Flying blind on climate change

 Flying blind on climate change

There aren’t many planes in the sky right now, but those that are have two things in common: they’ve got both a detailed flight plan and guidance from people in control towers who have sightlines across multiple flight paths and a laser focus on getting everyone safely to their destinations.

In the same way, our banks, pension funds and insurance companies need detailed plans and system-level guidance with respect to their responses to the climate crisis. We need to ensure that sufficient capital is flowing toward vital climate solutions, enabling the pace and scope of the retooling required of our energy, industrial and built environments.

We also need to more intentionally manage the financial risks associated with industries and activities that impede progress toward a net-zero economy, risks that could at some point generate large-scale shocks to our financial system. All of us, from mutual fund owners to pension plan…

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