61

Inscribed within the geography of finance and drawing on several case studies, this article shows how the financial industry, by appropriating the concept of sustainable development in a particular way, has built its own approach to “sustainable financial value” within the framework of socially responsible investment funds (SRI). It explains how the financial industry self-validates its action on “sustainable” finance through the use of organizations (extra-financial rating agencies and NGOs), personalities (experts, opinion leaders), or institutions (international organizations) which, because of their reputation or position, legitimize “sustainable value.” However, while these actors manage to animate the media, scientific, and political debate, they remain largely under the influence of the financial industry and do not call into question the very essence of financial products: their disconnection with the territorial context. The absence of territorialization and territorial contextualization prevents any strong approach to sustainability, based on local actors and an operationalization in a given territory.