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Crisis Capitalism and Climate Finance: The Framing, Monetizing, and Orchestration of Resilience-Amidst-Crisis
[journal article]
Abstract Throughout the development sector there has been a pronounced call for new funding mechanisms to address the climate crisis, and much of this is focused on attracting private sources of capital to fund 'bankable' projects in climate-vulnerable cities throughout the world. Enacted amidst a 21st centu... view more
Throughout the development sector there has been a pronounced call for new funding mechanisms to address the climate crisis, and much of this is focused on attracting private sources of capital to fund 'bankable' projects in climate-vulnerable cities throughout the world. Enacted amidst a 21st century landscape of interlocking financial, epidemiological, and ecological crises, this call features an urgent narrative of 'resilience-amidst-crisis' that promotes large-scale, profitable investments as a form of green growth through debt-financing. The political orchestration and administration of new funding mechanisms (particularly green bonds and sustainable bonds) requires a new form of climate governance focused on the channeling of enormous sums of private capital through an assemblage of intermediaries toward profitable climate projects. This article interrogates this trend in climate finance, revealing that the framing, monetization, and orchestration of climate projects is dependent on a narrative of crisis capitalism deeply rooted in a colonial mindset of exploitation and profit. A key aim of this article is to deconstruct the contemporary dominance of crisis-oriented development and suggest the goal of decolonizing and democratizing the climate finance system.... view less
Keywords
climate change; governance; funding; climate protection; climate policy; resilience; capitalism; crisis
Classification
Ecology, Environment
Area Development Planning, Regional Research
Free Keywords
climate urbanism; crisis capitalism
Document language
English
Publication Year
2021
Page/Pages
p. 51-63
Journal
Politics and Governance, 9 (2021) 2
Issue topic
Is There a New Climate Politics? Emergency, Engagement and Justice
ISSN
2183-2463
Status
Published Version; peer reviewed