Green finance, at the heart of the ecological transition

Isabelle Kocher

Financial Stability Review, 2019, issue 23, 59-67

Abstract: The ecological transition is now of the utmost urgency as global warming threatens our immediate future. It is acknowledged as a crucial issue by all players in the economy – from companies and employees to investors and consumers – and necessitates a redefinition of our approach to growth in order to achieve a genuine revolution in our priorities and behaviour. In this context, green finance, and the green bonds market in particular, provides a way forward. ENGIE, the largest corporate issuer of green bonds worldwide, was quick to seize upon this tool, which was fully consistent with the radical transformation undertaken by the group in recent years. But the development of green finance is far too hesitant given the emergency we face, even though it is the crux of a war that we cannot afford to lose. We have to establish a long-term vision and to stop pitting profit against the environment. That is why we have to go further and faster, and to do so, act collectively. Financial players must demonstrate drive and creativity to provide support to ecological projects and to companies that invest in the environment. Because, at a time when governments are not in a position to handle everything alone or sometimes simply opt out, companies like financial institutions must take on a political role and fully accept their responsibilities as an economic, social and ecological player.

Date: 2019
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