환경친화적 녹색금융을 위한 법적 과제 = Legal Structure of Green Finance

다국어 초록 (Multilingual Abstract)

Although the term green finance is used in may ways, there exists no express definition of the term. In general terms, it may refer to a financing technique to supply money to the green industries and to provide a governance structure for a sustainable development. Green finance takes into account environmental, social and governance(ESG) considerations in making loans or subscribing securities, This approach differs from the traditional approach taken by financial services providers whose business decision-making has been based on financial risk and return of the relevant borrowers or projects. In this way, there could be a conflict between the principles of traditional financial services law and the practice of green finance. In the banking sector, green finance covers green deposits, lender liability and environmental impact assessment in credit extension process. In the investment sector, green finance includes financial investment products based on environmental risks, and socially responsible investment(SRI). The expanding role of SRI together with traditional principle of lender liability represents the changing nature of financial markets. Emissions trading also gives rise to a variety of legal issues in finance law. Some of the issues should be solved through legislative reform to reduce legal uncertainties. It should be noted that there remains a fundamental issue of whether financial services providers which assume fiduciary duty to their customers can prioritize ESG considerations rather than financial returns. Although we cannot give any concrete answer to that question at this stage, there should be a legislative reform to harmonize the principles of finance law and environmental law in the near future.

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