Green finance has been increasingly presented as being an effective solution to global environmental problems and climate change. However, today’s global financial structures tend to reproduce global inequali-ties and contribute to continued, highly unequal over-use and destruction of the environment, as well as a global ecological crisis. This paper introduces the topic with a specific emphasis on green finance, and provides an over-view of the contributions to this special issue on Global Finance and Socio-Ecological Transformation. We discuss the implications of global green finance and propose a typology that differentiates between neoliberal, reformist and progressive transformative types of green finance. Based on this, we present insights for progressive strategies and policies for financing a socio-ecological transformation towards global sustainable welfare.
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Green Finance, Sustainability, Socio-ecological Transforma-tion, Strategies, Environmental Policies
Green finance is often presented as being essential for sustainability. In the tradition of critical political economy, this paper focuses on (green) finance and its impact on the use of natural resources and the environment. Given the global dimension of many environmental problems and the economic interconnections of the use of global natural resources, the paper takes a global view, focusing in particular on global asymmetries and dependency relation-ships between core and periphery. Against this background, global financial structures and the role of green finance, and their implications, are analysed. However, adopting a regulationist perspective, this paper discusses different forms of green finance, their regulation, and the implications for national devel-opment models and the environment. Neoliberal green finance, reformist green finance and progressive transformative green finance are distinguished. We conclude that neoliberal forms of green finance tend to deepen core-periphery dependencies and to contribute to a highly unequal and growing (over-)use of nature and a transfer of natural resources from the core to the periphery. In part, reformist forms of green finance may change this. However, in order to stop the global, highly uneven over-use of nature, a progressive transformative form of green finance is needed to contribute to a fundamental socio-ecological transformation that ends the unequal over-use of natural resources.
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Green finance, sustainability, critical political economy, regulation theory, global development
This article examines the transformative potential of various Green New Deal concepts that are currently being discussed in response to multiple crisis symptoms of globalised capitalism. The main focus is on the development of a systematic analytical framework, which will allow the defi-nition and assessment of the transformative potential of different political programmes. Throughout three constitutive characteristics of capitalist produc-tion (separation of wage labour and property, of enterprises among themselves and of the totality of enterprises and the state), three levels of transformation are presented (redistribution, socialisation and planning). Subsequently, different Green New Deal concepts are examined in order assess to what extent they can contribute to a transformation of capitalism.
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DSA Democratic Socialists of America (2019): An Ecosocialist Green New Deal: Guiding Principles. https://ecosocialists.dsausa.org/2019/02/28/gnd-principles/, 31.03.2020.
European Commission (2019): The European Green Deal. https://ec.europa.eu/info/sites/info/files/european-green-deal-communication_en.pdf, 31.03.2020.
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Morozov, Evgeny (2019): Digital Socialism. The Calculation Debate in the Age of Big Data. In: New Left Review, (116). Patnaik, Prabat (2010): Socialism or Reformism? Social Scientist 38 (5/6), 3-21.
Phillips, Leigh; Rozworski, Michal (2019): People’s republic of Walmart. How the world’s biggest corporations are laying the foundation for socialism. London, New York: Verso.
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Roberts, Michael (2019): Modern Monetary Theory: A Marxist Critique. In: Class, Race and Corporate Power 7 (1). https://doi.org/10.25148/CRCP.7.1.008316
Saros, Daniel E. (2014): Information Technology and Socialist Construc-tion. The End of Capital and the Transition to Socialism. Hoboken: On the Transformative Potential of the ‘Green New Deal’Taylor and Francis (Routledge Frontiers of Political Economy). https://doi.org/10.4324/9781315814001
Scales, Ivan R. (2017): Green Capitalism. New Jersey: John Wiley & Sons.
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Green New Deal, Transformation, Economic Policy, Economic Planning, Reformism, Alternatives to Capitalism, Mode of Production
It is claimed that financial innovation meets the demanded changes in economic investment towards environmental sustainability and a transition towards low-carbon economies. While the underlying narrative for the proposed transition of economic structures highlights the necessity to search for an economic alternative to the profit-seeking resource-based produc-tion mode advocated by mainstream neoliberal economists, it becomes evident that the suggested tools of financial innovation to promote environmentally friendly investment, namely green finance, further promote neoliberal market forces to a large extent. After critically evaluating tools of green finance, this paper discusses the possibilities of strong institutional embeddedness of new green finance tools in order to mitigate the former’s negative effects.
