Articulating Responsibility for Human Rights and the Environment in the Financial Sector: Outlook on the Concrete Cases of the OECD National Contact Points
摘要
The chapter explores the responsibility of financial institutions (FIs) within the international business and human rights framework, specifically examining their role in addressing adverse human rights and environmental impacts stemming from their investments and their corresponding responsibility to mitigate and rectify such harm. FIs acting as pivotal facilitators and intermediaries, play a critical role in allocating funds that contribute to societal well-being. Despite the growing global emphasis on sustainability, there remains a notable absence of consistent international legal standards that hold FIs answerable for their impacts on human rights and the environment. This chapter advocates for FIs to take proactive measures to address both direct and indirect negative effects on human rights and the environment throughout their investment processes. By scrutinising OECD cases managed by National Contact Points (NCPs), the chapter seeks to explore how FIs can fulfill their obligations towards sustainability, human rights, and environmental preservation. Through an in-depth analysis of these cases, the chapter aims to illuminate the evolving landscape of corporate responsibility, potential regulatory advancements, and industry-wide norms that will shape the future of ethical business practices within the financial sector.