{"id":2127,"date":"2024-09-22T12:17:25","date_gmt":"2024-09-22T12:17:25","guid":{"rendered":"https:\/\/www.chaireearth.org\/?p=2127"},"modified":"2024-10-07T08:57:38","modified_gmt":"2024-10-07T08:57:38","slug":"lillusion-de-la-finance-verte","status":"publish","type":"post","link":"https:\/\/www.chaireearth.org\/en\/lillusion-de-la-finance-verte\/","title":{"rendered":"L&rsquo;illusion de la finance verte"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"2127\" class=\"elementor elementor-2127\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-efe2a87 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"efe2a87\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1bc4a09\" data-id=\"1bc4a09\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2481faa elementor-widget elementor-widget-spacer\" data-id=\"2481faa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-560e033 elementor-widget elementor-widget-heading\" data-id=\"560e033\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">L'illusion de la finance verte<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-47abcb2 elementor-icon-list--layout-inline elementor-align-center elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"47abcb2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-file-alt\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Finance<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-calendar-alt\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">12.04.2024 <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-clock\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">8 min<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e251cf elementor-widget elementor-widget-spacer\" data-id=\"6e251cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-67a30a3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"67a30a3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ff0eaee\" data-id=\"ff0eaee\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b551de3 elementor-widget elementor-widget-image\" data-id=\"b551de3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"692\" src=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2-1024x692.webp\" class=\"attachment-large size-large wp-image-2133\" alt=\"\" srcset=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2-1024x692.webp 1024w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2-300x203.webp 300w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2-768x519.webp 768w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2-18x12.webp 18w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2.webp 1480w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff9bef6 elementor-widget elementor-widget-text-editor\" data-id=\"ff9bef6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Cr\u00e9dit image : Pixabay.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ed77fbd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ed77fbd\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6de4209\" data-id=\"6de4209\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c84bd88 elementor-widget elementor-widget-text-editor\" data-id=\"c84bd88\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><p>L&rsquo;exigence de rentabilit\u00e9 financi\u00e8re propre aux acteurs financiers est-elle compatible avec la pr\u00e9servation de la stabilit\u00e9 du climat et de l&rsquo;environnement humain ? Pour Alain Grandjean et Julien Lefournier, auteurs d&rsquo;un ouvrage intitul\u00e9 L&rsquo;illusion de la finance verte, paru aux Editions de l&rsquo;Atelier en 2021, la r\u00e9ponse \u00e0 cette question ne peut \u00eatre que n\u00e9gative.<\/p><p>En effet, un investissement \u00ab vert \u00bb implique de produire plus proprement les m\u00eames biens, c&rsquo;est-\u00e0-dire de les produire en assumant un certain surco\u00fbt, par exemple li\u00e9 au refus de recourir aux \u00e9nergies fossiles. Ce surcout se traduit ensuite en grande partie par des b\u00e9n\u00e9fices non-marchands qui ne profiteront pas \u00e0 l&rsquo;entreprise elle-m\u00eame, laquelle n&rsquo;aura donc aucun int\u00e9r\u00eat \u00e0 verdir sa production. Une entreprise r\u00e9ellement verte, qui devrait augmenter ses frais de production au seul b\u00e9n\u00e9fice de la collectivit\u00e9, ne saurait trouver d&rsquo;investisseurs, lesquels recherchent \u00e0 maximiser la valeur actionnariales de leur investissement.<\/p><p>Dans ces conditions, en quoi peut donc consister la finance verte ? Son principe est d&rsquo;assurer un investissement dans des activit\u00e9s contribuant \u00e0 la pr\u00e9servation de l&rsquo;environnement et du climat, \u00e0 condition que le rendement financier individuel de cet investissement ne s&rsquo;en trouve pas affect\u00e9. Il ne saurait donc \u00eatre question de sacrifier l&rsquo;int\u00e9r\u00eat \u00e9conomique individuel \u00e0 la contribution au bien collectif.<\/p><p>En somme, aucune diff\u00e9rence de fond entre la finance verte et l&rsquo;ancienne finance : le rendement soci\u00e9tal des investissements est bien per\u00e7u comme d\u00e9sirable dans le cadre de la finance verte, mais il ne doit pas affecter le rendement financier. Le souci de durabilit\u00e9 ne joue donc que comme argument commercial subsidiaire, mais n&rsquo;est en aucun cas au principe de la finance verte.