One would think that sustainable finance refers to the natural need that funds placed in a business must in any event give some return, as receipts must cover expenses and leave some surplus. But no, sustainability has to go beyond this – so it is being said.

It must also be ensured that the funds being mobilised do not contribute to the acceleration of catastrophic environmental outcomes, as with climate warming. Such a change would destroy businesses. They should take steps as of now to prevent it by their investment decisions.

In Europe, especially after the Paris agreement on climate change, this objective is being considered as a leading priority. The problem is that negative environmental outcomes are likely to happen at a point in time which lies outside the normal lifespan of any investment being decided now. How then should the move towards sustainable finance be framed?

A report on the subject has been prepared by experts appointed by the European Commission which will be presenting its plan. But as I could understand during a conference held recently in Brussels, despite all that’s being declared, the advance towards sustainable finance is going to be very very slow.

*** 

Discipline and entitlement

In today’s political and social culture, the popular call is for “more” rights – and just as widespread is the expectation for the entitlements accorded by the same rights. Meanwhile, in part because of the emergence of the social media, forms of expression have become increasingly rough, even promoting hate and contempt, while antisocial behaviour has gathered pace.

The fear of losing votes, among other factors, has blunted and undermined what in the past used to be called social discipline. But it will not be long before the cop-out by which one looks the other way or sees how to “arrange” matters will not be viable any more.

The emphasis cannot just stay on the entitlements that follow from rights but must also be placed on the obligations.

***

Joe Cassar

I was startled and much saddened by news of his death. We did not meet frequently and I would mostly follow him from what he wrote. But he always seemed to me to be a calm and lucid person, lacking arrogance of any kind towards those who were not on “his” side of the fence – which cannot be said for all his colleagues. Above all, he was considerate.

I well remember his correct and sober attitude during the press conference called in the middle of the night at the Maċina, the Labour Party headquarters, soon after the result of the May 1987 general election was confirmed. When later, Joe Cassar became a diplomat, I am sure that his qualities served him in good stead.

In his articles over the years, I continued to discover arguments and approaches that made for moderation and a sense of balance, even when frequently and for obvious resons, I was in disagreement with their thrust.

My sincere condolences go to all his family.