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The Cultures of MarketsThe Political Economy of Climate Governance$
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Janelle Knox-Hayes

Print publication date: 2016

Print ISBN-13: 9780198718451

Published to Oxford Scholarship Online: August 2016

DOI: 10.1093/acprof:oso/9780198718451.001.0001

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The Path towards Environmental Finance and Sustainable Valuation

(p.237) 9 Conclusion
The Cultures of Markets

Janelle Knox-Hayes

Oxford University Press

Chapter 9 sketches out the paths of sociopolitical convergence and divergence across regions. The impact of agency and cultural difference across the cases is significant. The chapter lays out the implications of market-based governance for climate change. The markets were never intended to serve merely as a system of climate governance, but rather to relate to environmental management more broadly. The markets will have profound implications for energy and environment use in coming decades, particularly as they are adapted to manage new sets of environmental asset classes. The chapter concludes with thoughts on how emissions markets can be improved to leverage use value and modified to incorporate a broader range of social values, as well as how markets for externalities in general can be made to more sustainably value the material use of resources across time.

Keywords:   Conference of Parties Paris 2015, social values, empowering authority bases, environmental finance, materiality, improving markets, sustainable valuation

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