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Detailed Summary of Readings Sustainable Finance

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EBM071B05 (EBM071B05)

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Rijksuniversiteit Groningen (RuG)

This document provides an in-depth summary of the mandatory readings for the course "Sustainable Finance" which students will definitely encounter in the exam. This summary is "pure gold" for students taking the exam of this course because it provides many details from the articles.

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by Andreea Stanescu
Detailed Summary of Readings
Sustainable Finance

Week 1

Österblom et al. 2022. Transnational corporations, biosphere stewardship, sustainable futures.
[this review paper provides suggestions for aligning corporate activities with earth systems]

The article explores the role of transnational corporations (TNCs) in promoting sustainability and stewardship of the biosphere. The
authors argue that TNCs have a significant impact on the environment and natural resources, and that their actions can have far-
reaching consequences for the health and well-being of ecosystems and human societies. (e.g. MNC: Coca-Cola, Nestle → e.g.
TNC: Apple, McDonalds)

→ Transnational corporations (TNCs): made up of a group of companies, each of which has relatively large autonomy (where
subsidiaries don’t have autonomy, the group is referred to as a multinational corporation)
→ Turnover: the sum of the value of all goods and services sold during a particular period by an organization
→ Value added: turnover less the costs of the goods that have been sold, and hence is a comparable corporate accounting
figure to gross domestic product
→ Gross domestic product (GDP): the measure of the value of all final goods and services produced by a country

The article begins by discussing the historical context of corporate governance and environmental regulation, highlighting the
increasing attention paid to the environmental challenges associated with private corporations. The authors argue that TNCs have
entered a transitional period in which narratives are shifting from simply complying with existing regulations to engaging with
sustainability as a conscious and credible strategy.

Biosphere stewardship = the responsible management and conservation of natural resources and ecosystems. The concept
emphasizes the idea that humans have a collective responsibility to care for and sustainably use the planet's life-supporting systems.
TNCs have a critical role to play in promoting biosphere stewardship, and that this can be achieved through a range of
strategies, including sustainable sourcing, circular economy models, and engagement with local communities.

Methodology: qualitative approach to analyse and synthesize the literature, drawing on their expertise in sustainability science,
business, policy, and practice. They provide a critical analysis of the existing literature, highlighting key themes and trends, and
synthesizing insights from a range of sources.

The article also discusses the challenges and opportunities associated with promoting biosphere stewardship within the corporate
sector. The authors argue that while there are significant barriers to change, including short-termism, lack of transparency, and
regulatory gaps, there are also promising examples of TNCs that are leading the way in promoting sustainability and stewardship.

SUMMARY POINTS
→ Corporations produce a range of externalities that negatively impact the planet, its ecosystems, and people.
→ International governance of environmental effects of corporations is rarely put in place proactively; instead, it is developed
years after environmental problems have become evident.
→ A large diversity of voluntary environmental programs has been initiated-both by individual corporations and at the sector
level → and is often inspired by nongovernmental organizations.
→ The combined effect of state-led and voluntary governance of corporations has been insufficient to meet the United Nations
Sustainable Development Goals (SDGs).
→ Corporations can exercise substantial leadership by working alone, together in their sector with peers, or in cooperation
with science.
→ A global convention that governs corporations is likely necessary if the SDGs are to be met in time.

, by Andreea Stanescu
Richardson et al., 2023. Earth beyond six of nine planetary boundaries.
[this planetary boundaries framework update finds that six of the nine boundaries are transgressed, suggesting that Earth is now
well outside of the safe operating space for humanity]

* transgressed = violated

The article provides an update on the planetary boundaries framework, which identifies nine critical Earth system processes that
regulate the stability and resilience of the planet. The authors find that six of these boundaries have been transgressed, indicating
that humanity has pushed the Earth system beyond its safe operating space.

Six transgressed boundaries:
Climate change: The Earth's climate is changing due to human activities, primarily the burning of fossil fuels and
deforestation. The increase in greenhouse gas emissions is causing global temperatures to rise, leading to more frequent and severe
heatwaves, droughts, floods, and storms. The transgression of the climate change boundary has significant implications for human
well-being, including food security, water availability, and public health.
Biodiversity loss: The loss of biodiversity is driven by habitat destruction, overexploitation, pollution, and climate change.
The transgression of the biodiversity loss boundary has implications for ecosystem services, such as pollination, pest control, and
nutrient cycling, which are essential for human well-being.
Land system change: The conversion of natural ecosystems, such as forests, grasslands, and wetlands, into croplands,
pastures, and urban areas, is a major driver of land system change. The transgression of the land system change boundary has
implications for food security, water availability, and biodiversity conservation.
Freshwater use: The increasing demand for freshwater for irrigation, industry, and domestic use is leading to the depletion
of freshwater resources. The transgression of the freshwater use boundary has implications for food security, energy production,
and public health.
Biogeochemical flows: The biogeochemical flows boundary refers to the cycling of nutrients, such as nitrogen and
phosphorus, through the Earth system. Human activities, such as fertilizer use and fossil fuel combustion, are disrupting these cycles,
leading to eutrophication, acidification, and other environmental problems. The transgression of the biogeochemical flows boundary
has implications for ecosystem services, such as water quality, and human health.
Biosphere integrity: The biosphere integrity boundary refers to the capacity of the Earth's ecosystems to support
biodiversity and maintain their functions and processes. Human activities, such as deforestation, land-use change, and pollution, are
degrading the biosphere's integrity, leading to the loss of ecosystem services and biodiversity. The transgression of the biosphere
integrity boundary has implications for food security, water availability, and public health.

Three not transgressed boundaries:
Ocean acidification: The increasing absorption of carbon dioxide by the oceans is leading to a decrease in pH, making the
oceans more acidic. Ocean acidification has implications for marine biodiversity, fisheries, and the global carbon cycle.
Atmospheric aerosol loading: Aerosols are tiny particles suspended in the atmosphere that can have both cooling and
warming effects on the Earth's climate. Anthropogenic aerosols, such as those produced by burning fossil fuels and biomass, are a
major contributor to atmospheric aerosol loading.

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