On 18 November 2024, hybrid, invitation-only roundtable, convened by the GRFC in collaboration with the Club of Rome, exemplifies our proactive approach. This pivotal event, a crucial step towards Building Bridges Week 2024, focused on “Redefining Purpose, Re-framing Economics” and “From Financing Change to Changing Finance.” We didn’t just discuss these themes; we dissected them, identifying practical, actionable steps to drive transformative financial systems.
Redefining Purpose, Re-framing Economics
The morning session was a testament to our commitment to “showing by doing.” We harnessed ambition, invention, and resources to accelerate action towards a redistributive, regenerative, and restorative economy. Through targeted discussions, expert responses, and dynamic breakout groups, we identified critical success factors and actionable strategies. Our live social media updates captured the key takeaways, demonstrating our transparency and commitment to sharing knowledge.
The Need for Systemic Change: Participants emphasized that achieving a sustainable and equitable economy requires a fundamental shift in thinking and action, moving beyond incremental changes.
The Role of the Mutual Economy: Bruno Roche, the founder and leader of the Economics of Mutuality platform, highlighted the potential of the mutual economy as a crucial component of this shift, while acknowledging the entrenched nature of the status quo and the need for multi-pronged systems change involving education, local government, and other levers.
Regenerative Economics: Andrew Fanning, the Data Analysis & Research Lead at the Doughnut Economics Action Lab, stressed the necessity of transforming economies from degenerative to regenerative, prioritizing the well-being of both people and the planet.
Economy Serving People and Planet: Anna Coote, Principal Fellow at the New Economics Foundation, articulated the principle that the economy should serve people and the planet, not the other way around, emphasizing the need for a shift towards sufficiency in consumption patterns.
Human Rights as a Foundation: Caroline Dommen, Managing Director of the International Association for Feminist Economics (IAFFE), underscored the importance of integrating human rights into the core of economic system change.
Fair Taxation: Susana Ruiz of Oxfam highlighted the worsening taxation situation, with the wealthiest not paying their fair share and the most vulnerable bearing an excessive burden. The extreme disparity in carbon emissions between the rich and poor was also raised.
Cooperatives as Agents of Change: Professor Raymond Saner from CSEND emphasized the role of cooperatives as a foundation for economic change, driven by collective action and ethical value chains.
Financial Systems Serving Wellbeing: Carlos Alvarez Pereira of the Club of Rome concluded the morning session by reiterating the need for financial systems to prioritize human well-being within planetary boundaries.
From Financing Change to Changing Finance
The afternoon session shifted focus to the fundamental question of “Money and monetary systems – ‘means’ or ‘end’?” Building on the Club of Rome’s 2023 call for a shift from “financing change” to “changing finance,” participants explored how monetary systems can be redesigned to serve as a prerequisite for a sustainable and equitable economy.
Financial Reform: Thierry Malleret of the Club of Rome initiated the afternoon discussion, advocating for financial reform that transitions from extractive practices to those supportive of people and the planet.
Microtax and Base of the Pyramid: François Rossier of Senbumo explored the potential of a microtax on financial transactions to transform business models at the base of the pyramid, better serving local communities.
Stakeholder Capitalism and SDG Impact: Amit Achameesing of the National Advisory Board of Impact Investing discussed stakeholder capitalism and the development of new business models that more effectively contribute to the Sustainable Development Goals.
Climate Adaptation and Sustainability: Heather Pace-Clark of Axa Insurance’s Climate highlighted the company’s efforts to support clients in adapting to climate change through training and sustainability-focused services.
Systemic Change Investment: Yves Carnazzola of AXESS Impact emphasized the need for a new investment approach that embraces systemic change and prioritizes ecological and social resilience, incorporating natural and social capital as essential assets.
These roundtable discussions showcased a proactive approach to addressing critical economic and financial challenges. The event successfully brought together experts and stakeholders to dissect complex issues, identify actionable strategies, and foster collaboration.
The emphasis on systemic change, regenerative economics, and the importance of aligning economic systems with human rights and planetary well-being resonated throughout the discussions. The recognition of the mutual economy’s potential, the need for fair taxation, and the role of cooperatives as agents of change further highlighted the diverse perspectives and innovative solutions explored.
Ultimately, these roundtables served as a crucial step towards Building Bridges Week 2024, demonstrating a commitment to driving transformative financial systems and building a more sustainable and equitable future. The actionable insights and strategies generated from these events will contribute to shaping the discourse and driving concrete actions in the pursuit of a more just and prosperous world.
