Financing the Transition: Can We Still Make the Shift? | Erinch Sahan | Keynote x ChangeNOW2024
Summary
TLDRLe script d'une conférence passionnante met en lumière l'importance du financement dans la transition économique vers un modèle plus régénératif et distribué. Il critique le système actuel axé sur la poursuite de profits maximaux et appelle à un réajustement des attentes financières et des instruments financiers pour soutenir les entreprises ayant un impact positif sur l'environnement et la société. L'appel à l'action est de repenser le financement pour qu'il soit au service de la vie plutôt que la vie au service du financement.
Takeaways
- 🌐 La finance est essentielle pour l'économie, influençant quelles activités économiques se développent et celles qui ne le font pas.
- 🍩 La 'Donut' représente les limites écologiques et sociales nécessaires pour un équilibre économique durable, incluant les limites planétaires et l'accès à tous les besoins essentiels de la vie.
- 🚫 L'économie actuelle dépasse largement la capacité de soutien de la planète et échoue à répondre aux besoins de centaines de millions de personnes.
- 🌏 Les pays à revenu élevé surexploitent les ressources planétaires au-delà de leur part équitable, tandis que les pays du Sud ne utilisent pas leur part adéquate des ressources.
- 🔄 Le modèle économique actuel est basé sur 'prendre, fabriquer, utiliser, perdre', ce qui est source de dégénérescence et doit évoluer vers des modèles plus régénératifs et circulaires.
- 🌱 L'innovation économique est possible avec des modèles comme la biomimicry et l'économie circulaire, qui s'intègrent dans les cycles naturels.
- 💡 Il existe des entreprises qui se concentrent sur la régénération et l'économie circulaire, comme Fairphone, Celco, Houdini, et SANY Toilets, prouvant que des alternatives sont viables.
- 🔄 La transition vers une économie distributive, où la valeur et les opportunités sont partagées de manière plus équitable, est nécessaire mais souvent négligée.
- 💼 La finance doit être repensée pour soutenir les modèles régénératifs et distributifs, en étant délibérée et en s'opposant au modèle actuel axé sur la maximisation des profits.
- 📉 Les marchés boursiers et le capital-risque prospèrent malgré les échecs à agir en faveur de la transition économique nécessaire, indiquant un déséquilibre dans le système financier.
- 🛠 Le redesign des entreprises et de la finance est crucial pour permettre la transition vers des modèles économiques plus durables et équitables.
Q & A
Qu'est-ce que le 'donut' dont parle le professeur ?
-Le 'donut' mentionné par le professeur est une métaphore pour décrire un modèle économique équilibré entre les limites écologiques et les besoins sociaux fondamentaux, où l'on doit vivre dans la zone sûre et juste pour l'humanité.
Quels sont les deux types de limites que le 'donut' vise à établir ?
-Le 'donut' vise à établir les limites écologiques, comme les changements climatiques, l'acidification des océans et la perte de biodiversité, et les limites sociales, garantissant que tout le monde sur Terre ait accès aux besoins fondamentaux de la vie.
Pourquoi le professeur souligne-t-il que la finance est essentielle pour les transitions de modèles d'affaires ?
-La finance est considérée comme le moteur qui fait fonctionner l'économie, décidant quelles activités économiques se produisent et quelles ne se produisent pas, et est donc cruciale pour soutenir les transitions de modèles d'affaires vers des pratiques plus durables et équitables.
Quels sont les exemples de pratiques de finance émergentes mentionnés dans le script ?
-Les exemples incluent la biomimicry, l'économie circulaire, l'entreprise Fairphone avec des produits technologiques modulaires, l'énergie renouvelable rurale par Celco en Inde, et l'économie circulaire de la mode avec des entreprises comme Houdini.
Quels sont les défis auxquels fait face la finance actuelle pour soutenir les transitions économiques nécessaires ?
-La finance actuelle fait face à des défis tels que la poursuite de profits maximaux, la lenteur des transitions énergétiques, le maintien de l'agriculture intensive et monoculturelle, et la difficulté à financer des modèles économiques régénératifs et distributifs.