<\/p><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fc2d34e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fc2d34e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1b04e46\" data-id=\"1b04e46\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2aafe65 elementor-widget elementor-widget-image\" data-id=\"2aafe65\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"697\" height=\"383\" src=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_fc86014a6c334f878477872cf9af0a66mv2.webp\" class=\"attachment-large size-large wp-image-2132\" alt=\"\" srcset=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_fc86014a6c334f878477872cf9af0a66mv2.webp 697w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_fc86014a6c334f878477872cf9af0a66mv2-300x165.webp 300w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_fc86014a6c334f878477872cf9af0a66mv2-18x10.webp 18w\" sizes=\"(max-width: 697px) 100vw, 697px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cef66a elementor-widget elementor-widget-text-editor\" data-id=\"3cef66a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Les rendements de la finance pr\u00e9sent\u00e9e comme verte (en vert sombre) ne sont en aucun cas inf\u00e9rieurs \u00e0 ceux de la finance ordinaire (en gris). <\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ddf9b9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ddf9b9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-64256ba\" data-id=\"64256ba\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-71c3b4e elementor-widget elementor-widget-text-editor\" data-id=\"71c3b4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><p id=\"viewer-wtoag44630\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Une obligation verte est en effet une obligation dont le produit est employ\u00e9 par une entreprise exclusivement pour financer des projets verts, qu&rsquo;ils soient \u00e0 venir ou d\u00e9j\u00e0 en cours. Il n&rsquo;existe cependant \u00e0 ce jour aucune r\u00e9glementation ou r\u00e9gulation concernant cette appellation, bien qu&rsquo;un accord puisse \u00eatre <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.touteleurope.eu\/environnement\/obligations-vertes-l-union-europeenne-definit-des-standards-pour-eviter-le-greenwashing\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>adopt\u00e9 prochainement<\/u><\/a> \u00e0 ce sujet au sein de l&rsquo;Union Europ\u00e9enne.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-nvnoi52386\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Autrement dit, une entreprises fortement polluante peut parfaitement \u00e9mettre des <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/reclaimfinance.org\/site\/2022\/01\/04\/un-greenwashing-de-haut-vol-autour-dune-nouvelle-obligation-verte\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>obligations vertes<\/u><\/a>. Le fait d&rsquo;acheter de telles obligations ne conf\u00e8re aucun droit de regard au d\u00e9tenteur du titre, que ce soit sur le projet vert financ\u00e9 par l\u2019obligation ou sur le fonctionnement g\u00e9n\u00e9ral de l\u2019entreprise. Dans le cas o\u00f9 l\u2019engagement sur l\u2019utilisation des fonds ne serait pas respect\u00e9 par l&rsquo;entreprise, l\u2019acheteur ne b\u00e9n\u00e9ficierait donc d&rsquo;aucun d\u00e9dommagement.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-nkv7l61832\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Les niveaux constat\u00e9s de rendement des obligations vertes sont d&rsquo;ailleurs similaires \u00e0 ceux des obligations ordinaires. L&rsquo;obligation verte n&rsquo;est donc d&rsquo;aucune utilit\u00e9 : les \u00e9metteurs financent leurs projets verts dans des conditions de financement tout \u00e0 fait ordinaires, tandis que les investisseurs ach\u00e8tent eux aussi des obligations dans des conditions ordinaires, obligations qu&rsquo;ils ach\u00e8teraient dans tous les cas puisqu&rsquo;elles sont rentables.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-ltrni554211\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Le verdissement a lieu <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/reclaimfinance.org\/site\/nos-combats\/les-obligations-vertes-attention-arnaque\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>apr\u00e8s coup<\/u><\/a>, au moyen d&rsquo;une simple d\u00e9claration, sans qu&rsquo;aucun changement de paradigme n&rsquo;ait eu lieu. Ce n&rsquo;est donc pas l&rsquo;obligation qui rend le projet vert, mais c&rsquo;est au contraire le projet vert qui peut \u00e9ventuellement rendre l&rsquo;obligation verte.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-hfcb730230\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">La temporalit\u00e9 propre \u00e0 la finance interdit en fait aux investisseurs de se montrer r\u00e9ellement attentifs aux implications de long terme de leurs choix. Dans l&rsquo;univers des obligations, c&rsquo;est-\u00e0-dire des titres de dette \u00e9mis par les personnes publiques ou par les entreprises pour financer leur activit\u00e9, les maturit\u00e9s (dur\u00e9e de vie de l&rsquo;obligation) sont typiquement de cinq \u00e0 dix ans. Les risques physiques, s&rsquo;ils portent surtout sur un horizon de plusieurs d\u00e9cennies, peuvent donc \u00eatre enti\u00e8rement ignor\u00e9s par les acteurs financiers.