The main objective of the financial market is to allocate resources in an economy, especially capital, in the form of equity, debt, insurance and foreign exchange instruments. For many decades, issues related to the environment and society were disregarded in analyzes for capital allocation, a strategy that proved short-sighted in view of the enormous riches and opportunities that poor or good management of these aspects can generate for organizations.
ESG, letters that mean “environment, social and governance”, became a corporate code to indicate that the company is in tune with its time. This trend, already present in the first two decades of the 21st century, was accelerated with the global shock of the new coronavirus pandemic in 2020/21.
1 Friedman, M. “The Social Responsibility of Business is to Increase its Profits”. The New York Times Magazine, 13 set. 1970.
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4 Sistema B. Disponível em: sistemab.org . Acesso em: 2 nov. 2020.
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6 Kronthal-Sacco, R.; Whelan, T. CSB Sustainable Market Share Index™. Nova York: NYU Stern Center for Sustainable Business, 2020. stern.nyu.edu/experience-stern/about/departments-centers-initiatives/centers-of-research/center-sustainable-business/research/research-initiatives/csb-sustainable-market-share-index
7 United States Conference of Catholic Bishops. “Socially Responsible Investment Guidelines”, 12 nov. 2003. 291 usccb.org/about/financial-reporting/socially-responsible-investment-guidelines
8 Accounting and Auditing Organization for Islamic Financial Institutions, “GSIFI 9 Shari’ah Compliance Function”, 2018. aaoifi.com/gsifi-9-shariah-compliance-function/
9 Meir, A. “Principles of Ethical and Communal Investment in Judaism: A Jewish Law Approach”. In: Levine, A (ed.). The Oxford Handbook of Judaism and Economics. Oxford: Oxford Handbooks Online, 2010.
10 “A new fossil free milestone: $11 trillion has been committed to divest from fossil fuels”. 8 set. 2019.
11 World Economic Forum. The Global Risks Report 2020. weforum.org/docs/WEF_Global_Risk_Report_2020.pdf.
12 Trucost. “Natural Capital Risk Exposure of the Financial Sector in Brazil”. Jan. 2015. cebds.org/wp-content/uploads/2015/07/GIZ-Natural-Capital-Risk-Exposure.pdf
13 Corporate Reporting Dialogue. “Driving Alignment in Climate-related Reporting”. 24 set. 2019. corporatereportingdialogue.com/climatereport2019/
14 Sustainable Investments Institute. “State of Integrated and Sustainability Reporting 2018”.
15 World Economic Forum. “Measuring Stakeholder Capitalism Towards Common Metrics and Consistent Reporting of Sustainable Value Creation”. 22 set. 2020. weforum.org/reports/measuring-stakeholder-capitalism-towards-common-metrics-and-consistent-reporting-of-sustainable-value-creation
16 “Índice Carbono Eficiente (ICO2 B3)”. b3.com.br/pt_br/market-data-e-indices/indices/indices-de-sustentabilidade/indice-carbono-eficiente-ico2.htm
17 B3. “B3 e S&P lançam índice ESG”. 8 set. 2020. b3.com.br/pt_br/noticias/parceria-8AE490C973DB0F4F01746EC2BFF4523B.htm
18 CFA Institute. ESG Disclosure Standards For Investment Products. Ago. 2020.
19 Hendricks, M. “Why do People Start Businesses?”. CBS News, 2 nov. 2010.
20 Força Tarefa de Finanças Sociais. Carta de Princípios para Negócios de Impacto no Brasil. Abr. 2015.
21 Certified B Corporation. “B Impact Report: Natura Cosméticos SA”. bcorporation.net/directory/natura-cosmeticos-sa.
22 Disley, E; Giacomantonio, D.; Kruithof, K. et al. Social Impact Bond Payment by Results Pilot at HMP Peterborough: Final process evaluation report. Londres: Ministry of Justice Analytical Series, 2015.
23 Rand Corporation. “Evaluating the World’s First Social Impact Bond”. rand.org/randeurope/research/projects/social-impact-bonds.html
24 Insper Metricis. Guia de avaliação de impacto socioambiental para utilização em projetos e investimentos de impacto: guia geral com foco em verificação de adicionalidade. São Paulo: Insper, 2020. 25 Febraban. Guia para emissão de títulos verdes no Brasil 2016.
26 Climate Bonds Initiative. “About us”. climatebonds.net/about
27 SDG Impact. “SDG Impact Standards for SDG Bonds”. sdgimpact.undp.org/sdg-bonds.html
28 A base de dados de títulos verdes da Sitawi Finanças do Bem está disponível em . Acesso em: 2 nov. 2020. sitawi.net
29 Ministério da Economia do Brasil. Finanças verdes no Brasil: Abril de 2019.