Cooperative Banks, What Ecological Legitimacy?
Cooperative Banks, What Ecological Legitimacy?

Author(s): Maya Jandah
Subject(s): Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Energy and Environmental Studies, Environmental and Energy policy, Financial Markets
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: financial institutions; cooperative banks; climate change; environmental change; institutionalism
Summary/Abstract: Since the adoption of the Paris Agreement in 2015, European banks have invested 1.331 billion US $ in fossil fuels (Banking on Climate Chaos, 2023). The level of profit serves as a key incentive for banks to continue their involvement with fossil fuels. However, some banks have stopped these practices and committed to no longer supporting the expansion of this sector. This article aims to explore the role of banks, particularly cooperative banks, in combating climate change. Our objective is to examine to what extent cooperative banks are better positioned to tackle the challenges posed by climate change. The legitimacy of these banks is demonstrated through their capacity to adapt in a constantly evolving environment, and their foundational characteristics actively contribute to climate action.

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