A space for innovation

Shocks such as wars, financial crises, and environmental disasters, play an important role in influencing the direction of sociotechnical systems such as energy, food, and mobility. We develop understandings of the effects of shocks on systems through the concept of imprinting, which looks at how the different conditions of a time-restricted period of a shock can bring about rapid changes in sociotechnical systems with long-lasting changes. We explore this concept through analysing two shocks and effects on the energy system: World War II and the 1973 Oil crisis. Prospective sustainability transitions will be effected by shocks such as climate change impacts and conflicts and thus understanding the long-term effects of shocks through imprinting will be a useful additional perspective.

Closing the financial gap for promoting systemic socio-economic transformations to achieve sustainability requires both a substantial increase in investment levels and a qualitative change in investment strategies. In this Perspective, we elaborate on this claim and discuss why existing investment approaches that aim to make positive contributions to sustainability are unlikely to foster the systemic transformations needed for sustainability. Qualitative change means changing the current rules that guide investment practices and we outline a new set of rules that should guide transformative investment. These rules are based on the well-established socio-technical sustainability transition theory and the recent development of a theory of deep transitions. We explain why these transformative investment rules offer a promising alternative base for assessing investment opportunities and monitoring progress toward the multi-system changes required to achieve a socially just deep transition to sustainability.