Sustainable Finance: Green Taxonomies as Instruments of System Change?

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Abstract

Alongside climate change mitigation and adaptation goals, the 2015 Paris Agreement set the objective of making financial flows consistent with a pathway to climate neutrality and resilience. Together with the increasing integration of sustainability criteria in investment decisions, this new objective of international environmental law questions the purpose of the financial system and suggests a need for wholesale reforms. Against this backdrop, green taxonomies have emerged as novel and popular regulatory instruments. Green taxonomies identify which economic activities and investments support the transition to a sustainable economy and should therefore be privileged for public and private investment decisions. This chapter assesses the extent to which these taxonomies represent a paradigm shift in financial regulation and its potential implications for environmental law.
Original languageEnglish
Title of host publication A Research Agenda for Environmental Law
EditorsJosephine Van Zeben, Chris Hilson
PublisherEdward Elgar Publishing
Chapter13
Pages157-170
Number of pages13
ISBN (Electronic)9781035324408
ISBN (Print)9781035324392
DOIs
Publication statusPublished - Feb 2025

Bibliographical note

Publisher Copyright:
© 2025 Edward Elgar Publishing.

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