The present landmark climate science report shows that the world is a different place since the IPCC’s last comprehensive overview in 2014 /The Straits Times, 7/29/2021/.
During the coming summits in October in Italy and in Scotland, much more emphasis should be put on building up a completely new green financing system. Since the start of the first industrial revolution financial sector’s innovations proved to be instrumental to the success of a nation. The banking system, even central banks have been playing a major role in financing the five technological revolutions in the last 300 years.
Political will and government decisions will not be enough to ignite transformational changes to accelerate transition to a sustainable and green economic model. It is the financial system - including central banks, commercial banks, investment banks, fintech and big tech – that can be the strategic partner of governments and businesses to win our future back.
Governor Matolcsy, MNB, the Central Bank of Hungary