{"id":101700,"date":"2023-09-11T12:00:00","date_gmt":"2023-09-11T10:00:00","guid":{"rendered":"https:\/\/www.greenpeace.ch\/article-de-magazine\/101700\/warum-banken-auf-wachstum-verzichten-muessen\/"},"modified":"2023-09-13T12:27:07","modified_gmt":"2023-09-13T10:27:07","slug":"pourquoi-les-banques-doivent-devenir-compatibles-avec-la-post-croissance","status":"publish","type":"post","link":"https:\/\/www.greenpeace.ch\/fr\/story-fr\/101700\/pourquoi-les-banques-doivent-devenir-compatibles-avec-la-post-croissance\/","title":{"rendered":"Pourquoi les banques doivent devenir compatibles avec la post-croissance"},"content":{"rendered":"\n<p><a href=\"#english\">English see below<\/a><\/p>\n\n<p><strong><strong>Si nous voulons que nos soci\u00e9t\u00e9s op\u00e8rent dans les limites des limites plan\u00e9taires, nous devons limiter la croissance de l&rsquo;\u00e9conomie. Cela ne sera pas possible sans une r\u00e9orientation du secteur financier. En effet, celui-ci ne fait pas que stimuler la croissance \u00e9conomique, il en d\u00e9pend aussi directement. Il est donc grand temps que le secteur financier d\u00e9veloppe de nouveaux (et anciens) mod\u00e8les d\u2019affaires.<\/strong><\/strong><\/p>\n\n<h2 class=\"wp-block-heading\">Les limites de la croissance verte<\/h2>\n\n<p>Les processus de production \u00e9conomique sont de plus en plus efficaces, l&rsquo;\u00e9nergie provient de plus en plus de sources renouvelables et de plus en plus de produits sont fabriqu\u00e9s \u00e0 partir de mati\u00e8res premi\u00e8res plus durables et peuvent \u00eatre recycl\u00e9s. Mais cela suffit-il, dans une \u00e9conomie qui continue de cro\u00eetre, pour que notre consommation ne d\u00e9passe pas les limites plan\u00e9taires ? Malheureusement, ce n\u2019est pas le cas.&nbsp; On assiste certes \u00e0 un d\u00e9couplage relatif entre la consommation de ressources et la croissance \u00e9conomique, mais malheureusement pas \u00e0 un d\u00e9couplage absolu.<\/p>\n\n<p>En d&rsquo;autres termes, la consommation de ressources augmente certes moins dans le cadre d&rsquo;une \u00e9conomie plus durable mais toujours en croissance, mais elle continue d&rsquo;augmenter. Et cela n&rsquo;est pas compatible \u00e0 long terme avec les limites de notre plan\u00e8te. La \u00ab\u00a0croissance verte\u00a0\u00bb a des limites.<sup><a href=\"#Fussnoten\" data-type=\"internal\">1<\/a><\/sup><\/p>\n\n<p>Pour vivre durablement, il est important de s\u2019\u00e9loigner du mod\u00e8le de la croissance infinie. C\u2019est tout particuli\u00e8rement vrai pour les pays \u00e0 haut revenu. Il faut trouver le moyen de vivre et de maintenir notre prosp\u00e9rit\u00e9 dans une \u00e9conomie dite post-croissance. On parle aussi de l&rsquo;\u00e9tat d&rsquo;\u00e9quilibre.<\/p>\n\n<h2 class=\"wp-block-heading\">Comment fonctionne une soci\u00e9t\u00e9 post-croissance ?<\/h2>\n\n<p>Le fonctionnement d&rsquo;une telle soci\u00e9t\u00e9 fait l&rsquo;objet de d\u00e9bats engag\u00e9s, de livres passionnants et de recherches r\u00e9centes<sup><a href=\"#Fussnoten\">2<\/a><\/sup>. Les discussions portent sur les points suivants :&nbsp;<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Dans une soci\u00e9t\u00e9 post-croissance, l&rsquo;objectif de l&rsquo;\u00e9conomie est de maintenir ou d&rsquo;augmenter la qualit\u00e9 de vie. Cet objectif doit \u00eatre atteint sans augmentation constante des biens (<em>sobri\u00e9t\u00e9<\/em>).<\/li>\n\n\n\n<li>Pour la satisfaction des besoins humains, cela signifie une d\u00e9mat\u00e9rialisation de la consommation. Lorsque cela n&rsquo;est pas possible, les produits et les infrastructures sont partag\u00e9s ou emprunt\u00e9s plut\u00f4t qu&rsquo;achet\u00e9s (<em>\u00e9conomie collaborative, Product as a Service<\/em>).<\/li>\n\n\n\n<li>Ces produits et infrastructures doivent donc \u00eatre con\u00e7us pour durer le plus longtemps possible et, finalement, \u00eatre facilement r\u00e9parables et recyclables (<em>\u00e9conomie circulaire<\/em>).