Mark Carney, Christine Lagarde for the ECB, Kristalina Georgieva for the IMF, and Paolo Gentiloni for the EU Commissioner for Economy, were among the main speakers at the “Green Horizon Summit” in London Nov. 9-11, organized by the City of London Corporation, the World Economic Forum and the U.K. government’s Green Finance Institute. Carney and Lagarde boasted about the progress accomplished in building the green bubble, but complained that several steps must be made mandatory by the COP26 conference, which is scheduled to take place in November 2021 in Glasgow.
Carney said that the transition to a carbon-free economy represents “the greatest commercial opportunity of our time” and called for mobilizing $100 trillion in investments. “We need to turn billions of public capital into trillions of private capital,” he said. He called on governments to make carbon disclosure mandatory, starting with financial institutions which in turn will demand it from their customers. “Companies involved in climate change will create immense value,” Carney said, meaning the immense finance bubble that such unproductive investments will create.
