Climate change's impact on investor behavior is a scantly investigated area in finance. This paper examines the performance of socially responsible exchange trade funds (ETFs) concerning conventional ETFs, in response to climate change events. We proxy climate change signals with a list of natural disaster events that NASA scientists relate to climate change. We contribute to existing literature, by using a very extensive information set of ETF strategies, not influenced by rating agencies' subjective evaluation policies, and (...) covering almost 90% of the universe of worldwide sustainability thematic-oriented ETFs. This sample allows us to identify the socially responsible investment behavior in response to unpredictable climate change shocks. Our identification strategy accounts for endogeneity concerns and relies on two-stage least square (2SLS) approach finding that responsible investors react to climate change events by purchasing socially responsible investments. The relationship between climate change signals and return of investment in themes linked to the development of sustainability is positive. Interestingly enough, the sign of this relationship is different, when we disentangle the empirical results according to the asset type, confirming that investors shift their investments from equity funds to bond funds when market sentiment worsens. Our results indicate that policymakers should increase the support of firms adopting environmentally conscious business practices, while managers should boost a sustainable business strategy. (shrink)

The Durban Platform for Enhanced Action was adopted at the 2011 United Nations Framework Convention on Climate Change Conference (UNFCCC) in South Africa and one of the key achievements of the 2011 UN Conference was the agreement on and the launch of the Green Climate Fund. As the international community prepares for the 2012 UNFCC talks to start in Qatar in November-December 2012, the past history of global environmental and climate change financing issues as well as the (...) role of finance and investment in addressing global climate change will be examined in this article using the Green Climate Fund as a case study. While it is hard to be optimistic about the current international geo-political context and the policy success of the Durban Platform for Enhanced Action, the Green Climate Fund does represent a real opportunity to move forward on global climate governance and bring real economic and technological dividends to the developing world. (shrink)

This article introduces the concept of inversion as a rhetorical-political strategy used to redescribe climate concerns from being sacrificed in favour of profitability to seeing that profitability necessitates climate concerns. Drawing on discourse theory and rhetorical analysis, the article analyses discursive struggles in the dominant discourse of fossil-fuel growth in Norway, from 2013 to 2019. By inverting the image of fossil-fuel dependency from growth and success to loss and stagnation in the Norwegian public discourse on fossil fuels and (...) climate risk, those who challenge the hegemonic pro-fossil fuel-investments system pave the way for an alternative description of an ideal welfare state. As such, inversion, as a practice and rhetorical-political strategy may help us understand the strategic manoeuvring of the environmental movements as counter-hegemonic forces. (shrink)

Green New Deal policies are proposed to tackle the climate emergency. These policies focus on driving climate innovation through unprecedented financial policy levers. However, while the macro-level financing dynamics are clear, the influence of niche level dynamics of sustainable innovation financing remain unexplored within these policy settings. Through the context of the European Green Deal and a focus on the agri-tech start-up sector in the Netherlands, we identify factors likely to reduce the efficacy of these policies from an (...) innovation management perspective—such as project matching issues, socio-ethical factors or the characteristics of agri-food climate innovations. We go on to conceptualise that these challenges represent a range of asymmetries—from classic information asymmetries to less common value and objective asymmetries—between climate innovators and private investors and financers. Many remedies for asymmetries involve costs, likely to further inhibit the efficacy of the European Green Deal and similar policies. A partnering approach is proposed, where the non-financial resources of incumbent actors are harnessed and leveraged to enhance climate innovation performance. (shrink)

Anthropogenic climate change is a global process affecting the lives and well-being of millions of people now and countless number of people in the future. For humans, the consequences may include significant threats to food security globally and regionally, increased risks of from food-borne and water-borne as well as vector-borne diseases, increased displacement of people due migrations, increased risks of violent conflicts, slowed economic growth and poverty eradication, and the creation of new poverty traps. Principles of justice are statements (...) of what persons are owed either by others or by institutions and policies. Climate change gives rise to many concern of justice. This article briefly summarizes some of the most important of these, including claims to have climate change mitigated, claims regarding the sharing of the costs of climate change mitigation, claims for investment into adaptation, and claims to be compensated. (shrink)

Climate change policy decisions are inescapably intertwined with future generations. Even if all carbon dioxide emissions were to be stopped today, most aspects of climate change would persist for hundreds of years, thus inevitably raising questions of intergenerational justice and sustainability. -/- The chapter begins with a short overview of discount rate debate in climate economics, followed by the observation that discounting implicitly makes the assumption that natural capital is always substitutable with man-made capital. The chapter explains (...) why non-substitutability matters if we are to take intergenerational justice seriously and invest aptly in mitigation. Non-substitutability simply implies that there are some forms of capital that cannot be substituted by another, and so consumption of one cannot be compensated with additional stocks of the other. The non-substitutability of critical natural capital can be defended without empirical data about preferences or the need to view the environment as a superior good, and the argument is presented through the language of keeping options open. -/- Those alive today make decisions about what natural capital to use and what to save for future. These choices are often represented as different points in a continuum of sustainability: weak sustainability is associated with a high degree of substitutability and therefore a lot of flexibility over what capital to consume, whereas strong sustainability is more stringent on substitutability. While it may be that in economical understanding weak and strong sustainability collapse into one another, philosophically the emphasis is slightly different. The chapter discusses how normative sustainability can be supported without ignoring opportunity costs and trade-offs. (shrink)

Sustainable investment, which integrates social, environmental and ethical issues, has grown from a niche market of individual ethical investors to embrace institutional investors resulting in £764 billion in assets under management in the UK alone [Eurosif, 2008: ‘European SRI Study 2008’ ]. Explaining this growth is complex, involving shifts in personal and collective values, reactions to corporate scandals, scientific and media pronouncements about climate change, Government initiatives, responses from financial markets and the influence of SI innovators in The (...) City of London. The article examines the influence of human agency through interviews with 14 SI champions who have variously been responsible for launching SI funds and changing investment processes and organisational structures in order to enhance SI. Interviewees were asked about their motivations and persuasive strategies, the obstacles they faced and how they overcame them as well as broader implications of SI for financial markets. The following key categories inform the results and the discussion: Values; Conservatism, Antipathy and Incredulity; Optimism and Sympathy from Insiders; The Social and Political Context; The Business Case; Organisational Constraints; Inappropriate forms of Remuneration; Short-termism; The Nature of Capitalism. Three discourses were also identified. The first is the necessity to make a business case for SI; the second is the benefits that SI can bring to the quest of overcoming short-termism; the third is a belief that for SI to have a significant influence, greater government intervention is required. (shrink)

