There’s a consensus that the 2020s needs to be a decade when global environmental and social challenges – now augmented by the Covid-19 crisis – are tackled with effective action.
The nature of finance needs to change to respond to these challenges, becoming a force that can better serve the economy and society by increasing the flow of capital to create a zero carbon economy, protect and restore nature, enhance social justice and overcome inequalities, as well as improve the health of all nations.
Tessa Tennant. Photo credit: The Economist
Public art and monuments are important as people attach a great deal of sentiment to them. When they are first built, they often portray an identity or a mirror a vision of that particular moment in history. Then later as the zeitgeist changes, so too does the narrative and social conversation around their relevance.
The world is looking for leadership to get us out of the current abyss of climate, ecosystem and now Covid emergencies, but also it needs a vision to seize the opportunities for systemic change – including in finance – that solving these challenges will undoubtedly create. As an international first, Amulet will become a global monument representing the evolving and interconnected dynamic between the financial system, society and the environment.
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.
In the 30 years or so since the first environmentally responsible funds were launched, sustainable finance has addressed vital issues such as climate change, gender, healthcare, education and poverty. It is now critical to deliver the Paris Agreement and the Sustainable Development Goals (SDGs) and although the technical skill sets are there, not enough investment is being channelled at the scale and speed required.
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
London is at the forefront of global leadership in green finance and in 2019, it ranked first for quality in Z-Yen’s Global Green Finance index, which measures perceptions of the quality and depth of green financial products in the world’s financial centres. The Bank of England has also shown significant leadership by launching a “stress test” to determine which firms and sectors will be worst hit by climate change.
The presence of Amulet, on a site just yards from the Stock Exchange and St Paul’s, will inspire all of those who encounter this imposing and thought provoking work. It will be seen and enjoyed by thousands, not least those working in financial institutions - some of whom will be the creators of the new kind of finance we need.
it is hoped that other financial centres across the world will also commission their own Amulet and it will become a global monument.
Sustainable finance has to become mainstream finance and this intiative has been conceived to inspire the global leadership needed to achieve it.
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
Our vision of future finance is one where the economy, society and the environment are inseparably entwined and are rooted in values of equality, collaboration and transformation. Amulet's view of finance is defined by the real economy and will accelerate investments to the Sustainable Development Goals and a 1.5˚C world.
James Cameron, Chair, Sustainable Finance Sculpture Project and Chair, Overseas Development Institute (ODI)