<\/li>\n\n\n\n<li>Les entreprises qui mettent \u00e0 disposition des services, des produits et des infrastructures ne doivent pas \u00eatre soumises \u00e0 une obligation de croissance. Elles ne doivent donc pas \u00eatre oblig\u00e9es d&rsquo;augmenter leur production pour pouvoir survivre dans un environnement concurrentiel et satisfaire les attentes des investisseurs en mati\u00e8re de rendement. Leurs b\u00e9n\u00e9fices sont r\u00e9investis (<em>Reinvest &amp; Retain<\/em>). Il s&rsquo;agit donc moins de soci\u00e9t\u00e9s anonymes cot\u00e9es en bourse, dont une grande partie des b\u00e9n\u00e9fices est revers\u00e9e aux investisseurs, que de coop\u00e9ratives appartenant aux collaborateurs et aux clients. Ou encore des fondations et des entreprises avec de nouvelles formes de propri\u00e9t\u00e9, comme par exemple la propri\u00e9t\u00e9 responsable (<em>Steward Ownership<\/em><sup><a href=\"#Fussnoten\">3<\/a><\/sup>).<\/li>\n<\/ul>\n\n<p>Une forte r\u00e9gionalisation des cha\u00eenes d&rsquo;approvisionnement ainsi qu&rsquo;une interd\u00e9pendance entre les consommateurs et les producteurs (<em>prosommation<\/em> ou <em>agriculture contractuelle<\/em>) contribuent \u00e0 ce que ces entreprises puissent se d\u00e9velopper en couvrant leurs co\u00fbts et \u00e0 long terme (et ne soient pas oblig\u00e9es de surproduire pour des raisons syst\u00e9miques).<\/p>\n\n<h2 class=\"wp-block-heading\">R\u00e9duire la d\u00e9pendance \u00e0 l&rsquo;\u00e9gard de la croissance et les activit\u00e9s guid\u00e9es par la croissance<\/h2>\n\n<p>La forme actuelle de l&rsquo;\u00e9conomie et de la soci\u00e9t\u00e9 est d\u00e9pendante de la croissance \u00e9conomique dans de nombreuses fonctions<sup><a href=\"#Fussnoten\">4<\/a><\/sup>. Par exemple, la pr\u00e9voyance vieillesse dans le 2e pilier (caisses de pension) ainsi que dans le 3e pilier (\u00e9pargne priv\u00e9e) d\u00e9pend de la r\u00e9alisation de rendements sur le capital investi. Or, de nombreuses soci\u00e9t\u00e9s anonymes ne peuvent obtenir ces rendements que gr\u00e2ce \u00e0 une augmentation constante de la production. Le syst\u00e8me de r\u00e9partition (1er pilier, AVS) ainsi que d&rsquo;autres domaines importants pour la soci\u00e9t\u00e9, comme l&rsquo;\u00e9ducation ou la sant\u00e9, d\u00e9pendent \u00e9galement des recettes fiscales provenant des salaires (et leur croissance), qui ne peuvent actuellement \u00eatre g\u00e9n\u00e9r\u00e9es que dans une \u00e9conomie en croissance. Il convient de r\u00e9duire progressivement cette d\u00e9pendance de la soci\u00e9t\u00e9 \u00e0 l&rsquo;\u00e9gard de la croissance et, en fin de compte, de la surmonter. Le secteur public a un r\u00f4le important \u00e0 jouer \u00e0 cet \u00e9gard. Il peut taxer plus \u00e9quitablement l&rsquo;utilisation des ressources communes (<em>communs<\/em>) et aider \u00e0 les r\u00e9partir plus \u00e9quitablement en tant que partie des services de base. Et seul le secteur public est en mesure d&rsquo;effectuer des investissements sans avoir \u00e0 g\u00e9n\u00e9rer des rendements.<sup><a href=\"#Fussnoten\">5<\/a><\/sup><\/p>\n\n<h2 class=\"wp-block-heading\">Quel est le r\u00f4le des banques et des gestionnaires de fortune dans ce contexte ?<\/h2>\n\n<p>Avec leurs deux mod\u00e8les commerciaux centraux, les banques sont actuellement fortement d\u00e9pendantes de la croissance \u00e9conomique, qu&rsquo;elles alimentent ainsi simultan\u00e9ment: dans les op\u00e9rations de cr\u00e9dit et dans la gestion de fortune. En accordant des cr\u00e9dits aux entreprises, les banques leur permettent d&rsquo;augmenter leur capacit\u00e9 de production sans avoir \u00e0 \u00e9pargner au pr\u00e9alable. \u00c9tant donn\u00e9 qu&rsquo;un int\u00e9r\u00eat doit \u00eatre g\u00e9n\u00e9r\u00e9 sur ces cr\u00e9dits, les entreprises sont \u00e0 leur tour soumises \u00e0 une obligation d&rsquo;expansion, selon le niveau de l&rsquo;int\u00e9r\u00eat, afin de pouvoir survivre dans l&rsquo;environnement concurrentiel. Et comme, dans le syst\u00e8me bancaire actuel, la plupart des cr\u00e9dits ne sont pas constitu\u00e9s de d\u00e9p\u00f4ts d&rsquo;\u00e9pargne, mais de monnaie scripturale cr\u00e9\u00e9e par les banques elles-m\u00eames<sup><a href=\"#Fussnoten\">6<\/a><\/sup>, la production de l&rsquo;\u00e9conomie peut s&rsquo;\u00e9tendre davantage que cela ne serait possible si les banques ne pr\u00eataient que des d\u00e9p\u00f4ts d&rsquo;\u00e9pargne<sup><a href=\"#Fussnoten\">7<\/a><\/sup>. Cette cr\u00e9ation de monnaie priv\u00e9e par les banques commerciales est donc contre-productive pour une \u00e9conomie post-croissance et devrait \u00eatre progressivement limit\u00e9e dans le processus de transition vers la post-croissance<sup><a href=\"#Fussnoten\">8<\/a><\/sup>.