Scaling Up of Green Finance in a Post-COVID-19 Era: A Sustainability Transition Perspective and Policy Insights

Scaling Up of Green Finance in a Post-COVID-19 Era: A Sustainability Transition Perspective and Policy Insights

Patrizio Giganti, Pasquale Marcello Falcone
Copyright: © 2022 |Pages: 15
DOI: 10.4018/978-1-7998-8501-6.ch004
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Abstract

Transitioning towards sustainability requires fundamental changes in policies, institutions. Green Finance is a novel concept which is discussed to address current environmental issues. This chapter illustrates obstacles and solutions to the greening of financial systems to provide an overview on the scaling up of Green Finance in a post COVID-19. The frameworks of Strategic Niche Management and Multi-Level Perspective are used to walk the reader in analyzing relevant steps for sustainability, also in light of the COVID-19 pandemic. Implications are derived focusing on the concepts of mission-oriented policies and nudges applied to financial markets.
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Environmental Awareness And Green Finance

Over history, recognition of environmental issues and challenges has unfolded gradually. In developed countries, regulation related to polluting substances was considered a narrow issue prior to the 1960s, when the adoption of national laws for environmental sustainability by several governments raised environmental awareness to the level of common sentiment. Several environmental initiatives then followed: in the early 1970s, the President of the United States instituted the Environmental Protection Agency (EPA), the Prime Minister of Japan founded the Environment Agency, Stockholm (Sweden) hosted the first Conference of the United Nations on the Human Environment, and the European Community introduced an environmental protection strategy in its Agenda of environmental action of the European Communities (Hildebrand, 2014). More recently, international attention to environmental protection has been directed to the transition to a sustainable economy. In particular, this focus is underlined in three international agreements that were established in 2015:

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