The current financial system is not fit for purpose and must be reformed to address the climate crisis and to oversee an orderly and just transition, the fund unit of British insurer Aviva
"The global economy and financial system are currently financing their own destruction because the global financial architecture is not fit for purpose," Aviva Investors CEO Mark Versey said. Aviva Investors' demands reflect the concerns of critics who say institutions like the IMF and World Bank areto tackle the climate emergency, both in the pace of their deployment of capital to emerging countries and in the decarbonisation of their own portfolios.
in external financing every year by 2030, and match that with their own funds to meet the world's goal of preventing runaway climate change by keeping average warming to below 2 degrees Celsius.Without changing regulatory regimes, climate action will only ever be a "second-tier priority," for the highly-regulated $510 trillion dollar financial industry, the fund manager warned.