Government subsidies for renewable energy are part of the problem.
(Photo: UBS)
Ms. Novakovic, in your opinion, what is a sustainable investment – and what is not?
That is the crux of the problem. Today we disagree on what sustainability means. That makes it difficult to agree on criteria and goals for sustainable business. For me, sustainability has to do with the long-term and with preservation and with the fact that we proceed in such a way that we leave behind a better condition than we found. And I also believe that many people are very naive about the topic.
Why naive?
Everyone can gather behind the protection of the climate. But very few think about what that means. If we want to rebuild our fossil fuel economy model after 250 years, it cannot be done overnight. I find it remarkable when politicians think that the banks have to do this on their own. It concerns everyone: politics, entrepreneurs, regulators and investors.
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