Екологичната сигурност и финансовият сектор: концептуална еволюция, теоретични разграничения и ролята на банките в прехода към устойчиво развитие
Environmental Security and Financial Sector: Conceptual Evolution, Theoretical Differentiation, and the Role of the Banks in the Transition to Sustainable Development

Author(s): Tsvetelina Simeonova
Subject(s): Politics / Political Sciences, Politics, Economy, Business Economy / Management, Environmental and Energy policy, EU-Approach / EU-Accession / EU-Development, Financial Markets, Green Transformation
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: environmental security; environmental sustainability; sustainable development; sustainable finance; NGFS; TCFD
Summary/Abstract: The study systematizes the evolution of the concept of "ecological security" and its relationship with sustainable financing. The terms "ecological security", "ecological sustainability" and "sustainable development" are distinguished, arguing for their complementarity along the axis "operational stabilization - strategic vision – integrated development model". An analytical framework for environmental vulnerability, key threat categories and international policies is presented. The transmission channels from environmental factors to credit, market and liquidity risk in the banking sector are discussed, as well as the toolkit of sustainable finance (green bonds, sustainability-linked loans, green mortgages). Environmental risk-informed capital allocation and the role of regulators and central banks are assessed. The Bulgarian context is illustrated with examples of credit policies and lists of excluded activities.

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