German financial system ill-prepared for climate protection, needs revamp
The German financial system urgently needs a revamp to adapt to the decarbonisation of the economy, according to a report by the World Wildlife Fund (WWF), the Frankfurt School of Finance & Management and the Hub for Sustainable Finance Germany, which includes Deutsche Börse. “Germany is lagging behind internationally. There is no serious political discussion about ‘greening’ finance, even though political targets - such as climate targets – are tightly bound to the finance system,” said WWF manager Jörg Andreas Krüger. Financial risks related to climate change and the fight against it – such as stranded assets - need to be analysed and made more transparent so they can be avoided, WWF says in a press release.
Read a Reuters article in English on the subject here.