The climate finance industry continued to grow rapidly this year. Having weathered COVID-19 and taken center stage at COP26, the trend seems unlikely to slow in 2022.

But what can finance — whether public or private — do about climate change? To what extent can it drive action, rather than simply reflect the power structures of the day? The trillions of dollars of assets under some kind of climate-related mandate must have some impact. How, exactly?

Here are the biggest issues to watch in 2022 that might answer some of those questions: