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Closing the green finance gap – a systems perspective

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journal contribution
posted on 2023-08-30, 16:46 authored by Sarah Hafner, Aled Jones, Annela Anger-Kraavi, Jan Pohl
Meeting its climate policy objectives requires the UK to rapidly decarbonise its energy sector. This demands high levels of investments into low carbon energy infrastructure, which are currently not undertaken at required scale, leading to a green finance gap. We explore (1) key investment barriers, (2) a theoretical framework for investigation and (3) possible solutions, drawing on a review of academic literature and policy reports, and interviews conducted with financial investors and experts. Our study confirms that policy uncertainty and short-termism in the financial system are the two main investment barriers. Our results show that identified barriers form a complex system characterised by path-dependency, lock-in and non-linearity. We recommend the adoption of systems theory as an analytical framework to inform the related policy debate and propose the expansion or development of sustainable investment vehicles as a useful near-term solution while preparing a long-term policy intervention based on a systems perspective.

History

Refereed

  • Yes

Volume

34

Page range

26-60

Publication title

Environmental Innovation and Societal Transitions

ISSN

2210-4232

Publisher

Elsevier

File version

  • Accepted version

Language

  • eng

Legacy posted date

2019-11-19

Legacy creation date

2019-11-19

Legacy Faculty/School/Department

Faculty of Science & Engineering

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