Financing Change: The Financial Community, Eco-efficiency, and Sustainable Development [Paperback]

Stephan Schmidheiny (Author), Federico J. L. Zorraquín (Author), Wbcsd (Contributor)

Book Description

Publication Date: February 6, 1998

Prominent industrialist Stephan Schmidheiny, coauthor of the influential book, Changing Course: A Global Business Perspective on Development and the Environment, joins Argentinean business leader Federico J. L. Zorraquín and the other 123 members of the World Business Council for Sustainable Development in taking a close look at whether the workings of financial markets (stocks, bonds, banks, and insurance companies) do, or should, support sustainable development.Largely descriptive rather than prescriptive, Financing Change is the first study to examine questions that will become increasingly important as populations burgeon and the developing countries enter financial markets. It examines these issues in separate chapters covering the viewpoints of the financial market participants: company directors, investors and analysts, bankers, insurers, accountants, and raters.

Editorial Reviews

Review

There is reason to believe that financial markets, in pursuit of short-term goals, undervalue environmental resources, discount the future, and favor accounting and reporting systems that do not reflect environmental risks and opportunities. Companies outside the financial sector that use natural resources and cause pollution have had to grapple with environment and sustainability issues longer than those companies in the financial community. It may now be the financial sector's turn to face the threat of various types of environment-related liabilities. Largely descriptive rather than prescriptive, Financing Change: The Financial Community, Eco-Effici-ency, And Sustainable Development is the first study to examine questions that will become increasingly important as populations burgeon and the developing countries enter financial markets. It examines these issues in separate chapters covering viewpoints of the financial market participants, company directors, investors and analysts, bankers, insurers, accountants, and raters. The Financial Community is an important contribution to economic studies programs and is a highly recommended addition for all financial management and economics reading lists. -- Midwest Book Review --This text refers to an out of print or unavailable edition of this title.

About the Author

Stephan Schmidheiny, chief adviser on business and industry to the 1992 Earth Summit, is Chairman of ANOVA Holding Ltd. In addition to Changing Course, he is also a coauthor of Towards an Ecologically Sustainable Growth Society: Physical Foundations, Economic Transitions, and Political Constraints.

Product Details

• Paperback: 240 pages
• Publisher: The MIT Press (February 6, 1998)
• Language: English
• ISBN-10: 0262692074
• ISBN-13: 978-0262692076
• Product Dimensions: 9 x 6 x 0.6 inches
• Shipping Weight: 13.4 ounces (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #2,185,308 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

7 of 7 people found the following review helpful:

4.0 out of 5 stars A very nice first study !, January 16, 2001

By 

Caufrier Frederic (Belgium) - See all my reviews
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This review is from: Financing Change (Hardcover)

This work asks the question if the world's financial markets and those who work in and around them are a force for sustainable human progress, or if they are against it. Related to this question two more further, fundamental questions are asked : Do the financial markets encourage a short-termist,profits-only mentality that ignores much human and environmental reality ? Or are they simply tools that reflect human concerns, and so will eventually reflect disquiet over poverty and the degradation of nature by rewarding companies that treat people and the environment in a responsible manner ?

In an attempt to find answers, the authors examined both the working of financial markets (established and emerging) and the roles of different key players in the financial community.

The findings are mixed but overall encouraging. For each player the present situation is explained in detail, showing clearly the limitations, the potential risks and potentials each player has related to creating sustainable development.

Overall a difficult topic in which the authors did very well to give a detailed present situation. Highly recommended as a first but good introduction to this topic.

Contents : I The Game 1. Eco-efficiency and the Financial Markets 2. Financial Markets and the Development Process II The Players (includes recommendations for each player) 3. The Company Leaders 4. The Investors and Analysts 5. The Bankers 6. The Insurers 7. The Accountants 8. The Raters III The Scorecard Appendix : Statement by Banks on the Environment and Sustainable Development

This work is linked with The World Business Council for Sustainable Development (wbcsd).

5.0 out of 5 stars Great read from a different ("greener") business perspective., February 18, 2009

By 

Patrick B. Michaelan (Boston, MA) - See all my reviews
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This review is from: Financing Change: The Financial Community, Eco-efficiency, and Sustainable Development (Paperback)

For those at all interested in a viewpoint from the green side of the business world -- "eco-efficiency" -- this book is a great read. I can't be sure whether all that was said is genuine, but this book sure does make you think hard about the subject matter.