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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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    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:

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    2. Zhao, Congyu & Deng, Youyi & Dong, Kangyin & Nepal, Rabindra & Boroumand, Raphaël-Homayoun, 2026. "Sustainable finance contribution to energy value chain participation: The role of industrial automation," International Review of Financial Analysis, Elsevier, vol. 109(C).
    3. Abdul Samed Muntaka & Isaac Akurugu Apike & David Antwi, 2024. "Antecedents of sustainable agricultural supply chain financing for achieving food security in resource‐constrained developing economies: A complex adaptive systems theory perspective," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 68(4), pages 868-890, October.
    4. 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.
    5. 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.
    6. 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.
    7. 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.
    8. 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, September.
    9. Ibishova, Banovsha & Misund, Bård & Tveterås, Ragnar, 2024. "Driving green: Financial benefits of carbon emission reduction in companies," International Review of Financial Analysis, Elsevier, vol. 96(PB).
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    11. Paul Ojambo & Ssejjemba Richard Jjemba & Twizeere Harimah & Asiimwe Specioza, 2026. "Cultural Competence and Financial Sustainability in Faith-Based Hospitals in Kampala, Uganda," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 13(4), pages 209-220, April.
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    13. 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.
    14. Daryoto Muslih Utomo & Syafaat Ali Akbar, 2025. "The Impact of People’s Business Credit (KUR) on Economic Growth in the Agricultural Sector of West Nusa Tenggara," Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik, Direktorat Jenderal Perbendaharaan, Kementerian Keuangan, vol. 10(3), pages 244-255.
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