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[PDF] False Profits: how Australia's finance sector undervalues the environment and what we can do about it

Author: Australian Conservation Foundation, Published on: 27 April 2006

This Report is about the financial decision-making processes that lead to false profits, and how we can reform them. By drawing lessons from ten successful innovations in the finance sector, and supplementing them with a set of public policy reforms to address structural defects in the financial system, this report describes a possible pathway towards a sustainable finance sector in Australia. By false profits, we mean financial returns earned by imposing unsustainable burdens on the natural environment. These narrow financial returns are illusory; they can be regarded as “profits” only if one disregards their collateral environmental and financial costs, and the long-term erosion of environmental health and the societies and economies that depend on it. [refers to ANZ, Westpac, NAB, CBA, Citigroup, ABN AMRO, JP Morgan Chase, BNP Paribas, Barclays, Deutsche Bank, HSBC, Societe Generale, BOS/ Bank West, WestLB, Royal Bank of Scotland, CSFB, Mizuho, Rabobank, Bank of America, Credit Agricole, Bank of Tokyo-Mitsubishi (part of Mitsubishi UFJ), Sumitomo Mitsui, Toronto-Dominion, UBS Warburg]

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Related companies: ABN Amro ANZ Bank Bank of America Bank of Tokyo-Mitsubishi UFJ (part of Mitsubishi UFJ) Barclays BNP Paribas Citigroup Commonwealth Bank Crédit Agricole Credit Suisse Deutsche Bank HBOS (part of Lloyds) HSBC JPMorgan Chase Mitsubishi Group Mitsubishi UFJ Financial Group Mizuho Bank (part of Mizuho Financial Group) National Australia Bank Rabobank Royal Bank of Scotland Société Générale Sumitomo Mitsui Banking (part of Sumitomo Group) Toronto-Dominion Bank UBS West LB Westpac