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Welcome to Oxford Impact Webinar,
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and we're going to be talking about regeneration today
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and building community wealth using social finance
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as a tool.
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There's beautiful Oxford and the sun is shining, no rain,
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so that's exciting when you come to Oxford,
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this is what you get to see.
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Next slide, please.
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We're going to talk about several things today,
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the whole concept of regeneration.
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We talk about sustainable finance,
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we talk about sustainable investing.
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There's a moment in time the World Economic Forum
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has again announced that the top 10 issues facing our planet
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that keep leaders awake at night are around climate change,
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biodiversity, economic and social unrest,
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tied again to climate, climate migration
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and the systems of change.
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We're going to talk, spend time talking about
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how very different perspectives on regeneration,
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the ability to actually use capital
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to inspire and to have a new way of thinking and acting.
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We're going to meet our faculty.
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We're often asked...
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The handful of our faculty,
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we're often asked what happens with our students,
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with our alums.
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And you're going to get to meet three of them today.
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We're also going to talk about an action learning project,
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which is unique to social finance and impact investing,
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and that students get an opportunity to actually apply
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what they learn in the classroom.
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Then we're going to talk a little bit about what's next,
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masterclasses in social finance coming up in Chicago,
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London and Singapore.
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And then Steve Brewster, my colleague,
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is going to talk about how you can sign up for social finance.
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Next slide, please.
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Again, this concept of rethinking what's important to us
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and how we blend economics and finance with environment
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to generate community wealth and wealth building
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through this new way of thinking and acting.
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How we regreen cities,
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how we bring energy conservation to communities,
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and how we really, in both our social finance
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and impact investing programme
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begin investments with the community.
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And our colleagues today will talk about
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the very unique vantage points
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that they bring on regeneration
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using social finance as a tool.
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Next slide please.
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Social finance also deals with the plumbing.
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And when we think about how we spend our money,
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we've got investors with a hundred plus trillion, advisors,
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market facing intermediaries,
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community facing intermediaries,
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and at the end of the day
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the money needs to end up in community.
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How we ensure that flow of capital takes place,
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public-private philanthropic resources
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to ultimately impact communities.
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And that's what we're going to examine in social finance.
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And when we think about the concept of regeneration,
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that's the target.
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End of the game, it's planet and people.
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Next slide, please.
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Again, social finance unlike other areas in our portfolio,
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we deal with philanthropy, impact investing,
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development finance, as well as ESG,
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that entire spectrum of capital,
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how we deploy it for lasting systems change.
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Next slide please.
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And you need to click through this one.
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Perfect. Next one.
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There's two more.
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That's it.
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So if we think about just the flow of capital,
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Gates Foundation and Coca-Cola,
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annual grants versus an ad budget for Coca-Cola,
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New York public schools versus Ford Foundation,
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that spectrum is really important.
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One day in New York public schools
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is equivalent of Ford Foundation annual grants.
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So how we understand and use public capital,
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private capital, philanthropic capital
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to accelerate systems change
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is really what we're talking about.
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Next slide, please.
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Again, we use a systems approach,
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the interconnectedness and putting a person and planet
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at the centre and building investments out,
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essential concept and that is what regeneration
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is about too.
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Next slide please.
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And Darius, you're going to have to click through this
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a little bit.
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This is just one example in India around organisations
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involved in climate change.
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Next slide.
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You got to click through it. There's a few more.
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And we think about the system,
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those organisations and entities that pick up...
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That's okay.
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Join us in class and you'll get to understand this
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even more.
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Next slide, please.
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And again, those human security frame
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connected to the SDGs is really, really exciting
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and really important,
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but we see the system, not the silo,
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and that's what we bring to the table for social finance.
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Next slide, please.
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Next slide.
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We learn through cases,
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and you can click through those.
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There'll be a number of cases that we use.
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This is actually democracy collaborative.
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There's one with UBS
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that talks about the development impact bonds, Afram Plains,
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around ethics,
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but we use real cases based on research, current research,
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and we bring you into that research
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with the people on the ground,
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the people's lives you're trying to to improve.
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Next slide, please.
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Yep.
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Yes, we've got plugs for books.
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Now the most important thing for this webinar
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is have you get to know your faculty.
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And again, we've got remarkable colleagues
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taking very different perspectives.
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We've got advancing community wealth building,
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and democracy collaborative.
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Stephanie McHenry is remarkable,
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CEO of Democracy Collaborative,
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really focused on community wealth building strategies.
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We've worked with her colleagues in Scotland
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doing international work
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as well as Stephanie's going to ground us
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in the work that she's done in building
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and working at banks, community banks.
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Laura is one of our alums, remarkable woman.
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I smile because regeneration is her mantra
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and the work that she's done,
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I've watched her grow as a leader.
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It's an honour to have her join us.
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And again, the concepts around systems and regeneration
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are near and dear to her heart.
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She's going to talk about what's happening in Mexico.
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Dear friend, Graham Singh is the CEO
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of Trinity Centres Foundation.
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And the energy he brings into every conversation
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that he has, his smile represents that.
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The idea of re-imagining faith real estate.
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Now that's a $5 trillion opportunity for us to begin to tap
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in terms of regeneration, sustainability,
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and reimagining what the faiths bring to the table.
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Dawson, again, is one of our alums,
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a fantastic person that two of us are going to talk about
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an exercise we're going to do in the classroom,
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which is literally building a bank
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to serve tribal finance needs.
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And Dawson was on our impact investing course.
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Again, this idea of this very diverse group of people
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from banking, from an NGO working with faith,
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from a impact investor leading in Mexico,
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and Stephanie's experience in Democracy Collaborative,
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very different perspectives.
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You'll see the system in our conversation.
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And with that,
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I'm going to turn it over to Stephanie
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and then we'll go talk Laura, Graham, and Dawson,
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and then we'll open up to questions.
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And we hope that you'll bring us as many as you can
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and join us at social finance.
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Stephanie, I'm going to turn it over to you.
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Thank you.
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Awesome.
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Thank you so much, Gayle.
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If you could pop my slides up,
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I really appreciate the opportunity to be
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with this esteemed group of colleagues,
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all of whom are trying to figure out
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how we best use this thing called capital
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to benefit our communities.
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I will share with you that I first encountered
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the Democracy Collaborative back when Evergreen Laundry
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was just getting started.
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At that time, I was president of ShoreBank,
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which is a community development financial institution.
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And we were located in Cleveland
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in an old abandoned torpedo factory
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that we had turned into a business incubator
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to try to pull jobs into the neighbourhood.
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So they came by needing space,
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and so I was able to see upclose and personal,
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that whole endeavour get started,
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including the people that were getting hired
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and people that were getting banked for the first time.
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So I'm thrilled to these however many years,
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I won't say later,
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be here at the helm at the Democracy Collaborative
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where we're doing this work globally.
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So if you go to the next slide,
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we're going to spend a little time
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on community wealth building.
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The PFC study is awesome and has lots of details,
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so I'm not going to drive too far into the weeds there
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but I'll keep it high level,
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but I wanted to just hit on a couple things.
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First of all,
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we know that community Wealth building or CWB,
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so I don't have to keep saying that long sentence.
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The whole idea is to transform local economies
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based on communities having direct ownership
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and control of their assets.
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And it sounds like a simple thing,
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but sometimes when we look at challenged neighbourhoods
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you're like, what assets?
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There are no assets.
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We only see devastation,
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but likely that's because some of the capital
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has been pulled out of those neighbourhoods.
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What we have to do now is focus on what assets there are
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that could be leveraged to better benefit
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that community directly.
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We know that there are five pillars of community wealth,
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CWB ranging from procurement by anchor institutions,
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which I had an opportunity to also participate in as CFO
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of the Cleveland State University,
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which is located right in the middle of Cleveland,
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and we did some things around procurement,
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all the way to just use of land.
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And the one we want to focus on here today is social finance
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as one of those important pillars.
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How finance operates is very important
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to the structure being able to work properly.
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So I think a very important sentence
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is in the middle of the slide, it says,
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don't start with capital, start with community.
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In other words,
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capital always just wants to maximise itself, right?
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It just wants to grow and grow and grow.
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By nature, that's what it is.
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And so that's what leads to a lot of extractive behaviour.
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But if you start with community,
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start with what does this community need?
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How can we sustain this community?
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How can we have dollars flow, within the community
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that sustains it over a long period of time?
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I think you get to the right answer.
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So not only did we do Cleveland,
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we've also been involved as Gayle mentioned in Preston
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in the UK where Matthew Brown,
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a very progressive elected official,
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had the foresight to see community wealth building
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as an alternative to what I call smokestack chasing.
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Although now it's probably more tech-chasing
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where people go out and try to get somebody to relocate
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and bring jobs into neighbourhoods.
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Instead, CWB was applied.
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So through progressive procurement
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by those anchor institutions
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they were able to create their own sort of economic power
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versus having to chase somebody else down.
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And then we also work in Scotland, the UK,
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which she mentioned.
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Our colleague Neil McInroy
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has been instrumental in having that entire country
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adapt CWB as its economic development strategy.
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So Neil is there on the ground
273
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and he is helping the government there
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understand what they need to be putting in place
275
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from a policy perspective
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and he's also helping to build a practise
277
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and build a culture around what that looks like.
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So that'll be a wonderful example of an entire country
279
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that is taking this on.
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Can't wait to see what Neil gets accomplished there.
281
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So moving to the next slide,
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back to this financial extraction idea.
283
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We know that communities are harmed
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when capital is focused solely on profit generation.
285
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If that's the only focus, many times communities are harmed,
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especially when that profit generation
287
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is happening outside of the communities
288
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from which the capital is being extracted.
289
00:13:40.470 --> 00:13:45.470
That's pretty much the way the finance world
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has started to work.
291
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And as I mentioned,
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I saw when I was president of ShoreBank here in Cleveland,
293
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it was interesting because all of a sudden
294
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the biggest lenders in our neighbourhoods
295
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weren't banks at all.
296
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You get the report and it'd be some finance company,
297
00:14:03.150 --> 00:14:03.983
this or that.
298
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It's like, what in the world is going on?
299
00:14:05.970 --> 00:14:09.033
Well, we were kind of ground zero for predatory lending.
300
00:14:09.960 --> 00:14:13.440
We had spent probably a decade working directly
301
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with families and community development corporations
302
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in about eight neighbourhoods on the east side
303
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to improve housing, to increase ownership.
304
00:14:25.050 --> 00:14:28.200
And we had seen the neighbourhoods improve,
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the housing stock improved, we had families living there.
306
00:14:31.890 --> 00:14:34.781
All of a sudden we started to see boarded up houses
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and lots of foreclosures
308
00:14:36.960 --> 00:14:39.390
and figured out that these finance companies
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00:14:39.390 --> 00:14:41.730
were literally going door to door,
310
00:14:41.730 --> 00:14:44.880
putting flyers on porches saying,
311
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you can borrow $10,000 today
312
00:14:48.780 --> 00:14:51.030
by putting another mortgage on your house.
313
00:14:51.030 --> 00:14:53.430
Of course, they were failing to explain
314
00:14:53.430 --> 00:14:56.760
the predatory nature of those transactions.
315
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So when the borrowers started to fall behind
316
00:14:59.370 --> 00:15:02.070
then, of course, the homes went in the foreclosure.
317
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And the craziest piece is that they were bundling these
318
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what I would call bad loans, meaning not responsible loans,
319
00:15:11.190 --> 00:15:13.740
somehow those got turned into good securities.
320
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I'll never figure out how the logic behind that.
321
00:15:16.890 --> 00:15:19.650
But a market was created where these bundles,
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mortgages were able to be sold off,
323
00:15:21.690 --> 00:15:24.480
creating more cash for them to keep doing the same thing.
324
00:15:24.480 --> 00:15:26.520
A lot of the big banks got into that
325
00:15:26.520 --> 00:15:28.860
and were greatly harmed as well.
326
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Well, we see what it did to the neighbourhoods.
327
00:15:30.930 --> 00:15:32.400
So that's what it looked like then.
328
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What it looks like now
329
00:15:34.050 --> 00:15:38.760
after all the various economic challenges we've had,
330
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there are a lot of foreclosures out there
331
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and now private equity firms
332
00:15:42.930 --> 00:15:45.150
are buying up these houses, right?
333
00:15:45.150 --> 00:15:49.650
And again, with the idea to maximise profit
334
00:15:49.650 --> 00:15:50.640
by raising rents
335
00:15:50.640 --> 00:15:53.160
and not really taking care of the properties,
336
00:15:53.160 --> 00:15:55.412
bundling them as securities.
337
00:15:55.412 --> 00:15:59.370
So again, we see it coming in now as a second wave.
338
00:15:59.370 --> 00:16:00.570
But what is the alternative?
339
00:16:00.570 --> 00:16:01.953
Let's go to the next page.
340
00:16:04.320 --> 00:16:05.940
There are alternatives.
