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Can the financialised atmosphere be effectively regulated and accounted for?

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  • Patty McNicholas
  • Carolyn Windsor

Abstract

Purpose - This paper aims to carry out a critical analysis of the proposed Australian emissions trading scheme (ETS) as a complex market solution to reduce greenhouse gases (GHGs). Specifically it seeks to examine the financial regulatory infrastructure that will more than likely oversee the Australian ETS, the same regulatory infrastructure which failed to prevent the global financial crisis. Design/methodology/approach - A critical examination of the financialisation of the atmosphere that follows the growth of the financialisation of capitalism when economic activity shifted from production and service sectors to finance. Financialisation of capitalism is supported by capitalist regulation influenced by neo‐liberal doctrines of free markets and small government. Findings - Trillions of dollars of taxpayer funds bailed out large financial institutions that nearly collapsed after unregulated trading in complex financial products that were supposed to hedge future risk. Corporate emissions trading will involve similar financial products. The measurement and reporting of actual emissions to support the Australian ETS also creates challenges for the accountancy profession to provide a workable conceptual framework. Practical implications - If the currently flawed financial infrastructure required for the GHG emissions trading scheme, no amount of taxpayer funded bailouts will reverse the extreme climate change associated with an environmental catastrophe. Originality/value - The application of financialisation of monopoly capitalism and capitalist regulation theories to the critical analysis of commoditised GHGs traded as financial products in the proposed Australian ETS.

Suggested Citation

  • Patty McNicholas & Carolyn Windsor, 2011. "Can the financialised atmosphere be effectively regulated and accounted for?," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 24(8), pages 1071-1096, October.
    • Handle: RePEc:eme:aaajpp:v:24:y:2011:i:8:p:1071-1096
    DOI: 10.1108/09613671111184760
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    References listed on IDEAS

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    1. S.K. Dube & U.C. Mohanty, 2004. "Editorial," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 31(2), pages 317-317, February.
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    Cited by:

    1. Cuckston, Thomas, 2018. "Creating financial value for tropical forests by disentangling people from nature," Accounting forum, Elsevier, vol. 42(3), pages 219-234.
    2. Rong He & Le Luo & Abul Shamsuddin & Qingliang Tang, 2022. "Corporate carbon accounting: a literature review of carbon accounting research from the Kyoto Protocol to the Paris Agreement," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(1), pages 261-298, March.
    3. Markus J. Milne & Suzana Grubnic, 2011. "Climate change accounting research: keeping it interesting and different," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 24(8), pages 948-977, October.
    4. Pucci, Richard & Skærbæk, Peter, 2020. "The co-performation of financial economics in accounting standard-setting: A study of the translation of the expected credit loss model in IFRS 9," Accounting, Organizations and Society, Elsevier, vol. 81(C).
    5. Binh Bui & Carolyn Fowler, 2022. "Carbon controls in a New Zealand electricity utility: An application of theoretical triangulation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(4), pages 4423-4451, December.
    6. Janice Hollindale & Pamela Kent & James Routledge & Larelle Chapple, 2019. "Women on boards and greenhouse gas emission disclosures," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 59(1), pages 277-308, March.

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