This article seeks to answer why North—South climate negotiations have gone on for decades without producing any substantial results. To address this question, we revisit and seek to integrate insights from several disparate theories, including structuralism (new and old), world systems theory, rational choice institutionalism, and social constructivism. We argue that the lack of convergence on climate grew almost inevitably from our starkly unequal world, which has created and perpetuated highly divergent ways of thinking (worldviews and causal beliefs) (...) and promoted particularistic notions of fairness (principled beliefs). We attempt to integrate structural insights about global inequality with the micro-motives of rational choice institutionalism. The structuralist insight that ‘unchecked inequality undermines cooperation’ suggests climate negotiations must be broadened to include a range of seemingly unrelated development issues such as trade, investment, debt, and intellectual property rights agreements. We conclude by reviewing the work of some ‘norm entrepreneurs’ bringing justice issues into climate negotiations and explore how these insights might influence ‘burden sharing’ discussions in the post-Kyoto world, where development is constrained by climate change. (shrink)

This essay sketches out what a utilitarian should support when considering global warming along with what measures can be recommended to political leaders for utilitarian reasons. If we estimate the utility of the great advantages that any ambitious climate policy might create in the name of poverty reduction in the present, I will show how a decision can be made in favor of a vigorous climate policy based on such estimates. My argument is independent of the truth of (...) the claims of climate sceptics. Until now, the debate has neglected the double effects of a vigorous climate policy that not only avoids risks of damages but also creates utility. In conclusion, three strategies of a climate policy legitimized by utilitarianism will be introduced: (1) Utilitarianism favors global emissions trading in comparison with a global CO2 tax. (2) Utilitarianism calls for this trade to be introduced while, at the same time, investments in renewable energies should be increased. (3) Furthermore, utilitarianism favors a policy that aims to slow down the rate of population growth. (shrink)

Is drastic action against global warming essential to avoid impoverishing our descendants? Or does it mean robbing the poor to give to the rich? We do not yet know. Yet most of us can agree on the importance of minimising expected deprivation. Because of the vast number of future generations, if there is any significant risk of catastrophe, this implies drastic and expensive carbon abatement unless we discount the future. I argue that we should not discount. Instead, the rich countries (...) should stump up the funds to support abatement both for themselves and the poor states of the world. Yet to ask the present generation to assume all the costs of drastic mitigation.is unfair.Worse still, it is politically unrealistic.We can square the circle by shifting part of the burden to our descendants. Even if we divert investment from other parts of the economy or increase public debt, future people should be richer, so long as we avert catastrophe. If so, it is fair for them to assume much of the cost of abatement.What we must not do is to expose them to the threat of disaster by not doing enough. (shrink)

Sustainable investment (SI), which integrates social, environmental and ethical issues, has grown from a niche market of individual ethical investors to embrace institutional investors (e.g. pension funds) resulting in £764 billion in assets under management in the UK alone [Eurosif, 2008 : ‘European SRI Study 2008’ (Eurosif, Paris)]. Explaining this growth is complex, involving shifts in personal and collective values, reactions to corporate scandals, scientific and media pronouncements about climate change, Government initiatives, responses from financial markets and the (...) influence of SI innovators in The City of London. The article examines the influence of human agency through interviews with 14 SI champions who have variously been responsible for launching SI funds and changing investment processes and organisational structures in order to enhance SI. Interviewees were asked about their motivations and persuasive strategies, the obstacles they faced and how they overcame them as well as broader implications of SI for financial markets. The following key categories inform the results and the discussion: Values; Conservatism, Antipathy and Incredulity; Optimism and Sympathy from Insiders; The Social and Political Context; The Business Case; Organisational Constraints; Inappropriate forms of Remuneration; Short-termism; The Nature of Capitalism. Three discourses were also identified. The first is the necessity to make a business case for SI; the second is the benefits that SI can bring to the quest of overcoming short-termism; the third is a belief that for SI to have a significant influence, greater government intervention is required. (shrink)

An investigation of public support for coastal adaptation options and public finance options in Florida evaluated stakeholder judgments and how they changed through a participatory engagement process. The study found that public finance mechanisms that imposed fiscal burdens on those who directly benefit from hazard reduction were rated as more acceptable than others. Significantly, visualisations and data on local economic damage and return on investment of potential adaptation options further increased acceptability ratings. The question of whether a development fee (...) for adaptation or any other public purpose supported by private funds is a legal issue that depends on a test called the rational nexus. One concern of this article is to explore options for such fees to cover adaptation to climate change. This raises issues about the potential conflict with the community-wide and intergenerational nature of long-term adaptation. We also explore the relevance of environmental attitudes using the 'new environmental paradigm' (NEP) scale and political party affiliation. Results have implications for infrastructure improvements that require public approval for financing. (shrink)

The stage of the formation and establishment of a market economy in Georgia raises the necessity for economic science to solve fundamentally different problems concerning the improvement of the investment environment and investment climate in national economy. After the collapse of the former Soviet Union, the replacement with new relationships has been quite difficult and painful in which foreign investments should play a crucial role. Issues to be discussed include the questions that explore some of the categories (...) and the constraints of the investment climate. All this leads to the relevance of the article and, therefore, determines the purpose of the article. The research process uses general dialectical methods of socio-economic research as well as modern methods of research of economic theory. The scientific aim of the research is to highlight the current issues of the investment environment and investment climate in economy, to study the transformation processes taking place in Georgia during the last two decades, to conduct analysis using proper methods, to show the current social and political as well as other important processes, to generalize them and to form proper opinions. Findings based on research suggest that it is possible to speed up the process of economic development of Georgia. However, the situation will remain difficult in the region and the factors causing the recession _ instability in oil prices and the weakening of the national currency against the US dollar will still be present. In conclusion, the opinion can be formed that a stable and predictable legislative process is important for the investment environment. Therefore, all the parties that may undergo the changes should be informed and involved in every project planned by the government; At present, it becomes necessary to further extend the deregulation policy, which should include the development of financial and investment sectors and support of the establishment of appropriate infrastructure, promotion of the further development of microfinance institutions, investment companies and funds, designing the system of investment insurance and stimulation, elimination of unnecessary bureaucracy and artificial barriers, etc. (shrink)

