Business and finance face their climate responsibilities.

Summary As the yellow vest movement shows, many citizens think that climate change is serious, but are not ready to contribute to the collective effort to prevent it. Can businesses and the financial world replace this sleepwalking of citizens and politicians? Despite the enthusiasm for green finance, it is far from being won. Competition prevents courageous companies from committing themselves without losing market share. Moreover, when one saver or bank divests from coal, two others invest. At best, the financial markets can anticipate the emergence of an ambitious climate policy that is slow in coming. In the meantime, responsible finance actors should use an internal carbon price to optimize their portfolio.