[p2p-research] greening finance, fyi

[Michel Bauwens]

via:
http://blog.p2pfoundation.net/hazel-henderson-on-green-finance/2009/10/28
<http://blog.p2pfoundation.net/hazel-henderson-on-green-finance/2009/10/28>


<http://blog.p2pfoundation.net/hazel-henderson-on-green-finance/2009/10/28>

Hazel Henderson on Green
Finance<http://blog.p2pfoundation.net/hazel-henderson-on-green-finance/2009/10/28>
[image: photo of Michel Bauwens]
Michel Bauwens
28th October 2009

 Great intro by Hazel
Henderson<http://www.ethicalmarkets.com/2009/10/15/changing-the-game-of-finance/>to
developments in sustainable and socially responsible investing, green
sustainability metrics, and the necessary overhaul of finance and business
education.

By *Hazel Henderson <http://www.hazelhenderson.com/>*:

*“Marking the 20th Anniversary of SRI in the Rockies offers more than an
opportunity to review the hard-won progress of investors to prove that
socially responsible investing is viable and now clearly out-performs
traditional mainstream investing. Since the credit crises of 2008-2009, we
can now assert with confidence that investing for long-term sustainability
and taking ESG factors as material to asset valuation could have actually
helped avert these crises. We investors are now winning the paradigm battle
and cite the evidence to show that the Efficient Market Hypothesis (EMH) is
bunk and by the same token show that the Modern Portfolio Theory (MPT), the
Capital Asset Pricing Model (CAPM) and, yes, even the sacred tenets of the
“rational investor” and the Black-Scholes Merton Options Pricing Model will
soon be part of history.*

*Thomas Kuhn, told us in 1963 in The Structure of Scientific Revolutions, we
often must wait until a generation passes from the scene. Today, we humans
are out of time. Climate chaos is upon us and our limiting factor is not
money – it never was, since money is simply one form of information. Time is
now our limiting factor, as we have until 2020 to keep CO2 and other
greenhouse gases, methane, as well as soot, ozone and other pollutants from
raising global temperature more than 2C. This means that the game of finance
must change to address both its internally-generated global crises and the
climate crises which finance has and continues to exacerbate with its
blindness to ESG factors and its culture of greed, myopia and short-termism.
We were encouraged by our colleague Mindy Lubber’s remarks at the
introduction of the statement on September 17th of the Institutional
Investors Group on Climate Change (IIGCC): “We are ready and willing to up
the ante and finance the transition to a low-carbon economy.*

*Some 15 years ago, I, Steve Schueth and Wayne Silby began creating the
Calvert-Henderson Quality of Life Indicators (www.calvert-henderson.com) in
the belief that incorporating ESG factors into asset valuation and corporate
accounting at the micro-economic level would be necessary but not
sufficient. We and Calvert CEO Barbara Krumsiek knew that traditional
micro-level accounting when aggregated into national accounts such as GDP
would inhibit the needed corrections at this macro-economic level. We knew
that GDP would also have to include ESG factors; otherwise, its faulty,
narrow, short-term view of national “progress” would drive us closer to
environmental collapse, social inequality, disease and conflicts. Economist
Joseph Stiglitz agrees and warned of the dangers of “GDP-fetishism” in his
report to France’s President Nicholas Sarkozy.*

*Today, UN-PRI, CERES and other groups of institutional investors continue
to lead in promoting ESG and longer-term asset valuation and the need to
address climate change. Yet too often, these worthy organizations and their
institutional investor members are still captive to the discredited
paradigms of finance I have mentioned. Until trustees and shareowners change
incentives for their asset managers and consultants, they will still obsess
over benchmarking each others’ performance according to these now
destructive criteria and models. Financial networks are complex, adaptive
systems, but reliance on this approach serves little more than to
comfortably abstract the debate. Some critiques, such as that of Andrew
Haldane of the Bank of England, analogize financial networks to electrical
grids. This overlooks the different purposes of these networks: an
electrical grid is designed to deliver a useful service: electricity to
human societies. Financial networks have expanded globally to increase and
speed up the activity of trading which is linked to compensation of the
actors and the financial returns of firms. That humans have a propensity to
barter and trade is commonplace, but trading for trading’s sake has become
pathological, an addiction similar to gambling, obsessions with pornography
and sex.*

