A Classification of Different Approaches to Green Finance and Green Monetary Policy

In recent years, green finance has emerged as a commonly used strategy for dealing with environmental problems. However, it still remains to be seen whether green finance deals effectively with current global environmental problems. More recently, proposals regarding greening monetary policy have em...

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Autores principales:	Ewa Dziwok, Johannes Jäger
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	green finance green monetary policy sustainable finance sustainable monetary policy classification conceptual framework Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/3119aa2969004a0baaea70812854491e
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spelling	oai:doaj.org-article:3119aa2969004a0baaea70812854491e2021-11-11T19:35:43ZA Classification of Different Approaches to Green Finance and Green Monetary Policy10.3390/su1321119022071-1050https://doaj.org/article/3119aa2969004a0baaea70812854491e2021-10-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/21/11902https://doaj.org/toc/2071-1050In recent years, green finance has emerged as a commonly used strategy for dealing with environmental problems. However, it still remains to be seen whether green finance deals effectively with current global environmental problems. More recently, proposals regarding greening monetary policy have emerged. The goal of this paper is to provide a conceptual framework that helps to distinguish between different forms of green finance and monetary policy. We systematically analyse forms, tools and measures of green finance and monetary policy against different theoretical backgrounds. In so doing, we fill a research gap by providing an appropriate classification that is intended to facilitate future academic research. We provide different categories and distinguish, on an abstract level, between neoliberal, reformist and progressive forms of green finance. Furthermore, we provide sub-categories on a more concrete level of abstraction. With this, we focus on both financial market regulation and monetary policy strategies. Against the background of our categorisation, the different focuses on green finance and green monetary policy and the (often implicitly) underlying theoretical assumptions become transparent. The classification has significant implications for the evaluation of different perspectives and is, therefore, important for academic debate. The classification also potentially represents a basis for policy related discussions. We conclude that neoliberal forms of green finance and monetary policy that rely on the assumption of the effectiveness of markets for contributing to sustainability tend to neglect or abstract from potentially adverse distributional effects. Reformist forms of green finance and monetary policy are more skeptical of the effectiveness of market processes and, therefore, consider a greater role for government policies. In addition, reformist approaches are more concerned about the potentially adverse distributional effects of environmental policies. Finally, progressive green finance and monetary policy adopts a more global perspective on environmental issues and links the discussion intrinsically with questions of global inequality and socio-ecological transformation. Moreover, progressive approaches are skeptical of global capitalism at a systemic level and therefore demand global rules and financial and monetary regimes that allow for solutions of environmental problems based on global solidarity and a democratic economic governance.Ewa DziwokJohannes JägerMDPI AGarticlegreen financegreen monetary policysustainable financesustainable monetary policyclassificationconceptual frameworkEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 11902, p 11902 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	green finance green monetary policy sustainable finance sustainable monetary policy classification conceptual framework Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	green finance green monetary policy sustainable finance sustainable monetary policy classification conceptual framework Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Ewa Dziwok Johannes Jäger A Classification of Different Approaches to Green Finance and Green Monetary Policy
description	In recent years, green finance has emerged as a commonly used strategy for dealing with environmental problems. However, it still remains to be seen whether green finance deals effectively with current global environmental problems. More recently, proposals regarding greening monetary policy have emerged. The goal of this paper is to provide a conceptual framework that helps to distinguish between different forms of green finance and monetary policy. We systematically analyse forms, tools and measures of green finance and monetary policy against different theoretical backgrounds. In so doing, we fill a research gap by providing an appropriate classification that is intended to facilitate future academic research. We provide different categories and distinguish, on an abstract level, between neoliberal, reformist and progressive forms of green finance. Furthermore, we provide sub-categories on a more concrete level of abstraction. With this, we focus on both financial market regulation and monetary policy strategies. Against the background of our categorisation, the different focuses on green finance and green monetary policy and the (often implicitly) underlying theoretical assumptions become transparent. The classification has significant implications for the evaluation of different perspectives and is, therefore, important for academic debate. The classification also potentially represents a basis for policy related discussions. We conclude that neoliberal forms of green finance and monetary policy that rely on the assumption of the effectiveness of markets for contributing to sustainability tend to neglect or abstract from potentially adverse distributional effects. Reformist forms of green finance and monetary policy are more skeptical of the effectiveness of market processes and, therefore, consider a greater role for government policies. In addition, reformist approaches are more concerned about the potentially adverse distributional effects of environmental policies. Finally, progressive green finance and monetary policy adopts a more global perspective on environmental issues and links the discussion intrinsically with questions of global inequality and socio-ecological transformation. Moreover, progressive approaches are skeptical of global capitalism at a systemic level and therefore demand global rules and financial and monetary regimes that allow for solutions of environmental problems based on global solidarity and a democratic economic governance.
format	article
author	Ewa Dziwok Johannes Jäger
author_facet	Ewa Dziwok Johannes Jäger
author_sort	Ewa Dziwok
title	A Classification of Different Approaches to Green Finance and Green Monetary Policy
title_short	A Classification of Different Approaches to Green Finance and Green Monetary Policy
title_full	A Classification of Different Approaches to Green Finance and Green Monetary Policy
title_fullStr	A Classification of Different Approaches to Green Finance and Green Monetary Policy
title_full_unstemmed	A Classification of Different Approaches to Green Finance and Green Monetary Policy
title_sort	classification of different approaches to green finance and green monetary policy
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/3119aa2969004a0baaea70812854491e
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A Classification of Different Approaches to Green Finance and Green Monetary Policy

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