Finance and Justice in Low-Carbon Energy Transitions

Stephen Hall; Katy E. Roelich; Mark E. Davis; Lars Holstenkamp

doi:10.1016/j.apenergy.2018.04.007

Finance and Justice in Low-Carbon Energy Transitions

Titel in Übersetzung: Finanzierung und Gerechtigkeit im Rahmen von Energietransformationen hin zu niedrigen Emissionen

Stephen Hall
, Katy E. Roelich
, Mark E. Davis
, Lars Holstenkamp

University of Leeds

Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung › Begutachtung

73 Zitate (Scopus)

Abstract

Bis zu 61 Billionen Euro an Investitionen in Energiesysteme sind notwendig, um den Pariser Vertrag zu erfüllen. Die Mobilisierung von so viel Kapital ist eine große Herausforderung. In dieser Hinsicht verändert sich Energiepolitik, um die Bedürfnisse kommerzieller Finanzierung zu erfüllen. Allerdings wurde bislang wenig getan, um die Gerechtigkeitsimplikationen dieser Kapitalmobilisierung zu hinterfragen und zu untersuchen, welche Alternativen zu kommerziell orientierten Finanzierungsformen für kohlenstoffarme Energiesysteme bestehen. Dieser Beitrag nutzt eine vergleichende Analyse zweier entwickelter Länder, um "alternative" Formen der Finanzierung zu untersuchen, die in jeder der nationalen Energieinvestitionslandschaften operieren. Wir stellen fest, dass alternative Finanzierung oft in einen Gegensatz zu kommerzieller Finanzierung gesetzt wird. Alternative Finanzierung ist in beiden Nationen durch finanzielle Gerechtigkeitswirkungen motiviert, die in der aktuellen Energiepolitik kaum Berücksichtigung finden. Unsere Ergebnisse legen nahe, dass sechs Prinzipien zentral für "gerechte" Energiefinanzierung sind: Erschwinglichkeit, Good Governance, gerechte Prozesse, intragenerationelle Gerechtigkeit, räumliche Gerechtigkeit und finanzielle Resilienz. Energiepolitik, die Kapital mobilisieren will, sollte diese sechs Prinzipien berücksichtigen.

Titel in Übersetzung	Finanzierung und Gerechtigkeit im Rahmen von Energietransformationen hin zu niedrigen Emissionen
Originalsprache	Englisch
Zeitschrift	Applied Energy
Jahrgang	222
Ausgabenummer	July 2018
Seiten (von - bis)	772-780
Seitenumfang	9
ISSN	0306-2619
DOIs	https://doi.org/10.1016/j.apenergy.2018.04.007
Publikationsstatus	Erschienen - 15.07.2018

Bibliographische Notiz

Funding Information:
Part of this work was supported by the Engineering and Physical Sciences Research Council under grant Ref: EP/N029488/1. This work was also supported by a grant issued by Friends Provident Foundation through their ‘Building Resilient Economies’ programme. http://www.friendsprovidentfoundation.org/grants/projects/financial-innovation-today-towards-economic-resilience-the-bauman-institute-part-of-the-university-of-leeds/ . The authors would like to thank the reviewers for their helpful comments which illuminated several lines of enquiry which substantially strengthened this work.

Publisher Copyright:
© 2018

UN SDGs

Dieser Output leistet einen Beitrag zu folgendem(n) Ziel(en) für nachhaltige Entwicklung

SDG 7 – Erschwingliche und saubere Energie
SDG 16 – Frieden, Gerechtigkeit und starke Institutionen

Fachgebiete und Schlagwörter

Betriebswirtschaftslehre
Alternative Finanzierungsformen
Ethisches Investment
Energieforschung
Bürgerenergie
Energiewende
Finanzierung

ASJC Scopus Sachgebiete

Maschinenbau
Energie (insg.)
Erneuerbare Energien, Nachhaltigkeit und Umwelt
Bauwesen
Management, Monitoring, Politik und Recht

