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  • 23 - Financing the Transition

  • from Addressing Barriers io Change
  • Edited by Kenneth G. H. Baldwin, Australian National University, Canberra, Mark Howden, Australian National University, Canberra, Michael H. Smith, Australian National University, Canberra, Karen Hussey, University of Queensland, Peter J. Dawson
  • Book:
    Transitioning to a Prosperous, Resilient and Carbon-Free Economy
    Published online:
    08 October 2021
    Print publication:
    28 October 2021, pp 621-645

  • Summary

    The availability of finance is a key requirement for action to mitigate and adapt to climate change. Several studies show that companies responding to ESG (environement, sustainability and governance) principles generally outperform others financially. There is strong growth of the sustainable finance sub-sector but off a low base. Fiduciary duty now is generally understood to include the need to take into account climate chage in decision-making and the exposure of company directors is growing exponentially. With falling prices, renewables are now being adopted by many leading companies for their own energy requirements. Green bonds and other climate-friendly financial instruments are in growing demand but large global financial institutions continue to direct a larger proportion of funds to fossil fuels than to ESG-rated investments including renewables. The present rate of growth of sustainable finance is not sufficient to meet climate goals for limiting emissions. The chapter recommends actions by governments to change this situation.