Framing water as a financial risk: Reviewing the processes shaping a narrative

IF 6.8 1区 地球科学 Q1 ENVIRONMENTAL SCIENCES Wiley Interdisciplinary Reviews: Water Pub Date : 2022-04-26 DOI:10.1002/wat2.1596
Therese Rudebeck
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引用次数: 2

Abstract

Water is increasingly framed as a financial risk in equity markets. This article illustrates that this framing must be understood as a new aspect of the wider history of the financialization of the water sector. Unlike earlier instances, where water‐related services, or water risks are the primary subjects to be financialized, water itself is here being reformed to fit market logic. This article reviews, unpacks, and analyses the factors that have enabled, reframed, and defined water as a financial risk. As such, the article goes beyond simply reviewing what has happened, but also presents a critical analysis of why and how, and the potential effects this may have. Drawing on advanced theoretical perspectives from the social sciences, specifically building on the constitutive nature of language, the role of expertise in the knowledge‐policy interface, and the sociology of quantification, it proposes that the reframing of water into a financial risk is not a value‐free exercise. Critically, it shows that the value of water, at least as it relates to company activities, could be reduced to only embody those aspects which, in quantitative terms can be shown to affect Return on Investment. To alleviate this reductive process, an ambitious multi‐ and interdisciplinary research agenda must be developed moving forward to ensure that the multiple values of water are recognized and accounted for in equity markets and beyond.
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将水视为一种金融风险:回顾形成叙事的过程
在股票市场上,水资源日益被视为一种金融风险。本文说明,这一框架必须被理解为更广泛的水部门金融化历史的一个新方面。与以前的情况不同,与水有关的服务或水风险是主要的金融化对象,在这里,水本身正在进行改革,以适应市场逻辑。本文回顾、剖析和分析了使水成为一种金融风险的因素,并对其进行了重构和定义。因此,这篇文章不仅回顾了发生了什么,而且还对原因和方式以及可能产生的潜在影响进行了批判性分析。借鉴社会科学的先进理论观点,特别是建立在语言的构成性质、专业知识在知识-政策界面中的作用以及量化社会学的基础上,它提出将水重新定义为金融风险并不是一种价值自由的实践。至关重要的是,它表明水的价值,至少与公司活动有关,可以减少到只体现那些在定量方面可以显示影响投资回报的方面。为了缓解这一减少过程,必须制定一个雄心勃勃的多学科和跨学科的研究议程,以确保水的多种价值在股票市场和其他地方得到认可和考虑。
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来源期刊
Wiley Interdisciplinary Reviews: Water
Wiley Interdisciplinary Reviews: Water Environmental Science-Ecology
CiteScore
16.60
自引率
3.70%
发文量
56
期刊介绍: The WIREs series is truly unique, blending the best aspects of encyclopedic reference works and review journals into a dynamic online format. These remarkable resources foster a research culture that transcends disciplinary boundaries, all while upholding the utmost scientific and presentation excellence. However, they go beyond traditional publications and are, in essence, ever-evolving databases of the latest cutting-edge reviews.
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