  Despite the amount of savings available and the money supply managed by
financial institutions, significant market failures and the failure of carbon
pricing strategies prevent sufficient financing of the transition, notably
through bank credit. Aware of the links between natural, monetary and
productive aggregates, we propose the development of ''eco-systemic''
prudential policies by exposing the interdependence between macro, micro and
environmental prudential measures. These would be based on a reorientation of
corporate accounting standards towards the concept of socio-environmental
solvency, notably the CARE-TDL model (integration of human and natural capital
alongside financial capital on the liabilities side of the balance sheet). In
an ecosystemic framework, this solvency of virtuous companies would compensate
in accounting terms for the lack of financial solvency. The State would then be
the guarantor in order to facilitate their access to financing, also reduced by
Basel III and Solvency II. This policy develops a system of reallocation of
financing capacities from non-virtuous companies to the most virtuous ones with
public guarantees, aiming to reduce the debt ratio while increasing green
investments, with monetary policies of rates but also of volumes and ratios
differentiated according to the types of assets and the greening of bank
balance sheets, and finally forms of public-private partnership. Facilitating
the financing of green companies would green capital but increase it, partly
neutralising the positive environmental impact. It is therefore necessary to
limit the credit expansion of ''brown'' companies. This would reduce risky
operations and favour less leveraged investments more connected to the real
economy, reducing systemic financial risk. -- The Agenda 2030 Policy Briefs
series (PoCFiN Kedge Business School - SDSN France - Institut Rousseau)
mobilises economists and practitioners to identify an agenda of economic and
financial reforms to achieve the 2030 Agenda, at territorial, national and
supranational levels. These are published after peer review.
