Troubled ontologies: an economisation approach to climate risk and its politics

Whether as economisation or performativity, scholars in market studies have problematised various entanglements between financial markets and climate change. Studies have identified, for instance, how notions of climate change were subjugated to the concepts and needs of financial actors in the form of climate risk. While some scholars have cast doubt on whether such an approach to govern climate change can succeed, these doubts rest on an implicit assumption of ontological stability in existing market arrangements. By contrast, and drawing on the economisation framework, we provide a theorisation of climate risk as a performative project in-the-making shaped by marketizing framing processes, highlighting its potential to successfully transform relations, identities and ontologies. Nevertheless, we also identify misfires and counterperformative moments, as well as instances where this transformative drive reinforces the unequal relations of financialised capitalism. Thus, our paper contributes to market studies by demonstrating the value of an economisation approach to climate risk. Furthermore, it advances a nascent post-performativity scholarship by proposing a novel conceptualisation of the politics of economisation.