Financing the future: sustainable economic and environmental transition through sustainable regulation

Faruk Ülgen ()
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Faruk Ülgen: CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes

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Abstract: This chapter stresses the need for a robust regulatory framework to reshape financial supervision and support the transition to an ecologically sustainable global community. The chapter develops three arguments: (1) The process of transitioning to an ecologically sustainable future displays the fundamental characteristics of a global public good and must be addressed according to the requirements of public-good provisioning (beyond the micro-rational "efficiency" of market-driven decision-making). (2) Achieving ecological sustainability requires combining global, government-led governance and (top-down inclusive) regulation with small- and medium-scale community and regional measures (bottom/mid-up polycentrism). (3) Using the precautionary/preventive principle to guide economic regulation, combined with regulatory adaptation and improvement over time, would provide a sustainable financial structure to support the eco-transition process toward a more economically, ecologically, and socially viable global society. A few rules are then proposed to suggest a relevant direction for such an alternative governance model.

Keywords: eco-transition; polycentricity; precaution; prevention; public goods; financial regulation (search for similar items in EconPapers)
Date: 2025
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Published in Whalen, Charles J. Fashioning Prosperous, Sustainable and Humane Societies: Beyond Precarity, Edward Elgar Publishing, pp.136-153, 2025, 978-1-0353-4025-5. ⟨10.4337/9781035340262.00017⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04954621

DOI: 10.4337/9781035340262.00017

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