In our latest episode of What is to be Done, we sat down with Steve Rocco, co-founder of the Arketa Institute, to talk about one of the most fundamental challenges of our time: the gap between modern science and the economic theories that still govern our financial systems. What makes Steve's perspective particularly striking is where it comes from. He has spent his career inside the financial system, from trading desks at Bank of America and Goldman Sachs to impact investing, green bonds and private placements. It is precisely that experience, he argues, that made the contradictions impossible to ignore.

His argument is straightforward but radical. The neoclassical economics that dominates our institutions, business schools and financial markets was built before much of what we now know about the biosphere and planetary boundaries. Ecological economics offers a different framework, one where the economy exists within nature, not alongside it.

A central theme in the conversation is the concept of multi-capital, the idea that wealth cannot be reduced to financial capital alone. Social capital, natural capital and community are not soft add-ons but fundamental components of a functioning and sustainable economy. The episode also digs into what a post-growth pension system might look like in practice. Steve makes the case that pension funds are not just a financial instrument but a political one, and potentially a powerful lever for change. Pensioners sit on boards of trustees. They are also voters. That combination, he argues, is deeply underestimated.

The episode does not offer easy answers, but it reframes the question in a way that feels both urgent and, oddly, hopeful.

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While the rest of the world debates whether to take sustainability seriously, Japan is quietly getting on with it. In this episode, your co-host Sasja takes centre stage. Based part-time in Tokyo, where he manages Japan's first domestically-run mid-cap impact fund, Sasja brings four years of on-the-ground experience to one of the world's most underreported sustainability stories. We explore the physical reality of climate change hitting Japan right now, why Japanese companies are building ESG equity stories that outpace Europe, and what a warming world means for the one thing no politician wants to talk about: mass migration.

The future won't wait. Neither should you.

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In this episode, Joel and Carolina explore the green transition from a growth perspective. From China's record-breaking solar installations to India's emergence as a global scaling platform for climate technologies, the shift toward a cleaner economy is accelerating, just not where most people are looking. We also dig into why Western economies remain stuck in fossil fuel dependency despite the obvious strategic and economic case for renewables, and what it will take to break free from legacy thinking.

At the heart of the conversation is the idea of regenerative business, moving beyond ESG checklists and "doing less harm" toward business models that actively restore ecological, social, and economic systems. We look at real companies already doing this: from flooring to offshore wind to space-based Earth observation. We also discuss the potential of more accurate and precise metrics for impact and fewer but sharper KPI's for business transformation.

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