Where I come from, storytelling plays an important role. As an oral tradition, this form of expression is used to share funny stories and anecdotes about everyday life. Between tales, songs and riddles, the storyteller engages the audience with words such as “Krik”, “Yékrik” and “Mistikrik” to make sure everyone is listening. The audience responds with “Krak”, “Yékrak” and “Mistikrak”. Occasionally, the storyteller would ask, “Is the court asleep?” and the collective answer invariably would be, “No, the court is not asleep.” So, let me then engage with you!

-          Krik?

-          Krak!

-          Yé krik?

-          Yé krak!

-          Mistikrik?

-          Mistikrak!

-          Is the Court asleep?

-          No, the Court is not asleep!

-          So, ladies and gentlemen, if the Court is not asleep, let your soul be instructed by a story!

As a native of the “Antilles Franҫaises”–The French West Indies, also called the French Caribbean or the French Overseas Departments of America–I was born and raised amidst the vibrant cultures of Guadeloupe and Martinique, two islands nestled between the Caribbean Sea and the Atlantic Ocean, whilst being part of France, our “Grande Nation”. Growing up, my days were filled with the rhythmic beats of biguine, bèlè and gwo-ka, with iconic French and British pop hits but also with timeless classical music. I would savour a plate of grilled fish, red beans and pork or “colombo de cabri” (curry goat) as well as our regular beef steak, either with buttered green beans or carrots in a béchamel sauce. The highlight would be the hand-made coconut ice cream, served on one of the then pristine beaches, the “Baie du Moule”.

Today, the highlight is sadly a bit different. I recently witnessed firsthand the proliferation of sargassum seaweed along our Caribbean shorelines. This unrelenting phenomenon disrupts marine ecosystems, deteriorates coastal economies reliant on fishing and tourism, and poses health risks due to toxic gas emissions during decomposition, if not rapidly removed. Such local challenges are emblematic of the broader environmental crises our Planet Earth is facing today, where interconnected issues such as climate change, biodiversity loss and ocean acidification demand urgent and coordinated action. 

The complexity and urgency of these global challenges, paired with the incessant flow of disheartening news about social and environmental crises, can often feel overwhelming. It would seem easier to succumb to feelings of fear, doubt, ire and despair. However, I believe that remaining positive in times of adversity, expressing our sympathy with nature, and fostering a harmonious coexistence with all living beings is a must. In that sense, sustainability awareness can drive substantial social and environmental transformations and create a more equitable and respectful world, ensuring the well-being of all.

With this vision in mind, the recently published book Sustainability Stories - The Power of Narratives to Understand Global Challenges explores the optimistic and transformative power of narratives. It provides a hopeful outlook on the sustainability debate and highlights the imperative of adopting a long-term vision for life on Earth. Ultimately, cultivating a shared understanding of the intrinsic value of nature and our responsibility to steward it is essential. Equally important is the fostering of cooperative efforts for the common good to achieve a sustainable future.

The role of financial markets

One of the themes explored in the book is the potential of financial markets to drive sustainability. The intersection of finance and sustainability presents a unique opportunity to align financial strategies with ESG (environmental, social, and governance) principles. Responsible and sustainable investors are leading the way by promoting social and environmental agendas, thus directing capital towards initiatives that generate both financial returns and positive societal impact.

Impact investors, in particular, are highlighted for their commitment to substantially contributing to positive social and environmental change through their investments. The emerging investment practice of impact investing has become a growing market, with participants actively operating across diverse sectors such as philanthropy, public policy, venture capital, corporate social responsibility, social entrepreneurship, as well as traditional mainstream capital markets involving equity shares, bonds, cash, and real estate investments. While there is a consensus that impact investing aims to provide capital to address the world’s most pressing challenges, many traditional investors lack clear guidance on how to achieve this effectively.

The most advanced definitional and practice-oriented guidelines are provided by the Global Impact Investing Network (GIIN) and the European Union (EU) authorities. GIIN defines impact investments as investments “made with the intention to generate positive, measurable social and environmental impact alongside a financial return.” Regulatory frameworks, such as the EU Taxonomy Regulation and the Sustainable Finance Disclosure Regulation (SFDR), bolster these efforts.

The Taxonomy Regulation, a classification system for assessing the environmental sustainability of economic activities based on their contribution to climate and environmental goals, came into force in 2020. It aims to increase transparency for investors and reduce the risk of greenwashing in the financial market.  To qualify as sustainable according to the taxonomy, economic activities must make a significant contribution to achieving one of the six defined climate and environmental objective. The technical criteria for environmental objectives 1 and 2 (climate protection and adaptation to climate change) have already entered into force, while reporting obligations for environmental goals 3-6 (biodiversity, circular economy, pollution, water and marine protection) apply from 2024.

