ESGバックラッシュ：アセットマネージャー資本主義下での低炭素移行への異議申し立て
The ESG backlash: contesting the low-carbon transition under asset manager capitalism (原題)
Jenny McArthur
🤖 gxceed AI 要約
日本語
本論文は、アセットマネージャーの影響力拡大が社会に与える影響を、特にインフラ資産クラスに焦点を当てて考察する。ESGバックラッシュがグリーン投資グループ（GIG）の気候変動へのコミットメントを変化させた一方、財務リターンやリスク管理への影響は限定的だったことを示す。金融価値抽出の社会的関係が部分的にしか標的とされなかったためである。
English
This article examines the political struggles over greening the infrastructure asset class, focusing on the impact of the ESG backlash on the Green Investment Group (GIG). It finds that while the backlash prompted a rapid shift in GIG's explicit climate commitments, its ability to generate financial returns and manage risks was largely unaffected, as the backlash only partially targeted the social relations of financial value extraction.
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、ESG投資への懐疑的な見方が広がる中、本論文はアセットマネージャーの行動変化とその限界を理解する上で示唆に富む。SSBJ開示やトランジション・ファイナンスの実践において、投資家のコミットメントと実態の乖離を考慮する必要性を示す。
In the global GX context
This paper contributes to global debates on the ESG backlash and its implications for transition finance. It highlights how asset managers' climate commitments can be superficial, offering insights for policymakers and investors on the limits of financialized approaches to decarbonization.
👥 読者別の含意
🔬研究者:Provides a nuanced case study of how ESG backlash affects green asset managers, relevant for research on climate finance and asset manager capitalism.
🏢実務担当者:Offers insights for sustainability teams on the potential volatility of ESG commitments and the importance of robust integration of climate risks.
🏛政策担当者:Highlights the need for regulatory frameworks that address the financialization of green infrastructure and ensure genuine decarbonization.
📄 Abstract（原文）
The increased power of asset managers has profound effects on society by reconfiguring both the ownership of strategic assets as well as the policies that govern them. This phenomenon is pronounced in the infrastructure asset class, where increasing numbers of privatised assets are acquired and traded by private equity-style funds. This asset class has extended beyond traditional infrastructures such as water or gas utilities, seeking to generate returns through the assetisation of renewable energy and other low-carbon infrastructure technologies. Yet, attempts to ‘green’ the infrastructure asset class have met resistance in the form of the ESG backlash. To scrutinize political struggles over the greening of the infrastructure asset class, this article examines the impacts of the ESG backlash on the Green Investment Group (GIG), a leading green asset manager. The findings show that although the backlash spurred a rapid shift in the GIG’s explicit climate commitments, impacts on their ability to generate financial returns from green investments and manage financial risks were limited, as the backlash only partially targeted the social relations and processes of financial value extraction that constitute the GIG’s investment model.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/13563467.2026.2685193first seen 2026-08-22 04:51:18
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