Bożena Ryszawska
Abstract Transition to smart, efficient low carbon economy in conventional reception is associated with the process of multi-level transformation of the economic and sociotechnological system intended to increase its environmental sustainability and social fairness. According to above transition new concepts of finance have emerged in public debate such as: green finance, sustainable finance, climate finance, carbon finance. New approach of finance is purpose oriented, mission oriented, and value oriented which is opposite to traditional role of finance. The article is based on transitions research approach. It adopts a broader perspective than other approaches to sustainable development, emphasizing wide-scale system transformation. Transition research develops co-evolutionary approaches that highlight multi-dimensional interactions between industry, technology, markets, policy, culture and civil society. The paper presents a paradigm shift in economy which changes the role of finance (financial agents and markets) from dominant view of finance, focusing only on profits and shareholder value to alternative to the current regime. The goal is to identify a new direction for finance which is already emerging in Europe and confirm it by many initiative undertaken on the international arena.