341
00:16:05.940 --> 00:16:09.003
If your mind is on the community and you start there,
342
00:16:10.200 --> 00:16:13.410
and I think the Port of Cincinnati is a great example.
343
00:16:13.410 --> 00:16:16.980
My colleague Marjorie Kelly who was telling me about this,
344
00:16:16.980 --> 00:16:20.190
that we had a group of private equity folk
345
00:16:20.190 --> 00:16:24.600
that wanted to buy up a bunch of houses out of foreclosure,
346
00:16:24.600 --> 00:16:26.730
but the port stepped in, the Port of Cincinnati,
347
00:16:26.730 --> 00:16:28.980
which is public entity.
348
00:16:28.980 --> 00:16:31.140
They were able to raise bond funding
349
00:16:31.140 --> 00:16:33.780
because they have great bond rating
350
00:16:33.780 --> 00:16:35.970
to be able to buy these houses instead.
351
00:16:35.970 --> 00:16:38.850
So they bought a couple hundred houses
352
00:16:38.850 --> 00:16:41.040
and they were really bucking a trend.
353
00:16:41.040 --> 00:16:42.990
I mean, one in five Cincinnati homes,
354
00:16:42.990 --> 00:16:47.010
20% were owned by institutional investors
355
00:16:47.010 --> 00:16:49.590
versus families or individuals.
356
00:16:49.590 --> 00:16:52.290
So this trend was not going to stop.
357
00:16:52.290 --> 00:16:54.330
So they bought the houses,
358
00:16:54.330 --> 00:16:57.240
they're now going to keep the rents relatively low
359
00:16:57.240 --> 00:17:01.323
because they don't have a profit as a primary objective.
360
00:17:02.400 --> 00:17:05.580
And then we will increase and stabilise neighbourhoods
361
00:17:05.580 --> 00:17:08.640
by training some of the renters or residents
362
00:17:08.640 --> 00:17:09.840
to become homeowners.
363
00:17:09.840 --> 00:17:14.840
And we know that that makes for more stable communities.
364
00:17:15.060 --> 00:17:16.560
And this doesn't have to be a one-off.
365
00:17:16.560 --> 00:17:19.200
I mean, there is a market from muni bonds.
366
00:17:19.200 --> 00:17:23.550
Any port or any housing authority can get into this game.
367
00:17:23.550 --> 00:17:25.226
So this is an example of what can happen
368
00:17:25.226 --> 00:17:28.710
when finance stays local
369
00:17:28.710 --> 00:17:33.710
and is not being operated purely on a profit motive.
370
00:17:35.280 --> 00:17:36.113
Thank you Stephanie.
371
00:17:36.113 --> 00:17:37.230
Just one minute before we need to go
372
00:17:37.230 --> 00:17:38.730
onto the next speaker please.
373
00:17:38.730 --> 00:17:39.563
Great.
374
00:17:39.563 --> 00:17:40.680
Well, my last slide is coming up.
375
00:17:40.680 --> 00:17:42.900
So if you move to that.
376
00:17:42.900 --> 00:17:45.723
Just want to point out another couple key principles,
377
00:17:47.310 --> 00:17:49.200
community wealth building is best
378
00:17:49.200 --> 00:17:51.120
when it works across systems
379
00:17:51.120 --> 00:17:53.310
and not just sort of little discreet projects
380
00:17:53.310 --> 00:17:55.320
on a neighbourhood by neighbourhood basis.
381
00:17:55.320 --> 00:17:57.450
We did that in Cleveland and that was a good start
382
00:17:57.450 --> 00:17:58.440
for Evergreen.
383
00:17:58.440 --> 00:18:01.650
The way we're seeing things now is more integrated
384
00:18:01.650 --> 00:18:04.653
across systems that have maximum impact.
385
00:18:05.550 --> 00:18:07.980
Many times we need to support that innovation.
386
00:18:07.980 --> 00:18:10.530
I know as the nation's first CDFI,
387
00:18:10.530 --> 00:18:13.230
many times ShoreBank was all by itself out there
388
00:18:13.230 --> 00:18:16.260
saying that you could make money
389
00:18:16.260 --> 00:18:18.630
by lending in certain neighbourhoods.
390
00:18:18.630 --> 00:18:22.110
However, we at TDC helped form the healthcare anchor network
391
00:18:22.110 --> 00:18:24.780
that put hospitals together that wanted to know
392
00:18:24.780 --> 00:18:27.840
how to do a better job of supporting their neighbourhoods
393
00:18:27.840 --> 00:18:29.070
and reinvesting.
394
00:18:29.070 --> 00:18:32.130
And then finally, often investment has to be combined
395
00:18:32.130 --> 00:18:33.270
with philanthropy.
396
00:18:33.270 --> 00:18:35.670
Not everything can be done on a for-profit basis,
397
00:18:35.670 --> 00:18:38.280
things like networks or like this fund
398
00:18:38.280 --> 00:18:41.430
for employee ownership that we help get started
399
00:18:41.430 --> 00:18:43.320
through Evergreen,
400
00:18:43.320 --> 00:18:47.190
which adds a whole capacity to the ecosystem
401
00:18:47.190 --> 00:18:49.200
to be able to create more
402
00:18:49.200 --> 00:18:51.210
democratically owned organisations.
403
00:18:51.210 --> 00:18:52.560
So with that, I will stop.
404
00:18:52.560 --> 00:18:54.450
My contact information is there
405
00:18:54.450 --> 00:18:57.720
as well as the website to get more information.
406
00:18:57.720 --> 00:18:58.553
Thanks so much.
407
00:18:58.553 --> 00:19:00.090
Really enjoyed being with you guys.
408
00:19:00.090 --> 00:19:00.923
Thanks Stephanie.
409
00:19:00.923 --> 00:19:01.860
That's fantastic.
410
00:19:01.860 --> 00:19:06.090
Graham, we're going to go to you, and Laura is on route,
411
00:19:06.090 --> 00:19:09.930
so we're going to go to you and your slides.
412
00:19:09.930 --> 00:19:10.763
Thanks, Gayle.
413
00:19:10.763 --> 00:19:12.180
Hold on the slides, Darius for a second.
414
00:19:12.180 --> 00:19:13.230
And just to say, Stephanie,
415
00:19:13.230 --> 00:19:15.150
we have our team retreat happening right here,
416
00:19:15.150 --> 00:19:17.850
and as you were speaking I was calling my team,
417
00:19:17.850 --> 00:19:19.560
just stand behind the camera and listen
418
00:19:19.560 --> 00:19:20.917
and they were cheering in the back like,
419
00:19:20.917 --> 00:19:23.053
"Yeah, that is absolutely right."
420
00:19:24.932 --> 00:19:25.932
Thank you.
421
00:19:26.880 --> 00:19:30.486
Yeah, so coming from Montreal to you guys,
422
00:19:30.486 --> 00:19:32.220
(Graham speaking French)
423
00:19:32.220 --> 00:19:34.410
from the French speaking part of Canada.
424
00:19:34.410 --> 00:19:39.410
And I am from there, London School of Economics,
425
00:19:39.420 --> 00:19:41.580
graduate degree in decolonization,
426
00:19:41.580 --> 00:19:43.860
and then was ordained as a priest
427
00:19:43.860 --> 00:19:46.200
in the Anglican church, okay?
428
00:19:46.200 --> 00:19:49.860
So when we talk about different backgrounds on this course,
429
00:19:49.860 --> 00:19:50.693
that's me,
430
00:19:50.693 --> 00:19:53.040
that's the diversity of how did we get this guy
431
00:19:53.040 --> 00:19:53.970
from the church?
432
00:19:53.970 --> 00:19:56.340
Are we seriously talking about that?
433
00:19:56.340 --> 00:19:58.650
Well, I've spent 20 years working at street level
434
00:19:58.650 --> 00:20:00.690
with the kind of organisations that Gayle talked about
435
00:20:00.690 --> 00:20:02.250
on the far end of that spectrum.
436
00:20:02.250 --> 00:20:04.470
Same one Stephanie's talking about.
437
00:20:04.470 --> 00:20:07.260
And it's out of that need that we began innovating
438
00:20:07.260 --> 00:20:09.150
and we set up a new charity
439
00:20:09.150 --> 00:20:09.983
called the Trinity Centres Foundation,
440
00:20:09.983 --> 00:20:12.000
which is non-religious.
441
00:20:12.000 --> 00:20:14.258
And we financed now something like $75 million
442
00:20:14.258 --> 00:20:16.950
worth of projects in Canada,
443
00:20:16.950 --> 00:20:20.460
trying to turn these faith properties as Gayle talked about
444
00:20:20.460 --> 00:20:21.860
over to the local community.
445
00:20:22.860 --> 00:20:24.987
Here's my entry into a subject that some of you
446
00:20:24.987 --> 00:20:28.290
who come from more traditional finance backgrounds
447
00:20:28.290 --> 00:20:29.733
may be interested in.
448
00:20:31.005 --> 00:20:33.330
I don't think Gayle meant for us to pick on private equity
449
00:20:33.330 --> 00:20:34.950
quite as much, but sorry, Stephanie,
450
00:20:34.950 --> 00:20:36.600
I'm going to jump onto here.
451
00:20:36.600 --> 00:20:40.410
My joke, it starts as a joke, but it's funny not funny
452
00:20:40.410 --> 00:20:42.007
with my private equity friends, as I say,
453
00:20:42.007 --> 00:20:44.460
"Look, imagine you're a lifetime pro forma,
454
00:20:44.460 --> 00:20:46.143
every tower you ever build,
455
00:20:47.130 --> 00:20:49.350
now what happens if I put 10 homeless guys
456
00:20:49.350 --> 00:20:51.510
in front of every one of those towers?
457
00:20:51.510 --> 00:20:53.280
How does that change your finance?"
458
00:20:53.280 --> 00:20:55.020
I'm not talking about nice homeless guys
459
00:20:55.020 --> 00:20:55.920
who play music and stuff,
460
00:20:55.920 --> 00:20:58.540
I'm talking about angry people who are upset
461
00:20:59.610 --> 00:21:02.130
and they're there the entire time.
462
00:21:02.130 --> 00:21:03.120
My argument here is that
463
00:21:03.120 --> 00:21:06.810
for purely animal spirits capitalistic reasons,
464
00:21:06.810 --> 00:21:08.520
we need to solve these problems.
465
00:21:08.520 --> 00:21:10.500
And if that's the reason you want to solve homelessness
466
00:21:10.500 --> 00:21:13.140
and food security, that's a start.
467
00:21:13.140 --> 00:21:14.910
If you come at it from the UNSDGs
468
00:21:14.910 --> 00:21:18.153
and other types of ethical reasons, that's much better.
469
00:21:19.020 --> 00:21:20.513
But this brings us,
470
00:21:20.513 --> 00:21:22.470
in our case to the broader category
471
00:21:22.470 --> 00:21:24.240
which Stephanie's already touched upon
472
00:21:24.240 --> 00:21:25.890
of social purpose real estate.
473
00:21:25.890 --> 00:21:27.930
I would define that as being properties
474
00:21:27.930 --> 00:21:30.810
that come with a particular type of social purpose,
475
00:21:30.810 --> 00:21:33.960
they've been given often lands for that purpose
476
00:21:33.960 --> 00:21:37.080
as part of often a colonial settlement,
477
00:21:37.080 --> 00:21:40.650
they often benefit from a municipal tax break,
478
00:21:40.650 --> 00:21:43.380
and there's a sense of a story of these are our properties
479
00:21:43.380 --> 00:21:46.440
even if they may be held in trust by a private organisation
480
00:21:46.440 --> 00:21:48.993
like a specific, for instance, religious charity.
481
00:21:51.450 --> 00:21:54.780
Now who owns this stuff
482
00:21:54.780 --> 00:21:57.180
and how could this be part of social finance?
483
00:21:57.180 --> 00:21:59.550
Well, here's a pop quiz for you.
484
00:21:59.550 --> 00:22:03.573
Who is the largest non-state owner of property in the world?
485
00:22:05.670 --> 00:22:07.770
It's the Roman Catholic Church.
486
00:22:07.770 --> 00:22:10.020
If you add other churches and other faiths,
487
00:22:10.020 --> 00:22:12.990
religion as a whole is far bigger as a landowner
488
00:22:12.990 --> 00:22:15.150
than some smaller states.
489
00:22:15.150 --> 00:22:16.440
Yet we don't have a strategy.
490
00:22:16.440 --> 00:22:17.670
If we do ESG, the G,
491
00:22:17.670 --> 00:22:20.850
the governance of faith-based properties is terrible.
492
00:22:20.850 --> 00:22:22.770
You might say the governance of faith organisations
493
00:22:22.770 --> 00:22:26.100
in general is very problematic and I would agree with you.
494
00:22:26.100 --> 00:22:28.260
So this is the kind of issue we come into.
