期刊
ORGANIZATION & ENVIRONMENT
卷 32, 期 1, 页码 3-17出版社
SAGE PUBLICATIONS INC
DOI: 10.1177/1086026619831516
关键词
financial markets; climate change; low-carbon economy; theory of change
Financial markets play a major role in contributing to the transition to a low-carbon economy. Although many initiatives and developments are taking place, this is just the beginning. In this article, we argue for a theory of change-a theory rooted in logics that will help financial markets play a key role in the transition to a low-carbon economy. We argue that the current dominant logics in finance-short-termism, predictability of the future based on ex-post data, price efficiency, and risk-adjusted returns-impede the effective integration of climate considerations in financial markets. We suggest four alternative logics that can enable and foster a change toward the low-carbon economy: long-termism, systems interconnectedness, carbon price dynamics, and active ownership.
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