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The Imperative to Account for Externalities

Jeremy Nicholls and Delilah Rothenberg

Full title: The Imperative to Account for Externalities: Why We Must Bridge the Gap Between Non-Financial and Financial Analysis

As the world emerges from the pandemic with high inflation, vast inequalities, and rising oil and gas prices, it seems timely to ask how much we can expect of investors and businesses in our current system. While individual investors — people and firms — are taking on climate change and other systemic risks like inequality and biodiversity loss, they are doing so in a system where the odds are stacked against them. The very nature of the system resists change in ways that non-financial disclosure and policy and regulation alone cannot solve.


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