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Why do we act on almost every crisis except climate change? In this episode, Frederic Samama, pioneer of the first low-carbon indices and co-author of the BIS Green Swan report, unpacks the psychology and finance behind our inaction. He walks through real cases, from decarbonising pension portfolios and loyalty shares that reward patient capital, to a green bond fund that crowded private money into emerging market infrastructure with the IFC and World Bank. For anyone working in climate finance, sustainable investment, or green infrastructure across Asia and beyond, this is a sharp, practical look at why financial innovation, not just reporting, is what moves capital where it's needed.

Books and titles referenced:

• The Enigma of Climate Inaction (Frédéric Samama): The guest's own book, which explores why humanity persists with economic and mental models that have become unfit despite mounting evidence they need to change.
• The Green Swan: Central Banking and Financial Stability in the Age of Climate Change (Bolton, Despres, Pereira da Silva, Samama, Svartzman, BIS, 2020): The report that reframed climate change as a systemic threat to financial stability rather than a reputational issue, and gave central banking the term "green swan". Free to download.
• Sovereign Wealth Funds and Long-Term Investing (edited by Patrick Bolton, Frédéric Samama and Joseph Stiglitz): The volume Samama co-edited with Stiglitz and Bolton, examining how long-horizon state investors can support sustainable development and financial stability.

ABOUT FREDERIC: Frédéric Samama is a Managing Director in the Chief Client Office at S&P Global, covering large European asset managers. He began at J.P. Morgan, then led Corporate Equity Derivatives at Crédit Agricole CIB, where he built the first international leveraged employee share purchase programme. At Amundi he helped establish its leadership in green finance, launching the first mainstream low-carbon equity indices and one of the earliest large-scale green bond funds for emerging market infrastructure. He co-launched the first global investor coalition on portfolio decarbonisation, representing the sector at COP21, and later developed the first IPCC-aligned equity benchmarks at S&P Global. He co-authored The Green Swan and wrote The Enigma of Climate Inaction. Environmental Finance named him its 2026 Personality of the Year. He holds a PhD in Economics from Paris Dauphine–PSL and an MPhil in Philosophy from Panthéon-Sorbonne. 

Listener recommendations

• Images of Earth from space: Samama recommends any photograph of the planet taken from space, echoing the "overview effect" astronauts describe, a jolt of perspective that reveals the Earth's beauty, fragility and uniqueness.
• Documentaries on the social lives of animals (safari viewing): Samama recommends any book or film about how animals live socially, inspired by his own African safari. The host suggests Sir David Attenborough's work as a natural starting point.

HOST, PRODUCTION, ARTWORK: Joseph Jacobelli  |  MUSIC: Ep76 onward excerpts from Vivaldi’s La Follia, played by Luca Jacobelli.