RETHINKING BANKING IN A CIRCULAR ECONOMY
Wednesday, 14th MARCH 2018
Room CY017, UCLan Cyprus
18:10-18:45 Dr. Virginia Zhelyazkova: Rethinking Banking in a Circular Economy
by Dr Virginia Zhelyazkova
Associate Professor in Finance, Vice-Rector for Education and Quality Management at VUZF University
EU 2020 strategy envisages the future transition from linear to circular economy. The current linear model according to which we consume and throw away goods is to be replaced by another one ensuring recycling of already used goods and little or no waste.
How is this going to take place in practice?
Banks are called to play a central role in the process as they are key lenders to both corporations and households in EU. Changing the way the economy operates will impact their business model. Therefore banking needs to be thoroughly rethought in view of:
• new product development and positioning
• marketing and communication
• risk evaluation and management
• regulatory reporting
These and other main issues related to the transition to circular economy will be discussed within the framework of modern banking landscape in Europe.
Dr Virginia Zhelyazkova is Associate Professor in Finance and Vice-Rector for Education and Quality Management at VUZF University since 2013. Her research interests are related to financial aspects of circular economy, green banking, climate change, and environmental risk management, and has recently authored the following books: “Circular economy. Financial Aspects” (2017), and “Climate Change and Environmental Risk Management for Financial Institutions” (2013).
In parallel, Dr Zhelyazkova has more than 10 years of professional experience in banking as part of Postbank, a leading commercial bank in Bulgaria. Since 2011, she acts as Environmental Officer, with main responsibility the operational implementation of the environmental policy of the Bank. In her capacity represents the Bank in UNEP Finance Initiative (UNEP FI) and the Energy Efficiency Financial Institutions Group (EEFIG), thus actively participating in the wide debate on regulations in the area of environmental and energy management.
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