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-41xv6565787\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Pour ce qui est des formes d&rsquo;investissements \u00e0 plus haut risque, l&rsquo;exigence de rentabilit\u00e9 est souvent sup\u00e9rieure \u00e0 10%. Avec un tel rendement, l&rsquo;investissement initial est amorti en moins d&rsquo;une dizaine d&rsquo;ann\u00e9es, si bien que l\u00e0 encore, les horizons temporels demeurent extr\u00eamement restreints.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-ygfxo80711\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">La finance verte pose \u00e9galement un probl\u00e8me d\u2019ordre de grandeur. En 2018, sur l&rsquo;ensemble des nouvelles obligations \u00e9mises sur le march\u00e9, seules 2 \u00e0 3 % ont \u00e9t\u00e9 r\u00e9pertori\u00e9es comme vertes. Pour les investisseurs institutionnels interrog\u00e9s la m\u00eame ann\u00e9e au sujet des crit\u00e8res de s\u00e9lection qui leur \u00e9taient propres, la soutenabilit\u00e9 n&rsquo;apparaissait qu&rsquo;\u00e0 l&rsquo;<a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.allnews.ch\/sites\/default\/files\/files\/20180911_Schroders_Institutional_Investor_Study_Sustainability_Report_2018.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>avant-derni\u00e8re place<\/u><\/a>.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-gnbzm557349\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Il est vrai que la finance verte <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.linfodurable.fr\/investir-durable\/en-bref\/en-2023-les-marches-veulent-passer-la-seconde-sur-la-transition-verte\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>suscite davantage d&rsquo;attrait<\/u><\/a> depuis cette date et que sa part dans la totalit\u00e9 des transactions finances a augment\u00e9 au cours des derni\u00e8res ann\u00e9es. Elle repr\u00e9sente cependant toujours moins de 10% des transactions financi\u00e8res actuelles.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-72341e9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"72341e9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a3f0f05\" data-id=\"a3f0f05\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-904ddae elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"904ddae\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-642013c\" data-id=\"642013c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-466b2b2 elementor-widget elementor-widget-image\" data-id=\"466b2b2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"885\" height=\"591\" src=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_15f8bdc44b614b0a991a7fc7b5186f20mv2.webp\" class=\"attachment-large size-large wp-image-2131\" alt=\"\" srcset=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_15f8bdc44b614b0a991a7fc7b5186f20mv2.webp 885w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_15f8bdc44b614b0a991a7fc7b5186f20mv2-300x200.webp 300w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_15f8bdc44b614b0a991a7fc7b5186f20mv2-768x513.webp 768w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_15f8bdc44b614b0a991a7fc7b5186f20mv2-18x12.webp 18w\" sizes=\"(max-width: 885px) 100vw, 885px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a7ae1ef elementor-widget elementor-widget-text-editor\" data-id=\"a7ae1ef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-breakout=\"normal\"><p id=\"viewer-f9gc317948\" class=\"E0qnV MObmT V7zwv a144M\" dir=\"auto\"><em><span class=\"rpoEi\">En d\u00e9pit de progr\u00e8s importants au cours des derni\u00e8res ann\u00e9es, la finance verte demeure un secteur de niche. Source image : Climate bonds initiative \/ Youdge News.<\/span><\/em><\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aef2eeb elementor-widget elementor-widget-text-editor\" data-id=\"aef2eeb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><p id=\"viewer-xxin5122751\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Lorsqu&rsquo;une action est \u00e9mise sur le march\u00e9 primaire, le prix est le m\u00eame pour tous les acheteurs. Dans le cas m\u00eame o\u00f9 il existerait certains acheteurs pr\u00eats \u00e0 payer une action plus ch\u00e8re parce qu&rsquo;elle est verte, il ne serait pas en mesure d&rsquo;imposer ses vues en termes de prix. Ce prix est en effet fix\u00e9 \u00e0 partir du prix qui pr\u00e9vaut sur le march\u00e9 secondaire.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-jwfu9567026\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">La phase de cr\u00e9ation de titres, qui correspond \u00e0 ce que l&rsquo;on nomme en finance le march\u00e9 primaire, ne correspond en effet qu&rsquo;\u00e0 une partie des transactions financi\u00e8res. Une grande partie de ces transactions ont lieu sur le <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.capital.fr\/entreprises-marches\/marche-secondaire-1387310\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>march\u00e9 secondaire<\/u><\/a>, o\u00f9 les investisseurs s&rsquo;\u00e9changent des titres entre eux, sans alimenter l&rsquo;entreprise \u00e9mettrice. Sur le march\u00e9 secondaire, les titres passent ainsi de portefeuille en portefeuille, sans effet productif suppl\u00e9mentaire.