*Addiction to trading and internet-use are now studied by psychologists as
is the elevated testosterone levels exhibited by traders in London’s
financial markets. Thus, one cannot expect any human actors embedded in
today’s financial networks to think more deeply about their purpose, social
utility or the systemic risk that finance now clearly poses to all societies
and to ecosystems. At what point did financial markets metastasize to become
a cancer on their host: human societies? To ask individual traders or
companies would be analogous to expecting the patients and psychiatrists in
a mental hospital to design a more optimal system to address dysfunctional
aspects. Even less charitable criticism comes from Prof. Simon Johnson at
MIT, former chief economist of the IMF who comments on Wall Street’s capture
of politicians of both parties in the US Congress as “mind control”
(Baseline Scenario, October 8, 2009).*

*Britain’s head of the Financial Services Authority Lord Adair Turner
questioned the social usefulness of finance and proposed to downsize
financial sectors by imposing a financial transactions tax (originally
proposed by James Tobin in 1978) and by Lawrence Summers in 1989. To
re-think financial networks requires going outside the box of all current
economic models and the financial “innovations” from which they are derived.
Current models derived from faulty economics include: the aforementioned
EMH, MPT, CAPM, and VaR. The Black-Scholes-Merton Options Pricing Model is
now challenged as plagiarized from options traders’ practice by Nassim Taleb
(Financial Times, October 12,2008). Human investors do not conform to
economics’ “rational actor” model, but are revealed by neuroscience (not
neuro-economics) as being of two minds: the forebrain (logic, foresight ad
higher analytic functions) and the amygdala (the primitive, reptilian brain
that responds to emotional stimuli). Thus, financial markets, far from being
“efficient,” are typical examples of herd behavior (monkey see – monkey do!,
see my editorials at www.HazelHenderson.com and www.ethicalmarkets.com).*

*The key issues in reforming financial networks are: human social purpose,
design criteria and assumptions. Using analogies from architecture and
engineering: a bridge, if well designed on physical principles, mapping the
forces of nature correctly, will be robust; if badly-designed, as the famous
Tacoma Narrows bridge, it will respond to natural forces of wind and
oscillate with ever greater amplitude until it collapses. The same applies
to buildings that are not designed to account for the laws of natural
systems. My late friend Nicholas Georgescu-Roegen made similar observations
about economists’ love of abstraction in his The Entropy Law and the
Economic Process (1971) which I reviewed in the Harvard Business Review.*

*Therefore, financial networks must be examined from these perspectives and
we see their design flaws immediately: they were designed by individual
actors and firms to maximize their self-interest and produce rewards in
money terms. They were never designed to optimize at the societal level, let
alone to function within natural system constraints. Furthermore, they
optimized for trading as the primary means to money rewards (hence the
growth of proprietary trading desks, day traders, high frequency trading and
algorithmic program trading which now dominates market activity). This is
why a financial transactions tax is urgent and why I and my partner,
mathematician Alan F. Kay, designed a computer program which can be
installed on all trading systems to collect such a small tax, the Foreign
Exchange Transaction Reporting System (FXTRS) for which we were granted a US
patent (see www.hazelhenderson.com FXTRS).*

*Beyond the pathologies of trading with ever-faster computers, we must next
examine the other huge design flaw underlying financial networks:
money-creation and credit-allocation. These activities are designed not to
create stable, healthy, equitable sustainable human societies. Here, again,
money-creation and credit-allocation follow power laws and are designed by
sub-system level actors and institutions (banks, central banks, local and
national government agencies). Their design criteria are fitted to highly
abstract goals: containing or targeting inflation, increasing or decreasing
the money supply, NAIRU formulas for unemployment levels, fostering private
investment – all vague generalities and measured with dubious statistics:
the Consumer Price Index (CPI), Gross Domestic Product (GDP), M1, M2, M3
(now deleted as too revealing of monetary expansion).*

*The good news is that today’s confluence of global crises in finance and
climate are revealed as crises of human perception: a mirror our mother GAIA
is holding up for us to see ourselves and our myopic value-systems. The
Information Age, as I predicted at SRI in the Rockies in 2005 has morphed
into the Age of Truth. Our native American nations and the world’s
indigenous peoples have been articulating these truths for centuries now
echoed by the President of the UN General Assembly in New York, June 2009.*

