TransformedEurope.VISION2030ofanEuropethathassuccessfullyimplementedtheSDGs.

This 'newnarrative for Europe'wants to propose a vision in 2030 of a Europe thatwould havesucceededinachievingtheobjectivesofsustainabledevelopmentinatimelymanner.Fromthere,thetextwantstodoabackcastingexerciseandidentifythesocietalandgovernanceinnovationsthat would have allowed us to change paradigm as well as economic, financial, business andcitizenmobilizationmodelsinordertosucceed.ThisEuropeandreamcanbecomeareality,intheremaining12years,ifwearereadytoreviewourculturalmodelsandourethicsofindividualandcollectiveresponsibility,ourvisionof‘leadership’,'addedvalue'and‘comparativeadvantage’Thistextisbasedonsocio-culturalevolutionstudies,inparticularonthedynamicevolutionoftherespective‘powers’oftheStateandEUInstitutions,BusinessandOrganizedCivilSocietyintheirinteractionbetweeneachothersandwithOrdinaryPeopleandisinspiredbyprospectivescenariosproposedbyfamousauthors.ItincludesavisionofEuropebyayouthorganisation.Itoutlinesa‘Scaleup’strategybasedonthe‘dominotheory’andtheleverswhichcouldhavegreatimpactaswellastheaxesofan‘EnhancedPartnership’, inlinewithSDG17,betweenstateandnon-stateactorstoachievetheseobjectives.It will be presented to the Presidents of the European Institutions and to theMembers of theEuropeanCouncilbeforetheEuropeanCouncilofDecember2018.

ThisnewnarrativeforEuropeisanexerciseincollectiveintelligence.EditingcoordinatedbyRaymondVanErmenwithcontributionsfromBrunoColmant,CarineDartiguepeyrou,IrèneJ.Dupoux-Couturier,JeremyFosse,JanOhnesorge,KentyRichardson,DasaSilovic,GertjanStorm.Thewritingofthisvisionisduetotheinspirationofandborrowingfrom:

• Carine Dartiguepeyrou author of: La nouvelle avant-garde. Vers un changement deculture.Edl’Harmattan2013etLefuturestdéjàlà.EdLeborddel’eau2017

• Olivier De Schutter, author of The EU’s Fifth Project:, Transitional Governance in theServiceofSustainableSocieties.FranquiConference2014.

• EESCopinionson"TheEuropewewantby2025"and "ThetransitiontowardsamoresustainableEuropeanfuture"

• EnricoGiovannini,authorofL’UtopiaSostenible.Ed.Laterza2017.• NaomiKlein,authorofNoIsNotEnough.EdAllenLane2017• PascalLamy,co-authorof«Oùva-t-on?.Ed.OdileJacob2017• JeremyRifkin,authorofTheEmpathicCivilization.TheRacetoGlobalConsciousnessina

WorldinCrisis,Ed.Tarcher2010.• AlaindeVulpian:authorof«Elogedelamétamorphose,enmarcheversunenouvelle

humanité»Ed.StSimon2016• Happymorphose,http://www.mouvancehappymorphose.com/societe-comme-un-

cerveau/• USANationalIntelligenceCouncilreport‘ParadoxofProgress’• Muhammad Yunus author of A World of Three Zeroes: the new economics of zero

poverty,zerounemployment,andzerocarbonemissions.ScribePublications.(2017)..TheYouthvisionhasbeendraftedbyV4SDG-VisegrádforSustainability:FederikaFait,SándorMadar,AndrásVolom

TableofContents.Firstpart.Conceptsforaparadigmshifttobringhumanityintoanewworld.InterdependencecivilisationandenhancedglobalpartnershipPolylateralismandculturalchanges.Commongoods,engineoftheEuropeanUnion.Civiccapital,co-creationandco-leadership.PoliticsasasupporttothechampionsofthetransitiontoachangeofscaleCitizen-Cooperator':thetransformationalpotentialofthedigitalrevolutionSecondpart.TransformingourEurope.Thenewsocialcontract&SocialrightsThepublicdebtThebudgetRestructuringeconomicsystemstomakevisibletheinvisible.TheworldoftomorrowisalreadythereEuropeHuman&NaturalCapital,BiodiversityandPlanetaryBoundariesTerritories,resilienceandwell-being.ThirdPart.Inclusive,equitableandsustainablefinance,aleverforthetransformationofEuropeandtheplanet.Conclusions.Background.Annex1.Youthvision2030Annex2.PublicDebt.Annex3.Leadershipofinterdependenceandmulti-stakeholderspartnershipsAnnex4.Asafeoperatingspaceforhumanity.Overviewandinsights.

TransformedEuropeVision2030ofEuropehavingsucceededtheSDGsimplementation.

PartOne.Conceptsfora'paradigmshifttobringhumanitytoanewworld'

1. WeembracedEinsteinvisionthat ‘wecannotsolveourproblemswiththesamethinkingweusedwhenwecreatedthem’andidentifiedconceptstochangethemindsetnecessarytochangethedevelopmentvisionandparadigm.Weknewthat,asCarineDartiguepeyrouwrites, 'behind all transformation is a change in the cultural paradigm.Our capacity forevolutionisdirectlyrelatedtoourabilitytoadaptandthereforetothediagnosiswemakeofourhumansocietyandourenvironment.

2. After thegenerationswhoknew theSecondWorldWar, the IronCurtain, the fallof the

BerlinWall,togetherwiththenewgenerationswebecameawareagainofthevalueofoursolidarityandwesucceededbecause‘whenwebecomeaware,wedonotgoback’.Humanconsciousness can evolve in many ways. We have been able to effectively improvesolutionstoseeminglyintractableproblemssuchasthoseweexperiencedintheearly21stcentury, environmental degradation and climate change, nuclear proliferation andterrorism, hunger, inequalities and the lack of regulation of globalization, by raising andchanging the consciousness that continued to create or failed to avoid these problems.And by making clear that, as Ervin Laszlo writes, the evolution of consciousness hasbecomeapreconditionforourcollectivesurvival.

3. Sowhatarethepotentialnewapproaches.

4. Interdependencecivilisationandenhancedglobalpartnership

5. Wedecidedtoinnovatefromavisionofacivilizationofempathy1orlove2.Collaboration

calls empathy. We have managed to co-create, with the world of finance, companies,unions,universities,citizensactingassavers,consumers,electors,societiesandeconomiesbeyondcapitalism,communismandotherancientismsofthetwentiethcentury.Wehavebuiltanewlookattheeconomyandfinance,a"fullspectrum"economy.Theeconomyisaboveallaquestionofvalues.Wedecidedtofocusonthe'commons'whiletheeconomywasbasedonpoliciestore-consolidatewealthandpowerinthehandsofthosewhoruntheeconomy.

1JeremyRifkin2John-PaulII

6. Polylateralismandculturalchanges

7. Happily,attheEuropeanlevel,intheareascoveredbytheSustainableDevelopmentGoalsand climate, multiple coalitions were in place with their commitments and champions.2018 has been the year of ‘polylateralism’3 between state and non state actors at alllevels inEuropeandbetweenEuropeandourpartners in theworld, in thecollaborativeeconomyandtheglobalizedknowledgesocietyandglobaldisclosuresystemofthedigitalage. This iswhy, thanks to the numerous initiatives already in place demonstrating that‘tomorrowisalreadythere’4withaclearandattractivevisionofwhattheworldcouldbelikeandchartacredibleandchallengingpath toadifferent future,wesucceeded in thecivilizationchangedinitiatedby1972withthefirstreporttotheClubofRome5.InadditiontotheUNRio72,92andfollowingdecennialconferences,theUNParisClimateagreementandtheUNAgenda2030adoptedby2015,thesameyearastheEncyclicalLetter‘Laudatosi’6, an appeal to ‘care’ for the common home and a new call for ethics to supportbehaviouralchangeswhichresonatedinthebusinesssector havebeenmilestonesofalongjourneyleadingtothiscivilizationalchange.Governmentsarepartnersofnewformsofpolylateralism.

8. This paradigm shift has beenbasedononehandon amindset changedeeply rooted in

mainstreaming cultural changes: on one hand recognising our interdependences led todevelop anewformof leadershipmaking thebestof these interdependences7, on theotherhandthefeminineaptitudesofcompassion,collaboration,empathyandcreativity,present in women and men, emerged as ‘the operating system of twenty first century progress.’ Finallypolicymakersandcorporate leaderswereseeingwhatthedeep feminine has always known; that there is an inescapable interdependence of thesocial, environmental, economic and spiritual. These were exciting times! A patternemerged: moving from a system based on unbridled looting to a culture based onsolicitude,basedontheprinciplethatifyoutakesomething,youtakecareandgiveback.Asystem in which everyone sees their value recognized. Where the definition of greenemployment is expanded to any work that is meaningful and rewarding for ourcommunities and consumes little fossil energy. To care for the sick is renewableenergy.Teachingisrenewableenergy.

9. Wesucceededbecausewestartedfrompeople'sconcernsandtheirsilentrevolution.As

thesocio-anthropologistAlaindeVulpiansays,fromapyramidalsocietypeoplepassedtoan organized society as-a-brain8. Women and men at the beginning of the twenty-firstcentury, based on decades of change, have developed a self-organization in networks

3PascalLamy4SeeFrenchmovie‘LeMondedeDemainestdéjàlà’5LimitstoGrowth?DenisMeadows.6Franciscus7CarineDartiguepeyrou8SOCIÉTÉCOMMEUNCERVEAU-HAPPYMORPHOSE

chosenbyeachone,basedonthedigitalrevolutionandseekingformsofself-productionofwell-being.insmallnetworks.

10. This strategy was very much inspired by the USA National Intelligence Council report

‘ParadoxofProgress’withits3scenarios(Islands,Orbits,Communities).ThisCIAUSreportstated “themost resilient societieswill likely be those thatunleashandembrace the fullpotentialofallindividuals.(…).Inallsocieties,eveninthebleakestcircumstances,therewillbethosewhochoosetoimprovethewelfare,happiness,andsecurityofothers—employingtransformative technologies to do so at scale.While the opposite will be true as well—destructive forces will be empowered as never before—the central puzzle beforegovernmentsandsocietiesishowtoblendindividual,collective,andnationalendowmentsinawaythatyieldssustainablesecurity,prosperity,andhope»9.

11. We watched with cold blood and determination the world as it was in 2018 and thetransformations that were taking place. The planet has been transformed becauseplanetary boundaries havebeen crossed, especially in termsof climate andbiodiversity.The cosmopolisationof the human race,which has been going on for 70,000 years, hascontinued.Cultureshavebecometransnationalandglobaljustliketradeandpolitics.

12. Scientific discoveries regardingthe place of humanity in the cosmic saga, the sciences of

matter,life,consciousnessandevenmathematicshavetransformedthegazeofhumanityonitself.Weneededto'changesoftware'.Forthat,wereliedonthesciencesofchaosandcomplexity.Theyhadtaughtusthatthemoreasystemiscomposedofalargenumberofinteracting variables - which have exponentially believed between us the actors of theplanetarysystem-themoreitissensitivetothebutterflyeffectandthemoreimportantitis to put in place models of collective intelligence, by multiplying small networks andconnecting them together. In this respect, the Europeans, based on the thousands ofpartnerships developed, in particular with the support of the European Union, havedevelopedamajorinitiativeinsupportoftheSDGscalled'Europeans-as-onebrain’.

13. China has become the leader in the global scientific community and with other Asian

countriessuchasIndiaandSouthKoreahasshiftedthehistoricaldominanceoftheTriad(USA, Japan, Europe) on science and technology. scientists are collaborating more andmore across borders. A phenomenon that could be popularized with the greatinternationalexperimentsinparticlephysics,when3000physicistsfromaroundtheworldsigned, in2012, thediscoveryof theHiggsboson.ThecountriesofEurope, togetherandcoordinated, have managed to rise to the forefront in the fields of particle physics,astronomy,spaceandenvironmentaltechnologieshavemanagedtomaintainthemselvesas'innovativepartner10.