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-3a2ip133684\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Le <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.novethic.fr\/lexique\/detail\/desinvestissement.html\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>d\u00e9sinvestissement<\/u><\/a>, qui consiste pour un investisseur \u00e0 rendre ses actifs jug\u00e9s trop peu verts et est souvent pr\u00e9sent\u00e9 comme une solution audacieuse pour lutter contre le d\u00e9r\u00e8glement climatique, implique donc simplement \u00e0 vendre un titre \u00e0 un acheteur. Une telle op\u00e9ration ne peut avoir de cons\u00e9quence r\u00e9elle sur l\u2019actif sous-jacent. La vente du titre d&rsquo;une entreprise sp\u00e9cialis\u00e9e dans l&rsquo;extraction de charbon n&rsquo;est en aucun cas \u00e9quivalente \u00e0 la fermeture d&rsquo;une centrale thermique \u00e0 charbon. Jusqu&rsquo;\u00e0 pr\u00e9sent, l\u2019argent n&rsquo;a jamais manqu\u00e9 pour financer une entreprise profitable.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0a1557d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0a1557d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-60432e5\" data-id=\"60432e5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-af5dbf8 elementor-widget elementor-widget-image\" data-id=\"af5dbf8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"883\" height=\"444\" src=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_6f412dedc71443419fb3f950e95f8ec9mv2.webp\" class=\"attachment-large size-large wp-image-2130\" alt=\"\" srcset=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_6f412dedc71443419fb3f950e95f8ec9mv2.webp 883w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_6f412dedc71443419fb3f950e95f8ec9mv2-300x151.webp 300w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_6f412dedc71443419fb3f950e95f8ec9mv2-768x386.webp 768w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_6f412dedc71443419fb3f950e95f8ec9mv2-18x9.webp 18w\" sizes=\"(max-width: 883px) 100vw, 883px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-806f529 elementor-widget elementor-widget-text-editor\" data-id=\"806f529\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Si l&rsquo;investissement dans les \u00e9nergies renouvelables (en vert) conna\u00eet une importante croissance, les financements accord\u00e9s aux \u00e9nergies fossiles (en bleu) ne diminuent pas de fa\u00e7on significative. Le d\u00e9r\u00e8glement du climat ne pourra pourtant \u00eatre limit\u00e9 qu&rsquo;\u00e0 condition de mettre fin \u00e0 l&rsquo;exploitation de ces \u00e9nergies. Source image : Agence Internationale de l&rsquo;Energie.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c980a58 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c980a58\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5580fd8\" data-id=\"5580fd8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-94a35c1 elementor-widget elementor-widget-text-editor\" data-id=\"94a35c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><p id=\"viewer-zvv5v147478\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Une autre innovation a consist\u00e9 dans la mise en place des \u00ab <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.novethic.fr\/lexique\/detail\/sustainability-linked-bonds.html\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>sustainability-linked bonds<\/u><\/a> \u00bb pour les obligations et de \u00ab <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/lucienzonza.eu\/green-loans-et-sustainability-linked-loans-explications\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>sustainability-linked loan<\/u><\/a>s \u00bb pour les pr\u00eats. Ces instruments permettent d&rsquo;indexer le taux du coupon de l\u2019obligation ou la marge du pr\u00eat, qui d\u00e9terminent la chargent d&rsquo;int\u00e9r\u00eat de l&#8217;emprunteur, \u00e0 des objectifs de durabilit\u00e9. Dans le cas o\u00f9 ces objectifs ne sont pas atteints, une p\u00e9nalit\u00e9 est pay\u00e9e par l&#8217;emprunteur.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-wzl1o10658\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Ces instruments permettent aux entreprises les plus polluantes de produire des obligations ou des pr\u00eats verts. Ces derni\u00e8res fixent elles-m\u00eames des indicateurs clefs de performance, qu&rsquo;elles \u00e9valuent elles-m\u00eames, sous le regard d&rsquo;un tiers externe souvent acquis \u00e0 leur cause. Les p\u00e9nalit\u00e9s pr\u00e9vues sont d\u00e9risoires, mais elles sont de toute fa\u00e7on con\u00e7ues pour ne jamais \u00eatre pay\u00e9es.