Il-kontabilità tal-banek għall-ħsara ambjentali

Meta niddibattu l-ħsara ambjentali li qed tiżdied kontinwament madwarna nagħmlu tajjeb li nippuntaw subgħajna lejn ir-regolaturi nkompetenti u lejn ir-regħba tal-hekk imsejħa żviluppaturi. Wasal iż-żmien li ma dawn inżidu l-banek, għax huma l-banek li jiffanzjaw il-proġetti ta’ żvilupp u allura huma jagħmlu din il-ħsara possibli. Anke l-banek, għaldaqstant għandhom l-obbligu li jerfgħu ir-responsabbiltà fuq spallejhom għall-ħsara ambjentali li qed isseħħ: huma qed jiffinanzjawha.

Meta neżaminaw ir-rapporti annwali tal-banek lokali ewlenin hu ċar li dawn huma nteressati biss fil- profitti. Kontinwament taparsi jħossu għall ambjent. Dan jagħmluh biss u esklussivament biex jipproteġu r-reputazzjoni tagħhom.

Il-banek ipinġu lilhom infushom bħala li qegħdin hemm biex ikunu ta’ għajnuna. Regolarment iroxxu ftit flus favur numru ta’ kawżi ġusti. Iżda minkejja din is-sensittività  artifiċjali lejn setturi diversi tal-komunità, il-profitt jibqa’ dejjem prijorità fuq il-lejaltà lejn in-nies u lejn il-komunità.

L-attitudni tagħhom lejn proġetti ta’ żvilupp hi indikattiva ta’ dan. Il-banek rarament jindikaw fl-istqarrijiet pubbliċi inkella fir-rapporti tagħhom jekk u kif jagħtu każ ta’ impatti ambjentali u soċjali meta jkunu qed jikkunsidraw li jgħinu biex ikun iffinanzjat xi proġett ta’ żvilupp.  

Fl-aħħar rapport annwali tiegħu, per eżempju, l-HSBC jirreferi għal dawk li jissejħu Equator Principles. Dawn l-Equator Principles huma sett ta’ kriterji miftehma fuq skala internazzjonali bejn banek u istituzzjonijiet finanzjarji. Huma qafas regolatorju volontarju dwar kif l-istituzzjonijiet finanzjarji għandhom jeżaminaw u jagħtu piz lir-riskji soċjali u ambjentali assoċjati ma’ proġetti li jkunu quddiemhom għall-finanzjament.  Jistabilixxu l-kriterji minimi li għandhom ikunu applikati huma u jittieħdu deċiżjonijiet dwar dawn ir-riskji.  Fost affarijiet oħra, dawn l-Equator Principles jitkellmu dwar kif il-banek u l-istituzzjonijiet finanzjarji għandhom jiddjalogaw mal-utenti (stakeholders) dwar azzjoni effettiva biex ikunu ndirizzati ir-riskji ambjentali u soċjali minn proġetti li jkunu quddiemhom għall-finanzjament.

L-HSBC, sal-lum, ma ippubblikax rapporti jew xi tip ta’ informazzjoni oħra dwar il-mod prattiku kif il-bank qed japplika dawn il-prinċipji f’Malta. Għad irridu naraw kif il-bank qed jassigura ruħu li r-riskji ambjentali u soċjali ġew identifikati u ndirizzati u speċifikament kif il-klijenti żviluppaturi tal-bank qed jiddjalogaw mal-utenti (stakeholders).

Fir-rapport annwali tal-Bank of Valletta, min-naħa l-oħra, insibu spjegazzjoni tal-miri tal-Ġnus Magħquda dwar l-iżvilupp sostenibbli, deskrizzjoni dwar il-kawżi ġusti appoġġjati mill-bank u rendikont tal-azzjoni mittieħda biex il-friegħi tal-bank ikunu effiċjenti fl-użu tal-enerġija u joperaw b’mod li ma jagħmlux ħsara ambjentali. Ir-rapport jiddeskrivi ukoll is-servizzi tal-bank biex il-klijenti tiegħu ikollhom aċċess aħjar għal finanzi biex jimplementaw diversi miżuri ambjentali. Ir-rapport tal-BoV ma jagħmel l-ebda referenza għall-Equator Principles jew xi qafas regolatorju alternattiv.

