Intermediating sustainable finance: a case study of The Aotearoa Circle's Sustainable Finance Forum

Sustainable Finance Roadmaps (SFRs) have emerged internationally as an instrument for sustainable finance reform. However, there is variation among countries over who leads the SFR process. This article focuses on Aotearoa New Zealand where the process was led by an intermediary, the Sustainable Finance Forum, a multistakeholder process which convened stakeholders for SFR development. This case study contributes to the literature on intermediaries in sustainability transitions by showing intermediation in the financial sector. Empirical analysis demonstrates that intermediation functioned as a strategic intervention to overcome regime-level barriers to transition by visioning, convening and coordinating stakeholders, and developing transition pathways, albeit with challenges in terms of Maori representation and government participation. This case study shows how intermediaries adapted to the distinctive demands of early transition phases, especially by a process of reproduction where one intermediary created another.