<\/p>\n\n<p>Les gestionnaires de fortune tentent d&rsquo;investir le capital \u00e9pargn\u00e9 par des institutions (par exemple les caisses de pension) ou des investisseurs priv\u00e9s dans les entreprises qui g\u00e9n\u00e8rent les rendements les plus \u00e9lev\u00e9s. La pression sur les rendements qui en r\u00e9sulte pousse les entreprises en concurrence soit \u00e0 augmenter leur productivit\u00e9 &#8211; que ce soit par la rationalisation ou l&rsquo;utilisation de plus de machines &#8211; soit \u00e0 \u00e9tendre leur production ou \u00e0 solliciter davantage les ressources collectives (<em>entreprises extractives<\/em>). Rien de tout cela n&rsquo;est compatible avec une soci\u00e9t\u00e9 post-croissance, et encore moins durable. Plus les attentes de rendement sont \u00e9lev\u00e9es et \u00e0 court terme, et plus elles veulent \u00eatre atteintes par des produits financiers sp\u00e9culatifs et \u00e0 effet de levier, plus la pression sur les rendements des entreprises devient drastique.<\/p>\n\n<p>Pour qu&rsquo;une \u00e9conomie puisse fonctionner dans les limites de la plan\u00e8te, il faut donc r\u00e9duire fortement la pression sur les rendements exerc\u00e9e par les investisseurs et les gestionnaires de fortune.<\/p>\n\n<p>La solution r\u00e9side dans le fait que les fonctions sociales centrales ne d\u00e9pendent plus de rendements et de salaires \u00e9lev\u00e9s. Et que les entreprises, par exemple gr\u00e2ce \u00e0 leurs formes de propri\u00e9t\u00e9, ne soient pas contraintes \u00e0 l&rsquo;expansion (<em>Non-extractive Finance<\/em>). Les services de base de la soci\u00e9t\u00e9, ainsi que les investissements dans ces services de base, seraient \u00e0 cet effet largement d\u00e9commercialis\u00e9s et mis \u00e0 disposition par le secteur public.<\/p>\n\n<h2 class=\"wp-block-heading\">Cons\u00e9quences et opportunit\u00e9s pour les banques et les gestionnaires de fortune<\/h2>\n\n<p>Pour les banques et les gestionnaires de fortune, cela signifie d&rsquo;une part qu&rsquo;ils pr\u00eateraient moins, voire plus du tout, de capitaux cr\u00e9\u00e9s par eux-m\u00eames. Et d&rsquo;autre part, qu&rsquo;ils ne courent plus apr\u00e8s le rendement le plus \u00e9lev\u00e9, mais se concentrent plut\u00f4t sur la promotion d&rsquo;entreprises durables et le maintien de la valeur \u00e0 long terme. Elles continuent \u00e0 jouer leur r\u00f4le traditionnel d&rsquo;interm\u00e9diaire entre les \u00e9pargnants et les entreprises et proposent une transformation des d\u00e9lais, des risques et de la taille des lots.<\/p>\n\n<p>Dans ces fonctions, de nombreuses opportunit\u00e9s de d\u00e9veloppement s&rsquo;offrent \u00e0 l&rsquo;industrie financi\u00e8re dans une soci\u00e9t\u00e9 post-croissance durable, par exemple :&nbsp;<\/p>\n\n<ul class=\"wp-block-list\">\n<li>La d\u00e9mocratisation et la collectivisation des services, notamment dans l&rsquo;\u00e9conomie collaborative, peuvent \u00eatre soutenues par des solutions peer to peer telles que le crowdinvesting, le crowdlending, le crowdfunding.<\/li>\n\n\n\n<li>Les produits et infrastructures \u00e0 longue dur\u00e9e de vie qui sont partag\u00e9s n\u00e9cessitent des solutions de financement et d&rsquo;assurance in\u00e9dites.<\/li>\n\n\n\n<li>Les valeurs inh\u00e9rentes aux composants de ces produits et infrastructures doivent \u00eatre suivies, document\u00e9es et peut-\u00eatre titris\u00e9es afin que leur recyclage puisse \u00eatre organis\u00e9 efficacement.<\/li>\n\n\n\n<li>Pour \u00e9viter la surproduction, la production de biens peut \u00eatre pr\u00e9financ\u00e9e par les futurs consommateurs. L\u00e0 encore, des solutions et des mod\u00e8les financiers in\u00e9dits sont n\u00e9cessaires.<\/li>\n\n\n\n<li>Le d\u00e9veloppement de nouveaux mod\u00e8les commerciaux durables n\u00e9cessite un capital-risque \u00e0 long terme qui n&rsquo;exerce pas de pression. (<em>Slow Capital<\/em>).<\/li>\n\n\n\n<li>Des monnaies r\u00e9gionales peuvent \u00eatre mises \u00e0 disposition pour soutenir la r\u00e9gionalisation des cha\u00eenes de cr\u00e9ation de valeur.