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-nmujq27386\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">De telles innovations restent pourtant d&rsquo;une grande utilit\u00e9 en comparaison de l&rsquo;outil phare de la finance verte, \u00e0 savoir l&rsquo;<a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.amf-france.org\/fr\/espace-epargnants\/comprendre-les-produits-financiers\/finance-durable\/comprendre-linvestissement-socialement-responsable-isr\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>investissement socialement responsable<\/u><\/a> (ISR), cens\u00e9 prendre en compte des crit\u00e8res environnementaux, sociaux et de gouvernance (ESG). Ce type d&rsquo;investissement porte en fait sur les actifs financiers existants, ceux du \u00ab business as usual \u00bb. La question du climat est alors dissoute dans le th\u00e8me g\u00e9n\u00e9ral de l&rsquo;environnement, qui n&rsquo;est lui-m\u00eame qu&rsquo;une des composantes de l&rsquo;\u00e9valuation.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-lzvmg593092\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Ce syst\u00e8me a permis \u00e0 des entreprises comme Total de b\u00e9n\u00e9ficier d&rsquo;excellentes \u00e9valuations ESG, et donc de figurer dans les fonds ISR. Une d\u00e9cision r\u00e9cente du minist\u00e8re de l&rsquo;\u00e9conomie a r\u00e9cemment mis fin \u00e0 cette <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.latribune.fr\/entreprises-finance\/banques-finance\/industrie-financiere\/finance-durable-bercy-exclut-totalenergies-du-label-isr-982604.html#:~:text=Cr%C3%A9dits%20%3A%20GONZALO%20FUENTES)-,Le%20ministre%20de%20l'%C3%89conomie%2C%20Bruno%20Le%20Maire%2C%20a,de%20la%20gestion%20d'actifs.\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>situation absurde<\/u><\/a>, qui d\u00e9coule typiquement de la pr\u00e9tendue auto-r\u00e9gulation du march\u00e9.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-d40qs566064\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Il faut par ailleurs rappeler que seules les entreprises qui ont atteint un certain niveau de d\u00e9veloppement peuvent \u00e9mettre des actions ou des obligations. Les nouveaux entrepreneurs doivent quant \u00e0 eux faire appel aux banques et aux fonds de capital-investissement. Or, les exigences de ces institutions en termes de rentabilit\u00e9 sont particuli\u00e8rement \u00e9lev\u00e9e. Ces institutions ne sauraient donc financer des innovations dont la rentabilit\u00e9 est d\u00e9grad\u00e9e, alors que ces innovations sont indispensables \u00e0 la construction d&rsquo;un monde soutenable.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-n90pc55055\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Le d\u00e9veloppement de la finance verte n&rsquo;a donc pas d&rsquo;effet significatif sur le syst\u00e8me financier. Elle permet en revanche de tromper une partie du public, qui n&rsquo;a pas n\u00e9cessairement les moyens de d\u00e9chiffrer la signification des instruments d\u00e9velopp\u00e9s par les financiers.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ed6d268 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ed6d268\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3dc327d\" data-id=\"3dc327d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f790084 elementor-widget elementor-widget-image\" data-id=\"f790084\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"813\" height=\"472\" src=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_673a8791a487455a99d1aef6f9fff01amv2.webp\" class=\"attachment-large size-large wp-image-2129\" alt=\"\" srcset=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_673a8791a487455a99d1aef6f9fff01amv2.webp 813w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_673a8791a487455a99d1aef6f9fff01amv2-300x174.webp 300w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_673a8791a487455a99d1aef6f9fff01amv2-768x446.webp 768w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_673a8791a487455a99d1aef6f9fff01amv2-18x10.webp 18w\" sizes=\"(max-width: 813px) 100vw, 813px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1b9741b elementor-widget elementor-widget-text-editor\" data-id=\"1b9741b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-breakout=\"normal\"><p id=\"viewer-fl98n997270\" class=\"E0qnV MObmT V7zwv a144M\" dir=\"auto\"><em>En d\u00e9pit de leur discours sur la finance verte, les banques des pays les plus riches continuent d&rsquo;investir chaque ann\u00e9e des milliers de milliards de dollars dans les \u00e9nergies fossiles. Source image : Rainforst Action Network, Banking on Climate Chaos, 2023.<\/em><\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-839973a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"839973a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8fa42a6\" data-id=\"8fa42a6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6d5452c elementor-widget elementor-widget-text-editor\" data-id=\"6d5452c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><p id=\"viewer-9lsrp64536\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Pour que la finance contribue \u00e0 la lutte contre le d\u00e9r\u00e8glement du climat, le changement doit donc \u00eatre d\u00e9cid\u00e9 en dehors du cadre financier. La transition \u00e9cologique ne peut \u00eatre con\u00e7ue comme un simple sous-syst\u00e8me de notre \u00e9conomie. C&rsquo;est plut\u00f4t l&rsquo;\u00e9conomie elle-m\u00eame qui doit \u00eatre regard\u00e9e comme un sous-syst\u00e8me, puisqu&rsquo;elle repose sur des bases mat\u00e9rielles que le fonctionnement actuel de la finance contribue \u00e0 saper. Pour que la finance devienne verte, il est donc n\u00e9cessaire d&rsquo;assurer la prise en compte de ces <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.notre-environnement.gouv.fr\/themes\/societe\/article\/limites-planetaires\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>contraintes mat\u00e9rielles<\/u><\/a> par diverses voies constitutionnelles, l\u00e9gislatives et r\u00e9glementaires.