Germany lags France and China on progressive climate protection

Germans like to think their country is a climate protection pioneer, but other countries like China and France have more clearly understood what the Paris Agreement means for the economy, and have taken the bull by the horns, writes Carola von Schmettow, head of British bank HSBC operations in Germany, in a guest commentary in Wirtschaftswoche. “While other countries are using the Paris Agreement to actively shape the transition to a climate-neutral economy, little is happening in Germany,” she writes with reference to this week’s reports Germany would abandon its 2020 climate targets. Schmettow cites green finance initiatives in both countries as examples, as well as France’s emphasis on climate risks on capital markets. She argues Germany should get moving on these issues, because inaction could quickly lead to economic disadvantages.