Repenser le financement des entreprises vertueuses et les politiques prudentielles en int{\'e}grant la solvabilit{\'e} socio-environnementale

TL;DR

This paper proposes an ecosystemic prudential policy framework that reorients corporate accounting to include socio-environmental solvency, aiming to channel financing towards virtuous green companies and reduce systemic financial risks.

Contribution

It introduces the CARE-TDL model and ecosystemic prudential measures integrating macro, micro, and environmental policies for sustainable finance.

Findings

Reorientation of accounting standards towards socio-environmental solvency.

Development of public guarantees to support virtuous companies.

Proposed differentiated monetary policies to promote green investments.

Abstract

Despite the amount of savings available and the money supply managed by financial institutions, significant market failures and the failure of carbon pricing strategies prevent sufficient financing of the transition, notably through bank credit. Aware of the links between natural, monetary and productive aggregates, we propose the development of ''eco-systemic'' prudential policies by exposing the interdependence between macro, micro and environmental prudential measures. These would be based on a reorientation of corporate accounting standards towards the concept of socio-environmental solvency, notably the CARE-TDL model (integration of human and natural capital alongside financial capital on the liabilities side of the balance sheet). In an ecosystemic framework, this solvency of virtuous companies would compensate in accounting terms for the lack of financial solvency. The State would then be the guarantor in order to facilitate their access to financing, also reduced by Basel III and Solvency II. This policy develops a system of reallocation of financing capacities from non-virtuous companies to the most virtuous ones with public guarantees, aiming to reduce the debt ratio while increasing green investments, with monetary policies of rates but also of volumes and ratios differentiated according to the types of assets and the greening of bank balance sheets, and finally forms of public-private partnership. Facilitating the financing of green companies would green capital but increase it, partly neutralising the positive environmental impact. It is therefore necessary to limit the credit expansion of ''brown'' companies. This would reduce risky operations and favour less leveraged investments more connected to the real economy, reducing systemic financial risk. -- The Agenda 2030 Policy Briefs series (PoCFiN Kedge Business School - SDSN France - Institut Rousseau) mobilises economists and practitioners to identify an agenda of economic and financial reforms to achieve the 2030 Agenda, at territorial, national and supranational levels. These are published after peer review.