Zugriff auf Dokument

10.1016/j.apenergy.2018.04.007Lizenz: CC BY

DownloadEndgültige, publizierte Fassung, 298 KBLizenz: CC BY

Genossenschaftliche Ansätze im Energiesektor: Eine institutionenanalytische Betrachtung der Nachhaltigkeitstransformation des Energiesektors unter Rückgriff auf das Social-Ecological Systems Framework
Holstenkamp, L. (Autor), Degenhart, H. (Hauptbetreuer*in), Degenhart, H. (Erstgutachter*in), Schaltegger, S. (Zweitgutachter*in) & Hein, W. (Drittgutachter*in), 19.11.2019
Dissertation

Dieses zitieren

@article{fe252f8753f241ebaa855371d6927d48,

title = "Finance and Justice in Low-Carbon Energy Transitions",

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 {\textquoteleft}alternative{\textquoteright} forms of finance operate in each nation{\textquoteright}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 {\textquoteleft}just{\textquoteright} 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.",

keywords = "Management studies, Alternative Finanzierungsformen, Ethisches Investment, Energy research, B{\"u}rgerenergie, Energiewende, Finanzierung",

author = "Stephen Hall and Roelich, \{Katy E.\} and Davis, \{Mark E.\} and Lars Holstenkamp",

note = "Funding Information: Part of this work was supported by the Engineering and Physical Sciences Research Council under grant Ref: EP/N029488/1. This work was also supported by a grant issued by Friends Provident Foundation through their {\textquoteleft}Building Resilient Economies{\textquoteright} programme. http://www.friendsprovidentfoundation.org/grants/projects/financial-innovation-today-towards-economic-resilience-the-bauman-institute-part-of-the-university-of-leeds/ . The authors would like to thank the reviewers for their helpful comments which illuminated several lines of enquiry which substantially strengthened this work. Publisher Copyright: {\textcopyright} 2018",

year = "2018",

month = jul,

day = "15",

doi = "10.1016/j.apenergy.2018.04.007",

language = "English",

volume = "222",

pages = "772--780",

journal = "Applied Energy",

issn = "0306-2619",

publisher = "Elsevier B.V.",

number = "July 2018",

}

TY - JOUR

T1 - Finance and Justice in Low-Carbon Energy Transitions

AU - Hall, Stephen

AU - Roelich, Katy E.

AU - Davis, Mark E.

AU - Holstenkamp, Lars

N1 - Funding Information: Part of this work was supported by the Engineering and Physical Sciences Research Council under grant Ref: EP/N029488/1. This work was also supported by a grant issued by Friends Provident Foundation through their ‘Building Resilient Economies’ programme. http://www.friendsprovidentfoundation.org/grants/projects/financial-innovation-today-towards-economic-resilience-the-bauman-institute-part-of-the-university-of-leeds/ . The authors would like to thank the reviewers for their helpful comments which illuminated several lines of enquiry which substantially strengthened this work. Publisher Copyright: © 2018

PY - 2018/7/15

Y1 - 2018/7/15

N2 - 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.

AB - 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.

KW - Management studies

KW - Alternative Finanzierungsformen

KW - Ethisches Investment

KW - Energy research

KW - Bürgerenergie

KW - Energiewende

KW - Finanzierung

UR - https://www.scopus.com/pages/publications/85045659232

UR - https://www.mendeley.com/catalogue/065eb351-f2a0-3950-8978-5cb16cfca6a1/

U2 - 10.1016/j.apenergy.2018.04.007

DO - 10.1016/j.apenergy.2018.04.007

M3 - Journal articles

SN - 0306-2619

VL - 222

SP - 772

EP - 780

JO - Applied Energy

JF - Applied Energy

IS - July 2018

ER -

Finance and Justice in Low-Carbon Energy Transitions

Abstract

Bibliographische Notiz

UN SDGs

Fachgebiete und Schlagwörter

ASJC Scopus Sachgebiete

Zugriff auf Dokument

Fingerprint

Studienabschlussarbeiten

Genossenschaftliche Ansätze im Energiesektor: Eine institutionenanalytische Betrachtung der Nachhaltigkeitstransformation des Energiesektors unter Rückgriff auf das Social-Ecological Systems Framework

Dieses zitieren