Il-Lombard Bank, min-naħa l-oħra, fl-aħħar rapport annwali tiegħu jemfasizza l-attenzjoni tal-management biex jimminimizza l-impatti ambjentali mill-operazzjonijiet tiegħu. Jgħidilna li hu ukoll jgħin kawżi ġusti! L-anqas il-Lombard Bank ma jirreferi għall- Equator Principles jew xi linji gwida oħra dwar x’għandu jsir biex il-klijenti żviluppaturi jkunu sorveljati aħjar mill-bank.

Fuq livell ta’ Unjoni Ewropeja il-Bank Ċentrali Ewropew għadu kif approva dokument b’linja gwida dwar ir-riskji klimatiċi u ambjentali li hu applikabbli għas-settur bankarju kollu fl-Unjoni minn din is-sena. Primarjament dan id-dokument jirrigwarda ir-riskji klimatiċi.

Il-banek għandhom responsabbiltà li jassiguraw illi meta jiffinanzjaw proġetti ta’ żvilupp, il-finanzi li jipprovdu ma jkunux użati biex issir jew biex tkun aċċelerata ħsara ambjentali u/jew soċjali. Meta din il-ħsara ambjentali u/jew soċjali sseħħ, ir-responsabbilta m’għandiex tintrefa biss mill-iżviluppatur u mir-regolaturi imma ukoll mill-bank. Għax anke l-bank għandu jkun kontabbli. Wara kollox hu l-bank permezz tal-finanzjament li jipprovdi li jagħmel l-iżvilupp possibli. Kull meta l-banek ikunu kompliċi fi ħsara ambjentali u/jew soċjali ikollhom huma wkoll jerfgħu r-responsabbiltà. Mingħajr l-involviment tagħhom, wara kollox, il-ħsara ma isseħħx!

Ippubblikat fuq Illum: il-Ħadd 29 ta’ Awwissu 2021

Holding banks to account for environmental damage

When discussing the current environmental onslaught developing around us, we rightly focus on incompetent regulators and greedy developers. It is about time that we also address the role of the banks: they make environmental degradation possible as they generally finance the development works which cause the said degradation. As a result, it is about time that banks too shoulder their responsibility for the ever-increasing environmental degradation.

Going through the annual reports of the major local banks it is more than clear that banks are only interested in profits. They engage in continuous greenwashing in order to try and minimise their reputational damage.

The banks portrait themselves as being there to help. They regularly sprinkle some cash to sponsor worthy causes. Notwithstanding this artificial sensitivity towards various sectors of the community, profits always take a priority over people in the banks’ operations.  Financing of development projects are a case in point. Banks rarely indicate in their public statements and reports whether and to what extent they factor in environmental and social considerations when deciding whether to make finance available for any particular development project.

HSBC, for example, refers to the applicability of the Equator Principles in its latest annual report. The Equator Principles are a risk management framework adopted by a number of financial institutions “for determining, assessing and managing environmental and social risk in projects.” They are intended to provide a minimum standard for due diligence and monitoring to support responsible risk decision-making.  Among other matters the Equator Principles deal with stakeholder engagement and require effective action dealing with environmental and social risks by developers who seek financial facilities from banks.

HSBC has not to date publicly reported on the matter as to the practical manner in which it applies these principles in Malta. We have yet to see how the bank establishes that environmental and social risks have been assessed and specifically the extent to which the bank ensures that proper stakeholder engagement has been carried out by its developer clients!

The Bank of Valletta annual report on the other hand gives us its take on the UN’s Sustainable Development Goals, describes at some length the worthy causes which it supports and explains the action taken to ensure that its branches are energy efficient and environmentally friendly. It also describes its services which facilitate client access to finance environmentally friendly initiatives. The Bank of Valletta Annual Report does not make any reference to the Equator Principles.

Lombard Bank in its latest annual report emphasises that it takes great care in minimising the environmental impacts of its operations. It also stresses its extensive contributions and initiatives to a number of worthy causes. Lombard Bank does not refer to the Equator Principles or any other benchmark or standard which it applies when dealing with its developer clients.

On an EU level the European Central Bank has very recently approved a “Guide on Climate-Related and Environmental Risks” applicable to the banking sector throughout the European Union as from this year.  As its title indicates it is primarily concerned with climate-related risks.

