금융시장과 화석연료규제의 법률적 메커니즘

In the last 150 years, the average temperature of the Earth has risen by 8 degrees Celsius. It is predicted that Korea's climate, with four distinct seasons, will soon harden into a subtropical climate with high temperatures and humidity throughout the year. What to do with fossil fuels? Isn't there a role that not only science and technology but also capital markets can play? Thus, various activists are making efforts to find countermeasures in capital market-related laws to companies that produce fossil fuels. How can the mechanisms of business law and capital market law work in stimulating a shift in investment patterns from carbon-intensive fossil fuels to reinvestment in clean energy technologies? It is true that the strategy for divestment from the fossil fuel industry has paid off considerably and has gained moral support. Nevertheless, in connection with this movement, questions remain about the direct economic impact on the carbon market economy and the current market dominance of fossil fuels. In general, shareholder participation as a tactic that changes the company's behavior is evaluated as better than the divestment. Participation provides a unique means of communication available to shareholders, allowing activists to access company management and other shareholders through formal means. The shareholders' priority norms and high reliability shared value frame suggest that the message of activists and shareholders is more persuasive to these targets. Participation may be a better tactic than divestment, unless a company has the capacity to reform or lacks the resources to pressure the participation efforts of activists and shareholders. Now is a time when climate change is a serious challenge for everyone in the global village. Korea, which has been criticized with dishonor, such as being called the world's four largest climate villains, has also declared the “2050 Carbon Neutral Vision”. If we only think and act on the small interests in front of our eyes, it will result in erasing the space of our next generations with our hands. This is why our capital markets should also pay attention to the mechanisms that contribute to the preservation of the homes of our descendants. We look forward to the creation of a capital market law and reality where wise activists will realize their dreams, gather comrades, and listen to messages sent to company management and various stakeholders.