9GlobalTrends.ParadoxofProgress.NationalIntelligenceCouncil-USA.January2017.10LaplacedelaFrancedanslasciencemondiale|{Sciences²}

14. Chinahasregainedthepositiongivento itby itsdemography. Intechnology,economics,geopolitics, science.Hegemony in1990,after thebreakupof theSovietbloc, theUnitedStates no longer dominates the world. Scissors between the rise of Asia, the impact ofTrumpismandBrexit, thedigital revolution, the severityofenvironmentalproblems, theeraofAnglo-Saxoninfluenceonfinancialmanagementmodelsthateconomichasfaded.

15. The convergence of the global credit crisis, the energy crisis and the climate and

biodiversity impacts aswell as the setbacks in environmental policieshad led the globaleconomytothebrinkofabyss.

16. CommonGoods-anEngineoftheEuropeanUnion.

17. Acknowledging the impacts on society that the major global environmental challenges

wouldincreasinglyhave,wehavepreparedtheEUtoberesilientandinnovative,aswellasaglobalpartner inachieving theoutcomesof theSDG-agenda2030globally,basedonavisionofcommongoods,solidarityandtherichnessofourinterdependencies.

18. Ofthesevenmeasuredplanetaryboundaries,fourweretransgressed(biosphereintegrity,

climatechange,biogeo-chemicalflowsandland-systemchange).

19. "Using indicatorsdesigned tomeasurea ‘safeand just’ development space,wequantifythe resource use associated with meeting basic human needs, and compare this todownscaled planetary boundaries for over 150 nations.We find that no countrymeetsbasicneeds for its citizensataglobally sustainable levelof resourceuse.Physicalneedssuchasnutrition,sanitation,access toelectricityandtheeliminationofextremepovertycould likely bemet for all peoplewithout transgressing planetary boundaries. However,the universal achievement ofmore qualitative goals (for example, high life satisfaction)would require a level of resource use that is 2–6 times the sustainable level, based oncurrentrelationships.Strategiestoimprovephysicalandsocialprovisioningsystems,withafocusonsufficiencyandequity,havethepotentialtomovenationstowardssustainability,butthechallengeremainssubstantial."11

20. Europeans succeeded to harness the potential of human capital, key to sustainabledevelopment,inclusiveeconomicgrowth,wellbeingandsocietalstability.Empoweringandeducatingthevulnerablegroupsand individuals,strengtheninganddevelopingcapacitiesaccompaniedbysupportivenetworksandinnovationwillbekeytoasustainablefuture.

21. CivicCapital,co-creationandco-leadership

11"Agoodlifeforallwithintheplanetaryboundaries"(LeedsUniversityc.s.February2018)

22. Harnessing thepotentialofhumancapital iskey to sustainabledevelopment, inclusiveeconomicgrowth,socialwellbeingandsocietalstability.Inthiswomen,asafocusgroupandcurrentlyunder-representedgroup,areastrongsegmentofsocietycontributingtoeconomicdevelopmentandsocialandeconomicwellbeing12.Creatingasociallyjust,ruleoflawandhumanrightsbasedsocietiessinequanonimpliesgenderequalityandequalopportunities forwomen in the political, economic and socialmodel onwhich Europe2030shouldbebased.Genderequalitycutsacross theSustainableDevelopmentGoalsdemonstratingtheimportantcontributionwomencanmaketotheachievementoftheEurope 2030 strategy in all its aspects. Gender equality objectives should bemainstreamedthroughoutthestrategy13.

23. Civic capital is a 'capital' that is too little known and yet essential. Civic capital' is the

capacity of a human community to be united, creative, respectful of the rules. It isimportantas the 'performances' and 'outcomes'ofnations varygreatly according to thestrengthorweaknessofthis'civiccapital'.WedecidedtostrengthentheciviccapitalofallEuropeans.

24. Civic capital includes rights and responsibilities. In2018, theprotectionofpersonaldata

becameaveryimportantissuerelatedtotheHumanrightsthattheEUischallengedwithtodayandwhichhasanobviousimpactonworker'sandcitizensatlarge.

25. When human beings evolve culture through new agreements or new forms of

organization,theresultisacorrespondingdevelopmentforhumanconsciousnessthroughthenetworkeffectofculturaltransmission. Inan institutionalcontextwhereachangeoftreatieswouldrequirealotoftime,andwhilewewerefacingemergencies,wemanagedtomobilizeinanewway.Wedecidedtoaccelerateprogressasfrommotheryears2018-2019.

26. Weareatoneofthosehistoricalmomentswhenwearerecoveringaglobalimagination;

when ideas and capacity collide in movements that transform institutions and embedstructuralchange.Wehaveputinplacemechanismsforco-creationandco-leadership.Co-evolutionisbothconsciousandcollaborative.Co-leadership,likeajazzband,hasallowedus to unleash the creative potential of the greatest name and to 'grow in humanity'throughqualitativedevelopment.Thankstothesechoices,wehavefoundanewoptimismforEuropebasedonapurpose,avisionandsharedvalues.

12ObjectifdeDéveloppementDurable:égalitédessexes13DasaSilovic

27. ParaphrasingEdgardMorin,whenyouconsiderthisincredibleadventureofpastdecadeshowtothinkthattheadventureofthefuturewouldbelessincredible?SowedecidedtomakeEuropeinthe21stcentury,again,an'incredibleadventure'asitwasattheendoftheSecondWorldWarandtowriteanewchapterinhumanhistory.

28. Wehavehadtofacethelastdecadesfloodsanddroughts,freezingcoldandintenseheat,

climaticmigrations. Our shores have been eroded, our cities, our fields and our forestsaffected, our rivers, rivers,water tables impacted.We faced in a spirit of solidarity thatgalvanized our fellow citizens. Yes, at the same time as we adapted our cities andterritories,we first and foremost stood together,weunconditionallyhelpedpeoplewhowereinsurvivalmodeandveryprecarious!Wehaverecreated,developedacultureandanethic of solidarity, of the common good.We have been inclusive: to really tackle bothmaterialandimmaterialpoverty,butalsotoinvestintheculturalavant-garde.

29. Wehavehighlightedthepositivepotentialofourinterdependencies.Wetookactionand

articulated ethics and method. With the enthusiastic participation of the youngergenerations, from schools to universities,municipalities, social networks and themedia,building on the digital revolution and the revolution of sustainable finance, we haveprogressed in solidarity, built a new well-being territorial, celebrated our heroes ofeveryday empathy, our field associations. Banks and insurance companies, foundationsand businesses facing the costs and risks of climate change have financially supportedsolidarity initiativesand the intangible capitalof talentsandknowledge for thecommongood.

30. Wewishheretopaytributetoallthosewhoduringthesedecadeshavedevotedtime,efforts, choices to express empathy, solidarity, shared responsibilities in thousands offieldsofactionrelatedtothe

• Poor• Migrant• Handicapped• Elderly• Farmerthroughsustainableagriculture,sustainableandfairtrade• Children,Girls• Environment,zerowaste,circulareconomy• Nature• Culturalheritage• Education• etc

31. In2018,werealizedthattransitionwillonlybecomeapriority ifcitizensdecidetodoso

andtheeconomywillreinventitselfonlyifoursocietiesimaginenewsourcesofvalueand

a new relationship to time. It was not easy because there were many who, with thetechnological and digital transformation, wanted everything and immediately, withoutinvestingortransmittingorthinkingaboutthefuture.

32. However more and more young people have become passionate and projecting

themselves in 2050, with the help of climate coaches, have become actors in the lowcarbon transition, sketching scenarios as futuristic as realistic. Innovation has beeneverywhere.

33. We have succeeded in building 'new value' through our ability to manage flows, to

circulateinformation,totransmititandtomakeitgrow.Wewereabletocommunicateontheway,theprocessundertaken,thevision,thepotentialforemancipationthatrestsonvalues such as beingmore than having, freedom, simplicity, resourcing, altruism. Youngpeoplehaveplayedakeyroleasthecapacityforinspirationisanessentialelementofthemotivation for a collective project and a desirable future. They knew how to touch thepersoninhisentirety,thatistosayinhisrationalintelligencebutalsoemotionalorevenspiritual. They were able to arouse envy, identify talents and associate them with thisambitiousproject.

34. Politicsassupporttothechampionsofthetransitiontoscaleup

35. Anewwaytomakepoliticswastobeinsupportofthechampionsofaneweconomyanda new social contract. To think of Politics in a newway as being at the service of localinitiatives,inordertoallowthemtoflourishbyremovingtheconstraintsthatcouldweighon them. The task of higher levels of governance must, to this extent, be to manageexternalities; to organize the care within which the local initiative takes place, so as tofosteritsdevelopmentthroughwhatmightbecalled‘receptionfacilities’whichallowthediversity of innovations to bepromotedby adapting the legal andeconomic institutionsthatmakethemavailableandpromotetheirdevelopment.Inthiscontext,localtransitionexperimentsmustbeaidedindialogueand"citizensintransition"mustbehelpedtoreachacriticalmassinordertocreateasystemicchangeover14.Theroleofnon-stateactorsmustbe seen and organized as a "value chain" involving local authorities (regions, cities),companies and financiers (insurance companies, banks, pension funds), start-ups, Socialentrepreneursandworkers,universitiesandresearchcenters,consumersandthemedia,andsoon.

36. The transition must be organized on the basis of an in-between that would break thetraditional opposition between top down and the bottom up, between centralized anddecentralized management. European Innovation Partnerships with their system of‘commitments’aswellastheEuropeancirculareconomyplatformlaunchedbytheEESCwithits‘commitments’werepilots.

14OlivierDeSchutter.

37. Citizen-cooperator.Thetransformationpotentialofthedigitalrevolution.

38. Intheeraofthedigitalrevolution,ourcitizenshavebeenabletodeveloptheirpowerofaction (empowerment). Our companies were able to develop the 'interdependenceleadership' that had become a quest for a lot of companies that felt they needed tochange. A new, tripartite social contract, built on an ethos of collaboration, civility andinclusiveness emerged. Social instability, erosion of civil institutions and ecologicaldegradationareantitheticaltobusinessprosperity.Undertherightconditions,avirtuouscircle emerges. The corporation acts to reduce systemic risks, in turn, helps create astronger talent pool, revenue stream and collaborative arrangement on the part of thebodypoliticthatgrantsthecorporationitslicensetooperate.

39. Inthecontextofdevelopmentsinsocietygloballydrivenbythedigitalsocietyandmorein

particular knowledge systems we succeeded to use the digital revolution to develop avirtuous circlebasedon commitmentsmonitoring systemandpeer topeerdialogue. Inorder to promote sharing and cooperation across a diverse group of institutions, thepartnership agreement signed by financiers as well as representatives of civil societyincluding faiths, leveragedtheblockchain,perceived in2018asaground-breakingdigitaltechnology supporting decentralisedmethods for consensus reaching aswell as sharing,storingandsecuringtransactionsandotherdatawithfewertonocentralintermediaries.

