Principles of sustainable finance

摘要

The immutable refrain 'change is the only constant' serves as both cautionary and aspirational catchphrase. Our social environment is changing; improving on average globally, but with benefits distributed inequitably. Our physical environment is changing, taxed to its limits by economic and population growth. Picketty (Capital in the 21st Century) and Milanovic [Global Inequality) trace the trajectory and distribution of wealth, while Harvey (A Brief History of Neoliberalism), Servon (The Unbanking of America) and Webber (The Rise of the Working-Class Shareholder) highlight in often surprising ways the impact of corporations on social conditions. Corporate culpability in biodiversity loss, climate change, and increasingly toxic living conditions has also been highlighted for generations (e.g. Carson's Silent Spring), while the systemic view of Lovelock's Gaia and the calls to action of McKibben's The End of Nature, or Klein's On Fire have significantly advanced the conversation about solutions. Despite the evidence and growing calls for change, the dominant ethos in business, government and academia has remained narrowly fixated on top-line economic growth and efficiency. The imperative for change has often focussed on the environmental footprint or social responsibility of corporations, and while this is a helpful step to positive change, even greater results can be leveraged under a systemic approach.