coast and climate protection if we are to avoid the worst consequences of climate change. It is widely agreed that the physical risks related to climate change can be reduced if we can strengthen the transition towards a green economy at the global level. The costs of this transition may be substantial.
Especially firms and industries that have a particularly strong carbon footprint will be challenged. Ultimately, these challenges may rub off on the financial sector via e.g. losses on lending and investment. Conversely, the necessary transition will also create opportunities and a need for new skills. So in some respects the transition towards a green economy resembles the changes driven by globalisation.