Cologne is the perfect example of how such processes have taken place time and again over the decades, and how solutions have been found. This has only been possible thanks to a combination of two factors: a spirit of innovation and an environment that facilitates it. Thank you for listening, and Happy New Year. Footnotes: 1. Deutsche Bundesbank (2019), Financial Stability Review 2019. 2.
Nordhaus, W. (2019), Climate change: The ultimate challenge for economics, American Economic Review 109 (6), 1991-2014. 3. Nordhaus, W. (2011), Designing a friendly space for technological change to slow global warming, Energy Economics 33 (4), 665-673. 4. Network for Greening the Financial System, A call for action – Climate change as a source of financial risk, First comprehensive report, April 2019. 5.