On 18 November 2024, the Global Rethinking Finance Collaborative (GRFC), in partnership with the Club of Rome, convened a hybrid, invitation-only roundtable. This high-level gathering was a pivotal milestone on the road to Building Bridges Week 2024, focused on two urgent themes:
- Redefining Purpose, Re-framing Economics
- From Financing Change to Changing Finance
The event did more than spark dialogue, it identified practical, actionable strategies to reshape financial systems for people and the planet.
Redefining Purpose, Re-framing Economics
The morning session embodied our principle of showing by doing. Through expert interventions, breakout discussions, and collaborative exchanges, participants explored how to accelerate a redistributive, regenerative, and restorative economy.
Key Insights
- Systemic Change is Essential – Incremental improvements are not enough; a fundamental rethinking of economic systems is required.
- The Mutual Economy – Bruno Roche (Economics of Mutuality) highlighted its potential as a lever for change, while acknowledging the entrenched nature of the status quo.
- Regenerative Economics – Andrew Fanning (Doughnut Economics Action Lab) stressed the need to shift from degenerative to regenerative systems, prioritising both social and ecological well being.
- Economy in Service to People and Planet – Anna Coote (New Economics Foundation) underlined that economies should serve societies and ecosystems, not the reverse.
- Human Rights as a Foundation – Caroline Dommen (IAFFE) emphasised embedding human rights into the DNA of new economic models.
- Fair Taxation – Susana Ruiz (Oxfam) exposed inequities in global taxation, where the wealthiest evade responsibility while the poorest pay the price—also reflected in carbon inequality.
- Cooperatives as Change Agents – Professor Raymond Saner (CSEND) showcased cooperatives as engines of ethical, collective transformation.
- Financial Systems for Wellbeing – Carlos Alvarez Pereira (Club of Rome) concluded by urging financial systems to respect planetary boundaries while prioritising human well-being.
From Financing Change to Changing Finance
he afternoon shifted focus to a critical question: Is money a means or an end? Inspired by the Club of Rome’s 2023 call, discussions explored how monetary and financial systems must be redesigned as a prerequisite for a fair and sustainable global economy.
Highlights
- Financial Reform – Thierry Malleret (Club of Rome) argued for a move from extractive finance towards models that serve society and the environment.
- Microtax for Inclusion – François Rossier (Senbumo) introduced the potential of microtaxation on financial transactions to strengthen local economies and support the base of the pyramid.
- Stakeholder Capitalism – Amit Achameesing (National Advisory Board of Impact Investing) advocated new business models aligned with the Sustainable Development Goals (SDGs).
- Climate Adaptation and Insurance – Heather Pace-Clark (AXA Climate) described practical ways insurers can support communities in adapting to climate change.
- Systemic Investment Models – Yves Carnazzola (AxessImpact) highlighted the importance of valuing natural and social capital as part of a resilient investment approach.
Why This Matters
This roundtable was more than a meeting of minds. It was a proactive step towards transforming global finance, uniting leading thinkers, practitioners, and institutions. Together, participants:
- Exposed systemic barriers that hold back inclusive finance.
- Shared innovative models for re-distributive and regenerative economics.
- Identified actionable pathways for aligning finance with human rights and climate action.
By moving beyond talk and into concrete solutions, the GRFC and its partners are helping to reshape financial systems to be more inclusive, resilient, and regenerative.
Towards Building Bridges Week 2024
This event set the stage for Building Bridges Week 2024, strengthening the global call for finance that serves both people and planet. The actionable insights generated will inform future collaboration and drive systemic change, ensuring that global finance becomes a true driver of sustainable and equitable futures.