Karen Wendt (Sustainable Finance.io)
Christian Rammel (Vienna University of Economics and Business)
Sigrid Stagl (Vienna University of Economics and Business)
As the essential building blocks of the 2030 Agenda for Sustainable Development, the Sustainable Development Goals (SDGs) are an opportunity for global introspection and socio-ecological transformations. The time seems ripe for re-inventing the economic paradigm. The following megatrends in societies can be identified:
(1) The recent upsurge in entrepreneurship in many countries (Fairlie et al. (2015); OECD (2016); Schwabel (2017)),
(2) shifting attitudes towards the role of business in society (Deloitte 2016), and
(3) a broad policy push for sustainable development which materialized in the 17 Sustainable Development Goals (SDG) and the Paris Agreement (UN 2015, UNFCCC 2015),.
(4) Two recent low-income countries, Nigeria and Vietnam, are expected to be in 21 the G20 by 2050. This is changing the core premise of the relationship between the old rich world and the developing countries. As 24 a result, the basis of development cooperation will be equality and reciprocity instead of conditionality; the new focus will be on doing sound business together. (FMO, Kleiterp 2016)
(5) Another trend is the continuing mismanagement of global public goods, such as carbon emissions, water and fisheries. This is fuelling climate change and posing the first genuine threat to humanity. At the forecast growth rates and given the growing middle class in emerging markets, we will need 2.4 planets in 2050 to sustain our lifestyles. We will have to change our ways of production and consumption in order to be able to live with scarcities of resources and avoid drastic climate change na dthe climate adaptation risk challenges that come with it (Wendt(2016).