Business leaders like Bill Gates have begun talking about the need to reinvent capitalism for years. Today, societal transformation is being thought about all over the world. These transformations will need to acknowledge a basic truth: that we require new definitions of growth, prosperity, rights, and freedoms, all of which will be a departure from convention, insofar as they must respect societal and environmental limits.

While the role of finance and ESG will be important to help advance mitigation and adaptation strategies in certain contexts, many solutions–again, especially in large developing countries–will be heavily dependent on innovative socioeconomic policies and improved governance systems. The requirements for ethical investing are also surging, reflected by the rise of a new approach to business based on strict environmental, social, and governance criteria: ESG. In the search for an answer, we are witnessing growing demands for more progressive public policies and sustainable means of production and consumption. The question is what that process should look like. What is obvious is that charting a course through the complexities of the 21st century demands a blueprint for societal transformation and redesign. It’s no coincidence that these existential threats are converging, and if we honestly confront the driving forces behind them, much becomes obvious: All of these threats are a direct result of a global economic model that has blossomed at the expense of the environment and society for decades.īasic science and economics are clear: From underpricing resources to externalizing costs and pursuing growth reliant on overconsumption, many of our economic activities are ill-suited to solving the collective challenges of our times.

Civilization 5