A Very British industrial policy
Green finance and the City-Bank-Treasury control of Net Zero
Bibliographic Data
| ID | 8945689 |
|---|---|
| Authors | James Jackson (0000-0002-2069-4957, University of Manchester, corresponding author) |
| Year | 2024 |
| Volume | 152 |
| Pages | 104020-104020 |
| Publication date | 2024-05-17 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Geoforum (JOURNAL) |
| Journal identifiers | ISSN: 0016-7185 • E-ISSN: 1872-9398 |
| Publisher | Elsevier BV (PUBLISHER) |
| DOI | 10.1016/j.geoforum.2024.104020 |
| OpenAlex | W4396998065 |
| Language | EN |
| Citations received | 7 |
| References cited | 25 |
In 2017, the UK’s Industrial Strategy was thought to have marked an unconventional moment in British politics, as the state began to explicitly ‘pick the winners’ necessary to both grow and decarbonise the economy. This article demonstrates that a more conventional view of this moment can be found in the pages of the Green Finance Strategies where, contrary to the assumption that a green transformation requires developing domestic capacity in emergent technologies, the UK has instead chosen to be the financier of them. It draws on a novel dataset to find another instance of ‘Treasury Control’, in which large scale investments in low carbon sectors was eschewed to instead 'green' the financial expertise located in the City of London, thereby making green finance British industrial policy. Instead of any industrial transformation of the UK political economy, the pursuit of green finance belies the fact that any such transition, and by extension Net Zero, is shaped by the City-Bank-Treasury nexus' desire to preserve the prevailing economic model with as few adjustments as possible
Archaeology · Business · Control (management · Economics · Financial system · Geography · Management · Treasury · Zero (linguistics · Finance · Housing Market and Economics · Housing, Finance, and Neoliberalism · State Capitalism and Financial Governance
Energy social science in a critical conjuncture
The states–markets–decarbonization nexus
Legally robust, politically fragile? The discursive institutional dilution of conservative climate discourse in UK Net Zero politics (2010–2024)
Varieties of central banking
Green financial planning
Climate-related risks to central bank independence
Levelling up as green industrial policy
Green finance in the global energy transition
Industrial policy
Building back better’ or sustaining the unsustainable? The climate impacts of Bank of England QE in the Covid-19 pandemic
Technocratic economic governance and the politics of UK fiscal rules
The offshore city, Chinese finance, and British capitalism
From Receding to Reseeding
Treasury Control’ and the British Environmental State
Brexit, the City and the Contingent Power of Finance
Resilience in the City of London
Nebuleuse and the 'internationalization of the state' in the UK? The case of HM Treasury and the Bank of England
The state, the City and the Euromarkets
Varieties of ignorance in neoliberal policy
Climate imaginaries and their mediums
New geographies of European financial competition? Frankfurt, Paris and the political economy of Brexit
The ‘wicked trinity’ of late capitalism
Environmental policy and industrial innovation
Rendering the future governable
Governing eco-cities in China
Cash cows? Assembling low-carbon agriculture through green finance
Environmental Transformation of the State
The distinctiveness of state capitalism in Britain
Constructing and contesting City of London power
| Unique citing works | 7 |
|---|---|
| Citations per year | 3,5 |
| Citation span | 2024 - 2026 (3) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 7 |