The UCL Institute for Innovation and Public Purpose (IIPP) works to rethink innovation and challenge existing paradigms towards a market-shaping approach for the green transition.
Moving towards a greener, more inclusive economic model is one of the most imperative and urgent challenges of the 21st century. Climate change, biodiversity loss and environmental pollution have for many years been treated in economic discourse as ‘negative externalities’, to be ‘fixed’ by governments, and endured by citizens when left unchecked.
IIPP is working with partners across the world to rethink the existing economic and innovation paradigms that are barriers to a green transition. It is not ‘market-fixing’, but ‘market-shaping’ activities that will lead us into a new green way of life. Markets can be shaped, by mutualistic relationships between actors from the public, private, charity, and civil society. Markets can be designed towards green missions.
Fear about the climate crisis does not get us a transition. Nor does starting efforts with the query, ‘how do we pay for this?’; an approach which sees greening activity as a cost centre, rather than an opportunity to harness the potential of green growth. Only by turning climate change into positive opportunities for investment and innovation will a green transition come about, affecting production, distribution and consumption across the economy.
Markets will not find a green direction by themselves. Business does not invest unless it sees an opportunity for growth. So we require governments and the public sector to take bold and decisive action. The green shift has to be a cross-economy one – discrete and independent, siloed initiatives are not enough. Harnessing all the levers of government, from industrial strategies, to state investment banks, to challenge prizes; and at all levels, from national to local, is vital. For this reason, IIPP works with national governments and policy-makers, as well as with cities, regions, trade unions and citizens’ governance groups across the world.
PUFFIN aims to research the macro-meso and micro-economics of the networked financial system to support a direction towards green innovation and the climate crisis. This project is supported by EIT Climate-KIC.
MOBICA is a pilot and feasibility study into how actions and measures taken by the public sector can be effective at mobilising investments into low carbon assets. This project is supported by ClimateWorks and the Smart Prosperity Institute.
This project aims to achieve a significant shift in financial flows away from ecologically damaging towards environmentally sustainable activities via influencing central banks’ and financial supervisors’ monetary and regulatory policies. It is funded by the European Climate Foundation & Partners for a New Economy.
IIPP is leading the UK hub for the UN universities network for the Sustainable Development Goals, the Sustainable Development Solutions Network.
iParadigm researches and test new economic paradigms for eight geographical and thematic areas across Europe, ranging from ports, to carbon sink landscapes, food systems and financial organisations. This project is supported by EIT Climate-KIC.
ISIGrowth is a pan-European project aiming to provide a diagnostic of European crisis and the conditions to move away from a fossil fuel-based economy, while spurring growth and employment. It is supported by Horizon2020.
- Academic working papers
- A dynamic theory of public banks (and why it matters), Thomas Marois
- Managing nature-related financial risks, Katie Kedward, Josh Ryan-Collins, Hugues Chenet
- Financing Green Growth, Gregor Semieniuk and Mariana Mazzucato
- Green Entrepreneurial State, Mariana Mazzucato
- Innovation as Growth Policy: The Challenge for Europe, Mariana Mazzucato and Carlota Perez
- Journal articles and editorials
- Climate change and finance: what role for central banks and financial regulators?, Emanuele Campiglio, Yannis Dagermos, Pierre Monnin, Josh Ryan Collins, Guido Schotten and Misa Tanaka
- Public Financing of Innovation: new questions, Mariana Mazzucato and Gregor Semieniuk
- Semieniuk, G., Taylor, L., Rezai, A. et al. Plausible energy demand patterns in a growing global economy with climate policy. Nat. Clim. Chang. (2021). https://doi.org/10.1038/s41558-020-00975-7
- Mariana Mazzucato and Gregor Semieniuk (2017), “Financing Renewable Energy: Who Is Financing What and Why It Matters”, Technological Forecasting and Social Change, in press.
- Mariana Mazzucato (2015), “Green Entrepreneurial State”, SPRU working papers, 2015-18.
- Mariana Mazzucato, Gregor Semieniuk and Jim Watson (2015), “What will it take to get us a Green Revolution?”, Sussex Energy Group.
IIPP news stories
- News stories
- IIPP funded to prototype city-level mission dashboard to monitor Greater Manchester green transition
- IIPP work in city innovation be scaled up with the support of Max and Jida Bittner
- IIPP mission-oriented approach supports Building Back Better in Greater Manchester
- IIPP and Camden Council’s Camden Renewal Commission is key part of Camden-UCL MoU signing
- IIPP and Open Society Foundations form a strategic partnership to find solutions to global problems
- IIPP develops first regional fiscal policy in alignment with UN Sustainable Development Goals
- IIPP launches report on how European Investment Bank (EIB) can support new EU Missions framework
- It's 2023. Here's How We Fixed the Global Economy.
- Latest IIPP paper argues nature-related financial risks more complex than climate risks
- New economic thinking for a green transition in the Basque Country
- IIPP enters new partnership with Climate-KIC, one of the world's leading climate change initiatives
- IIPP Director gives keynote in Beijing on green growth to meeting of global energy ministers
- IIPP at European Forum debating Green Innovation with Austrian PM, Vancouver Mayor and Jeff Sachs
- The role of mission-oriented research & innovation policy towards climate neutrality at COP25 talks
- Climate missions in a COVID-19 world by Mariana Mazzucato and Martha McPherson
- Nature loss is approaching a tipping point – it’s time for financial authorities to act by Katie Kedward
- Mission-oriented approaches in practice: Greater Manchester's 2038 Carbon Neutral Challenge by Martha McPherson
- Making missions in Camden by Martha McPherson and Nick Kamber
- Public banks at a time of Covid-19: opportunities, threats, and just transitions by Thomas Marois
- This must be a ‘1968 moment’ for sustainable development by Martha McPherson and Kate Roll
- Times of greed; times of fairness by Carlota Perez and Andres Schafer
- Carbon dioxide cleanup: What’s the role of government? by June Sekera
- Unpacking systemic risk in a brave new world by Katie Kedward, Martha McPherson and Ria Sen
- Mississippi thinking for climate innovation by Martha McPherson
- The green taming of the smart shrew: Coupling digital with the environment by Carlota Perez and Andres Schafer
- Public investments in a green recovery from COVID-19: What steps can Canada take? by Mariana Mazzucato, Gregor Semieniuk and Jose Coronado