Whose risk counts? Climate risk frames in global green finance governance complex

Citation

Park H & Skovgaard J (2025) Whose risk counts? Climate risk frames in global green finance governance complex. Earth System Governance, 26, Art. No.: 100288. https://doi.org/10.1016/j.esg.2025.100288

Abstract
In recent decades, global green finance governance institutions (GGFGIs) have developed diverse frames for understanding climate-related risks. Understanding these risk frames is crucial because they lead to distinctive “de-risking” policies, empowering different types of actors. This paper examines how GGFGIs produce different climate risk frames, and what the prevailing climate risk frame is and whose risk it addresses. We investigate these questions by analyzing the current global green finance governance complex applying a constructivist approach emphasizing contestation over normative issues and a Critical Political Economy perspective. Our mapping based on 74 GGFGIs shows exercise that a risk framing focusing on climate impact on business actors became prevalent over other types of climate risks imposed on people and nature. Our finding shows the dominant influence of the Task Force on the Climate-Related Financial Disclosure created by G20’s Financial Stability Board. This development reflects broader trends of climate capitalism.

Keywords
Global green finance governance; Climate risk frames; Governance complex; Critical political economy

Journal
Earth System Governance: Volume 26

• Published Version