Despite alarms on the need to unlock financial capitals to reverse the trend of the climate change has been rising for years, short- sightedness’ of humans seem to prevail. Behavioural economics has shown that humans are aﬀected by a cognitive bias known as hyperbolic discount: we make choices today that our future self would prefer not to have made as we do not correctly perceive problems if they are far in the future.
To create the mindset required to act against the climate change, problemowners in the ecosystem (firms, investors, citizens, policy makers, regulators, universities, industry associations, financial intermediaries, etc.) should become aware of the climate change implications, then they must establish the intention to change their behaviour and finally they must act to make the change. Based on empirical behavioural economics, we will test on a defined group of investors and entrepreneurs some de-biasing videos specifically designed to overcome the hyperbolic discount bias on one of the priorities for the contrast to the climate change, which is the implementation of circular economy (CE) in the industry production. Circular thinking allows to reduce waste and gas emissions coming from the materials’ processes and the re-orientation of capitals towards circular business models. The information we will collect during the experiment will allow for the co-creation of innovative learning initiatives on circular thinking based on previous CE Training Pilot experiences that ENEA and AESS realized in March-April 2019 (see document attached for a synthesis of feedbacks from trainees). In this project a particular focus will be on the buildings industry, connecting the experience from the Build Circular UP project (currently being implemented by Cleantech Bulgaria, CTU (Cyprus) and Paragon (Malta)). The project will step also on a previous educational initiative led by Cleantech Bulgaria in 2018 – Ready2Implement Circular Economy.
The results of the experiment will also allow for the co-creation and design of nudging initiatives addressed to stimulate capital inﬂows into circular business, also supported and endorsed by the active role that CONSOB (the supervisory authority for the Italian financial products market) will play in the project.
The project evolves on an awareness-intention-action path of intervention, the experiment being the learning hub where all problemowners in the ecosystem become unknowingly active members in the mindsets for systems change and embed learning dimensions are included in each step of the experiment (the design, the administration and the co-creation of learning and nudging activities based on the results).
The pan-European extension of this project (Italy, Greece and Bulgaria) will also allow for a more eﬀective co-creation of scaled nudging and learning solutions based on the experiences of the diﬀerent geographical contexts involved.
Project Leader: Mazzoli, C. (Camilla) | UNIVERSITÁ POLITECNICA DELLE MARCHE |
Start Date: 07/2019
End Date: 12/2019
Responsible: Director Prof. Phoebe Koundouri
Partners: Agenzia Nazionale per le Nuove Tecnologie, l’Energia e lo Sviluppo Economico Sostenibile, Modena Energy and Sustainable Development Agency, Climate Media Factory UG (haftungsbeschrankt), Cleantech Bulgaria, UNIVERSITÁ POLITECNICA DELLE MARCHE