Capitalizing a future unsustainable: Finance, energy and the fate of market civilization

DiMuzio, Timothy

doi:10.1080/09692290.2011.570604

Cited by 30 publications

(13 citation statements)

References 18 publications

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“…4. Global financial investors are also still clearly betting on a carbon-intensive energy future, given the embedded market power of fossil fuel companies, and in spite of all the talk of increasing investment in green energy (DiMuzio, 2012). 5.…”

Section: Resultsmentioning

confidence: 99%

Urban Energy Transitions: Places, Processes and Politics of Socio-technical Change

Rutherford¹,

Coutard²

2014

Urban Studies

358

159

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city of British Columbia aspires to become ''the greenest city in the world by 2020'' (City of Vancouver, 2012, pp. ii and 5). Vancouver is already set to bring . community-based greenhouse gas emissions [in 2012] down to 5% below 1990 levels, even as [the City's] population has grown by more than 27 per cent and jobs have increased by over 18% (City of Vancouver, 2012, p. 18).Meanwhile, 1000 kilometres to the northeast, in many parts of the state of Alberta, mining companies are actively extracting as many fossil fuels as the domestic and international markets can bear from the huge provincial reserves of bituminous coal and oil sands, making the latter ''the fastest growing source of greenhouse gas emissions in Canada'' according to Greenpeace. 2 Hence, while more and more cities and regions around the world, like Vancouver, boast very ambitious low carbon strategies, pointing to hopeful ''soft energy paths'' of more sustainable and peaceful energy and urban futures, current global economic, geopolitical and indeed geological trends generate quite different tendencies towards a prioritising of industrial profits and national energy autonomy/self-sufficiency.

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Section: Resultsmentioning

confidence: 99%

Urban Energy Transitions: Places, Processes and Politics of Socio-technical Change

Rutherford¹,

Coutard²

2014

Urban Studies

358

159

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“…As a new policy area, a wide range of important questions and choices face policymakers, at all levels, not least about how to cause sustainable change whilst at the same time ensuring affordability and security of energy supply. This is a tall order, given that security of supply has been a core political concern for many decades, partly due to the central place of energy within the modern political economy (Mitchell, 2011;Di Muzio, 2013). Furthermore, security of supply has often been associated with the need for continuity, and this is an argument that incumbent energy actors have used to argue against sustainable change Newell, 2018, this SI).…”

Section: Sustainable Energy In Political and Materials Contextmentioning

confidence: 99%

“…Indeed, although new policies seek to drive, often radical, changes in embedded systems of energy production and use, incumbent energy actors have displayed considerable abilities to resist sustainable change through their influence within energy policymaking processes. Their ability to do so is sometimes explained with reference to debates about neoliberalism, the retreat of the state and market power (Baker, Newell, & Phillips, 2014;Johnstone & Newell, 2017), and to the broader power relations that underpin fossil fuel capitalism (Newell & Paterson, 2010;Di Muzio, 2013;Newell, 2018).…”

Section: Introductionmentioning

confidence: 99%

Re-scaling IPE: local government, sustainable energy and change

Kuzemko

2019

Review of International Political Economy

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Sustainable energy has emerged as a new area of policy, in part as a response to greater political acceptance of the need to reduce greenhouse gas emissions. Local governments are understood to be potentially important actors here, but also as having been constrained in their political capacities by neoliberal political institutions and the centralised nature of energy systems. This paper combines insights from energy IPE, political geography, new institutionalism and socio-technical transitions to build a conceptual framework for analysing local sustainable energy policymaking in relation to a broad range of influencing factors. It explores the ways in which policy and material aspects of energy systems interrelate ; considers ways in which ideas, contestation and learning are fundamental to change; and understands local governments as actors in their own right rather than 'takers' of global or national rules. This approach recognises specific influences of embedded institutions and infrastructures over local policymaking, but also allows us to better comprehend the implications of political and energy re-scalings for their capacity to govern and to influence political debates at national and global levels. It concludes with a plea for IPE to take better account both of sector specifics as well as of the local scale.

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“…Yet, the finance sector remains indifferent to long‐term value and, to a great extent, treats social and environmental issues as externalities outside of its responsibility (Fatemi & Fooladi, 2013). Alongside this, investors have traditionally expected fossil fuel energy to drive growth, as evidenced by high levels of capitalisation in oil and gas companies (DiMuzio, 2012). However, more recent moves of fossil fuel divestment can be seen to disrupt capital flows into these sectors (Cojoianu et al, 2019), and ultimately lead to the potential of stranded assets (Bos & Gupta, 2019).…”

Section: Introductionmentioning

confidence: 99%

Finance for a future of sustainable prosperity

Jones

Taylor

Hafner

et al. 2020

Area

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Global society currently faces many challenges, including climate change and rising inequality. This paper presents the results of a thematic coding analysis of a workshop comprised of senior accountants and actuaries who were asked to consider how a future of sustainable prosperity can be enabled by the finance sector. We found that mindset, skills, external drivers, and decision boundaries were key themes that create barriers to change. Importantly, a reframing of the professions is required to underpin the changes required. The accountants and actuaries who took part believe that this represents a revolution from the way they currently operate with regard to regulation, exams, decision‐making, and their engagement with clients. They need to be more open to qualitative approaches to advice and focus on value creation, as well as re‐constructing what is understood through value, rather than profit extraction.

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Capitalizing a future unsustainable: Finance, energy and the fate of market civilization

Cited by 30 publications

References 18 publications

Urban Energy Transitions: Places, Processes and Politics of Socio-technical Change

Urban Energy Transitions: Places, Processes and Politics of Socio-technical Change

Re-scaling IPE: local government, sustainable energy and change

Finance for a future of sustainable prosperity

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