The financial sector must act swiftly and with strength on climate change

The author contends that current piecemeal approaches to financial stability are inadequate and that the global economy requires a new governance vision to address escalating climate risks. The text argues that the financial sector is currently hindered by a short-sighted focus on monetary profit and calls for systemic changes, including tying manager bonuses to climate metrics and establishing coalitions of civil societies and financial institutions to drive a green transformation.

• The current approach to boosting financial system resilience is largely piecemeal and may be insufficient for long-term stability, especially given the escalating threats of climate change.
• The financial sector is currently unable to effectively address climate challenges because its decision-making is driven almost exclusively by the pursuit of monetary profit.
• To build resilience, the author suggests creating a coalition of major financial and non-financial institutions and civil societies to lead progress, as government collaboration is limited by international fragmentation.
• Transitioning to climate solutions, specifically renewable energy and the replacement of polluting infrastructure, is presented as a significant investment opportunity that can increase corporate profitability and create jobs.

APA

Cohen, B. B. E. F. B. P. P. P. R. (2018). The financial sector must act swiftly and with strength on climate change. World Economic Forum. https://www.weforum.org/stories/nature-and-biodiversity/the-financial-sector-must-act-swiftly-and-with-strength-on-climate-change/

Chicago

Cohen, Bertrand Badré, Emmanuel Faber, Bertrand Piccard, Paul Polman, Ronald. The financial sector must act swiftly and with strength on climate change. World Economic Forum, 2018. https://www.weforum.org/stories/nature-and-biodiversity/the-financial-sector-must-act-swiftly-and-with-strength-on-climate-change/.

Wikipedia

{{cite press release |last1=Cohen |first1=Bertrand Badré, Emmanuel Faber, Bertrand Piccard, Paul Polman, Ronald |title=The financial sector must act swiftly and with strength on climate change |publisher=World Economic Forum |date=11 December 2018 |url=https://www.weforum.org/stories/nature-and-biodiversity/the-financial-sector-must-act-swiftly-and-with-strength-on-climate-change/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{cohen2018financial, author = {Cohen, Bertrand Badré, Emmanuel Faber, Bertrand Piccard, Paul Polman, Ronald}, title = {{The financial sector must act swiftly and with strength on climate change}}, publisher = {World Economic Forum}, year = {2018}, month = dec, url = {https://www.weforum.org/stories/nature-and-biodiversity/the-financial-sector-must-act-swiftly-and-with-strength-on-climate-change/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }