To increase the momentum and accelerate the transition towards inclusion of natural capital in financial sector decision-making, a Community of Practice (CoP) was formed in The Netherlands. Important financial sector stakeholders grouped and founded the CoP Financial Institutes & Natural Capital (CoP FiNC) as a means to increase knowledge on natural capital and facilitate inclusion of natural capital in decision-making. Participants share their best greening practices by exchanging information and experience in private and online meetings. The Ministry of Economic Affairs (EZ) supports the CoP by providing professional process facilitators from the Netherlands Enterprise Agency (RVO.nl).
NewForesight’s experiences with sustainable market transformations in agri-commodities led to a theory on sustainable market transformation that is applicable far beyond agriculture. By sharing these theories and giving compelling examples coming from cocoa and coffee, financial institutions could gain insight in what they are up for, and what can be done to accelerate the transition. Therefore, to inspire the participants and accelerate the transition to greener policies in the financial sector, RVO asked NewForesight to facilitate a workshop and write and article.
In April 2015 principal financial sector stakeholders participated in a workshop in Amsterdam. The workshop provided a helpful framework to structure their efforts, and resulted in renewed energy among the participants for further action. In the article that followed, the Sustainable Transformation Curve is described and the financial sector is placed on that curve providing food for thought for next steps. Read the article that resulted from this assignment here. The article was also covered in the November 2015 edition of ‘Tijdschrift Milieu’, which you can access here (Dutch only).
Learning from their clients and developing new tools, financial institutions have the possibility to leapfrog and take a frontrunner role in the transition. RVO is currently continuing their work with CoP FiNC participants to stimulate the financial sector to make that move.