Global finance requires a sea change to save the planet. This climate expert explains how
Why It Matters
The global financial system is ill-equipped for the systemic change required to weather the climate crisis. Canadian philanthropy must consider ways of investing in complementary projects that produce not only fiscal returns, but also long-term resilience and community benefits.
Humanity will require capital to successfully transition through climate change. A lot of it. Despite the lofty goals of global superpowers, the international financial community, and major philanthropists, there isnโt enough at the moment. According to the United Nations, the gap between urgent climate action and the funds needed to sustain it are roughly $2.5 trillion every year. Where does that money come from?ย
Dominic Hofstetter, the director of capital and investments at EIT Climate-KIC โ Europeโs largest climate innovation initiative โ suggests in an expansive whitepaper that traditional banks and financial institutions arenโt set up to fill that gap. In
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