Quel est le concept de 'répartition équitable' (Distributive economy) abordé dans le script ?
-La 'répartition équitable' fait référence à un modèle économique où la valeur et les opportunités sont partagées de manière plus équitable entre tous ceux qui contribuent à la création de cette valeur, en contraste avec les modèles centrés sur l'accumulation de richesse.
Quels sont les exemples de entreprises qui ont été mentionnées pour leur approche distributive par conception ?
-Des entreprises comme Creative Handicrafts, Biou Boup, Fairbnb, et Lush ont été mentionnées comme des exemples d'entreprises qui ont intégré la répartition équitable dans leur conception et leurs pratiques commerciales.
Quel est le rôle de la finance dans la réussite des entreprises régénératrices et distributrices ?
-La finance a un rôle clé en permettant et en encourageant ces entreprises en fournissant un capital patient, en réinventant les structures de propriété et en s'assurant que les investisseurs sont alignés avec les modèles d'affaires souhaités.
Pourquoi est-il important de repenser la finance elle-même pour soutenir les transitions économiques ?
-Il est important de repenser la finance elle-même car les modèles actuels sont souvent limitants et ne permettent pas la pleine réalisation des potentiels des entreprises régénératrices et distributrices, nécessitant ainsi une innovation dans la conception des instruments financiers et des systèmes financiers.
Quels sont les changements que le professeur suggère pour la finance afin de mieux servir la vie et les transitions économiques ?
-Le professeur suggère de repenser la finance en termes de but, d'instruments financiers, d'attentes financières et de risques, et de système financier global, pour qu'elle soit en service de la vie plutôt que la vie en service de la finance.
Outlines
🌐 L'économie circulaire et la finance responsable
Le premier paragraphe aborde la nécessité d'une transition économique vers un modèle plus durable et équitable, illustrée par la métaphore de la 'donut' qui représente les limites écologiques et sociales. L'auteur souligne que la finance actuelle n'est pas en mesure de soutenir cette transition, car elle favorise des activités économiques qui dépassent les capacités de la planète et ne répondent pas aux besoins fondamentaux de millions de personnes. Des exemples de pratiques innovantes et positives sont présentés, notamment dans les secteurs de l'énergie renouvelable, de la mode circulaire et des technologies mobiles, montrant que des alternatives plus durables sont possibles, mais que la finance doit évoluer pour les soutenir efficacement.
🌱 La transition économique vers une model distributif
Dans ce paragraphe, l'accent est mis sur l'importance de la justice sociale dans la transition économique, en plus de l'aspect écologique. L'auteur critique la tendance actuelle à privilégier l'accumulation de richesse au détriment de l'équité et de la répartition équitable de la valeur créée. Des exemples d'entreprises qui ont intégré la rédistributivité dans leur modèle sont cités, comme Fairbnb et Lush, qui cherchent à établir des relations plus équitables avec les communautés locales et les gouvernements. L'auteur appelle à une réflexion sur la façon dont la finance peut être repensée pour soutenir ces modèles d'entreprise émergents.
🛠️ La nécessité de repenser la finance et les affaires
Le troisième paragraphe explore l'idée de repenser profondément la finance et les affaires pour qu'elles soient à la fois régénératrices et distributrices. L'auteur mentionne des outils et des exemples concrets, tels que la mise en place de structures de gouvernance qui donnent une voix à la nature, ou la création de classes d'actions distinctes pour séparer les droits de vote des droits de dividende. Ces pratiques sont présentées comme des étapes vers une économie plus durable et équitable, où la finance sert la vie plutôt que de dominer la vie.
🔄 L'innovation financière pour un avenir durable
Dans le dernier paragraphe, l'auteur insiste sur l'importance de l'innovation financière pour permettre la transition vers une économie plus durable. Il évoque des instruments financiers émergents et des approches de financement qui peuvent être adaptés pour soutenir les entreprises à mission, comme la finance冒险 (le mot 'aventure' est probablement une erreur de frappe et devrait être 'impact' ou 'responsable'). L'auteur invite les participants à se poser des questions sur leur rôle et leur engagement dans cette transition, et à considérer la possibilité de repenser complètement le système financier pour qu'il soit à la service de la vie et du bien commun.
