MNI BRIEF: Act Urgently To Ensure Just Transition - Elderson
Recent extreme weather events show only faster action can mitigate coming climate disaster, ECB Exec Board member says.
Legislators, central banks and investors must do more to 'green' the financial system, ECB Executive Board member Frank Elderson said in a speech Wednesday, with the costs of delaying substantially higher than those of a timely -- and just -- transition
“So far we are doing too little,” he said. “We have to pull out all the stops. This requires us all to make an effort. A supreme effort. A supreme and most urgent effort. All of us. Those who make the rules and those who have to follow them. Those who pollute. Those who finance the polluters. And those who supervise the financiers of the polluters.
“The transition will either be just, or it won’t happen at all," he added. "No transition, or a transition that comes too late, would be the greatest injustice of all. Delay is no solution. Delay is expensive. Delay is disastrous.”