*The movement toward planetary awareness is now worldwide and goes by many
names: One Planet, socially responsible investing, sustainability, the
Global Green New Deal, the Green Economy Initiative, the Climate Prosperity
Alliance, Transition Towns, Green Jobs, Green for All, “green stimulus,” the
Global Marshall Plan, the Post-Carbon Society, the State of the World Forum,
the Phoenix Economy, Breaking the Climate Deadlock, Climate Bonds, as well
as the hundreds of thousands of groups in over a hundred countries calling
for new forms of sustainable livelihoods in their own languages. NGOs are
leading and governments are devising responses to protect the most
vulnerable populations: women, children, the poor and the least-developed
countries from the crises’ impacts. Connecting all these groups working on
these same interlinked crises can achieve their shared vision of “The World
as We Want It to Be.”*

*All our crises are closely related to the dying fossilized paradigm of
“economism” and its deadly addiction to continuous economic growth measured
in money, whatever the social and environmental costs. The disparate social
movements of the past 30 years began coming together over the internet and
at the World Social Forums, launched in Porto Alegre, Brazil in 1999. Today,
in their statement on reforming finance, they are coalescing over these
ever-accumulating threats to life on earth, now culminating in global
climate disruption. The United Nations joined with civil society in calling
the financial and climate crises an opportunity to transition to fairer,
cleaner, more sustainable forms of human development.*

*Ever since the UN’s climate agreements in 1997 in Kyoto, Japan, the
evidence from the scientific community of this mega-threat to our collective
survival has grown stronger and more ominous. Still the biggest per capita
polluter, the USA refused to sign the Kyoto protocols and, with some of its
misguided environmental policy makers, forced their “market-based” cap and
trade approaches on successive UN climate conferences. Their idea of capping
carbon emissions was sensible enough, using government targets and
regulating continuous reductions. But instead of backing enforcement of
carbon caps and shifting tax burdens from incomes and payrolls to taxes on
carbon and all other pollution and waste, the US “market fundamentalists”
demanded that “allowances” to continue emitting carbon be given to polluters
to trade with each other. The disgrace of Wall Street has now made trading
carbon derivatives as suspect as the credit default swaps that caused such
havoc in financial markets. Widespread public objections forced governments
to agree to auction pollution allowances, but fossil fuel lobbies have kept
their give-aways. INTERPOL, the UN crime-fighting agency, warned of carbon
fraud and that carbon-trading could become the white collar crime of the
future (www.heatisonline.org).*

*Bankers, stock market traders and commodity brokers saw carbon as a new
trillion dollar “asset class” and profit opportunity. Yet the “cap and
trade” emissions schemes in Europe created proliferating bureaucracies with
caps on emissions easily lifted by lobbyists. Ironically, the very financial
players who caused the global financial crisis see carbon trading as their
next big profit source. As carbon markets failed to reduce carbon emissions,
this has shown the efficiency of simply taxing carbon. The Copenhagen
conference in December 2009 can include a global price for carbon.*

*This debate as well as on how to alleviate the impacts of the financial
meltdown and meet the UN’s Millennium Development Goals and the Monterrey
Consensus of 2002 were forced into the narrow calculus of costs in money
terms. Economic methods usually favor quantifying costs to incumbent sectors
and existing institutions, rather than estimating savings, benefits and
revenues from new ways of doing business, new technologies and social
policies. For example, the climate debate focuses on GDP growth “losses.”
Critiques of GDP-measured growth, including my own over the past 30 years,
are finally gaining traction, including the Calvert-Henderson Quality of
Life Indicators, making headway with the accounting profession and at the
European Parliament’s Beyond GDP Conference in 2007 which the European
Commission will begin implementing in 2010. Yet the financial sector still
dominates US politics: bailing out Wall Street firms was deemed necessary to
“restore” the financial system. Investing in growing the green economy, our
children’s health and education for a prosperous future are deemed “too
expensive,” even as a BBC-Globescan poll in 20 countries found 72% of their
public’s support governments investing in renewable energy and green
technology.*

