Hall, S orcid.org/0000-0002-1558-7081, Roelich, KE orcid.org/0000-0001-6979-5401, Davis, ME orcid.org/0000-0001-5886-4790 et al. (1 more author) (2018) Finance and justice in low-carbon energy transitions. Applied Energy, 222. pp. 772-780. ISSN 0306-2619
Abstract
Up to $61trillion of power systems investment is needed to fulfil the Paris Agreement. The mobilisation of so much capital is a huge challenge. As such, energy policy is changing to meet the needs of commercial finance. However, very little has been done to question the justice implications of this capital mobilisation, and what alternatives there are to commercially-oriented finance for low carbon energy systems. This paper uses a comparative analysis of two developed economies to explore how ‘alternative’ forms of finance operate in each nation’s energy investment landscape. We find alternative finance is often set in opposition to commercial capital. Alternative finance in both nations is motivated by financial justice outcomes that are poorly understood in current energy policy. Our findings suggest that 6 principles are key to ‘just’ energy finance: affordability, good governance, due process, intra-generational equity, spatial equity, and financial resilience. Energy policy that seeks to mobilise capital, should take account of all six principles.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | (c) 2018 The Authors. Published by Elsevier Ltd. This is an open access article under the terms of the Creative Commons License CC BY 4.0. (https://creativecommons.org/licenses/by/4.0/) |
Keywords: | Energy Investment; Alternative Finance; Energy Justice |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Education, Social Sciences and Law (Leeds) > School of Sociology and Social Policy (Leeds) The University of Leeds > Faculty of Engineering & Physical Sciences (Leeds) > School of Civil Engineering (Leeds) The University of Leeds > Faculty of Environment (Leeds) > School of Earth and Environment (Leeds) > Sustainability Research Institute (SRI) (Leeds) |
Funding Information: | Funder Grant number Friends Provident Foundation Not Known EPSRC EP/N029488/1 Energy Systems Catapult Ltd Not Known EU - European Union 764056 |
Depositing User: | Symplectic Publications |
Date Deposited: | 20 Apr 2018 15:34 |
Last Modified: | 25 Jun 2023 21:19 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.apenergy.2018.04.007 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:129835 |