40. Theblockchaintechnologyisalreadyexploredinthesectorofgreenbonds.(seePartIII.

41. Thesamesystemhasbeenappliedtoothersectorssuchaswater.Byprovidingasecure,

transparent and distributed ledger to record transactions between parties, blockchain-basedtechnologyfundamentallytransformedthewaywaterresourcesweremanagedandtraded.Firstandforemost,harnessingthiscapabilityenabledeveryonefromhouseholds,industryconsumers,watermanagersandpolicymakerstoaccessthesamedataonwaterqualityandquantityandmakemoreinformeddecisions.Suchtransparencyhelpedinformconsumer decisions around when to conserve or use water. It in turn helped preventcorrupt behaviour in situationswhere theremaybe an incentive for local authorities totamperwithorwithholdwaterqualitydata.Blockchaintechnologyalsosupportedpeer-to-peertradingofwaterrightsinagivenbasin,empoweringwateruserswhohavearewillingtosharetheirexcessresourceswithothersintheareatodoso24/7withoutrelyingonacentralizedauthority.Ascenariowhere farmers in thesamewaterbasincouldmakethedecision to trade their allocationsbasedon the latestweatherdata, cropprices,markettrends and longer term climate trends – much of which is already accessible via theirmobile devices, became reality. This type of transparent, real-time approach to watermanagement greatly mitigated tensions within and across certain localities bydemocratizingaccesstoinformationandpreventingthetamperingofdata15.

15Howblockchain,AIandotheremergingtechnologiescouldendwaterinsecurity|GreenBiz

42. In 2018 the#EnablingRights reportidentified a range of specifictechnology needsthathuman rights champions and defenders have, and the related scope of human rightschallenges that digital technology applications could address. Solutions ranging fromblockchain technology for workers' digital registries trackingforced labourto satelliteimagery andmachine learning software tools to identifyhuman trafficking routes; fromdata analytics and digital network solutions to address theglobal refugee crisis, tosolutionsprotectingchildsafetyonline.

43. Blockchaintechnologyalsoplayedanimportantroleinreducingtolessthan3percentthe

transactioncostsofmigrantremittancesandineliminatingremittancecorridorswithcostshigherthan5percent(Target10.coftheSDGs).Blockchaintechnologyenablesremittancecompanies to transfer value internationally, without having to use the correspondentbankingsystemwithitsratherhighfeesandslowtransactiontimes.In2017,ablockchain-empoweredinternationalpaymentservicethatdoesnotchargeanyfeesorexchangeratemarkupswaslaunched,enablingfreeinternationalremittancesbetweentheEuroarea,theUS and Great Britain16. Building on this achievement and aided by the proportionalapproachtoregulationtakenbyEuropeanregulators,theindustrymovedtofreeor low-costremittancecorridorsbetweenallEuropeancountriesandtherestoftheworld.

44. In2018businessreportingoncrediblecontributionstotheSDGswasfallingshort.75%of

thecompaniesintheKPMGstudyand62%ofthecompaniesinthePWCstudyreferredtotheSDGsintheirreporting.Thevaluechainapproachiswidelyusedasbestpractice(e.g.,byGRI,UNGC,WBCSDandtheGoldStandard)as itallowscompaniestogainacompletepictureof theirpositiveandnegative impactsontheSDGsand identifyareasofgreatestbusiness opportunities and risks. Goals with obvious alignment to existing businessstrategy andmatured performance indicators predating the SDGsweremost frequentlyprioritisedbycompaniesandincludeSDG13:ClimateActionandSDG8:DecentWorkandEconomicGrowth.However,whenprioritisedSDGsfocusonlow-hangingfruitandfailtoreflect development priorities in a company’s countries of operations, companies missopportunities to maintain their social license to operate and to anticipate emergingnational regulation. Most companies lacked a discussion of any of the 169 targetsunderpinning the SDGs and did not report on any performance indicators thatmeasureprogressoftheirSDGcontributions.ThesecompaniesfailedtodemonstrateameaningfulandcredibleSDGengagementbeyondaspirationalcommitments.Thisiswhy‘nationalandregionalmulti-stakeholdersplatforms’,asforexample,ASvISinItaly,Comité21inFrance,Conama Foundation in Spain, supported by think thanks and do thanks have beendeveloping successfullymulti-stakeholders review of companies performance dialoguessupported by blockchains focused on companies SDGs‘commitments’ . Rating Agencieswereexcitedby theseexercises fullof lessons. This transformedmanybusinessmodelsand lead tomany innovations to the great advantageof companies and for society as awhole17.

16https://irishtechnews.ie/circle-launches-free-euro-sterling-and-dollar-currency-transfers-in-ireland/17SDGReportingChallenge2017-pwc-sdg-reporting-challenge-2017-final.pdf

45. Fromthenon,weadaptedourselves.TheEuropeanUnionhasbeentheworld'spromoter

of China's 'leadership of interdependence' as a new axis of civilization. 'Capitalism' hasshifted to a 'distributed capitalism' based on a mass cooperative model based on datasharing,thetransparencythatthedigitalrevolutionallows,anewvisionthatJeremyRifkinsummarizes under the following formula: by improving the thewell-being of others,weincreaseours.

Secondpart.TransformingourEurope

46. We succeeded because we set ourselves priorities that spoke to the public and wereinnovative in the way they were implemented. Building on the United NationsTransformingOurWorldAgendaand theCharterofFundamentalRightsof theEU,wehavesetourselvesfiveimplementationprioritiesendorsedbypublicopinion,whichhavesystemicproperties(dominoeffect).andwhotogetherhavetransformedourEurope:

• Buildanewsocialcontractbyimplementingthegoalsofnopoverty(SDG1),zerohunger(SDG 2), zero unemployment, reducing inequalities (SDG10), decent work (SDG 8),qualityeducation(SDG4)

• Returntoaframeworksetbytheplanetaryboundariestoprotecthumanityandensureasecuresafespace intermsofclimatechange ,biodiversityandmanagementofnaturalresources.

• Make inclusive and sustainable finance as a lever for transforming Europe and theplanet.

• Ensure women's full and effective participation and equal access to leadership at alllevelsofdecision-making inpolitical, economicandpublic life andequalopportunities(SDG5)

• Promote the rule of law and enforce non-discriminatory laws, protect fundamentalfreedoms, secure good governance, accountability and transparency inclusive,participatoryandrepresentativedecision-makingatalllevels,empowermenttoscaleuptheimplementationoftheSDG’s(SDG16)

47. Thenewsocialcontract&socialrights.

48. Comparedtootherregionsoftheworld,wehavesodevelopeda'newtypeofcompetitive

advantage', that lies in theway to inspire, influence, findallieswithwhomtoco-builda'new social contract 'and accelerate the dynamics of transformation, to' viralize 'regularinformationonprogresstowardsthegoalsofsustainabledevelopment,theprotectionofthe commongoods tohumanity and the cultural paradigm shift, of transformationbothindividualandcollective.

49. WhenwemetinMilanin2018,theWorldBankhadjustwarnedthatdeepeningeconomicinequality in the EU risked fuelling populist politics. The report had underlined thatinequality has been "mounting in many parts of the EU since 1990 as low-incomeEuropeans have been falling behind in the labor market."Its figures showed that theearningsofthepoorest10percentofEuropeansfellby7percentinrecentdecades,whiletheearningsoftheEU'swealthiest10percentgrewby66percent.ThereportnotedthatpoorregionsinpartsofeasternEurope,suchasHungaryandPoland,stillhadlessthan50percent of the EU averageGDP per capita, even though national economies in the easthave prospered. It saidmost of southern Europe - Greece, Italy, and Spain – had beenfalling further behind the EU curve due to low productivity and low growth and thattechnological changehadwipedout15percentofmanual jobs inEurope in thepast15years.Manualworkers in Austria, Bulgaria, Greece, Hungary, Italy, Latvia, Romania, andSlovenia,werethehardesthit, thereportnoted."Themachinewill stallunlessstepsaretaken to ensure people benefit equally", Kristalina Georgieva, the World Bank chiefexecutive and a former EU commissioner, said in a statement ahead of the publication.ArupBanerji,who is in chargeof the EU countries department at theWorldBank, said:"The EU is growing, but Europeans are not growing united". Georgieva added, in aninterviewwith the Financial Timesnewspaper: "If left unattended, the risk is right therethatpeoplefeeldisenfranchised,disillusioned,andleftbehind."18

50. The Sustainable Development Goals (SDGs), numbered from 1 to 17, are universalobjectives: 1. No poverty 5. Gender equality 10. Reducing inequalities 12. Consumptionandresponsibleproduction16.Peace,justiceandstronginstitutions.17.Partnershipsforthegoals.Ontheonehandtheyformasetof 'values'thatchallengeourethicsof life,ontheotherhandtheyareaninvitationtobemoreambitiousthanthe"targets"(targets)setat the global level. What is proposed for Europe, including by Pascal Lamy19. Theydemonstratetheconceptofinterdependence20.ButtoreadthelatestEurostatreport21onthe'performance'oftheEuropeanUnion,theobjectivesforwhichtheEuropeansaretheworst performers are in descending order the SDGs 5,8,1,2,10 is the gender equality,decentwork,zeropoverty,zerohunger,andbottomofthepack:reducedinequality.ThatsaysalotaboutthestateofsocietyinEuropeandourvalues.

51. Ontheotherhand,there isagreatriskthatasaresultofthetaxreformadopted inthe

UnitedStatesbytheRepublicanmajority,anewworldtradewarhasbeenstartedandaracetoreducethetaxrateonforeignersinEuropeisbecomingstronger,leadingtomoreausterityandthreatstosocialprotectiontools.

18EUpopulismfeedsonpoverty,WorldBankwarns19OùvaleMonde?PascalLamyetNicoleGnesotto.Ed.OdileJacob2017.20PeopleandtheEarth.http://www.pbl.nl/en/publications/people-and-the-earth21SustainableDevelopmentintheEuropeanUnion.OverviewofprogresstowardstheSDGsinanEUcontext.2017.Eurostat.

52. Wehave built a new look at the economy and finance, a "full spectrum" economy. Theeconomyisaboveallaquestionofvalues.Wedecidedtofocusonthe'commons'astheeconomywasbasedonpoliciestore-consolidatewealthandpowerinthehandsofthosewho run the economy.We did not put our heads in the sand.We knew that to regainfinancialleeway,wehadtoactonthreefronts:themobilizationofcapitalinsupportoftheobjectivesofsustainabledevelopment(see§41to52),taxevasionandpublicdebt.

53. ThePublicDebt

54. The question of public debt is inseparable from the 'new social contract' and thesustainable development goals 'no poverty' and 'reducing inequalities'. This in a contextwheretheweightof thedebt isvery tiedto interest ratesandgenerates the increase inpovertylevelsover50years.

55. In2018thepublicdebtgreatlyexceededtheannualwealthcreatedbymostcountries(ieGDP).Thisdebtwasonlybearablebythelowlevelofinterestrates.Aquestionthenarose:how was it possible for a population to agree to finance the debt of its own state inproportionsthatmakethisdebtunbearable?WhenpublicdebtbecomestoolargerelativetoGDP,theabilitytochanneldomesticsavingsintodebtfinancingisakeyissue.Apublicdebtis,infact,ratherrefinancedthanreimbursed.It'sintuitive:withoutdomesticsavings,the state does not find ... creditors! Public debt is tolerable if domestic savings are, atworst,sufficienttobecapturedand,atbest,usedasamoralguaranteetoattractforeigncreditors.Thatsaid,evenifitisrefinanced,apublicdebtisworthwhileonlyiftheStateonwhich it restshonors itscommitments.Butthestatehasnomemorysince it reflectstheexpressionofsocio-politicalforcesofthemoment22.

56. Finally,thequestionistowhichpoliticalsystemdoesexcessivepublicdebtentail?Whatis,

infact,theculminationofthismovementofflightinwhichtheStaterushesthroughpublicdebt? Is it toward insidious state ownership of the entire economy and / or the loss ofpurchasingpowercausedbyinflationthatflowsfromthemonetaryweapon?Theanswerliesundoubtedlyinacomplexchemistryofthesetwoelementsthatcouldbedescribed,inHayek'slogic,asinflationarystate23.

