A sustainable financial system is a financial system that serves the transition to sustainable development. Sustainable development and the Paris Agreement commitments on climate requires trillions of dollars per year. Much of the finance needed will have to come from private sources, yet inadequate private capital is being deployed in ways that are aligned to these goals and commitments. Some evidence exists that the financial system is out of step with its core purpose of ensuring that finance flows support the long-term needs of balanced, sustained growth. Like what the economist Josh Ryan-Collins said, "one of the key lessons from the crisis is that the idea that if you leave markets alone they will make efficient optimizing decisions is no longer credible...In fact, banks left on their own are prone to speculative investments and bubbles." Ryan-Collins also stressed that climate change threatens the stability of the financial system in a similar fashion that the creation of real estate bubbles had systemic risks before the great financial crisis. However, many people still claim that the private sector has a much larger and even more important role to play in the transition to a sustainable economy. Without capitalism's power to motivate and promote investment efficiency, there would be far fewer goods and services to consume. Excessive government interference may distort the market competition and discourage the efforts of private sectors to seek an efficient solution to achieve sustainable development. Governments also tend to be slower than private enterprises in recognizing and reacting to the specific sustainability needs of the local communities.

So, with regard to promoting sustainable development, who do you think should play a more important role, the governments or the private sectors? Explain.