Rebalancing finance in service of sustainable innovation requires increased collaboration between financial institutions, large corporations and governments.
Calling for urgent cross-sector collaboration
None of these interventions should be made in isolation, nor in one-size-fits-all fashion. As entrepreneurs’ calls to action imply, rebalancing finance in service of sustainable innovation requires increased collaboration between financial institutions, large corporations and governments — not only to re-establish a different set of guiding principles, but also to continually sense and respond to the actions, behaviors and relationship dynamics they spawn.
It won’t be easy, but the prize is worth the effort. It’s a key step toward accelerating the advent of a livable, sustainable future — one in which we can meet the needs of current and future generations within the means of a flourishing planet; where long-term business success flows from solving the problems of people and planet, and better answers to the climate crisis are more equitably available to all.
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Summary
With the world needing to mobilize trillions of dollars to transform business, decarbonize the economy and enhance climate resilience, the financial system has a critical role to play in realizing a sustainable future. A new report from EY and Ashoka highlights the importance of closing five critical gaps to rebalance finance in service of a diverse and thriving network of entrepreneurial climate innovators.