To watch this event, you can rent or buy the video here.
Tuesday 25th August 2020 saw The Future Economy Network run their only interactive webinar in August – “For Planet and People: Reshaping our Economy”. The topic and our fantastic panel brought FEN and non-FEN members alike to join us on the day to discuss the topic from multiple angles. Despite the quieter commercial month, attendees were ready to start the day early and debate a complex issue.
The team introduced everyone to the virtual events space and gave quick training on how to make the most out of the interactive webinar and networking opportunities. Once everyone had gotten used to the space and enjoyed the novelty of something brand new, the seminars began. Katherine Piper, Director of The Future Economy Network, welcomed attendees, highlighting the benefits of joining the Network and also sharing updates about The Future Economy Network’s Carbon Neutral Hub in Bristol, Future Leap. Katherine also briefly ran through the plans for The Festival of Sustainable Business, and you can check out the video here.
First up, we welcomed Henry Leveson-Gower, Founder and CEO of Network members, Promoting Economic Pluralism. Henry opened by suggesting that shaping the economy can be seen as a big ask given the power and complexity of the market. He stressed the importance of not oversimplifying such a complex system and highlighted the need to change society's values if we are to make such huge changes to our economic system. Henry quoted the cultural shift in the recent TV series, Mrs America as an example of where values systems had radically changed, where no-one asked 'what is the business case for feminism'. Feminism was driven by values, beliefs, justice and fairness. Similarly for our economic system, Henry asserted the need to establish new rules and highlighted the mistake of insisting on a business case for a green economy. He stressed the need for economies that have purpose and the importance of collaboration around a common purpose.
Next, we welcomed Amy Robinson, Partnerships Manager at Network members, Triodos Bank. Triodos Bank's mission is to help create a society that protects and promotes quality of life and human dignity for all. Linking back to Henry's discussion around purpose, Amy stressed that Triodos' purpose is not to make money, highlighting the importance of any investment decisions being judged in relation to their people, planet and prosperity impacts. She went on to discuss the role of finance and money in the recovery, stating that Triodos Bank's role is to Redefine (all finance is impact finance), Revalue (equity instead of debt) and Redesign (change the financial system). Triodos cannot do this by themselves and so work with other partners to achieve this. Amy finished by citing some examples of what they are doing internally and externally to 'be the change'.
We then welcomed Jenneth Parker, Research Director from Network members, The Schumacher Institute. Jenneth spoke about the inheritance of poverty and deprivation in Wales as a consequence of an unjust transition after the industrial revolution and how the Welsh government has signed up to the wellbeing economy network. The wellbeing economy network includes a citizens network, a business network and a government network and aims to aid the development of concepts around a wellbeing economy. Such an economy will reinstate a purpose that focuses on people and planet and allows government to talk about the benefits of measures associated with social and ecological outcomes. Jenneth stressed that there have been huge shifts in thinking around what an economy is for in Wales and that such thinking could be useful in other governments.
Our final speaker was Niels Schneider, Researcher and Teaching Associate for Network members, University of Bristol. Niels spoke about Ecopreneurship, a word created from the terms ecological and entrepreneurship. Ecopreneurs consider their ecological and social impacts and are change agents for shaping production and consumption. Ecopreneurship is based on the ideas of creative destruction and market failure and discovery. Market failures within a sustainability context include lacking efficiencies, flawed pricing and information asymmetries and ecopreneurs would address these failures. Niels went on to disucss the business models associated with ecopreneurs and how such models would be deemed irrational behaviour in traditional economics.
We continued with mini Q&A’s after every speaker, which created a continuous buzz throughout the event. The seminar finished with some insightful and high-level questions to the panel as a group after the mini Q&A’s. The emotive response was clear in the virtual room and everyone was very keen to understand more; the debate continued well into the networking at the end.
Finally, E.On and Network members Future Leap, Business on Purpose, Skylark Media and Sustainable Business Design gave a 60 second pitch - a popular opportunity at these events. Everyone was then able to network in different groups using facilitated break out rooms, before the event finished. A huge thank you to the speakers and attendees of this event, without which our events calendar would not be possible.
