The global financial sector needs regulation to force banks to include sustainable development in their business models, Banco Santander Brasil SA’s Chief Executive Officer Marcial Portela said.
“We at capital markets need to find new risk models,” Portela said at a seminar on sustainability in Rio de Janeiro today. “At banks in general, we still work with models that are from the past and don’t incorporate well what societies are already dealing with.”
Portela said regulation is necessary to make sure sustainability is “something that is inside the core business of companies and sectors.”
Banco Santander is based in Sao Paulo.
Representatives from 190 nations are working on a draft agreement that provides a road map to balance economic development with global efforts to protect the environment at the UN Conference on Sustainable Development in Rio de Janeiro this week.
The Rio+20 meeting involves 50,000 government officials, company executives and research analysts.
-- Editors: Charles Siler, Tina Davis