57. TheBudget

58. EuropeansexpecttheirUniontodomore.AtatimewhentheEUisdoingmorethaneverbeforetoprotect,empoweranddefenditscitizens,resourcescontinuetobestretchedattheseams.AsEuropedecideson its future, theEUneedsabudget that is fit forpurposeandmakeseveryeuroworkforitscitizens.TheEUisexpectedtoplayabiggerroleinnewpolicyareas likemigration, internalandexternal securityordefence.AndEuropeshouldalso preserve its leading role on the global stage, as a major humanitarian and

22BrunoColmant23ibidem

developmentaiddonorandasaleaderofthefightagainstclimatechange.ThatmustbeachievedwithanEUbudgetthatwillonlygetsmallerfollowingthedepartureoftheUnitedKingdom. The Commission reflection paper looks at this challenge and put the keyelements for discussion on the table, structured around the five scenarios of theWhitePaper: will the EU simply carry on, do less together, move ahead at different levels ofintensity,dolessbutmoreefficientlyordomuchmoretogether?Eachoftheseillustrativescenarioswouldhavedifferent consequences -both in termsofhowmuch to spend forwhatpurpose,andonwhere themoneycouldcome from.Options range fromreducingspending for existing policies to increasing revenues. The missing scenario: the budgetalignedontheSDGstargets.

59. A briefing paper titled, ‘EU Budget Reform: Opportunities and Challenges for GlobalSustainable Development,’ explored in 2018 the EU’s Multiannual Financial Framework(MFF),whichregulatesEUspending.TheDIEpapernotedthattheprinciplesofthe2030AgendashouldbeembeddedwithintheEUbudget,suchthat it ismorestronglyfocusedon disadvantaged groups and the region’s environmental footprint, which the authorsindicatecan“bolsterpublicsupportforEurope.”Theyalsocallforassigningeachofthe17SDGstooneof thesixheadingsof theMFF,andforhavingthenextMFF—proposals forwhichareduetobereviewedon2May2018—setguidelinesforsustainableprocurement(ascalledforinSDGtarget12.7).AsecondDIEbriefingpapertitled,‘FromDamageControlto Sustainable Development: European Development Policy under the Next EU Budget,’examinedthe“GlobalEurope”Headingunder theMFF, thebulkofwhich is reservedfordevelopment cooperation. The authors noted that in recent years, fragmentation offinancinginstrumentsandfailuretomakeclearstrategychoiceshasledtotheinsertionofEUmemberStates’individualinterestsaroundmigrationandsecurity.24

60. Afterabattle in theEuropeanParliament, theEUMFF2021-2027hasbealignedon theSDGsandservetoacceleratethetransition.AnyfundingwereallocatedonthebasisofaSDGsimpactanalysis.

61. Restructuringtheeconomicsystemstomakevisibletheinvisible,

62. Forneoliberaleconomists, far frombeinganobstacletoeconomicaccumulation,climate

limitsareseenasthefoundationfornewprofits.Unfortunately,thisisashort-termvisionthat does not reflect negative externalities. This reality is linked to the need for thefinancial model to apply a price to the currency, through discounting, to distantexternalitieswhileminimizingthecurrentcost.

63. Timewasscarcesoweneededtomovedecisively.Vitalforthiswasandiscarbonpricing,

and in the absence of it, adjustments at the border. Carbon pricing is one form of a“payment for eco-system services” and “PES” will increasingly be applicable as a tool -

24PolicyBrief:SDGKnowledgeWeekly:EuropeanSustainableDevelopmentPolicyandtheNextEUBudget|SDGKnowledgeHub|IISD

togetherwithothertoolssuchasstandards-toaddressriskpricing issuesrelatedtothenegative externalities associated with the current unsustainable production- andconsumptionpatternsintheEU.ThepublicrevenuesresultingfromriskpricingattheEUlevelwill be instrumental aspartof “environmental fiscal reform”as a core tool for theSDGsglobally(ref.IMF).

64. TheWorldofTomorrowisalreadythere.

65. In2018,our first initiativewas to identify, connect, supportandmakevisible locallyand

globallythemanyleaderswhoalreadyembodyintheirpractice'theworldoftomorrow'.Wehavestrengthenedthelinksbetweenprogramsandinitiatives,wehaveincreasedtheaudienceoforganizationsandnetworksworkingfortheevolutiontowardsabetterworldand to increase their influence we have launched an informal reinforced cooperationbetweenstateandnon-stateactorswherethepolicyislisteningtotheactorsofchangesothatwecanacceleratethetransition.

66. EuropeansseizedthevastopportunitiesofferedbytheimplementationoftheSustainable

DevelopmentGoalsand theClimateagreements,with the launchingby2017of theOnePlanetCoalitionofCoalitions,toensuresustainabledevelopmentandthefutureofEuropeforthewell-beingofitspeoplesandfuturegenerations.Thankstothe2018initiativesasthe launch of the EU platform on SDGs, the EU action plan on sustainable finance, theMilanconventionandfinallyaEuropeanCouncilmeetingendoftheyearwith leadersofstate and non state actorwe succeeded to align the efforts of all in Europe : business,tradeunions,churches,banks,schools,andtolaunchinnovativecooperationsystem.

67. InMilan,we launchedaEuropean-as-a-brainoperationsothatnetworks,partnerships,initiativescontributingtotheimplementationoftheSDGsandclimateagreementworktogethertorespondtotheneedtomakea'leapintohumanity'.Europeans-as-a-brainasaEuropeanprocess

• StartedbyconnectingexistingpartnershipsinitiativesinsupporttotheSDGsandclimateagreements

• focused on four "assets": knowledge capital and civic capital to change behavior,financialcapitalandnaturalcapitaltochangepatternsofdevelopment

• collectively and collaboratively use the new tools of the digital revolution to connect,shareandcollaborate,monitorprogressanddevelopapeertopeerdialogue

• aime toaccelerate the transitionandbuilda 'leap forward’which shouldbe ‘a leap inhumanity’.

68. The Europeans-as-one brain, champions of the new world which is already largelyamongst us and can drive Europe towards a brilliant future should build upon theinitiativesconnectedwithandsupportedbytheEU:CommissionanditsSDGsplatform,theEESC,theCommitteeofRegions,theEIBandEBRD,therelevantAgencies.

• JunckerInvestmentPlan• UnionfortheMediterranean• Horizon2020Researchprogramme• CovenantofMayors• EuropeanInnovationPartnershipandEITHealthylivingandactiveageing• EuropeanInnovationPartnershipSmartCities• EuropeanInnovationPartnershipSustainableAgricultureandEITFood• EuropeanInnovationPartnershipandEITRawMaterials• EuropeanInnovationPartnershipWater• EITInnovationCommunityClimate-KIC• EITDigital• EITInnoEnergy• Life+• SwitchMed,Switch-Asia,• MultiannualindicativeprogrammeforLatinAmerica• Multi-annualIndicativeProgramme(MIP)oftheEU'sPan-AfricanProgramme

69. EuropeNatural&HumanCapital,BiodiversityandPlanetaryBoundaries

70. One of the five priorities of the Agenda 2030 implementation in Europe is to apply a

frameworksetbytheconceptof“ASafeOperatingSpaceforHumanityandtheplanetaryboundaries”linkedtotheissueof“riskmitigationinthepublicinterest”inordertoprovideabridgeto theactors in theeconomyand in financewithadverseconsequences for theenvironment

71. Acrosstheplanet,thedeclineinbiodiversitycontinues,"significantlyreducingtheabilityof

nature to contribute to the well-being of people". Not acting to stop and reverse thisprocess isendangering"notonly the futurewewant,butalso the liveswearecurrentlyliving". This was the warning message issued by the Intergovernmental Science-PolicyPlatformonBiodiversityandEcosystemServices(IPBES)in2018.Wecouldonlychangethisterriblefindingatthecostofdrasticchanges.25

72. In2030Chinadominatestheworldeconomy.Oneofthereasonsisthedependenceoftheworld economy on the raremetals needed on the one hand for the low-carbon energytransitionandgreen technologies,on theotherhand for thedigitalpresenteverywhere,fromourmeansofcommunicationtoourmilitarymeans.Thechangeintheenergymodel

25Ledéclinmassifdelabiodiversitémenacel’humanité

hasrequiredadoublingoftheproductionofraremetalsoverthelast15years,notwithoutseriousenvironmentalproblems.Ourliberationfromoilandcoalhasledtonewformsofshortagesandcrises. In2020,anenhancedChina-Europecooperationbetweenstateandnon-state actors on rare metals and the associated sustainable development goals wasinitiated.Ithasallowedmultipleinnovations.

73. ThescopeandreachoftheEUcontributiontotheeffectiveandtimelyimplementationoftheSDG-agenda2030,integratingtherisksinherentinthePlanetaryBoundaries-Issueshasbeenarticulatedaroundcoreissues:

• aneffectiveapproachtopolicycoherenceforsustainabledevelopment insupportof theproposedEUcontribution,bywayofadaptivepoliciesandmeasures tobereviewed and recalibrated over time, and resulting in an adequate governance-systemforsustainabilityfroboththepublicandprivatesectoractors

• approaches addressing the social issues by referring to and building on the riskmitigationassessmentandoutcomesmentionedabove

• thelatterdescribedasareductionintheperiodtowards2030oftheimpactsandemissions related to the high risk issues defined in the Safe Operating Space-analysisandinparticularthoserelatedtoEUCAP

• the EU CAP issue served as a prominent example of EU-policy coherence forsustainable development to be undertaken as a matter of urgency (EU budgetcycle,PBredzoneissues…)

• therapidemergenceanddevelopmentofnewinitiativesinscience,society,financeand business, as well as change in expectations and demands by citizens andconsumers, demonstrating the opportunities a proactive implementation of theSDG-agendaprovidesandthesupporttheyimplytopublicsectoractors

• supportedbydataanalytics,co-operativeinitiativeslinkedtointeractiveknowledgesystems, aswell asmonitoring, assessment- and reporting systems in support ofaccountabilityforoutcomesbybothpublicandprivatesectoractors26.

74. Territories,resilienceandwell-being.

75. Wehavereviewedourvisionofwell-beinganddevelopednewformsofmanagementof

bothruralandurbanterritories.TheCovenantofMayorsforClimateandEnergyisoneofthegreatsuccessesofEurope.

76. Wehavemadeourcitiesandour rural terrtiories laboratoriesof thiswell-being.Weare

partofaninterinstitutionalapproach(itconcernsCities,Metropolises,RuralCommunesinacooperativerelationshipwiththeRegionsandStates)multi-stakeholder(inaninteractionof initiatives between elected and institutional, actors civil society in all their economic,social,culturalcomponents...andcitizens)multidisciplinarybecauseresiliencewillbebuiltinaglobalvisionwherespaceplaystheroleofintegration.

26GertjanStorm

77. European cities have become 'Ecopolis' which carry a collective vision of society,

supportingnotionsofgeneralinterestandcommongoods.Thecityisdenser,sociallymoremixedandorganizedaroundthepublicspace.Anenergymix isdevelopingfromarise inrenewable energies andmore generally green and blue economies. A local economy ofgoodsandservices,especiallyfood,isconsolidating,asanalternativetoanyimport-export.TheCityisconceivedasanetwork,inasolidarityrelationshipbetweendifferentterritories,populations, and between the city and nature. Mobility gives a large share to publictransport.`

78. Air pollution remained a theme with serious consequences for public health. Cities in

particularhavebeentransformedtomeetthem.

79. European Consumers need to have access to safe, healthy, high quality and affordablefood.In2018,thechallengewashowtoensurethatthesebasichumanneeds,economicgrowthandequitablesocialdevelopmentaremetforoptimalhealthandwell-being,whileprotectingtheenvironmentandremainingwithinthelimitsofa“SafeOperatingSpaceforHumanity”,ensuringandguidingtheactorsonthedemand-andsupplysidesintheirdailydecisionmaking.

Third Part. Inclusive, equitable and sustainable finance, a lever for thetransformationofEuropeandtheplanet.

