A „Zöld finanszírozáson” túl – A tőkepiac fenntarthatósági vonatkozásai
Beyond „Green finance” – Sustainability aspects of capital markets

Summary/Abstract: The accumulation of capital constitutes an enormous obstacle to the sustainability transition. The role of the capital throughout the whole evolutionary process of civilization is undoubtedly impressive, as it has continuously delivered innovations in our everyday lives. Nevertheless, as we argue in our study, a dominant part of capital accumulation has not fulfilled this function in monetary and material terms as well recently; or performs at a low efficiency concerning the ecological damage generated. Sustainability calls thus for an investment environment in the near future that allows for the social benefits of capital accumulation through the expansion of the material services delivered, limiting the accumulation of material stocks, resulting insignificant adverse environmental impacts remarkably in the same time. We will introduce and compare the gains of savings and capital accumulation considering the monetary and the material dimensions of our socio-economic system, unveiling the relevance of the capital market in sustainability transition in this way, beyond green finance.

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