Banks have a responsibility to ensure that when financing development projects, the finance made available is not utilised to cause or accelerate environmental and/or social damage. Whenever such environmental and/or social damage arises it is not just the developers and the regulators which should shoulder responsibility for the said damage. Even banks should be held to account. They make it possible! Banks should pay the price whenever they are collaborators in the ever-increasing environmental degradation. They make it happen!

Published in The Malta Independent on Sunday : 29 August 2021

Ngħinu lill-Griegi jiksbu d-dinjità ta’ pajjiżhom lura

Il-vot LE tal-Griegi l-bieraħ qabel kollox hu vot ta’pajjiż favur id-dinjità tiegħu. Huwa vot ta’ poplu li qed jara lill-pajjiżu jikkollassa biċċa biċċa. Huwa vot favur il-pensjonijiet li qed jisparixxu. Huwa vot favur l-isptarijiet u l-mediċini, vot favur li fl-aħħar tax-xahar il-gvern Grieg ikun jista’ jħallas il-pagi tiegħu. Huwa vot kontra l-awsterità.

Dan kollu jfisser li hemm bżonn jingħata iktar piz lill-fatt li s-solidarjetà ma kienitx preżenti biżżejjed fit-taħditiet bejn il-Gvern Grieg u t-troika [il-fond Monetarju Internazzjonali, il-Bank Ċentrali Ewropew u l-Kummissjoni Ewropeja]. Il-Greċja waslet fejn hi għax kulħadd għalaq għajnejħ għal snin twal għall-korruzzjoni w it-tberbiq u fl-aħħar wasal iż-żmien tal-kontijiet. Żmien li jasal fuq kulħadd.

Imma sfortunatament il-piz tal-awsterità ma ntrefax minn min berbaq jew minn min ħa sehem fil-korruzzjoni. Dawk kollha, bħal dejjem issa sparixxew.

It-triq il-quddiem hi waħda li twieżen lill-fqir u li tirfed l-istat biex jibqa’ jiffunzjona u jkun jista’ jibqa’ jservi lill-batut u lil min jiddependi mis-solidarjetà soċjali ankè biex sempliċement jeżisti.

Fid-dawl ta’ dan kollu d-deċiżjonijiet m’humiex faċli. L-ovvju hu li d-djun tal-Greċja mhux ser jitħallsu, la fil-futur qarib u probabbilment l-anqas iktar fil-bogħod. L-obbligu tal-Unjoni Ewropeja għaldaqstant (inkluż l-obbligu tal-Gvern Malti) hu li l-Gvern Grieg ikun mgħejjun jibni l-pajjiż mill-ġdid. It-triq m’hiex faċli għax il-prijorità m’għandhomx ikunu l-flus imma n-nies.

Nittamaw li fil-ġranet li ġejjin tinstab soluzzjoni, mibnija fuq is-solidarjetà, mhux fuq l-awsterità.

Snippets from the EGP Manifesto: (10) Taming the Financial Industry

 

Five years after the outset of the financial crisis, our system remains dominated by banks that are too big or too interconnected to fail and therefore too dangerous. Bank bail-outs have cost billions to the European taxpayers; this should never happen again. We want to ensure a properly sized, diverse and resilient financial sector that serves society and helps mobilise sustainable investments in the real economy. We propose stringent rules for the separation of banking activities into those which are essential to society and those which are not. Greens have contributed strongly to ensuring that financial products and activities which produce no benefit for the real economy and have the potential to destabilise the financial system can be banned and taken off the European market. European authorities should make use of this possibility. Only financial products and activities which demonstrate benefits for society must be authorized. Our initiatives have outlawed naked speculation on sovereign debt; curbed bankers’ bonuses; forced banks to disclose activities in tax havens; submitted the European Central Bank´s banking supervision to more democratic accountability.

Greens are proud of achievements in this domain.

Now we need to build on these successes. We want to ensure consumers receive good, independent advice on all financial services. Financial services legislation must not support further concentration of market power to the detriment of small sustainable banks. We advocate a European Banking Union, combining a strong common oversight of our banks, a common authority and fund to restructure failing banks and a common system of insurance for deposits up to €100,000 or equivalent. EU institutions must also contribute to tackling financial short-termism that limits the level of sustainability ambition in strategic investment decisions.

 

(EGP 2014 Manifesto section entitled  : Bringing Financial Industry under Control)