Getting Finance Onside for Climate
With too much of the financial industry still funding long-term investments in the fossil-fuel sector, it is clear that a more robust government intervention is needed. Here is what policymakers can do to move the dial in a meaningful way.
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NEW YORK – The world has finally awoken to the existential imperative of securing a rapid transition to a green economy. Finance will play a pivotal role in that process. But while financial institutions have made a big show of doing their part – issuing green bonds and installing green lightbulbs – far too many continue to provide capital to the fossil-fuel industry and support other parts of the economy that are incompatible with a green transition.