Sustainable finance once held the promise of reconciling capital flows with planetary boundaries. It held the promise of helping to improve human rights. To accelerate transitions. For a time, it seemed plausible that markets – guided by transparency, ethical ambition and self-regulation – could drive the transition to a sustainable economy. But that narrative is faltering.
Under the weight of political backlash, institutional inertia and misaligned incentives, sustainable finance is veering dangerously close to becoming a façade - more a branding exercise than a transformation tool.
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