Periodic Reporting for period 1 - CHINGREEN (On the financialisation of green: Chinese operations along the Belt and Road Initiative (BRI).)
Reporting period: 2021-11-01 to 2023-10-31
The main issue and problem addressed in the project refers to the process of “financialization of nature” and explores how finance– in particular Chinese led– is creating new ways to capitalise on nature and nature related resources, with no real impact on the ground, local communities. This raises questions on processes of valuation, and standards with reference on how nature is “valued” across diverse cultural and geographical domains. Given the major Chinese role in the wider development of green finance, especially in the global south–the project addresses the way in which Chinese led green investments are conceived and deployed.
A deep understanding of the relationship between finance and nature is paramount to rethink the ways societies are responding to climate change and are implementing policies to steer investments from “brown” to “green” assets. This requires an approach to financial valuation that exceeds the economic criteria, and which also encompasses issues of sustainability, at both global and local perspectives.
The overall objectives of the project is to understand the typology and impact of Chinese green finance along the BRI. The research charts the ways in which Chinese capital is labelled as green and how it “lands” on the ground through specific financial instruments such as green bonds. This responds to the question of whether the special features of Chinese “green” financial capital are(re)shaping global green financial practices and thus the relationship between nature and finance This research agenda is articulated through four objectives :
1. Historical-Genealogical Formation: Through a genealogical method involving archival research and secondary data, explore how the meanings of “green” and “sustainability” originate in the Chinese context and how these are now attached to financial ends.
2. Standards and Value Creation: Through interviews with auditors, policy makers and financial experts, verify how “green” parameters are established and certified in the international financial markets, and how Chinese “green financial products” are valuated and traded across different regional and national “green taxonomies.”
3. Socio Spatial Impact: Through participatory methods, verify what new “green” solutions (if any) China is promising to export along the BRI. This will test the socio-economic impact of Chinese “green” financial instruments on the ground and how these are negotiated with local actors.
A deep understanding of the relationship between finance and nature is paramount to rethink the ways societies are responding to climate change and are implementing policies to steer investments from “brown” to “green” assets. This requires an approach to financial valuation that exceeds the economic criteria, and which also encompasses issues of sustainability, at both global and local perspectives.
The overall objectives of the project is to understand the typology and impact of Chinese green finance along the BRI. The research charts the ways in which Chinese capital is labelled as green and how it “lands” on the ground through specific financial instruments such as green bonds. This responds to the question of whether the special features of Chinese “green” financial capital are(re)shaping global green financial practices and thus the relationship between nature and finance This research agenda is articulated through four objectives :
1. Historical-Genealogical Formation: Through a genealogical method involving archival research and secondary data, explore how the meanings of “green” and “sustainability” originate in the Chinese context and how these are now attached to financial ends.
2. Standards and Value Creation: Through interviews with auditors, policy makers and financial experts, verify how “green” parameters are established and certified in the international financial markets, and how Chinese “green financial products” are valuated and traded across different regional and national “green taxonomies.”
3. Socio Spatial Impact: Through participatory methods, verify what new “green” solutions (if any) China is promising to export along the BRI. This will test the socio-economic impact of Chinese “green” financial instruments on the ground and how these are negotiated with local actors.
Publications (journal articles)
• Dal Maso, G. (2023) “Chinese financialization with “green” characteristics: retail investors and the state planning of green assets”. «Etnografia e Ricerca Qualitativa», Il Mulino. Journal article on the Chinese green finance assets and the Chinese state's encouragement to invest in green assets.
• Dal Maso, G. (2023) “The sickle and the garlic chives: volatility in the Chinese stock market”. «Finance and Society».Article on the Chinese financial markets – with a focus on the stock exchange– which also address how investors invests in new green assets. (also based on previous work)
• Dal Maso, G. (2022) “The Promethean Ant Forest. Alibaba’s App as a Financialising Environmental Tool”. «Made in China Journal». Article published on the development of green fintech in China and how it matches, environmental objectives with financial motives.
