Private governance and sustainable finance

Jason Thistlethwaite

Journal of Sustainable Finance & Investment, 2014, vol. 4, issue 1, 61-75

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.

Date: 2014
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DOI: 10.1080/20430795.2014.887348

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