Financeirização, meio ambiente e valores

Autores

DOI:

https://doi.org/10.52780/res.v28iesp.2.18156

Palavras-chave:

Financeirização, Finanças verdes, ESG, Ativismo ambiental

Resumo

A mobilização de recursos financeiros para contribuir com os programas de combate a emergências ambientais é caracterizada por iniciativas voluntárias e gerenciamento de riscos regulatórios.  As iniciativas voluntárias tendem a ser orientadas pelo mercado e lideradas pelas Nações Unidas e estão cada vez mais organizadas sob a estrutura Ambiental, Societal e de Governança (ESG – Sigla em inglês). Os bancos centrais, por outro lado, impulsionam uma pressão regulatória para tornar o sistema financeiro estável na transição para uma economia de baixo carbono. Ambas as tendências representam uma abordagem financeirizada dos riscos climáticos e ambientais. Este artigo apresentará uma perspectiva alternativa sobre a financeirização da natureza, repensando criticamente a agenda de riscos climáticos dos bancos centrais e as tecnologias ambientais, sociais e de governança (ESG) aprovadas pelas Nações Unidas que criam um simulacro ambiental nos mercados de capitais. Este documento propõe uma agenda de pesquisa ativista inspirada no trabalho do filósofo Serres sobre a natureza e nas reflexões artísticas sobre o meio ambiente.

Downloads

Não há dados estatísticos.

Biografia do Autor

Ismail Ertürk, Univeristy of Manchester

Professor Sênior em Bancos e Diretor de Programas Bancários.

Referências

Abolafia, Mitchel Y. "Central banking and the triumph of technical rationality." In The Oxford Handbook of the Sociology of Finance, edited by Karin Knorr Cetina and Alex Preda, 94-114. Oxon: Oxford University Press

Adolph, Christopher. Bankers, bureaucrats, and central bank politics: The myth of neutrality. Cambridge: Cambridge University Press, 2013.

Agnew, Harriet, Adrienne Klasa and Simon Mundy. “How ESG investing came to a reckoning.” Financial Times. June 6, 2022. https://www.ft.com/content/5ec1dfcf-eea3-42af-aea2-19d739ef8a55

Allen, John, and Michael Pryke. "Financialising household water: Thames Water, MEIF, and ‘ring-fenced’politics." Cambridge Journal of Regions, Economy and Society 6, no. 3 (2013): 419-439.

Bank of England. “The 2021 biennial exploratory scenario on the financial risks from climate change.” Accessed February 20, 2022. https://www.bankofengland.co.uk/-/media/boe/files/paper/2019/the-2021-biennial-exploratory-scenario-on-the-financial-risks-from-climate-change.pdf

Bennett, Tony. “Putting policy into cultural studies”. In Cultural studies, edited by Lawrence Grossberg, Cary Nelson and Paula Treicher, 23-37, New York: Routledge,1992.

Berg, Florian, Julian F. Koelbel, and Roberto Rigobon. "Aggregate confusion: The divergence of ESG ratings." Forthcoming Review of Finance (2019). https://ssrn.com/abstract=3438533

Bracking, Sarah. "Financialisation, climate finance, and the calculative challenges of managing environmental change." Antipode 51, no. 3 (2019): 709-729.

Bracking, Sarah. “Financialization and the environmental frontier.” in The Routledge International Handbook of Financialization, edited by Mader, Philip, Daniel Mertens, and Natascha Van der Zwan, 213-223. Oxon: Routledge, 2020

Calvello, Angelo.. Environmental alpha: Institutional investors and climate change. Hoboken, NJ: Wiley, 2009.

Carney, M. (29 September 2015) “The Tragedy of Horizon” Speech given at Lloyd’s of London, available at: https://www.bankofengland.co.uk/speech/2015/breaking-the-tragedy-of-the-horizon-climate-change-and-financial-stability

Carney, Mark, François Villeroy de Galhau and Frank Elderson. “The financial sector must be at the heart of tackling climate change”. The Guardian. April 17, 2019. https://www.theguardian.com/commentisfree/2019/apr/17/the-financial-sector-must-be-at-the-heart-of-tackling-climate-change

Christophers, Brett. "The limits to financialization." Dialogues in human geography 5, no. 2 (2015): 183-200.

Christophers, Brett. "Environmental beta or how institutional investors think about climate change and fossil fuel risk." Annals of the American Association of Geographers 109, no. 3 (2019): 754-774.

