Public Guarantees for the Green Transition?
Market-Based Finance and the Role of Development Banks in the European Commission’s Green Industrial Transition Plan
DOI:
https://doi.org/10.32387/prokla.v54i216.2137Keywords:
Derisking, Development Banks, Industrial Policy, Market-Based Finance, Net-Zero TransitionAbstract
This article analyses the investment program InvestEU, through which the European Commission seeks to steer private investment into the ecological transformation of European industry. The program is an expression of an increasingly dominant mode of state intervention that relies on »derisking« and market-based finance and leads to a stronger entanglement between state actors and private finance. By analysing InvestEU, I show that the program’s derisking strategy comes with weak policy steer and reduced accountability and is therefore ill-equipped to contribute to a socially and environmentally just transition of European industry.
Downloads
References
Abels, Joscha / Bieling, Hans-Jürgen (2022): Jenseits des Marktliberalismus? Europäische Industrie- und Infrastrukturpolitik im Zeichen neuer globaler Rivalitäten. In: PROKLA 208 52(3): 429-449. DOI: https://doi.org/10.32387/prokla.v52i208.2004. DOI: https://doi.org/10.32387/prokla.v52i208.2004
Bonse, Eric (2022): Neue EU-Verordnung. Ökolabel für Atom- und Gaskraft. In: taz (6.7.2022). https://taz.de/Neue-EU-Verordnung/!5862571/, Zugriff: 9.7.2024.
Braun, Benjamin (2020): Central banking and the infrastructural power of finance: the case of ECB support for repo and securitization markets. In: Socio-Economic Review 18(2): 395-418. DOI: https://doi.org/10.1093/ser/mwy008. DOI: https://doi.org/10.1093/ser/mwy008
– / Gabor, Daniela / Hübner, Marina (2018): Governing through financial markets: Towards a critical political economy of Capital Markets Union. In: Competition & Change 22(2): 101-116. DOI: https://doi.org/10.1177/1024529418759476. DOI: https://doi.org/10.1177/1024529418759476
Bulfone, Fabio (2023): Industrial policy and comparative political economy: A literature review and research agenda. In: Competition & Change 27(1): 22-43. DOI: https://doi.org/10.1177/10245294221076225. DOI: https://doi.org/10.1177/10245294221076225
Cooiman, Franziska (2023): The limits of derisking. (Un)conditionality in the European green transformation. In: Competition & Change: OnlineFirst. DOI: https://doi.org/10.1177/10245294231224137. DOI: https://doi.org/10.1177/10245294231224137
DG for Internal Market, Industry, Entrepreneurship and SMEs (2023): Investment needs assessment and funding availabilities to strengthen EU’s Net-Zero technology manufacturing capacity SWD(2023)68. Brüssel (23.3.2023). URL: https://single-market-economy.ec.europa.eu/publications/staff-working-document-investment-needs-assessment-and-funding-availabilities-strengthen-eus-net_en, Zugriff: 9.7.2024
Elsner, Carsten u.a. (2022): Room for money or manoeuvre? How green financialization and de-risking shape Zambia’s renewable energy transition. In: Canadian Journal of Development Studies / Revue canadienne d’études du développement 43(2): 276-295. DOI: https://doi.org/10.1080/02255189.2021.1973971. DOI: https://doi.org/10.1080/02255189.2021.1973971
Endrejat, Vanessa (2024): Off-balance-sheet policies to the rescue: The role of statistical expertise for European public–private partnerships. In: Competition & Change 28(3-4): 515-535. DOI: https://doi.org/10.1177/10245294241245512. DOI: https://doi.org/10.1177/10245294241245512
EU 2018/1046: Verordnung (EU, Euratom) des Europäischen Parlaments und des Rates vom 18. Juli 2018 über die Haushaltsordnung für den Gesamthaushaltsplan der Union […]. URL: http://data.europa.eu/eli/reg/2018/1046/oj, Zugriff: 22.7.2024.
EU 2020/852: Verordnung des Europäischen Parlaments und des Rates vom 18. Juni 2020 über die Einrichtung eines Rahmens zur Erleichterung nachhaltiger Investitionen und zur Änderung der Verordnung (EU) 2019/2088. URL: http://data.europa.eu/eli/reg/2020/852/oj, Zugriff: 22.7.2024.
EU 2021/523: Verordnung des Europa?ischen Parlaments und des Rates vom 24. März 2021 zur Einrichtung des Programms »InvestEU« und zur A?nderung der Verordnung (EU) 2015/1017. URL: http://data.europa.eu/eli/reg/2021/523/oj, Zugriff: 22.7.2024.
