, Columnist
Banks May Be Our Best Hope in Fighting Climate Change
Governments already use the industry against money laundering and criminal activity. It’s a more efficient way of changing behavior than imposing direct taxes.
“Underwater” is a word bankers understand.
Photographer: BRANDEN EASTWOOD/AFPThis article is for subscribers only.
Temperatures are rising and there’s lots of work to do to avert disastrous outcomes. Europe is looking at one quick and easy avenue to make change happen: Go through banks.
Industry executives may not like it but banks are both an efficient way to raise the cost of carbon and to make sure that all companies properly disclose their emissions. Governments can make banks do the oversight work for them.