To facilitate investment, we need a well-functioning financial market with availability of green funding instruments. And, in order to ensure a well-functioning financial system, we must keep an eye on the system-level climate risks that might threaten the stable functioning of the financial system and smooth flows of funding for sustainable investments.
As Giovanni Vecchi recalls in his recent book In ricchezza e in povertà, at the beginning of the last century two British historians, Bolton King and Thomas Okey, observed in a volume entitled Italy Today: “Education is the gloomiest chapter in Italian social history, a chapter of painful advance, of national indifference to a primary need, of a present backwardness, that gives Italy (next to Portugal) the sad primacy of illiteracy in Western Europe”.