The changes the world needs won’t be made by banks. And yet...
Karianne Tieleman - Head of Sustainability Advisory Corporate Banking, ABN AMRO
Welcome to this English edition of the originally Dutch Change Makers magazine. I imagine some of you may be asking yourselves, why am I reading a foreword on circularity by a bank? The changes the world needs won’t be made by banks. That’s true. But at the same time, I do think it is our role as a bank to act as change agent for the circular economy. The financial sector is part of the blood system of the current economy, and defines for a part how capital flows can make companies and projects thrive, or not. And luckily, a growing number of financial institutions are sharing our view at ABN AMRO that circularity and regeneration are the way forward for our clients, the economy and society at large
Don’t wait for others to take the first step
My response may raise another question in many readers’ minds: if ABN AMRO finds this issue so important, why isn’t this foreword written by the CEO? The reason is that circularity and sustainability became cornerstones of ABN AMRO’s corporate strategy largely as a result of a bottom-up movement within the bank, with specialists like myself and many colleagues from across the organisation joining forces. Our experience underlines a key message of this magazine: don’t wait for others to take the first step. Every organisation is different, but it may be illuminating to elaborate on how this worked in practice at ABN AMRO. As colleagues began exploring and experimenting with circularity within their departments, they came into contact with kindred spirits in other departments. In 2016, we started regular informal meetings to reflect the bottom-up, challenger nature of our efforts. This group of explorers weren’t interested in being thought leaders (the world has enough of those already!); we wanted to be action leaders.
By working together, we learn together
In 2017, we set concrete goals to finance €1bn in circular assets and 100 deals by 2020. And to learn with and from our pioneering clients, from major manufacturers like Mitsubishi Elevators (featured in this magazine) and global circular economy enablers like Reverse Logistics in Germany to scale-ups like MUD Jeans, who are challenging fast fashion. We have also learnt enormously from applying circularity principles to our own operations, real estate and procurement.
Also in 2017, we built Circl, a circular pavilion in front of our head office that quickly became our movement’s symbol and hub. Here we hold training sessions and meet-ups on circularity for clients, em ployees and the wider community. By collaborating together, we learn together — and can achieve more than we think. At the end of 2018, our 300-year-old bank placed sustainability at the centre of its corporate strategy, with the circular economy as a key pillar. In addition to the current more formal governance, and a lively Circular Economy online community of 200+ colleagues, the original informal meetings still take place every six weeks to share lessons, discuss dilemmas and celebrate successes.
Next steps
Alongside financial institutions, another group is playing a key facilitating role in the evolution of the circular economy: the public sector. The farsighted local, national and international policymakers who are creating pathways, for example through tax and policy changes, that will make it easier for entrepreneurs and businesses to progress their ideas for a circular economy. We will hear more from them in another edition of Change Makers. But in this edition, all the glory and attention goes to the amazing pioneering entrepreneurs and business professionals who share their experiences here. I hope that, like me, you will find them a source of invaluable insights and inspiration.
