The unpredictability of US trade policy has dented exporters’ confidence: 42% of exporting companies now anticipate turnover to decline between -2% and -10% over the next 12 months – compared to fewer than 5% before “Liberation Day”.
ESG investing is the answer to a double tragedy. Global systemic risks such as climate change are particularly challenging to address because they embody two intertwined dilemmas: a tragedy of the commons and a tragedy of the horizon.
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