Mindmap
Keywords
💡Économie circulaire
💡Régénération écologique
💡Finance durable
💡Modèle économique
💡Transition économique
💡Donut économique
💡Finance responsable
💡Biomimicry
💡Inégalité économique
💡Impact social
💡Finance de transition
Highlights
La présentation introduit le concept de 'Donut' pour évaluer la performance de la finance dans la transition économique.
La finance est décrite comme l'huile qui permet au moteur économique de fonctionner.
Le 'Donut' établit les limites écologiques et sociales nécessaires pour une économie équilibrée.
L'économie actuelle dépasse la capacité de soutien du planète et ne satisfait pas les besoins de millions de personnes.
Les pays à revenu élevé surexploitent les ressources planétaires au-delà de leur part équitable.
Les pays du Sud ne utilisent pas leur part équitable des ressources, créant un besoin de transformation économique mondiale.
L'idée émergente de l'économie circulaire et de l'effet mimétique (biomimicry) comme alternatives à l'économie linéaire.
Des entreprises comme Fairphone et Celco montrent comment la régénération et la réutilisation peuvent être intégrées dans les modèles commerciaux.
L'importance de la finance pour soutenir les modèles économiques régénératifs et distributifs.
La finance traditionnelle est critiquée pour son incapacité à penser en termes de distribution équitable de la valeur.
L'exemple de Lush qui adopte une approche de finance responsable envers les impôts et les communautés locales.
La nécessité de repenser la finance pour qu'elle soit au service de la vie plutôt que la vie au service de la finance.
La déclinaison de la circularité malgré les investissements et l'engagement des entrepreneurs.
L'échec de la finance à soutenir les transitions économiques essentielles dans divers secteurs clés.
La proposition de repenser la finance en utilisant des instruments et modèles alternatifs pour soutenir les entreprises à mission.
L'appel à l'action pour que les participants soient prêts à repenser la finance pour un nouvel économie.
La présentation d'un outil en Creative Commons pour aider les entreprises à repenser leur conception.
La nécessité de repenser les attentes financières et les modèles de risque pour les entreprises du 21e siècle.
L'idée de repenser la finance pour qu'elle soit dédiée au service de la vie, au lieu de la croissance individuelle.
Transcripts
[Music]
absolute pleasure and privilege to be
with you all as our wonderful professor
said we are going to talk about the
donut but I'm going to do my own show of
hands as well put your hand up if you
know about the
donut all right this is a room of
experts you're going to know a little
bit more about the donuts but first
we're going to talk about
Finance as we're all here talking about
the finan the the financing the
transition we're all aware that Finance
makes the economy work
Finance oils the wheels of the economy
Finance decides which economic activity
happens and which doesn't it can be the
driving engine behind the kind of
business model transitions that we need
so to assess how Finance is doing I
propose a donut this donut of the
ecological boundary and the social
Foundation helps us set the limits the
boundaries for the economy that we must
create we must live balance between the
ecological boundary which are the
planetary boundaries like climate change
ocean acidification biodiversity loss we
must not be in overshoot and it also
sets the social boundary we must make
sure everybody on Earth has access to
Life's Essentials that Humanity thrives
while broader ecological life thrives as
well so if this is the goal we can ask
ourselves how is finance doing is
finance channeling itself to the
economic activities that are helping
Humanity into the
donut and the lesson is that it is not
the economy is living far beyond the
carrying capacity of this planet and it
is failing to meet the needs of hundreds
of millions of people on this planet as
well but of course from your show of
hands earlier you're all aware that we
are not on path we are not progressing
to the economy we need that will be in
the safe and just space for Humanity we
need to change something so we can also
have a look at National level we're
sitting in France I'm originally from
tur and I grew up in Australia so I've
got a connection to some of these
countries and a story emerges a story
that tells us that the high inome
countries have built economies and
economic systems where they depend on
overusing their fair share of this
planet's boundaries and we have built a
economies that falling short for life's
Essentials for hundreds of millions
countries in the global South like
Burundi Malawi others are actually not
using their fair share of the planet's
resources while we are massively
overusing the shares in the global North
this tells us a picture of we are all
developing countries now this is telling
us that we all need to transform the
economic model has got a long way to go
what is causing this as highlighted
earlier the the degenerative model of
take make use lose where we take from