80. The key area inwhichwe decided tomobilize and activate knowledge capital and civic

capitalwas tochangebehavior in theworldof finance (aswellason thepartofcitizen-cooperators)andplacethefinancialsystemattheserviceofsustainabledevelopment.Bymobilizingonthissubjectwehavehadamajordominoeffectontheotherthreepriorityaxes:thenewsocialcontract, theplanetaryboundaries, thestatusofwomenandall theSDGs.WereliedontheG20'scommitmentsinsupportofinclusiveandsustainablefinanceandtheconclusionsofaconferenceheldinBuenosAiresinSeptember2018onthetheme"Peopleandplanet,inclusivefinanceforsocialinclusion”,attendedbydignitariesofmajorreligionsandmajorplayersinfinance,theG20andcivilsociety.

81. The Commission estimated in June 2017 that realising the SDGs would require annual

investments insustainable infrastructureworth4,7-6,7trillionEuros.Climatechangewasoneofthepressing,multipleandinterconnectedecologicalcriseswhichwerethreateningthe futureofhumanityas theexhaustionofwatersuppliesandpollutionof thewater-table,deforestationandlossofhabitats,soildegradationandthethreattofoodsupplies,weakeningof thenitrogenandphosphorouscycles,oceanacidification,ozonedepletion.Sustainable finance needed to encompass solutions to all these challenges,while takingintoaccounttherisksstrandedassetsposedtofinancialsustainability

82. Financial institutions can take the lead in being socially responsible andworking for the

‘common good’ as finance returns to its roots by looking at the way they incentivizeactions around social inclusion, environmental stewardship and economicsustainability.2015-2018emergedastheyearsofsustainablefinance.Thishighlightedtheneed to place the financial system at the service of sustainable development (Agenda2030),environment,careandpeace.ForthefinancialindustrytwoSDG’stakenseriouslyNoPoverty (SDG1) andReduced Inequalities (SDG10) led to a revolutionary changeofmacro-economic, financial andbusinessmodels.With the releaseof the 2018 report onfinancing a sustainable Eropean economy, Europe entered, after the mistakes of theperiodwhichfollowedthe2008bankingcrisis,inavirtuouscircle.Butittooktime.

83. To move towards a ‘stakeholder financial model’ was extremely urgent as Financiers,

Governments, Rating Agencies had on the agendainitiatives leading to standards ,labelling, regulations, ratings initiatives of sustainable finance products, services andinstitutions. Sustainable Finance needed to address the environmental, social, economicandethicsdimensionsoffinancesimultaneously.

84. Sustainableandresponsibleinvestorsarethosewhoshowawarenessoftheexistenceofserious unjust situations, instances of profound social inequality and unacceptableconditionsofpovertyaffectingcommunitiesandentirepeoplesandthedesiretoaddressthem.Willingtoengageforachange,theyturntofinancialinstitutionswhichusetheirresources to promote the economic and social development of these groups throughinvestment funds aimed at satisfying basic needs associated, for example, withagriculture, reasonable prices, access to water, adequate housing, as well as withprimaryhealthcareandeducationalservices27

85. For a shift to be meaningful, it requires more significant action by ‘broad finance’

stakeholderswhose decisions collectively influence finance that includesmore than justfinancial institutions. Included in the range of those ‘broad finance’ stakeholders aretraditionalplayersincludingassetmanagers,banksandinsurersaswellasassetowners,acategorywhichincludesboththeinstitutionalownerssuchaspensionandsovereignfundsbutalsotheirbeneficiarieswhoseinterestsaremadeknownthroughformalandinformalgovernancestructuresspecifictoeachinstitution.

86. In2018,thefinancinggaptoachieveEUclimateandenergytargets isestimatedat€180

billion annually.The Action Plan on Sustainable Finance, launched on 8 March 2018,presents a ten-point strategy to connect finance with sustainability, and is part of theCapitalMarketsUnion’s (CMU) efforts to connect financewith the specific needsof theEuropeaneconomy.TheActionPlanrepresentsasteptowardsimplementationoftheParis

27CardinalTurkson.Secondconferenceonvaluebasedinvestors&SDGs.Rome2017.

Agreement on climate change and the EU’s implementation of the 2030 Agenda forSustainable Development. The Action Plan seeks to: establish a unified EU classificationsystem to define a common language for sustainable finance, and identify areas wheresustainable investmentcanmakethebiggest impact;createEU labels forgreen financialproductstoenableinvestorstoidentifyinvestmentsthatcomplywithlow-carbonorgreencriteria; and enhance transparency in corporate reporting by revising the guidelines onnon-financial information to align them with the recommendations of the FinancialStability Board’s Task Force on Climate-related Financial Disclosures (TCFD). The ActionPlan also addressed sustainability in investment processes, disclosure requirements andprudentialrequirements,amongotherareas.

87. Theactionplanproposedby the JunckerCommission inMarch201828wasa first step29,necessary but not sufficient. When compared with the proposals envisaged by therapporteuroftheEuropeanParliamentaswellassomeCentralBakGovernors30itbecamevery clear that there was much more to do31.. Thus under the new Commission postelection2019,otherstageswerecrossed.

88. Amulti-stakeholder partnership agreement Inclusive and Sustainable Finance tomovetowardsa‘stakeholderfinancialmodel’andaddressan‘inclusivefinance&care’agendahasbeensignedinBuenosAireson21stSeptember2018.IthasbeenawideningoftheStockholmDeclarationregardingsustainableinvestments,andfinancealigningfinancialservices with the common good. It has been strengthened by the application of ablockchain record, providing transparency to the implementation of the partnershipagreements, in support to the G20 High Level Principles for Digital Financial InclusionprimarilythroughPrinciple8(TrackDigitalFinancialInclusionProgress).

Conclusion

89. In2018,thepushneededtoputtherocketAgenda2030intoorbitandachievetheSDGs

within12yearswasnotstrongenough,eithergloballyorattheEuropeanlevel.Itwasnotaboutwalkinganymore,itwasaboutrunning!Businessasusualwouldnothavemakethedeal.We needed to bemore efficient and innovative. It was about innovate to changescaleandbeinclusivebasedonsynergybetweenfourrevolutions(digital,environmental,financial, ethical). This has beenour success. We succeeded also becausewedecide tofocusonfour‘capital’:knowledgecapital,financialcapital,naturalcapitalandciviccapital.

28CommunicationfromtheCommission:Actionplanonfinancingsustainablegrowth-180308-action-plan-sustainable-growth_en.pdf29ECConferenceUrgesForwardMovementonSustainableFinance|News|SDGKnowledgeHub|IISD30FirstmeetingoftheCentralBanksandSupervisorsNetworkforGreeningtheFinancialSystem(NGFS)onJanuary24thinParis31Reportonsustainablefinance(2018/2007(INI).RapporteurMollyScottCato.

90. Inthisyear,2030,wesucceededtoreachtheSGDs. WiththeadoptionoftheSDGsandclimate agreements of 2015 the world was resolved to free the human race from thetyranny of poverty and to heal and secure our planet. Eradicating poverty andinequalities, in all their forms and dimensions, including extreme poverty and genderinequality, was the greatest global challenge and an indispensable requirement forsustainabledevelopment.

91. With the participation of state and non state actors from all countries, with thecontributionofallstakeholdersandallpeople,wewantedtoreachasafeoperatingspacefor humanity.We realized that a successful implementation of the Agenda 2030woulddefinitely transform Europe and be a leap forward for humankind. We are glad thatbecausewerealizedourambitionsacrossthefullextentoftheAgenda,thelivesofallhaveprofoundlyimprovedandourworldhabeentransformedforthebetter.Wesucceededa'paradigmshifttobringhumanitytoanewworld'

BackgroundAnnex1.Youthvision2030.Thereason:

In2018,werealisedthatpopulistmovementsandeuroscepticviewsareontheriseacrossEurope.Such ideologies and their illiberal principles are undermining the democratic character of ourEuropeanUnion.ThesemovementsareweakeningtheunityandthecoherenceoftheEuropeanproject,aswellasitsinstitutionsbycreatingobstaclestostrongerintegration.

We also observed that the younger generations are more susceptible to these disruptiveideologies. If the youth is not inspired anymore by the opportunities and possibilities that theEuropeanUnionhascreatedoverthedecadesandbytheprinciplesandvaluesoffreedom,libertyand human rights, the European project has no future. Oftentimes, young people do notunderstandthe importanceoftheseachievements: theywereborn intothisenvironmentwhichtheynow take for granted. The youthhas to rediscover thebenefits of theEuropeanUnionbyimagininghowthecontinentwouldlooklikewithoutit.

Populism and euroscepticism, however, are only symptoms that developed in opposition tosilently escalating problems under the surface. A new identity was born out of necessity,characterisedbydisappointment,afeelingofbeingneglected,leftbehindandexcluded.Therootcausesofthesesymptomscanbetracedtodeepeningsocio-economicinequalitiesandimbalancesgeneratedbyglobalisation,growinggenerationbygeneration.

Fortheyouth,thesestemfromunequalaccesstoeducation,genderinequalitiesatschoolandatwork place, income gaps, labourmarket inequalities, challenges to keep up with technologicaldevelopment,adapttoautomationandaseriesofsocio-economicinequalitiessuchastheurban-ruraldivide,accesstoinformation,opportunities,transportationandotherformsofmobility.TheissuescausedbytheglobalisationoftheworldareoftenreflectedandseenasthedefectsandthefaultsofmalfunctioningEuropeaninstitutions.Theproblem:

WebelievethattheAgenda2030oftheUnitedNationsanditsimplementationcouldinspiretherightsolutionstomitigateandtackletheseissues,butonlyifitengageswiththeproblemsofthefuturegenerations:ouryouth.The Implementationof theSDGscanequallymaketheEuropeanUnion institutions better and correct the faults and mistakes of the system to counter

euroscepticismandpopulism.Therefore,between2018and2020welaunchedintergenerationalconsultationsonnationallevels,identifiedandacknowledgedthecoreissuesoftheyouth.

Thedialoguesshowedthatoureducationsystemsareoutdatedandunabletopreparetheyounggenerationsforthechallengesofthe21stcentury.Theneedsofthestudentsarenotmetandtheoldfashioned,knowledgebasedteachingmethodsarenotleavingenoughspacefortheirmindstoengage creatively,maximize potential and fully develop diverse competencies and skills. At thesametime,thesewouldbeessentialonthejobmarkettosatisfythecontinuouslychangingandshiftingdemand.

Young people also desire to secure decent and stable jobs with sustainable salaries satisfyingminimum living expenses, the respect of rights and the opportunity for progress and self-development.Moreover, it is important to reducewealth inequalitiesbetweendifferentgroupsandregionsoftheEuropeanUnioninordertocreateamoreprosperousfutureforallofthem.

One of the most important contemporary problems faced by youth is the lack of mobility.Especiallyinruralareas,youngpeopleareoftenhavingalackofinformationandknowledgeaboutissues projecting further than their local communities. They have limited access to informationaboutopportunitiesandpossibilitiesintermsofstudiesandjobs.Theyoftenfindithardtotakeadvantageofthosepossibilitiesandopportunitiesbecauseoffactorssuchas,butnotlimitedto,thelackofaffordabletransportationorlanguageandculturalbarriers.

Theyouthencountersvariousformsofsocio-economicinequalitiestoanequalextent,whicharesimilarly present in their everyday lives. Family background is pre-determinative of theopportunitiesandmobilities thatyoungpeoplecanhaveduringtheirupbringingandwhentheystart their independent life. The health and wellbeing of young people are affected by thecapacitiesandconstraintsofthefamily.Theyouthisoftentimesfacingpovertyandhungeraswellasdiscriminationandsegregationinpoorcommunities.Formany,theabilitytoplanasustainablelifeaheadissimplyaluxury.

