Given that one of my majors is fondly nicknamed “the dismal science,” and the other’s central thesis concerns the dire state of the planet, my coursework tends to get pretty heavy. On one side, I study the intricacies of an economic system built on pillars of infinite growth and accumulation. On the other, I learn about the dramatic ways that human-induced climate change manifests worldwide. As a double major in economics and environmental studies, I am most interested in the interaction between these two fields. But, it can be disheartening to consider that our dominant economic system rewards environmentally exploitative practices, overconsumption, and does not adequately value ecosystem services. It’s easy to feel overwhelmed when learning about the slew of systemic social and environmental issues facing Tulane, New Orleans, and even the world. On any given day, it can make even the most optimistic changemaker doubt herself.

Yet, I think there’s still reason to be hopeful. I’ve also realized that finding inspiration for change in complex, structural  problems is a necessary prerequisite for initiating social innovation.

I found my inspiration through exposure to the growth of market-based mechanisms addressing environmental problems. Learning about one mechanism in particular, called impact investing, struck me as a prime example of the potential that lies in collaboration between historically siloed fields, like science and finance. Impact investing is broadly defined as investment made with the explicit intent to generate either a social or environmental return, alongside a competitive financial one. Propelled by investor appetite and shifting cultural expectations, this investment approach has grown dramatically over the last decade, and has garnered support from prominent family foundations, banks, and high net worth individuals. My interest in impact investing’s potential to mobilize capital for environmental gains has led me to pursue an undergraduate honors thesis on the topic.

The thesis process thus far has been challenging but already rewarding. Notably, it took me to San Francisco, CA last month to attend the premier conference on impact investing, thanks to a Dean’s Grant from Newcomb-Tulane and the Taylor Changemaker Award. The conference, called SOCAP15, brought together thousands of investors, entrepreneurs, and fund managers passionate about growing the intersection of money and meaning. Throughout the three and half days at the Fort Mason Center, which is a former army post with stunning views of the SF bay, there was a palpable energy in the air created by the mass of practitioners truly excited about their life’s work and about sharing it with others.

During the conference, I had the chance to hear from preeminent leaders in the social innovation space, like Bill Drayton of Ashoka, who spoke about his vision for a world where everyone is a changemaker. He encouraged the audience to continually ask our community and ourselves what specifically can we do to solve the problems facing our world. I learned about truly innovative projects that are working to break down the silos our society has created between the finance economy and the real economy. One project that particularly inspired me, called The Risky Business Project, brought together leading businesspeople and climate scientists to calculate the economic risks of climate change in the US. I encourage you all to read their Southeast report here. I also heard impressive success stories from small, place-based initiatives, such as the collaboration between the San Geronimo, California- based natural textile producer and the Northface that resulted in the worldwide sale of a line of “Backyard Project” clothing items, which are the first bioregional products to be sold by a major garment brand. In addition to sitting in on roundtables and open sessions, I connected with several individuals who all took different careers paths to the impact realm, from traditional nonprofits to big investment banks. They gave me great advice, and hearing about their diverse backgrounds further convinced me of the cross sector collaboration our world needs.
Overall, I left SOCAP15 feeling humbled, from realizing how much I have left to learn about innovative social financing, motivated by the work that lies ahead post-graduation, and ultimately inspired.

By Suzi Kondic, Changemaker Catalyst Award Winner