Shaping the climate transition: Multistakeholder networks, elites, and sustainable finance policy in Europe

Abstract As sustainable finance has entered the mainstream, it has become an area of contestation among civil society, political and business. In response, policy makers seek to resolve stalemates and enhance legitimacy by utilising multistakeholder, consensus-driven approaches to policymaking. In this paper, we examine these emergent ‘cooperative’ structures from a network analytic perspective. Our structural analysis is based on six national and three EU policy spaces. We conduct compositional analyses to explore the makeup of the network(s) and use a range of centrality measures to capture emerging elites. We find an increase in civil society participation in these policy spaces over time; however, financial firms and pro-business voices remain dominant players. We also find a small cluster of elite actors from a range of stakeholder groups. We conclude that the increasing structural balance of stakeholder interests, however, does not translate into power for civil society to alter the direction of policymaking, but appears to serve enhancing the legitimacy of a policy process that departs from the priority and aspirations of civil society organisations.