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Private governance and sustainable finance

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  • Jason Thistlethwaite

Abstract

The use of private environmental governance (PEG) represents a unique strategy designed to help generate political authority for sustainable financial practices. Several collaborations between financial firms and environmental non-governmental organizations, including the Carbon Disclosure Project, Investor Network on Climate Risk and Climate Disclosure Standards Board, have embraced PEG to improve the financial disclosure of climate change risks within financial markets. How does this strategy use sustainable financial practices in ways that generate authority? This paper argues that PEG helps deploy technical knowledge in ways that cultivate support among politically influential constituencies for the adoption of sustainable financial practices. To make this conclusion, the paper will borrow from Global Environmental Politics and International Political Economy research on the use of private governance as a mechanism that steers and coordinates behavior. This focus on private governance helps address an important gap within sustainable finance research on the link between technical practices that reduce environmental externalities and political authority.

Suggested Citation

  • Jason Thistlethwaite, 2014. "Private governance and sustainable finance," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 4(1), pages 61-75, January.
    • Handle: RePEc:taf:jsustf:v:4:y:2014:i:1:p:61-75
    DOI: 10.1080/20430795.2014.887348
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    References listed on IDEAS

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    1. Donald MacKenzie, 2006. "An Engine, Not a Camera: How Financial Models Shape Markets," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262134608, April.
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    Cited by:

    1. Maria Carolina Rezende de Carvalho Ferreira & Vinicius Amorim Sobreiro & Herbert Kimura & Flavio Luiz de Moraes Barboza, 2016. "A systematic review of literature about finance and sustainability," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 6(2), pages 112-147, April.
    2. Hilbrich, Sören, 2021. "What is social finance? Definitions by market participants, the EU taxonomy for sustainable activities, and implications for development policy," IDOS Discussion Papers 29/2021, German Institute of Development and Sustainability (IDOS).
    3. Olaf Weber & Rezaul Karim Chowdury, 2020. "Corporate Sustainability in Bangladeshi Banks: Proactive or Reactive Ethical Behavior?," Sustainability, MDPI, vol. 12(19), pages 1-18, September.

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