The book analyzes the progress made since the 2015 Paris agreements (COP 21) in financing the energy and ecological transition (EET). In particular, it highlights the progress of “global climate governance”, which has been rendered chaotic by the succession of the latest financial, pandemic and geopolitical crises. The book is of great interest in that it consists of analyses and positions that are sometimes discordant, allowing the reader to grasp both the diversity and the coherence of the themes of the TEE.
The first chapter recalls the objectives and describes the implementation of COP 21. The second chapter presents the physical, financial, and transition risks incurred by states, companies, society, and the planet in the event of a drift or failure of the EET. Chapter 3 observes the influence of the different stages of the rise of extra-financial considerations in accounting and financial theories and practices, both public and private. Chapter 4 specifically analyzes the contributions and processes of carbon accounting. Chapter 5 describes the transformation of the strategic and financial management of companies under the effect of TEE. Chapter 6 shows how environmental law regulates climate and biodiversity damage. Chapter 7 analyzes the different instruments and presents the multiple actors (states, banks, financial markets, asset managers) who contribute to green financing. Chapter 8 studies the actions taken by central banks in these different financial circuits. The 9th chapter studies the economic model of the European Investment Bank. The penultimate chapter highlights the diversity of roles assigned to financial and extra-financial rating agencies in the issuance of “green bonds”. The last chapter measures the scope and limits of the Green Pact (European green deal).
The book therefore provides an original, complete and nuanced overview of the legal, normative, organizational and instrumental frameworks for financing the TEE. The 12 authors of the book are managers of large banks and consulting firms (D. Chesneau, S. Dees, A. Fayolle, F. Meunier), university professors (C. de Boissieu, E. Carrey, A. Frisch, O. Garnier, P. Geoffron, J-J. Pluchart), and lawyers (C. Lepage, C. Huglo).
Review written by K. WANTZ O’ROURKE