The financial industry has landed in the "real" world and realizes its investments have impact, beware they are here to save us.
Non-financial considerations have taken an increasing importance in financial markets, some call it sustainability, others responsible investing, some prefer the word 'green', others the term 'non-financial' - all sorts of designations are used to drown the fish in a PR soup.
Anyone who has followed these developments might have noticed the rise of a new concept in recent times: the "realness" of the economy, the "realness" of the world.
Not a day passes by without a chief exec or leader expressing the desire for firms to have "real" impact, they want to play their part in transitioning the "real" economy to a net-zero world "we all want".
This begs the question: where is the "unreal" world investors have been active in over the last centuries? Is there a parallel universe that only they can access? Disconnected from our economies and societies?
Are financial market players from another galaxy but living undercover on earth, suddenly coming clean: 'right - sorry guys, we're actually from the unreal world, and we have the tools, means and some sort of willingness to help you sort out your real world'.
Even the most speculative of investments have a 'real' impact on society and the economy, surely? If anything past financial crisis have proven that. Options on collateralized debt obligations, structure credit, naked short positions using credit default swaps – they all might sound unreal for a foreigner to the investor's trade, but ultimately, they are part of the world.
In truth, the use of the word "real" is another great PR victory!
It takes away any past and present responsibilities from the financial industry for any negative impact their operation might have had or might currently have. It is not their fault, you see they were busy playing in another world, one that is somehow 'not real'.
It also hides the fact that it is not the "real" world that needs to change, that needs to be fixed, but financial markets themselves that need to evolve in their thinking, their processes, their operations, and more broadly in their ethics.
I suppose it's good news the financial industry has decided to depart their imaginary world and join us in the 'real' one – it might contribute in making societies fairer, more environmentally conscious and better governed. But if they could leave their army of jargon creators in that parallel universe disconnected from ours, that might be a first step forward.