Financial markets and the monetary system are at the heart of the world economy. A new financial system is therefore the core of a new economy that is able to cope with the global challenges of poverty, climate change, and the destruction of natural resources. The current crisis widens the political space for change. Giventhat the financial crisis is linked to the food crisis and the ecosystem crisis, a fundamental rethink is urgently needed. Starting with a reassessment of the rules of finance, the World Future Council Finance Commission will identify the systemic drivers of our current crises and develop develop concrete policy proposals guiding the transition towards sustainable and equitable growth. A coalition of social banks has provided the core funding for policy work on Future Finance over the next three years.
13 December 2009: Breaking the Funding Deadlock in Copenhagen
Money is key to the negotiations in Copenhagen: Discussions will focus on ways to finance climate protection measures and in particular burden-sharing among industrialised and developing countries. Together with social banks, the World Future Council hosts an evening reception on „Funding the Renewable Energy Transition” on December 13th. From 6pm, ways out of the funding dilemma are discussed in Kulturhuset Islands Brygge in Copenhagen. WFC Founder Jakob von Uexkull will present the World Future Council’s policy proposals to finance climate protection on a global scale by bridging the gap between the financial requirements of developing countries and the current political inability of rich countries to provide the funding - read "Breaking the Funding Deadlock" here. Stefan Schurig, WFC Director Climate and Energy, will provide an overview about internationally successful policies to ignite the renewable energy sector.
29 October 2009: World Future Council proposes a new way to finance the Renewable Energy Transition
The World Future Council proposes the issuing of new money by the International Monetary Fund to finance the global renewable energy transition and the achievement of the Millennium Development Goals. EU leaders meeting in Brussels on October 29th – 30th should authorize the creation of necessary funds through quantitative easing. Read the press release here.
4 September 2009: World Future Council demands warning labels for speculative investments
The World Future Council demands warning labels on investment products to improve consumer protection, similar to the labels on tobacco products. Issuers of highly speculative investments such as certificates should be obligated to advise consumers of the risks involved with such investments. Read the press release here.
The World Future Council works on a new definition of the financial system and develops concrete policy proposals. Money and the economy should serve people and the planet; financial markets and the economy should provide opportunities to develop individually, social security and well-being for all – including future generations. And this new economy should protect the environment and our resources. The World Future Council's policy proposals for a new international regime are pointing the way towards a sustainable financial and economic system, step by step.
Future Finance Expert Commission
The Expert Commission on Future Finance includes Councillors Prof. Prabhu Guptara (UBS Bank), Prof. Stephen Marglin (Harvard University), Prof. Manfred Max-Neef (Pioneer of "Barefoot Economics"), Francisco Whitaker (Co-Founder of the World Social Forum), Anders Wijkman (Member of European Parliament), Advisors Prof. Margrit Kennedy (Founder of the Money Network Alliance), Marcello Palazzi (Taellberg Forum), Anthony Simon (World Business Council on Sustainable Development) and Hans Zulliger (Foundation Third Millennium), and external experts like Falk Zientz (GLS Bank).
Click here to read more about the Commission's first meeting.