<\/li>\n\n\n\n<li>Les b\u00e9n\u00e9fices ou les avoirs peuvent \u00eatre vers\u00e9s et g\u00e9r\u00e9s dans des formats in\u00e9dits qui ne se pr\u00eatent pas \u00e0 l&rsquo;investissement. Par exemple, des \u00ab\u00a0cr\u00e9dits de temps\u00a0\u00bb ou des \u00ab\u00a0cr\u00e9dits de troc\u00a0\u00bb.<\/li>\n\n\n\n<li>&nbsp;Le financement des objectifs de d\u00e9veloppement de l&rsquo;ONU (SDGs), en particulier dans les pays du Sud, n\u00e9cessite des solutions qui n&rsquo;augmentent pas la charge de la dette de ces pays (par exemple, les investissements d&rsquo;impact).<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\">Perspectives<\/h2>\n\n<p>Ces explications sugg\u00e8rent qu&rsquo;un syst\u00e8me financier vraiment durable est un syst\u00e8me qui ne stimule pas davantage la croissance \u00e9conomique, mais qui s&rsquo;oriente vers les besoins d&rsquo;une \u00e9conomie post-croissance. Et que pour ce faire, il doit \u00eatre repens\u00e9 et r\u00e9glement\u00e9 en fonction de ses fonctions et de son objectif. Accompagn\u00e9e d&rsquo;un changement de culture, son orientation devrait passer de l&rsquo;augmentation de la valeur \u00e0 court terme au soutien \u00e0 long terme d&rsquo;un d\u00e9veloppement \u00e9conomique durable. Cela doit se faire en appliquant des crit\u00e8res \u00e9cologiques et sociaux pertinents. Une r\u00e9forme du syst\u00e8me mon\u00e9taire en tant que fondement d&rsquo;une \u00e9conomie r\u00e9g\u00e9n\u00e9ratrice de demain serait \u00e9galement utile \u00e0 cet \u00e9gard<sup><a href=\"#Fussnoten\">9<\/a><\/sup>. Ainsi, l&rsquo;argent peut (re)devenir un bien social et le capital peut devenir le serviteur des humains.<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\" id=\"Fussnoten\">Notes de bas de page<\/h2>\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><sup>1<\/sup> Les principales raisons en sont d&rsquo;une part les effets de rebond directs et indirects, qui compensent ou surcompensent une partie des effets de l&rsquo;efficacit\u00e9. Et d&rsquo;autre part, le rythme irr\u00e9aliste auquel les mesures de substitution et de coh\u00e9rence devraient \u00eatre mises en \u0153uvre pour r\u00e9duire les \u00e9missions suffisamment rapidement afin de ne pas d\u00e9clencher de points de basculement dans le syst\u00e8me climatique.<\/p>\n\n\n\n<p>Recherches sur ce sujet:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Haberl, H. et. al. (2020) <a href=\"http:\/\/dx.doi.org\/10.1088\/1748-9326\/ab842a\">A systematic review of the evidence on decoupling of GDP, resource use and GHG emissions, part II: synthesizing the insights<\/a><\/li>\n\n\n\n<li>Parrique, T. et. al. (2019) <a href=\"https:\/\/eeb.org\/wp-content\/uploads\/2019\/07\/Decoupling-Debunked.pdf\">Decoupling Debunked, Evidence and arguments against green growth as a sole strategy for sustainability<\/a><\/li>\n\n\n\n<li>Vogel, J. &amp; Hickel, J. (2023) <a href=\"https:\/\/www.thelancet.com\/action\/showPdf?pii=S2542-5196%2823%2900174-2\">Is green growth happening? An empirical analysis of achieved versus Paris-compliant CO2\u2013GDP decoupling in high-income countries<\/a><\/li>\n<\/ul>\n\n\n\n<p><sup>2<\/sup> Voir par exemple:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Irmi Seidl, Angelika Zahrnt (2010): <a href=\"https:\/\/www.metropolis-verlag.de\/Postwachstumsgesellschaft\/811\/book.do\">Postwachstumsgesellschaft &#8211; Konzepte f\u00fcr die Zukunft.<\/a><\/li>\n\n\n\n<li>Tim Jackson (2017), <a href=\"https:\/\/timjackson.org.uk\/ecological-economics\/pwg\/\">Prosperity without Growth. Foundation for the Economy of Tomorrow<\/a><\/li>\n\n\n\n<li>Uwe Schneidewind (2018), <a href=\"https:\/\/www.zukunftskunst.eu\/buch\/\">Die Gro\u00dfe Transformation: Eine Einf\u00fchrung in die Kunst gesellschaftlichen Wandels<\/a><\/li>\n<\/ul>\n\n\n\n<p><sup>3<\/sup> Voir chapitre \u201c<a href=\"https:\/\/purpose-economy.org\/file\/656\">Verantwortungseigentum &amp; Unternehmensfinanzierung<\/a>\u201d. In Verantwortungseigentum &#8211; Unternehmenseigentum f\u00fcr das 21. Jahrhundert. (Purpose Stiftung)<\/p>\n\n\n\n<p><sup>4<\/sup> Voir :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Binswanger, H. C. (2009). Die Wachstumsspirale: Geld, Energie und Imagination in der Dynamik des Marktprozesse<\/li>\n\n\n\n<li>Binswanger, M. (2019). Der Wachstumszwang: Warum die Volkswirtschaft immer weiterwachsen muss, selbst wenn wir genug haben.