그린(Green) 사회와 시장의 메커니즘
The Mechanisms of Market in Green Society
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Abstract
Sharing environmental governance with institutional investors encourages investors to favor environmentally sound companies and to use their financial leverage to make corporate management and policy more mindful of environmental resource use and pollution concerns. Enlisting institutional investors as a mechanism for sustainable development in capital markets raises various complex issues of corporate governance, problems of environmental valuation and reporting, and economic questions concerning the behaviour of capital market systems. I have emphasized the growing importance of ethical investment strategies among institutional investors and the financial relevance of environmental issues to corporate values. There exist some possible regulatory and policy solutions, ranging from reforms of corporate governance and financial services regulation to complementary reforms involving the use of economic instruments and corporate environmental management systems. One reform area of considerable potential is corporate accounting and reporting. Recent reforms in Europe and Australia on disclosure of ethical investment policies are beginning to provide a regulatory framework for such activities. It is important to realize that institutional investors and other financial institutions will only be a part of the environmental regulation process. The effective utilization of investors and capital markets in environmental governance depends ultimately on the establishment of proper strategies for sustainable development and a regulatory framework for translating such strategies into economic decision- making systems.
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