(Bloomberg) -- Banco Santander SA Chairman Ana Botin says there is a “need to fix” how transition to a greener economy is being handled globally.
“What we’re doing with the climate transition is not a transition, but we are saying green is good, brown is bad,” Botin said at Bloomberg’s Women Money & Power event in London on Tuesday.
“You know what? The world is brown,” she said. “We need to finance the brown to become green.”
Botin added that Europe shouldn’t try to impose its rules on developing countries, which may not have the means to afford more expensive green technology.
“What we’re seeing is a lot of these policies that are well intentioned but are not considering what now is called the global South,” she said. “So that’s something we need to fix.”
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