*At last, focusing on carbon emissions in the obsolete fossil-fueled sectors
no longer trumps quantifying the uncounted savings, benefits and avoided
costs of investing in a global transition to the green post-carbon economy
based on energy efficiency, wind, solar, ocean and geothermal sources. Guy
Dauncey, author of Stormy Weather adds up all the estimates of savings so
far at $1.7 trillion annually in the USA alone. McKinsey & Company finds
that a $520 billion investment in energy efficiency would yield $1.2trillion
by 2020 and reduce US demand by 23%. Meanwhile, some still view financing
for meeting the UN Millennium Development Goals as a cost when in reality,
such finance belongs in the investment category. The “rearview mirror”
economism calculations must no longer dominate the financial and climate
debates – spreading increasing gloom and fear while governments pour
trillions into trying to restore the broken status quo. Meanwhile,
fossilized asset-allocation models still blind security analysts to the
growing companies in the expanding sustainability sectors of the world
economy.*

*Meanwhile, the greener, sustainable sectors are still growing worldwide, as
renewable energy investments by 2008 exceeded investments in coal power
plants. The grassroots movements for sustainability are growing as well. The
Obama administration in the USA and the General Assembly of the United
Nations grasped the potential of the shift to the green, sustainable sectors
worldwide. The rigid G-7 and G-20 summits gave ground to the G-192 as all
the member countries of the UN came together in New York in June 2009,
adopted the Stiglitz Commission Report and declared their support for the
new just, green, sustainable global economy led by UNEP, UNDP and the ILO.
Eighteen other UN agencies also support what is now called the Global Green
New Deal. The European Union’s president called on the USA to make bigger
commitments to cut its carbon emissions and assert more leadership on
climate. All now see the meltdown of the global financial casino and the
climate crisis as a chance to create a new, more just, green economy
promoted for decades by civil society.*

*Finally, the world can put economism in its place and downsize finance to
its limited role facilitating real production. An efficient financial sector
should constitute less than 10% of a country’s GDP. Britain’s Financial
Services Authority head, Lord Adair Turner shocked many insiders, but his
proposals for a financial transactions tax are now supported by many
academics and NGOs. Financial firms not covered by FDIC should pay into a
Systemic Financial Risk Insurance Fund (SFRIF) to protect the world’s
taxpayers from future bailouts. As our Chinese friends say, “Markets and
money are good servants but bad masters.” Thirty-four percent of China’s
stimulus package and 81% of South Korea’s are focused on investing in solar,
wind and green economic growth. UN Secretary Ban Ki-moon praised China’s
President Hu Jintao for these green economy initiatives. China’s “green
technology sector” is expected to grow to 15% of its GDP by 2013. As
policies of John Maynard Keynes are back in vogue, many forget that his main
insight was about the inherent uncertainties and instabilities of financial
markets.*

*The spectacle of the US and other central banks printing money on TV helped
raise public awareness that money is not real wealth but just a clever
invention of humans to track our promises and intentions and keep score of
our transactions and uses of natural resources. The many electronic trading
exchanges are flourishing, such as Entrex, showcasing and steering capital
to small companies; peer-to-peer lending sites, Prosper, Qifang and Zopa;
barter sites Craigslist, and Freecycle that facilitate sharing, recycling;
microloan sites, Microplace and Kiva, and Global Giving, Global Greengrants
for charitable donating, as well as local currencies and LETS systems. Today
information-based trading has illustrated that money circuits and markets
have been overloaded by political directives, “quantitative easing,”
subsidies, carbon trading, etc., instead of direct, transparent legislative
approaches. Furthermore, it is now clear that we don’t need Wall Street, the
City or any other “financial centers” that have now imploded anyway. The
Great Disintermediation away from money circuits is underway. The 20th
century “too big to fail” monsters came to believe that they were “providers
of capital” rather than mere intermediaries connecting savers with borrowers
and manipulating money issued by banks out of thin air.*

