Governments, companies and investors all have a vital role to play in funding the energy transition
The writer is president of the European Central Bank We’ve all heard it time and again: either we tackle climate change and safeguard nature, or we face the steep price of our inaction. And that price is rising by the day. Just consider the recent flooding in Spain, the droughts in the Amazon basin or the storms in North America. These events are horrific in and of themselves, but they are also ruining the foundations of our economies and, ultimately, the basis of our economic survival.
also estimates that those financing needs are growing. They are 50 per cent higher than previously estimated and up to 18 times greater than current commitments. Falling behind on climate change mitigation and adaptation increases the risk of natural disasters and, in turn, the need for disaster relief. It is especially a duty for the strongest countries to help the most vulnerable ones, for both humanitarian and economic reasons.
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