“…As I have argued elsewhere (Ervine 2013b), carbon trading typifies a classic 'problem-solving' approach to global warming mitigation whereby existing relations of production and power are taken as given, and the threat posed by ecological crisis is re-interpreted and addressed according to the imperatives underpinning these relations (Cox 1981). This results in nested mitigation strategies that minimize or eliminate those threats posed to accumulation by climate change policy, that is, businesses and countries can purchase offsets instead of making costly emission reductions at the source, while simultaneously accessing new accumulation opportunities.…”
Section: Volatile Times: the Crisis In Carbon Markets And Future Prosmentioning
“…As I have argued elsewhere (Ervine 2013b), carbon trading typifies a classic 'problem-solving' approach to global warming mitigation whereby existing relations of production and power are taken as given, and the threat posed by ecological crisis is re-interpreted and addressed according to the imperatives underpinning these relations (Cox 1981). This results in nested mitigation strategies that minimize or eliminate those threats posed to accumulation by climate change policy, that is, businesses and countries can purchase offsets instead of making costly emission reductions at the source, while simultaneously accessing new accumulation opportunities.…”
Section: Volatile Times: the Crisis In Carbon Markets And Future Prosmentioning
“…The growing emphasis on 'finance flows' as a means to decarbonization is significant, nonetheless. It not only marks a significant shift away from carbon trading and heralds a recognition of its limitations as a market-based strategy for low-carbon transition (Bryant, 2018;Ervine, 2014;Lane and Newell, 2016), but also requires a critical social science agenda capable of attending to the diverse forms of what we term 'carbon finance' that are now being mobilized towards this end. In this paper we seek to both pluralize the understanding of carbon finance within human geography and the social sciences, and to problematize the various processes through which carbon is translated into financial value.…”
Section: Pluralizing and Problematizing Carbon Finance I Introductionmentioning
Growing emphasis on finance as key to decarbonization requires social science research that critically attends to the emergent and diverse forms taken by carbon finance. First, we pluralize research into carbon finance, building on existing work to identify four main forms: carbon markets; ecosystem services; natural capital investment; and, capital allocated to low-carbon enterprises and projects. Second, we propose that research should problematize the processes through which carbon is variously translated into financial value. Illustrated with reference to low-carbon investment in electricity generation, our agenda thereby extends from the difficulties of producing carbon-as-commodity to the uncertainties of constituting carbon-as-asset.
“…The costs are therefore assumed to be very high and to outstrip the resources available to national governments and multilateral institutions (Ervine, 2013). Consequently, the 'private sector' has been invoked as the last bastion with sufficient finance to fund mitigation and adaptation (Newell and Paterson, 2010), which runs somewhat counter to the notion of states as investors of last resort (Hertig, 2012).…”
This paper presents an analysis of changing rationales and tactics among actors engaged in mobilising private finance for Indonesia's emergent Reducing Emissions from Deforestation and Forest Degradation (REDD+) programme. Despite limited flows of private finance so far, private sector actors have been responsible for a great deal of development and innovation in the forest carbon sector in Indonesia, and have thus played -and continue to play -an important part in shaping the country's REDD+ programme. Drawing on extended field research and interviews with key actors engaged with REDD+ in Indonesia, we identify a variety of private investor motivations, strategies and tactics, many of which depart considerably from the common understanding of REDD+ as avoided deforestation funded through carbon offsets. As non-state actors increasingly shape emerging REDD+ projects, they assume important roles as agents of environmental governance -working through a variety of private market and hybrid modes of forest/climate governance. We describe four general modes of engagement, centred around: investment in REDD+ verified emissions reductions; corporate social responsibility; sustainable commodities; and impact investment. The research thus contributes to an improved understanding of the nature of private REDD+ finance in Indonesia, and the implications, potential and limits of private, market-based climate governance.
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