• Dal Maso, G. coauthored with Maresca A., Tripathy A. (2022) “Interpellating Finance – a dramaturgical model for green bond pricing” «Valuation Studies». Article on the rationale of creating value in green assets.
White paper
Dal Maso, G , co-authored with Brombal D, Cui M. (2022) “The Financialization of Nature and Biodiversity Conservation”
https://pric.unive.it/fileadmin/user_upload/Chingreen/FinancialisationNatureWorkshop.pdf
Dissemination
Publications in Magazines/blogs
• Dal Maso G. (2022) ‘The Chingreen Project: “how green is China’s green finance"’. Ca’ Foscari News. Article on the Ca Foscari website where I explain the nature and scope of the Chingreen project.
• Dal Maso, G., Maresca, A. (2022) “The Capitalist Market Can’t Solve the Climate Crisis”. «Jacobin». Article on the mode in which green finance operates and which highlights the contradictions inherent in the process of financialization of nature.
• Dal Maso G., Maresca A. (2022) “Il ministero della Produzione Futura”. «Jacobin» Italia. (Italian translation of the same article. See above).
• Dal Maso, G. (2023) Interview with Robert Meister on his career trajectory and new book “Justice is an Option, a theory to democratize finance”. «Historical Materialism». Interview with philosopher Bob Meister on the role of finance in defining new political claims (based on previous work)
Outreach events
• 10/09/2023 - Festival della Politica (public event), “China and Globalization debate”, Fondazione Pellicani
Video 10/09/2023
• 18/05/2023 - Seminar organised by “Into the Black Box collective”, “Global Reset: scenari dal disordine planetario”, University of Bologna
Video 18/05/2023
• 11/04/2023 - Yusof Ishak Institute Webinar on “Finance, Energy and Food Intersections in Southeast Asia’s Green Transition”, National University of Singapore ISEAS - Yusof Ishak Institute
Video 11/04/2023
• 14-15/04/2022 - Virtual workshop “Financialisation of Nature, Green Investment and Biodiversity Conservation; Transformative Change or Veneer for the Status Quo?”, Department of Asian and North African Studies, Ca' Foscari University Venice
Videos: panel 1, panel 2, panel 3
• 14/04/2022 - “The Financialization of Nature and Biodiversity Conservation”, Department of Asian and North African Studies (NICHE- DSAAM) co-organiser, Ca Foscari University of Venice
Video 14/04/2022
Overall, I have been participating to 4 public events, 7 international conferences, and 6 webinar/workshops. The budget allocated to cover these activities amounts to € 4450.47.
• Dal Maso, G. (2023) “Chinese financialization with “green” characteristics: retail investors and the state planning of green assets”. «Etnografia e Ricerca Qualitativa», Il Mulino. Journal article on the Chinese green finance assets and the Chinese state's encouragement to invest in green assets.
• Dal Maso, G. (2023) “The sickle and the garlic chives: volatility in the Chinese stock market”. «Finance and Society».Article on the Chinese financial markets – with a focus on the stock exchange– which also address how investors invests in new green assets. (also based on previous work)
• Dal Maso, G. (2022) “The Promethean Ant Forest. Alibaba’s App as a Financialising Environmental Tool”. «Made in China Journal». Article published on the development of green fintech in China and how it matches, environmental objectives with financial motives.
• Dal Maso, G. coauthored with Maresca A., Tripathy A. (2022) “Interpellating Finance – a dramaturgical model for green bond pricing” «Valuation Studies». Article on the rationale of creating value in green assets.
White paper
Dal Maso, G , co-authored with Brombal D, Cui M. (2022) “The Financialization of Nature and Biodiversity Conservation”
https://pric.unive.it/fileadmin/user_upload/Chingreen/FinancialisationNatureWorkshop.pdf
Dissemination
Publications in Magazines/blogs
• Dal Maso G. (2022) ‘The Chingreen Project: “how green is China’s green finance"’. Ca’ Foscari News. Article on the Ca Foscari website where I explain the nature and scope of the Chingreen project.
