Research exploring the role that law can play in developing a financial system that will address climate change has received European Research Council (ERC) funding.

Professor Javier Solana, of the School of Law, has been awarded a European Research Council (ERC) Starting Grant for Civic Finance. This project aims to develop a complexity-informed theory of law and finance that can underpin the legal foundations of a civic financial system – one that refrains from enabling unsustainable emissions of Greenhouse Gases (GHG) in the fossil fuel industry.

Professor Solana, who is a Lecturer in Commercial Law, said: “To avoid catastrophic climate change, we need complementary legal interventions. My research has focused predominantly on the exploration of the role that law can play in leveraging the power of the financial system to address the climate crisis. As part of this, I have come across fascinating analysis of the relationship between finance and the climate from sustainability scientists and I aspired to, one day, be able to apply similar research methods to investigate the role of law in that relationship.

“With the generous support of the European Research Council I will now have the resources to do this, and I cannot wait to get started. While this is an individual grant, my project carries the spirit of the work that many of my colleagues at the School of Law are doing to explore the role of law in the economy and it has benefited considerably from the input that they and other colleagues gave me at various stages of the process.”

Professor Claire McDiarmid, Head of the UofG’s School of Law, said: “I am delighted that Professor Solana has been awarded this prestigious funding. This reflects his hard work and his concern for delivering social justice through law and finance. His project is highly innovative and promises new approaches to civic finance driven by ethical considerations. Colleagues within the School, some of whom have directly supported the application, will join with me in congratulating Professor Solana on this great success.”

The European Research Council (ERC) has announced the award of 494 Starting Grants to young scientists and scholars across Europe. The funding - totalling nearly €780 million - supports cutting-edge research in a wide range of fields, from life sciences and physics to social sciences and humanities. It will help researchers at the beginning of their careers to launch their own projects, form their teams and pursue their most promising ideas.

EU Research Commissioner, Iliana Ivanova, said: “The European Commission is proud to support the curiosity and passion of our early-career talent under our Horizon Europe programme. The new ERC Starting Grants winners aim to deepen our understanding of the world. Their creativity is vital to finding solutions to some of the most pressing societal challenges. In this call, I am happy to see one of the highest shares of female grantees to date, a trend that I hope will continue. Congratulations to all!”

The European Research Council set up by the European Union in 2007, is the premier European funding organisation for excellent frontier research. It funds creative researchers of any nationality and age, to run projects based across Europe.

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First published: 5 September 2024

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