<\/li>\n\n\n\n<li>Seidl, I. &amp; Zahrnt, A. (2012). <a href=\"https:\/\/doi.org\/10.14512\/gaia.21.2.9\">Abh\u00e4ngigkeit vom Wirtschaftswachstum als Hindernis f\u00fcr eine Politik innerhalb der limits to growth. Perspektiven f\u00fcr eine Postwachstumsgesellschaft<\/a><\/li>\n<\/ul>\n\n\n\n<p><sup>5<\/sup> \u201c<em>Investor of first Resort\u201d<\/em> Mariana Mazzucato, Basil Oberholzer (unter anderen)<\/p>\n\n\n\n<p><sup>6 <\/sup>Thomas Jordan: <a href=\"https:\/\/www.snb.ch\/de\/mmr\/speeches\/id\/ref_20180116_tjn\/source\/ref_20180116_tjn.de.pdf\">Wie Geld durch die Zentralbank und das Bankensystem geschaffen wird<\/a><\/p>\n\n\n\n<p><sup>7<\/sup> Basil Oberholzer (2012) <a href=\"https:\/\/www.denknetz.ch\/wp-content\/uploads\/2021\/12\/JB_Innen_21_214_print.pdf\">\u201cWie bringen wir die Wachstumsmotoren unter Kontrolle?\u201d<\/a><\/p>\n\n\n\n<p><sup>8<\/sup> Il en va de m\u00eame pour les m\u00e9nages priv\u00e9s : Gr\u00e2ce \u00e0 la cr\u00e9ation mon\u00e9taire des banques commerciales, ils peuvent par exemple acheter des voitures ou des maisons sans avoir \u00e0 \u00e9pargner au pr\u00e9alable.<\/p>\n\n\n\n<p><sup>9 <\/sup>Voir aussi Jackson 2017<\/p>\n<\/blockquote>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h1 class=\"wp-block-heading\" id=\"english\">Why banks should become post-growth compatible<\/h1>\n\n<p><strong>If we want society to be capable of operating within the earth\u2019s ecological limits (planetary boundaries), then we need to massively limit economic growth. This cannot be achieved without reorienting the financial sector. For the latter not only boosts economic growth, but itself directly depends on it. It is therefore high time for the financial industry to develop new (and old) business models.<\/strong><\/p>\n\n<h2 class=\"wp-block-heading\">There are limits to green growth&nbsp;<\/h2>\n\n<p>Production processes are becoming more efficient, energy is increasingly coming from renewable sources, and more and more products are being produced from increasingly sustainable raw materials and made to be recyclable. But, in a continuously growing economy, is this enough to ensure that our consumption does not exceed our planetary boundaries? Unfortunately, there is no evidence to back up such hope: While relative decoupling of resource consumption and economic growth is indeed possible, absolute decoupling is unfortunately not. In other words, resource consumption is increasing less in a more sustainable but still growing economy, but it is still increasing. And this is not compatible in the long run with the finite resources on our limited planet. Thus even \u201cgreen growth\u201d has its limits.<sup><a href=\"#1\">1<\/a><\/sup><\/p>\n\n<p>Hence, we need to move away from economic growth altogether in order to live \u00ab\u00a0sustainably.\u00a0\u00bb (In particular, and first and foremost in <em>high-income<\/em> countries).&nbsp;<\/p>\n\n<p>To do this, we will discover our sense of a \u00ab\u00a0Good Life\u00a0\u00bb and prosperity in a so-called post-growth economy. (Also known as the <em>Steady-State-Economy<\/em>).<\/p>\n\n<h2 class=\"wp-block-heading\">How does a post-growth society operate?<\/h2>\n\n<p>How such a society should operate is the subject of engaged debates, captivating books, and current research, in which the following is typically discussed<sup><a href=\"#2\">2<\/a><\/sup>:&nbsp;<\/p>\n\n<ul class=\"wp-block-list\">\n<li>In a post-growth society, the goal of the economy is to maintain or increase the quality of life. This is to be achieved without the constant increase in the production of goods (<em>sufficiency<\/em>).<\/li>\n\n\n\n<li>This means a strong dematerialization of consumption in order to satisfy human needs. Where this is not possible, products and infrastructures are shared or borrowed instead of purchased <em>(Sharing Economy, Product as a Service).&nbsp;<\/em><\/li>\n\n\n\n<li>These products and infrastructures must therefore be designed to last as long as possible and ultimately also be easy to repair and recycle <em>(Circular Economy).