Banks and businesses were relevant actors in the genesis and evolution of the European Communities’ (EC) environmental policy, as a specific feature of the EC position was the link between environmental and market objectives. The EC were first and foremost committed to facilitating economic growth via the creation of a common market. The development of an environmental policy, which started in the early 1970s on the input of the European Commission and in the wake of the initiative of other international organizations such as the UN, had to be reconciled with this core objective. While the historical literature has started to revisit the role of businesses in early international environmental governance, less research has been done that pays attention to the banking sector and EC policy.
This workshop will discuss the environmental strategy of European commercial and investment banks in the early stages of the making of the EC’s environmental policy, from the 1970s to the 1990s. It will address the following research questions and their relevance for future research: How did environmental legislation at EC level impact banks’ activities, and, conversely, how did European banks influence policy-making and legislation? Where did banks stand in the debate about the balance between environmental protection and economic growth, and how did it influence their investments and strategies? Who were the key players in the field, and did they develop networks and contacts with other economic, financial and social actors (including NGOs) dealing with environmental issues?