00:03is underpinned by the services of nature
00:06and the stability and resilience it
00:11but flaws in the finance system have
00:14our natural world the impact
00:18of climate change and nature loss
00:20becomes increasingly difficult to
00:22predict into the future
00:23and even more complex to ensure
00:27what's the point of receiving a pension
00:30our children cannot even play outside
00:34revolutions happen when the majority of
00:37think that it's a mistake to try and
00:41in the terminology it would be a climate
00:45and that's what we need to avoid which
00:47is why we need to start
00:48moving today do we invest money in the
00:52practices that take us deeper into this
00:56or in the solutions that could get us
01:07our finance sector has unwittingly
01:09bankrolled the destruction of the very
01:12systems it relies upon
01:15since the paris accord was signed in
01:172015 banks globally have continued to
01:20invest 1.9 trillion u.s dollars
01:22into the fossil fuel industry and that's
01:25where that's leading and what the
01:29the financial system is not doing a
01:31great job of distinguishing
01:33between good and bad growth putting
01:36ourselves on a trajectory
01:38to devastate the natural world and our
01:45but our future doesn't have to be this
01:51our finance system needs systemic change
01:55the financial sector is an enormously
01:59and effective force and can be a force
02:05no sector is better placed to drive the
02:07transition to a sustainable economy
02:09than the finance sector itself the
02:13needs you to take the lead and
02:16needs you to be brave
02:20and building a better system can start
02:23now with five key actions
02:36as we move to a sustainable economy all
02:40banks and investors will need to
02:43where they are vulnerable there's the
02:47what will flooding wildfires and many
02:50major events mean for the portfolios of
02:54there's the reputational risk of not
02:56being seen to act on climate change or
02:58financing things that are
02:59creating other environmental or social
03:04as companies adapt to meet net zero
03:07they will also face transitional risks
03:10if we continue to downplay the scale of
03:14transition across all economies around
03:17then the adjustment when it comes will
03:21the biggest risk is inaction in action
03:30the finance system has the ability
03:33to dial up the positive and drastically
03:37dial down the negative impacts
03:39of every decision made esg
03:42or environmental social and governance
03:44reporting should be the bare minimum
03:46for all companies esg is great
03:50but it's quite narrowly conceived at the
03:54we need to go much further
03:59what we need is for financial
04:01institutions to demonstrate
04:02and report on how they are reducing
04:05their impact on the natural world
04:08those responsible companies that start
04:10accurately monitoring
04:11and reporting their impact and risks
04:17those that don't will be left behind
04:29shareholders are just one part of the
04:33we need to recognize that investors
04:36employees all stakeholders are changing
04:42so there's a really interesting shift
04:44and i hear this from people who work in
04:46finance they say we've got new clients
04:48it's actually opening up new demand
04:51in the financial sector to come up with
04:53financial portfolios that don't just
04:56revenue but that invest in the future
04:59this changing financial landscape
05:02heralds the end of business as usual
05:04but brings with it an exciting world of
05:14achieving net zero requires a whole
05:18every company every bank insurer
05:20investor will have to adjust
05:22their business models but doing so
05:26could turn an existential risk into
05:29the greatest commercial opportunity of
05:36the clean energy sector is already
05:42and the entire food sector is
05:47within a decade alternative
05:50meat proteins are expected
05:56of the 1.4 trillion meat market
06:01taking society and the environment into
06:04account in all our actions
06:06will soon be business critical
06:09fortunately for the finance sector the
06:12and benefits to society are endless
06:22we need to build a finance system which
06:25to the long term one that is transparent
06:29so all investors can see what their
06:32and one that takes climate nature
06:35and social development into account in
06:38all financial decisions
06:40the finance sector plays a crucial role
06:44in the fight against climate change but
06:46it cannot do it alone
06:48we need a coordinated response across
06:51government energy technology the
06:54legislative and regulatory environment
06:57bringing all these together to make a
07:00impact the thing that gives me hope
07:04is that people are rethinking how
07:06capitalism should be structured
07:07at the top table it's huge and if
07:13then we will live in a much more
07:16sustainable future if they do not
07:20then the economies will collapse and
07:22civilization itself is at risk
07:25as we navigate our way through the
07:27biggest economic crisis
07:29since the second world war the
07:31existential threats from climate change
07:34and nature loss are still looming
07:37now is the moment to reframe our idea of
07:41and build a new system one that will
07:46from future global shocks
07:49if we do this we'll be leaving a legacy
07:53of which we can feel justly proud
