Financialisation in the green economy: Material connections, markets-in-the-making and Foucauldian organising actions

Abstract

This paper explores the connections between financialisation in the green economy and the material commodification processes that underpin this economy. It argues that these connections are important and can be usefully conceived in terms of spaces of mutuality. These spaces of mutuality direct attention to the material processes of value creation at the level of real environmental assets. That these material processes appear thin, sluggish, fractured, hybridised or stalled in practice invites new modes of analytical engagement. One important mode of analysing these emergent green projects is to emphasise their status as durable processes of becoming or what could be called markets-in-the-making, by going beyond forms of market and economic reductionism. Michel Foucault's analysis of neoliberalism and his idea of ‘organising actions’ prove useful in this regard. Foucauldian organising actions render markets-in-the-making projects visible as durable governmental apparatuses made of disparate elements that are geographically specific, historically contingent and are aligned with an overarching market telos. Drawing on an empirical case of Reducing Emissions from Deforestation and Forest Degradation plus carbon stock enhancement and sustainable forest management (REDD+) in Nigeria’s Cross River, the paper analyses organising actions along four meta-processes – problematisations, visions, implementation and stabilisation. It concludes by highlighting the wider implications for work on environmental financialisation.