Abstract
Being at the forefront in the public discussion about sustainable finance (SF) has become a competitive advantage for financial corporations. This study investigates op-eds by representatives of major global investment banks and asset managers (Black Rock, Goldman Sachs, HSBC, Morgan Stanley, UBS) published between 2018 and 2019 in the Financial Times regarding SF. Using an in-depth textual analysis approach, five overarching frames emerged: (1) climate crisis consensus and the urgency to act, (2) sustainable finance as powerful leverage, (3) sustainability in the name of profit and capital growth, (4) need for transparency, quantification, and datafication, and (5) shifting responsibilities. The results imply that SF is used as a public relations tool to promote new, lucrative financial activities that fit within the prevailing neoliberal market model. Rather than providing alternatives to the prevailing financial markets, the investment industry shifts responsibilities to the government, businesses and individuals to fight climate change.
Highlights
Being at the forefront in the public discussion about sustainable finance (SF) has become a competitive advantage for financial corporations
Across all six op-eds, there appears to be a common consensus on climate change and the urgency to become active in order to limit carbon emissions, and global warming
To get a better understanding of how leading investment banks and asset managers frame Sustainable finance (SF) and how they legitimize their SF activities in light of climate change, this study has analyzed six op-eds published in the Financial Times by representatives of international investment banks and asset managers
Summary
Ever since the Global Financial Crisis 2007 to 2009, the financial industry is only slowly recovering from a tarnished image (Davies, 2010; Thompson, 2009). With industry estimates expecting global ESG funds to reach $53 trillion by 2025 (from $22.8 trillion in 2016) (Bloomberg Intelligence, 2021) and more than 3,800 asset owners, investment managers and service providers who have signed the UN Principles for Responsible Investment by April 2021 (PRI, 2021), the financial markets have made use of the sustainability trend by creating new financial vehicles (e.g., ESG funds, green bonds) which, continue to work based on the neoliberal market model by aiming at excessive return rates Given these contradictions, it becomes of interest to investigate how global financial actors frame the concept of SF in the public discourse, and how they legitimize their continued engagement in neoliberal financial activities as a way to combat climate change. Afterwards, these codes were compared across the op-eds and the emerging frames were identified
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