Project description
Civic financial system preventing unsustainable CO2 emissions
Time is running out to cut carbon dioxide (CO2) emissions, yet the financial system continues to support unsustainable fossil fuel investments. Legal interventions must account for the complexities of financial structures to drive meaningful change. The ERC-funded Civic Finance project will develop a complexity-informed theory of law and finance to establish a civic financial system that curbs unsustainable CO2 emissions. By integrating institutionalist theories with complexity studies, the project will examine the legal frameworks sustaining fossil fuel investments in Europe. Using doctrinal and socio-legal methods, it will collect empirical data and develop an agent-based model to simulate the impact of financial regulations on emissions, paving the way for more effective climate policies.
Objective
Time is running out for humanity to reduce carbon dioxide (CO2) emissions in order to avoid catastrophic climate change yet the financial system continues to enable unsustainable levels of CO2 emissions in many carbon-intensive sectors, including the fossil fuel industry. Law can help govern this problem but effective legal interventions need to take into account the complexity of the financial system.
The overarching objective of the Civic Finance project is to develop a complexity-informed theory of law and finance that can underpin the legal foundations of a civic financial system; in particular, a financial system that refrains from enabling unsustainable levels of CO2 emissions in the fossil fuel industry. To do that, the project will develop a theoretical framework that synthesises institutionalist theories of law and finance with studies of complexity in the financial system. It will then combine doctrinal and socio-legal methodologies to collect empirical data on the legal rules underpinning the European financial system’s continued support of unsustainable levels of CO2 emissions in the fossil fuel industry. To test the effectiveness of these legal rules, the project will develop an agent-based model of the European financial system that will simulate their potential impact on CO2 emissions in the fossil fuel industry. The project will then integrate this simulation data and the empirical data into the theoretical framework to develop a complexity-informed theory of law and finance.
Building on institutionalist theories of law and finance, the project argues for the utility of complexity-sensitive methods to study how law shapes complex financial systems. In the longer term, the project will revolutionise how European lawmakers, financial institutions, and civil society organisations use the law to mitigate CO2 emissions enabled by the financial system.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
This project's classification has been human-validated.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
This project's classification has been human-validated.
Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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HORIZON.1.1 - European Research Council (ERC)
MAIN PROGRAMME
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
HORIZON-ERC - HORIZON ERC Grants
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) ERC-2024-STG
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
G12 8QQ Glasgow
United Kingdom
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.