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Published in:
2022 | OriginalPaper | Chapter
4. Sustainable Finance: The Policy Framework
Author : Molly Scott Cato
Published in: Sustainable Finance
Publisher: Springer International Publishing
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Abstract
Rather than tackling climate change, most governments are still subsidizing fossil fuels. The EU has taken a global lead on developing a legislative framework for sustainable finance that is introduced here, while developments in Japan and the US as also covered. The next section considers policy responses to the urgent need to put a price on carbon and make polluters pay. There is widespread agreement that addressing climate change means putting a rising price on carbon but no agreement on how best to achieve this, whether by agreeing on a carbon tax on a global basis—or within smaller communities of nations—through a carbon trading scheme. I explore a proposal to use the regulatory and legislative powers of policy-makers to eliminate unsustainable assets from the global economy. Finally, we explore how the financial system needs to change to address the biodiversity crisis.