IDEAS home Printed from https://ideas.repec.org/a/cpn/umkcjf/v5y2016i1p185-194.html
   My bibliography  Save this article

Sustainability transition needs sustainable finance

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://apcz.umk.pl/CJFA/article/view/CJFA.2016.011/9500
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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. 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.
    4. 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, October.
    5. 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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mas-Tur, Alicia & Roig-Tierno, Norat & Sarin, Shikhar & Haon, Christophe & Sego, Trina & Belkhouja, Mustapha & Porter, Alan & Merigó, José M., 2021. "Co-citation, bibliographic coupling and leading authors, institutions and countries in the 50 years of Technological Forecasting and Social Change," Technological Forecasting and Social Change, Elsevier, vol. 165(C).
    2. Zwartkruis, Joyce V. & Berg, Holger & Hof, Andries F. & Kok, Marcel T.J., 2020. "Agricultural nature conservation in the Netherlands: Three lenses on transition pathways," Technological Forecasting and Social Change, Elsevier, vol. 151(C).
    3. Avelino, Flor & Wittmayer, Julia M. & Pel, Bonno & Weaver, Paul & Dumitru, Adina & Haxeltine, Alex & Kemp, René & Jørgensen, Michael S. & Bauler, Tom & Ruijsink, Saskia & O'Riordan, Tim, 2019. "Transformative social innovation and (dis)empowerment," Technological Forecasting and Social Change, Elsevier, vol. 145(C), pages 195-206.
    4. Wilde, Kerstin & Hermans, Frans, 2021. "Innovation in the bioeconomy: Perspectives of entrepreneurs on relevant framework conditions," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics.
    5. Colvin, John & Blackmore, Chris & Chimbuya, Sam & Collins, Kevin & Dent, Mark & Goss, John & Ison, Ray & Roggero, Pier Paolo & Seddaiu, Giovanna, 2014. "In search of systemic innovation for sustainable development: A design praxis emerging from a decade of social learning inquiry," Research Policy, Elsevier, vol. 43(4), pages 760-771.
    6. Hildegunn Mellesmo Aslaksen & Clare Hildebrandt & Hans Chr. Garmann Johnsen, 2021. "The long-term transformation of the concept of CSR: towards a more comprehensive emphasis on sustainability," International Journal of Corporate Social Responsibility, Springer, vol. 6(1), pages 1-14, December.
    7. Justyna Zabawa, 2018. "The Significance Of The Gri (Global Reporting Initiative) Standard In Reporting Of Environmental Information. The Analysis Of Polish Banking Sector In The Face Of Regulatory Changes," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 7(2), pages 111-125.
    8. Kirchherr, Julian & Piscicelli, Laura & Bour, Ruben & Kostense-Smit, Erica & Muller, Jennifer & Huibrechtse-Truijens, Anne & Hekkert, Marko, 2018. "Barriers to the Circular Economy: Evidence From the European Union (EU)," Ecological Economics, Elsevier, vol. 150(C), pages 264-272.
    9. Jain, Sanjay, 2020. "Fumbling to the future? Socio-technical regime change in the recorded music industry," Technological Forecasting and Social Change, Elsevier, vol. 158(C).
    10. Mock, Mirijam & Omann, Ines & Polzin, Christine & Spekkink, Wouter & Schuler, Julia & Pandur, Vlad & Brizi, Ambra & Panno, Angelo, 2019. "“Something inside me has been set in motion”: Exploring the psychological wellbeing of people engaged in sustainability initiatives," Ecological Economics, Elsevier, vol. 160(C), pages 1-11.
    11. Matschoss, Kaisa & Repo, Petteri, 2020. "Forward-looking network analysis of ongoing sustainability transitions," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    12. Koole, Barbara, 2020. "Trusting to learn and learning to trust. A framework for analyzing the interactions of trust and learning in arrangements dedicated to instigating social change," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    13. Markard, Jochen & Hoffmann, Volker H., 2016. "Analysis of complementarities: Framework and examples from the energy transition," Technological Forecasting and Social Change, Elsevier, vol. 111(C), pages 63-75.
    14. Kuokkanen, A. & Nurmi, A. & Mikkilä, M. & Kuisma, M. & Kahiluoto, H. & Linnanen, L., 2018. "Agency in regime destabilization through the selection environment: The Finnish food system’s sustainability transition," Research Policy, Elsevier, vol. 47(8), pages 1513-1522.
    15. Chedrak Chembessi & Christophe Beaurain, 2019. "Technological and Organizational Innovations into industrial and territorial ecology projects [Dynamiques d’écologie industrielle et territoriale : Trajectoires d’innovations technologiques et orga," Post-Print hal-01952455, HAL.
    16. Erlinghagen, Sabine & Markard, Jochen, 2012. "Smart grids and the transformation of the electricity sector: ICT firms as potential catalysts for sectoral change," Energy Policy, Elsevier, vol. 51(C), pages 895-906.
    17. Schmidt, Tobias S. & Sewerin, Sebastian, 2019. "Measuring the temporal dynamics of policy mixes – An empirical analysis of renewable energy policy mixes’ balance and design features in nine countries," Research Policy, Elsevier, vol. 48(10).
    18. Valentina Cillo & Antonio Messeni Petruzzelli & Lorenzo Ardito & Manlio Del Giudice, 2019. "Understanding sustainable innovation: A systematic literature review," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(5), pages 1012-1025, September.
    19. Sunio, Varsolo & Gaspay, Sandy & Guillen, Marie Danielle & Mariano, Patricia & Mora, Regina, 2019. "Analysis of the public transport modernization via system reconfiguration: The ongoing case in the Philippines," Transportation Research Part A: Policy and Practice, Elsevier, vol. 130(C), pages 1-19.
    20. Leszek Dziawgo, 2021. "Energy Sectors on Capital Market – Financing the Process “Towards Sustainability”," European Research Studies Journal, European Research Studies Journal, vol. 0(2B), pages 938-955.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpn:umkcjf:v:5:y:2016:i:1:p:185-194. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: http://www.wydawnictwoumk.pl .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Miroslawa Buczynska (email available below). General contact details of provider: http://www.wydawnictwoumk.pl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.