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State capacity and the ‘value’ of sustainable finance : Understanding the state-mediated rent and value production through the Seychelles Blue Bonds

Christiansen, Jens LU (2024) In Environment and Planning A 56(2).
Abstract
Financial capital is currently being heralded for its potential to provide social and environmental transformations. This paper provides an in-depth case study of the Seychelles Blue Bond, highlighting the state’s (fiscal and planning) capacities as central in mediating the future rents and value production when channelling thematic bond proceeds. Even as the Blue Bonds tapped into private capital markets and bond proceeds were intended to provide leverage for private businesses, this operation was contingent on complex economic and environmental planning by the state. Using literature on fictitious capital, rent and the role of the state in governing natural resources, this paper shows how the state needed to govern investment flows and... (More)
Financial capital is currently being heralded for its potential to provide social and environmental transformations. This paper provides an in-depth case study of the Seychelles Blue Bond, highlighting the state’s (fiscal and planning) capacities as central in mediating the future rents and value production when channelling thematic bond proceeds. Even as the Blue Bonds tapped into private capital markets and bond proceeds were intended to provide leverage for private businesses, this operation was contingent on complex economic and environmental planning by the state. Using literature on fictitious capital, rent and the role of the state in governing natural resources, this paper shows how the state needed to govern investment flows and its environmental conditions simultaneously in the case of the Seychelles Blue Bonds. By examining how the state tries to govern environments and finance in tandem, this paper contributes to geographical research on public fiscal policy, financialisation and environmental governance. (Less)
Please use this url to cite or link to this publication:
author
publishing date
type
Contribution to journal
publication status
published
subject
in
Environment and Planning A
volume
56
issue
2
publisher
Pion Ltd
ISSN
1472-3409
DOI
10.1177/0308518X231201467
language
English
LU publication?
no
id
9c73ed95-1136-4a28-886e-1362dcb3c6e6
date added to LUP
2025-09-01 14:17:16
date last changed
2025-09-02 08:03:57
@article{9c73ed95-1136-4a28-886e-1362dcb3c6e6,
  abstract     = {{Financial capital is currently being heralded for its potential to provide social and environmental transformations. This paper provides an in-depth case study of the Seychelles Blue Bond, highlighting the state’s (fiscal and planning) capacities as central in mediating the future rents and value production when channelling thematic bond proceeds. Even as the Blue Bonds tapped into private capital markets and bond proceeds were intended to provide leverage for private businesses, this operation was contingent on complex economic and environmental planning by the state. Using literature on fictitious capital, rent and the role of the state in governing natural resources, this paper shows how the state needed to govern investment flows and its environmental conditions simultaneously in the case of the Seychelles Blue Bonds. By examining how the state tries to govern environments and finance in tandem, this paper contributes to geographical research on public fiscal policy, financialisation and environmental governance.}},
  author       = {{Christiansen, Jens}},
  issn         = {{1472-3409}},
  language     = {{eng}},
  number       = {{2}},
  publisher    = {{Pion Ltd}},
  series       = {{Environment and Planning A}},
  title        = {{State capacity and the ‘value’ of sustainable finance : Understanding the state-mediated rent and value production through the Seychelles Blue Bonds}},
  url          = {{http://dx.doi.org/10.1177/0308518X231201467}},
  doi          = {{10.1177/0308518X231201467}},
  volume       = {{56}},
  year         = {{2024}},
}