Why does climate change continue to be a forceful idea which divides people? What does this tell us about science, about culture, and about the future? Despite disagreement, how might the idea of climate change nevertheless be used creatively? In this essay I develop my investigation of these questions using four lines of argument. First, the future risks associated with human-caused climate change are severely underdetermined by science. Scientific predictions of future climates are poorly constrained; even more (...) so the consequences of such climates for evolving human socio-technological and natural ecosystems. Second, I argue that to act politically in the world, people have to pass judgments on the facts of science; facts do not speak for themselves. Third, because these judgments are different, the strategic goals of policy interventions developed in response to risks associated with future climate change are inevitably multiple and conflicting. Finally, reconciling and achieving diverse goals requires political contestation. “Moving forward” on climate change then becomes a task of investing in the discursive and procedural preconditions for an agonistic politics to work constructively, to enable ways of implementing policies when people disagree. (shrink)

Can investing in women’s agriculture increase productivity? This paper argues that it can. We assess climate and gender bias impacts on women’s production in the global South and North and challenge the male model of agricultural development to argue further that women’s farming approaches can be more sustainable. Level-based analysis (global, regional, local) draws on a literature review, including the authors’ published longitudinal field research in Ghana and the United States. Women farmers are shown to be undervalued and to (...) work harder, with fewer resources, for less compensation; gender bias challenges are shared globally while economic disparities differentiate; breaches of distributive, gender, and intergenerational justices as well as compromise of food sovereignty affect women everywhere. We conclude that investing in women’s agriculture needs more than standard approaches of capital and technology investment. Effective ‘investment’ would include systemic interventions into agricultural policy, governance, education, and industry; be directed at men as well as women; and use gender metrics, for example, quotas, budgets, vulnerability and impacts assessments, to generate assessment reports and track gender parity in agriculture. Increasing women’s access, capacity, and productivity cannot succeed without men’s awareness and proactivity. Systemic change can increase productivity and sustainability. (shrink)

Abstract:Designers whose projects are inspired by a community’s unique sense of spatial identity often focus on a site’s observable context, i.e. historic forms and surface aesthetics. Focus on typological components, however, overlooks generative relationships between the phenomenology of place and human energy investment. Recognizing Kubler’s dictum that material history is an observable continuum then, at its most fundamental level, the history of spatial production is the history of energy use. For most of human history, place was a unique socio-cultural (...) expression because it fused energy expenditure with site-specific conditions, including climate, topography and materials. This paper introduces the concept of burden distance, the distance needed to travel to material sources and bring them back from origin points to their place of use. This proposed concept parallels Walter Christaller’s Central Place Theory idea of “range,” but applied in terms phenomenological implications of energy investment and placemaking. Understanding burden distance and its role in placemaking, is an important step in identifying why built environments have a spatial specificity that contributes to mitigate spatial alienation and instead root people to their built environment. (shrink)

This commentary explores the potential consequence of latent racial formation in emergent climate finance data projects and draws from ethnographic research on climate finance governance conducted in Fiji. Climate finance data projects emerging in the Pacific aim to ease the flow of finance from the Global North to the South. These emergent data projects, such as renewable energy resource availability and investment mapping, are imbedded in the climate finance organizations that fund, develop, and use them. (...) Thus, the commentary explores climate finance organizations through the lens of Ray’s theory of racial organizations, highlighting the ways in which important climate-related resources are mediated through racial and colonial schemas. The racial mediation of two key resources are spotlighted in this discussion: the finance itself and knowledge. Given that the Pacific region is at the coalface of climate change’s existential effects, the just allocation of resources is imperative. In interrogating the ways in which emergent data projects may deny these resources based on hidden racial schemas, the paper cautions against new and old forms of colonization that may be mobilized through even well-meaning techno-benevolent fixes. (shrink)

[First paragraph]: On Wednesday, June 8, 2011, UK’s The Guardian reported that numerous US universities including Harvard and Vanderbilt were invested in companies that were buying large tracts of African farmland and kicking off the indigenous farmers in order for their employees (mostly non-Africans) to grow cash crops to sell to Europe.1 Harms associated with this land-grabbing include, in addition to the evictions themselves, corruption among African governments and among absentee African land owners, increased food prices, and accelerated climate (...) change. (shrink)

Behaviour change via monetary investments is a way to fighting climate change. Prior research has investigated the role of climate-change investments using a Collective-Risk-Social-Dilemma game, where players have to collectively reach a target by contributing to a climate fund; failing which they lose their investments with a probability. However, little is known on how variability in the availability of information about players’ investments influences investment decisions in CRSD. In an experiment involving CRSD, 480 participants were randomly (...) assigned to different conditions that differed in the availability of investment information among players. Half of the players possessed a higher starting endowment compared to other players. Results revealed that investments against climate change were higher when investment information was available to all players compared to when this information was available only to a few players or to no one. Similarly, investments were higher among rich players compared to poor players when information was available among all players compared to when it was available only to a few players or to no one. Again, the average investment was significantly greater compared to the Nash investment when investment information was available to all players compared to when this information was available only to a few players or to no one. We highlight some implications of our laboratory experiment for human decision-making against climate change. (shrink)

