The green finance apparatus. How ideology and planning steer sustainable capital flows

Maresca, Alessandro (2023) The green finance apparatus. How ideology and planning steer sustainable capital flows, [Dissertation thesis], Alma Mater Studiorum Università di Bologna. Dottorato di ricerca in Beni culturali e ambientali, 35 Ciclo.
Documenti full-text disponibili:
[img] Documento PDF (English) - Accesso riservato fino a 1 Aprile 2026 - Richiede un lettore di PDF come Xpdf o Adobe Acrobat Reader
Disponibile con Licenza: Creative Commons Attribution Non-commercial ShareAlike 4.0 (CC BY-NC-SA 4.0) .
Download (3MB) | Contatta l'autore


By investigating the inner working of leading financial institutions, and their dense interconnections, this thesis explores the evolution of traditional financial instruments like bonds to tackle sustainability issues. Building on fieldwork among green financiers, the thesis is based upon participant observation of working groups appointed to define standards for sustainable bonds. Engaging critical theory, one claim is that investors are increasingly recruited or interpellated by an emerging global green ideological apparatus, aimed at ensuring the reproduction of existing social relations. Taking stock of the proliferation of both public and private actors in the definition of green standards and practices, the thesis proposes that this green ideology is becoming hegemonic. Focusing on the case of green bond pricing, it suggests that environmental and climate labels and other financial green signifiers for financial products take on brand-like qualities. Crystallizing imaginaries, meanings, and forms of personhood, they play a fundamental role in what is defined as a dual process of valuation-cum-subjectivation. Identifying themselves as “green”, financiers valuate differently green and brown assets allowing a ‘green’ financial value to slowly come to matter. Yet, alongside their ideological role, green labels have come to be almost exclusively standardized with reference to specific Climate Scenarios (e.g. Net Zero). These scenarios coordinate the optimal path towards achieving a carbon neutral world and represent the quintessential example of socioeconomic planning, crucially undermining neoliberal ideas of ‘the market’ as the ultimate calculative device.

Tipologia del documento
Tesi di dottorato
Maresca, Alessandro
Dottorato di ricerca
Settore disciplinare
Settore concorsuale
Parole chiave
Sustainable Finance, Sustainable Bonds, Key Performance Indicators, Green Labels
Data di discussione
30 Giugno 2023

Altri metadati

Gestione del documento: Visualizza la tesi