Taking the future and discount rates into account

If we want market mechanisms to lead to the future (climate, biodiversity, education, etc.) being correctly taken into account , we must have a low discount rate that gives a significant weight to the future. However, while the interest rate on government bonds in OECD countries is very low currently (which should normally lead govern ments to place great emphasis on the long term), the return on equity demanded from companies is very high, which normally means that companies will not be interested in the long term. The long term will therefore have to be reintroduced in companies’ economic calculations, which can be done either through a valuation of intertemporal externalities (price of CO 2, for example) or by regulation.