Financies believe in sustainability or not?

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Don’t let me fool you with a happy smile face in my picture. I see in losing my work so far. Stress in my family. London to give up our house. To break.

The worst thing is that heritage speech About three years ago – the lack of material as material as other risks of climate change portfolio, for example, the decline and objects – now a murm will not raise. This was performed by the financial sector under the Donald Trump, which has been the most recorded act. It doesn’t already believe in sustainability.

Net-Zero has a banking union lost her herd and have issuance targets related to funding revisedto put it kindly. This time, the environment finds a chance to find a portfolio manager that puts an investment in the social and management-based investment. They will be very busy Once resolutely obligations To leave fossil gas companies.

This is a loss of faith in the initiative of the initiative of the Net Zero Active Managers. The insured version also died. How did they judge me in 2022 when I wrote on these pages such as initiatives “Claptrap”.

It was just a matter of pragmatism, and I sympathized. The other way of the Sarakac was waking up. Enterprises always watched the money – especially banks. After the survey when an investment in charge of the great investment, the survey said they were green. The floor and the fathers and institutions asked the deposits of “doing good things”. In 2021, in 2021, in 2021, reached $ 645 billion in 2021. It was a quarter of all the streams.

As with banks, index providers, consultants, information analytical firms and more, they were lucky to have been lucky to research from green bonds. Yes, there was a request. And now it is not. Last year, continuous flows, for example, $ 36 billion in $ 36 billion in total.

But hang out. Net zero targets or ESG never sold us as a stock-friend, save-maximum opportunities. If they were fairly fairly. The world of trenches – the world has changed. No, they were sold as an elegant belief from the beginning. Sustainability was one of the main values ​​of each bank. The purpose of an asset manager to save our planet was.

Such platforms were never in the chest. They were taken very seriously – learned our price as skeptics like me. But was it all false? If not, it is a pathetic that the religion of the financial industry lost. We all went for a walk when I did not believe in durability. Who trusts a banker or portfolio manager?

Not to mention the allegations of potential incorrectly sold. So in my opinion, there is no choice to find your faith again in the financial industry. He must quickly remind the world’s vital role in making a better place.

I still believe it. So do Many. The problem is that the continuous financial 1.0 is defective. Never mind. Which important bankers convince us to convince us. And it will be again. Thus, the current is a real opportunity – to pour the wrong experiences, improve good bites, improve good bites while preaching that finances are a good force.

Let’s start from banks. If I were the head of global sustainability, I would remind the shareholders that 80 percent of the world’s energy is also from fossil fossil fossil fossil fossil fossil fossil fossil fossil fossil fossil fossil fosses. Do you really want the lights out? It does not mean that heavy, oil or gas companies do not think of financial cutting. It is better to prevent the economic growth necessary to make login, switch, help and invest in renewable energies.

I would also note that half of the greenhouse emissions come from only three dozen companies – and 16 are the state. Banks should also direct the governments and regulators, and their efforts. Investors too. However, active owners and managers must first correct the more expensive distraction. As I wrote earlier, they confuse investing in trade.

Selling or selling shares in the secondary market does not make any difference for nothing. The capital is a permanent capital and must be a buyer for each separation – and vice versa. To influence a company, it is necessary to vote for its own shares. Exception strategies are thus pervert. These are immoral to force another to have the shares you are excluded. The only “investment” that moves the needle occurs in primary markets – enterprise capital, private capital, direct lending, etc. Sustainable Finance 2.0 should start here.

And finally, what is ESG? In spite of the rich He blamed him with his deathI’m a fan. Although the shares are less legal in the form of an active management form, not as approach. Sometimes it works, mostly. On the contrary, ESG is useful as “goodness” size out of risk and return. Unlike the above, you need adjustment here. The company has a score, there is no dispute. Only then do people know what they receive.

Indeed, there is no durable financial chance without trust. It means to be real, honest and pragmatic. Less trees embraced, more information and consistent solutions. But the first bankers must prove to us.

stuart.kirk@ft.com