EU 2021/1078: Delegierte Verordnung der Kommission vom 14. April 2021 zur Ergänzung der Verordnung (EU) 2021/523 des Europäischen Parlaments und des Rates und zur Festlegung der Investitionsleitlinien für den InvestEU-Fonds. URL: http://data.europa.eu/eli/reg_del/2021/1078/oj, Zugriff: 22.7.2024
EU 2021/1702: Delegierte Verordnung der Kommission vom 12. Juli 2021 zur Erga?nzung der Verordnung (EU) 2021/523 des Europa?ischen Parlaments und des Rates durch Festlegung zusätzlicher Elemente und detaillierter Vorschriften fu?r die InvestEU-Bewertungsmatrix. URL: http://data.europa.eu/eli/reg_del/2021/1702/oj, Zugriff: 22.7.2024.
Europäische Kommission (2020a): Der Investitionsplan für den europäischen Grünen Deal und der Mechanismus für einen gerechten Übergang. Brüssel (14.1.2020). URL: https://ec.europa.eu/commission/presscorner/detail/de/qanda_20_24, Zugriff: 9.7.2024.
– (2020b): Investitionsplan für ein zukunftsfähiges Europa. Investitionsplan für den europäischen Grünen Deal. COM (2020)21. URL: https://eur-lex.europa.eu/legal-content/DE/TXT/?uri=CELEX:52020DC0021, Zugriff: 9.7.2024.
– (2021a): Bekanntmachung der Kommission. Technischer Leitfaden fu?r die Nachhaltigkeitspru?fung im Rahmen des Fonds »InvestEU«. 2021/C 280/01. URL: https://eur-lex.europa.eu/legal-content/DE/TXT/?uri=OJ:C:2021:280:TOC, Zugriff: 9.7.2024.
– (2021b): Strategie zur Finanzierung einer nachhaltigen Wirtschaft. COM (2021)390. URL: https://eur-lex.europa.eu/legal-content/DE/TXT/?uri=CELEX:52021DC0390, Zugriff: 9.7.2024.
– (2023a): Bericht der Kommission an das Europäische Parlament und den Rat u?ber Finanzierungsinstrumente, Haushaltsgarantien, finanziellen Beistand und Eventualverbindlichkeiten. COM (2023)683. URL: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52023DC0683, Zugriff: 9.7.2024.
– (2023b): Ein Industrieplan zum Grünen Deal für das klimaneutrale Zeitalter. COM (2023)62. URL: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52023DC0062, Zugriff: 9.7.2024.
European Commission (2014): EU launches Investment Offensive to boost jobs and growth. URL: https://ec.europa.eu/commission/presscorner/detail/en/IP_14_2128, Zugriff: 9.7.2024.
– (2015): Delivery of €315 billion Investment Plan on track: Commission presents law for the European Fund for Strategic Investments. URL: https://ec.europa.eu/commission/presscorner/detail/en/IP_15_3222, Zugriff: 9.7.2024.
– (2022): European Commission and EIB Group sign InvestEU agreements unlocking billions for investment across the European Union. URL: https://ec.europa.eu/commission/presscorner/detail/en/ip_22_1548, Zugriff: 9.7.2024.
– (2023): Speech by President von der Leyen on EU-China relations to the Mercator Institute for China Studies and the European Policy Centre. URL: https://ec.europa.eu/commission/presscorner/detail/en/speech_23_2063, Zugriff: 9.7.2024.
– (2024): Funding by management mode. URL: https://commission.europa.eu/funding-tenders/find-funding/funding-management-mode_en, Zugriff: 9.7.2024.
European Investment Bank (2020): The European Fund for Strategic Investments: the legacy. URL: https://www.eib.org/attachments/thematic/efsi_the_legacy_en.pdf, Zugriff: 9.7.2024.
– (2024): Investor Relations Presentation. 1.3.2024. URL: https://www.eib.org/attachments/fi/eib-investor-presentation.pdf, Zugriff: 9.7.2024.
fi-compass (2024): Financial Instruments Glossary. URL: https://www.fi-compass.eu/info/glossary, Zugriff: 9.7.2024.
Gabor, Daniela (2021): The Wall Street Consensus. In: Development and Change 52(3): 429-459. DOI: https://doi.org/10.1111/dech.12645. DOI: https://doi.org/10.1111/dech.12645
– (2023): The (European) Derisking State. In: Stato e mercato, Rivista quadrimestrale 1/2023: 53-84. DOI: https://doi.org/10.1425/107674.
