Out of Time: Voluntarism, Climate Change, and Finance

This chapter examines the temporality of transnational initiatives in the climate finance context. It presents an empirical case study of the Mainstreaming Climate in Financial Institutions alliance, a coalition of more than 50 public and private sector banks that have developed a voluntary framework for integrating climate considerations into financial decision-making practices. Drawing on interviews and field observations, the chapter demonstrates that voluntary coalitions like the Mainstreaming Initiative create the appearance of immediate action but primarily appeal to the future. As a result, they risk diffusing short- and medium-term responsibilities, deflecting urgency, and delaying the fundamental transformations that are needed to align the financial system with global climate goals. Synthesising interdisciplinary literature on transnational governance, climate finance, and the international climate regime, the chapter considers to what extent recent developments in international climate law and policy could help to synchronise financial and climatic temporalities.