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SUSTAINABILITY: ARE PORTUGUESE BANKS PREPARED?

Rodrigo Tavares

28
fevereiro 2023
4
 min of reading







The biggest reform of the banking system in the last decade is underway and will
last at least until the end of 2024. Unlike the hectic restructuring caused by
the subprime crisis of 2008, this one will be quiet. But equally impactful.


Starting this year, banks will undergo the biggest internal transformation since
the financial crisis of 2007-2008. European regulations require them to become
one of the main drivers of the decarbonization of the European economy. Banking
institutions will be at the center of a large-scale system of financial
incentives that will affect consumers' pockets and companies' cost of capital if
they do not adopt sustainability practices.

We have tried everything to make people and companies more sustainable. Alarmist
warnings. Quantitative science. An unlimited number of summits. But most
continue to look at sustainability with lyricism, mistrust, or no sense of
urgency. Incentives are lacking, above all. Statistical studies indicate that
the most effective type of incentive is not social (reputation, recognition),
informational (access to new data, knowledge or experiences), emotional
(generous acts that generate a positive impact for others) or related to
physical pleasure - but material. If given a financial incentive, a human being
is a wannabe genius. In the USA, 77% of companies employ some kind of material
incentive. We need incentives to study more, work better, consume more renewable
energy, eat healthier. Without incentives, we are manifestations of the
commonplace turned to dullness and egolatry.

And the material incentives for sustainability are finally coming. From the top
down. European regulations, introduced in 2020, require banking institutions to
integrate ESG and climate risk indicators into their strategies, balance sheets
and practices by the end of 2024. Quantitative instruments (such as the Green
Asset Ratio and the Banking book Taxonomy Alignment Ratio) will allow the volume
of green lending to be accounted for. Banks will profile and quantify the
sustainability of all the projects, companies and individuals they support
financially. Each of these will receive an ESG score. Commercial banking,
private banking, investment banking, and asset management are now accelerating
the pace for their risk identification and value pricing methodologies to
integrate the new sustainability dimension. All of a bank's activities will pass
through sustainability filters.

But how will this financial incentive system work? First, it will be the banks
that will be materially stimulated to embrace sustainability. Their capital
requirements could vary according to the carbon intensity of their funding
portfolio. ECB lending conditions could be shaped by banks' sustainability
performance. Being green will pay off financially.

To benefit, banks will have to encourage their entire customer network to adopt
sustainability practices. They will reward the most environmentally sound and
penalize clients with polluting businesses or poor social and governance
practices. There will be variations in the pricing of credit (spread). Companies
that do not adopt sustainability practices will be financially penalized. There
is a whole new green market that will germinate under pressure from the banks.

The ECB has already made it clear that there will be no exceptions and that the
rules must be applied by all. In 2022 it conducted its first bank stress test to
assess the financial sector's exposure to environmental risks. The results were
not encouraging. A few months ago it also published the results of another
assessment of European banks in which it concluded that 96 percent of them are
still not able to meet all legal obligations in this area.

Portuguese banks have started to correct internal processes. Those owned by
foreign parent companies are more advanced, but there is a astonishing lack of
technical training in the field of sustainability. Tis is a warning by the CMVM:
"Whether consumers of financial products and services or financial entities that
provide sustainable financial products and services, there is evidence of gaps
in the knowledge and operationalization of ESG elements in financial decisions."

Above all, Portuguese banking institutions need to realize the material
advantages of this transition. The stimulus doesn't just have to be moralistic
or legalistic.

More sustainable companies are generally more profitable and less likely to
default on debt payments. By supporting the green transformation of the economy
through the allocation of dedicated resources to companies, banks not only
contribute to climate change mitigation. They also take a step toward improving
their own financial performance. This is a good incentive.

‍

This opinion article was originally published in Expresso. Read the original
text here.

Do you know our program:
Sustainable Finance?

Published in 
28/2/2023
 in the area of 
Sustainable Business

RODRIGO TAVARES

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