Responsible finance is crucial for the betterment of our society and planet. Professor Hugues Bouthinon-Dumas, ESSEC Business School, has contributed to this field with his research, now featuring in the recently published book Responsible Finance and Accounting: Performance and Profit for Better Business, Society and Planet by Routledge.
Greening Finance for a Sustainable Future by CoBS Editor Muskan Chourey, with kind acknowledgments to Hugues Bouthinon-Dumas.
Hugues Bouthinon-Dumas is an accomplished academic expert in corporate, financial, and economic criminal law. He is currently serving as an associate professor at ESSEC Business School and with his extensive experience in the field, he is a sought-after advisor for organizations and individuals seeking to navigate the complex world of finance and law.
For this first book in the Routledge-CoBS collection, Professor Bouthinon-Dumas discusses the surge in interest in green or sustainable finance in response to the awareness of the climate crisis, and how this will impact legal professionals and regulators.
This insight is featured in the new book under the title A Greener, Responsible World of Finance, where, based on his initial research*, Prof. Bouthinon-Dumas provides an overview of the reasons for this interest, a definition of sustainable finance, and discusses the challenges involved.
Greening Finance: 3 key takeaways
In a recent interview, he revealed three key takeaways for readers to consider. Firstly, finance occupies a critical position in the economic system that impacts the environment in which we live. Therefore, it has a vital role to play in the transition towards a sustainable future.
However, he also points out that “Finance alone will not be able to save the planet” and the integration of extra-financial considerations into financial reasoning and calculations is essential in green and responsible finance. This includes objectives like reducing greenhouse gas emissions and social and environmental criteria. It’s not about breaking away from traditional finance methods and concepts but rather integrating new ideas.
“The shift to greener and more responsible finance involves not only moving in the right direction, but also and above all reacting in a way that is equal to the challenges posed by the environmental disruptions we face.”
Thirdly, he mentions that responsible and green finance is for everyone. It’s not just for financial specialists or a particular market segment of financial activity. Every financial activity must become greener and more responsible.
Greening Finance: Urgency needed
“As finance is omnipresent in business life as well as in the functioning of public organisations, we must all be aware of the urgency of this shift,” concludes Prof. Hugues Bouthinon-Dumas, also stressing the fact that the ecological transition would only succeed if there were a commitment from various economic and financial players to resolve current problems. The financing needed to enable the transition is huge, and the channels exist today, but the flows are not sufficient.
It’s indeed true that it’s essential to realize the urgency of the shift towards responsible finance and accounting for a sustainable future. By integrating extra-financial considerations and working together, we can make a positive impact on the environment and society.
It’s time to be a part of the change towards a greener future.
* The Sustainable Finance and Law Conference, La Sorbonne, 22nd October 2019, ESSEC Business School within the framework of the RTDBF (Réseau transnational de droit bancaire et financier/ Transnational Network on Banking and Financial Law)
Discover A Greener, Responsible World of Finance by Professor Hugues Bouthinon Dumas, ESSEC Business School, featured in:
- Link up with Hugues Bouthinon-Dumas on LinkedIn
- Follow Hugues on Twitter @BouthinonH
- Read a related article: Sustainable finance in Brazil today
Learn more about the Council on Business & Society
The Council on Business & Society (The CoBS), visionary in its conception and purpose, was created in 2011, and is dedicated to promoting responsible leadership and tackling issues at the crossroads of business and society including sustainability, diversity, ethical leadership and the place responsible business has to play in contributing to the common good.
Member schools are all “Triple Crown” accredited AACSB, EQUIS and AMBA and leaders in their respective countries.
- ESSEC Business School, France-Singapore-Morocco
- FGV-EAESP, Brazil
- School of Management Fudan University, China
- IE Business School, Spain
- Keio Business School, Japan
- Smith School of Business, Canada
- Stellenbosch Business School, South Africa
- Trinity Business School, Trinity College Dublin, Ireland
- Warwick Business School, United Kingdom.