*This money-creation and credit-allocation system is so far removed from the
real world of human production and exchange, as well as ecosystem
functioning, as to be delusional. Following the founding of the Federal
Reserve System in the USA in 1913, the money-creation function given to the
US Congress in the Constitution was turned over to the twelve private banks
of the Federal Reserve System. Only the Federal Reserve Board is appointed
by the US President and Congress. Since then, private banks using the
fractional reserve system create 95% of our currency as accounting entries
of the loans they make, i.e., as debt. The interest charged on their loans
is not created, causing increased indebtedness. This system, which
unfortunately spread around the world, was aided and abetted by the Nobel
Committee’s acceptance of the Bank of Sweden’s prize to legitimize the
profession of economics in memory of Alfred Nobel. Since this Bank of Sweden
Prize was given to Prescott and Kydland in 2004, who used specious
mathematics to “prove” that central banks should be independent, many real
Nobel Prize winners as well as mathematicians Nassim Taleb, Paolo Triana,
Ralph Abraham, physicists Hans Peter Durr and Fritjof Capra, and historian
of science Robert Nadeau, joined me and Peter Nobel in calling for its
de-linking from the real Nobels.*

*These deeper issues of design, human purpose and hidden assumptions must be
examined for their roots in power dynamics and how such initial conditions
in complex systems lead to deviation amplifications, e.g., money systems
came to dominate political systems and disorder local social systems and
ecosystems. Elegant abstractions and use of analogies obfuscates these basic
power dynamics which allowed financial networks to explode worldwide during
the 1980s, fostered by the prevailing market ideologies promoted by the
University of Chicago School and Ronald Reagan in the USA and by Margaret
Thatcher in Britain.*

*Many reforms of finance are being debated in the G-20 and the US Congress.
These include a clearing house and exchange for credit default swaps (CDSs)
and other derivatives; more information on financial network pathways and
agents; correcting the errors of Basel II and re-regulation, including an
updated version of Glass-Steagall (see my 2009 articles at
www.EthicalMarkets.com). Other systemic reforms are also widely debated:
reforming financial compensation and incentives; credit rating agencies;
re-introducing financial transactions taxes; creating a new Systemic
Financial Crisis Insurance Fund (SFCIF) to assess premiums from all
financial firms not covered by the FDIC in the USA; setting up systemic risk
oversight bodies; creating a new global reserve currency (based on a basket
of robust national currencies: the dollar, euro, yen, yuan, sterling, real)
and issuing of more SDRs by the IMF. Reforms already in the public debate
include auditing and reforming the US Federal Reserve System (in a bill
offered by Republican Congressman Ron Paul with over 250 co-sponsors) and
the Monetary and Financial Reform Act of 2009 offered by Democrat
Congressman Dennis Kucinich and the American Monetary Institute (
www.monetary.org).*

*This new understanding that money is simply one form of information is
helping people realize that, of course, there is enough money to invest in
our common future. Hundreds of towns around the world have issued local
currencies to link unemployed workers with needed jobs. Lawyer Ellen Hodgson
Brown, author of The Web of Debt (2008), explored the Bank of North Dakota,
a state-owned bank that has kept North Dakota’s budget in surplus. The real
constraint has never been money, but rather limited vision and faulty
economics. Human societies’ ten-year window to install a post-carbon, global
economy led to the global network, the Climate Prosperity Alliance, which I
am honored to serve as a vice-chair. The Climate Prosperity approach is
rooted in ESG accounting and the new Green GDP approaches in Europe, China
and here in the USA. The Climate Prosperity Alliance is promoting a rapid
ramp-up of private investments in solar, wind, renewables and
energy-efficient infrastructure in developing countries.*

*Joining the Climate Prosperity movement are many socially responsible
investors, charitable endowments, “green” bankers, many unions and NGOs,
including WWF, which help fund many climate investment studies. Tomorrow’s
Company, CERES and the UN Principles of Responsible Investing all have
issued reports on investing in green companies. All of this and daily news
is reported at www.ethicalmarkets.com from sources, including New Energy
News, Responsible Investor, New Energy World Network, Cleantech, CleanEdge,
GreenBiz, Greener Computing, Energy & Capital, Environmental Finance, Green
Chip Review, Alt Assets, the American Council for an Energy Efficient
Economy (ACEEE), Green Budget News, Germany, China’s Syntao, Brazil’s
Mercado Etico and Instituto Ethos and others from India, Japan and
Australia.*

