Sustainability in Finance: Frameworks, Standards, and Scores

Armen V. Papazian ()
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Armen V. Papazian: University of Cambridge

Chapter Chapter 3 in Hardwiring Sustainability into Financial Mathematics, 2023, pp 29-67 from Springer

Abstract: Abstract This chapter discusses a number of key developments in the sustainable finance field and argues that the frameworks and standards of reporting climate and sustainability related information fall short of penetrating finance theory and do not transform our core equations in the field. The standards and frameworks of sustainability, built around ESG factors, do not elaborate nor provide the broader transformations through which the reported information must be used/interpreted/applied by investors. In other words, our spaceless equations remain intact and ESG integration is tantamount to adjusting variables in our existing models. Moreover, the chapter reveals that across the many strands of the sustainable finance field today, the logic and principles that govern money mechanics, i.e., money creation, are left out of the debate and assumed to be exogenous—as if our monetary architecture is immaterial to the sustainability challenge/opportunity.

Keywords: Sustainability; Financial mathematics; Money; Value; Risk; Time; Space; Impact; ESG (search for similar items in EconPapers)
JEL-codes: E00 E58 G00 G30 Q51 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-45689-3_3

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DOI: 10.1007/978-3-031-45689-3_3

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