Reasons to be hopeful for 2023
2022 was a challenging year to say the least. War in Ukraine. Record inflation. Fuel poverty. Massive layoffs. It felt as if life was gleefully throwing curveballs at us. But perhaps, the universe has a plan hiding in plain sight. And if we watch closely, we might even notice the glimmers of hope that are just around the corner.
The glimmers of hope are just around the corner
YES to community and inclusion
We have seen a proliferation of community fintechs in the past year, including solutions specifically for Black America, LatinX, LGBTQ, small business owners, and those who are caught in the justice system, etc. But access is just the first step, especially considering the growing economic uncertainties just as we are all recovering from the impact of the pandemic. Communities need more help than ever to navigate the crisis that we are in and to make sure we are not leaving people behind.
OCC’s Project REACh (Roundtable for Economic Access and Change), which aims to promote financial inclusion through increasing greater access to credit and capital, might provide us with just the right tools and resources during this difficult time, with initiatives around affordable homeownership, alternative credit assessment (for credit invisibles), minority depository institutions (MDIs), and small and minority business opportunity. Citibank, JP Morgan Chase, and Bank of America are some of the participating financial institutions that will launch and/or expand special-purpose credit programmes in support of Project REACh in 2023.
Banks can play a more crucial role in lifting people out of poverty and help break the cycle of inequality. My hope is that, with focus and intention, more inclusive economic growth can finally be within reach.
YES to human connection and common bond
If there is one thing that we have learned in the past three years, is that even when many of us can, and did, collaborate through screens, we still long for in-person gatherings and physical hugs. The connections that we have fostered through virtual conferences and cocktails are not just every bit human; they plant the seeds for us to reconnect with friends who might have drifted apart.
My hope is that through more open interactions and conversations, we might rediscover the bonds that we share, and the causes that brought us together in the first place. We have more in common with each other, and we are more reliant on each other, than we have been led to believe.
We don’t have to be alone together in a fractured world. Just look up.
YES to more equitable and sustainable future
As a society, we are co-dependent on each other. Think about the forever chemicals that have contaminated our water systems across the world, or the microplastics that are in the marine animals in the deep oceans, in table salt and in the air, in the fish that we consume, and even in our bodies.
While nearly half the world’s population will be at severe risk of climate change impacts by 2030, even with global warming of just 1.5-degrees, the impact of climate crisis is not being felt equally. 20 of the richest billionaires are estimated, on average, to be emitting as much as 8,000 times more carbon than the billion poorest people. Changing climate conditions are exacerbating preexisting disparities, threatening to displace millions of climate refugees, and their access to clean water and food.
Chartering a course towards an uncertain future, against at times a gloomy backdrop, is never easy. But there is cause for hope. The establishment of a Loss and Damage Fund at the recent COP27 to provide financial assistance to nations most vulnerable and impacted by the effects of climate change was a welcoming first step. Continued commitment by financial institutions such as NatWest to accelerate the shift to a greener economy, and to reduce the climate impact of their financing activity is another.
Economic prosperity and environmental sustainability are not mutually exclusive. Just as companies can do well while doing good, we have the power to shape a better future for all humankind and the world that we live in.
As we kick off the new year, let’s take the time and reflect on the past year. What are we building and why? And most importantly, who are you fighting for and what gives you hope? Perhaps, we can afford to do things differently this time around.
About the author
Theodora (Theo) Lau is the founder of Unconventional Ventures. She is the co-author of Beyond Good and co-host of One Vision, a podcast on fintech and innovation.
She is also a regular contributor for top industry events and publications, including Harvard Business Review and Nikkei Asian Review. All opinions are her own.