Effective public policy to mitigate climate change footprints should build on data-driven analysis of firm-level strategies. This article’s conceptual approach augments the resource-based view of the firm and identifies investments in four firm-level resource domains to develop capabilities in climate change impact mitigation. The authors denote the resulting framework as the GISTe model, which frames their analysis and public policy recommendations. This research uses the 2008 Carbon Disclosure Project database, with high-quality information on firm-level climate change strategies (...) for 552 companies from North America and Europe. In contrast to the widely accepted myth that European firms are performing better than North American ones, the authors find a different result. Many firms, whether European or North American, do not just “talk” about climate change impact mitigation, but actually do “walk the talk.” European firms appear to be better than their North American counterparts in “walk I,” denoting attention to governance, information management, and systems. But when it comes down to “walk II,” meaning actual Technology-related investments, North American firms’ performance is equal or superior to that of the European companies. The authors formulate public policy recommendations to accelerate firm-level, sector-level, and cluster-level implementation of climate change strategies. (shrink)

Responding to the climate crisis requires social and economic innovation—because climate change is a symptom of patriarchal capitalist systems that are concentrating—rather than distributing—wealth and power. Despite the need for social and economic innovation, technological innovation continues to be prioritized in climate policy and climate investments. This paper reviews the dangers of technological optimism in climate policy by exploring its links to patriarchal systems and masculinity. The disproportionate focus on science and technology emerges from and (...) reinforces “climate isolationism,” a term that I use to refer to the common framing of climate change as an isolated discrete, scientific problem in need of technological solutions. This framing stems from assumptions of patriarchal white-male conceptions of privilege and power that evolve from a colonizing and controlling mindset. Masculine technological optimism is dangerous because it is exclusive, it minimizes the need for social change and social innovation, and it is ineffective in catalyzing inclusive societal transformation. This paper argues that embracing feminist, antiracist values is necessary for transformative climate policies, economic justice, and climate justice. (shrink)

This book illustrates the impact that a focus on environmental and social issues has on both de-risking assets and fostering innovation. Including impact as a new cornerstone of the investment triangle requires investors and clients to align interests and values and understand needs. This alignment process functions as a catalyst for transforming organizational culture within an organization and therefore initiates the external impact of the organization, but also its internal transformation, which in turn escalates the creation of impact. Describing (...) how culture is the social glue permeating all disciplines of an organization, the book demonstrates how organizational alignment can be achieved in order to allow strategic speed, innovation and learning, and provides examples of how impact can be achieved and staff mobilized It particularly focuses on impact investing, impact entrepreneurship, innovation, de-risking asset, green investment solutions and investor movements to counteract climate change and implementing the United Nations Sustainable Development Goals, highlighting culture, communication, and strategy. (shrink)

In recent years, there has been an intense public debate about whether and, if so, to what extent investments in nuclear energy should be part of strategies to mitigate climate change. Here, we address this question from an ethical perspective, evaluating different strategies of energy system development in terms of three ethical criteria, which will differentially appeal to proponents of different normative ethical frameworks. Starting from a standard analysis of climate change as arising from an intergenerational collective action (...) problem, we evaluate whether contributions from nuclear energy will, on expectation, increase the likelihood of successfully phasing out fossil fuels in time to avert dangerous global warming. For many socio-economic and geographic contexts, our review of the energy system modeling literature suggests the answer to this question is “yes.” We conclude that, from the point of view of climate change mitigation, investments in nuclear energy as part of a broader energy portfolio will be ethically required to minimize the risks of decarbonization failure, and thus the tail risks of catastrophic global warming. Finally, using a sensitivity analysis, we consider which other aspects of nuclear energy deployment, apart from climate change, have the potential to overturn the ultimate ethical verdict on investments in nuclear energy. Out of several potential considerations, we suggest that its potential interplay — whether beneficial or adverse — with the proliferation of nuclear weapons is the most plausible candidate. (shrink)

This paper examines the broad social purpose of US climate science, which has benefitted from a public investment of more than $30 billion over the last 20 years. A public values analysis identifies five core public values that underpin the interagency program. Drawing from interviews, meeting observations, and document analysis, I examine the decision processes and institutional structures that lead to the implementation of climate science policy, and identify a variety of public values failures accommodated by this (...) system. In contrast to other cases which find market values frameworks (the profit as progress assumption) at the root of public values failures, this case shows how science values ( knowledge as progress ) may serve as an inadequate or inappropriate basis for achieving broader public values. For both institutions and individual decision makers, the logic linking science to societal benefit is generally incomplete, incoherent, and tends to conflate intrinsic and instrumental values. I argue that to be successful with respect to its motivating public values, the US climate science enterprise must avoid the assumption that any advance in knowledge is inherently good, and offer a clearer account of the kinds of research and knowledge advance likely to generate desirable social outcomes. (shrink)

One aim of this essay is to understand why white evangelical Christians, more than any other religious adherents in the United States, are deeply invested in denying the emergency of anthropogenic climate change and in obstructing action to address anthropogenic climate change. Michael S. Hogue, in his recent book, American Immanence, blames a religious imaginary he names the “redeemer symbolic.” This symbolic complex inspires the devotion of the politically powerful white evangelical Christian and nationalist movement in the United (...) States at the present time. A second aim of the essay is to analyze the redeemer symbolic. Through a reading of Maurice Sendak’s much-loved illustrated children’s book, Where the Wild Things Are, the essay suggests that U.S. white evangelical devotees of the redeemer symbolic share a kind of inability to come to terms with a vital and ineliminable wildness in persons and cultures; further, that this inability correlates with a political-theological failure, even refusal, to grasp the emergency of anthropogenic climate change. The essay first explicates the redeemer symbolic, with a particular focus on its implication in the legitimation of climate skepticism. Then, with the aid of key concepts from the psychoanalytic theory of D.W. Winnicott, it interprets the story of Max, the protagonist in Where the Wild Things Are, as a fable of healthy development of what Winnicott calls “transitional space” and a related “capacity to be alone.” Unsuccessful development of those resources, it is suggested, contributes to an account of why adherents of the redeemer symbolic typically refuse wildness and thus may be prone to climate negligence. More importantly, though, recognizing the cultural-psychological importance of “wild things” may help fire imaginative ways around the obstructiveness of the redeemer symbolic, to more effectively address climate change in particular, and human well-being in nature in general. (shrink)