495
00:22:28.260 --> 00:22:29.670
And Darius, if I could,
496
00:22:29.670 --> 00:22:32.880
let me try to express the problem in 60 seconds.
497
00:22:32.880 --> 00:22:35.980
So first wait for Darius to catch up
498
00:22:38.760 --> 00:22:40.850
and I'll go ahead as we're...
499
00:22:42.210 --> 00:22:44.850
So just think about these three questions.
500
00:22:44.850 --> 00:22:45.810
Property development, right?
501
00:22:45.810 --> 00:22:47.880
It's a beautiful force for good.
502
00:22:47.880 --> 00:22:50.580
It can also disturb a delicate urban balance.
503
00:22:50.580 --> 00:22:52.320
So what is sustainable
504
00:22:52.320 --> 00:22:54.810
or even regenerative property development?
505
00:22:54.810 --> 00:22:55.760
Next slide, please.
506
00:22:57.960 --> 00:22:59.430
Now think about faith-based organisations.
507
00:22:59.430 --> 00:23:01.200
We know how much good they've done,
508
00:23:01.200 --> 00:23:03.750
incredible things with schools and hospitals.
509
00:23:03.750 --> 00:23:07.620
They are also experiencing a once in 500 year
510
00:23:07.620 --> 00:23:10.230
operating model revolution.
511
00:23:10.230 --> 00:23:13.710
What if in sharing their land profitably
512
00:23:13.710 --> 00:23:15.180
they heal themselves?
513
00:23:15.180 --> 00:23:17.370
And again, with reference to what Stephanie said,
514
00:23:17.370 --> 00:23:20.130
in some cases we've gone too far down the charitable side,
515
00:23:20.130 --> 00:23:21.930
we don't understand how these organisations
516
00:23:21.930 --> 00:23:25.050
might actually run their properties as a business.
517
00:23:25.050 --> 00:23:26.433
So next slide, please.
518
00:23:27.420 --> 00:23:29.130
Finally, charitable foundations,
519
00:23:29.130 --> 00:23:30.780
they have never been wealthier,
520
00:23:30.780 --> 00:23:34.140
yet they're struggling to scale impact first
521
00:23:34.140 --> 00:23:36.750
or programme related investments.
522
00:23:36.750 --> 00:23:39.090
We'll define this on the course in September.
523
00:23:39.090 --> 00:23:40.980
But in a sense, in short,
524
00:23:40.980 --> 00:23:42.510
these are investments that are in line
525
00:23:42.510 --> 00:23:43.770
with the charities objectives.
526
00:23:43.770 --> 00:23:47.280
What if they could provide true north for a new category
527
00:23:47.280 --> 00:23:49.410
of blended finance instruments?
528
00:23:49.410 --> 00:23:51.480
Thanks for this slide, Darius.
529
00:23:51.480 --> 00:23:53.479
So in September we're going to be talking about
530
00:23:53.479 --> 00:23:54.450
some of these things.
531
00:23:54.450 --> 00:23:55.693
We'll talk about examples of social purpose
532
00:23:55.693 --> 00:23:57.930
real estate funds in Quebec,
533
00:23:57.930 --> 00:24:00.300
where a bunch of foundations got together
534
00:24:00.300 --> 00:24:05.220
and they attracted a worker's pension fund who said,
535
00:24:05.220 --> 00:24:08.070
can you de-risk this for us to get it to investment grade
536
00:24:08.070 --> 00:24:09.750
and they 5x the fund.
537
00:24:09.750 --> 00:24:12.480
If we could see that happen, folks, every time
538
00:24:12.480 --> 00:24:14.490
we would change the world.
539
00:24:14.490 --> 00:24:16.770
Foundations bringing on pension funds,
540
00:24:16.770 --> 00:24:20.100
everybody sings their way into a new future.
541
00:24:20.100 --> 00:24:22.020
It's incredible, right?
542
00:24:22.020 --> 00:24:27.020
In Canada, we have a new $755 million social finance fund.
543
00:24:27.300 --> 00:24:29.087
If every federal government created funds like that,
544
00:24:29.087 --> 00:24:31.950
and by the way, it's launching very, very soon.
545
00:24:31.950 --> 00:24:34.440
So we all just keep telling all the beautiful stories
546
00:24:34.440 --> 00:24:35.610
of what it's supposed to do
547
00:24:35.610 --> 00:24:38.010
to make sure that we hold the government to account.
548
00:24:38.010 --> 00:24:40.380
I'm going to be there at the launch next week
549
00:24:40.380 --> 00:24:41.310
for that in Ottawa.
550
00:24:41.310 --> 00:24:42.480
So we're going to be talking about that.
551
00:24:42.480 --> 00:24:44.670
What are some of the national government solutions
552
00:24:44.670 --> 00:24:46.380
to these social finance structures?
553
00:24:46.380 --> 00:24:48.810
We'll talk about faith-based organisations
554
00:24:48.810 --> 00:24:50.160
and those trillions and trillions.
555
00:24:50.160 --> 00:24:53.010
Is that all sitting in gold in the bottom of the Vatican?
556
00:24:54.090 --> 00:24:54.923
Some of it is.
557
00:24:55.800 --> 00:24:57.780
How much gold is during the bottom of the Vatican,
558
00:24:57.780 --> 00:25:00.000
will not be answered on this course, I'm afraid.
559
00:25:00.000 --> 00:25:02.160
Sorry in case you thought that's where we were going.
560
00:25:02.160 --> 00:25:03.690
And we'll talk to you about
561
00:25:03.690 --> 00:25:06.600
a new social purpose real estate fund that we've launched.
562
00:25:06.600 --> 00:25:08.250
We've launched the first fund,
563
00:25:08.250 --> 00:25:09.540
we're about to launch the second one.
564
00:25:09.540 --> 00:25:11.220
We'll talk to you about some of the deal structure
565
00:25:11.220 --> 00:25:12.660
around that.
566
00:25:12.660 --> 00:25:16.170
Finally, what's the crazy version here?
567
00:25:16.170 --> 00:25:18.690
What could we do with regenerative finance
568
00:25:18.690 --> 00:25:20.670
at a local property level?
569
00:25:20.670 --> 00:25:24.270
Well, our view simply, and again, Stephanie queued this up,
570
00:25:24.270 --> 00:25:26.250
if those organisations who are serving
571
00:25:26.250 --> 00:25:29.880
the poorest of the poor could be given a series of leg ups.
572
00:25:29.880 --> 00:25:31.440
And in our case we're talking about
573
00:25:31.440 --> 00:25:33.480
what if we give them discounted rent
574
00:25:33.480 --> 00:25:35.460
and we make sure that they're able to be located
575
00:25:35.460 --> 00:25:37.260
in the places where we actually need them?
576
00:25:37.260 --> 00:25:40.680
That's the kind of social finance solution
577
00:25:40.680 --> 00:25:43.233
that can radically heal the world.
578
00:25:44.070 --> 00:25:46.410
And finally, a word for those of you
579
00:25:46.410 --> 00:25:48.663
from non-traditional finance backgrounds.
580
00:25:50.040 --> 00:25:51.510
There's hope for you.
581
00:25:51.510 --> 00:25:53.422
There's hope for us, for our people.
582
00:25:53.422 --> 00:25:55.020
(Graham laughing heartily)
583
00:25:55.020 --> 00:25:56.898
And you will find kindred spirits
584
00:25:56.898 --> 00:25:58.860
and you will find that those who come
585
00:25:58.860 --> 00:26:00.510
from traditional finance backgrounds
586
00:26:00.510 --> 00:26:03.150
they want to know what makes us tick.
587
00:26:03.150 --> 00:26:06.450
We need each other and this course and this environment
588
00:26:06.450 --> 00:26:10.110
and if I may say the suite of impact courses at side
589
00:26:10.110 --> 00:26:12.300
is an incredible place for that to happen.
590
00:26:12.300 --> 00:26:14.100
So we look forward to seeing you in September,
591
00:26:14.100 --> 00:26:15.510
and I hope that's a bit of an idea
592
00:26:15.510 --> 00:26:17.370
of some of the stuff that we'll be talking about.
593
00:26:17.370 --> 00:26:18.960
Back over you, Gayle.
594
00:26:18.960 --> 00:26:19.793
Fantastic.
595
00:26:19.793 --> 00:26:22.530
Well, and again, we're going to be looking at that 5 trillion,
596
00:26:22.530 --> 00:26:25.470
how do you employ that #5 trillion that's available
597
00:26:25.470 --> 00:26:28.140
for investment from the faith communities
598
00:26:28.140 --> 00:26:31.687
across the world as well as spirituality?
599
00:26:34.350 --> 00:26:37.170
When we think about just the number of people
600
00:26:37.170 --> 00:26:39.330
that are involved in the faiths,
601
00:26:39.330 --> 00:26:41.280
we've done it Oxford, an analysis,
602
00:26:41.280 --> 00:26:42.900
a landscape analysis
603
00:26:42.900 --> 00:26:46.353
that was driven in part by social finance colleagues.
604
00:26:48.133 --> 00:26:51.330
We have a CEO's leadership circle for social finance,
605
00:26:51.330 --> 00:26:54.930
and several of the CEOs have said from foundations,
606
00:26:54.930 --> 00:26:58.680
would you do an analysis of faith investing?
607
00:26:58.680 --> 00:27:00.030
How much money is available?
608
00:27:00.030 --> 00:27:04.680
Is it being tapped for SDGs?
609
00:27:04.680 --> 00:27:06.453
How do we go about, in fact,
610
00:27:07.380 --> 00:27:09.480
mobilising those resources
611
00:27:09.480 --> 00:27:11.550
in ways that we've not thought about?
612
00:27:11.550 --> 00:27:12.930
So we're going to be spending time,
613
00:27:12.930 --> 00:27:14.490
there's a report that we've done,
614
00:27:14.490 --> 00:27:17.220
we're moving on to another phase two,
615
00:27:17.220 --> 00:27:22.220
which you'll be focused on energy conservation in Africa
616
00:27:22.260 --> 00:27:27.260
and new job creation as well as Graham's work in Montreal.
617
00:27:27.780 --> 00:27:31.300
But there is a network in Islamic finance that we're tapping
618
00:27:32.143 --> 00:27:34.920
and again, spirituality of indigenous people.
619
00:27:34.920 --> 00:27:39.920
So how do we in fact bring and mobilise those capital
620
00:27:39.990 --> 00:27:41.850
at a time in this decisive decade
621
00:27:41.850 --> 00:27:43.470
that we've got to move forward?
622
00:27:43.470 --> 00:27:45.030
We're going to shift, Dawson,
623
00:27:45.030 --> 00:27:47.640
that kind of enters the space for us.
624
00:27:47.640 --> 00:27:48.900
Graham, thank you so much.
625
00:27:48.900 --> 00:27:49.923
I appreciate that.
626
00:27:50.760 --> 00:27:52.587
Dawson, we're going to talk, Laura's en route,
627
00:27:52.587 --> 00:27:57.587
and we're going to talk a little bit about you, your work,
628
00:27:57.870 --> 00:27:58.920
our work together,
629
00:27:58.920 --> 00:28:02.190
and you coming to social finance
630
00:28:02.190 --> 00:28:04.290
and working on an action learning project.
631
00:28:04.290 --> 00:28:06.510
So I think it would be great for you
632
00:28:06.510 --> 00:28:09.210
to go through your slides
633
00:28:09.210 --> 00:28:13.500
and then for us to talk about what it means
634
00:28:13.500 --> 00:28:16.170
for our class experience.
635
00:28:16.170 --> 00:28:17.400
Yeah. Thank you so much Gayle.
636
00:28:17.400 --> 00:28:19.050
Thank you for the opportunity to be here.
637
00:28:19.050 --> 00:28:21.690
And I've loved everything that I've heard so far
638
00:28:21.690 --> 00:28:24.300
from Stephanie and Graham.
639
00:28:24.300 --> 00:28:26.910
It's really exciting to hear about their work
640
00:28:26.910 --> 00:28:30.030
and I'm really excited about this opportunity.
641
00:28:30.030 --> 00:28:33.545
I think, when you go to places like Said
642
00:28:33.545 --> 00:28:36.990
and I have a graduate degree as well,
643
00:28:36.990 --> 00:28:38.580
I think you learn a lot in the classroom,
644
00:28:38.580 --> 00:28:39.780
but I think for me,
645
00:28:39.780 --> 00:28:42.240
I always learn the most from other people, right?
646
00:28:42.240 --> 00:28:43.320
And their experiences.
647
00:28:43.320 --> 00:28:45.420
And so yeah,
648
00:28:45.420 --> 00:28:47.720
I love the conversations that we've had today.
649
00:28:48.630 --> 00:28:50.070
My name is Dawson Her Many Horses.
650
00:28:50.070 --> 00:28:52.803
I'm an enrolled member of the Rosebud Sioux tribe.
651
00:28:53.940 --> 00:28:57.607
My tribe is one of 574 federally recognised tribes
652
00:28:57.607 --> 00:28:59.163
in the US.
