Move your money? Sustainability Transitions in Regimes and Practices in the UK Retail Banking Sector

Seyfang, Gill and Gilbert-Squires, Amber (2019) Move your money? Sustainability Transitions in Regimes and Practices in the UK Retail Banking Sector. Ecological Economics, 156. pp. 224-235. ISSN 0921-8009

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We present and test a new conceptual framework for understanding sustainable transitions in co-evolutionary sociotechnical systems. We apply this in the first study of sustainable transitions in UK retail banking. This system has suffered recently from banking crises, and links to environmentally-sensitive industries such as fossil fuels. Sustainability-focused values-based banks are a potential solution, but have had little impact on mainstream banking systems – we aim to understand the constraints and how to overcome them. Our new approach identifies the intersections between transitions in regimes (using the multilevel perspective MLP) and transitions in practices (using social practice theory SPT), two competing conceptual frameworks in the literature. We ask: what are the intersections between transitions in the banking regime and banking practices, and how may critical points of constraint be unlocked to become points of opportunity, thereby aiding a transition to more sustainable banking systems? We present new empirical findings from a mixed-method case study of the UK banking sector and two values-based banks in particular. Interventions for growing sustainable banking are identified and we demonstrate the added-value of the combined approach through indicating strategies for unlocking the transformative potential of sustainable innovations.

Item Type: Article
Uncontrolled Keywords: sociotechnical transitions,sustainable banking,ethical banking,social practices,innovation niches,multi-level perspective,niche-building,values-based banking
Faculty \ School: Faculty of Science > School of Environmental Sciences
Depositing User: LivePure Connector
Date Deposited: 17 Sep 2018 11:31
Last Modified: 12 Oct 2019 00:43
DOI: 10.1016/j.ecolecon.2018.09.014

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