This paper explores the relationship between farmland investment and environmental uncertainty. It examines how farmland investors seek to “render land investible” in spite of drought, groundwater depletion, and changing regulations. To do so, we analyze a single case study: the purchase of 8000 acres of dry rangeland in California’s Cuyama Valley by the Harvard University endowment for use in creating an irrigated vineyard. Drawing from interviews with Cuyama Valley farmers and community members, participant observation at community meetings, and public (...) document analysis, we make two primary contributions to understandings of uncertain resource materiality in farmland investment. First, this case reveals that investors can turn environmental uncertainty into an advantage, exploiting both the temporal uncertainties associated with resource management under climate change and the spatial uncertainties inherent to all subsurface resources. We argue that the material and legal uncertainties of groundwater access provide investors with a potentially lucrative opening to assert their preferred land imaginaries and improve their property values. In the Cuyama Valley they did so through both participation in groundwater governance and the establishment of water-related infrastructure on their property. Second, this case highlights that the asset-making processes involved in farmland investment may be as much vertical as they are horizontal. The need to map and measure the uncertain vertical dimension of land creates an outsized role for scientific expertise in farmland assetization. (shrink)

Migrations from rural to urban areas do not occur equitably. Food, economic, and health systems are strained by this global rural–urban transformation. Climate change exacerbates agricultural shifts and biodiversity loss. The fields of social entrepreneurship and social innovation address these systemic inequities by re-envisioning challenges as opportunities for positive change. Innovative finance models emerge in support of such initiatives. Despite this transformative potential, social innovators face significant challenges when mobilizing resources, and when moving beyond niche endeavors to scale impacts (...) that facilitate systemic change. This article engages in a sensemaking exercise: we review literature on social entrepreneurship and innovative finance, and report outcomes from a participatory symposium in China with a variety of ecosystem stakeholders. The results presented in this paper help clarify the space and offer next steps for theorists, social entrepreneurs, non-governmental organizations, development agencies, policymakers and investors. (shrink)

Manuscript type Empirical. Research question/issue This paper aims to contribute to an improved theoretical and empirical understanding of the role that corporation has to play in anticorruption efforts. Research findings/insights Using cross-country data from three databases (Bribe Payers Index, Corruption Perceptions Index, and Doing Business) we found that pro-bribery Investment Climate conditions in host countries are not related to the payments of bribes by multinational companies when these corporations operate abroad. Theoretical/academic implications After describing the conceptual and policy (...) framework that surrounds the discussion on the role played by firms in anticorruption, we present the current debate regarding the effectiveness of international bribery control instruments, with the World Bank-GAC (2006-2008) report as a basis. Both literature and policy seem to be divided into two main, although not mutually exclusive, positions: one demands improvements in Investment Climate conditions from a joint public-private consensus led by international agencies; the other one supports the effectiveness of self-regulation by firms, independent of Investment Climate improvements. The study provides empirical support to the idea that a better Investment Climate is not enough for reducing corrup tion. Practitioner/policy implications This study offers insights to policy makers interested in promoting the involvement of corporations in the fight against corruption. (shrink)

This article looks at how imaginaries of land and climate play a role in farmland investment discourses and practices. Foreign farmland investors in the fertile black earth region of Russia and Ukraine have ‘celebrated’ soil fertility while largely ignoring climatic factors. The article shows a centuries-long history of outsiders coming to the region lured by the fertile soils, while grossly underestimating climate which has had disastrous implications for farm viability and the environment. Comparisons with historical and contemporary (...) literature on other regions suggest that the underestimation of climatic risks by newcomers is remarkably prevalent in resource frontiers. (shrink)

Overestimation of one’s ability to argue their position on socio-political issues may partially underlie the current climate of political extremism in the U.S. Yet very little is known about what factors influence overestimation in argumentation of socio-political issues. Across three experiments, emotional investment substantially increased participants’ overestimation. Potential confounding factors like topic complexity and familiarity were ruled out as alternative explanations. Belief-based cues were established as a mechanism underlying the relationship between emotional investment and overestimation in a (...) measurement-of-mediation and manipulation-of-mediator design. Representing a new bias blind spot, participants believed emotional investment helps them argue better than it helps others ; where in reality emotional investment harmed or had no effect on argument quality. These studies highlight misguided beliefs about emotional investment as a factor underlying metacognitive miscalibration in the context of socio-political issues. (shrink)

This chapter examines the rapidly developing global institutional frameworks for corporate sustainability occurring in response to imminent climate change. Corporations need to engage fully and responsibly in the urgent tasks of adaptation and amelioration required to remedy the damage caused by their earlier externalization of the costs of emissions and other pollution and reach for the objective of eliminating future carbon emissions. Guiding and facilitating this immense paradigm shift in corporate sustainability is a vast framework of international and civil (...) institutions focusing on different elements of the transformation process. The resulting widening scope of corporate directors’ duties in this more dangerous context is considered. Finally, the remarkable burgeoning of international institutions and agencies advising and monitoring corporations on climate change, carbon disclosure, responsible investment, and integrated reporting are examined. Collectively, this huge and multifaceted effort by both business and civil society, by all the agencies and initiatives discussed, represents a great advance in the campaign for corporate environmental, social, and governance responsibility. The ideals manifested are often exemplary, and whatever weaknesses and limitations revealed in the complex challenges these initiatives face, in aggregate, the initiatives do represent a significant institutional development in the cause of corporate responsibility. (shrink)

This article focuses on Guyanese efforts in the ​postcolonial present to address environmental issues that have become increasingly complex in the face of an awareness of climate change. It opens with an account of how the preservation of Indigenous forests contributes to international efforts to reduce carbon, while making visible the instability that the discovery of oil and gas reserves in the seabed might portend for the Guyanese economy. Specifically, the article examines how engineers have historically confronted settler-colonial discourses (...) about terra nullius unfold as they invest in sea defense. In doing so, the article foregrounds what engineers call slips—the slow or sudden displacement of a sea defense’s structural foundation. Slips are phenomena of energy conversion between land and sea. Rather than arguing for the claims of the pre-Anthropocene earth, the article suggests how many factors are in play in developing policy in the present, in an era of heightened awareness of the different forces in a changing climate. (shrink)

