Sustainable financial systems toward sustainability in finance. Institutional and managerial approach

Abstract

Sustainable financial systems are gaining importance in light of the increasing impacts of ESG risk in the real and financial spheres. It is believed that sustainable financial systems effectively support the management of this risk on national, international and global scales, hence the, inter alia, UNEPFI recommendations. Work on building sustainable financial systems differs in the degree of advancement at the level of individual countries and institutions. The aim of the article is to show that the level of advancement of activities in building sustainable financial systems depends on the attitude and awareness of financial managers and financial institutions and, consequently, on the banking system model. As a result of the research, it was shown that bank finance managers (German-Japanese model) were more aware of the role and importance of sustainable financial systems in the management of financial institutions than financial managers who represent capital market institutions (Anglo-Saxon model).