Les sous-jacents théoriques de la « finance durable » au défi des objectifs climatiques (The Theoretical Underpinnings of ‘Sustainable Finance’ Policies in the Face of Climate Objectives)

Post-Crisis Finance Research Network (PoCfiN), Working Paper 01/2021

47 Pages Posted: 25 May 2021

See all articles by Hugues Chenet

Hugues Chenet

University College London - UCL Institute for Sustainable Resources; Chair Energy and Prosperity

Luis Zamarioli

Frankfurt School of Finance & Management

Date Written: February 2021

Abstract

French abstract: Devant l'objectif d'une économie mondiale neutre en carbone en 2050, le système financier doit être mobilisé dans toute sa capacité afin de financer une véritable révolution socioéconomique et industrielle. C'est dans ce contexte que de nombreuses initiatives réglementaires sont apparues pour rendre la finance « durable ». Nous proposons une grille de lecture exploratoire pouvant constituer une typologie d'analyse de ces différentes approches, testée au travers des récents cadres européen et chinois. Sur la base de cet exercice, nous tirons de premières conclusions sur la cohérence de ces cadres vis-à-vis des contraintes et impératifs de mutations techno-industrielles et socioéconomiques imposés par la science climatique.

English abstract: Faced with the goal of a carbon-neutral global economy in 2050, the financial system must be mobilized to its full capacity in order to finance what is a genuine socioeconomic and industrial revolution. It is in this context that many regulatory initiatives have emerged to make finance "sustainable". We propose an exploratory reading grid that can constitute a typology of analysis of these different approaches, that we test through the recent European and Chinese sustainable/green finance frameworks. On the basis of this exercise, we draw initial conclusions on the consistency of these frameworks vis-à-vis the constraints and imperatives of techno-industrial and socioeconomic changes imposed by climate science.

Note: Downloadable document available in French.

Keywords: Changement climatique, finance, soutenabilité, développement durable, régulation, marchés financiers, climate change, finance, sustainability, sustainable development, regulation, financial markets

JEL Classification: E44, E58, G14, G18, G28

Suggested Citation

Chenet, Hugues and Zamarioli, Luis, Les sous-jacents théoriques de la « finance durable » au défi des objectifs climatiques (The Theoretical Underpinnings of ‘Sustainable Finance’ Policies in the Face of Climate Objectives) (February 2021). Post-Crisis Finance Research Network (PoCfiN), Working Paper 01/2021, Available at SSRN: https://ssrn.com/abstract=3850017 or http://dx.doi.org/10.2139/ssrn.3850017

Hugues Chenet (Contact Author)

University College London - UCL Institute for Sustainable Resources ( email )

Gower Street
London, WC1E 6BT
United Kingdom

Chair Energy and Prosperity

France

Luis Zamarioli

Frankfurt School of Finance & Management ( email )

Adickesallee 32-34
Frankfurt am Main, 60322
Germany

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