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I think this is long overdue. Expecting the current global financial architecture that looks at environment and society as afterthoughts to be a foundation to build a sustainable future is unrealistic.
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The current financial system is not fit for purpose and must be reformed to address the climate crisis and to oversee an orderly and just transition - Fund unit of British insurer Aviva (AV.L)
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The global economy and financial system are currently financing their own destruction because the global financial architecture is not fit for purpose - Aviva Investors CEO Mark Versey.
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A report commissioned by climate summit host Egypt and 2021 COP26 host Britain said that developing countries would need $1 trillion in external financing every year by 2030, and match that with their own funds to meet the world's goal of preventing runaway climate change by keeping average warming to below 2 degrees Celsius.
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Without changing regulatory regimes, climate action will only ever be a "second-tier priority," for the highly-regulated $510 trillion dollar financial industry.
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Aviva Investors has been challenged to oversee global financing, including the IMF, World Bank and regulators the Financial Stability Board, IOSCO and the Basel Committee, to create a 2050 net zero transition plan, report annually on their progress.
