By designing internationally comparable climate disclosures from the start, we maximize their impact. This puts the industry in the best possible position to put their capital to work. Just as our ancestors joined hands to create a strong financial sector by means of the Joachimsthaler, we now have to honor their legacy by keeping it that way.
A policy action that is calculated to be optimal based on a simulation of one particular model may not, in fact, be optimal once the full extent of uncertainty in the policymaking environment is taken into account. In general, it is entirely possible that different policies will exhibit different degrees of robustness with respect to the true underlying structure of the economy.