Search

Keyword


Filter

Search

Community of Practice for greening the financial sector

Function / Domain: Green Finance, Natural Capital
Illustration of: Social learning, Anchoring

Financial institutes (banks and insurance companies) can play an important role as change agents in the transition to sustainable investments of companies. Their investments together have a large impact on natural capital. Natural capital involves the ability of nature to provide useful goods and services, also called ecosystem service. It is important for human and our environment to make the change from doing harm (mine investments) towards doing good (renewable energy investments). There is a need in the financial sector to share best practices on how financial institutes can contribute to maintaining and enhancing natural capital.This is why the ASN Bank and RVO.nl initiated the Community of Practice Financial institutes and Natural Capital (CoP FiNC). They support financial institutes by the implementation of natural capital on strategic level and make it easier to evaluate investments or develop new (insurance) products. 

Set up and process the CoP FiNC            

In order to start the CoP a group of 15 financial institutes have been selected on the basis of their practical work on natural capital implementation. These institutes have the aim to conserve natural capital such as: water, biodiversity, fruitful land. Their advances are the supply of resources, social responsibility, market value, reputation and innovation. The following companies are participating: banks (ASN Bank, ABN AMRO, Rabobank, Triodos, ING, FMO Bank, J. Safra Sarasin), insurance companies (De Friesland Zorgverzekeraar, Achmea), investors (StartGreen Capital, NPM-Capital, Toniic, Actiam) and the pension funds SPF Beheer and MN service.      
                 In four meetings a year, the CoP FiNC facilitates sharing knowledge and best practices in order to find answers on (common) questions. Questions such as: what is the value and meaning of biodiversity for the participants and which strategy they can follow best. RVO.nl organises the CoP FiNC. Themes on the agenda are based on dilemma's and questions within the participants own practice. Moreover the process of sharing and availability of knowledge is supported. In order to safeguard the trust and confidentiality it is agreed to work with the Chatham House Rules.    
                Monitoring of the results is done by reflexive monitoring, focused on learning and creation of common knowledge. This is done for instance by determining what has been learned on the basis of the questions addressed every meeting, the substantive knowledge learned is monitored.    

Insights of the CoP FiNC till now            
 
The model of transition management teaches us that change can occur on three levels; on micro level, on meso-level and on macro-level. These levels correspond with the multilayer perspective: niche experiments, regime and landscape.         
                A year after the start of the CoP FiNC some first results can be seen. First of all on micro level the participants build a connection and are all learning from each other. For instance the methods for mapping CO emissions have been shared between ASN Bank and FMO. The CoP FiNC is also effective on meso level; lessons and insights are bundled  for other financial parties and thus anchor results in a broader context of the CoP FiNC. On macro level the CoP FiNC gives insight in the systemic barriers but also in the chances for the frontrunners. These are discussed with system players like knowledge institutes, government and NGOs. Moreover the CoP FiNC  links the financial sector to the trend of accounting natural capital in several sectors like food or beverages.  

Sources

 

 

Back
Print