Earth its materials we make things we
use things we lose things and repeat
this over and over again fortunately
there is hope because new ideas are
emerging ideas like biomimicry and the
circular economy that are telling us
that it is possible to build economic
activity that is working with and within
the cycles of the Living World now these
ideas are beginning to spread we're
starting to see inspiration among
businesses that are focusing on being
regenerative as a priority and this is
happening across different industries
from businesses like fairphone that have
built a modular technology product that
can be repaired and upgraded to
organizations and businesses like celco
in India that have said we're going to
build rural Renewable Energy Systems not
just sell the product and we're going to
train technicians locally to support the
uptake and uh and looking after those
Energy Systems we're also seeing
circular fashion businesses like Houdini
we're seeing examples of the circular
economy and even the provision of
toilets like sany toilets in Kenya where
the waste is treated sanitized and put
into organic fertilizer for agriculture
so all of this is absolutely possible
however the regenerative the
ecologically regenerative angle is only
one part of the picture because there is
a missing part here I've been walking
around change now I've been talking to
many of you there's a lot of excitement
on climate Tech there's a lot of
excitement on Technical and
technological solutions particularly on
climate and that is critical but we are
missing the social side we are missing
financing the very difficult transition
to a Distributive economy where we are
sharing value and opportunity much more
equitably with all who are co-creating
it and those are very carefully chosen
words because we are co-creating that
value and we need to be deliberately
setting up systems of business and
finance that are sharing that value and
that opportunity more
equitably this side is particularly
missing in the conversation of Finance
Finance is really struggling to think
how do we distribute the upward
opportunity more equitably it is about
capturing it is about accumulating
wealth and this goes against the very
grain of equality and fairness and
building a Distributive
model but we do have some Inspirations
we have examples again from across the
world of businesses who have been able
to build themselves to be distributive
by Design whether it's in relation to
their workers and Artisans like the fair
trade Enterprise creative handicrafts in
India or biou boup which is built a
model that is bringing in farmers and
consumers and Shop owners into its
decision making its governance and its
ownership or examples like fairbnb that
have said we're going to have far more
Equitable relationships long-term
commitments to our local communities or
Lush which has said look we're going to
have a relationship with government that
is about long-term commitment and an a
relationship where we are not paying the
minimum tax we're paying a fair share of
tax these are the kind of deliberate
deliberate models that are
critical but behind all these and behind
the regenerative examples I gave earlier
is finance that has enabled them finance
that has been reshaped repurposed and
being deliberate in supporting them if
we think back to fairphone that I talked
about earlier what crowdfunding provided
the patient Capital that allowed it to
make that business model work if we
think back to celco they had to redesign
the ownership structure bring in new
investors that were aligned to the
business model they wanted to and needed
to pursue if we think about all of these
behind them there is innovation in
finance that is absolutely critical
so what is stopping all of this from
becoming a much more critical part of
our
economy it is the fact that life is in
service of Finance we have created an
economy that accepts that as the norm as
the rule as the parameters life is in
service of finance and we can change
this but first we need to grasp the
system we have created the parameters
that we have created that are limiting
what is
possible circularity is in decline if
many of you have read the circular Gap
report that came out from the circular
economy you'll note that circularity is
declining despite all of the Fanfare
despite all of the investment in the
circular Innovation despite all of the
amazing work of entrepreneurs this is
marginal and becoming more marginalized
at the same time the last 5 years we
have used about as much material as we
did the entire 20th century now sit with
this for a second how does it feel to
know that the Last 5 Years the material
usage has been about the same as a whole
Century before us that is the direction
of travel that is the kind of
growth-driven model behind our current
impacts at the same time we're making
big climate targets and we're failing to
act just recently the science-based
target initiative was a reduced
delegated and relegated a whole bunch of
culprits including Microsoft unil and
others that were failing to take the