Fortheyoungergenerations,keepingupwithtechnologicaldevelopmentandinnovationisnotachoicebutanexistentialquestion.Firstandforemost,theywillhavetoadapttothephenomenaofautomationandartificialintelligenceonthejobmarket.Inordertomitigatethelossesofjobs,programmes focusing on re-education are necessary along a total reboot of our generaleducationalsystems.

In the era of digital revolutions, we should boost and improve our digital knowledge andinfrastructure.Atthesametime,weshouldnotdosoattheexpenseofsafetyandsecurity.Cybercrimesandcyberbullyingcommittedagainstusersmustbetackledswiftly.Inclusiveonlinespacesfor open debate and productive coworking should become universally accessible to newgenerations. Thismeans that wemust change thewaywe conduct public affairs. Our systems

must be recreated based on the existing European best practices in e-governance with theprovisionoftrainingtomakeitfullyaccessiblenotonlyfortheyounggenerationsbutalsofortheelderly.

Finally,wehavetomentionenvironmental inequalitiestoothatareequallyconcerningfromtheperspectiveof theyouth. Issuesconnected tocleanenergy,cleanwater, cleanair,healthy foodproducts and sanitation are urgingmatters influencing the life expectancy of young people. Inessence, this is amatter concerning themost fundamental human right: the right to life.Withgoodgovernance,wecancreateabalancebetweenenvironmentalhealthandecosystemvitalityin order to uphold prosperous economic and social development with the preservation of ahealthyenvironmentthatispreconditiontohumanhealthandwellbeing.

Thesolutions:

Inlightoftheseproblemsanddemands,wedecidedtobuildanewstructureofgovernancebasedonanewsocialcontractbetweentheyouthandinstitutionsoftheEuropeanUnion.WecreatedanagendaaddressingtheyouthwiththetoolsoftheSDGsinshort,midandlongtermsleadingto2030andbeyondbyupholdingandfurtherimprovingourachievements.

We started off by raising awareness about the SDGs. We made it an integral part of youngpeople’s education in elementary and high school. We encouraged collective projects atuniversities that are transforming dialogue and knowledge into tangible and local actions. WecreatedcommunicationontheSDGstowardstheyouth,bytheyouthwiththehelpofyoungandforwardthinkingchampionsandleaderswhoareempoweringtheiryoungfellows.Inthisformofawarenessraising,thediversesocialmediaplatformsandgenerallytheinternethadaleadingrolethatfacilitatedtospreadinformationandtoreachouttotheyouthininteractiveandeyecatchingways.

By2030,wesucceededinestablishingadirectandunbiasedchannelofcommunicationbetweentheEuropeanyouthandthegoverningEuropeaninstitutions.Thisamelioratedgoodgovernancepracticesandmadeourdemocracymoreinclusive.Thismeasureequallyensuredthatthevoiceoftheyouthisbeingheardandtheirdemandsaretakenintoaccount.

Thanks to the younger generations’ desire to change and determination in influencing eldergenerations about the importance of involving the youth, we put in place advanced decision-makingmechanisms.Inthesemechanismstheyouthareconsultedandinvolvedintheformofanintergenerational governance structure on a municipal, county, region, country and Europeanlevels.Weachievedthisbyorganizingcountrytours,conferencesandplatformsfordialogueand

action in the form of local think-and-do-tanks. This helped us decrease inequalities, increasemobilityandimprovepolicy-makingnotonlyintheyouthsectorbutacrossallareas.

Uponrecommendation,theMemberStatesreformedtheireducationalsystemstoenableyoungpeople to adapt to the challenges of the rapidly developing 21st century and to the changingdemandsofthetransformingjobmarket.Theoldfashionedandknowledgebasededucationwasreplacedbyamorepersonalizedandpracticalsystemthatisgivingtools,skillsandcompetencesintothehandoftheyounggenerations.

The reformed education systems also helped young generations to cope with the increasingmentalpressuresofourinformationsociety,aswellastoeradicategenderinequalitiesandreducevarious forms of socio-economic inequalities and imbalances among the young generations.Further to that, it has encouraged the European Union to build its role as a global force forsustainability,workingfortheequaldevelopmentofallpeoplesonPlanetEarth.

This agenda contributed to the creation of a sustainable and prosperous Europe developing inharmony-botheconomicallyandsocially-withtheenvironment.Ithelpedusbreakthegrowingtides of populism and euroscepticism. Thanks to the actions inspired by the document youngpeoplecouldregaintheiraspirationsfromthecommonEuropeanprojectandcouldbecomekeyagentsofchangefordevelopment.ThiswaytheyhadtheopportunitytomakeourUnionembraceitsroleasaresponsiblegloballeaderworkingforthewholeofhumanity.

Most importantly, with this we achieved that young people are recognised as equal partners,leadersintheirownrightwhoactasagentsofchangetacklingglobalchallenges.

Participatedinthedrafting:V4SDG-VisegrádforSustainability:

FederikaFait,SándorMadar,AndrásVolom

Annex2.PublicDebt.

ContributionofBrunoColmantonpublicdebt.

Ladettepublique.

Ladettepubliqueestunconceptinsaisissable.Sesfacettessontnombreusescarellereprésenteàla fois une prospérité future empruntée, un financement de biens publics qu'une populationrefusedepayeràsoncoûtréeletuntransfertcontinudescréanciersde l’Étatvers lessecteurspublics, à l'instar d'une gigantesque sécurité sociale. La dette publique serait alors à l'épargne

privéecequel'impôtestauxrevenus.Elleseraitmême«la»représentationultimedelasolidaritéétatiquepuisquesonrefinancementconditionnelesmécanismesfiscauxetderedistribution.Ilyaaussiunedimensiontemporelletrèsparticulière.Untitrededettepubliqueconstitue,poursesdétenteurs,uncapital.Mais,contrairementàuncapitalprivé,quireprésentedutravailpasséprogressivementépargné,ladettepubliqueconstitueaussiunprélèvementsurletravailcollectiffutur.Plusspécifiquement,lecréancierdel’Étatluiprêtedel’argentgrâceàl'épargnedutravailpassé,tandisquel’État(ledébiteur)remboursesapropredettegrâceàunprélèvementfiscalsurle travail futur.C'est logique: ladettepubliqueestgarantiepar lacapacitéde l’Étatà leverdesimpôtsportant,entreautres,surlesrevenusprofessionnelsfuturs.Ens'endettant,l’Étatdemandedoncàdescréanciersdeluifairecréditaumotifqu'ilseracapabled'exigerunprélèvementsurlacréationderichessedesesfuturscontribuables.Aujourd'huiladettepubliquedépasselargementlesrichessesannuellescrééesparlaplupartdespays (c'est-à-dire lePIB).Cettedetten'estd'ailleurssupportablequepar lebasniveaudes tauxd'intérêt.Unequestionseposealors:commentest-ilpossiblequ'unepopulationaitacceptédefinancer ladettede sonpropreEtatdansdesproportionsqui, aujourd'hui, rendent cettedetteinsupportable ?N'est-cepas schizophréniquede contracter collectivementunedettequ'on saitexcessive ? Cela ne relève-t-il pas d'une profonde naïveté de croire que ce seront toujours lestravailleursdedemainquirembourserontcettedette?Et puis, d'où l'argent épargné pour financer cette dette provient-il ? De la croissance passée ?D'une confiance en nous-mêmes qui sommes simultanément et concomitamment débiteurs etcréancierscollectifsdel'Etat?Dufaitquel'Etatnousaoctroyédesbienspublicsàcoûttrèsbas(éducation,transportsroutiersetferrés,etc.)quinousontpermisd'épargner…etdefinancerl'Étatquenousfinançonsdésormais.Cesquestionsn'ontpasderéponseprécise.L'économisteallemandAdolpheWagner(1835-1917)quiénonçasa loiéponyme,àsavoirqueplus lasociétésecivilise,plus l’Étatestdispendieux,cequisetraduitparlefaitquelapartdesdépensespubliquesdanslePIBaugmenteaveclerevenuparhabitant.Wagnerdécèledoncunecorrélationentreleniveaudedéveloppement,l'étatisationde l'économie….et l'importance de la dette. Wagner explique cela par le fait que ledéveloppementaccroîtlademandedebienspublicsàunrythmequiluiestsupérieur.Unequestionparallèleestdesavoirdansquellemesureunedettepubliqueestsoutenable?Enmatièrededettespubliques,leprincipalréflexeestdelescomparerauPIBetàlacapacitéfiscaledel'Etatémetteur.Maisuneautredimensiondoitêtrepriseencomptelorsqueladettepubliquedevient trop importante par rapport au PIB : il s’agit de la capacité de canaliser l'épargnedomestiquevers le financementde ladette.Unedettepubliqueest,eneffet,plutôt refinancéequeremboursée.C'estintuitif:sansépargnedomestique,l'Etatnetrouvepas...decréanciers!Ladettepubliqueesttolérablesil'épargnedomestiqueest,aupire,suffisantepourêtrecapturéeet,aumieux,utiliséecommegarantiemoralepourattirerdescréanciersétrangers.

Ceci étant,même si elle est refinancée, unedettepubliquen'ade valeurqu'à la conditionquel'Etat, sur laquelle elle repose, honore ses engagements.Or l'Etat n'a pas demémoire puisqu'ilreflète l'expression des forces socio-politiques du moment. C'est ainsi que Marx (1818-1883)considérait que la dette publique était sans lien nécessaire avec le processus de production decapitaletqu'ellen'étaitpasuntitresurducapitalréel.Ill'assimilaitàuncapitalfictif,parcequ'ilen voyait l'extinctiondans la révolution, état préalable à la victoireduprolétariat.Aux yeuxdeMarx,celaallaitmêmeplusloin:commeladettepubliqueestuntravailpasséaccumuléetgagéparuntravailfutur,cettemêmedettedevaitêtreannuléeparlanégationdelapropriétéprivée,qu'ilpercevaitcommeunobstacleàl'égalitésociale.Proudhon(1809-1865)n'avaitpasunevisiontrèséloignée.Dans un saisissant recueil de textes des années vingt et trente consacrés à la monnaie et àl'économie,Keynesabordaitavecluciditéladégradationdupouvoird'achatdelamonnaie.Pourl'économisteanglais,cettedernièren'estpasunaccidentdel'histoirecardeuxforcesdetractioninduisent lapertede lavaleurde lamonnaie : l'impécuniositédesgouvernementset l'influencepolitique des débiteurs. En d'autres termes, l'endettement excessif de l'État, combiné à ladifficultéd'enimposerlachargesursescitoyens,leconduitàdépréciersamonnaieafind'allégerleremboursementdeladette.Etfinalement,laquestionestdesavoirversquelsystèmepolitiqueunedettepubliqueexcessiveentraîne? Quel est, en effet, l'aboutissement de ce mouvement de fuite dans lequel l'Etats'engouffre au traversde l'endettementpublic ? Est-ce vers uneétatisation insidieusede toutel'économieet/ouvers lapertedepouvoird'achatentraînéepar l'inflationquidécoulede l'armemonétaire?Laréponsesesituesansdoutedansunecomplexechimiedecesdeuxélémentsqu'onpourraitqualifier,danslalogiqued'Hayek,d'étatisationinflationniste.Annex3.InterdependenceLeadershipandMulti-stakeholdersPartnerships.The key value of the transition is to usemanaged interdependence to add value and promotesocietal innovationsthatreduce inequalitiesandensurean inclusivemodeofpreservation. Theacceleration of the transition to anothermode of development and the implementation of thecommitments made in the framework of the agreements and the sustainable developmentobjectives which constitute the indispensable framework imply a change in the mode ofgovernanceandachangeinthewayinwhicheachtypeofactorconceiveshisrole.Andsonewformsofalliance.The role of non-state actors must be seen and organized as a "value chain" involving localauthorities (regions, cities), businesses and financiers (insurance companies, banks, pensionfunds),start-ups,socialentrepreneursandworkers,universitiesandresearchcenters,consumersandthemedia,etc.Thesestakeholdersmustbeconsideredascarriersor insupportofdifferentformsof'capital'.