<\/em><\/li>\n\n\n\n<li>Companies that provide services, products and infrastructures should not be subject to any pressure to grow themselves. They should not have to expand their production in order to survive in a competitive environment and to satisfy the return expectations of investors. The companies\u2019 profits are reinvested <em>(Reinvest &amp; Retain)<\/em>. The companies in question are thus not stock corporations traded on the stock exchange, where a large part of corporate profit goes to investors, but rather cooperatives owned by employees and customers, or foundations and companies with new forms of ownership, such as so-called responsible ownership (<em>Steward Ownership<\/em><sup><a href=\"#3\">3<\/a><\/sup>).<\/li>\n\n\n\n<li>A strong regionalization of supply chains as well as an interconnection of consumers and producers (so-called <em>prosuming<\/em>, or <em>contract farming<\/em>) contribute to the fact that these enterprises can develop cost-covering and long-term (and are not forced to overproduce by the system).<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\">Reducing dependency on growth and growth-driving activities<\/h2>\n\n<p>The current economic and social system is dependent on economic growth for many functions. For example, both the 2nd pillar (occupational benefit schemes \/ pension funds) and the 3rd pillar (private pensions \/ voluntary savings) of the Swiss pension system are dependent on returns being generated on capital invested. However, many stock corporations can only generate these returns by expanding production. The pay-as-you-go system of the 1st pillar (AHV) as well as other socially important sectors, such as education or health care, are also dependent on tax revenues from (rising) wages, which can currently only be generated in a growing economy.<\/p>\n\n<p>Society&rsquo;s dependence on growth must be gradually reduced and ultimately overcome. The public sector has an important role to play here. It can tax the use of common resources (<em>commons<\/em>) more equitably and help distribute them more fairly as part of basic services. And the public sector alone is in a position to make investments without having to generate returns. (cf. \u201c<em>Investor of first Resort\u201d <\/em><sup><a href=\"#4\">4<\/a><\/sup>).&nbsp;<\/p>\n\n<h2 class=\"wp-block-heading\">What role do banks and asset managers play?<\/h2>\n\n<p>With their two central business models, banks are currently heavily dependent on economic growth and are thus driving it at the same time: In their lending business and in asset management.<\/p>\n\n<p>By granting loans to companies, banks enable them to expand their production capacity without having to save first. Since interest must be generated on these loans, companies are in turn subject to a pressure to expand, depending on the level of the interest rate, in order to survive in the competitive environment. And because in the current banking system most loans do not consist of savings deposits, but of book money, which is created by the banks themselves<sup><a href=\"#5\">5<\/a><\/sup>, economic production can be expanded more than would be possible if banks only lent out savings deposits.<sup><a href=\"#6\">6<\/a><\/sup> This private creation of money by commercial banks is therefore counterproductive for a post-growth economy and would have to be curbed on the path towards it.<sup><a href=\"#7\">7<\/a><\/sup>&nbsp;<\/p>\n\n<p>In asset management, asset managers try to invest capital saved by institutions (e.g. pension funds) or private investors in companies that generate the highest returns. The resulting pressure on returns pushes companies in a competitive environment to either increase their productivity &#8211; be it through rationalization or the use of more machinery &#8211; or to expand their production or to place a greater burden on the resources of the general public (<em>Extractive Companies<\/em>). None of this is compatible with a post-growth society, let alone sustainable. The more short-term and higher the expected returns are, and the more they want to be achieved with speculative and leveraged financial products, the more drastic the pressure on companies to generate returns becomes.<\/p>\n\n<p>To attain an economy that can operate within planetary boundaries, the pressure on returns from investors and asset managers must be greatly reduced.