The funds industry will have to move away from the free-market model of constant economic growth if it wants to address the challenges of climate change, Anne Richards, chief executive of Fidelity International, told a conference recently.
In an outspoken intervention in November, Richards said that the economic assumptions of previous generations were being tested and had been “found wanting” and that the funds industry was “on the cusp of a great disruption”.
In a keynote speech at the SGSS European Investor Summit in Paris entitled ‘The New Scarcity’, the head of the $310 billion fund house said a transformation of the world’s economic model was needed to “change the system that allocates the scarce resources on this planet”.
A full report of the speech can be read here.
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