actions needed across the board we're
seeing companies held back from taking
the actions that are needed great
targets great measurements failing to
act poverty is rising again the world
bank is telling us this inequality is
rising again across the world
researchers are telling us this well I
know very well I've spent the last 20
years of my career working in Supply
chains with workers Farmers Artisans
they are traed in relationships of
poverty because the trading terms the
payment terms and the prices that are
that are enforced on them make it
impossible for them to escape poverty we
talk about supply chain Innovation but
we're not restructuring supply chain
trading relationships and redistributing
the value and the
opportunity meanwhile stock market are
at record highs and private Equity is
doing better than it ever has
something's out of balance here Finance
does well when we are on the wrong
direction of
travel and maybe most critically the
transition this is what we're here to
talk about well business model
transitions are delayed they're held
back and they're not allowed to proceed
within and across
companies so let's have a look at a few
of them in agriculture we're not moving
to agroecology and regenerative
agriculture because Finance by and large
is still channeling towards monocrop
intensive high input
agriculture the energy transition is too
slow and we're not getting the
investment through into the kind of
renewable and affordable Energy
Solutions we need the fashion industry
is stuck in fast fashion it is more
profitable it delivers higher returns to
keep selling something that consumers
wear once or twice and get thrown
out and the building and construction
industry as well and that needs to
transform these are just four that I've
picked there are many others this
transformation that we need is being
held back and finance is at the heart of
this so what is holding this back what
is holding back the financing of that
regenerative and distributive the yellow
slides I'm showing there well it's
business as usual and this is how I
would like to Define business as usual
it is the pursuit of maximum profits
maximum margins and maximum dividends
now that is keeping us trapped in a
degenerative and divisive model of
business and if we look at the solutions
that are emerging that are regenerative
and distributive it is in that slither
of overlap that little bit where across
here and Beyond we're all piling in
we're all looking for these same things
we're all piling in to try to crowd out
each other out within a space that is
isn't enough that space is limited the
party is full and we're trying to line
up to get in so what do we do let's
redesign to make a bigger space make
more things possible let's design around
being regenerative and distributive so
that Finance can come in and finance
knows that its purpose is to fulfill
that space the more we are stuck in the
previous space the more we are going to
delay and limit the transition so
let's Pile in here but first we need to
redesign and let's begin with a quick
redesign of business what do we mean by
redesigning business well we use the
work of marjerie Kelly of looking at
purpose networks governance ownership
and finance and essentially it's about
moving from the 20th century question
that is limited what's possible that
says how much value can we extract
through this Enterprise and we need to
move to the 21st century question that
says how many benefits can we generate
through this Enterprise
right hopefully that makes sense but I'm
going to give you examples in case it
doesn't let's think about purpose how do
we design for purpose and what is the
role of Finance well if we look at
Tony's chalone amazing purpose 100%
slave free the norm in chocolate notice
it's not about them it's about the
industry that's a purpose statement that
some of the better companies are doing
it's about the transforming the broader
weal and the industry but they don't
stop there they've designed a mission
lock so they have Guardian shareholders
they have got special rights to make
sure the purpose doesn't get pulled away
from the company that means it is
redefining its relationship with Finance
if you're an investor in Tony there are
limits to what you can achieve you
cannot undermine its purpose and that's
locked in a new relationship a new
design and the purpose being locked in
networks and this is about the
relationships and redesigning
relationships with workers Farmers with
communities with consumers with the
broader public with the state with the
the industry at large the example that
comes to mind here El pente from Germany
a business that has redesigned long-term
Partnerships long-term collaboration
with its suppliers and it's locked that
in by giving a board seat and
co-ownership to its supply chain it's
long-term suppliers elect a board member
to sit in the the board of el pente
again a new relationship with finance
and ownership it's bringing in the
stakeholders how about if we redesign
governance what would we do well faith
in nature shows us a really interesting
