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

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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

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
URI https://vuir.vu.edu.au/id/eprint/6925
Subjects Historical > FOR Classification > 1502 Banking, Finance and Investment
Historical > FOR Classification > 1605 Policy and Administration
Historical > Faculty/School/Research Centre/Department > School of Law
Historical > SEO Classification > 9603 Climate and Climate Change
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
Citations in Scopus 25 - View on Scopus
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