This article critically evaluates the process of technology transfer from developed to developing countries. It considers market-based policies contained in the United Nations Framework Convention on Climate Change, which are proposed as tools to promote the transfer of technologies that can abate greenhouse gas emissions contributing to climate change. It uses the case of India to exemplify the conditions that exist and issues that arise in a rapidly developing country that is a recipient of such investments. It contests (...) the claim that such market-based strategies embodied in the present climate policy framework can facilitate the transfer of technologies that offer ecologically sustainable and socially equitable solutions for developing countries. (shrink)

In this article it is proved the necessity of forming and monitoring the investment policy. The main task of investment policy's monitoring are the organization of continuous observation of the object of study, formation of informative indicators; assessment and analysis of the information received, forecasting development and providing recommendations to avoid or reduce adverse effects on the object of study. It is proved that a monitoring system should include investment and provide flexibility and adaptability tools. There is (...) studied foreign experience of monitoring investment climate and defined principles of monitoring systems in accordance with the concept of sustainable development for an effective system of monitoring investment policy. The system of investment policy's monitoring as is a set of multiple monitoring systems, the implementation of which will accelerate the implementation of sustainable development in the domestic financial system. (shrink)

The purpose of the study is to study the theoretical foundations of the business activity of the enterprise and develop measures to improve it on this basis. The article discusses the theoretical aspects of transformation, regulation and increase of business activity of economic entities. The analysis of the business activity of the enterprise reflects a systematic assessment of the efficiency of the use by the business entity of its resources, which ensures the achievement of positive results and the creation of (...) a favorable investment climate, maintaining a stable financial condition and constant expansion and growth of production and sales volumes. The scientific novelty lies in the development and refinement of theoretical provisions and the definition of directions for increasing the business activity of small businesses. As a result, the main directions of increasing business activity have been identified. (shrink)

Investments in mitigating climate change have their greatest environmental impact over the long-term. As a consequence the incentives to invest in cutting greenhouse gas emissions today appear to be weak. In response to this challenge there has been increasing attention given to the idea that current generations can be motivated to start financing mitigation at much higher levels today by shifting these costs to the future through national debt. Shifting costs to the future in this way benefits future generations (...) by breaking existing patterns of delaying large-scale investment in low-carbon energy and efficiency. As we will see in this chapter, it does appear to be technically feasible to transfer the costs of investments made today to the future in such a way that people alive today do not incur any net cost (e.g. Foley, 2009; Rendall, 2011; Broome, 2012; Rezai et al., 2012; Rozenberg et al., 2013). The basic idea then is that governments can break current patterns of delaying mitigation investments by ensuring that their existing constituents do not need to make significant sacrifices. -/- The normative argument that we should finance mitigation by ‘borrowing from the future’ can be advanced in two general ways. The first is based on the empirical prediction that we will continue to see a pattern of very weak motivation among current generations to accept short-term mitigation costs. Thus, unless it becomes economically beneficial over the short-term to markedly increase investments in low-carbon energy and efficiency we should not expect to see sufficient investment to avoid dangerous levels of global warming. On this view finding a way to pass on the costs of mitigation to future generations is an imperfect solution to the problem of weak moral motivation today but much better than the status-quo (Broome, 2012, 37-48). On the second view, because we have good reason to expect that people in the future will be wealthier than people today (at least over the next century or so) and because the benefits of mitigation largely benefit people in the future, passing on most of the costs of mitigation to the future is actually a fair way to distribute these costs (Rendall, 2011). Notice that the second view is not dependent on the empirical premise that people today will not be motivated to make sufficient short-term sacrifices, although the problem of motivating the present will give additional support to the argument for redistributing costs to the future. -/- In this chapter I focus on the implications of the first approach. Specifically, the aim of this chapter is to take seriously the possibility that climate change has produced an extremely intractable political problem and that we must now consider strong measures that can break existing patterns of delaying mitigation. I defend the claim that if climate change involves a stark conflict of interests between current and future generations, then borrowing from the future would be both strategically and normatively much better than the status quo. However, I nevertheless challenge the borrowing from the future proposal on the grounds that it is not in fact the powerful tool for motivating existing agents that its proponents imagine it to be. The purpose of developing this critical argument is not, however, simply to throw doubt onto the idea of borrowing from the future. -/- Debt financing climate mitigation is a form of intergenerational buck-passing. In the climate ethics literature this type of buck-passing is usually viewed as deeply objectionable. As a consequence, normative theorising about climate governance tends to focus on institutional reforms that better represent the interests of future generations and inhibit buck-passing. My ultimate concern in this chapter is to argue that we cannot limit prescriptive normative theorising about climate governance to these types of reforms. If we really do find ourselves in a political context where the prospects for effective action are very poor then strategic forms of buck-passing may also make an important positive contribution to avoiding dangerous global climate change. Consequently, if debt financing is not as powerful of a motivational tool as imagined we still have strong reasons, I will argue, to identify other strategies that will change agents’ incentive structures. To this end I propose an alternative form of passing on the costs of mitigation to the future that warrants consideration. (shrink)

Investments in mitigating climate change have their greatest environmental impact over the long term. As a consequence the incentives to invest in cutting greenhouse gas emissions today appear to be weak. In response to this challenge, there has been increasing attention given to the idea that current generations can be motivated to start financing mitigation at much higher levels today by shifting these costs to the future through national debt. Shifting costs to the future in this way benefits future (...) generations by break- ing existing patterns of delaying large-scale investment in low-carbon energy and efficiency. As we will see in this chapter, it does appear to be technically feasible to transfer the costs of investments made today to the future in such a way that people alive today do not incur any net cost. the aim of this chapter is to take seriously the possibility that climate change has produced an extremely intractable political problem and that we must now consider strong measures that can break existing patterns of delaying mitigation. I defend the claim that if climate change involves a stark conflict of interests between current and future generations, then borrowing from the future would be both strategically and normatively much better than the status quo. Nevertheless, I challenge the borrowing from the future proposal on the grounds that it is not in fact the powerful tool for motivating existing agents that its proponents imagine it to be. The purpose of developing this critical argument is not, however, simply to throw doubt onto the idea of borrowing from the future. If we really do find ourselves in a political context where the prospects for effective action are very poor then strategic forms of buck-passing may make an important positive contribution to avoiding dangerous global cli- mate change. Consequently, if debt financing is not as powerful of a motivational tool as imagined we still have strong reasons, I will argue, to identify other strategies that will change agents’ incentive structures. To this end, I propose an alternative form of passing on the costs of mitigation to the future that warrants consideration. (shrink)