653
00:29:00.810 --> 00:29:04.110
I have a background in commercial investment banking.
654
00:29:04.110 --> 00:29:08.910
I spent most of my career, much of my career, I should say,
655
00:29:08.910 --> 00:29:12.500
focused on financing the casino industry.
656
00:29:12.500 --> 00:29:14.400
And over the last five years,
657
00:29:14.400 --> 00:29:18.450
I've kind of transitioned and have been working
658
00:29:18.450 --> 00:29:22.240
a little more broadly on supporting tribal communities
659
00:29:23.220 --> 00:29:26.193
from a tribal governmental and non-gaming perspective.
660
00:29:27.600 --> 00:29:30.600
The financial institution that I work for,
661
00:29:30.600 --> 00:29:34.560
we do quite a bit of work with tribal communities.
662
00:29:34.560 --> 00:29:35.790
We have relationships
663
00:29:35.790 --> 00:29:38.610
with one out of three federal recognised tribes.
664
00:29:38.610 --> 00:29:41.070
We have about 3.4 billion in credit committed
665
00:29:41.070 --> 00:29:44.610
to tribal communities as well as about four billion
666
00:29:44.610 --> 00:29:47.040
in deposits with our tribal clients.
667
00:29:47.040 --> 00:29:48.810
And so we do a lot of work,
668
00:29:48.810 --> 00:29:51.330
but there's a lot more work to be done, right?
669
00:29:51.330 --> 00:29:55.350
And I think the discussion that I'll touch on today
670
00:29:55.350 --> 00:29:57.780
will kind of go into some of the reasons
671
00:29:57.780 --> 00:30:01.530
why I think we need to start exploring social finance
672
00:30:01.530 --> 00:30:03.690
for tribal communities, certainly within the US,
673
00:30:03.690 --> 00:30:07.503
and I'm sure more broadly across the world.
674
00:30:08.400 --> 00:30:10.080
If we want to go to the next slide,
675
00:30:10.080 --> 00:30:11.913
please that would be helpful.
676
00:30:12.990 --> 00:30:15.840
I love this conversation of regenerative finance
677
00:30:15.840 --> 00:30:17.214
and I loved...
678
00:30:17.214 --> 00:30:21.243
Gayle posted a video on Friday, Saturday,
679
00:30:22.590 --> 00:30:24.930
kind of talking about exploring themes
680
00:30:24.930 --> 00:30:26.430
of regeneration, right?
681
00:30:26.430 --> 00:30:28.530
And it really got me kind of thinking like,
682
00:30:28.530 --> 00:30:31.530
what does it mean to kind of put tribal communities
683
00:30:31.530 --> 00:30:34.710
at the centre of a financial community
684
00:30:34.710 --> 00:30:37.110
or an economic system, right?
685
00:30:37.110 --> 00:30:39.810
Because I think right now the system that we have
686
00:30:39.810 --> 00:30:43.110
and Stephanie and Graham have both talked about it.
687
00:30:43.110 --> 00:30:45.390
The system that we have doesn't work, right?
688
00:30:45.390 --> 00:30:49.530
And it doesn't kind of work for tribal communities.
689
00:30:49.530 --> 00:30:51.330
And I think when we think about US communities,
690
00:30:51.330 --> 00:30:53.130
I think we need to think about three things.
691
00:30:53.130 --> 00:30:56.910
One, we need to honour tribal sovereignty, right?
692
00:30:56.910 --> 00:30:58.800
And what does that mean, right?
693
00:30:58.800 --> 00:31:03.090
Within the US, tribes are more than a racial group, right?
694
00:31:03.090 --> 00:31:04.350
We're more than ethnic group.
695
00:31:04.350 --> 00:31:07.890
In the US we're actually nations, right?
696
00:31:07.890 --> 00:31:12.120
And we're nations, we're governments.
697
00:31:12.120 --> 00:31:15.990
And I'm an enrolled member of my tribe.
698
00:31:15.990 --> 00:31:17.460
I'm a citizen of my tribe.
699
00:31:17.460 --> 00:31:19.080
I live in Las Vegas,
700
00:31:19.080 --> 00:31:21.780
I'm a resident of the state of Nevada,
701
00:31:21.780 --> 00:31:24.330
and I'm a citizen of the United States, right?
702
00:31:24.330 --> 00:31:27.512
And when we think about,
703
00:31:27.512 --> 00:31:30.420
centering tribes within a financial system,
704
00:31:30.420 --> 00:31:32.970
we need to kind of acknowledge in an honour
705
00:31:32.970 --> 00:31:36.123
that sovereignty that tribal governments have, right?
706
00:31:37.380 --> 00:31:40.170
Along with that, I think we need to acknowledge
707
00:31:40.170 --> 00:31:43.530
just the legacies of colonialism in the US, right?
708
00:31:43.530 --> 00:31:45.750
And I think from a economic perspective,
709
00:31:45.750 --> 00:31:47.580
from a banking perspective,
710
00:31:47.580 --> 00:31:51.900
the big way that shows up is in land, right?
711
00:31:51.900 --> 00:31:56.343
Tribal communities, Native Americans and Alaska natives,
712
00:31:57.600 --> 00:32:02.340
many live on reservations and the tribal governments
713
00:32:02.340 --> 00:32:05.730
that own this land or own this land
714
00:32:05.730 --> 00:32:09.450
or kind of occupy the land on reservations
715
00:32:09.450 --> 00:32:11.220
don't actually own it, right?
716
00:32:11.220 --> 00:32:14.530
This land is held in trust by the US government
717
00:32:16.464 --> 00:32:18.330
for the benefit of tribal communities, right?
718
00:32:18.330 --> 00:32:21.459
So there's no way for tribes or individual tribal members
719
00:32:21.459 --> 00:32:24.600
to kind of use that land as collateral, right?
720
00:32:24.600 --> 00:32:27.510
And what that does is it just creates
721
00:32:27.510 --> 00:32:28.890
a lot of complications, right?
722
00:32:28.890 --> 00:32:31.710
So I think when we think about this world of social finance,
723
00:32:31.710 --> 00:32:33.420
finance a little more broadly,
724
00:32:33.420 --> 00:32:36.210
we need to kind of just acknowledge that like,
725
00:32:36.210 --> 00:32:38.070
one of the wicked problems in this space
726
00:32:38.070 --> 00:32:40.680
is just this legacy of these legal systems,
727
00:32:40.680 --> 00:32:44.010
and ownership, and things like that
728
00:32:44.010 --> 00:32:46.650
because it just creates a lot of complications
729
00:32:46.650 --> 00:32:48.780
that I think the financial community
730
00:32:48.780 --> 00:32:52.800
just hasn't been able to kind of wrap their head around.
731
00:32:52.800 --> 00:32:56.760
I think finally, when it comes to designing solutions
732
00:32:56.760 --> 00:32:57.600
for tribal communities,
733
00:32:57.600 --> 00:32:59.700
we need to think outside the box, right?
734
00:32:59.700 --> 00:33:01.380
Because in the finance community
735
00:33:01.380 --> 00:33:03.090
we think in terms of a box, right?
736
00:33:03.090 --> 00:33:05.790
We have a risk box, right?
737
00:33:05.790 --> 00:33:08.640
And then we kind of finance things within that box.
738
00:33:08.640 --> 00:33:10.740
But I think if we want to actually
739
00:33:10.740 --> 00:33:12.270
support tribal communities
740
00:33:12.270 --> 00:33:15.600
and kind of put them at the centre of everything that we do,
741
00:33:15.600 --> 00:33:17.220
we need to think creatively, right?
742
00:33:17.220 --> 00:33:18.840
We also need to along with that,
743
00:33:18.840 --> 00:33:21.360
we need to bring in other forms of capital
744
00:33:21.360 --> 00:33:26.220
to kind of help open up markets within tribal communities
745
00:33:26.220 --> 00:33:28.740
to be able to support all aspects
746
00:33:28.740 --> 00:33:30.840
of Native American finance.
747
00:33:30.840 --> 00:33:32.763
So next slide please.
748
00:33:35.250 --> 00:33:37.410
There's a lot of work that's already been done
749
00:33:37.410 --> 00:33:39.480
in Native American, Alaska Native communities,
750
00:33:39.480 --> 00:33:41.370
indigenous communities more broadly.
751
00:33:41.370 --> 00:33:43.080
And I think the perspective I bring
752
00:33:43.080 --> 00:33:46.080
is somebody who's done a lot of financing
753
00:33:46.080 --> 00:33:47.880
with tribal governments
754
00:33:47.880 --> 00:33:51.453
and the businesses that tribal governments own.
755
00:33:53.250 --> 00:33:55.440
What I think is important about this perspective
756
00:33:55.440 --> 00:33:58.410
is that if we want to have an impact in tribal communities,
757
00:33:58.410 --> 00:34:03.410
if we want be able to kind of measure and see progress
758
00:34:06.510 --> 00:34:08.040
within our generation
759
00:34:08.040 --> 00:34:11.070
we need to think about financing
760
00:34:11.070 --> 00:34:12.570
and supporting tribal communities
761
00:34:12.570 --> 00:34:15.000
from a tribal governmental perspective, right?
762
00:34:15.000 --> 00:34:20.000
In mainstream America, the entrepreneur is kind of...
763
00:34:20.340 --> 00:34:22.290
I mean, the US, in the mainstream America,
764
00:34:22.290 --> 00:34:25.710
the entrepreneurs like the centre of kind of like our world,
765
00:34:25.710 --> 00:34:26.543
right?
766
00:34:26.543 --> 00:34:30.090
Those entrepreneurs, start out with companies
767
00:34:30.090 --> 00:34:33.061
that are supported by VCs and private equity
768
00:34:33.061 --> 00:34:34.650
and they kind of grow, right?
769
00:34:34.650 --> 00:34:37.050
And they turn into these large corporations
770
00:34:37.050 --> 00:34:38.130
that employ a lot of people.
771
00:34:38.130 --> 00:34:40.050
But in Native America,
772
00:34:40.050 --> 00:34:43.140
it's the tribal government that's the primary actor, right?
773
00:34:43.140 --> 00:34:45.960
On tribal lands in Native American communities,
774
00:34:45.960 --> 00:34:48.720
the tribal government is the primary economic actor.
775
00:34:48.720 --> 00:34:51.570
They're the ones that start businesses,
776
00:34:51.570 --> 00:34:55.200
they're the ones that typically employ most people
777
00:34:55.200 --> 00:34:56.580
on tribal lands,
778
00:34:56.580 --> 00:35:00.420
and they're the ones whose kind of revenues
779
00:35:00.420 --> 00:35:05.420
are supporting just tribal economies a little more broadly.
780
00:35:05.640 --> 00:35:08.100
So I think we need to think about,
781
00:35:08.100 --> 00:35:10.020
if we want to have an impact on tribal communities
782
00:35:10.020 --> 00:35:11.570
we need to kind of think about,
783
00:35:12.510 --> 00:35:14.100
working through tribal governments
784
00:35:14.100 --> 00:35:18.117
to get the scale and make the impact that we want to have.
785
00:35:18.117 --> 00:35:20.373
And so, next slide, please.
786
00:35:21.540 --> 00:35:24.150
So tribal owned businesses is one way to do that.
787
00:35:24.150 --> 00:35:29.150
And right now in the US within tribal communities,
788
00:35:30.090 --> 00:35:32.820
one of the biggest drivers of economic development
789
00:35:32.820 --> 00:35:35.280
is casinos, right?
790
00:35:35.280 --> 00:35:37.740
Casinos, and I won't go into it now
791
00:35:37.740 --> 00:35:38.790
because we don't have enough time,
792
00:35:38.790 --> 00:35:42.120
but casinos have been a big driver of economic development.
793
00:35:42.120 --> 00:35:43.320
The profits from casinos
794
00:35:43.320 --> 00:35:44.970
have flowed back to tribal governments
795
00:35:44.970 --> 00:35:48.573
and fund important governmental services.
796
00:35:50.400 --> 00:35:52.980
But when it comes to actually financing these casinos
797
00:35:52.980 --> 00:35:54.600
and other non-gaming businesses
798
00:35:54.600 --> 00:35:56.433
from a pure banking perspective,
799
00:35:57.322 --> 00:36:00.907
it can be a challenge because within a bank
800
00:36:00.907 --> 00:36:03.810
we don't always kind of know where to put them, right?
801
00:36:03.810 --> 00:36:05.730
Do we put them with the government group
802
00:36:05.730 --> 00:36:08.040
or do we put them with the casino group, right?
803
00:36:08.040 --> 00:36:10.620
And whatever group that we put them into,
804
00:36:10.620 --> 00:36:13.320
we're not going to be able to kind of meet the needs
805
00:36:13.320 --> 00:36:15.510
of like the whole tribal government
806
00:36:15.510 --> 00:36:18.930
because if you put the tribe with the casino
807
00:36:18.930 --> 00:36:20.190
and the casino group,
808
00:36:20.190 --> 00:36:24.300
the casino group doesn't know how to finance schools,
809
00:36:24.300 --> 00:36:28.020
hospitals, healthcare, things like that.
