Public Ownership and Sustainability Transitions

Abstract

This panel discusses the key question of ownership in sustainability transitions, with a focus on the revival of state and municipal ownership. It is increasingly becoming established that ownership models—private, public, cooperative—are consequential for (just) transition outcomes. Public ownership, where a firm is wholly or predominantly owned by a government, is making an impressive comeback in the EU as a means to address sustainability challenges. For example, the French state recently leveraged their partial ownership in Air France to cut down domestic flights, while the Dutch government has nationalized public heating schemes. The rationale behind these developments is that public ownership, as opposed to private ownership, allows for a heightened commitment to sustainability transitions and brings stronger motivations to expedite the attainment of sustainability goals. At the same time, public ownership is not a panacea in sustainability transitions. With the expressed promise of public ownership in achieving sustainability transitions emerges the risk of an unrealistic over-reliance on public shareholding or publicly-owned firms. The governance of public ownership remains under-explored. The literature flags risks that come with an increased reliance on public ownership, such as market distortion, corruption and other rule of law issues, and geopolitical tensions. For this panel, we invite contributions on the drivers, benefits and risks of public ownership at all levels of government in sustainability transitions, such as decarbonization and transitions in energy, water, waste and transportation. We also welcome comparative studies of different ownership models in energy, mobility and housing, across regions and countries.

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