"The net-zero transition, i.e. the transformation towards a carbon-neutral and resilient economy, is a major and urgent challenge for reducing the effects of climate change. This transformation requires the transition and adaptation of all activities and all economic agents. It is first and foremost a matter for the real economy and must be based on an operational roadmap of actions to be taken. This must be defined by an ambitious economic policy (budgetary, fiscal, monetary, regulation of products and sectors, etc.).

Current policy to mobilise the private financial sector consists in adopting a silo approach:
Economic instruments (budgetary, fiscal, regulatory) are used primarily to influence non-financial actors;
Financial regulation (non-prudential) seeks to ensure the financing of the transition through market mechanisms;
Prudential policy (banks and insurance) is aimed at preventing systemic risk.
The policy pursued by the European Union is a good illustration of this situation. It is not enough."

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