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-q419g88445\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Si le statu quo du monde carbon\u00e9 implique une mont\u00e9e croissante des risques physiques, la d\u00e9carbonation de l&rsquo;\u00e9conomie implique d&rsquo;importants risques de transition pour le syst\u00e8me financier. Les niveaux d&rsquo;incertitudes li\u00e9s aux transformations du climat et \u00e0 l&rsquo;\u00e9volution des politiques climatiques sont en effet in\u00e9dits pour les march\u00e9s financiers.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-knaqp106544\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Le seul moyen de pr\u00e9server le climat tout en prot\u00e9geant les march\u00e9s de ces risques est de mener une transition planifi\u00e9e. Des politiques de r\u00e9duction des \u00e9missions tardives et brusques conduiraient au contraire \u00e0 une <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.linfodurable.fr\/finance-durable\/finance-durable-quest-ce-quun-actif-echoue-38227\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>maximisation du risque<\/u><\/a>. Pour que l&rsquo;allocation des liquidit\u00e9s \u00e9volue en faveur de la transition dans le cadre du paradigme risque-rendement, il n&rsquo;existe que trois solutions : la d\u00e9gradation de la rentabilit\u00e9 des actifs carbon\u00e9s, par exemple au moyen d&rsquo;une taxe ; l&rsquo;augmentation de la rentabilit\u00e9 des actifs \u00ab verts \u00bb, \u00e0 travers un syst\u00e8me de subventions ; la r\u00e9duction du risque des actifs verts, <em>via <\/em>des garanties d&rsquo;Etat. Aucune de ces solutions ne peut provenir des march\u00e9s eux-m\u00eames.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-9x467130469\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">A ce jour, l&rsquo;action des banques centrales est pourtant orient\u00e9e vers la pr\u00e9servation du fonctionnement normal des march\u00e9s, c&rsquo;est-\u00e0-dire vers la maximisation d&rsquo;une croissance \u00e9conomique reposant sur des activit\u00e9s non-soutenables. La banque centrale a ainsi d\u00e9pens\u00e9 1 850 milliards de dollars pour soutenir l&rsquo;\u00e9conomie en r\u00e9ponse \u00e0 l&rsquo;\u00e9pid\u00e9mie de Covid-19.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-mjoeu518109\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Plus de <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.lemonde.fr\/economie\/article\/2019\/03\/21\/la-banque-centrale-europeenne-soutient-trop-les-entreprises-polluantes-selon-une-etude_5439149_3234.html\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>60% de ces fonds<\/u><\/a> ont \u00e9t\u00e9 allou\u00e9s \u00e0 des entreprises hautement \u00e9mettrices en gaz \u00e0 effet de serre, comme les compagnies a\u00e9riennes. Une telle politique est absurde, puisqu&rsquo;elle consiste \u00e0 relancer des actifs qui devraient dispara\u00eetre. La mise en place d&rsquo;une transition climatique aurait au contraire conduit \u00e0 les accompagner dans une r\u00e9duction progressive de leur flotte.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d1fc795 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d1fc795\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-163da9a\" data-id=\"163da9a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-24a9e7c elementor-widget elementor-widget-image\" data-id=\"24a9e7c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"775\" src=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_78e5498491a848f39ea695155e40a4demv2-1024x775.webp\" class=\"attachment-large size-large wp-image-2128\" alt=\"\" srcset=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_78e5498491a848f39ea695155e40a4demv2-1024x775.webp 1024w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_78e5498491a848f39ea695155e40a4demv2-300x227.webp 300w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_78e5498491a848f39ea695155e40a4demv2-768x581.webp 768w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_78e5498491a848f39ea695155e40a4demv2-16x12.webp 16w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_78e5498491a848f39ea695155e40a4demv2.webp 1240w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9aae600 elementor-widget elementor-widget-text-editor\" data-id=\"9aae600\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-breakout=\"normal\"><p id=\"viewer-k5uma926\" class=\"E0qnV MObmT V7zwv a144M\" dir=\"auto\"><em>Les actifs \u00ab verts \u00bb de la Banque Centrale Europ\u00e9enne, ici repr\u00e9sent\u00e9s en rouge et en vert, ne repr\u00e9sentent qu&rsquo;une infime partie de son portefeuille, ce qui signifie concr\u00e8tement qu&rsquo;une grande partie de ses d\u00e9penses sert \u00e0 financer des activit\u00e9s incompatibles avec la pr\u00e9servation d&rsquo;un climat stable. Source image : Banque