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Financial Activism and Global Climate Change: The Rise of Investor-Driven Governance Networks

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  • Michael MacLeod

    (Michael MacLeod is Assistant Professor of Political Science at George Fox University in Oregon, USA. His research examines the emergence and influence of investor networks as agents of global change, and he investigates the role of religion in international business and globalization. Recent publications include "“Private Governance and Climate Change"” (St Anthony's International Review, 5 (2) 2010), "“Emerging Investor Networks and the Construction of Corporate Social Responsibility"” (The Journal of Corporate Citizenship, 34, 2009) and "“Business Power and Conflict in International Environmental Politics"” (Millennium: Journal of International Studies, 37 (3) 2009).)

  • Jacob Park

    (Jacob Park is an Associate Professor of Business Strategy and Sustainability at Green Mountain College in Vermont, USA. His research focuses on a wide range of business, environment, and society issues, including climate change, global environmental governance and corporate social responsibility. Recent publications include the article, "“When Not Every Response to Climate Change is a Good One: Defining Criteria for Sustainable Adaptation"” (Climate and Development Journal, Forthcoming), and the book, The Crisis of Global Environmental Governance: Towards a New Political Economy of Sustainability (2008), co-edited with Ken Conca and Matthias Finger.)

Abstract

This article examines the nexus between financial activism and global environmental governance, analyzing the emergence of what we call "“investor-driven governance networks"” (IGNs). Our paper seeks to probe the significance of IGNs as a particular manifestation of responsible investor activism and more generally as a financial instrument of environmental governance and sustain-ability. We argue that IGNs, many of which are concerned with climate change governance, have become important actors in the global economy and deserve more analysis by scholars concerned with new forms of authority in global environmental politics. As an example of emerging transnational private governance, IGNs utilize the power of the financial sector to shape the discourse on climate change within the business community and to link the long-term viability of environmental sustainability to the core strategic interests of corporations and investors. (c)© 2011 by the Massachusetts Institute of Technology.

Suggested Citation

  • Michael MacLeod & Jacob Park, 2011. "Financial Activism and Global Climate Change: The Rise of Investor-Driven Governance Networks," Global Environmental Politics, MIT Press, vol. 11(2), pages 54-74, May.
    • Handle: RePEc:tpr:glenvp:v:11:y:2011:i:2:p:54-74
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    Cited by:

    1. Moshe Maor, 2017. "Policy entrepreneurs in policy valuation processes: The case of the Coalition for Environmentally Responsible Economies," Environment and Planning C, , vol. 35(8), pages 1401-1417, December.
    2. Baines, Joseph & Hager, Sandy Brian, 2021. "Commodity Traders in a Storm: Financialization, Corporate Power and Ecological Crisis," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Latest Ar.
    3. Peter Newell, 2020. "The business of rapid transition," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 11(6), November.
    4. Jennifer Clapp, 2017. "Responsibility to the rescue? Governing private financial investment in global agriculture," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 34(1), pages 223-235, March.
    5. Michael Mintrom & Joannah Luetjens, 2017. "Policy entrepreneurs and problem framing: The case of climate change," Environment and Planning C, , vol. 35(8), pages 1362-1377, December.
    6. Dimmelmeier, Andreas, 2021. "Sustainable Finance as a Contested Concept: Tracing the Evolution of Five Frames Between 1998 and 2018," SocArXiv 7jhgp, Center for Open Science.
    7. Ringe Wolf-Georg, 2023. "Investor Empowerment for Sustainability," Review of Economics, De Gruyter, vol. 74(1), pages 21-52, April.
    8. Jovelyn Ferrer & Juliana Malagon & Enrique ter Horst, 2023. "Does Climate Change News Matter?," Sustainability, MDPI, vol. 15(18), pages 1-16, September.
    9. Jacob Park, 2022. "How can we pay for it all? Understanding the global challenge of financing climate change and sustainable development solutions," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 12(1), pages 91-99, March.
    10. Kazuhiro Okuma, 2019. "Potential mechanisms for the social regulation of economies on global and local scales: an institutional analysis of ESG investment and community renewables," Evolutionary and Institutional Economics Review, Springer, vol. 16(2), pages 523-541, December.
    11. Jason Thistlethwaite & Matthew Paterson, 2016. "Private governance and accounting for sustainability networks," Environment and Planning C, , vol. 34(7), pages 1197-1221, November.
    12. Philipp Pattberg, 2017. "The emergence of carbon disclosure: Exploring the role of governance entrepreneurs," Environment and Planning C, , vol. 35(8), pages 1437-1455, December.

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