The SFDR, which aims to enable retail and institutional investors to better understand the sustainability investments underlying financial products, entered into force in March 2021. According to the regulation, sustainable investments are investments in economic activities that contribute to environmental or social objectives, do not significantly harm environmental or social objectives (Do No Significant Harm (DNSH) principle), and ensure that investees follow good governance practices

Additionally, financial market participants should consider the principal adverse impacts of their investment decisions on sustainability factors. Principal adverse impacts of investment decisions on sustainability factors (hereinafter also referred to as "PAI") are the negative impacts associated with investments in companies, sovereigns and supranational organizations, and real estate assets on the environment and society.

Finally, since 2022, investment and insurance advisory clients have to be asked about their sustainability preferences, and advisers are only permitted to recommend products aligned with the individual client’s specific sustainability preferences.

While the EU Taxonomy and SFDR provide important frameworks for promoting impact investing and increasing transparency, measuring the true performance and impact of such investments remains a challenge, as social and environmental outcomes are often complex and multidimensional.  This raises the question: can we rely solely on financial markets to solve our most pressing social and environmental issues, or do we need to reimagine our approaches and values?

Beyond financial solutions: A new paradigm

While sustainable finance is expected to be crucial component of the transition towards a sustainable future, it is not the only solution. A profound shift in our worldview—embracing new epistemological and ontological approaches, progressive ethical codes and narratives that emphasise hope, optimism and resilience—is necessary. This shift calls for a post-materialistic perspective that prioritises human well-being and ecological integrity over profit maximisation.

In Sustainability Stories, contributors explore this idea by reflecting on the need for a purposeful, sustainable world where social and ecological concerns prevail. Drawing inspiration from the "Economies of Worth" framework, presented by sociologist Luc Boltanski and economist Laurent Thévenot, and the concept of a "new enlightenment” developed by philosopher Corine Pelluchon, these narratives advocate for higher-order principles such as the common good and justice. This ethical reorientation challenges the traditional dichotomy between profit and social impact, promoting a holistic approach that integrates these seemingly opposing paradigms. By doing so, it calls for a re-evaluation of societal values and encourages collaborative practices that harmonise economic objectives with social, environmental and ethical responsibilities.

Hope and optimism

Where good news is scarce and uncertainty looms large, maintaining a hopeful and optimistic outlook is not naïve, it is crucial. While we acknowledge the damage caused by the Anthropocene, we must also recognise our capacity to shape a better future. Hope is a powerful motivator that drives action, encourages resilience, and fosters innovation. It reminds us that progress is possible, and that collective efforts can yield meaningful change. A brighter, more sustainable world is not just a distant dream but an attainable reality.

The stories in Sustainability Stories serve as a testament to this belief. They highlight remarkable examples of positive change driven by financiers, business leaders, entrepreneurs or other individuals and communities who refuse to be overwhelmed by the enormity of the challenges they face. These narratives also demonstrate that sustainable solutions are not only achievable but are already being implemented worldwide. By sharing these examples of caring interactions, we can inspire others to take action and contribute to a better future.

Collective and individual action

The journey towards sustainability is a collective one. Governments, businesses, investors and individuals must work together to create an ecosystem that rewards responsible practices, fosters innovation and accelerates the transition to a more sustainable future.

From grassroots movements to corporate leadership, the stories highlight the transformative power of personal commitment and community engagement. They remind us that every individual, irrespective of background, origin, age or gender, is constantly exposed to a myriad of social and environmental narratives. A single positive story can profoundly influence an individual’s attitudes and viewpoints, contributing to making the world a better place. Reflection and sharing are powerful tools that connect us and inspire change through personal experiences. These narratives urge us to be attentive, and harness our passion, determination, and sincere desire to create a more harmonious world.

Art as a catalyst for transformation

Perhaps surprisingly to some, artistic expression can play a pivotal role in the sustainability dialogue, offering innovative ways to engage with and understand complex issues. The book's section “Art as a driver for transformation” showcases how creative endeavors can inspire and mobilise change. Artists use their work to communicate powerful messages, challenge conventional thinking, and envision new possibilities.

As we navigate the path towards sustainability, let us be inspired by the words of Antoine de Saint-Exupéry in Le Petit Prince: "Here is my secret. It is very simple. The essential things in life are seen not with the eyes, but with the heart." By looking with our hearts and embracing the power of narratives, we can create a future where all human beings can flourish, and our planet can thrive.