Unpacking pension-climate governance: the finance-climate governance nexus and its implications for pension fund climate action and fossil fuel phaseout
年金と気候ガバナンスの解明：金融・気候ガバナンスの連関と年金基金の気候行動・化石燃料段階的廃止への影響 (AI 翻訳)
Clara McDonnell
🤖 gxceed AI 要約
日本語
本論文は、パリ協定の金融フロー整合性の要請にもかかわらず、年金基金が化石燃料拡大への資金提供を続ける問題を分析する。米国・英国・オランダの主要年金基金を対象に、年金ガバナンス、気候ガバナンス、持続可能な金融ガバナンスの3つの制度の交錯を、ガバナンス厳格性フレームワークを用いて比較する。気候ガバナンスは投資家行動を規律づける仕組みを持たず、年金ガバナンスは気候リスク管理に焦点を当てることで金融フローの転換から注意をそらしていると論じる。自主的な持続可能な金融イニシアティブが重要なギャップを埋める一方、政策による調整の必要性を強調する。
English
This paper analyzes why pension funds continue to fund fossil fuel expansion despite Paris Agreement commitments. Comparing major pension funds in the US, UK, and Netherlands, it maps the intersection of pension, climate, and sustainable finance governance using a governance stringency framework. It finds climate governance lacks mechanisms to shape investor behavior, while pension governance focuses on climate risk management, diverting attention from aligning financial flows. Voluntary initiatives fill gaps, but policy must address tensions between climate goals and pension regulation.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、GPIFが気候関連開示やインデックス運用で先進的とされるが、本論文の示唆は、年金ガバナンスと気候目標の緊張関係が日本にも当てはまる点にある。SSBJ開示義務化や企業のトランジション計画策定が進む中、機関投資家の役割を再考する材料となる。
In the global GX context
This paper contributes to global discussions on aligning financial flows with climate goals, particularly relevant to ISSB and transition finance frameworks. It highlights the governance gaps that voluntary initiatives (e.g., NZAM) cannot fill, urging policymakers to integrate climate goals into pension regulation. The comparative analysis of US, UK, and Netherlands offers insights for other jurisdictions.
👥 読者別の含意
🔬研究者:Provides a governance stringency framework for analyzing pension fund climate action, useful for comparative policy research.
🏢実務担当者:Highlights the limitations of voluntary initiatives and the need for policy integration, informing corporate engagement strategies with pension funds.
🏛政策担当者:Suggests that pension regulation must be reformed to align with climate goals, offering a framework for policy design.
📄 Abstract（原文）
Abstract Through the Paris Agreement’s commitment to making financial flows consistent with emissions reduction pathways, large institutional investors, including pension funds, have been implicitly conscripted into efforts to leave fossil fuels underground. Yet despite the attention to finance from international climate agreements, finance continues to fund fossil fuel expansion. Drawing on the emergent literature on finance-climate governance interactions, I explore how the intersection of these governance regimes impacts a specific actor (pension funds) and a specific issue area (management of pension fund fossil fuel assets). By analysing policy documents and voluntary investor initiatives, I map the multi-level institutional arrangements governing major pension funds in the US, UK, and the Netherlands across three governance regimes: pension governance, climate governance, and sustainable finance governance and make use of the governance stringency framework to compare the ways governance arrangements shape pension climate action and their contribution to phasing out fossil fuels. Climate governance has normatively linked financial action and climate mitigation, yet adopted no mechanisms to shape investor behaviour, while conversely, pension governance has integrated attention to climate to the extent that it poses financial risk, shifting the attention away from aligning financial flows towards managing climate risk. Prescriptive governance for pension climate action and its management of fossil fuel investments has been dominated by voluntary sustainable finance initiatives. While these fill important governance gaps, resolving the tensions between climate goals and pension regulation is something policy will need to address to take seriously the challenge of aligning financial flows with climate goals.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1007/s10784-026-09732-1first seen 2026-08-16 06:04:34
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。