Home » Ausgaben » The Global Political Economy of Green Finance and Socio-Ecological Transformation » The Global Political Economy of Green Finance: A Regulationist Perspective

The Global Political Economy of Green Finance: A Regulationist Perspective

Autor*innen: Jäger, Johannes; Schmidt, Lukas
https://doi.org/10.20446/JEP-2414-3197-36-4-31
Volume XXXVI • Issue 4 • 2020
Seiten 31-50
Keywords: Green finance, sustainability, critical political economy, regulation theory, global development

Abstract

Green finance is often presented as being essential for sustainability. In the tradition of critical political economy, this paper focuses on (green) finance and its impact on the use of natural resources and the environment. Given the global dimension of many environmental problems and the economic interconnections of the use of global natural resources, the paper takes a global view, focusing in particular on global asymmetries and dependency relation-ships between core and periphery. Against this background, global financial structures and the role of green finance, and their implications, are analysed. However, adopting a regulationist perspective, this paper discusses different forms of green finance, their regulation, and the implications for national devel-opment models and the environment. Neoliberal green finance, reformist green finance and progressive transformative green finance are distinguished. We conclude that neoliberal forms of green finance tend to deepen core-periphery dependencies and to contribute to a highly unequal and growing (over-)use of nature and a transfer of natural resources from the core to the periphery. In part, reformist forms of green finance may change this. However, in order to stop the global, highly uneven over-use of nature, a progressive transformative form of green finance is needed to contribute to a fundamental socio-ecological transformation that ends the unequal over-use of natural resources.

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