Finance de marché et fonds d’investissement durables : la coupure au territoire

As a part of the geography of finance, this article shows, on the basis of several case studies, how the financial industry, by appropriating the concept of sustainable development in a particular way, has built its own approach to ?sustainable financial value? within the framework of socially responsible investment funds (SRI). It explains how the financial industry self-validates its action on ?sustainable? finance through the use of organizations (extra-financial rating agencies and NGOs), personalities (experts, opinion leaders) or Institutions (international organizations) which, by their reputation or position, legitimize ?sustainable value?. However, if these actors manage to animate the media, scientific and political debate, they remain largely under the influence of the financial industry and do not call into question the very essence of financial products, the disconnection with the territorial context. The absence of territorialization and territorial contextualization prevents any strong approach to sustainability, based on local actors and an operationalization in a given territory.