Redefining the Purpose of Finance

There is a growing understanding that, in order to tackle the current sustainability crises, the financial sector needs to be in line with broader social goals.

The financial sector clearly has a major role to play in the global transition to net-zero greenhouse gas emissions yet, despite some progress, substantial barriers remain. Positive momentum has been building over the past decade and defining climate change as a real financial risk, which had to be included into fiduciary mandates, has been a big step forward – but change is not happening fast enough.

The current ways of working of the finance industry are proving an obstacle to the transformational change required to combat climate change. Thorny questions still require answers about the purpose of the investment system and the changes required to achieve the redirection of capital that the climate crisis urgently requires.

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