Putting finance at the service of the ecological transition

The financial sector has a vocation to play an important role in the ecological transition by helping to mobilize capital to be directed towards the financing of infrastructure or productive investments that ensure more environmentally friendly uses. Part of this development should be carried out in a decentralised manner, i.e. through the free play of individual initiatives by savers and financial institutions. However, it may be that the horizon for individual decisions is too short in relation to the observation of the consequences of the ecological transition. The evaluation of the gains and risks associated with the investments made is then subject to error and manipulation. It is therefore up to market regulators and financial intermediaries, as well as the monetary authorities, to correct these imperfections by considering ecological risks as components of future financial instability. In this context, how can the risks associated with ecological disorders be measured? What investment and financing products are likely to contribute to the ecological transition? How can monetary and regulatory policies act to contribute to the prevention of environmental risks? How can the contribution of monetary and financial regulations be coordinated with policies on pollution standards and taxation?