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Berrou, Romain/Dessertine, Philippe/Migliorelli, Marco (2019): An overview of Green finance. In: Migliorelli Marco/Dessertine Philippe (eds.): The Rise of Green Finance in Europe, Opportunities and Challenges for Issuers, Inves-tors and Marketplaces. Palgrave Studies in Impact Finance. Cham: Palgrave Macmillan/Springer Nature Switzerland, 3-29. https://doi.org/10.1007/978-3-030-22510-0_1
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Bruff, Ian/Hartmann, Eva (2013): Neopluralistische Politikwissenschaft, Wirtschaftssoziologie und die konzeptionellen Grundlagen der Vergleichenden Kapitalismusforschung. In: Bruff, Ian/Ebenau, Matthias/May, Christian/Nölke, Andreas (eds.): Vergleichende Kapitalismusforschung: Stand, Perspektiven, Kritik. Münster: Westfälisches Dampf boot, 37-50.
Campiglio, Emanuele/Godin, Antoine/Kemp-Benedict, Eric/Matikainen, Sini (2017): The Tightening Links Between Financial Systems and the Low-Carbon Transition. In: Arestis, Philip/ Sawyer, Malcom (eds.): Economic Policies since the Global Financial Crisis. Houndmills: Palgrave Macmillan, 313-356. https://doi.org/10.1007/978-3-319-60459-6_8
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Financial Innovation, Macroeconomic Stability and Sustainability Kose, M. Ayhan / Ohnsorge, Franziska (2019): A Decade After the Global Reces-sion, Lessons and Challenges for Emerging and Developing Economies. Wash-ington: World Bank. https://doi.org/10.1596/32641
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Noh, Hee Jin (2019): Financial Strategies to Accelerate Green Growth. In: Sachs, Jeffrey D./Wing, Thye Woo/Naoyuki Yoshino/Farhad, Taghizadeh-Hesary (eds.): Handbook of Green Finance, Energy Security and Sustainable Develop-ment, Asian Development Bank Institute. Singapore: Springer, 37-62.
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Financial Innovation, macroeconomic stability, sustaina-bility, green finance
China’s demand for commodities and its role as an investor and creditor in the global periphery are closely connected. In the past two decades, China’s external policies have perpetuated commodity-based develop-ment models in the Global South, which are linked with negative socio-ecolog-ical effects. In this paper, we assess China’s engagement in Sub-Saharan Africa and Latin America, by analysing China’s outward financial flows. We show that these flows reflect China’s growth model, but also vary by destination, given the regionally prevailing development strategies. We argue that whether new Chinese policies for more resource efficiency will trigger more sustainable development models in these regions, depends on these regions’ existing rela-tionships and experiences with China. However, the risks for continued extrac-tivism remain high.
AEI (2020): China Global Investment Tracker. AEI (American Enterprise Insti-tute) und Heritage Foundation. www.aei.org/china-global-investment-tracker/, 15.6.2020.Af DB (2018): African Economic Outlook 2018. Addis Ababa: African Development Bank.
Altenburg, Tilmann/Chen, Xiao/Lütkenhorst, Wilfried/Staritz, Cornelia/Whit-field, Lindsay (2020): Exporting out of China or out of Africa? Automation versus relocation in the global clothing industry. Discussion Paper 1/2020. Deutsches Institut für Entwicklungspolitik (DIE).Auty, Richard.M. (1993): Sustaining Development in Mineral Economies: The Resource Curse Thesis. London: Routledge.
Banik, Dan/Bull, Benedicte (2018): Chinese engagement in Africa and Latin America: does it matter for state capacity? In: Third World Thematics: A TWQ Journal 3 (4), 532–551. https://doi.org/10.1080/23802014.2018.1531682
Brautigam, Deborah (2009): The Dragon’s Gift: The Real Story of China in Africa. New York: Oxford University Press.