<\/p>\n\n<p>The solution lies in removing the dependency of central social functions on high returns and wages. In addition, companies must no longer be forced to expand, for instance due to their forms of ownership. (Non-extractive Finance). The basic services of society, as well as the investments in these basic services, would be largely de-commercialized and provided by the public sector.<\/p>\n\n<h2 class=\"wp-block-heading\">Consequences and chances for banks and asset managers<\/h2>\n\n<p>For banks and asset managers, this means that they would lend out less or no more self-generated capital. They would also no longer chase the highest returns, but instead focus on promoting sustainable companies and preserving value in the long term. In doing so, they can continue to play their traditional role as intermediaries between savers and companies, offering transformation of maturities, risks and lot sizes. Considering such roles, many development opportunities exist for the financial industry in a sustainable post-growth society. For example:&nbsp;<\/p>\n\n<ul class=\"wp-block-list\">\n<li>The democratization and collectivization of services, especially in the sharing economy, can be supported by peer to peer solutions such as crowdinvesting, crowdlending, crowdfunding.<\/li>\n\n\n\n<li>For products with long lifespans and for shared infrastructures, new types of financing and insurance solutions are needed.<\/li>\n\n\n\n<li>The values inherent in the components of these products and infrastructures need to be tracked, documented and perhaps securitized so that their recycling can be efficiently organized.<\/li>\n\n\n\n<li>To prevent overproduction, the production of goods can be pre-financed by the subsequent consumers. This also requires innovative financial solutions and models.<\/li>\n\n\n\n<li>The development of new, sustainable business models needs long-term venture capital that does not exert pressure to scale. (<em>Slow Capital)<\/em>.<\/li>\n\n\n\n<li>Regional currencies can be provided to support the regionalization of value chains.<\/li>\n\n\n\n<li>Profits or credits could be paid out and managed in novel formats that are not suitable for investment. For example, \u00ab\u00a0time credits\u00a0\u00bb or \u00ab\u00a0trade credits\u201d.<\/li>\n\n\n\n<li>The financing of the UN Development Goals (SDGs), especially in countries of the South, requires solutions that do not increase the debt burden of these countries (e.g. <em>Impact Investments<\/em>).<\/li>\n<\/ul>\n\n<p>These discussions and considerations suggest that a truly sustainable financial system is one that does not continue to fuel economic growth, but is oriented to the needs of a post-growth economy. And that, to achieve this, the financial system needs to be rethought and re-regulated in terms of its functions and purpose. Accompanied by a cultural change, its orientation would have to be guided from short-term value creation to long-term support for sustainable economic development. This must be done using relevant environmental and social criteria. A reform of the monetary system as the foundation for a regenerative economy of tomorrow would also help in this process<sup><a href=\"#8\">8<\/a><\/sup>. In this way, money can (once again) become a social good and \u00ab\u00a0capital can become the servant of the people\u00a0\u00bb.<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">Footnotes<\/h2>\n\n<p id=\"1\"><sup>1<\/sup>&nbsp;The main reasons for this are, on the one hand, the direct and indirect rebound effects, which compensate or overcompensate for some of the efficiency effects. And on the other hand, the unrealistic speed at which the substitution and consistency measures would have to be implemented in order to reduce emissions fast enough to avoid triggering tipping points in the climate system.