Too Big To Cool The Planet - How Big Finance Is Holding Back the Fight Against Global Warming

A new report from The Balanced Economy, titled “Too Big To Cool The Planet, How Financial Power Blocks Planet-friendly Action and how to Break It” explores how the growing size, concentration and political power of the financial sector are actively undermining efforts to tackle global warming.  

Global technological and financial efforts and political and corporate pledges have failed to meet global warming targets.  

Preventing society from climate catastrophe requires structural and systemic change. The financial industry is a key driver of global warming. It is too big, is dominated by a few big, interconnected firms and shareholders, and has too much power; it has become one of the world’s most powerful economic and political actors, enabling it to decide a future that works in its interests.  

Sustainability and climate action are incompatible with the goals of the financial industry; and these goals have locked us into a self-reinforcing financial system that is “too big to cool” the planet and serve society.  

This report calls on financial and competition authorities to tackle the increasingly concentrated web of financial power. 

Full Report is available here to download.