example that says Hey what if we
designed the board to give nature a
voice and a vote and again notice it's
not about them we're the first company
in the world to give nature a voice and
a vote but we don't want to be the last
it's about transforming the entire
industry they don't want the change to
St with them what's critical is that
we're they're working with lawyers for
nature to give nature a voice and a
vote ownership many of you would have
known what about what Patagonia did now
nearly two years ago and again they've
redesigned ownership to make sure that
there are two share classes one class of
shares that has the Voting Rights but
not the dividend rights and a different
class that has the divider rights but
not the Voting Rights a separated power
and money inspired by the steward
ownership movement of which there are
dozens and dozens of companies around
Europe and beyond that are redesigning
their ownership to lock in that
purpose and lastly Finance how how about
we redesign Finance as gine bank and
Denon did in Bangladesh through a joint
venture through a new company where the
profits of the company is reinvested to
make more nutritious and more affordable
food now these are all examples of
redesign that is made possible because
finance and investment has been able to
flex so if you're interested we have
actually created a tool that is in the
Creative Commons that companies can take
a look at and if you're looking for
expert facilitators we have a community
of organizations in action listed on our
website who are ready to support
businesses to redesign themselves now
this journey is for particularly for
organizations and and Consultants that
are truly values driven organizations
where you know the the structure of the
company itself the consultancy itself is
making sure they are focused on being
regenerative and distributive it's not
for all but it is for those that are
truly
committed but hey let's not stop there
cuz behind all of these stories is a
redesign of Finance itself and here what
we're beginning to see is new Energy new
life new innovation in the way we design
finance and let's begin with some of the
kinds of instruments that are emerging
I've recently read the book of or patent
power on adventure finance that
highlight some of these examples but so
many others are also giving us insights
transform Finance has been working with
investors to see how investment models
can be adapted to allow for an ownership
transformation in companies zebras unite
have a concept called exit to community
a new model of Designing finance and
investment to enable this to happen now
all of these ideas whether it's systemic
investing or Revenue B based Finance all
of these can be designed in extractive
ways or regenerative and distributive
ways they are not silver bullets but
what they do is invite you in to a
process of redesigning Finance with a
deliberate goal in mind so if you're not
here then where will you be you'll be
stuck in Venture Capital you'll be stuck
in a model where you are looking for
highest growth possible and that is
limitting limit limiting us so this is a
way for us to open our minds into
broader ways of financing a more diverse
set of Enterprises that would drive
different solutions because for most
companies they are not going to meet the
requirements of venture capital they're
not going to grow 10x they're not going
to be unicorns they're going to be
businesses that can be locked into a
mission and a purpose and they need a
different kind of
Finance so if we're going to move from
Life in service of Finance we must first
be honest about where we are and how we
are
limited and it is possible then to
redesign ourselves so Finance is in
service of life and that is the exciting
thing that is the new terrain that is
where the energy must now
go what would that look like a few ideas
and a few questions it means we must
redesign business and we have a tool we
have approaches we have
examples but it will require us to
redesign financial and risk expectations
we cannot demand the 20th century
parameters of Finance on 21st century
businesses we must redesign the purpose
of Finance what are you hear here for
are you here to grow yourself are you
here to accumulate are you here to serve
Finance or are you here to serve
life we must redesign financial
instruments actively deliberately to
unlock the transitions unlock the
actions unlock the the very strategies
that we need and lastly and this is
going to be the scary one but it's going
to be possible it's going to be about
redesigning the financial system itself
so my question to the panel and my
challenge to all of you is are you ready
for this are you ready to redesign
Finance or are we going to be kept back
by 20 20th century models are we ready
to look deep inside ourselves and think
hey a new economy is possible and it
will mean we wiggle out of the
constraints of 20th century Finance I
hope you are we are and we're seeing the
energy emerge thank you very
[Applause]
much
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