810
00:36:28.020 --> 00:36:29.130
So it's a big challenge,
811
00:36:29.130 --> 00:36:31.170
but I think banks are kind of working through it.
812
00:36:31.170 --> 00:36:32.223
Next slide, please.
813
00:36:34.199 --> 00:36:35.907
The next piece of this is tribal governments, right?
814
00:36:35.907 --> 00:36:38.340
And tribal governments have huge finance needs
815
00:36:38.340 --> 00:36:39.420
as you can see here.
816
00:36:39.420 --> 00:36:43.110
33.7 billion in housing needs, right?
817
00:36:43.110 --> 00:36:47.673
Banks just haven't been able to kind of get there, right?
818
00:36:47.673 --> 00:36:50.850
Some very successful tribes
819
00:36:50.850 --> 00:36:53.490
have been able to kind of go to the capital markets
820
00:36:53.490 --> 00:36:58.200
to get the capital they need for their projects.
821
00:36:58.200 --> 00:37:01.410
But I think we need to start that conversation
822
00:37:01.410 --> 00:37:04.320
with the larger social enterprise,
823
00:37:04.320 --> 00:37:06.000
the a hundred plus trillion
824
00:37:06.000 --> 00:37:07.740
that Gayle was talking about earlier,
825
00:37:07.740 --> 00:37:09.510
that larger investor community
826
00:37:09.510 --> 00:37:11.910
and talk about mobilising capital,
827
00:37:11.910 --> 00:37:14.361
impact capital and bringing it into country
828
00:37:14.361 --> 00:37:16.650
or tribal communities within the US.
829
00:37:16.650 --> 00:37:17.643
Next slide, please.
830
00:37:18.750 --> 00:37:22.110
And then finally, this is like the big puzzle here.
831
00:37:22.110 --> 00:37:23.130
This is the conundrum.
832
00:37:23.130 --> 00:37:28.130
How do we support individual tribal members, right?
833
00:37:29.040 --> 00:37:32.580
Because tribal members most don't own the land
834
00:37:32.580 --> 00:37:33.480
that they live on.
835
00:37:34.440 --> 00:37:35.430
If they own a business
836
00:37:35.430 --> 00:37:37.860
they don't have the ability to kind of pledge land
837
00:37:37.860 --> 00:37:40.620
as collateral or a small business loan.
838
00:37:40.620 --> 00:37:42.420
And so how do we kind of support them
839
00:37:42.420 --> 00:37:44.640
if they want a mortgage, right?
840
00:37:44.640 --> 00:37:46.440
If they want to kind of build a house,
841
00:37:46.440 --> 00:37:47.760
like how are we going to,
842
00:37:47.760 --> 00:37:49.950
because a bank can't take that land as collateral,
843
00:37:49.950 --> 00:37:52.530
like it's very hard to get a mortgage, right?
844
00:37:52.530 --> 00:37:55.110
And there are some solutions within the US
845
00:37:55.110 --> 00:37:57.360
for mortgages, but it's hard, right?
846
00:37:57.360 --> 00:37:59.820
And so I think when we think about
847
00:37:59.820 --> 00:38:01.560
supporting individual tribal members
848
00:38:01.560 --> 00:38:03.000
and the businesses they own,
849
00:38:03.000 --> 00:38:04.560
I think there's a huge opportunity
850
00:38:04.560 --> 00:38:08.430
for the social enterprise and traditional philanthropy
851
00:38:08.430 --> 00:38:12.840
to kind of come in and brainstorm and think about ways
852
00:38:12.840 --> 00:38:15.240
to kind of support individual tribal members
853
00:38:15.240 --> 00:38:16.140
in tribal communities
854
00:38:16.140 --> 00:38:18.300
because I don't think anyone's
855
00:38:18.300 --> 00:38:19.410
really figured that out, right?
856
00:38:19.410 --> 00:38:20.687
We have CDFIs,
857
00:38:20.687 --> 00:38:24.570
Stephanie was talking about the CDFIs she worked up for,
858
00:38:24.570 --> 00:38:26.250
we have 'em in in tribal communities,
859
00:38:26.250 --> 00:38:28.770
but again, we don't have 'em at scale
860
00:38:28.770 --> 00:38:30.090
and we need more of them, right?
861
00:38:30.090 --> 00:38:31.230
So it's a big issue.
862
00:38:31.230 --> 00:38:34.190
But again, this is something that we'll talk about
863
00:38:34.190 --> 00:38:35.280
in social finance
864
00:38:35.280 --> 00:38:38.883
and look forward to any questions that folks have.
865
00:38:39.990 --> 00:38:40.926
So that's it for me.
866
00:38:40.926 --> 00:38:41.880
Thank you.
867
00:38:41.880 --> 00:38:42.840
That's fantastic.
868
00:38:42.840 --> 00:38:47.840
I think that it's important that we're going to build a bank
869
00:38:48.240 --> 00:38:49.590
in social finance.
870
00:38:49.590 --> 00:38:51.600
That is our role is to build a bank
871
00:38:51.600 --> 00:38:55.170
that's going to meet the needs of tribal nations in the US
872
00:38:55.170 --> 00:38:56.640
and beyond.
873
00:38:56.640 --> 00:38:59.700
When we think about who owns the land
874
00:38:59.700 --> 00:39:02.100
or controls land worldwide,
875
00:39:02.100 --> 00:39:07.100
indigenous people have maintained the nature,
876
00:39:08.040 --> 00:39:09.840
the natural balance.
877
00:39:09.840 --> 00:39:13.650
And so how we preserve and conserve nature
878
00:39:13.650 --> 00:39:15.180
is really essential.
879
00:39:15.180 --> 00:39:17.400
So, but how we build a bank
880
00:39:17.400 --> 00:39:20.130
and to serve the specific needs of communities
881
00:39:20.130 --> 00:39:22.620
is something that is really important.
882
00:39:22.620 --> 00:39:24.690
We've got Stephanie, who's been a banker,
883
00:39:24.690 --> 00:39:27.060
we've got Graham, who's got the faith on his side,
884
00:39:27.060 --> 00:39:29.820
we've got Dawson, who's got finance experience.
885
00:39:29.820 --> 00:39:33.720
And so how do we bring those skills to you
886
00:39:33.720 --> 00:39:34.615
in social finance?
887
00:39:34.615 --> 00:39:37.620
How do we begin to deploy philanthropy,
888
00:39:37.620 --> 00:39:39.240
public sector resources?
889
00:39:39.240 --> 00:39:41.430
Now I'm going to go back to my colleagues,
890
00:39:41.430 --> 00:39:45.813
Stephanie and Dawson, and say, define what CDFI is?
891
00:39:47.430 --> 00:39:50.670
Define what CDFI is because that is not a phenomenon
892
00:39:50.670 --> 00:39:52.500
that exists in other parts of the world?
893
00:39:52.500 --> 00:39:54.280
Gotcha. Sorry about that.
894
00:39:54.280 --> 00:39:58.743
Alphabet suit, community development financial institutions.
895
00:39:59.970 --> 00:40:02.100
They were actually patterned after ShoreBank
896
00:40:02.100 --> 00:40:05.220
when Bill Clinton was in office in the US,
897
00:40:05.220 --> 00:40:09.390
we set up that function within the Department of Treasury
898
00:40:09.390 --> 00:40:11.100
where some funds were available
899
00:40:11.100 --> 00:40:12.390
to those types of institutions
900
00:40:12.390 --> 00:40:15.240
as well as some technical assistance.
901
00:40:15.240 --> 00:40:16.620
And that's really important.
902
00:40:16.620 --> 00:40:20.220
And it gets at one of the questions that we've got too.
903
00:40:20.220 --> 00:40:22.110
Laura, we're going to get to you, you're at the airport,
904
00:40:22.110 --> 00:40:24.420
I see, you're connected.
905
00:40:24.420 --> 00:40:27.600
But the idea of what's the role of the public sector?
906
00:40:27.600 --> 00:40:29.730
That's one of the questions that we're getting
907
00:40:29.730 --> 00:40:31.530
in the chat box.
908
00:40:31.530 --> 00:40:33.270
What's the role of the public sector?
909
00:40:33.270 --> 00:40:35.763
Public sector created CDFIs.
910
00:40:37.350 --> 00:40:40.110
How do you create community financing
911
00:40:40.110 --> 00:40:43.200
that was government driven, public policy driven?
912
00:40:43.200 --> 00:40:46.080
So when we think about how we approach social finance,
913
00:40:46.080 --> 00:40:48.930
public policies' essential,
914
00:40:48.930 --> 00:40:52.290
how we en engage and involve the private sector
915
00:40:52.290 --> 00:40:54.210
and the public sector is important.
916
00:40:54.210 --> 00:40:56.910
Now, what Dawson's pointing out is
917
00:40:56.910 --> 00:40:58.395
that's a very tricky situation
918
00:40:58.395 --> 00:41:02.370
when you've got sovereign states and sovereign nations
919
00:41:02.370 --> 00:41:05.010
that are controlled by the federal government.
920
00:41:05.010 --> 00:41:07.830
And what is that dynamic and what does that really look like
921
00:41:07.830 --> 00:41:09.543
in that system of change?
922
00:41:10.470 --> 00:41:11.490
So we're going to hold that.
923
00:41:11.490 --> 00:41:12.450
I'm going to go to Laura,
924
00:41:12.450 --> 00:41:16.740
who's now at, again, it's wonderful to see you.
925
00:41:16.740 --> 00:41:21.740
And one of our alums who is also going to be involved
926
00:41:22.290 --> 00:41:24.870
in an action learning project in Mexico,
927
00:41:24.870 --> 00:41:27.210
because we're not only going to be building a bank,
928
00:41:27.210 --> 00:41:28.770
but we're going to be building
929
00:41:28.770 --> 00:41:32.879
a impact investment/social finance institution
930
00:41:32.879 --> 00:41:36.240
or organisation in Mexico
931
00:41:36.240 --> 00:41:41.160
to help preserve and sustain fishing communities and oceans.
932
00:41:41.160 --> 00:41:45.930
So with Kobe and Laura knows Kobe and Jorge well, yeah.
933
00:41:45.930 --> 00:41:47.250
And Maria Jose.
934
00:41:47.250 --> 00:41:49.830
So Laura, you don't have slides for us,
935
00:41:49.830 --> 00:41:52.680
but I know that you're passionate about this issue,
936
00:41:52.680 --> 00:41:53.910
regeneration.
937
00:41:53.910 --> 00:41:56.750
So give us five minutes on...
938
00:41:57.780 --> 00:41:59.760
Inspire us, tell us what you're doing
939
00:41:59.760 --> 00:42:02.610
and what your interpretation is of a regeneration.
940
00:42:02.610 --> 00:42:03.720
Yes, thank you.
941
00:42:03.720 --> 00:42:05.760
Can you hear me all right?
942
00:42:05.760 --> 00:42:06.756
Yes. Okay, perfect.
943
00:42:06.756 --> 00:42:08.370
Thank you so much.
944
00:42:08.370 --> 00:42:12.240
And it's been wonderful to hear everyone's stories
945
00:42:12.240 --> 00:42:15.460
starting with Stephanie's because I was a banker too
946
00:42:16.495 --> 00:42:20.340
in 2008, but I was in Citibank in Mexico.
947
00:42:20.340 --> 00:42:24.060
And being a banker and being in wealth management
948
00:42:24.060 --> 00:42:26.380
and then going into asset management
949
00:42:27.510 --> 00:42:30.330
really put me in (indistinct)
950
00:42:30.330 --> 00:42:35.330
So ethical dilemmas, accountability to my customers,
951
00:42:40.110 --> 00:42:43.200
and just the fact that I had ethical dilemma
952
00:42:43.200 --> 00:42:45.390
for me was a huge problem.
953
00:42:45.390 --> 00:42:46.863
And I basically,
954
00:42:49.620 --> 00:42:54.620
I got into panic attack and their collateral after that
955
00:42:56.400 --> 00:43:00.700
because I was ruining my identity in...
956
00:43:03.270 --> 00:43:04.980
Laura, you're breaking up a little bit.
957
00:43:04.980 --> 00:43:07.230
Why don't you take off your video
958
00:43:07.230 --> 00:43:08.853
and see if that's any better?
959
00:43:10.503 --> 00:43:11.687
Okay.
960
00:43:11.687 --> 00:43:13.143
Is this better?
961
00:43:14.820 --> 00:43:16.740
Can you hear me better?
962
00:43:16.740 --> 00:43:18.903
Yeah, let's try that.
963
00:43:20.850 --> 00:43:24.060
Okay, I can also connect from my cell phone.