If we take stock of the leading sustainable development initiatives of 1992, the first Rioconference, nowadays we can only note that we have not achieved the necessary power ofchange.First,becausetoomanystatesarenotseriousinimplementingtheirowncommitments.Secondlybecausetheplatformsofso-calledenvironmentalandgreenfinancecompanieshavenotbeen able or not to influence the states in this direction. Finally, becauseNGOs have failed tomobilizetheir troopsto impactthemarketandfinancesothatthey inturnputpressureonthestate.Theaccelerationofthetransitiontoanothermodeofdevelopmentandtheimplementationof the commitments made in the framework of the AT Agreements and the SustainableDevelopmentObjectiveswhichconstitutetheindispensableframeworkofitthereforepresupposeachangeinthemodeofgovernanceandachangeinthewayeachtypeofactorconceiveshisrole.TheinternationalagreementoftheSustainableDevelopmentGoals(SDGs)andthebroader2030Agenda in 2015 has shifted the focus of the international community from negotiations toimplementation. One aspect of implementing the SDGs has been the development of Mulit-stakeholdersPartnerships(MSPs).Currently,thereareover5,000MSPsidentifiedondifferentUNplatformsthathavecommittedtoimplementingtheagenda.Multi-Stakeholder Partnerships have the potential to create more positive impacts by creatingsynergies, building capacity, filling gaps and scaling-up development efforts. They are also aconcretewaytoworkacrosstheGoals,andtoaddresstheinterconnectedcharacterofsustainabledevelopment.To best position MSPs to achieve the SDGs, it is important to now learn from the past. Theexperienceofpartnershipscreatedto implementtheWorldSummitonSustainableDevelopment(WSSD)agreementsin2002wasnotentirelygood.ManyMSPswerecreated,thoughfewsurvivedandmadeasignificantimpactonstatedobjectives.Inpreparation for the1992RioWSSD,governmentsdidnotagreeonguidance forpartnerships.TheBaliPrincipleswerepreparedinJune2002,thoughthesewerenotagreed.Itwasonlyatthe11th session of the Commission on Sustainable Development (CSD) in 2003 that governmentsrevisited partnerships and agreed the only guidance notes that is currently made available onpartnerships.The internationalcommunityneedsamore robustsystemof transparencyandaccountabilityonpartnershipstomaximizetheinvestmentsbeingmadeintheSDGsandthe2030Agenda.TheUNSecretaryGeneral’srecenttworeportsonreformingthedevelopmentsystemviewsMSPsasplayinganimportantroleatthenationalandinternationallevels.Itwouldbeamistaketomoveforwardwithoutclearguidanceandanaccountabilitysystem32.

32MinuHemmatiandFelixDodds

Annex4.Europe’sSDGPriority.Asafeoperatingspaceforhumanity.

Overview and insights about trends in society of relevance in the perspective of theimplementationoftheUNSDG2030agenda33.The information described here has been limited to a number of issues that could be seen asrelevance to inform readers about a number of developments and insights about sustainabilitychallengesand (actualandpotential) solutions inand for the long term.Developmentsoccur inseveral “spheres”at the same time: in society, theeconomyand in financeaccompaniedbyanongoing“digital-cumdataanalytics-revolution”, implyingthechallengetopromoteconvergencetowards an effective and timely implementation of the SDGs in the public interest, by the UNmemberstatesbywayofpro-activegovernmentpolicies.“Risk mitigation”, “governance” are core issues, in support of the agenda “Sustainable andInclusiveFinance”.The observations about the UN agenda is followed by a brief description of a number ofdevelopments and insights provided by analytical work in science and in a number of othersources(andannex),insupportoftheUNagenda.TheUNSDGagenda2030.The UN SDG agenda 2030 is addressed in relation to the major global environmental risks tosociety, in support of the development of opportunities for an effective and timelyimplementationoftheagenda.For the purpose of the overview a number of sources has been reviewed, from science andinitiativesinsociety,addressingsustainabilityissuesfromanumberofperspectives.“Riskmitigation”-bothinthepublicandtheprivateinterest-isacoreissueprovidingabridgeto“finance”anddecisionmakingabouttheopportunitiesfor“investingintheagenda”.Theconceptalsoprovidesabridgetotheeconomy-producersandconsumers-,thusaddressingthe(SDG-)-issueofthecurrentlyunsustainableproduction-andconsumptionpatternsinoureconomies.Riskmitigationincludesriskpricingand“paymentsforeco-systemservices”ofwhichcarbonpricingisarelevantexample.“Governance” isanothercore issuetodescribe(alsodefined intheSDG-agenda).“Governance”appliestothepolicyresponsesofgovernmentstotheSDG-agenda,forthesakeofthisoverviewlimited to the issues of “riskmitigation in the public interest”. “Governance for Sustainability”wouldthusserveasaframeworktoadaptthecurrentproduction-andconsumptionpatternsto

33GertjanStorm

sustainable levelsovertime, in linewiththeSDG-agenda2030.Theapproachwouldhelpdefineandsupporttheopportunitiesforactionandsolutionsinsociety.The“Drawdown”-project(USA,2017)canbeseenasa relevantexampleofacivil society initiativeaddressingabroadrangeofsustainabilitychallengesandopportunities foractiongloballyprovidingsupport forpublicpolicyaction.TheoutreachoftheprojecttoEuropewiththelaunchofthe“EuropeanDrawdown-hub”(April17,2018)isarelevantexampleofaninitiativewithlinkstoscienceandtosociety.A ”governance”-approach of the nature briefly indicated here would also come in support ofpublicaccountabilityofgovernments intermsoftakingactionontheSDG-agendaandassumingresponsibility for thedesiredoutcomesby2030. The complexity inherent in the SDG-agenda inrelation to the planetary-boundaries-issues, and the complexity and the interdependencies anduncertaintyinherentinthemajorglobalenvironmentalissuesimplytheneedforambitiouspolicyresponsesinordertoadequatelyandtimelymitigatetheenvironmentalrisks.“Governance for sustainability” is in turn also increasingly informedand supportedbyongoinginitiativesofpublic institutions in finance (centralbanks, IMF,UNEP Inquiryoutcomes,G-20…).“Digital green finance” and (other) technological developments of which the “Blockchain /DistributedLedgers”couldbeseeninthesamevein.“GovernanceforSustainability”wouldalsoprovidetheframeworktoguideactorsintheeconomyand in finance.Theconceptof“ESG”asappliedbytheseactorswouldbearelevant“target foradaptation”tothe“GovernanceforSustainability”-framework.The“governance”-issue-bothpublicandprivate-issupportedby“riskpricing”andbyvaluationofnaturalcapitalandeco-systemservices(“PES”:“paymentsforeco-systemservices”).Climateriskassessmentandcarbonpricingforthepurposeofpublicgovernanceise.g.informedbythepracticeofthe“SocialCostofCarbon”,asappliedbytheUSgovernment(2013,2015).Themethodology, which includes the findings of scientific analysis andwork by the IPCC, could beappliedbye.g.theEUifandwhenannumberoflimitationsinthepracticewillbeaddressed.TheIMF (working papers) about “local air pollution, health and co-benefits” and “energy subsides”(2014, 2015) inform about carbon pricing and subsidies in the context of the issue of financialstabilityof the IMFmember states,and“Environmental FiscalReform” with theperspectiveofinvesting the revenues from “PES” byway of e.g. taxing “inefficient resource- and energy use”(“inefficient” measured according to a set objective and/or standard, contributing to avoiding“dangerousclimatechange”).Developments in accounting can be referred to aswell, with the UN SEEA process as a primeexample. The EU Community of Practice Biodiversity and Finance reflects a trend towardsbroadeningthescopeofattentionandactionoffinancialmarketstoincludei.c.“Biodiversity”inrelationtofinance.WaterandLandUsecanbeseeasnewissuesbeingaddressedintermsofriskassessmentandpricing.

“ESG”aspracticedbytheprivatesector is informedbydevelopments insustainability reportingand performance assessment, disclosure as developed as private sector initiatives in both theeconomyandinrelationtofinancialmarkets.Thesetrendsareinpartdrivenbydecisionsinthepublicsphere(e.g.disclosureofclimateriskinreportingbytheprivatesectorinFrance),thelatter“lagging behind” in a number of ways as compared to the trends briefly referred to here(“regulatoryuncertainty”inthefaceofthemajorglobalenvironmentalrisks).Climate-andCarbonriskpricingarebeingaddressedindecision-makingabutinvestmentsbyanincreasingnumberof actors in theprivate sector and in a longer termperspective, both in theeconomyandinfinance(thelattere.g.pensionfundsand(re-)insurance).Asfaras“operations”areconcernedtheopportunitiesforrealisingsavingsontheexpenditureonresources and energy have increasingly been explored and exploited by business globally. The“Investor Confidence Project” in the area of “energy efficiency” developed by the US basedEnvironmentalDefenseFundinEuropecanbementionedhere.Sourcesofinformation.Readerswillfindhereexcerptsofarticlesandbookssupportingthenarrative.1.Safeoperatingspaceforhumanity,oneofthe4objectivesproposedbythenewnarrativeforEurope.“ASafeOperatingSpaceforHumanity:thePlanetaryBoundaries”-Analysis(2009):theupdatein2015:in“SCIENCEsciencemag.org13FEBRUARY2015•VOL347ISSUE62231259855-1”:“Planetaryboundaries:Guidinghumandevelopmentonachangingplanet”“….Theplanetaryboundaries frameworkdefinesa safeoperating space forhumanitybasedontheintrinsicbiophysicalprocessesthatregulatethestabilityoftheEarthsystem.Here,wereviseand update the planetary boundary framework, with a focus on the underpinning biophysicalscience,basedontargetedinputfromexpertresearchcommunitiesandonmoregeneralscientificadvances over the past 5 years. Several of the boundaries now have a two-tier approach,reflecting the importanceof cross-scale interactionsand the regional-levelheterogeneityof theprocesses that underpin the boundaries. Two core boundaries—climate change and biosphereintegrity—have been identified, each of which has the potential on its own to drive the Earthsystemintoanewstateshouldtheybesubstantiallyandpersistentlytransgressed”.endofquote.The SDGagenda and the “risk issue” - the SDGs“reducing risk”aswell as “Measurement: thecomplexityofbiophysicaldata”

are described in the following analysis. The report was launched at the annual event “NaturalCapitalForum”inNovember2017andformulatesanumberofrecommendationsforafollow-up:“TheWealthofNature”:OxforduniversityandtheGreenEconomyCoalition(November2017):chapter“3.3Reducingrisk:theSustainableDevelopmentGoalspage 20: “….In short, the SDGs rely considerably on the soundmanagement of not just humancapital and physical capital, but also natural capital. Helpfully, they set out targets for theprotectionandmaintenanceofnaturalcapitalwithinpolitically-agreedgloballimits.Thesetargetscould serve to guide the specification of natural capital that is to be deemed critical and notfurtherdepleted.2.Measurement:thecomplexityofbiophysicaldataThe measurement and assessment of the biophysical components of natural capital is rapidlyimproving. Examples include the assessment of the chemical composition of the atmosphere,moreaccuratetemperaturemeasurements,bettercataloguingofdifferentspeciesandmappingtheir geographical distributionormonitoring thenetprimaryproductivityof entire ecosystems.Advancesinmeasurementshavebeenmadeacrossspatialandtemporalscales.This progress provides a foundation for effortsthat seek an integrated understanding of theinteractions between physical, biological andchemical characteristics of natural systems. Forexample, models used to project climatic changes simulate interactions between ocean,atmosphere,andterrestrialecosystemsarecalibratedagainsttheirabilitytoaccuratelyrepresentpastandcurrentclimates.Variousinitiativesareunderwaytomonitorandprovideanintegratedunderstanding of the state of natural systems (climate, ice cover, water resources, ecosystemdistributionandproductivity).ExamplesincludetheGlobalTerrestrialObservingSystem(GTOS)ortheGlobalEarthObservationSystemofSystems(GEOSS).Sucheffortswillhelptorapidlydetectchangesinenvironmentalpropertiesandimprovetheaccuracyofmodels.page20:More generally, pollution and environmental degradations are elements that are insufficientlyfactoredinthenaturalcapitalvaluationperformedbytheWorldBank.ThedevelopmentofSDGindicatorsandassociateddatacollectionshouldallowgatheringinformationonseveralsourcesofpollution. This could be taken advantage of to correct for environmental degradation in theevaluationofnaturalcapitalintheWealthofNationsdataset.Forexample,expandingtheindexofcoastal eutrophication and floating plastic debris density,which is a proposed indicator for theSDGs(IAEG-SDG,2017),wouldhelpprovidefurtherinformationontheextentofmarinepollution.Theproportionof importantsites for terrestrialand freshwaterbiodiversity thatarecoveredbyprotectedareasisalsoanotherindicatorthatcouldbeusedtoincludethevalueofbiodiversityinnaturalcapital(seeIAEG-SDG,2017).Likewise,theproportionoflandthatisdegradedovertotalland area could be used to assess losses in natural capital caused by unsustainable agriculturalpractices”.

