ENVIRONMENTAL HAZARDS AND RISK MANAGEMENT IN THE FINANCIAL SECTOR: A SYSTEMATIC LITERATURE REVIEW

Miriam Breitenstein · Duc Khuong Nguyen · Thomas Walther

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Sustainable Finance and Green Bonds Corporate Social Responsibility Reporting Risk Management in Financial Firms

Abstract

Abstract We conduct a systematic literature review on environmental and climate‐related risk management in the financial sector. We classify the current literature into three categories: (i) the impact of environmental concerns on financial risk; (ii) the current state of environmental risk practices in the financial sector; and (iii) measures to assess the financial exposure to environmental risks. We find that financial institutions can reduce their risk exposure by highly committing with environmental responsibility and performance. Moreover, the increase in willingness to assess climate‐related financial risk incentivizes corporate managers to adopt more proactive environmental policies and practices.

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References

2003Towards a Methodology for Developing Evidence‐Informed Management Knowledge by Means of Systematic Review 2019The Importance of Climate Risks for Institutional Investors 2014Environmental Externalities and Cost of Capital 2012Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors 2008Environmental risk management and the cost of capital 2019Hedging Climate Change News 2016A Climate Stress-Test of the Financial System 2001Does It Really Pay to Be Green? An Empirical Study of Firm Environmental and Financial Performance: An Empirical Study of Firm Environmental and Financial Performance

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