Sustainability criteria in Cuban banking: Barriers and challenges

Authors

Keywords:

banking, sustainability, sustainable banking, green banking, sustainability criteria

Abstract

Cuban banking needs to consider the economic and social guidelines and the country's 2030-development plan in its strategic projection. Likewise, it must recognize the Sustainable Development Goals, the Paris Climate Agreement and the United Nations Principles for Responsible Banking. In this way, it proves to be a responsible actor, who supports a sustainable future with its actions and can obtain long-term commercial benefits. To achieve this purpose, it must incorporate sustainability criteria and indicators that allow it to know the results that are achieved and the extent to which its products and services reach international standards. This paper aims to describe the perceptions of Cuban specialists regarding sustainable banking and the sustainability criteria and indicators applicable in this context, as well as to explain the current situation of sustainable banking in Latin America. It uses the exploratory-descriptive method supported by the documentary review and the application of a questionnaire. The results identify the existing barriers to adopting the sustainability criteria, propose actions to advance in the desired direction and analyze the current situation in Argentina and Chile. The recommendations are aimed at creating conditions that contribute to inclusive, sustainable and rights-friendly economic growth for future generations.

Author Biography

Magda Luisa Arias Rivera, University of Havana

Doctora en Ciencias Económicas. Profesora Titular. Centro de Estudios de Técnicas de Dirección (CETED), Universidad de La Habana.

References

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Published

30-06-2021

How to Cite

Arias Rivera, M. L. (2021). Sustainability criteria in Cuban banking: Barriers and challenges. Cuban Magazine of Finance and Prices, 5(2), 75–85. Retrieved from https://www.mfp.gob.cu/revista/index.php/RCFP/article/view/08_V5N22021_MLARyERL

Issue

Vol. 5 No. 2 (2021): abril - junio

Section

Research articles

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