The structural emergencies of resource destruction, climate change, and the Covid crisis have brought into sharp relief the need for a fundamental shift in the financial markets and the need to create a new kind of finance that is wholly different from the finance that has gone before.
Finance needs to be transformed to better serve society and overcome inequalities, enhance nature and bring emissions down to zero. This finance must be deployed across the world and at scale and achieving this will require expertise, as well as creative inspiration. Amulet has been conceived to become a highly respected icon to inspire and catalyse sustainable action in financial centres across the world.
Tessa Tennant. Photo credit: The Economist
Public art and monuments can help stir people to greater things than they thought capable, particularly art that is public and stimulates a collective response. At this critical moment in time, as we battle climate, ecosystem and the Covid emergencies, the world is looking for a positive vision of the financial system and we believe Amulet's powerful message depicting an evolving and inseparable dynamic between the financial system, society, and the environment will become an influential emblem depicting a new type of finance we need to finance the future of our planet.
We need to be confident about placing markers in all the financial markets and encourage sustainable finance to be more visible.
Tessa Tennant, 2018
Traditional finance focuses solely on financial risk and return. Sustainable finance goes beyond this two dimensional approach to consider all the factors that need to be taken into account when making investment decisions to safeguard future generations, as well as reward the current owners of wealth.
For a long time sustainable investing and its products were a niche market, but today it is growing at a rapid pace and regulators, asset owners and asset managers are increasingly aligning their investments to contribute to a better world. This reorientation towards impact in financial markets is significant and it is helping to address vital issues such as climate change, gender, healthcare, education and poverty etc.
While this is very positive and sustainable finance has reached record levels, action still falls far short of what is needed to deliver on the Paris Agreement and the Sustainable Development Goals (SDGs) which is estimated to be in excess of $90 trillion by 2030.
London as a leading financial centre of sustainable finance has been a source of much of the leadership and current global momentum, but far more still needs to be done to engage wider audiences in its transformative potential. Amulet will help raise awareness on “future finance” - the kind of investment ethos and practises we need to tackle the social and environmental crises that the world faces.
Lord Mayor, Alderman William Russell, City of London
The City of London is already a world-leader in green finance and it has the capacity, skills, influence and institutional structures to scale up sustainable investments here and internationally.
We believe the presence of Amulet in the heart of the City, will inspire all of those working in financial institutions - some of whom will be the creators of the new kind of finance we need that will need to shape and raise it and the wider public whose needs it must serve.
Beyond London, it is our plan that other financial centres across the world will commission their own Amulet and it will become a global icon of leadership and it will help galvanise the sustainable finance movement.
Amulet beautifully symbolises the connection between people, their prosperity and the planet. It will serve as an inspiration to financiers and the public alike on the importance of creating a responsible and resilient future.
Sir Roger Gifford, Chair, Green Finance Institute and Senior Banker, SEB
The beauty of Amulet's vision of future finance is that it depicts an evolving and inseparable dynamic between the financial system, society and the environment. As far we know, this is the first artistic vision of sustainable finance and like all good art, every interpretation will help create a deeper understanding of the courageous actions and leadership needed from the financial sector to align their investments around the Sustainable Development Goals and a 1.5˚C world.
James Cameron, Chair, Sustainable Finance Sculpture Project