964
00:43:24.060 --> 00:43:26.013
My cell phone is wonderful connection.
965
00:43:27.210 --> 00:43:29.300
So, as I was saying...
966
00:43:30.965 --> 00:43:33.300
Yeah, okay.
967
00:43:33.300 --> 00:43:38.300
So basically I quit banking in 2014
968
00:43:38.760 --> 00:43:41.430
precisely because I thought there was an alternative.
969
00:43:41.430 --> 00:43:43.620
And I heard about three of those bank
970
00:43:43.620 --> 00:43:46.110
that was a responsible bank, and I was like,
971
00:43:46.110 --> 00:43:47.550
if there's a responsible bank,
972
00:43:47.550 --> 00:43:50.130
what does that say about the rest?
973
00:43:50.130 --> 00:43:51.840
If there's ethical investing,
974
00:43:51.840 --> 00:43:54.360
what does that say about investing?
975
00:43:54.360 --> 00:43:56.100
And I started questioning myself,
976
00:43:56.100 --> 00:43:59.460
and I'm really, really happy that in this conversation
977
00:43:59.460 --> 00:44:01.800
we're already started with the colonisation
978
00:44:01.800 --> 00:44:03.240
as one of the topics,
979
00:44:03.240 --> 00:44:07.350
because that means the conversation has really evolved.
980
00:44:07.350 --> 00:44:10.890
I was in Oxford in 2015,
981
00:44:10.890 --> 00:44:14.010
and I'm super, super happy to see the evolution
982
00:44:14.010 --> 00:44:17.400
of the conversations that Oxford has brought about
983
00:44:17.400 --> 00:44:20.250
and that I also have recommended some other students
984
00:44:20.250 --> 00:44:21.603
that have already been.
985
00:44:22.470 --> 00:44:26.550
And I do see that evolution happening not only in Oxford,
986
00:44:26.550 --> 00:44:29.070
but globally, I think for the whole sector.
987
00:44:29.070 --> 00:44:32.670
So when I met John Kohler,
988
00:44:32.670 --> 00:44:33.870
I don't know if you guys know him,
989
00:44:33.870 --> 00:44:37.167
but he's a faculty member in Santa Barbara,
990
00:44:37.167 --> 00:44:40.260
and he does a lot of impact investing courses
991
00:44:40.260 --> 00:44:43.770
and the management training in the US.
992
00:44:43.770 --> 00:44:45.180
And basically he gives...
993
00:44:45.180 --> 00:44:49.140
So what I said was that I had the American version
994
00:44:49.140 --> 00:44:51.270
of impact investing from him
995
00:44:51.270 --> 00:44:54.480
and the UK European version from Oxford.
996
00:44:54.480 --> 00:44:56.580
And it was very complimentary
997
00:44:56.580 --> 00:44:59.280
to have both perspectives, I think.
998
00:44:59.280 --> 00:45:01.740
So when I saw that impact investing existed,
999
00:45:01.740 --> 00:45:05.520
I really wanted to dedicate my full life to it to serve.
1000
00:45:05.520 --> 00:45:08.340
And basically I was asking everyone I knew
1001
00:45:08.340 --> 00:45:10.140
in impact investing, like, how can I serve?
1002
00:45:10.140 --> 00:45:13.650
And when I talked to them about my background, they said...
1003
00:45:13.650 --> 00:45:15.033
You tell me if I break up.
1004
00:45:16.590 --> 00:45:19.470
They say that all impact investing
1005
00:45:19.470 --> 00:45:21.480
needed a lot of investor relations,
1006
00:45:21.480 --> 00:45:23.160
and that's where I started.
1007
00:45:23.160 --> 00:45:24.240
And in Mexico,
1008
00:45:24.240 --> 00:45:27.690
there was no Spanish speaking impact investing courses.
1009
00:45:27.690 --> 00:45:30.180
So we started educating investors.
1010
00:45:30.180 --> 00:45:31.710
And when we started doing that,
1011
00:45:31.710 --> 00:45:36.570
we started realising that many investors lacked direction
1012
00:45:36.570 --> 00:45:39.240
when they heard about impact investing.
1013
00:45:39.240 --> 00:45:41.386
And I thought myself,
1014
00:45:41.386 --> 00:45:44.040
I kind of lacked a little bit of direction,
1015
00:45:44.040 --> 00:45:48.120
but then I started learning about regeneration around 2017,
1016
00:45:48.120 --> 00:45:50.430
more or less, from John Fullerton.
1017
00:45:50.430 --> 00:45:52.170
He's in the Capital Institute,
1018
00:45:52.170 --> 00:45:54.420
and he wrote regenerative capitalism
1019
00:45:54.420 --> 00:45:58.800
that he now calls it regenerative economy
1020
00:45:58.800 --> 00:46:00.300
instead of capitalism.
1021
00:46:00.300 --> 00:46:03.540
And he grounds that concept in eight principles,
1022
00:46:03.540 --> 00:46:06.570
that he was inspired by nature
1023
00:46:06.570 --> 00:46:08.160
to write about those eight principles.
1024
00:46:08.160 --> 00:46:11.040
So a lot of what all these previous panellists
1025
00:46:11.040 --> 00:46:14.610
have talked about is grounded on two of those principles,
1026
00:46:14.610 --> 00:46:19.140
which is circularity and right relationship.
1027
00:46:19.140 --> 00:46:24.140
So like that reciprocal relationship is found in nature,
1028
00:46:25.080 --> 00:46:28.440
and that distributed property is actually found
1029
00:46:28.440 --> 00:46:32.940
in the best historical bank of humanity, which is the soil.
1030
00:46:32.940 --> 00:46:37.940
So if we use the metaphor of soil as a bank,
1031
00:46:38.130 --> 00:46:42.150
soil is inherently distributed by design,
1032
00:46:42.150 --> 00:46:44.973
it nourishes everyone and everything.
1033
00:46:46.020 --> 00:46:47.880
So it's not even an anthropocentric,
1034
00:46:47.880 --> 00:46:50.410
it's lifecentric as a bank.
1035
00:46:50.410 --> 00:46:54.300
So if we use that metaphor of soil as a bank,
1036
00:46:54.300 --> 00:46:57.390
then we can see capital as water,
1037
00:46:57.390 --> 00:47:01.260
and we start hoping that water flows.
1038
00:47:01.260 --> 00:47:03.450
And right now there's a lot of,
1039
00:47:03.450 --> 00:47:06.690
how do you say, in Spanish is (speaking Spanish)
1040
00:47:06.690 --> 00:47:11.690
when the blood clots and then it starts going black,
1041
00:47:15.455 --> 00:47:18.300
or yeah, blood clot, right?
1042
00:47:18.300 --> 00:47:19.133
Yeah.
1043
00:47:19.133 --> 00:47:22.710
So when something dies because there's a blood clot, right?
1044
00:47:22.710 --> 00:47:25.104
So when we allow that circularity,
1045
00:47:25.104 --> 00:47:28.770
I think right now there's a lot of wealth accumulation
1046
00:47:28.770 --> 00:47:31.500
and concentration in very few hands
1047
00:47:31.500 --> 00:47:35.340
that it's acting as a blood clot.
1048
00:47:35.340 --> 00:47:38.310
So we need capital to flow.
1049
00:47:38.310 --> 00:47:42.570
And basically that's what I've been studying,
1050
00:47:42.570 --> 00:47:45.404
applying, trying to do in Mexico
1051
00:47:45.404 --> 00:47:49.500
to let capital flow to ensure that it serves life
1052
00:47:49.500 --> 00:47:51.577
instead of governing it.
1053
00:47:51.577 --> 00:47:54.900
And I think a thematic that I heard a lot
1054
00:47:54.900 --> 00:47:56.520
was about ownership.
1055
00:47:56.520 --> 00:48:01.140
And I think ownership is a very important concept
1056
00:48:01.140 --> 00:48:05.100
that embodies a little bit of our current economy,
1057
00:48:05.100 --> 00:48:08.340
but before that we belong to the land
1058
00:48:08.340 --> 00:48:11.010
instead of the land belonging to us.
1059
00:48:11.010 --> 00:48:15.480
And it is just, how do we shift those paradigms
1060
00:48:15.480 --> 00:48:17.580
to follow nature's principles?
1061
00:48:17.580 --> 00:48:20.970
And the work that we've been doing mostly since 2017
1062
00:48:20.970 --> 00:48:23.940
is going into the intersection with climate finance.
1063
00:48:23.940 --> 00:48:27.480
So we go a lot into biodiversity regeneration.
1064
00:48:27.480 --> 00:48:32.190
And I think that's my calling because my grandma
1065
00:48:32.190 --> 00:48:35.730
used to be a biology teacher and she taught me
1066
00:48:35.730 --> 00:48:38.590
to transmit that love for life
1067
00:48:40.626 --> 00:48:42.570
while you teach or while you work.
1068
00:48:42.570 --> 00:48:45.750
And I think I'm trying to carry her message.
1069
00:48:45.750 --> 00:48:48.750
So I've been really, really happy to stay connected
1070
00:48:48.750 --> 00:48:49.583
with Gayle.
1071
00:48:49.583 --> 00:48:52.170
I've been really happy to get to know probably
1072
00:48:52.170 --> 00:48:54.990
the case that we're going to be working on,
1073
00:48:54.990 --> 00:48:59.990
which is amazing because it's led by really systemic people
1074
00:49:00.930 --> 00:49:03.660
that are really at the service of the project
1075
00:49:03.660 --> 00:49:05.280
and they're super humble about it,
1076
00:49:05.280 --> 00:49:07.680
and their mission is bigger than themselves.
1077
00:49:07.680 --> 00:49:10.890
So I think that is very important that is key
1078
00:49:10.890 --> 00:49:13.178
for anything that we start and impact.
1079
00:49:13.178 --> 00:49:15.060
So thank you so much, Gayle.
1080
00:49:15.060 --> 00:49:18.090
It is an absolute honour to be invited
1081
00:49:18.090 --> 00:49:21.840
and to be amongst, Graham, Dawson, Stephanie,
1082
00:49:21.840 --> 00:49:23.220
it is just amazing stories
1083
00:49:23.220 --> 00:49:25.590
and I think it's going to be a lot of fun.
1084
00:49:25.590 --> 00:49:28.560
And I really want to learn about all of you too.
1085
00:49:28.560 --> 00:49:32.010
So thank you, and it's just a privilege.
1086
00:49:32.010 --> 00:49:33.900
I think, I think for me
1087
00:49:33.900 --> 00:49:36.180
what the message for social finance
1088
00:49:36.180 --> 00:49:39.870
when we are dealing with the most wicked challenging issues
1089
00:49:39.870 --> 00:49:43.050
is the collegiality and friendship that we have.
1090
00:49:43.050 --> 00:49:46.680
This is not going to happen by just one of us
1091
00:49:46.680 --> 00:49:50.100
working on a project, it's all of us, the collective.
1092
00:49:50.100 --> 00:49:52.680
So what we're trying to do in these webinars
1093
00:49:52.680 --> 00:49:55.020
is really show you what the community looks like.
1094
00:49:55.020 --> 00:49:58.170
When you are in the classroom this conversation happens.
1095
00:49:58.170 --> 00:50:00.090
We talk about ethics, we talk about finance,
1096
00:50:00.090 --> 00:50:02.580
we talk about the nuts and bolts of deal making,
1097
00:50:02.580 --> 00:50:05.610
but we also talk about how we collaborate.
1098
00:50:05.610 --> 00:50:08.610
So we do have a session on negotiation.
1099
00:50:08.610 --> 00:50:10.980
How do we pull together people that,
1100
00:50:10.980 --> 00:50:13.290
well, we talk about lost in translation
1101
00:50:13.290 --> 00:50:14.970
and how we're multilingual
1102
00:50:14.970 --> 00:50:18.240
when we're dealing with the challenges that we face
1103
00:50:18.240 --> 00:50:20.760
and deploying capital with a heart.
1104
00:50:20.760 --> 00:50:24.450
And those are the key things we need to keep in mind
1105
00:50:24.450 --> 00:50:29.450
as we're the touchstones as we are building out new models.
1106
00:50:29.610 --> 00:50:31.260
So Steve, we've got some Q&A.
1107
00:50:31.260 --> 00:50:33.330
Do you want to share those with us?
1108
00:50:33.330 --> 00:50:35.010
And we'll have the conversation,
1109
00:50:35.010 --> 00:50:39.120
we can fill them with our friends?
1110
00:50:39.120 --> 00:50:39.953
Yeah, sure.
1111
00:50:39.953 --> 00:50:42.570
We've got a couple of questions, actually.
1112
00:50:42.570 --> 00:50:44.707
So I'll start off with this one.
1113
00:50:44.707 --> 00:50:48.600
It's got who is addressed to in the question.
1114
00:50:48.600 --> 00:50:52.863
So starting off with to Stephanie from Barrington Chungulo.
1115
00:50:54.900 --> 00:50:58.290
He says, don't start with capital, start with community.
