SUSTAINABILITY
and services that are impacted . In turn , this will cause bankruptcies of industries which are no longer sustainable . And while this will be beneficial to the environment , it will have an uneven impact on those displaced by the shrinking or closing of their employers ’ businesses .”
It is perhaps a change in consumer attitudes that will be necessary to effect real change , but even then Stollman points out this could be problematic . “ Another issue is that one of the biggest impacts on the global environment arises from wanton consumerism : people buying “ stuff ” because advertising makes them want things that they don ’ t need . Environmentally , much could
‘ Beslik is adamant that the release of the report was a ‘ crucial ’ step in the hope of any meaningful move towards a sustainable global financial model ’ be gained by merely reducing this surplus consumption , but doing so would cause a massive contraction of global markets . How will we keep people employed if we stop producing this surplus ?” he asks .
“ I could go on endlessly about the deficiencies of the program , but I don ’ t mean to suggest that it is not worth pursuing . I just expect that the results will be mixed and the benefits will remain hard to justify .”
Beslik understands Stollman ’ s concerns but is adamant that the release of the report was a ‘ crucial ’ step in the hope of any meaningful move towards a sustainable global financial model . He wants to see more guidance given to politicians to help lobby for legislative change and feels there is certainly an appetite for this .
“ The entire financial sector since 2008 has been facing a cultural revolution needed within the industry ,” he says . “ I think it now demands awareness from the top . The leaders of the big financial institutions really need to step up and show what to go for with regards to sustainability within the role of the financial sector .
“ Still , the majority of the financial institutions in the world do not educate
46 January 2018