Editorial September 2021
Who’s going to pay?
In early September, Challenges magazine published a detailed survey on the state of mind of French people, in which anxiety was by far the biggest concern. Of the three main reasons for this concern, climate change came first by a whisker. This is hardly surprising given the overwhelming hype surrounding the subject and the publication of the latest IPCC report, which is still alarmist. The familiar expression “talking about rain and shine” has thus become “talking about climate change”.
The subject is of importance for those involved in savings management and savers, since we will have to pay the bill for an energy transition, which more and more people are saying will be hefty.
« Who’s going to pay? In the survey cited above, 63% of respondents have already found the solution: “the State isn’t doing enough”. Magic money still has a bright future! »
More realistically, when we consider the state of public finances and the “drying” strategy of investments and savings towards what is designated as a priority, we should actually be worried. Advisers are not payers.
As observers of the economy and the changing business models of the companies in which we invest, we are seeing a general increase in risk. Indeed, under widespread pressures which increasingly translate into regulatory burdens, companies and financial players are obliged to transform. This already has a cost, which is passed on throughout the production chain to the end consumer. Transformation in itself is certainly the history of economic life, but what is disrupting is its acceleration, from which there is strong fear of an uncontrolled runaway, or even a crash. This is how the concept of “transition” could move towards that of “haste”. If, given the urgency, the choice of response is hasty, it may not be sustainable. We remain convinced that the responsible management of our clients’ money remains our primary raison d’être.
Yannick Tatibouët Executive director, Director of strategic intelligence, External relations, ESG and Research
September 30, 2021
Covéa Finance, a portfolio management company of the MAAF, MMA and GMF groups with share capital of €24 901 254, incorporated as a single-person simplified joint stock company, registered with the Paris Trade and Companies Register under number 407 625 607 and approved by the French Financial Markets Authority under number GP 97 007.
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