For years now, the topic of sustainability and the associated criteria known as ESG (environmental, social, corporate governance) have been an integral part of the financial market. With its “Green Deal”, the European Commission has given even more momentum to the transition to a sustainable economy. It is clear that politics can only create the framework. The majority of the financing for the transformation will have to come from the private sector, and the public sector will at best be able to provide start-up funding. The figures for how much the transformation will cost vary – also depending on the time horizon being considered. One thing is clear: the entire transformation will cost hundreds of billions of euros. And no one knows whether the transition will succeed at all or what intermediate stages there will inevitably be.
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