Brautigam, Deborah/Gallagher, Kevin (2014): Bartering Globalization: China’s Commodity-backed Finance in Africa and Latin America. In: Global Policy 5 (3), 346–352. https://doi.org/10.1111/1758-5899.12138106Bff201fl26 T2957ff2, Kfl240 Kohah9ne
CARI (2020): Loan Database. China Africa Research Initiative at Johns Hopkins University. http://www.sais-cari.org/data, 15.6.2020.Compagnon, Daniel/Alejandro, Audrey (2013): China’s External Environmental Policy: Understanding China’s Environmental Impact in Africa and How It Is Addressed. In: Environmental Practice 15 (3), 220–227. https://doi.org/10.1017/S1466046613000252
Corden, W. Max/Neary, J. Peter (1982): Booming Sector and De-Industrialisation in a Small Open Economy. In: Economic Journal 92 (368), 825–48. https://doi.org/10.2307/2232670
DER A (2019): Rohstoffinformationen 41 – Einblicke in die chinesische Rohstoffwirtschaft. Deutsche Rohstoffagentur.
Dietz, Kristina (2017): Räumliche Dynamiken rohstoff basierter Entwicklung. In: Burchardt, Hans-Jürgen/Peters, Stefan/Weinmann, Nico (eds.): Entwicklung-stheorie von heute - Entwicklungspolitik von morgen. Baden-Baden: Nomos, 205-222. https://doi.org/10.5771/9783845267340-206
Ederer, Stefan/Heumesser, Christine/Staritz, Cornelia (2016): Financialization and commodity prices – an empirical analysis for coffee, cotton, wheat and oil. In: International Review of Applied Economics 30 (4), 462–487. https://doi.org/10.1080/02692171.2015.1122745
Ericsson, Magnus/Löf, Olof/Löf, Anton (2020): Chinese control over African and global mining—past, present and future. Mineral Economics 33 (1-2), 153–181. https://doi.org/10.1007/s13563-020-00233-4
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Gallagher, Kevin/Myers, Margaret (2020): China-Latin America Finance Database. Washington, DC: Inter-American Dialogue.Gelb, A.H. (1988): Windfall Gains: Blessing or Curse? New York: Oxford University Press.
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Horn, Sebastian/Reinhart, Carmen/Trebesch, Christoph (2020): China’s Overseas Lending. Kiel Working Paper Nr. 2132. Kiel Institute for the World Economy. https://doi.org/10.3386/w26050
Irwin, Amos/Gallagher, Kevin (2014): Exporting National Champions: China’s OFDI Finance in Comparative Perspective. Working Paper 6. Global Economic Governance Initiative. https://doi.org/10.1111/cwe.12089
Jäger, Johannes/Leubolt, Bernhard/Schmidt, Lukas (2014): Alles Extraktivismus in Südamerika? Rohstoffrenten und Politik in Brasilien, Chile und Venezuela. In: Journal für Entwicklungspolitik 30 (3), 9-26. https://doi.org/10.20446/JEP-2414-3197-30-3-9
Jenkins, Rhys (2018): How China is Reshaping the Global Economy: Develop-ment Impacts in Africa and Latin America. How China is Reshaping the Global Economy. Oxford: Oxford University Press. https://doi.org/10.1093/oso/9780198738510.001.0001
Küblböck, Karin (2014): Can ‘Undistorted Access’ Lead to Inclusive Development? The EU Raw Materials Initiative and Possible Effects upon Resource-Based Development in Africa. In: Journal für Entwicklungspolitik 30 (3), 89–105. https://doi.org/10.20446/JEP-2414-3197-30-3-89
Küblböck, Karin/Tröster, Bernhard/Ambach, Christoph (2019): Going Global - Chinese natural resource policies and their impacts on Latin America. ÖFSE Briefing Paper No. 24. Vienna: Austrian Foundation for Development Research (ÖFSE).
Mihalyi, David/Adam, Aisha/Hwang, Jyhjong (2020): Resource-Backed Loans: Pitfalls and Potential. Natural Resource Governance Institute. https://resource-governance.org/analysis-tools/publications/resource-backed-loans-pitfalls-potential, 15.6.2020.
