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Christopher Wright
Academic Fellow at London School of Economics and Political Science, Centre for Environmental Policy and Governance
Location:
United Kingdom
Project Title: Environmental and Social Standards in the Banking Sector: The Case of Project Finance in Developing Countries
Publications and Presentations: Forthcoming
Project Description
With the integration of financial markets and the growth of private long-term capital flows to developing countries, investors have become central drivers of economic development in developing countries. The allocation of capital between regions, industrial sectors, and projects, and the terms and conditions upon which finance is provided, also has consequences for human development and the state of the environment. Investors, therefore, are emerging as central actors in global environmental governance, as solutions to a host of environmental and social problems—from climate change to shortages of essential medicines—depend on the transfer of capital to underserved regions and sectors.
Christopher Wright is closely examining the emergence of the Equator Principles, a framework for responsible financing developed by the commercial banking industry. His research aims to identify the drivers of environmental and social risk management in the project finance market by considering why and how public and private financial institutions integrate considerations for human rights, natural habitats, and labor conditions into their project investment decisions.
"The management of non-financial risks in project finance investments, including projects in the extractive industries and large-scale infrastructure, has an important bearing on the sustainability of industrialization and export-oriented growth in developing countries, " said Wright. "Drawing on interviews with bank executives, representatives in civil society, and external consultant and lawyers advising financial institutions, my research will explain the incentives that are both encouraging and discouraging sustainable financing in developing countries. "
The research will look at the evolving linkages and inter-relationships between business and society in an age of globalization and consider how societal expectations of trans-national investors is influencing the risk profile of existing investment strategies and encouraging financial institutions to engage with international civil society groups, local communities governmental networks, and each other.
"The research seeks to improve our understanding of both the origins and impacts of greater investor influence in global environmental governance, " said Wright. "It can help academics, policymakers, civil society groups, and investors assess the limits and opportunities of voluntary regulation of transnational investment, and identify which market conditions and institutional features of states encourage both responsible and irresponsible corporate practices. Finally, the research identifies the factors that determine whether voluntary business regulation is both effective and accountable. "
Biographical Information
Christopher Wright holds a bachelor’s degree in political science from Macalester College, a master’s degree in international affairs from Columbia University, and a master’s degree in environmental policy and regulation from the London School of Economics and Political Science (LSE). He has written his doctoral thesis on business and global governance, focusing on the financial sector, while in the Department of International Relations at LSE.
Wright has taught in the fields of international relations, trade, environment, and development, and has written articles on sustainable business and finance as a contributor to Ethical Corporation Magazine and the Ecosystem Marketplace. He is also the executive director of the G8 Research Group-Oxford, a collaborative research initiative of postgraduate students at Oxford University and LSE that monitors the climate change and energy policies of G8 member states and the five largest developing countries.
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