“The time for radicalism has come” concerning the transition of our economic model and its adaptation to climate change, said Tuesday Eric Lombard, director general of the Caisse des dépôts, calling for a ban on “harmful” investments.

"The fact that an investment is profitable is no excuse if it is not in line with the trajectory" of a rise in temperatures limited to 1.5°C compared to the pre-industrial era, in the he spirit of the Paris Agreement, called Eric Lombard at the opening of a day dedicated to the climate, organized by the Caisse des dépôts, the financial arm of the State which manages 1,200 billion euros.

"Prohibit what is harmful even if it is profitable"

An investment that does not comply with this objective "must absolutely be canceled, removed", he continued, pleading to "prohibit what is harmful even if it is profitable".

“We have so many other things to do, there is no shortage of investment topics,” added Eric Lombard, as France must halve its greenhouse gas emissions by 2030.

A somewhat explosive speech in the financial community which, if it is concerned about climate change, is nonetheless guided essentially by a search for profitability.

But “maintaining a high level of growth”

A call for radicalism which, however, did not go so far as to support young graduates who have recently called for them to "desert" "destructive" jobs, to "refuse" to "participate in the ongoing social and ecological devastation" and to to "serve" a system.

“It is quite the opposite that we expect from each other, and in particular from young people”, judged Eric Lombard, adding that the “battle” of the climate “requires the mobilization of all”.

In addition, if "the fight against global warming requires massive investments", it will be necessary, to finance them, "to maintain a high level of growth", even if it must be "different".

For some economists advocating degrowth, the possibility of growing the economy while reducing greenhouse gas emissions has never been proven and is an impossible bet.


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