Note: You can Download the UNEP Inquiry report launched at the World Economic Forum in Davos from HERE
For most part, these diligent professionals - finance ministers, central bankers, regulators and investors do not consider climate change to fall within their job description and mandate. This remarkable compartmentalisation has been reinforced by the failure of climate activists to reach out to financial policymakers.
However, there are signs that things are changing and changing fast.
Mounting evidence of climate change and increasing estimates of how large a financial, economic and human development impact this will have is making it ever harder even for the most conservative central bankers so forswear responsibility. Financial regulators have begun to seriously think through the financial impact of stranded assets. Finance ministries are waking up to the extensive cost of fossil fuel subsidies and the tremendous opportunity offered by carbon and other environmental taxes. Long-term investors such as sovereign wealth funds are waking up not just to the financial risks posed by exposure to fossil fuel investments, but also to the tremendous financial opportunities offered by renewables and energy efficiency.