After 'HLEG': EU banks, climate change abatement and the precautionary principle

TY - JOUR

T1 - After 'HLEG': EU banks, climate change abatement and the precautionary principle

AU - Cullen, J.P.

N1 - copyright 2018 Centre for European Legal Studies, Faculty of Law, University of Cambridge. This is an author produced version of a paper subsequently published in Cambridge Yearbook of European Legal Studies. Uploaded in accordance with the publisher's self-archiving policy.

PY - 2018/12/1

Y1 - 2018/12/1

N2 - The EU is making progress in reducing its carbon footprint. The creation of a High-Level Group on Sustainable Finance has supplemented recent market-led initiatives and provided some recommendations for future reform. This article argues that more remains to be achieved. In particular, in light of the fundamental structural uncertainties attached to climate change, precautionary approaches to the funding of GHG-intensive industries are worth contemplating. Such measures include raising the capital requirements on assets with ?brown? credentials. The high dependence on banks for external financing in the EU makes these reforms particularly appropriate for implementation within the bloc.

AB - The EU is making progress in reducing its carbon footprint. The creation of a High-Level Group on Sustainable Finance has supplemented recent market-led initiatives and provided some recommendations for future reform. This article argues that more remains to be achieved. In particular, in light of the fundamental structural uncertainties attached to climate change, precautionary approaches to the funding of GHG-intensive industries are worth contemplating. Such measures include raising the capital requirements on assets with ?brown? credentials. The high dependence on banks for external financing in the EU makes these reforms particularly appropriate for implementation within the bloc.

KW - HLEG

KW - banks

KW - capital

KW - green assets

KW - precautionary principle

M3 - Article

VL - 20

SP - 61

EP - 87

JO - Cambridge Yearbook of European Legal Studies

JF - Cambridge Yearbook of European Legal Studies

ER -