*The last piece of the puzzle to achieve Climate Prosperity within the
ten-year window limiting temperature rise to below 2 centigrade are the
climate prosperity bonds (see www.ethicalmarkets.com Climate Prosperity
Funds). Socially responsible retail investors are now joining forces with
the Network for Sustainable Financial Markets, the Green Economy Initiative
of UNDP, UNEP and the ILO and the eighteen other UN departments and many
government agencies. We welcome greater leadership from institutional
investors as they shrug off the old EMH and Modern Portfolio Theory
nonsense.*

*The new global effort to fund Climate Prosperity, would invest $10 trillion
over the next ten years and plans to double installed renewable energy and
efficiency savings each year. This $10 trillion is less that the $14
trillion spent in the US on Wall Street and other bailouts so far (actual
liability is now estimated at $23.7 trillion by the TARP Special Inspector
at www.sigtarp.gov). The proposed $10 trillion investment in Climate
Prosperity is less than 10% of the $120 trillion of assets in pension funds
for beneficiaries’ future security. Today, climate change is a threat to
them and all humanity’s future security. The British government now
estimates the “green” market at £3 trillion worldwide. What better plan is
there than to invest these pensions’ assets now in securing their future in
a safe, sustainable green economy? Climate Prosperity bonds with
governments’ guarantees and laddered maturities are geared to the payouts
from energy efficiency (the quickest payback) and to expanded
efficiencies-of-scale in wind, geothermal and solar. Most developing
countries can never afford nuclear energy and are unlikely to be able to
afford much coal or oil-fired electricity. Solar, wind, geothermal and
small-scale hydro and biomass are their most realistic options, together
with new natural gas finds, making it cost-effective for coal plants to
switch to natural gas for base load and peaking power – reducing carbon
emissions by 50%.*

*Such bonds will be attractive to pension fund asset managers as outlined by
Climate Risk, Pty of Sydney, Australia, and the Network for Sustainable
Financial Markets. The Breaking the Climate Deadlock Plan of The Climate
Group calls for $1 trillion to achieve a 70% reduction in emissions by 2020
– largely through energy efficiency. The DESERTEC group of 12 European
companies led by Munich Re and ABB plans to invest €450 billion in
solar-thermal power plants across North Africa to provide 15% of Europe’s
electricity via DC transmission lines under the Mediterranean. Surprising
support for larger foreign direct investments (FDI) into emerging and
developing countries comes from The Economist in their special report on the
world economy, October 3, 2009, p. 25-6. Such a larger role for FDI is seen
as an optimal way of re-balancing the imbalances that helped cause the
economic crises.*

*During this ten-year rollout of the new low-carbon economy globally, coal
and oil, as well as nuclear, will become even more costly and less
competitive (even without accounting for their external costs or the price
of carbon). The faulty logic of economism which sees the problem as a
“shortage of money” is exposed by the Climate Prosperity movement which sees
the payback on that $10 trillion after 10 years as approximately $30
trillion. This illustrates that the real constraint is time, not money.
After wasting decades, we humans must act now. Economists need to correct
all the colossal taxonomic errors in all economic texts and models. Finance
courses in all business schools also must overhaul their curricula, as many
critics including Nassim Taleb, Paulo Triana and I have proposed. Today’s
financial networks are indeed houses of cards and multi-disciplinary
approaches to valuation of all forms of wealth are now supplanting economics
and its metrics, including The Economics of Ecosystem and Biodiversity
Services (TEEB) and the Green Economy Report forthcoming from the United
Nations Environment Program (www.unep.org).*

*The Climate Prosperity movement, together with many groups leading in
widening awareness, planetary citizenship and perennial wisdom from
indigenous peoples and all faith traditions is succeeding in changing the
paradigm From the dismal economism, money-based scarcity and fear to a
vision of abundance through sharing, caring, volunteerism and community
revitalization, all built on using the energy freely available from sun,
wind, oceans and respect for the Earth and all life. The 16 Principles of
the Earth Charter are now endorsed by thousands of cities, companies and
NGOs (www.earthcharter.org). Copenhagen can host the positive tipping point:
the “greening” of finance and a worldwide critical mass of global citizens
and their rising eco-aware culture in the emerging information-rich Solar
Age.” *

*Source*: Invited paper for “The World as We Want It to Be” SRI in the
Rockies 20th Anniversary, October 25-28, 2009.


-- 
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