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Transition Finance Faces Credibility Test Across Capital Markets
Transition finance is entering a new phase where credibility depends on financial execution, not narrative. Martina Macpherson argues that alignment must be reflected in capital allocation, pricing, and governance, with scenario analysis becoming an operational tool that shapes real decisions rather than remaining a disclosure exercise.
Mar 27, 2026
Martina Macpherson
Martina Macpherson, Head of ESG Strategy and Member of the General Committee, ODDO BHF
Tags: ESG and Climate Risk
Transition Finance Faces Credibility Test Across Capital Markets
The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization
  • Transition credibility now judged on financial execution not narrative claims
  • Alignment requires decision-grade metrics, milestones and enforceable outcomes
  • Scenario analysis must influence pricing, capital allocation and governance
  • KPIs and targets often lack material impact or accountability
  • Entity level transition plans critical to avoid greenwashing perceptions
  • Externality valuation helping link sustainability to financial outcomes
  • Scenario analysis shifting from disclosure to operational decision tool 
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