However, the situation is still not satisfactory. New instruments are called for. A network of intermediaries, currently consisting of 25 institutions throughout the European Union, offers beneficial financing conditions under the scheme. In line with the delegation principle, intermediaries select the relevant loans on the basis of their normal credit procedures. SMEs wishing to enjoy support under the scheme should therefore contact the respective participating institutions.
Intermediaries also assess the environmental eligibility of each proposed investment.
By the end of June 1999, some 1,400 SMEs had benefited from the scheme for total investments of EURO525 million. The scheme contributes significantly towards promoting environmental awareness in financial institutions and small and medium-sized enterprises. This paper explores the responsibilities of the international financial services industry in respect of an overall evolution towards sustainable development. Our analysis reveals an elevation of the environmental, social and economic precepts of sustainability within the traditional risk assessment model, together with greater transparency and stakeholder involvement as fundamental to financial services institutions' operationalisation of the sustainable development concept. USA This paper presents a new methodology with which to integrate environmental issues into financial risk and value analysis.