Nearly a decade after the collapse of Lehman Brothers, almost nothing has changed. The financial sector has grown, systemic risk is even greater, and the financial system is disconnected from societal needs. Instead of finance writing its own rules, it’s time we put citizens and society back in the driving seat. Benoît Lallemand, Finance Watch Secretary General
Through its initial ‘Change Finance’ campaign, Finance Watch covered topics such as capital requirements for banks, food speculation and securities regulation. Obscure to all but the financially literate, addressing them is fundamental for a fairer financial system.
Recognising the need to engage a wider audience, the Citizens’ Dashboard of Finance has launched and Finance Watch plans to mobilise the fire power of its broad membership – including consumer groups, trade unions and civil society giants like Oxfam – in a joint Change Finance campaign and movement for reform in 2018.
We’re witnessing tremendous desire for change around the world and we want to harness that social energy. People feel something’s wrong with the financial system but most don’t understand the good it could deliver if it is changed – for development and environment. Benoît Lallemand, Finance Watch Secretary General
A question of purpose
With expert insight and the ability to speak a language most of its members lack, Finance Watch can access players like the European Commission and the Bank of England and give civil society a voice at the highest levels.
Together with the global climate initiative, Mission 2020, UNEP’s inquiry on Design of a Sustainable Financial System, and the Global Alliance for Banking on Values, Finance Watch is helping to put social purpose at the heart of the financial system and building political momentum for systemic change.
We need to move away from a G20 ‘do no harm’ conversation and ask fundamental questions about the purpose of finance – it should be a tool for social good. With momentum from the Climate Agreement, the opportunity to unleash a great transition is here. Benoît Lallemand, Finance Watch Secretary General
Supporting the Green Economy transition through the financial system
Promoting alignment of the financial system with the Sustainable Development Goals and marshalling the transition to a sustainable economy, Finance Watch is a critical player in the long-term success of all our partners’ conservation work. Read more about MAVA’s Action Plan on this subject.