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Sustainability transition needs sustainable finance

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  • Bożena Ryszawska

    (Wroclaw University of Economics)

Abstract

Transition is a term used to describe conversion (evolution) from the existing model of economy and finance towards one based on increased social and environmental responsibility. The purpose of this study is to emphasise the role of sustainable finance in the sustainability transition process. The main thesis can be expressed as follows: the role of finance is changing from the dominant view rooted in neoclassical economic theory (to maximize profits, and shareholder wealth) towards one supporting sustainable development, green economy, low carbon economy also adaptation and mitigation of climate change. The article uses the multilevel perspective created by F.W. Geels effective in the analysis of the sustainability transition. Results of analysis: There is evidence that the old regime of finance destabilizes. Finances are slowly responding to new demand in sustainable economy to align with it.

Suggested Citation

  • Bożena Ryszawska, 2016. "Sustainability transition needs sustainable finance," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 5(1), pages 185-194.
    • Handle: RePEc:cpn:umkcjf:v:5:y:2016:i:1:p:185-194
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    File URL: https://apcz.umk.pl/CJFA/article/view/CJFA.2016.011/9500
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    References listed on IDEAS

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    1. Leszek Dziawgo, 2014. "Greening financial market," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 3(2), pages 9-24.
    2. Farla, Jacco & Markard, Jochen & Raven, Rob & Coenen, Lars, 2012. "Sustainability transitions in the making: A closer look at actors, strategies and resources," Technological Forecasting and Social Change, Elsevier, vol. 79(6), pages 991-998.
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    Cited by:

    1. Ozili, Peterson K, 2021. "Making sustainable finance sustainable," MPRA Paper 109924, University Library of Munich, Germany.
    2. Anna Laskowska, 2017. "The Green Bond As A Prospective Instrument Of The Global Debt Market," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 6(4), pages 69-83.
    3. Mihaela Onofrei & Anca Gavriluţă (Vatamanu) & Ionel Bostan & Florin Oprea & Gigel Paraschiv & Cristina Mihaela Lazăr, 2020. "The Implication of Fiscal Principles and Rules on Promoting Sustainable Public Finances in the EU Countries," Sustainability, MDPI, vol. 12(7), pages 1-21, April.
    4. Chantal P. Naidoo, 2019. "Relating Financial Systems to Sustainability Transitions: Challenges, Demands and Dimensions," SPRU Working Paper Series 2019-18, SPRU - Science Policy Research Unit, University of Sussex Business School.
    5. Shome, Samik & Hassan, M. Kabir & Verma, Sushma & Panigrahi, Tushar Ranjan, 2023. "Impact investment for sustainable development: A bibliometric analysis," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 770-800.
    6. Mario La Torre & Helen Chiappini (ed.), 2020. "Contemporary Issues in Sustainable Finance," Palgrave Studies in Impact Finance, Palgrave Macmillan, number 978-3-030-40248-8, December.
    7. Małgorzata Rutkowska & Adam Sulich, 2019. "The green management in the context of regional development," WORking papers in Management Science (WORMS) WORMS/19/04, Department of Operations Research and Business Intelligence, Wroclaw University of Science and Technology.
    8. Adam Sulich & Adam Grudziński, 2019. "The Analysis of Strategy Types of the Renewable Energy Sector," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 67(6), pages 1643-1651.
    9. Sara Dahlman, 2023. "Tinkering Toward the Good––Sustainable Investing Between Utopian Imaginaries and Actualizations," Journal of Business Ethics, Springer, vol. 185(2), pages 281-297, June.
    10. Mohammad Abul Kalam Azad & Md. Aminul Islam & Farid Ahammad Sobhani & Md. Sharif Hassan & Mohammad Masukujjaman, 2022. "Revisiting the Current Status of Green Finance and Sustainable Finance Disbursement: A Policy Insights," Sustainability, MDPI, vol. 14(14), pages 1-14, July.

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