illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: The world’s richest families are increasingly investing their wealth into combating climate change, focusing on renewable energy sources such as wind and solar power

🔭 The context: Nearly half of family offices globally are investing in sustainability
• This shift is driven by the recognition that climate change requires private wealth mobilization, with family offices holding trillions of dollars in assets

🌍 Why it matters for the planet: The transition to renewable energy and sustainable investments is crucial in reducing CO₂ emissions and addressing climate change, a global risk that cannot be managed by governments alone

⏭️ What's next: The trend of sustainable investments is likely to continue growing, especially as a new generation of wealthy individuals takes control of their families' assets, potentially leading to increased investments and innovative products in the sustainability sector

💬 One quote: “Climate change is such a large-scale issue that many sustainable investors recognize it cannot be effectively addressed by governments alone and requires the mobilization of private wealth,” says Rebecca Gooch, head of insights at Deloitte Private

📈 One stat: The sustainability sector now holds $30.3 trillion in assets globally, according to the Global Sustainable Investment Alliance

Click for more news covering the latest on sustainable finance