05 Nov 2015
Conference “Finance and Climate”: How to shift the model?
Ahead of the Paris Climate Change Conference (COP21) in December, Finance Watch, ESCP Europe and a coalition of civil society organizations invited to a conference-debate on “Finance and Climate: How to shift the model?” It was held on Thursday 5 November from 18h until 21h at ESCP in Paris.
Watch the conference videos here:
Everyone wants more “green finance”. But we will not respond to the challenge of financing climate objectives by growing a niche. We know that to remain below critical levels, a profound transformation of the economy towards a sustainable, fair and democratic model is necessary. This requires a financial system able to support such transformation. Yet is the economic model of large financial institutions sustainable, fair and democratic? Beyond the hype, is supporting the transition and other societal challenges a priority for the financial sector? How can we bring the best practices of pioneers to the heart of the system? Whatrole for public authorities?
We discussed these critical issues with politicians, experts, academics, practitioners and representatives of civil society, including Geneviève Azam, Jean-Michel Naulot and many others. The evening began with a humorous perspective from Christophe Alévèque, co-author of the book “We walk on debt” and currently actor at Théâtre du Rond-Point with his new show « Ça ira mieux demain ».
Finance Watch also presented its “Citizens’ Dashboard of Finance” project, already supported by many civil society organizations and other stakeholders, which aims to answer the question: Is finance serving society (including climateobjectives, among others)? The project aims at fulfilling a crucial democratic gap, following the promise of our Heads of States after the 2007-2008 crisis (“never again”): to offer citizens a tool for understanding progress and mapping tools and actions available to change finance.
Immediately before the conference, a group of civil society organisations held a workshop to discuss climate and finance issues, resulting in publication of a joint statement addressed to COP21 leaders calling for a shift in model to meet climate objectives.