Credit Suisse. “Finding Alpha in ESG.” Accessed June 12, 2021. https://www.msci.com/what-is-esg

Dempsey, Jessica. “The Financialization of Nature Conservation?” In Money and finance after the crisis: Critical thinking for uncertain times, edited by Christophers, Brett, Andrew Leyshon, and Geoff Mann, 191-216. Chichester: John Wiley & Sons, 2017.

Edgecliffe-Johnson, Andrew. “Unilever chief admits Kraft Heinz bid forced compromises”, Financial Times. February 27. 2018. https://www.ft.com/content/ea0218ce-1be0-11e8-aaca-4574d7dabfb6

Engelen, Ewald, Ismail Erturk, Julie Froud, Adam Leaver, and Karel Williams. "Reconceptualizing financial innovation: frame, conjuncture and bricolage." Economy and Society 39, no. 1 (2010): 33-63.

Erturk, Ismail. "Shadow banking: a story of the Doppelgänger (the Double) in science of finance." Journal of cultural economy 10, no. 4 (2017): 377-392.

Ertürk, Ismail. “Shareholder Primacy and Corporate Financialization.” In The Routledge International Handbook of Financialization, edited by Mader, Philip, Daniel Mertens, and Natascha Van der Zwan, 43-55. Oxon: Routledge, 2020

Fink, Larry. “Larry Fink’s Annual Letter to CEOs: A Sense of Purpose”. Accessed May 6, 2022. https://www.blackrock.com/hk/en/insights/larry-fink-ceo-letter

Fligstein, Neil, and Taekjin Shin. "Shareholder Value and the Transformation of the US Economy, 1984–2000 1." In Sociological forum, vol. 22, no. 4, pp. 399-424. Oxford, UK: Blackwell Publishing Ltd, 2007.

Friede, Gunnar, Timo Busch, and Alexander Bassen. "ESG and financial performance: aggregated evidence from more than 2000 empirical studies." Journal of sustainable finance & investment 5, no. 4 (2015): 210-233.

Georgieva, Kristalina. "The adaptive age." Finance & Development, December (2019). https://www.imf.org/external/pubs/ft/fandd/2019/12/climate-change-and-the-age-of-adaptation-georgieva.htm

Global Sustianable Investment Alliance. “2020 Global Investment Review.” Accessed May 10, 2022. http://www.gsi-alliance.org/trends-report-2020/

Hall, Marisa. “ESG: Evolution of sustainable investing and modern practice”, Accessed June 2, 2022. https://www.ipe.com/reports/special-reports/top-400-asset-managers/esg-evolution-of-sustainable-investing-and-modern-practice/10025008.article

Jolly, Jasper. “Investing in firms with better record on social issues pays, study finds.”,The Guardian. May 18, 2020. https://www.theguardian.com/business/2020/may/18/investing-in-firms-with-better-record-on-social-issues-pays-study-finds

Khalaf, Roula and Martin Arnold. “Lagarde puts green policy top of agenda in ECB bond buying.” Financial Times. July 8, 2020. https://www.ft.com/content/f776ea60-2b84-4b72-9765-2c084bff6e32

Krueger, Philipp, Zacharias Sautner, and Laura T. Starks. "The importance of climate risks for institutional investors." The Review of Financial Studies 33, no. 3 (2020): 1067-1111.

Lagoarde-Segot, Thomas, and Bernard Paranque. "Sustainability and the reconstruction of academic finance." Research in International Business and Finance 39 (2017): 657-662.

Laidlaw, Jennifer. “Barclays shareholder resolution signals investor impatience on climate risk.” S&P Global Market Intelligence. February 24, 2020. https://platform.mi.spglobal.com/web/client?auth=inherit#news/article?KeyProductLinkType=2&id=56931466

Langley, Paul. "The folds of social finance: Making markets, remaking the social." Environment and Planning A: Economy and Space 52, no. 1 (2020): 130-147.

Lazonick, William. "Innovative business models and varieties of capitalism: Financialization of the US corporation." Business history review 84, no. 4 (2010): 675-702.

Lebaron, Frédéric. "Central bankers in the contemporary global field of power: a ‘social space’approach." The Sociological Review 56, no. 1_suppl (2008): 121-144.

Loftus, Alex, and Hug March. "Financialising nature?." Geoforum 60 (2015): 172-175.

Lovelock, James. Gaia: A New Look at Life on Earth. Oxford: Oxford University Press, 2016.

MacKenzie, Donald. "Making things the same: Gases, emission rights and the politics of carbon markets." Accounting, organizations and society 34, no. 3-4 (2009): 440-455.