1116
00:50:58.290 --> 00:51:00.240
Can you please elaborate on that
1117
00:51:00.240 --> 00:51:01.890
a bit more for us, Stephanie?
1118
00:51:01.890 --> 00:51:04.890
And then going on from that to Graham,
1119
00:51:04.890 --> 00:51:08.030
and I think to Dawson as well, it says,
1120
00:51:08.030 --> 00:51:10.590
in Africa we lack supportive ecosystems
1121
00:51:10.590 --> 00:51:12.480
for social enterprises.
1122
00:51:12.480 --> 00:51:15.300
The question is how can we build supportive ecosystems
1123
00:51:15.300 --> 00:51:18.750
for social enterprises in Africa or anywhere else?
1124
00:51:18.750 --> 00:51:21.900
So could we start with that one please, Stephanie?
1125
00:51:21.900 --> 00:51:22.770
Sure. Thank you.
1126
00:51:22.770 --> 00:51:24.370
And thank you for that question.
1127
00:51:26.610 --> 00:51:29.403
I think the idea of, if you start with capital,
1128
00:51:30.510 --> 00:51:34.860
then you are restricted and required
1129
00:51:34.860 --> 00:51:37.590
to first of all consider the maximum return
1130
00:51:37.590 --> 00:51:39.930
on that capital, right?
1131
00:51:39.930 --> 00:51:42.123
So that moves you in a certain direction.
1132
00:51:43.170 --> 00:51:44.890
When you start with community
1133
00:51:46.530 --> 00:51:50.160
then your first concern is how can these resources
1134
00:51:50.160 --> 00:51:53.490
be better deployed and leveraged
1135
00:51:53.490 --> 00:51:55.413
to make this community healthy?
1136
00:51:56.730 --> 00:51:59.910
So you might make a choice, you'll make a different choice.
1137
00:51:59.910 --> 00:52:03.120
For example, and this goes back,
1138
00:52:03.120 --> 00:52:06.000
somebody mentioned PRIs, that's a perfect example,
1139
00:52:06.000 --> 00:52:09.570
because for many, many years
1140
00:52:09.570 --> 00:52:12.270
charitable foundations put money
1141
00:52:12.270 --> 00:52:15.540
in whatever they could put it in to get the best return
1142
00:52:15.540 --> 00:52:19.893
and then they deployed the returns as charity.
1143
00:52:20.730 --> 00:52:23.760
So they were required with one half of their brain
1144
00:52:23.760 --> 00:52:28.260
to put capital first, meaning, how do I maximise the return?
1145
00:52:28.260 --> 00:52:29.400
But then the other half is,
1146
00:52:29.400 --> 00:52:31.920
how do I deploy that in the community?
1147
00:52:31.920 --> 00:52:36.450
When PRIs programme related investments started
1148
00:52:36.450 --> 00:52:39.510
they realised that they really could put community first
1149
00:52:39.510 --> 00:52:43.290
and invest in local things, get a return,
1150
00:52:43.290 --> 00:52:47.226
and still have a return to deploy out as charity.
1151
00:52:47.226 --> 00:52:51.600
So it's really a lens by which you decide
1152
00:52:51.600 --> 00:52:53.349
how to use your capital.
1153
00:52:53.349 --> 00:52:56.520
And Stephanie, I want to add in the class
1154
00:52:56.520 --> 00:52:59.160
there's an architectural metaphor that we use,
1155
00:52:59.160 --> 00:53:01.293
which is form follows function.
1156
00:53:02.370 --> 00:53:04.110
Form follows function.
1157
00:53:04.110 --> 00:53:07.590
So the function is what's the problem
1158
00:53:07.590 --> 00:53:10.740
you're trying to solve, who's impacted,
1159
00:53:10.740 --> 00:53:14.040
and how does capital flow to address that issue?
1160
00:53:14.040 --> 00:53:16.380
It's not, I want to return on investment,
1161
00:53:16.380 --> 00:53:18.900
therefore I'm going to do something,
1162
00:53:18.900 --> 00:53:21.900
it's, what's the problem you're trying to solve
1163
00:53:21.900 --> 00:53:24.660
and how do you build an investment around that?
1164
00:53:24.660 --> 00:53:27.510
And Dawson, we had this conversation,
1165
00:53:27.510 --> 00:53:30.030
do you want to build a bank or should we build a bank
1166
00:53:30.030 --> 00:53:31.830
or is it a fund?
1167
00:53:31.830 --> 00:53:34.830
So the strategies that we deploy in social finance
1168
00:53:34.830 --> 00:53:38.910
can be things, whether it's real estate, or private equity,
1169
00:53:38.910 --> 00:53:41.760
or whether it's foundations, or government funding,
1170
00:53:41.760 --> 00:53:43.620
or a blending of all those.
1171
00:53:43.620 --> 00:53:45.270
At the end of the day,
1172
00:53:45.270 --> 00:53:50.270
you understand your impact by whose life or the planet
1173
00:53:50.730 --> 00:53:53.970
or the issue that you're solving, you're trying to address.
1174
00:53:53.970 --> 00:53:56.130
Not, did I make money first.
1175
00:53:56.130 --> 00:53:58.710
And so we actually are spending a lot of time
1176
00:53:58.710 --> 00:54:01.560
on the continent of Africa with our colleagues
1177
00:54:01.560 --> 00:54:03.780
who'll be talking about specific investments.
1178
00:54:03.780 --> 00:54:07.410
I do run a fellowship with Frank Aswani
1179
00:54:07.410 --> 00:54:10.080
and Africa Venture Philanthropy Alliance,
1180
00:54:10.080 --> 00:54:14.700
specifically on how do you grow social enterprises
1181
00:54:14.700 --> 00:54:17.010
based on the problem that you're trying to solve
1182
00:54:17.010 --> 00:54:18.810
and what's the capital need?
1183
00:54:18.810 --> 00:54:21.120
So those are the pieces that I think are really essential,
1184
00:54:21.120 --> 00:54:25.620
but form follows function, not I need to make a profit
1185
00:54:25.620 --> 00:54:27.690
then I'll structure the deal.
1186
00:54:27.690 --> 00:54:29.550
And programme related investments,
1187
00:54:29.550 --> 00:54:31.320
we'll get into the weeds on this one,
1188
00:54:31.320 --> 00:54:36.320
is a US, UK, Switzerland, quasi Germany approach.
1189
00:54:36.900 --> 00:54:39.660
The world doesn't have that for the most part,
1190
00:54:39.660 --> 00:54:41.310
programme related investments,
1191
00:54:41.310 --> 00:54:44.850
but it is structuring investments that have an impact
1192
00:54:44.850 --> 00:54:46.350
by answering the question,
1193
00:54:46.350 --> 00:54:48.210
what's the problem you're trying to solve,
1194
00:54:48.210 --> 00:54:50.670
the communities that you seek to serve.
1195
00:54:50.670 --> 00:54:52.740
And that's really important.
1196
00:54:52.740 --> 00:54:53.610
Other questions?
1197
00:54:53.610 --> 00:54:54.930
I diverted us,
1198
00:54:54.930 --> 00:54:56.850
but I wanted to go into a little bit of more depth on that.
1199
00:54:56.850 --> 00:54:57.683
Yeah.
1200
00:54:57.683 --> 00:55:00.470
I think we're going to go to Graham if we can,
1201
00:55:00.470 --> 00:55:03.090
to ask about how we build supportive ecosystems
1202
00:55:03.090 --> 00:55:04.263
social enterprises?
1203
00:55:05.580 --> 00:55:06.413
Thanks Steve.
1204
00:55:06.413 --> 00:55:08.280
And I'm going to sideways answer
1205
00:55:08.280 --> 00:55:09.960
one of the other questions quickly as well,
1206
00:55:09.960 --> 00:55:13.110
because the role of government in here to me is the answer
1207
00:55:13.110 --> 00:55:14.160
to how we're building that.
1208
00:55:14.160 --> 00:55:16.563
And it's back to this question we're here on,
1209
00:55:17.610 --> 00:55:19.050
programme related investments
1210
00:55:19.050 --> 00:55:20.760
doesn't cost government anything.
1211
00:55:20.760 --> 00:55:22.140
It's only allowing charities
1212
00:55:22.140 --> 00:55:23.970
to do what they're already meant to be doing anyways.
1213
00:55:23.970 --> 00:55:27.120
It's an example of a light government intervention.
1214
00:55:27.120 --> 00:55:27.953
And I want to say this,
1215
00:55:27.953 --> 00:55:29.490
it's possible for some people listening
1216
00:55:29.490 --> 00:55:31.980
to this conversation, I was making a couple of observations.
1217
00:55:31.980 --> 00:55:36.033
One is they might think this sounds very left wing, right?
1218
00:55:36.900 --> 00:55:39.990
Actually, I would argue it's actually very right wing,
1219
00:55:39.990 --> 00:55:42.060
because if government does the right thing
1220
00:55:42.060 --> 00:55:44.520
it will allow charities and social purpose organisations
1221
00:55:44.520 --> 00:55:47.160
to do their job and lighten regulation
1222
00:55:47.160 --> 00:55:49.950
and the government burden on here.
1223
00:55:49.950 --> 00:55:51.567
Government can de-risk some of these things.
1224
00:55:51.567 --> 00:55:53.730
And that's the second observation.
1225
00:55:53.730 --> 00:55:55.350
When you have problems with ownership,
1226
00:55:55.350 --> 00:55:57.900
traditional finance gets very nervous.
1227
00:55:57.900 --> 00:55:58.733
They think, hold on,
1228
00:55:58.733 --> 00:56:01.290
I'm going to be letting you use some of my capital.
1229
00:56:01.290 --> 00:56:02.970
What are the chances of my getting it back?
1230
00:56:02.970 --> 00:56:04.620
And as soon as you start talking
1231
00:56:04.620 --> 00:56:05.520
to these ownership questions,
1232
00:56:05.520 --> 00:56:08.370
hold on, is it possible you don't even own the asset
1233
00:56:08.370 --> 00:56:09.650
against which I'm...
1234
00:56:10.740 --> 00:56:12.300
Government can de-risk for that.
1235
00:56:12.300 --> 00:56:15.600
And again, is a light way of government intervening.
1236
00:56:15.600 --> 00:56:19.080
So to me, government reap shifting and allowing that.
1237
00:56:19.080 --> 00:56:21.570
And I'm so taken by this metaphor
1238
00:56:21.570 --> 00:56:25.560
that Laura put it forward of soil as a bank
1239
00:56:25.560 --> 00:56:27.990
and getting those flows going again.
1240
00:56:27.990 --> 00:56:30.510
If government can ensure that those flows happen,
1241
00:56:30.510 --> 00:56:33.870
the most exciting news to me for governments
1242
00:56:33.870 --> 00:56:35.610
is that the capital is already there.
1243
00:56:35.610 --> 00:56:37.440
We don't actually need your money,
1244
00:56:37.440 --> 00:56:39.270
we don't need much of your money.
1245
00:56:39.270 --> 00:56:40.920
We just need to let it kind of flow.
1246
00:56:40.920 --> 00:56:42.720
So to me, getting those things right, Steve,
1247
00:56:42.720 --> 00:56:44.640
is the way to help those organisations.
1248
00:56:44.640 --> 00:56:46.740
And the other quick tiny question that was on there
1249
00:56:46.740 --> 00:56:49.290
is how do we do the community work?
1250
00:56:49.290 --> 00:56:53.130
My one line answer is, it's professional work.
1251
00:56:53.130 --> 00:56:56.070
Doing community consultation is not the work of people
1252
00:56:56.070 --> 00:56:58.140
that say, oh, I'm just going to go listen to the neighbours.
1253
00:56:58.140 --> 00:56:59.550
There are professionals who do this,
1254
00:56:59.550 --> 00:57:01.560
and we can work with them and really honour their work
1255
00:57:01.560 --> 00:57:03.150
on the ground and bringing them
1256
00:57:03.150 --> 00:57:04.530
into these financing structures.
1257
00:57:04.530 --> 00:57:05.460
Thanks.
1258
00:57:05.460 --> 00:57:07.260
Yeah, and I think there's one other piece, Graham,
1259
00:57:07.260 --> 00:57:10.710
I want to add to the de-risking concept.
1260
00:57:10.710 --> 00:57:13.830
So blended capital is what social finance is about.
1261
00:57:13.830 --> 00:57:17.310
The World Economic Forum talks about the wicked problems
1262
00:57:17.310 --> 00:57:21.270
and the businesses that are grappling with climate change
1263
00:57:21.270 --> 00:57:23.220
and biodiversity conservation.
1264
00:57:23.220 --> 00:57:26.220
This affects the supply chain of major corporations
1265
00:57:26.220 --> 00:57:27.330
around the world.
