Private climate funding is the next finance bubble

, advanced economies are asking developing countries to phase out coal and natural gas while continuing to rely on the latter energy source in particular. The rich world’s failure to cough up the necessary finance compounds the hypocrisy.

This bargain is problematic for two reasons: implicit political condescension and looming economic risks. More important are the bargain’s economic risks. Climate change affords investors an opportunity to do global social good without sacrificing profits. ESG-related lending, which marries conscience and capital, has become a major financial fad.

Turkey is only the latest example of financial globalisation gone wrong. Long periods of private financial inflows indulge rather than discipline unsustainable macroeconomic policies, until the inflows suddenly become outflows, as they invariably do.

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Private climate funding is the next finance bubblePrivate climate funding is the next finance bubble - Evidence suggests that green lending to reduce developing countries' CO2 emissions displays all the pathologies associated with financial manias. Why can’t developed countries reduce their own this is a false narrative that poor countries are contributing largely to pollution
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