Leveraging the capabilities of multinational firms to address climate change: a finance perspective

• 成果类型: Article
• 署名作者: Allen, Franklin; Barbalau, Adelina; Chavez, Erik; Zeni, Federica
• 署名单位: Imperial College London; University of Alberta; The World Bank
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-024-00748-w
• 发表日期: 2025
• 页码: 461-480
• 关键词: climate change; multinational enterprises; financing; energy transition; Just transition

摘要

Climate change and the associated issue of curbing carbon emissions have risen on the agenda of policymakers worldwide. However, global coordination on matters such as harmonized regulation has been subject to significant political frictions, and the large intergovernmental transfers needed to finance the transition of developing economies have proven hard to raise. Recently, there have been considerable responses to climate change from the private sector, with stakeholders placing more pressure on firms, and financial markets mobilizing increasingly more capital towards the reduction of negative externalities. We argue that although multinational enterprises (MNEs) have been a major contributor to the problem, they can be an important part of the solution - they have unique features that enable them to play an important role in the fight against climate change. MNEs have extensive and efficient internal markets for governance, financing, and technology, which enable them to circumvent country-specific frictions to climate action such as heterogeneous regulation, corruption, and the lack of technology. We analyze how different public and private incentive mechanisms could be designed to leverage MNEs' unique features, realign their incentives, and engage their potential to play a role in decarbonizing the economy. Lastly, we discuss challenges, opportunities, and future research. Le changement climatique et le d & eacute;fi connexe de la r & eacute;duction des & eacute;missions de carbone ont pris de l'importance dans l'agenda des d & eacute;cideurs politiques du monde entier. N & eacute;anmoins, la coordination mondiale sur des questions telles que l'harmonisation des r & eacute;glementations a fait l'objet d'importantes frictions politiques, et les importants transferts intergouvernementaux n & eacute;cessaires pour financer la transition des & eacute;conomies en d & eacute;veloppement se sont av & eacute;r & eacute;s difficiles & agrave; obtenir. R & eacute;cemment, le secteur priv & eacute; a r & eacute;agi de mani & egrave;re consid & eacute;rable au changement climatique, les parties prenantes exer & ccedil;ant une pression accrue sur les entreprises et les march & eacute;s financiers mobilisant de plus en plus de capitaux pour la r & eacute;duction des externalit & eacute;s n & eacute;gatives. Nous argumentons que, bien que les entreprises multinationales (Multinational Enterprises -MNEs) aient largement contribu & eacute; au probl & egrave;me, elles peuvent constituer une partie importante de la solution - elles poss & egrave;dent des caract & eacute;ristiques uniques leur permettant de jouer un r & ocirc;le important dans la lutte contre le changement climatique. Les MNEs disposent de march & eacute;s internes & eacute;tendus et efficaces en mati & egrave;re de gouvernance, de financement et de technologie, ce qui leur permet de contourner les obstacles & agrave; l'action climatique propres & agrave; chaque pays, tels que l'h & eacute;t & eacute;rog & eacute;n & eacute;it & eacute; des r & eacute;glementations, la corruption et le manque de technologie. Nous analysons comment diff & eacute;rents m & eacute;canismes d'incitation publics et priv & eacute;s pourraient & ecirc;tre con & ccedil;us pour tirer parti des caract & eacute;ristiques uniques des MNEs, r & eacute;aligner leurs incitations et exploiter leur potentiel & agrave; jouer un r & ocirc;le dans la d & eacute;carbonisation de l'& eacute;conomie. Enfin, nous discutons des d & eacute;fis, des opportunit & eacute;s et des recherches