For a long time perceived as a marginal segment reserved for activist investors, green finance is now establishing itself as one of the main battlegrounds for the recomposition of global capital.
Behind sustainable bonds, ESG funds and energy-transition mechanisms, a far deeper mutation is at work that concerns a new growth model where the climate constraint redefines investment flows, public policies and even the competitiveness of nations.
However, behind market enthusiasm, a question persists. In fact, is green finance really a lever for economic transformation or merely a new layer of financial sophistication designed to recycle capitalism’s image after the successive crises of 2008, of the pandemic and of the global energy shock?
The debate takes on a particular dimension for Tunisia, confronted with a double sensitivity. On the one hand, a climate exposure that has become critical. On the other, a limited budgetary capacity to fund its energy transition alone.
According to the World Bank, the economic losses linked to climate change could exceed 4% of Tunisian GDP by 2050 due to water stress, agricultural degradation and energy pressure. At the same time, the country’s energy dependence exceeds 50%, while hydrocarbons continue to account for more than 90% of national electricity production.
The global race toward green capital
The rise of sustainable finance is spectacular. According to the Global Sustainable Investment Alliance, assets incorporating ESG criteria now exceed $30 trillion worldwide. The global market for green bonds surpassed the cumulative threshold of $3 trillion in 2025, driven mainly by Europe, China and the United States.
