Cross-sectoral and multisectoral programs

Private voluntary programs for environmental improvement expanded rapidly in both number and scope over the past decade, particularly at the international level. At present, a wide range of international “green” initiatives is available to firms, including those specifically geared toward mitigating climate change. Voluntary climate programs range from those targeted at specific production sectors such as automobiles, food or forests, dealt with later in this book, to those that cut across sectors, such as measures that embrace the financial industry and its practices. Because financial firms are the gatekeepers to capital for the real economy, they represent leverage points that have significant influence across the economy as a whole. Voluntary private programs such as these are increasingly promoted by states as viable means by which to promote sustainable development. Despite this attention, it is still unclear whether participation in private voluntary programs results in significant improvements in the environmental performance of firms.

Related Subject(s): Environment and Climate Change