• Dal Maso, G., Maresca, A. (2022) “The Capitalist Market Can’t Solve the Climate Crisis”. «Jacobin». Article on the mode in which green finance operates and which highlights the contradictions inherent in the process of financialization of nature.
• Dal Maso G., Maresca A. (2022) “Il ministero della Produzione Futura”. «Jacobin» Italia. (Italian translation of the same article. See above).
• Dal Maso, G. (2023) Interview with Robert Meister on his career trajectory and new book “Justice is an Option, a theory to democratize finance”. «Historical Materialism». Interview with philosopher Bob Meister on the role of finance in defining new political claims (based on previous work)
Outreach events
• 10/09/2023 - Festival della Politica (public event), “China and Globalization debate”, Fondazione Pellicani
Video 10/09/2023
• 18/05/2023 - Seminar organised by “Into the Black Box collective”, “Global Reset: scenari dal disordine planetario”, University of Bologna
Video 18/05/2023
• 11/04/2023 - Yusof Ishak Institute Webinar on “Finance, Energy and Food Intersections in Southeast Asia’s Green Transition”, National University of Singapore ISEAS - Yusof Ishak Institute
Video 11/04/2023
• 14-15/04/2022 - Virtual workshop “Financialisation of Nature, Green Investment and Biodiversity Conservation; Transformative Change or Veneer for the Status Quo?”, Department of Asian and North African Studies, Ca' Foscari University Venice
Videos: panel 1, panel 2, panel 3
• 14/04/2022 - “The Financialization of Nature and Biodiversity Conservation”, Department of Asian and North African Studies (NICHE- DSAAM) co-organiser, Ca Foscari University of Venice
Video 14/04/2022
Overall, I have been participating to 4 public events, 7 international conferences, and 6 webinar/workshops. The budget allocated to cover these activities amounts to € 4450.47.
As illustrated, so far, the publications that already resulted from the project contributed to filling the existing knowledge gap which concerns the increasing role of green finance to capitalise on nature and nature related resources in diverse socio spatial contexts, with particular emphasis on China.
In the following publications, the focus will foreground the results of my fieldwork, which will illustrate how subjects/ local communities respond to the visions/ infrastructures green finance create while questioning their impact on the ground.
In particular, will discuss how local communities respond to the creation of renewable infrastructure in the following forthcoming pieces.
The article “Exploiting time in green visions for Thailand: how green finance leverages past infrastructures for future returns”, which is currently under review for Tijdschrift voor Economische en Sociale Geografie (Journal of Economic and Human Geography) (2024).
The chapter I submitted for the book “The making of a global green finance infrastructure: a Chinese green bond issuance amidst multiple crises” edited by Fan Yang in Envisioning Global China through “One Belt One Road”: Infrastructure, Representation, and Imagination. Michigan University Press (2024).
Essay I am writing on Comparative dialogues on the “infrastructure-led Global China” for Dialogues in Human Geography (2024).
In the following publications, the focus will foreground the results of my fieldwork, which will illustrate how subjects/ local communities respond to the visions/ infrastructures green finance create while questioning their impact on the ground.
In particular, will discuss how local communities respond to the creation of renewable infrastructure in the following forthcoming pieces.
The article “Exploiting time in green visions for Thailand: how green finance leverages past infrastructures for future returns”, which is currently under review for Tijdschrift voor Economische en Sociale Geografie (Journal of Economic and Human Geography) (2024).
The chapter I submitted for the book “The making of a global green finance infrastructure: a Chinese green bond issuance amidst multiple crises” edited by Fan Yang in Envisioning Global China through “One Belt One Road”: Infrastructure, Representation, and Imagination. Michigan University Press (2024).
Essay I am writing on Comparative dialogues on the “infrastructure-led Global China” for Dialogues in Human Geography (2024).