External publications

Towards a Global architecture for sustainable finance?

Berensmann, Kathrin / Ulrich Volz
External Publications (2025)

in: Axel Berger / Clara Brandi / Eszter Kollar (eds.), Justice in Global Economic Governance: Normative and Empirical Perspectives on Promoting Fairer Globalisation, Edinburgh: Edinburgh University Press, 118-124

ISBN: 978-1-399-53013-2
Open access

Climate change is deeply unjust. Not only are the physical impacts of climate change felt the most by poorer countries and those at the base of the economic pyramid within countries, but poorer countries and poorer segments within societies have also contributed the least to global warming and are least capable of investing in resilience and adaptation. Moreover, climate change is diminishing the development prospects of future generations, which have not contributed to the problem at all. The financial sector sits at the heart of the problem. It has financed ecoomic activities that have contributed to climate change, and it continues to do so. [...]. The next section discusses the shortcomings of the current global financial system and outline attempts at introducing sustainability elements into global financial governance. The following section assesses sustainable finance from the perspective of political, socioeconomic and intergenerational justice. The final section offers policy recommendations for developing a global governance framework for sustainable finance.

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