Harnessing the financial industry to fund the building of a sustainable future



Dear Doughnut Economics friends,
Can we leverage the financial industry at a large scale to divert funds from the unsustainable economy and build the sustainable future? Every month most of us pay our utility bill, buy gasoline, make a car payment for an internal combustion engine, pay a garbage bill, and buy things we rarely use that sit in the garage/house. Doing so supports oil extraction, mining, deforestation, and the linear flow of materials from extraction to use to disposal.
We could divert part of this river of money (whether our 401k investments or monthly bills) which is currently propping up the dinosaur industries of oil, plastics, internal combustion engine vehicles, garbage companies, and consumer goods. If the financial industry gave more of us loans to pay for solar panels, electric cars, to businesses to pay for part-time sustainability project managers, for zero net energy retrofits of commercial buildings, to libraries to put in tool lending libraries/repair cafes, to businesses to start reusable transportation packaging take-back systems we could build a renewable, circular, sustainable economy. It would be great if the loans were just above inflation instead of 8%, 10% or higher.
How do we turn the non-sustainable industries into a bubble that pops like the 1970s commodities, 1980s S&L, 1990s dot com, 2000s real estate and financial derivatives bubbles? Any tips to harness the financial industry to do something really amazing and help build advanced energy communities, smart mobility solutions, a circular economy, reduce food waste, and restore nature’s services? What does it take to unleash the portion of the financial sector that is not predatory, but rather that has a conscience and the will to do good, to help us cannibalize the non-renewable, linear, non-sustainable economy while at the same time building a sustainable future?
I’ll be interested in your thoughts.