Global climate change threatens the health, economic prospects, and basic food and water sources of people. A wide range of changes in household energy behaviour is needed to realise a sustainable energy transition. We propose a general framework to understand and encourage sustainable energy behaviours, comprising four key issues. First, we need to identify which behaviours need to be changed. A sustainable energy transition involves changes in a wide range of energy behaviours, including the adoption of sustainable energy sources (...) and energy-efficient technology, investments in energy efficiency measures in buildings, and changes in direct and indirect energy use behaviour. Second, we need to understand which factors underlie these different types of sustainable energy behaviours. We discuss three main factors that influence sustainable energy behaviours: knowledge, motivations, and contextual factors. Third, we need to test the effects of interventions aimed to promote sustainable energy behaviours. Interventions can be aimed at changing the actual costs and benefits of behaviour, or at changing people’s perceptions and evaluations of different costs and benefits of behavioural options. Fourth, it is important to understand which factors affect the acceptability of energy policies and energy systems changes. We discuss important findings from psychological studies on these four topics, and propose a research agenda to further explore these topics. We emphasise the need of an integrated approach in studying the human dimensions of a sustainable energy transition that increases our understanding of which general factors affect a wide range of energy behaviours as well as the acceptability of different energy policies and energy system changes. (shrink)

The United States is an outlier among nations in its failure to adopt robust climate policy. The underlying cause is not unique to the climate issue. Climate, like growing national debt, embodies a trade‐off between individual consumption now versus investment yielding long‐term societal gain. Over human history, social norms favoring one over the other wax and wane with the pervasiveness of transcendental values as embodied in personal virtue, social connectedness, spirituality, and religious faith. Over the past (...) few decades, many indicators show that American social norms and extended cooperation have weakened. Given entrenched political corruption and continuing institutional failure to address multiple long‐term societal challenges, individuals are called upon personally to practice and to enforce pro‐social norms and to advance high‐leverage systemic changes, some identified in this article, which will allow extended cooperation to once again flourish. (shrink)

This paper puts forward two claims about funding carbon capture and storage. The first claim is that there are moral justifications supporting strategic investment into CO2 storage from global and regional perspectives. One argument draws on the empirical evidence which suggests carbon capture and storage would play a significant role in a portfolio of global solutions to climate change; the other draws on Rawls' notion of legitimate expectations and Moellendorf's Anti-Poverty principle. The second claim is that where to (...) pursue this strategic investment poses a morally non-trivial problem, with considerations like near-term global distributive justice and undermining legitimate expectations favouring investing in developing regions, especially in Asia, and considerations like long-term climate impacts and best uses of resources favouring investing in the relatively wealthy regions that have the best prospects for successful storage development. [Open access]. (shrink)

Background Encounters of moral distress have long-term consequences on healthcare workers’ physical and mental health, leading to job dissatisfaction, reduced patient care, and high levels of burnout, exhaustion, and intentions to quit. Yet, research on approaches to ameliorate moral distress across the health workforce is limited. Research Objective The aim of our study was to qualitatively explore multi-professional perspectives of healthcare social workers, chaplains, and patient liaisons on ways to reduce moral distress and heighten well-being at a southern U.S. academic (...) medical center. Participants & Research Context Purposive sampling and chain-referral methods assisted with recruitment through hospital listservs, staff meetings, and newsletters. Interested participants contacted the principal investigator and all interviews were conducted in-person. Consent was attained prior to interviews. All interviews were recorded and transcribed verbatim. Research Design Directed content analysis was used to deductively organize codes and to develop themes in conjunction with the National Academy of Medicine’s National Plan for Health Workforce Well-Being. Rigor was attained through peer-debriefing, data triangulation methods, and frequent research team meetings. Ethical Considerations Ethics approval was obtained from the university and medical center institutional review boards. Findings Themes demonstrate that rather than offering interventions in the aftermath of moral distress, multilevel daily practices ought to be considered that pre-emptively identify and reduce morally distressing encounters through (1) the care team, (2) management and leadership, and (3) the health care industry. Strategies include interdisciplinary decision-making, trusting managerial relationships, and organizational policies and practices that explicitly invest in mental health promotion and diverse leadership opportunities. Conclusion Moral distress interventions ought to target short-term stress reactions while also addressing the long-term impacts of moral residue. Health systems must financially commit to an ethical workplace culture that explicitly values mental health and well-being. (shrink)

Businesses and governments in postcolonial countries frame investments in wind energy as efforts to address climate change and sustainable development. However, when wind energy projects encroach on indigenous peoples’ lives and land, there is often a lack of recognition and participation of these peoples and an unequal distribution of cost and benefits of such projects toward them, which leads to opposition against wind energy projects and often triggers conflicts for justice. Worryingly, such conditions have repeatedly resulted in the assassination (...) of human rights defenders, which further inflames the conflict. Herein, I discuss these concepts based on a longitudinal study centered on a wind energy project in Oaxaca, Mexico, with the aim of exploring and understanding the conditions under which wind energy investments fail to respect current laws and norms, as well as the consequences of such negligence. My in-depth analysis of the actions of the government, businesses, and indigenous peoples revealed a phenomenon that is less discussed in environmental justice research: the gradual and continuous transformation of indigenous peoples’ norms and behaviors away from their traditional economic and cultural livelihoods. This phenomenon helps to extend the conceptual understanding of environmental justice with regard to social turbulence, which is defined as the unpredictable behavior of political and social systems in contexts in which existing laws, regulations, and norms regarding environmental justice are not observed. The concept of social turbulence of environmental justice helps to explain how indigenous peoples sacrifice their territories, norms, and traditions to a technical solution to climate change and sustainable development. (shrink)

