greenleaf Publishing Ltd, UK
(2001, str. 101)
6. Netherlands Development Finance
Company, www.fmo.nl (stranici
pristupljeno jula 2013)
7. United Nations Environment Program
for Financial Initiative, “Finance &
Sustainability in CEE” (2004) www.unepfi.
org/fileadmin/documents/ceeft_finance_
sustainability_2004.pdf (stranici pristupljeno
jula 2013)

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• Water consumption; in the form of
measuring and setting goals to reduce the
amount of water utilized;
• Paper consumption; by introducing
advanced programs of recycling and reusing
of paper, and green printing (using both
sides of the paper, using eco-printers, green
bills and electronic notices);
• Waste and its eco-friendly disposal;
• Green buildings; concerning the
administration and maintenance of
buildings, and their renovation; selection
and designing of new business premises
(using renewable sources of energy,
modern cooling and heating systems, better
utilization of daylight); organization of the
procurement department in an eco-friendly
and socially responsible way.
Conclusion
The above stated leads to the conclusion
that there are evident and tangible benefits
for the financial sector, especially banks, from
conducting successful socially responsible
strategies and initiatives; from improving
their reputation in the community in which
they do business, and from conducting local,
national and cross-border economic projects
enabling social development, at the same time
increasing their own profit and strengthening
their market position. If there is a dilemma
about the perspectives of the banking sector
and its future role - socially responsible banks
are definitely the financial organizations of the
future.
8. UNEP FI, “UNEP FI Guide to Banking &
Sustainability (2001, str. 12-22) www.unepfi.
org/fileadmin/documents/guide_banking_
statements.pdf (stranici pristupljeno jula
2013)
9. UNEP Finance Initiative, “About UNEP FI”
www.unepfi.org/about/background/index.
html (stranici pristupljeno juna 2013)
10. UNEP Finance Initiative,
“Membership Information” (str. 2)
www.unepfi.org/fileadmin/forms/
MembershipInformationPack.pdf (stranici
pristupljeno juna 2013)
11. United Nations Global Compact &
Accenture CEO Study, “Towards a New Era
of Sustainability in the Banking Industry”,
(2011, str. 6) www.accenture.com/
SiteCollectionDocuments/PDF/Accenture_
UNGC_Industry.pdf (stranici pristupljeno
maja 2013)