"It is essential to finance what is not green today" (M. Després, European Climate Foundation)

"Initially, policy makers and regulators were trying to achieve two objectives: "greening finance" and "financing the greening". We have made good progress on greening finance, for example, by working on taxonomy, supervision, stress tests, and labelling. At the same time, we have somewhat lost sight of the idea of 'financing the greening', particularly in terms of financing the transformation of the economy by supporting sectors or assets that are not currently green but will become so. It seems to me that we may have focused too much on the former to the detriment of the latter", says Morgan Després, Executive Director for International Finance, Economy & Nature Programmes at the European Climate Foundation.

"Europe is unique in that regulation plays a key role. For example, many players point out that the green taxonomy is cumbersome to use, and they end up not using it at all. In my opinion, we are losing sight of what is essential, which is to finance what isn't green today. Europe has perhaps focused too much on 'greening finance', while other countries, such as Japan and the…