Stakeholders in Climate Policy Instruments: What Role for Financial Institutions?

Haigh, Matthew (2013). Stakeholders in Climate Policy Instruments: What Role for Financial Institutions? In: Cadman, Timothy ed. Climate Change and Global Policy Regimes: Towards Institutional Legitimacy. International Political Economy Series. Palgrave MacMillan, pp. 111–124.

DOI: https://doi.org/10.1057/9781137006127_8

Abstract

Everywhere the call is out for `stakeholder’ involvement as a means for improving developmental decisions, particularly those involving complex technology, uncertain risks and contending values. Everywhere but in funds management, it would seem. Despite the presence of obligations under policy instruments such as the Kyoto Protocol (KP), funds management sectors around the world (comprising pooled investment schemes such as hedge funds, pension funds, insurance companies and mutual funds) have been excluded from ecological crisis management discussions. Moreover, the interests of the ultimate beneficiaries of these fiduciary vehicles have not been factored in climate change discussions (Lohmann 2008: 362) and have not participated to any material extent in the mechanisms of the United Nations Framework Convention on Climate Control (UNFCCC).

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