Climate change: a challenge for the financial sector
Long seen by the financial sector as a marginal issue driven by a few pioneers, in recent years, climate change has become a central issue for the entire finance industry. This book, based on the belief that the financial sector has all the means to make an essential contribution to the shift of the world’s economy to a carbon neutral model, shows how this transition is already underway and how it can be accelerated.
A massive reallocation of investments is required if global warming is to be maintained within the 2°C objective. The transition consists of ceasing to finance high-carbon emitting activities, promoting “green” financing and supporting new, lower-carbon economic models. This is what we call ‘climate finance’.
The 2015 Paris Agreement is a central lever for a successful global economic and ecological transition. Is the financial sector ready to put this transition into action? What is driving this change? Public pressure? Government action? Or simply a recognition by the financial industry of the risks of not acting and the opportunities this transition presents?
“Climate: The Financial Challenge” describes and explains, from an informative point of view and using a style which is accessible to lay readers, the levers for action in various branches of the financial sector and how they interact with international and local public policies.
It also describes how stakeholders in the financial sector recently came to recognise climate issues: the origins and benchmarks of this process, and the acceleration which is underway. It presents the outlook for green finance as the future of the finance sector.
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