–> This is a pre-event interview in the run-up to the Leaders in Sustainable Finance Event on February 1, 2024.
Jeroen: Marnix, thanks a lot for taking the time to talk to Leaders in Finance in the run-up to the Sustainable Finance event on the 1st of February 2024. We are delighted that you will be joining as an active participant, speaking on one of the panels. First of all, could you introduce yourself?
Marnix: I am Marnix Kluiters and I have lived in Rotterdam since 2012, when I started studying Economics. However, due to losing 80% to 90% of my eyesight, I had to switch to another studies. I did not let my visual impairment deter me; I adapted with the help of a screen reader. That was the moment I thought: “A lot is possible”. In 2015, nine months after I heard I would be practically blind, I started skiing. This was possible with guidance by the NVSV; the Dutch visual-impairment skiing association. This accomplishment reinforced my belief that almost anything is achievable. That was when I was also able to do my study again, and I started Tax Law. In 2016, following a successful year, I started an internship at a prominent financial services firm in their Tax Department. However, I did not feel at ease; the emphasis seemed to be on financial gain and outward appearances. Everyone had nice clothes, phones, and cars. I thought: “There is more in life”. That was when I started thinking differently. My focus shifted towards the concept of value creation, encompassing not only monetary wealth but also societal well-being and environmental impact. After completing my studies, I started the “Ecosofie” podcast, where I interview experts about topics varying between ecology, economy and philosophy. I firmly believe that these facets of life should be integrated. The main question I like to find an answer for is: ‘How can we live a good life between planetary boundaries?’. I have been working on the podcast for five years now, during which I have had the privilege of interviewing over 100 experts. From former prime ministers, entrepreneurs to CEOs like Feike Sijbesma. Beside doing the interviews, I am writing a book, about creating value in your career and I give keynotes. Additionally, there are plans to move to The Hague, to live with my girlfriend, whom I met a year ago. And of course, it would not be complete without mentioning my cherished soccer club Feyenoord, which I really like to follow. They are doing good at the moment.
Also, I am the co-author of a forthcoming book titel “Duurzame Ambitie” – which I am very much forward to see what people think about it.
Jeroen: That is an amazing story as an introduction. Amazing how you have rebounced so strongly from such a difficult time, I assume. When considering the shift towards sustainability, what do you believe is the role that financial services should or are currently playing?
Marnix: I see two roles. Firstly, there is the investment aspect – channelling funds to facilitate progress. Investments can be directed to initiatives like clean energy or sustainable food production for example. Essentially, it is about investing in the future economy. The other role in the matter of responsibility and impact. Take, for instance, the ABP Fossil Free movement we have seen in the Netherlands. I disagree with their decision to discontinue investments in companies like Shell. I believe a more impactful approach would involve using your financial clout to influence the decisions made by company boards. In the case of ABP, given the sheer magnitude of funds at their disposal, considering it is essentially the collective wealth of Dutch government employees, they possess the potential to change decisions in a company like shell. However, instead of taking this proactive stance, they initially did nothing. They did not even endorse the climate resolution. The subsequent step was to stop investing in Shell. To me, that does not constitute taking true responsibility.
Jeroen: What do you think are the biggest challenges for the financial services industry, related to sustainable finance?
Marnix: There is an interesting discussion in society regarding economic growth. If we think there is an economy possible without growth, then it will be very interesting what the business model of the financial sector will be. After all, it seems unlikely that individuals would willingly entrust their funds to a company that openly declares: “We have no intentions of fostering growth.” So that will be very interesting.
Jeroen: Any other challenges you foresee?
Marnix: While the financial metrics we have are good, they are, in my view, incomplete. They are consolidated into a singular figure. It would be interesting if we can find the same numbers for issues like climate change, biodiversity, clean water and on the other side the social aspects like poverty and gender equality. Can we put this in one number, or if we put it in different number; how are we going to stay in balance with all these numbers?
Jeroen: From your perspective, what do you think financial institutions stand to gain from this transition, aside from the moral standpoint, but from a strictly financial standpoint?
Marnix: Frank Elderson, whom we have interviewed, often discusses the concept of both physical and transitional risks. I believe there’s potential to view physical risks as opportunities, not just as potential hazards. Similarly, transition risks can also be viewed through a lens of opportunity. At this moment, we are looking forward to seeing the start-up of Corporate Sustainability Reporting Directive (CSRD). Companies that proactively embraced sustainability a decade ago, even before it was formally termed as the CSRD, won’t need to undergo massive overhauls to comply with this legislation. Additionally, in considering physical risks, I recently participated in a workshop on Terschelling focused on “zilte landbouw” – a concept related to saltwater agriculture. While the world is undoubtedly changing, you can also see the opportunities.
Jeroen: Before we wrap up, I have a final question related to our event. Is there anything in particular you are hoping to find or discuss? What are your specific areas of interest?
Marnix: The topic of economic growth is of great interest to me since this is such a complex discussion. I am very much looking forward to hear the perspectives of the experts on this matter.
Jeroen: We are very much looking forward to having you at our event on the 1st of February 2024. Thanks a lot for taking the time, Marnix!
Marnix: Thank you!
–> This is a pre-event interview in the run-up to the Leaders in Sustainable Finance Event on February 1, 2024.