futures. El cambio clim & aacute;tico y el asunto asociado de de frenar las emisiones de carbono han aumentado en la agenda de los hacedores de pol & iacute;ticas en el mundo entero. Sin embargo, la coordinaci & oacute;n global en cuestiones como la regulaci & oacute;n armonizada ha estado sujeta a importantes fricciones pol & iacute;ticas y las grandes transferencias intergubernamentales necesarias para financiar la transici & oacute;n de las econom & iacute;as en desarrollo han resultado dif & iacute;ciles de lograr. Recientemente, ha habido respuestas considerables al cambio clim & aacute;tico por parte del sector privado: los grupos de inter & eacute;s ejercen m & aacute;s presi & oacute;n sobre las empresas y los mercados financieros movilizan cada vez m & aacute;s capital para reducir las externalidades negativas. Sostenemos que, si bien las empresas multinacionales (MNEs por sus siglas en ingl & eacute;s) han contribuido en gran medida al problema, pueden ser una parte importante de la soluci & oacute;n: tienen caracter & iacute;sticas & uacute;nicas que les permiten desempe & ntilde;ar un papel importante en la lucha contra el cambio clim & aacute;tico. Las empresas multinacionales tienen mercados internos amplios y eficientes para la gobernanza, la financiaci & oacute;n y la tecnolog & iacute;a, que les permiten eludir las fricciones espec & iacute;ficas de cada pa & iacute;s para la acci & oacute;n clim & aacute;tica, como la regulaci & oacute;n heterog & eacute;nea, la corrupci & oacute;n y la falta de tecnolog & iacute;a. Analizamos c & oacute;mo se podr & iacute;an dise & ntilde;ar diferentes mecanismos de incentivos p & uacute;blicos y privados para aprovechar las caracter & iacute;sticas & uacute;nicas de las empresas multinacionales, realinear sus incentivos y aprovechar su potencial para desempe & ntilde;ar un papel en la descarbonizaci & oacute;n de la econom & iacute;a. Por & uacute;ltimo, discutimos desaf & iacute;os, oportunidades e investigaciones futuras. Mudan & ccedil;as clim & aacute;ticas e a quest & atilde;o associada de conter emiss & otilde;es de carbono surgiram na agenda dos formuladores de pol & iacute;ticas em todo o mundo. No entanto, a coordena & ccedil;& atilde;o global em quest & otilde;es como regulamenta & ccedil;& atilde;o harmonizada tem sido sujeita a fric & ccedil;& otilde;es pol & iacute;ticas significativas e as grandes transfer & ecirc;ncias intergovernamentais necess & aacute;rias para financiar a transi & ccedil;& atilde;o de economias em desenvolvimento provaram ser dif & iacute;ceis de se obter. Recentemente, houve respostas consider & aacute;veis & agrave; mudan & ccedil;a clim & aacute;tica por parte do setor privado, com stakeholders aumentando a press & atilde;o sobre empresas e mercados financeiros mobilizando cada vez mais capital para a redu & ccedil;& atilde;o de externalidades negativas. Argumentamos que, embora empresas multinacionais (MNEs) tenham sido grandes contribuintes para o problema, elas podem ser importante parte da solu & ccedil;& atilde;o - elas possuem caracter & iacute;sticas & uacute;nicas que lhes permitem desempenhar um papel importante na luta contra mudan & ccedil;as clim & aacute;ticas. MNEs t & ecirc;m mercados internos extensos e eficientes para governan & ccedil;a, financiamento e tecnologia, que lhes permitem contornar fric & ccedil;& otilde;es espec & iacute;ficas de cada pa & iacute;s & agrave; a & ccedil;& atilde;o clim & aacute;tica, como regulamenta & ccedil;& atilde;o heterog & ecirc;nea, corrup & ccedil;& atilde;o e falta de tecnologia. Analisamos como diferentes mecanismos p & uacute;blicos e privados de incentivo poderiam ser projetados para alavancar caracter & iacute;sticas & uacute;nicas de MNEs, realinhar seus incentivos e engajar seu potencial para desempenhar um papel na descarboniza & ccedil;& atilde;o da economia. Por & uacute;ltimo, discutimos desafios, oportunidades e futuras pesquisas. 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