Impossible pessimism in the face of the climate emergency, says Emmanuel Faber, the ex-boss of Danone

We have ten years to change the climate trajectory of our economies and Emmanuel Faber is “fundamentally optimistic” about the success of this revolution. Because we have no choice and because the financial markets can be a fundamental transformation factor, by allowing investments in companies that will promote this climate transition. But for that, they need what the 58-year-old French businessman calls “a common language”, that is to say a new accounting system that will measure the climate footprint of companies. This is precisely the project that Emmanuel Faber oversees as chairman of the International Sustainability Standards Board (ISSB), the entity responsible for creating these new accounting standards, which Geneva would have liked to welcome (the ISSB was finally awarded in Frankfurt, the economic capital of the European Union). Although favorable to so-called “sustainable” finance, the former big boss, who experienced resistance to change first hand – a revolt of Danone shareholders led him to leave the French group in 2021 – knows that it will also require collective efforts to avoid a breakdown of the social fabric. Efforts in which companies will have to play a crucial role.