543 KB78 KB201820252022Kondor, ZsuzsannaNyikos, Györgyištevilka:1letnik:20str. 135-165, 171DOI:10.17573/cepar.2022.1.06COBISSID_HOST:110105859ISSN:2591-2240URN:URN:NBN:SI:doc-9AZC0DPXenFakulteta za upravoCentral European Public Administration Reviewdevelopment banksEU taxonomyjavne financepublic financerazvojne bankesustainable financetaksonomija EUtrajnostno financiranjeNational development banks in Europe – a contribution to sustainable finance|Purpose: The paper explains critical changes to investment funding occurred over the past fifteen years in the European Union and explores the added value that National Development Banks create for sustainable finance. The delivery of the European Green Deal and the recovery from the Covid-19 pandemic require an unprecedented scale of resources. The need to adopt a new sustainable investment approach and adjust the operation of the financial system has become inevitable. Existing research has underlined the role national development banks play in counter-cyclical measures and promotion of the government’s public policy goals. However, their standing in the sustainable finance landscape has enjoyed less attention so far. The paper, therefore, looks at how the remit of the Banks has evolved and assesses their progress and further development needs in relation to promoting sustainable finance. Design/Methodology/Approach: The research has followed a two-phase design. The first phase has included the examination of the operational setting of National Development Banks and their impact on overcoming market failures and improving access to finance. The second phase concentrated on drawing a comparison between the new regulatory requirements, in particular the European Green Deal, the EU Taxonomy Regulation and the functioning of the National Development Banks. The methodology has included a detailed literature review, desk research, data collection and re-assessment of earlier surveys, which has been used for prescriptive comparative analysis and cluster analysis. Findings: The paper concludes that National Development Banks, despite their common goals and mandates, demonstrate important variations in terms of government involvement in strategic direction and decision-making and the Banks’ actual contribution to national policy goals. The outcome confirms the hypothesis that recent changes to the EU strategic and regulatory framework only require minor amendments to the direction of NDB investments. Their original setup and objectives are already in accordance with the new expectations and they invest mostly in economic sectors that the new taxonomy system classifies as sustainable. Practical Implications/ Originality/Value: This is important for the scholarly discourse on the essential conditions for sustainable finance. Meanwhile, the results provide usable guidance for development banks/funding agencies in Europe, too. The paper offers a solid ground for continued explorations of the European financial sector, whereas the recently adopted Digital Finance Package could further widen the agenda of the research directionPrispevek pojasnjuje ključne spremembe financiranja naložb v Evropski uniji v zadnjih petnajstih letih in proučuje dodano vrednost nacionalnih razvojnih bank za trajnostno financiranje. Za izvajanje evropskega zelenega dogovora in okrevanje po pandemiji covida-19 so potrebna sredstva v doslej nepredstavljivem obsegu. Neizogibna je tudi potreba po sprejetju novega trajnostnega naložbenega pristopa in prilagoditvi delovanja finančnega sistema. Obstoječe raziskave poudarjajo vlogo nacionalnih razvojnih bank pri sprejemanju proticikličnih ukrepov in spodbujanju vladnih javnopolitičnih ciljev, vendar je bil njihov pomen za trajnostno financiranje doslej prezrt. Prispevek zato preučuje razvoj pristojnosti bank ter ocenjuje njihov napredek in nadaljnje potrebe v zvezi s spodbujanjem trajnostnega financiranja. Raziskava je potekala v dveh fazah. Prva faza je vključevala preučitev operativnega okolja nacionalnih razvojnih bank in njihovega vpliva na premagovanje tržnih pomanjkljivosti in izboljšanje dostopa do financiranja. Druga faza se je osredotočila na primerjavo med novimi regulativnimi zahtevami, zlasti evropskim zelenim dogovorom, uredbo EU o taksonomiji in delovanjem nacionalnih razvojnih bank. Uporabljena metodologija je vključevala podroben pregled literature, teoretične raziskave, zbiranje podatkov in pregled obstoječih raziskav, kar je bilo podlaga za primerjalno analizo in analizo po skupinah. Prispevek ugotavlja, da nacionalne razvojne banke kljub skupnim ciljem in pooblastilom izkazujejo pomembne razlike glede vključenosti vlade v strateško usmerjanje in odločanje ter dejanskega prispevka bank k ciljem nacionalne politike. Rezultat potrjuje hipotezo, da nedavne spremembe strateškega in regulativnega okvira EU zahtevajo le manjše spremembe pri usmerjanju naložb nacionalnih razvojnih bank. Njihova prvotna zasnova in cilji so že v skladu z novimi pričakovanji, vlagajo pa predvsem v gospodarske sektorje, ki jih nova taksonomija uvršča med trajnostne. Navedeno je pomembno za znanstveni diskurz o bistvenih pogojih za trajnostno financiranje, obenem pa rezultati zagotavljajo uporabne smernice za razvojne banke/finančne agencije v Evropi. Prispevek ponuja konkretno podlago za nadaljnje proučevanje evropskega finančnega sektorja, medtem ko bi lahko nedavno sprejeti sveženj o digitalnih financah raziskave še dodatno razširilTEXTznanstveno časopisjejournalsSlovenian National E-content AggregatorNational and University Library of SloveniaUniverza v Ljubljani, Fakulteta za upravo