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The role of the banking industry in facilitating climate change mitigation and the transition to a low-carbon global economy

Bowman, Megan (2010) The role of the banking industry in facilitating climate change mitigation and the transition to a low-carbon global economy. Environmental and Planning Law Journal, 27 (6). pp. 448-468. ISSN 0813-300X

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Abstract

Against a background of regulatory uncertainty, this article contends that voluntary action by the banking industry has potential to facilitate climate change mitigation and the transition to a low-carbon economy. First, it evidences the relationship between the banking industry and climate change by focusing on three hallmarks of banking business, namely risk assessment, financing and profiteering. Secondly, it shows how banks in their role as creditors, investors, advisers and heads of supply chains can influence the business practices and greenhouse gas emissions of other corporate actors. Thirdly, it contends that exponential corporate emissions reductions could flow from bank practices that influence client and supplier networks in an ever-widening web. In so doing, this article also examines how environmental regulation – both soft and hard – can mobilise the full potential of the banking industry.

Item Type: Article
Uncontrolled Keywords: ResPubID20664. banking industry, banking sector, carbon pricing, low-carbon economy, climate change mitigation, climatic changes, global economy, environmental regulation, greenhouse gasses, greenhouse gas mitigation
Subjects: FOR Classification > 1502 Banking, Finance and Investment
FOR Classification > 1605 Policy and Administration
Faculty/School/Research Centre/Department > School of Law
SEO Classification > 9603 Climate and Climate Change
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Depositing User: VUIR
Date Deposited: 13 Nov 2011 23:57
Last Modified: 13 Nov 2011 23:57
URI: http://vuir.vu.edu.au/id/eprint/6925
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Citations in Scopus: 1 - View on Scopus

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