The view from inside improves our understanding on market failure and regulation failure in financial market. The EMH fails to understand the causes of financial bubbles and crashes. Behavioral finance introduces insight from psychology. The heuristic and biases approach studied behavioral asymmetry in static environment that leads to market irrationality and information distortion. The fast and frugal thinking in decision-making further explore more complex situation under changing environment. They argue that soft-paternalistic regulation is needed under information overload. The most critical (...) issue is information uncertainty and complexity. Lacking information in frequency domain is the main barrier in managing business cycles. Data form inside reveals current limitations of financial data mainly in the short-term price changes. Microstructure studies show that pricing process is shaped by trading rules. Quantitative analysis reveals severe instability in high frequency trading and derivative market. Feasible regulation should aim to encourage new technology and sustainable growth, rather than protect obsolete technology and short-term speculation. The most fundamental challenge to sustainable economic order is the excessive size of the derivative markets that crowding out investment in real economy. This is a more severe issue than the climate change. (shrink)

Sustainable development is often framed as a social issue to which corporations should pay attention because it offers both opportunities and challenges. Through the use of institutional theory and the resource-based view of the firm, we shed some light on why, more than 20 years after sustainable development was first introduced, we see neither the adoption of this business model as dominant nor its converse, that is the total abandonment of the model as unworkable and unprofitable. We focus on multinational (...) corporations (MNCs) because they were among the organizations first called to take action. In order to illustrate the institutional pressures MNCs face and their strategic response to these pressures, we analysed four major oil and gas multinationals subject to similar sustainable development pressures – climate change, biodiversity, renewable energy development and social investment. We argue that normative and coercive isomorphism does not occur at the global level because sustainable development is largely a stakeholder-driven rather than a broad social pressure. That is, host country interpretation of sustainable development pressures varies across an MNC’s subsidiary network. Based on the analysis of the four major MNCs’ annual reports from 2000 to 2005, we argue that mimetic isomorphism may occur, but since it implies the use of complex and intangible resources, mimetic processes are slow, rare and discretionary. (shrink)

Industrial animal agriculture is a significant driver of climate change, habitat loss, and the ongoing extinction crisis, all of which will continue to accelerate as global demand for animal products grows. Plant-based alternatives to animal products, which have existed for over a thousand years, offer a potential solution to this problem, as the intersection of recent technological innovation and shifting capital investment trends have ushered in a new era of alternative proteins that are redefining food categories like meat, (...) eggs, and milk. To better understand these evolving food forms, their attendant technologies, and the opportunities they afford for ameliorating the impacts of industrial animal farming, this article provides a genealogy of plant-based alternative proteins, with a particular focus on the current era and the role that design principles like biomimicry and skeuomorphism play in reproducing the organoleptic properties (the sensorial, experiential aspects) of animal products. Comparing the alternative protein market to other markets in which more sustainable foods and energy have failed to displace their environmentally destructive counterparts, it concludes by considering if whether creating novel new protein forms, rather than imitating conventional animal products, may afford a more promising path toward transformation of the food system. (shrink)

The worldwide variation in mating strategies can be explained by differential paternal investment theory, which traces the differences back to the climates where the various peoples (races) evolved. Male provisioning is necessary for women and children to survive cold winters, which is less essential for tropical women. Androstenone may be the substance that makes symmetrical men smell better to fertile females.

This present study tries to encircle the image of King Leopold III as it was fashioned by public opinion during the occupation. It excludes the collaborationist movements and the exiled Belgians in London. Different sources have been interrogated : reports on public opinion destinated to the Cabinet-in-exile in London, available diaries and most of all underground leafl,ets and newspapers.The public opinion underwent a strong evolution from 1940 till 1944 and changed according to social classes. The author particularly describes some significant (...) moments: the surrender of the army, the King's marriage, the forced labour. After a highly pronounced admiration during 1940, a very clear turn is already palpable at the end of 1941. This reverse is due to regained confidence in democracy. It translates the refusalof dictatorial projects formulated in certain circles, intending to invest the King with absolute power in a corporative society, which should be rid of parliament and political parties. The image of the Royal prisoner of war received a decisive blow by his marriage. This deconsacration was reinforced by the germanophile sentiments, imputed to His court,and by the royal silence kept about some methods of the occupational power.The Church however proved to be a resolute defender of the King. On the other hand, Flanders and Wallonia react differently. At Liège, the hostility even spreads among some christian-democratic circles.Gradually the Royal Question, which has agitated the opinion from 1940-1942, fades away, and the deportation of Leopold III took place in a climate of indifference.However, not a single authorized voice of the underground movement demands the retirement of the King at the moment of the liberation. For all groups and parties it remains an open question, their only wish being to obtain explanations.Thus, the Royal Question, based on the positions adopted during the occupation, can only be explained by the circumstances which happened after the war. (shrink)

Many years have passed since the first liberalization processes in the electricity sectors the in European Union that were performed in order to establish a single market for electricity. In practice, convergence between neighbouring market areas was established mainly between the Member States in Central-Western Europe, while other countries have allowed for only limited levels of competition. As a consequence, many market areas remain illiquid and consumers pay relatively higher prices for the energy they consume. The final bill is further (...) increased through financing the increasingly ambitious climate agenda, gradually leading to social opposition against ever-growing prices. The aim of this article is to provide examples of differences in market functioning in Member States, leading to discrepancies in average energy costs for end consumers. The consequences of different levels of market concentration, infrastructure investments and renewable generation subsidization are analysed using publicly available statistics. Careful literature review is also performed before the conclusions are presented. (shrink)

This paper summarises the author 's doctoral research on the development of interpersonal/interorganisational trust in relationships between expatriate and Russian staff working in east‐west enterprises in Russia. There is strong evidence from a variety of researchers to suggest that in order for western businesses investing in Russia to succeed, the dif.cult process of building trust needs to be understood and managed since in the Russian business climate western standards and norms of ethical business have not yet been established. According (...) to research.ndings, western investors doing business in Russia and the long‐term, personal trust that characterises family and friend relationships more congenial and more productive than formal, arm's‐length contacts and contracts. In such a context, it becomes important to identify what creates and destroys trust in the post‐Soviet business environment. This paper describes the causal factors leading to trust or lack of trust in relationships within western‐invested strategic alliances in Russia. The key relationship under consideration is the one between expatriate western staff and managers seconded to the venture on the one hand, and their local Russian staff, counterparts and superiors on the other. (shrink)