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Greening Finance? What institutional options for a sustainable transition?

Author

Listed:
  • Faruk Ülgen

    (CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes)

Abstract

Research on sustainability and energy transition aims to identify the structural changes that should occur and the conditions under which they could be achieved and managed in order to render society more viable. Institutions are the providers of an appropriate environment that should offer those conditions and allow citizens to undertake activities that meet both individual and societal goals. Climate emergency and transition constraints recast economic and political structures and put institutions under pressure in the face of global risks. Two of them, climate risks and financial risks, can be regarded as sources of systemic risk since they determine the conditions of viability of our economies and societies. This article argues that financial instability and climate change reinforce each other and call for an institutional framework aimed at framing macroprudential policies for financial regulation and tackling climate change by greening finance and containing climate-related financial risks. The article then assesses the scope of a macro-regulatory institutional framework to provide relevant support for sustainable finance and financial markets to improve our ability to secure a viable future for our societies. Long-term sustainable financial tools for financing the transition require definancialization of the economy to prevent the perversion of financial practices that undermine societal sustainability and sabotage financing resources that a greener future inevitably needs.

Suggested Citation

  • Faruk Ülgen, 2024. "Greening Finance? What institutional options for a sustainable transition?," Post-Print halshs-04477489, HAL.
    • Handle: RePEc:hal:journl:halshs-04477489
    as

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