A road toward green state capitalism? the case of energy transition and sovereign wealth funds

Diplôme Master A road toward green state capitalism? the case of energy transition and sovereign wealth funds eng 2026-01-28 author Autier Julien Jean-Louis 939500 director Durand Cédric 0000-0002-1279-4966 916198 Service enseignement, recherche, administratif et technique (SdS) (SCSPS) Cédric Michel Durand 82 This thesis examines the role of sovereign wealth funds (SWFs) in ﬁnancing the clean energy transition within the broader context of contemporary state capitalism. It examines the extent to which sovereign wealth funds mobilize capital toward renewable energy investments, and how this engagement varies across fund types and mandates. Through an empirical analysis of six sovereign wealth funds between 2017 and 2024, the research maps their allocation to renewable energy, grid infrastructure, and other low-carbon assets using an original asset-level classiﬁcation. The ﬁndings reveal signiﬁcant heterogeneity across stabilization, strategic, and savings funds, with strategic funds displaying the most direct engagement in renewable energy investment, while stabilization funds remain structurally constrained by liquidity requirements. The thesis argues that although SWFs possess distinctive advantages as long-term public investors, their current level of engagement remains insufficient to position them as systemic leaders of the cleanenergy transition. It concludes that the emergence of a greenform of state capitalism through sovereign wealth funds is contingent on stronger mandates, governance frameworks, and political commitment to climate-aligned investment strategies. Sovereign wealth funds SWFs The clean energy transition Empirical analysis Six sovereign wealth funds Between 2017 and 2024 Long-term public investors Distinctive advantages Dewey 330 Dewey 330.9 Master in Political Economy of Capitalism 123 Département d'histoire, économie et société T5 193 Institut d'histoire économique Paul Bairoch TE false 093ab713-1946-46e4-845b-07ea90aade14 Master thesis Restricted Master_Thesis_AUTIER_2026.pdf 1142649 application/pdf 460d86a0c551fa4799e4b8a6447da218a00056657a98da80a8f8bd9b2c5b760d restrictedAccess Faculté des sciences de la société / Département d'histoire, économie et société Faculté des sciences de la société / Institut d'histoire économique Paul Bairoch

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A road toward green state capitalism? the case of energy transition and sovereign wealth funds				2026	39	8

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Autier, Julien Jean-Louis

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