Myers, Margaret (2019): China and the Amazon: Toward a Framework for Maxi-mizing Benefits and Mitigating Risks of Infrastructure Development. Inter-American Dialogue and others. www.thedialogue.org/analysis/china-and-the-amazon-toward-a-framework-for-maximizing-benefits-and-mitigating-risks-of-infrastructure-development/, 15.06.2020
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Nissanke, Machiko (2019): Exploring macroeconomic frameworks conducive to structural transformation of sub-Saharan African economies. In: Struc-tural Change and Economic Dynamics 48, 103-116. https://doi.org/10.1016/j.strueco.2018.07.005
Papyrakis, Elissaios (2017): The Resource Curse – What Have We Learned from Two Decades of Intensive Research: Introduction to the Special Issue. In: The Journal of Development Studies 53 (2), 175–185. https://doi.org/10.1080/00220388.2016.1160070
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Schmalz, Stefan (2018): Machtverschiebungen im Weltsystem: der Aufstieg Chinas und die große Krise. Frankfurt/New York: Campus Verlag.Shinn, David, H. (2016): The Environmental Impact of China’s Investment in Africa. In: Cornell International Law Journal 49 (1), 25-67.Singer, H.W. (1950): The Distribution of Gains between Investing and Borrowing Countries. In: American Economic Review 40 (2), 473–85.
Svampa, Maristella (2019): Neo-extractivism in Latin America: Socio-envi-ronmental Conflicts, the Territorial Turn, and New Political Narratives. Cambridge: Cambridge University Press. https://doi.org/10.1017/9781108752589Tröster, Bernhard/Küblböck, Karin/Grumiller, Jan (2017): EU ’s and Chinese raw material policies in Africa: converging trends? In: Kurswechsel (3), 69-78.
Ulbrich, Nina (2017): Chinas Rohstoffpolitik in Afrika: Neue Strategien auf alten Pfaden. In: Peters, Stefan/Burchardt, Hans-Jürgen (eds.): Umwelt und Entwicklung in globaler Perspektive: Ressourcen – Konflikte – Degrowth. Frankfurt/New York: Campus, 89-112.
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Addis Ababa: United Nations Economic Commission for Africa.Wolf, Christina (2016): China and Latecomer Industrialization Processes in Sub-Saharan Africa: A Case of Combined and Uneven Development. In: World Review of Political Economy 7 (2), 249–282. https://doi.org/10.13169/worlrevi-poliecon.7.2.0249
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Extractivism, China, Latin America, Sub-Saharan Africa, commodity-based development models, capital flows
The green economy’s general global agenda is to attract invest-ments into renewable energy. Within this setting, transnational capitalist classes are one primary driver as well as being key investors. The article investi-gates how transnational classes shape green investments, particularly in renew-able energy in Africa. This is demonstrated by tracing the ownership struc-tures and links to transnational capital classes and private equity through one case within the South African Renewable energy procurement programme (REI4P). The article, thus, addresses the lack of consideration of ecology and class issues in critical International Political Economy, arguing that colonial relationships are perpetuated within the green economy and finance.
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International Political Economy, green economy, green finance, renewable energy, South Africa
The Humanitarian-Development Nexus and the Jordan Compact: Tensions and Trajectories in Global Capitalism Abstract The humanitarian-development nexus (HDN) frames protracted refugee situations as win-win development opportunities, building on dominant tropes like sustainable development and global risk manage-ment. Focusing on the Jordan Compact as part of the HDN, we question for whom it presents opportunities, highlighting its politics and tensions. We argue that the HDN and Jordan Compact are not win-win strategies whereby refu-gees and host countries benefit equally, but rather fail forward strategies with longstanding material roots in the power relations and paradoxes of global capitalism. Moreover, the neoliberal fail forward practices both frameworks embody legitimate themselves by depoliticising capitalism’s underlying contra-dictions. We highlight how the HDN, similar to its undergirding tropes, is a political project that advances the interests of private actors over those of its intended beneficiaries.
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Humanitarian-Development Nexus, Jordan Compact, fail forward neoliberalism, global capitalism, development finance
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