Pathways to Consensus
The world is facing unprecedented systemic challenges of both ecological and economic nature that are straining not only our resources but also the intellectual frameworks and finance/economics theories on which we have relied for several generations. We continue to be burdened by a lack of political resolve and a market system that, in pursuing short-term profits, has directed trillions of dollars of global capital into economic activities that are now posing a danger to not only markets and economies, but also to our society and our planet. These disconnects need urgent attention. To address them, we must do more than tinker on the margins of our existing disciplines. We need to break through and create new understandings about the true systems of interdependence, correlation, and causality that link and drive our world. What we need, in effect, is a thoughtful rewiring of the source code of capitalism. The recognition of this problem is widespread and it has sparked pioneering new thinking around the world. Innovation is both deepening and accelerating. The landscape is full of new, exciting, and complicated theories and practices. In many ways we are witnessing the emergence of whole new “ecosystems of thought,” within which innovators are:
- mapping and measuring the financial materiality of sustainability to firms and investors;
- chronicling the negative externalities of impact materiality, or how those same firms and investors affect our global biosphere and civilization;
- implementing promising new theories and practices of impact investing, which seeks joint financial and sustainability gains;
- working on how to mitigate harm and improve outcomes within major specific domains such as climate change, water use, biodiversity, inequality, and many others.
Yet, the creative force that hurls people into new corners of thought must be matched by efforts to find common ground. To make progress, a blend of creation and consensus, innovation and standardization, vision and practicality is required. This takes time and can only be accomplished through careful discussions among the innovators. Some of those discussions can take place in writing. Others need to happen through careful, curated conversations. To succeed, it is important to provide a platform for such discussions—a platform that brings together and fosters dialogue among the key players (from the private and public sectors, policymakers, and academia), that explores pathways to consensus and a shared vision, and that stimulates the co-creation of a more sustainable world. The Sustainable Investing Research Initiative (SIRI) provides such a platform.
SIRI Decisionmakers Roundtable Discussion on Pathways to Consensus
SIRI’s inaugural Decisionmakers Roundtable Discussion on Exploring Pathways to Consensus was held on June 6-7, 2024, at Columbia University. It brought together a carefully curated set of key leaders from around the world, including academics, industry experts, innovators, standard setters, philanthropies, and policymakers. The aim of this convening was to enhance dialogue amongst key players, identify challenges, build a shared vision, find common ground, and stimulate renewed commitments and collaborations. Besides fostering dialogue and actions, the convening also provided an opportunity to share insights of academic research and present new innovations and best practices.
The participants discussed the following key areas:
- Experiences and key insights from existing efforts: financial and impact materiality in disclosure as well as impact investing.
- Perspectives and approaches on emerging topics: system-level investing, fiduciary duty, and intergenerational equity.
- Next steps needed – Exploring pathways to a shared vision: building bridges between ecosystems of thought, engaging academic institutions, and creating avenues for future collaboration.
Following the success of the Inaugural SIRI Pathways to Consensus Decisionmakers Roundtable Discussion in Spring 2024, SIRI plans to hold future annual convenings bringing together a carefully curated set of leaders from the private and public sectors and academia. Following the convenings, a report summarizing the key insights and discussion points will be drafted and shared with participants as well as posted on this webpage.
Read the Summary Report of the Inaugural SIRI Decisionmakers Roundtable Discussion 2024: click here.
Columbia University Sustainable Finance Seminars
Co-Chairs: Caroline Flammer and Bob Massie
SIRI leads the monthly (online and in-person) Columbia University Sustainable Finance Seminar. The working group sessions will focus on the identified pathways to consensus (including but not limited to system-level investing, fiduciary duty, and intergenerational equity) to drive forward the rewiring of the source code of capitalism and foster ecosystem-building. By doing so, SIRI provides an important institutional platform that brings together and fosters dialogue among a variety of key players from the public and private sectors, policy, and academia.
Following each seminar, a report summarizing the key insights and discussion points will be drafted and shared with participants. These reports will also be posted on this webpage accessible to companies, investors, and educators around the world.
Please join us for these monthly discussions and participate in the Columbia University Sustainable Finance Seminars co-chaired by Bob Massie and Caroline Flammer.
Spring 2025 Dates:
- Tue Feb 4th 12-1:30pm ET | Topic: The Evolution of Fiduciary Duty | Summary
- Tue March 4th 12-1:30pm ET | Topic: The Rollback of Corporate and Investor Transparency Rules in the US and Europe
- Tue April 1st 12-1:30pm ET
- Tue May 6th 12-1:30pm ET
For further information, visit: https://universityseminars.columbia.edu/seminar/sustainable-finance/.