This would help to stabilise the banking sector – and, at the same time, would support the transition. However, this will only work if enterprises are transparent about their carbon footprints and climate vulnerabilities across the board. Only then will markets be in a position to appropriately price in their climate-related financial risks.
As global experiences overwhelmingly show, the price that we will ultimately pay will be extremely painful. We can grow sustainably if we let growth be export-driven. I have suggested that we embark on a national export drive. Like what the tourism industry has done, we can set targets for our traditional exports and even new exports.