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Sustainable Finance: Paradigm Shift

In: Finance and Sustainability

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  • Bożena Ryszawska

    (Wrocław University of Economics)

Abstract

Transition to smart, efficient low carbon economy in conventional reception is associated with the process of multi-level transformation of the economic and socio-technological system intended to increase its environmental sustainability and social fairness. According to above transition new concepts of finance have emerged in public debate such as: green finance, sustainable finance, climate finance, carbon finance. New approach of finance is purpose oriented, mission oriented, and value oriented which is opposite to traditional role of finance. The article is based on transitions research approach. It adopts a broader perspective than other approaches to sustainable development, emphasizing wide-scale system transformation. Transition research develops co-evolutionary approaches that highlight multi-dimensional interactions between industry, technology, markets, policy, culture and civil society. The paper presents a paradigm shift in economy which changes the role of finance (financial agents and markets) from dominant view of finance, focusing only on profits and shareholder value to alternative to the current regime. The goal is to identify a new direction for finance which is already emerging in Europe and confirm it by many initiative undertaken on the international arena.

Suggested Citation

  • Bożena Ryszawska, 2018. "Sustainable Finance: Paradigm Shift," Springer Proceedings in Business and Economics, in: Agnieszka Bem & Karolina Daszyńska-Żygadło & Taťána Hajdíková & Péter Juhász (ed.), Finance and Sustainability, pages 219-231, Springer.
    • Handle: RePEc:spr:prbchp:978-3-319-92228-7_19
    DOI: 10.1007/978-3-319-92228-7_19
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    Cited by:

    1. Wu, Sheng & Zhou, Xiaoyong, 2024. "A theoretical framework for modeling dual-track granting orientation in green credit policy," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 249-268.
    2. Davidescu, Adriana AnaMaria & Popovici, Oana Cristina & Strat, Vasile Alecsandru, 2022. "Estimating the impact of green ESIF in Romania using input-output model," International Review of Financial Analysis, Elsevier, vol. 84(C).
    3. Truzaar Dordi & Phoebe Stephens & Sean Geobey & Olaf Weber, 2024. "New bottle or new label? Distinguishing impact investing from responsible and ethical investing," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 309-330, March.
    4. Susanne Durst & Wolfgang Gerstlberger, 2020. "Financing Responsible Small- and Medium-Sized Enterprises: An International Overview of Policies and Support Programmes," JRFM, MDPI, vol. 14(1), pages 1-23, December.
    5. Ghenadie CIOBANU & Dan BOBOC & Cristina DIMA & Evelina BALU & Carol Cristina GOMBOS, 2020. "Development Of Sustainable Finance Through The Prism Of Value Paradigm," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(1), pages 200-211, November.
    6. Frone Simona & Platon Victor & Constantinescu Andreea, 2021. "The Role Of Sustainable Finance And Investments In The Green Recovery," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 59-67, October.

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