&nbsp;<\/p>\n\n<p>Related literature:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Haberl, H. et. al. (2020) <a href=\"http:\/\/dx.doi.org\/10.1088\/1748-9326\/ab842a\">A systematic review of the evidence on decoupling of GDP, resource use and GHG emissions, part II: synthesizing the insights<\/a><\/li>\n\n\n\n<li>Parrique, T. et. al. (2019) <a href=\"https:\/\/eeb.org\/wp-content\/uploads\/2019\/07\/Decoupling-Debunked.pdf\">Decoupling Debunked, Evidence and arguments against green growth as a sole strategy for sustainability<\/a><\/li>\n<\/ul>\n\n<p>Vogel, J. &amp; Hickel, J. (2023) <a href=\"https:\/\/www.thelancet.com\/action\/showPdf?pii=S2542-5196%2823%2900174-2\">Is green growth happening? An empirical analysis of achieved versus Paris-compliant CO2\u2013GDP decoupling in high-income countries<\/a><\/p>\n\n<p id=\"2\"><sup>2<\/sup> See, for example:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Irmi Seidl, Angelika Zahrnt (eds.) (2010): <a href=\"https:\/\/www.metropolis-verlag.de\/Postwachstumsgesellschaft\/811\/book.do\">Postwachstumsgesellschaft &#8211; Konzepte f\u00fcr die Zukunft.<\/a><\/li>\n\n\n\n<li>Tim Jackson (2017), <a href=\"https:\/\/timjackson.org.uk\/ecological-economics\/pwg\/\">Prosperity without Growth. Foundation for the Economy of Tomorrow<\/a><\/li>\n\n\n\n<li>Uwe Schneidewind (2018), <a href=\"https:\/\/www.zukunftskunst.eu\/buch\/\">Die Gro\u00dfe Transformation: Eine Einf\u00fchrung in die Kunst gesellschaftlichen Wandels<\/a><\/li>\n<\/ul>\n\n<p id=\"3\"><sup>3<\/sup> See chapter \u201c<a href=\"https:\/\/purpose-economy.org\/file\/656\">Verantwortungseigentum &amp; Unternehmensfinanzierung<\/a>\u201d. In Verantwortungseigentum &#8211; Unternehmenseigentum f\u00fcr das 21. Jahrhundert. (Purpose Stiftung)<\/p>\n\n<p id=\"4\"><sup>4<\/sup> Cf. Mariana Mazzucato, Basil Oberholzer u.a.<\/p>\n\n<p id=\"5\"><sup>5<\/sup> Thomas Jordan: <a href=\"https:\/\/www.snb.ch\/de\/mmr\/speeches\/id\/ref_20180116_tjn\/source\/ref_20180116_tjn.de.pdf\">Wie Geld durch die Zentralbank und das Bankensystem geschaffen wird<\/a><\/p>\n\n<p id=\"6\"><sup>6<\/sup> Cf. e.g.: Basil Oberholzer (2012) <a href=\"https:\/\/www.denknetz.ch\/wp-content\/uploads\/2021\/12\/JB_Innen_21_214_print.pdf\">\u201cWie bringen wir die Wachstumsmotoren unter Kontrolle?\u201d<\/a><\/p>\n\n<p id=\"7\"><sup>7<\/sup> The same applies to private households: Thanks to the money created by commercial banks, private households can buy cars, houses, and other things, without first having to save up.<\/p>\n\n<p id=\"8\"><sup>8<\/sup> See also Jackson 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Si nous voulons que nos soci\u00e9t\u00e9s op\u00e8rent dans les limites des limites plan\u00e9taires, nous devons limiter la croissance de l&rsquo;\u00e9conomie. Cela ne sera pas possible sans une r\u00e9orientation du secteur financier. En effet, celui-ci ne fait pas que stimuler la croissance \u00e9conomique, il en d\u00e9pend aussi directement.<\/p>\n","protected":false},"author":112,"featured_media":103558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_planet4_optimize_post_is_variant":false,"_planet4_optimize_experiment_name":"","_planet4_optimize_variant_name":"","ep_exclude_from_search":false,"p4_og_title":"","p4_og_description":"","p4_og_image":"https:\/\/www.greenpeace.ch\/static\/planet4-switzerland-stateless\/2023\/09\/3f8d2e50-postgrowth.png","p4_og_image_id":"101670","p4_seo_canonical_url":"","p4_campaign_name":"","p4_local_project":"","p4_basket_name":"","p4_department":"","footnotes":""},"categories":[22],"tags":[58,114,230],"p4-page-type":[77],"gpch-article-type":[],"class_list":["post-101700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee","tag-climat","tag-finance-durable","tag-change-fr","p4-page-type-story-fr"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/posts\/101700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/users\/112"}],"replies":[{"embeddable":true,"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/comments?post=101700"}],"version-history":[{"count":0,"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/posts\/101700\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/media\/103558"}],"wp:attachment":[{"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/media?parent=101700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/categories?post=101700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/tags?post=101700"},{"taxonomy":"p4-page-type","embeddable":true,"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/p4-page-type?post=101700"},{"taxonomy":"gpch-article-type","embeddable":true,"href":"https:\/\/www.greenpeace.ch\/fr\/wp-json\/wp\/v2\/gpch-article-type?post=101700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}