Centrale Europ\u00e9enne. <\/em><\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3ddc271 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3ddc271\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6a9a80f\" data-id=\"6a9a80f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e354b96 elementor-widget elementor-widget-text-editor\" data-id=\"e354b96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><div data-breakout=\"normal\"><p id=\"viewer-myuqk153170\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">La mise en place de dispositifs financiers contraignants ne repr\u00e9senterait-elle pas cependant une entrave inacceptable \u00e0 la libert\u00e9 d&rsquo;investir ? Selon Alain Grandjean et Julien Lefournier, ce sont les trajectoires condamnant l&rsquo;humanit\u00e9 \u00e0 un r\u00e9chauffement climatique de grande ampleur qui nous privent en r\u00e9alit\u00e9 de notre libert\u00e9. Un tel sc\u00e9nario ne conduit \u00e0 aucun \u00e9largissement des possibles et ne peut de toute fa\u00e7on aboutir qu&rsquo;\u00e0 un effondrement financier.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-nnh05172443\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Il est donc indispensable d&rsquo;assurer la d\u00e9croissance des activit\u00e9s \u00e9mettrices \u2013 ce qui est parfaitement compatible avec la croissance des activit\u00e9s vertes. Les auteurs remarquent cependant qu&rsquo;en pratique, <a class=\"Qwps1 _8zT4p\" href=\"https:\/\/www.bibliotheque-du-climat.fr\/post\/la-croissance-verte-est-elle-un-mirage\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"WebLink\"><u>la croissance nette semble incompatible avec une politique durable<\/u><\/a> : les d\u00e9couplages observ\u00e9s entre croissance \u00e9conomique et niveaux d&rsquo;\u00e9missions sont nettement insuffisants pour que la pr\u00e9servation d&rsquo;un climat stable puisse \u00eatre envisag\u00e9 sans un ralentissement de la production.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-i85oz194724\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Alain Grandjean et Julien Lefournier proposent de confronter le mod\u00e8le de la finance verte \u00e0 celui du commerce \u00e9quitable. Dans le cas du commerce \u00e9quitable, les consommateurs consentent \u00e0 payer un important surco\u00fbt pour le produit consomm\u00e9, qui peut d\u00e9passer les 30%, afin que les travailleurs voient leur travail r\u00e9compens\u00e9 par un salaire d\u00e9cent. Il n&rsquo;existe pas de recette miraculeuse qui permette de payer un prix identique pour obtenir un b\u00e9n\u00e9fice social suppl\u00e9mentaire.<\/span><\/p><\/div><div data-breakout=\"normal\"><p id=\"viewer-qjj3m218295\" class=\"E0qnV MObmT Ms0q1 a144M\" dir=\"auto\"><span class=\"rpoEi\">Rien de tel dans le cas de la finance verte, qui ne fournit aucun mod\u00e8le explicatif de ses ambitions. Les milliards investis sont bien verdis, mais \u00e0 la sortie, aucune baisse de concentration de CO2 dans l&rsquo;atmosph\u00e8re n&rsquo;est observable. La finance est donc, d&rsquo;un point de vue climatique, rest\u00e9e folle. Plus on est de fous, plus on rit, concluent les auteurs. <\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1ba0820 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1ba0820\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-833daf6\" data-id=\"833daf6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0606013 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"0606013\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d9f47d elementor-widget elementor-widget-heading\" data-id=\"6d9f47d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Posts r\u00e9cents<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d771e0 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6d771e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-506050a elementor-posts--align-left elementor-grid-3 elementor-grid-tablet-2 elementor-grid-mobile-1 elementor-posts--thumbnail-top elementor-card-shadow-yes elementor-posts__hover-gradient elementor-widget elementor-widget-posts\" data-id=\"506050a\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;cards_row_gap&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:29,&quot;sizes&quot;:[]},&quot;cards_columns&quot;:&quot;3&quot;,&quot;cards_columns_tablet&quot;:&quot;2&quot;,&quot;cards_columns_mobile&quot;:&quot;1&quot;,&quot;cards_row_gap_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;cards_row_gap_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"posts.cards\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-posts-container elementor-posts elementor-posts--skin-cards elementor-grid\" role=\"list\">\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-2127 post type-post status-publish format-standard has-post-thumbnail hentry category-sciences-sociales category-economie-finance\" role=\"listitem\">\n\t\t\t<div class=\"elementor-post__card\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/www.chaireearth.org\/en\/lillusion-de-la-finance-verte\/\" tabindex=\"-1\" ><div class=\"elementor-post__thumbnail\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"203\" src=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2-300x203.webp\" class=\"attachment-medium