Make finance work for green recovery, say experts10 May 2013
A limit on banks' size, serious money for the green economy, and social goals for fund managers - just some of the innovations in the spotlight at a major conference tomorrow (Friday 10 May) on the financial system.
The Transforming Finance Conference will ask how the financial system could be made to work better for people and the environment.
It comes against a background of continuing economic turmoil linked to a deeply flawed financial system.
The conference is being organised by Friends of the Earth and a broad alliance of expert partners.
Leading economists, finance professionals and campaigners will look at strategies to:
- Kick-start an economic recovery
- Prevent future crises
- Channel finance into activity that's good for people and the environment.
The 250-strong audience will vote on the proposals, using live-voting technology.
The conference also sees the launch of a Charter for a New Financial System.
Strategies emerging include:
Banks should no longer be too big to fail
Limiting their size would lower the risk of costly bailouts at taxpayers' expense.
Create cash for green recovery
Central bank money for investment priorities like renewable energy, home insulation and local food production would get the economy moving while creating skilled jobs.
Make pensions work in our long-term interests
By requiring fund managers to put social and environmental factors before short-term profit.
Increase diversity in banking
By supporting local banks, credit unions and other institutions that specialise in helping local economies and small businesses.
Innovate to finance socially useful schemes
The conference will hear from pioneers who side-step the big banks through crowd-funding, alternative currencies, and community share issues.
Friends of the Earth's Craig Bennett said: "Politicians must play close attention to bold ideas for creating a clean, sustainable and prosperous economy."
"Our broken financial infrastructure has let society, the environment and our economy down. It's time to build a new system out of the rubble of the old."
Craig Bennett, Friends of the Earth
All tickets for the conference were snapped up in advance - but you can find out more at www.transformingfinance.org.uk
Transforming Finance was organised by an alliance of financial bodies, think tanks and groups including Friends of the Earth, The Institute of Chartered Accountants of England and Wales, the New Economics Foundation, ShareAction (formerly Fair Pensions), Civitas, ResPublica, the World Development Movement, Positive Money and Finance Lab.
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