– / Braun, Benjamin (2023): Green macrofinancial regimes. In: SocArXiv (5.10.2023). DOI: https://doi.org/10.31235/osf.io/4pkv8. DOI: https://doi.org/10.31235/osf.io/4pkv8
Golka, Philipp (2023): Impact investing and the politics of leverage: towards a meso-level perspective on derisking. In: SocArXiv (14.11.2023). DOI: https://doi.org/10.31235/osf.io/9uvzw. DOI: https://doi.org/10.31235/osf.io/9uvzw
– / Murau, Steffen / Thie, Jan-Erik (2023): Public Sustainable Finance: von nachhaltigen Finanzmärkten zur sozialökologischen Transformation. In: Vierteljahrshefte zur Wirtschaftsforschung 92(1): 97-112. DOI: https://doi.org/10.3790/vjh.92.1.97. DOI: https://doi.org/10.3790/vjh.92.1.97
Griffith-Jones, Stephany (2021): Promoting Investment in the European Union, Evaluating the Juncker Plan. In: De Souza Guilherme, Bettina u.a. (Hg.): Financial Crisis Management and Democracy: Lessons from Europe and Latin America. Cham: 323-335. DOI: https://doi.org/10.1007/978-3-030-54895-7_21. DOI: https://doi.org/10.1007/978-3-030-54895-7_21
– / Naqvi, Natalya (2021): Leveraging Policy Steer? Industrial Policy, Risk-Sharing, and the European Investment Bank. In: Mertens, Daniel / Thiemann, Matthias / Volberding, Peter (Hg.): The Reinvention of Development Banking in the European Union: Industrial Policy in the Single Market and the Emergence of a Field. Oxford: 90-113. DOI: https://doi.org/10.1093/oso/9780198859703.003.0004. DOI: https://doi.org/10.1093/oso/9780198859703.003.0004
InvestEU Steering Board (2023): InvestEU Steering Board. Minutes of the meeting held on 25 November 2022. SB 2023/1 (6.3.2023). URL: https://investeu.europa.eu/document/download/04de185f-09f5-4c44-b48d-72a5b13406fc_en?filename=InvestEU%20SB%2023.03.06_SB.2023.01_Minutes%20Steering%20Board%20Meeting%208.2022.pdf, Zugriff: 9.7.2024.
– (2024): InvestEU Steering Board. Minutes of the meeting held on 26 October 2023. SB 2024/1 (5.2.2024). URL: https://investeu.europa.eu/document/download/7a246067-83d5-43be-bc77-e81a2db92292_en?filename=InvestEU%20SB%2023.10.26_SB.2024.1.Minutes%20Steering%20Board%20Meeting%20final.pdf, Zugriff: 9.7.2024.
Lepont, Ulrike / Thiemann, Matthias (2024): The European Investor State: Its characteristics, genesis, and effects. In: Competition & Change 28(3-4). DOI: https://doi.org/10.1177/10245294231215481. DOI: https://doi.org/10.1177/10245294231215481
Mader, Ohilip / Mertens, Daniel / van der Zwan, Natascha (2020): Financialization: An Introduction. In: Dies. (Hg.): International Handbook of Financialization. London: 1-16. DOI: https://doi.org/10.4324/9781315142876-1. DOI: https://doi.org/10.4324/9781315142876-1
Mazzucato, Mariana / Rodrik, Dani (2023): Industrial Policy with Conditionalities. A Taxonomy and Sample Cases. In: UCL Institute for Innovation and Public Purpose Working Paper 2023-07. URL: https://www.ucl.ac.uk/bartlett/public-purpose/wp2023-07, Zugriff: 9.7.2024.
Mertens, Daniel / Thiemann, Matthias (2018): Market-based but state-led: The role of public development banks in shaping market-based finance in the European Union. In: Competition & Change 22(2): 184-204. https://doi.org/10.1177/1024529418758479. DOI: https://doi.org/10.1177/1024529418758479
– (2019): Building a hidden investment state? The European Investment Bank, national development banks and European economic governance. In: Journal of European Public Policy 26(1): 23-43. DOI: https://doi.org/10.1080/13501763.2017.1382556. DOI: https://doi.org/10.1080/13501763.2017.1382556
– / Volberding, Peter (2021): Introduction: The Making of the European Field of Development Banking. The Reinvention of Development Banking in the European Union: Industrial Policy in the Single Market and the Emergence of a Field. Oxford.
Simon, Jenny (2021): Verbriefung. In: PERIPHERIE 2(162-163): 324-327. DOI: https://doi.org/10.3224/peripherie.v41i2-3.09. DOI: https://doi.org/10.3224/peripherie.v41i2-3.09
Warwick, Ken (2013): Beyond Industrial Policy. Emerging Issues and New Trends. In: OECD Science, Technology and Industry Policy Papers No. 2. DOI: https://doi.org/10.1787/5k4869clw0xp-en. DOI: https://doi.org/10.1787/5k4869clw0xp-en
Published
How to Cite
Issue
Section