Mader, Philip, Daniel Mertens, and Natascha Van der Zwan. International Handbook of Financialization, Oxon: Routledge, 2020.

Marcussen, Martin (2009) “Scientization of Central Banking: The Politics of A-Politicization”, in Dyson, Kenneth & Marcussen, Martin Marcussen (eds.) Central Banks in the Age of the Euro: Europeanization, Convergence and Power 373–390

NFGS (Network for Greening the Financial System). “A call for action: Climate change as a source of financial risk.” Accessed June 10, 2022. https://www.banque-france.fr/sites/default/files/media/2019/04/17/ngfs_first_comprehensive_report_-_17042019_0.pdf

OECD. “Investment governance and the integration of environmental, social and governance factors.” Accessed May 25, 2022. https://www.oecd.org/finance/Investment-Governance-Integration-ESG-Factors.pdf

Ouma, Stefan, Leigh Johnson, and Patrick Bigger. "Rethinking the financialization of ‘nature’." Environment and Planning A: Economy and Space 50, no. 3 (2018): 500-511.

Plimmer, G. and Espinoza, J. “Thames Water: the murky structure of a utility company.” Financial Times. May 4, 2017. https://www.ft.com/content/5413ebf8-24f1-11e7-8691-d5f7e0cd0a16

Polanyi, Karl. The Great Transformation. 2nd edition.Boston: Beacon Press, 2002.

Powell, John. “ESG without the ‘S.’” Financial Times May 22, 2020. https://ftalphaville.ft.com/2020/05/21/1590056178000/ESG-without-the--S-/

Pinchot, Ariel and Giulia Christianson. “How Are Banks Doing on Sustainable Finance Commitments? Not Good Enough” World Resources Institute, October 3, 2019. https://www.wri.org/print/65739

Principles for Responsible Investment. “From Principles to Performance.” Accessed May 20, 2022. https://10.unpri.org/wp-content/uploads/2016/04/PRI-final-report_-single-pages.pdf

PRI. “PRI Annual Report 2019.” Accessed May 12, 2022. https://www.unpri.org/pri/about-the-pri/annual-report

PRI. “Signatory Update: April to June 2022”. Accessed August 6, 2022. https://www.unpri.org/signatories/signatory-resources/quarterly-signatory-update

Pryke, Michael. "Geomoney: An option on frost, going long on clouds." Geoforum 38, no. 3 (2007): 576-588.

Rainforest Action Network. “Banking on Climate Change: Fossil Fuel Finance Report 2020.” Accessed June 16, 2022. https://www.ran.org/bankingonclimatechange2020/

Serres, Michel. The natural contract. Ann Arbor: University of Michigan Press, 1995.

Tett, Gillian. “Why ESG investing makes fund managers more money”, Financial Times. July 9, 2020. https://www.ft.com/content/1cfb5e02-7ce1-4020-9c7c-624a3dd6ead9

The University of Manchester. “Strategic Priorities.” Accessed August 20, 2022. https://www.socialresponsibility.manchester.ac.uk/strategic-priorities/

Tripathy, Aneil. "Translating to risk: The legibility of climate change and nature in the green bond market." Economic Anthropology 4, no. 2 (2017): 239-250.

UNEP PI. “Principles for Responsible Banking. Accessed March 15, 2022. https://www.unepfi.org/banking/bankingprinciples/

University and College Union. “Green New Deal.” Accessed March 12, 2022. https://www.ucu.org.uk/green-new-deal

Universities Superannuation Scheme. “Task Force for Climate-related financial disclosures Report 2022.” Accessed March 12, 2022. https://www.uss.co.uk/how-we-invest/responsible-investment

Walker, Oliver. (July 7 2022) “HSBC banker quits over climate change furore”, Financial Times, July 7, 2022. https://www.ft.com/content/5ff24114-5777-4d00-a014-ad36ce948d64

Winegarden, Wayne. Environmental, Social, and Governance (ESG) Investing: An Evaluation of the Evidence. https://www.sec.gov/comments/climate-disclosure/cll12-8895812-241292.pdf

Publicado

29/12/2023

Como Citar

ERTÜRK, I. Financeirização, meio ambiente e valores. Estudos de Sociologia, Araraquara, v. 28, n. esp.2, p. e023018, 2023. DOI: 10.52780/res.v28iesp.2.18156. Disponível em: https://periodicos.fclar.unesp.br/estudos/article/view/18156. Acesso em: 27 nov. 2024.