Tischer, D. orcid.org/0000-0003-3180-7862 and Ferrando, T. (2024) Shaping the climate transition: multistakeholder networks, elites, and sustainable finance policy in Europe. Finance and Society, 10 (2). pp. 113-136. ISSN 2059-5999
Abstract
As sustainable finance has entered the mainstream, it has become an area of contestation among civil society, political and business. In response, policy makers seek to resolve stalemates and enhance legitimacy by utilising multistakeholder, consensus-driven approaches to policymaking. In this paper, we examine these emergent ‘cooperative’ structures from a network analytic perspective. Our structural analysis is based on six national and three EU policy spaces. We conduct compositional analyses to explore the makeup of the network(s) and use a range of centrality measures to capture emerging elites. We find an increase in civil society participation in these policy spaces over time; however, financial firms and pro-business voices remain dominant players. We also find a small cluster of elite actors from a range of stakeholder groups. We conclude that the increasing structural balance of stakeholder interests, however, does not translate into power for civil society to alter the direction of policymaking, but appears to serve enhancing the legitimacy of a policy process that departs from the priority and aspirations of civil society organisations.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © The Author(s), 2024. Published by Cambridge University Press on behalf of the Finance and Society Network. This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted re-use, distribution and reproduction, provided the original article is properly cited. |
Keywords: | critical finance studies; financialisation; sustainable finance; multistakeholder governance; policy networks |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Management School (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 09 Feb 2024 15:01 |
Last Modified: | 08 Nov 2024 16:13 |
Status: | Published |
Publisher: | Cambridge University Press |
Refereed: | Yes |
Identification Number: | 10.2218/fas.2023.9 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:208857 |