The complexity of structured instruments was coupled, however, with a lack of transparency, in particular as regards their valuation (in which a crucial role was played by rating agencies, without any particular control by regulatory authorities or information providers), by means of  2  BIS Review 49/2009  statistical models and often carried out on the basis of incomplete and insufficient data.
Climate change is not evident in past data; instead, we need data to cover the future. Similarly, we require information beyond financial disclosures. And in many cases, comparable and reliable data does not even exist. The same goes for analytical methods. Climate change needs forward-looking approaches with a time horizon in the range of several decades instead of a couple of years.