1266
00:57:27.330 --> 00:57:28.860
When we think about the World Bank,
1267
00:57:28.860 --> 00:57:32.280
and the Asian Development Bank,
1268
00:57:32.280 --> 00:57:34.840
and the Inner American Development Bank
1269
00:57:35.790 --> 00:57:38.220
that is de-risk capital,
1270
00:57:38.220 --> 00:57:40.950
those are part of our partners that we bring together
1271
00:57:40.950 --> 00:57:44.970
to actually reexamine and rethink regeneration.
1272
00:57:44.970 --> 00:57:49.970
So this is mainstream finance shifting
1273
00:57:52.710 --> 00:57:56.583
into new economic models that are based on sustainability.
1274
00:57:57.450 --> 00:57:59.430
OECD is actively involved.
1275
00:57:59.430 --> 00:58:01.440
We'll be looking at a case study on OECD
1276
00:58:01.440 --> 00:58:06.440
and how you have to shift from GDP to sustainable investing.
1277
00:58:06.810 --> 00:58:09.120
That's not an either/or, it's a both end.
1278
00:58:09.120 --> 00:58:14.120
So but at the end of the day community centric design
1279
00:58:15.360 --> 00:58:17.670
and community-centric investment
1280
00:58:17.670 --> 00:58:22.617
is what the World Bank does, IFC does.
1281
00:58:25.140 --> 00:58:26.520
So it's not an either/or,
1282
00:58:26.520 --> 00:58:30.120
it's how do we deploy this incredible amount
1283
00:58:30.120 --> 00:58:31.410
and diverse capital?
1284
00:58:31.410 --> 00:58:32.940
And how do you negotiate that
1285
00:58:32.940 --> 00:58:35.520
given the unique circumstances?
1286
00:58:35.520 --> 00:58:37.410
If you're preserving the Amazon,
1287
00:58:37.410 --> 00:58:39.660
you're going to be working with large scale government
1288
00:58:39.660 --> 00:58:42.270
to do that as well as philanthropy.
1289
00:58:42.270 --> 00:58:45.240
So it's grappling with those issues.
1290
00:58:45.240 --> 00:58:47.663
Laura do you have anything you want to add to this?
1291
00:58:52.230 --> 00:58:57.230
Yes, I just wanted to say that it's really important
1292
00:58:59.690 --> 00:59:03.400
that we try to engage together the social
1293
00:59:04.860 --> 00:59:06.543
and environmental impact,
1294
00:59:07.470 --> 00:59:09.570
that we see them as indivisible,
1295
00:59:09.570 --> 00:59:12.930
because we are eco-dependent beings
1296
00:59:12.930 --> 00:59:15.030
as well as interdependent beings.
1297
00:59:15.030 --> 00:59:20.030
And I just find that very challenging sometimes.
1298
00:59:21.362 --> 00:59:25.440
And I see that we need to address both at the same time
1299
00:59:25.440 --> 00:59:29.370
so as not to see climate change as one symptom,
1300
00:59:29.370 --> 00:59:33.810
but rather see the whole causality that is transforming
1301
00:59:33.810 --> 00:59:35.493
the economic system.
1302
00:59:37.110 --> 00:59:38.040
That's fantastic.
1303
00:59:38.040 --> 00:59:39.572
So Steve, other questions?
1304
00:59:39.572 --> 00:59:42.933
Did we get Barrington and Jim's?
1305
00:59:44.100 --> 00:59:46.260
Jim, you had a question regarding
1306
00:59:46.260 --> 00:59:49.800
build back better implications for the tribal communities
1307
00:59:49.800 --> 00:59:50.733
in the US.
1308
00:59:52.470 --> 00:59:54.870
Doss, you want to answer that question?
1309
00:59:54.870 --> 00:59:57.450
What are the biggest benefits and risk of the infrastructure
1310
00:59:57.450 --> 01:00:00.330
build back better for tribal communities?
1311
01:00:00.330 --> 01:00:01.860
Yeah, great question.
1312
01:00:01.860 --> 01:00:03.600
Again, just love all the conversation
1313
01:00:03.600 --> 01:00:08.600
and I think when it comes to Native American communities
1314
01:00:10.290 --> 01:00:14.190
in the US I feel like a lot of tribal communities
1315
01:00:14.190 --> 01:00:16.110
are economically invisible, right?
1316
01:00:16.110 --> 01:00:18.390
Certainly we're invisible
1317
01:00:18.390 --> 01:00:22.380
from just generally speaking,
1318
01:00:22.380 --> 01:00:25.017
but I think we're economically invisible, right?
1319
01:00:25.017 --> 01:00:29.980
And so I think, mainstream financial institutions
1320
01:00:31.230 --> 01:00:34.230
aren't ready, haven't been ready
1321
01:00:34.230 --> 01:00:39.230
when federal stimulus support like infrastructure
1322
01:00:41.010 --> 01:00:43.260
or there was a lot of stimulus support
1323
01:00:43.260 --> 01:00:44.910
that went out during the pandemic
1324
01:00:46.020 --> 01:00:48.930
through the CARES Act and things like that
1325
01:00:48.930 --> 01:00:50.430
and American Rescue Plan Act.
1326
01:00:50.430 --> 01:00:52.873
So there's been a lot of stimulus support
1327
01:00:52.873 --> 01:00:55.560
that has flowed to tribal communities,
1328
01:00:55.560 --> 01:00:56.520
but part of what I've seen
1329
01:00:56.520 --> 01:00:58.350
is that like mainstream institutions
1330
01:00:58.350 --> 01:01:00.600
just haven't been able to kind of accommodate
1331
01:01:01.650 --> 01:01:04.530
some of the funding and the projects
1332
01:01:04.530 --> 01:01:07.860
that they were intended to support
1333
01:01:07.860 --> 01:01:10.650
like clinics, hospitals, right?
1334
01:01:10.650 --> 01:01:11.483
Things like that.
1335
01:01:11.483 --> 01:01:15.360
And so I think, having financial support is great
1336
01:01:15.360 --> 01:01:17.160
but if we don't have financial institutions,
1337
01:01:17.160 --> 01:01:19.860
if we don't have an ecosystem that's ready
1338
01:01:19.860 --> 01:01:23.913
to help tribal communities when they get this funding,
1339
01:01:25.020 --> 01:01:26.340
it's going to be a challenge, right?
1340
01:01:26.340 --> 01:01:27.900
And I think that's kind of what we see right now.
1341
01:01:27.900 --> 01:01:30.060
We have a lot of folks who are trying...
1342
01:01:30.060 --> 01:01:32.370
Tribal communities were disproportionately impacted
1343
01:01:32.370 --> 01:01:34.923
by the COVID- 19 pandemic, right?
1344
01:01:36.180 --> 01:01:38.910
Because of lack of water, lack of clinics,
1345
01:01:38.910 --> 01:01:40.710
healthcare facilities.
1346
01:01:40.710 --> 01:01:43.680
And there's been a lot of funds that has come through,
1347
01:01:43.680 --> 01:01:48.680
but because tribal opportunities are sometimes smaller
1348
01:01:48.870 --> 01:01:52.050
than kind of what a healthcare group
1349
01:01:52.050 --> 01:01:54.090
might typically finance,
1350
01:01:54.090 --> 01:01:56.310
I think some tribal communities have had a trouble.
1351
01:01:56.310 --> 01:01:59.280
So I think it's a long winded answer,
1352
01:01:59.280 --> 01:02:00.660
but I think it's great to get support,
1353
01:02:00.660 --> 01:02:01.980
but we need a financial community
1354
01:02:01.980 --> 01:02:06.980
that's able to kind of step up when the support comes.
1355
01:02:07.203 --> 01:02:08.040
I think that's fair.
1356
01:02:08.040 --> 01:02:10.350
I think Steve, we're over, our time.
1357
01:02:10.350 --> 01:02:11.940
I know that you're going to talk a little bit about
1358
01:02:11.940 --> 01:02:14.100
people need to sign up for social finance.
1359
01:02:14.100 --> 01:02:17.730
But Garry, we didn't get to some of your questions,
1360
01:02:17.730 --> 01:02:19.950
the longer runway,
1361
01:02:19.950 --> 01:02:24.950
those innovations we will spend time on and so join us.
1362
01:02:25.320 --> 01:02:26.880
This is the beginning of the conversation.
1363
01:02:26.880 --> 01:02:29.790
It's an illustration of conversation with colleagues
1364
01:02:29.790 --> 01:02:33.240
and friends to try to address the most complex issues
1365
01:02:33.240 --> 01:02:36.210
in the world and it's going to be fun.
1366
01:02:36.210 --> 01:02:37.043
So, Steve.
1367
01:02:39.930 --> 01:02:43.230
Darius, could you get my couple of slides up please?
1368
01:02:43.230 --> 01:02:46.440
So I really just wanted to thank our panel analyst for today
1369
01:02:46.440 --> 01:02:50.790
and just quickly run through the social finance programme,
1370
01:02:50.790 --> 01:02:52.080
which is coming up.
1371
01:02:52.080 --> 01:02:54.240
It runs once a year and it's in September,
1372
01:02:54.240 --> 01:02:56.730
so there's still a chance to apply for this year.
1373
01:02:56.730 --> 01:02:59.640
We have a group of 30 plus people registered,
1374
01:02:59.640 --> 01:03:01.200
but we still have a few final places.
1375
01:03:01.200 --> 01:03:04.233
So please apply if you're thinking of joining.
1376
01:03:05.580 --> 01:03:07.560
Really we will cover what we've covered today
1377
01:03:07.560 --> 01:03:09.683
but in much more detail over five days.
1378
01:03:09.683 --> 01:03:11.850
So we are looking at how to address
1379
01:03:11.850 --> 01:03:13.740
large scale wicked problems,
1380
01:03:13.740 --> 01:03:16.740
systematic problems as described by the SDGs,
1381
01:03:16.740 --> 01:03:19.200
by a blended finance approach.
1382
01:03:19.200 --> 01:03:23.070
We are looking at public, private, ESG,
1383
01:03:23.070 --> 01:03:25.797
philanthropy and so on and building that.
1384
01:03:25.797 --> 01:03:29.400
And we have cases from across a number of sectors.
1385
01:03:29.400 --> 01:03:31.020
So yes, we'll talk about climate,
1386
01:03:31.020 --> 01:03:33.600
but we'll also talk about education, healthcare,
1387
01:03:33.600 --> 01:03:35.220
and so on as well.
1388
01:03:35.220 --> 01:03:40.220
The next programme is 11th to the 15th of September.
1389
01:03:40.680 --> 01:03:44.430
This is part of a suite of programmes which we offer at Oxford
1390
01:03:44.430 --> 01:03:46.710
around the area of impact investing
1391
01:03:46.710 --> 01:03:50.490
and using finance to try and address problems.
1392
01:03:50.490 --> 01:03:52.830
You can see all of those on our website
1393
01:03:52.830 --> 01:03:54.930
which is on the screen now at the bottom.
1394
01:03:54.930 --> 01:03:56.910
So please have a look at that.
1395
01:03:56.910 --> 01:04:00.450
Any questions, shoot me an email.
1396
01:04:00.450 --> 01:04:03.990
My email will be on the next slide, I think,
1397
01:04:03.990 --> 01:04:06.780
or on the website.
1398
01:04:06.780 --> 01:04:11.767
You can send me or my colleague Anabel or Tanil a question.
1399
01:04:11.767 --> 01:04:14.100
And we'll be very happy to get back to you
1400
01:04:14.100 --> 01:04:15.850
and help you with your registration
1401
01:04:16.800 --> 01:04:18.210
over the next three or four weeks really
1402
01:04:18.210 --> 01:04:19.590
to kind of fill out the group.
1403
01:04:19.590 --> 01:04:20.423
So with that,
1404
01:04:20.423 --> 01:04:23.220
really just to say thank you to all our panellists.
1405
01:04:23.220 --> 01:04:27.360
Thank you for Gayle for convening this group for us.
1406
01:04:27.360 --> 01:04:30.240
Stephanie, Dawson, Graham, Laura,
1407
01:04:30.240 --> 01:04:32.280
thank you very much for your time, and thoughts,
1408
01:04:32.280 --> 01:04:33.180
and contribution.
1409
01:04:33.180 --> 01:04:36.720
And thank you everybody for joining us, and your attention,
1410
01:04:36.720 --> 01:04:37.590
and your questions.
1411
01:04:37.590 --> 01:04:38.423
Thank you.
1412
01:04:38.423 --> 01:04:39.450
Hope to see you again soon.
1413
01:04:39.450 --> 01:04:40.650
We'll see you in September.
1414
01:04:40.650 --> 01:04:41.550
How about that?
1415
01:04:41.550 --> 01:04:42.590
Thanks guys, I appreciate it.
1416
01:04:42.590 --> 01:04:46.920
It was wonderful to see you and safe journeys, take care.
1417
01:04:46.920 --> 01:04:47.935
Thank you.
1418
01:04:47.935 --> 01:04:49.935
Bye-bye.
Bye.