size-medium wp-image-2133\" alt=\"\" srcset=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2-300x203.webp 300w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2-1024x692.webp 1024w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2-768x519.webp 768w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2-18x12.webp 18w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_feb37f9c74c94467963b3c3957e7112fmv2.webp 1480w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/div><\/a>\n\t\t\t\t<div class=\"elementor-post__badge\">Sciences sociales<\/div>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/www.chaireearth.org\/en\/lillusion-de-la-finance-verte\/\" >\n\t\t\t\tL&rsquo;illusion de la finance verte\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/www.chaireearth.org\/en\/lillusion-de-la-finance-verte\/\" aria-label=\"Read more about L&rsquo;illusion de la finance verte\" tabindex=\"-1\" >\n\t\t\tLire le post \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\t22\/09\/2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-2112 post type-post status-publish format-standard has-post-thumbnail hentry category-sciences-sociales category-economie-finance\" role=\"listitem\">\n\t\t\t<div class=\"elementor-post__card\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/www.chaireearth.org\/en\/comment-les-economistes-rechauffent-la-planete\/\" tabindex=\"-1\" ><div class=\"elementor-post__thumbnail\"><img loading=\"lazy\" decoding=\"async\" width=\"286\" height=\"300\" src=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_0e72426bac1a4410b9422eb31c13134dmv2-286x300.webp\" class=\"attachment-medium size-medium wp-image-2122\" alt=\"\" srcset=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_0e72426bac1a4410b9422eb31c13134dmv2-286x300.webp 286w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_0e72426bac1a4410b9422eb31c13134dmv2-11x12.webp 11w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_0e72426bac1a4410b9422eb31c13134dmv2.webp 616w\" sizes=\"(max-width: 286px) 100vw, 286px\" \/><\/div><\/a>\n\t\t\t\t<div class=\"elementor-post__badge\">Sciences sociales<\/div>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/www.chaireearth.org\/en\/comment-les-economistes-rechauffent-la-planete\/\" >\n\t\t\t\tComment les \u00e9conomistes r\u00e9chauffent la plan\u00e8te\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/www.chaireearth.org\/en\/comment-les-economistes-rechauffent-la-planete\/\" aria-label=\"Read more about Comment les \u00e9conomistes r\u00e9chauffent la plan\u00e8te\" tabindex=\"-1\" >\n\t\t\tLire le post \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\t22\/09\/2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-2101 post type-post status-publish format-standard has-post-thumbnail hentry category-sciences-sociales category-economie-finance\" role=\"listitem\">\n\t\t\t<div class=\"elementor-post__card\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/www.chaireearth.org\/en\/la-croissance-verte-est-elle-un-mirage\/\" tabindex=\"-1\" ><div class=\"elementor-post__thumbnail\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"200\" src=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_4ee2bd220ca741968d87054468696e6emv2-1-300x200.webp\" class=\"attachment-medium size-medium wp-image-2107\" alt=\"\" srcset=\"https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_4ee2bd220ca741968d87054468696e6emv2-1-300x200.webp 300w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_4ee2bd220ca741968d87054468696e6emv2-1-1024x684.webp 1024w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_4ee2bd220ca741968d87054468696e6emv2-1-768x513.webp 768w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_4ee2bd220ca741968d87054468696e6emv2-1-18x12.webp 18w, https:\/\/www.chaireearth.org\/wp-content\/uploads\/2024\/09\/3ca3f4_4ee2bd220ca741968d87054468696e6emv2-1.webp 1480w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/div><\/a>\n\t\t\t\t<div class=\"elementor-post__badge\">Sciences sociales<\/div>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/www.chaireearth.org\/en\/la-croissance-verte-est-elle-un-mirage\/\" >\n\t\t\t\tLa croissance verte est-elle un mirage ?\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/www.chaireearth.org\/en\/la-croissance-verte-est-elle-un-mirage\/\" aria-label=\"Read more about La croissance verte est-elle un mirage ?\" tabindex=\"-1\" >\n\t\t\tLire le post \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\t22\/09\/2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>L&rsquo;illusion<\/p>","protected":false},"author":1,"featured_media":2133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[12,15],"tags":[],"class_list":["post-2127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sciences-sociales","category-economie-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>| L&#039;illusion de la finance verte |<\/title>\n<meta name=\"description\" content=\"Apr\u00e8s plusieurs d\u00e9cennies de recherches scientifiques, de nombreuses incertitudes entourent encore la question du d\u00e9r\u00e8glement climatique.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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