endofquote.IMFanalysistoinformaboutthenatureandscopeofdamagesandoftheOPPsincludingsubsidies(wp20142015).3. Unsustainable production- and consumption patterns and the concept of “a safe and justdevelopment space” are described in the following article, which builds on the analysis of a“Doughnuteconomy”.ThescopeoftheSDG-challengeisillustratedin:“Agoodlifeforallwithinplanetaryboundaries”DanielW.O’Neill,AndrewL.Fanning,WilliamF.LambandJuliaK.Steinberger(LeedsUniversity,2018).“Humanity faces the challengeofhow to achieveahighqualityof life forover7billionpeoplewithout destabilizing critical planetary processes. Using indicators designed tomeasure a ‘safeand just’ development space, we quantify the resource use associated with meeting basichumanneeds,andcomparethistodownscaledplanetaryboundariesforover150nations.Wefindthatnocountrymeetsbasicneeds for itscitizensatagloballysustainable levelof resourceuse. Physical needs such as nutrition, sanitation, access to electricity and the elimination ofextreme poverty could likely bemet for all peoplewithout transgressing planetary boundaries.However,theuniversalachievementofmorequalitativegoals(forexample,highlifesatis-faction)would require a level of resource use that is 2–6 times the sustainable level, based on currentrelationships. Strategies to improve physical and social provisioning systems, with a focus onsufficiency and equity, have the potential to move nations towards sustainability, but thechallengeremainssubstantial”.“Opportunities for action” have been documented in e.g. the following analysis - providing apossiblelinktotheoptionof“Blockchain-technology”-i.c.“Corporatesupplychainsinagriculturalproductsandfisheries”:4. Analysis "NaturalCapital and Eco-system services: FromPromise to practice" (Guerry et al(Rockstrom...)inPNAS,June2016):page6:"Table 1. Some promising opportunities to effect large-scale transformative change in the nearfuture”:Corporatesupplychainsinagriculturalproductsandfisheriesareamongtheissuesintheoverview”.endofquote.5.SustainabilityAccountingStandardsAnother way to inform about the development of insight and tools is in the realm of“sustainability accounting standards” and the issue of ”materiality and disclosure” in business.

TheUSbased initiative“SustainabilityAccountingStandardsBoard”, launched in2011,hasbeendevelopedonthebasisofananalysisin2012bytheInitiativeforResponsibleInvestment,HauserCenterforNonprofitorganizationsatHarvardUniversity,September2012.SASBnowhasatrackrecordinpromotingandapplyingthestandardstoarangeofindustriesofwhich “food and agriculture”. The Board also offers a “Materiality Map” to its clients. In thiscontextthe“Toolkit”developedbytheWBCSDfortheNaturalCapitalProtocol(July2017)canbementioned,asan“interactiveknowledgesystem”:“In 2010 Initiative for Responsible Investment published “From Transparency to Performance:Industry-BasedSustainabilityReportingonKeyIssues”,whichpresentedaninitialproposalforanindustry-basedprioritizationmethod.Thispaperelaboratesonthatproposalforafive-part,fact-basedmaterialitytestthatidentifiesissuesmostmaterialto:• Financialimpactsandrisksimplicitinsustainabilityissuesspecifictovariousindustries• Sustainability-related legal, regulatory, and policy drivers likely to have the greatest

implicationsfortheseindustries• Sustainabilitynormsandstandardsdevelopedbyparticularindustriesorbroad-basedindustry

watch-dogorganizations• Stakeholder concerns of a substantial nature, and emerging substantial social and

environmentaltrendsingivenindustries• Opportunities for social and environmental innovation specific to each industry

In addition, this report draws on three core sustainability concepts to help prioritize relevantmaterialityconsiderations.• the potential for sustainability factors to cause substantial disruption, either positive or

negative, to social and environmental systems. the greater thepotential for disruption themorematerialthesustainabilityfactorislikelytobe.

• the degree of uncertainty involved in the potential impacts on social and environmentalsystemsofasustainabilityfactor.thegreatertherangeofuncertaintythemorematerialthesustainabilityfactorislikelytobe.

• the length of time overwhich a sustainability factor has potentially disruptive impacts. thelongertheperiodoftimethemorematerialthesustainabilityfactorislikelytobe.

These methods can be applied to all industries to create a focused list of the most materialsustainability factorsby industry thatwill helpbring clarity to theprioritizationof sustainabilityreportingandcutthe“clutter”incorporatedisclosures.DevelopingminimumeffectivestandardsfortargetedsustainabilityKPIswillnotonlyaddressthechallenges and confusions of the current sustainability disclosure environment, but also willincrease the competitiveness of U.S. capital markets and corporations; enhance the ability ofinvestors to assess social and environmental risks, value assets, and allocate investmentsefficiently;strengthentrustinourcapitalmarketsandcorporations;encouragetheprivatesectorto provide goods and services that create positive externalities; limit the potential liability for

corporations reporting material sustainability indicators; reduce costs for government in theoversightofcorporations’social,environmental,andgovernancepractices;andrenewattentionto the long-term in investment, to benefits accruing to future generations from today’sinvestmentdecisions,andtothecreationofasustainablefuture.The mandating of disclosure of sustainability data is the next natural step in the evolution ofreportingrequirementsforU.S.corporations.Itisnecessaryforthereasonableinvestorandothercorporate stakeholders seeking to make fully informed decisions in the light of a total mix ofinformation.Itisnecessarytomaintainhonestandtransparentcapitalmarketsthatinvestorsandthegeneralpublicwillfindworthyoftheirtrust”.endofquote.6.LandDegradationNeutrality.Among the contributions by think tanks the issue of Land Use and the objective of “LandDegradationNeutralityby2030”isinformedby:“LandDegradationNeutrality: land and soil degradation in Europe”: Ecologic Institute , Berlin(from:itsnewsletterMarch2018):“In September 2015, the UN General Assembly adopted the Sustainable Development Goals(SDGs), including target 15.3 which contains the objective to strive towards Land DegradationNeutrality (LDN) by 2030. This has opened a "window of opportunity" for many countries tostrengthenpoliciesforsustainableuseoflandandsoilsandcanbeseenasachancetoreviveEUland and soil policies, which have seen little momentum after the withdrawal of the SoilFrameworkDirectiveproposalin2014.ThisreportservesasacontributiontoinformandpreparetheimplementationofLDNintheEU.Itwasdevelopedaspartoftheresearchproject"ImplementingtheSustainableDevelopmentGoalsonSoils",carriedoutbyEcologicInstituteonbehalfoftheGermanEnvironmentAgency.Thisreportcoversfivefocuses:• ItgivesanoverviewofthedefinitionsandconceptsbehindLDN,• Itprovidesasuggestionofnecessarystepsandguidingquestionstowardstheimplementation

ofLDNatthenationallevel,• ItgivesanoverviewoflandandsoildegradationinEurope,existingmonitoringschemesand

policyprocessesthatarerelevantfortheimplementationofLDNinEurope,• ItsummarizestheongoingprocessofconceptualizingandimplementingLDNinGermanyand,

finally,thereport• It introduces an approach for a new indicatorwhich uses land use categories as a possible

proxyindicatorforLDNinGermany.

Eachcategoryisassignedacertainsoilvaluethatconsiderstheexposuretosoilthreats,buildingonthehemeroby(naturalness)concept.With regards to (iv) and (v), a report in German ("Land Degradation Neutrality -Handlungsempfehlungen zur Implementierung des SDG-Ziels 15.3 und Entwicklung einesbodenbezogenenIndikators")hasbeendevelopedwithinthesameproject.Itprovidesmoredetailon theGerman implementationprocessand theconceptof thedeveloped indicator.These tworeportsarecomplementary”.endofquote.7.BlockchainTechnology“Brazil’santiquatedlandtitlingsystemenablesswathesofAmazonrainforesttobecutdownforsoy and beef farming” (Thomson Reuters Foundation, January 2018http://news.trust.org/item/20180125090023-zot9p/):quotefromtheintroduction:“ByKarlaMendesRIODEJANEIRO, Jan25(ThomsonReutersFoundation) -Brazilhopestoreducecorruptionwithblockchain-thetechnologybehindthebitcoincurrency-asitreelsfromastringofarrestsintheworld'sbiggestgraftinvestigation.The platform's supporters believe it can reduce fraud in Brazil's antiquated land titling system,whichenablesswathesofAmazonrainforesttobecutdownforsoyandbeeffarming,inacountrywherehalfthepopulationlackpropertyrights.Brazil'sstate-runtechnologycompanySerprolaunchedablockchainplatforminNovemberandisholdingroadshowstointroduceitacrosstheworld'sfifthlargestcountry."It is a good tool to reduce corruptionand fraud," Serpro'sdirector-presidentGloriaGuimaraestoldtheThomsonReutersFoundation."Iseeitasonemorewayforustohelpcitizens,businesses(and)thegovernmenttoimprovetheircontrols,reducetheirfraudandimprovetheirrecords………”.endofquote.The Future is Decentralized: Block Chains, Distributed Ledgers& The Future of SustainableDevelopment (Volume 1) http://bit.ly/futureisdecentralized - The Blockchain Commission forSustainableDevelopment-:“….. This white paper is designed as the first volume in a series of primers to provide policy

makers,regulatorsandUNMemberStatesanon-technicalintroductiontoblockchaintechnology.TheBlockchainCommissionwillbebuildingon thisbodyofwork to inspireadditionaldialogue,researchandprograminvestmentasweprepareforthe73rdSessionoftheUNGeneralAssemblyin New York and the G20 in Buenos Aires. Volume 2 in this series, addressing six additionalverticalsandfeaturingcasestudiesindevelopmentrightnow,willbereleasedSummer2018”.endofquote.8.FoodandPlanetBoundaries.“Sciencemeets Comics: Proceedings of the Symposium on Communicating andDesigning theFutureofFoodintheAnthropocene”ReinholdLeinfelder•AlexandraHamann•JensKirstein•MarcSchleunitz(Eds.)http://www.nutrition-impacts.org/media2017_TMeier_planetary_boundaries_agriculture_nutrition.pdf……….MethodandScopeForeightindicatorscoveredinRockströmetal.(2009)andSteffenetal.(2015),weidentifiedherecorresponding attributable fractions related to agriculture and nutrition. Applying this sector-specificapproach,wedifferentiatebetweenagriculturalproduction(agriculture),foodprocessingand food trade (food processing/trade), and food consumption referring to household andgastronomyactivitiesrelatedtofoodpreparation(foodconsumption)”._____________________