I investigate the trading decisions of a large institutional liquidity trader by using a detailed data set from a transition management firm. The data set contains records for all trades of transitions completed between January 2008 and September 2008. Effective execution involves a trade off between trading patiently over time to minimize price impact costs and trading quickly to avoid opportunity costs due to price volatility. I estimate a model of transition duration that accounts for volatility, an order's percentage of average daily volume, and the bid--ask spread to uncover the firm's strategy of how quicklyto trade. To understand the firm's intermediate trading decisions, I estimate a vector autoregression that summarizes the dynamic relationship of volatility, trading volume, the bid--ask spread, and order type and order duration. My analysis suggests that the firm behaves strategically to minimize the total costs of trading.

This master's thesis is written on behalf of the Royal Institute of Technology and the Swedish Transport Administration. The purpose of the study was to investigate, from a theoretical framework, the potential transition towards ERS from a specific actor's perspective. This actor is a consortium that represents and runs a small-scale socio-technical experiment in the form of an ERS demonstration project. The author has conducted the study through two main steps. The first step was to form an empirical starting point in the form of a literature study and interview study, followed by the creation of a theoretical framework with the central theory of transition management. The second step was a case study in the form of the ERS demonstration project eRoadArlanda, which was conducted through an interview study. Conclusions are based on the empirical material from the case study following the theoretical framework and concern the barriers and opportunities that exist within the development work regarding the transition towards ERS. In recent years, ERS has been mentioned as a strong candidate to counter act the fossil dependenceof the transport sector. The transport sector is characterized as a sophisticated mature sociotechnical system in an incremental fossil-driven technological development pathway and, hence, is naturally resistant to radical changes. In recent years, driven by progressive political climate goals, the need to establish solutions for the transport sector's fossil dependency has intensified. This has led to the potential ERS solution, which, through years of various development projects, especially in the form of demonstration projects, is now being evaluated to be tested commercially in a pilot. This leads to various challenges and uncertainties and forms the starting point of the study. The study investigates a specific actor's perspective within a broad empirical context in the form of apotential transition towards ERS. A theoretical framework with the central theory of transition management has been used to explain critical factors within the studied phenomenon. Transition management is a framework that aims to facilitate socio-technical transitions by working with shared multi-level problem structuring and vision-creation, thereby facilitating knowledge development and multi-level participation. The result of the study is based on that the driving force of establishing ERS originally descended from a private and public collaboration and that this driving force, in recent years, has become more politicized. Within this aspect, the author highlights barriers in the form of disagreements regarding the problem that ERS intend to solve and a divide regarding—which characterizations should characterize the future system ERS. Also, opportunities are highlighted—which are, aspects of the transition have been in accordance with the theoretical framework and can constitute a future basis for a successful transition to ERS. / Denna masteruppsats är skriven på uppdrag av Kungliga Tekniska Högskolan och Trafikverket. Syftet med studien är att från ett teoretiskt ramverk undersöka den potentiella övergången mot ERS från en specifik aktörs perspektiv. Denna aktör är ett konsortium som representerar och driver ett småskaligt socio-tekniskt experiment i form av ett ERS demonstrationsprojekt. Författaren har genomfört studien genom två huvudsakliga steg. Det första steget var att forma en empirisk utgångspunkt i form av en litteraturstudie och intervjustudie, följt av skapandet av ett teoretiskt ramverk med den centrala teorin transition management. Det andra steget utgjordes av casestudie i form av ERS demonstrationsanläggningen eRoadArlanda som genomfördes genom en intervjustudie. Slutsatser är baserade på det empiriska materialet från casestudien i enlighet med det teoretiska ramverket och berör vilka barriärer och möjligheter som finns inom utvecklingsarbetet gällande ERS. Under senare år har ERS blivit nämnd som en stark kandidat att motverka transportsektorns fossilberoende. Transportsektorn karaktäriseras som ett sofistikerat moget socio-tekniskt system som befinner sig inom en inkrementell fossildriven teknologisk utvecklingsbana och därav är naturligt motståndskraftigt mot radikala förändringar. Under senare år, drivet av progressiva politiska klimatmål, så har behovet kring att etablera lösningar för transportsektorn fossilberoende blivit mer intensifierat. Detta har lett till den potentiella lösningen ERS som genom år av diverse utvecklingsprojekt, framförallt i form av demonstrationsanläggningar, nu är aktuell att testas kommersiellt i en pilot. Detta föranleder till olika utmaningar och osäkerheter och utgör studiens utgångspunkt. Studien undersöker en specifik aktörs perspektiv inom en bred empirisk kontext i form av en potentiell övergång mot ERS. Ett teoretiskt ramverk med den centrala teorin transition management har använts för att uttyda kritiska faktorer inom det studerade fenomenet. Transition management är ett ramverk som ämnar att facilitera socio-tekniska övergångar genom att arbeta med gemensam problemstrukturering och vision-skapande på multinivå och därmed facilitera kunskapsutveckling och multinivå engagemang. Resultat av studien bygger på att den drivkraft att etablera ERS, som initialt härstammade från ett privat och offentligt samarbete, på senare år har blivit mer politiserad. Författaren belyser genom detta barriärer i form av oenigheter gällande problemet som ERS ämnar lösa samt en splittring gällande vilka karaktäriseringar som skall känneteckna det framtida systemet ERS. Dessutom belyses möjligheter - vilka aspekter av övergången som varit i enlighet med det teoretiska ramverket och kan utgöra en framtida grund för en framgångsrik övergång mot ERS.

As corporations have attained an increasing focus in the sustainability debate, so have the expectations of their sustainability performance. Rather than having a sole focus on an ad hoc mix of philanthropic actions, researchers now begin to call for businesses to recognize their role in broader societal sustainability challenges. This paper aims to explore the perceived drivers and barriers of corporate sustainability (CS) when a company seeks to take a societal perspective on its contributions to sustainable development. A case study has been conducted on a management consultancy firm to address this, with empirical data stemming from semi-structured interviews and a questionnaire. A systematic literature review was furthermore carried out to study the drivers and barriers identified in prior research, thus obtaining a methodological triangulation. The data was moreover analyzed with theoretical underpinnings from the field of transition management (TM). In doing so, it was possible to begin closing the gap between previous research on the drivers and barriers of CS and those that emerge when moving beyond traditional CS efforts. More specifically, a business transition management (BTM) framework was discussed in relation to the results from the case company, trying to assess whether the elements included align with the identified drivers; and to discuss whether the strategies within could combat the perceived barriers. When analyzing the empirical data and comparing it with the findings from the literature review, many similarities could be found. Client expectations, leadership, organizational culture, and communication were all essential aspects within the case company, and so were they in the literature review, thus, validating much of the findings in previous literature. A key difference, however, appears to be the complexities associated with these when taking a wider, societal perspective on sustainability. Relating this perspective to the activities carried out by employees is perceived to be difficult, and the business case is not fully recognized. It was suggested that aspects from the BTM framework could be utilized to combat the barriers associated with increasing complexities, such as the empowerment of visionary employees with a deeper insight into the complexities in question. The findings of this research endeavor have been complied in a proposed model to widening the perspective of CS efforts. Albeit not definite in its construct, it nonetheless begins to reflect on the interlinkages between TM and previous research on CS drivers and barriers. Additional drivers and barriers can be identified, and the differences between traditional CS initiatives and those that embrace a societal perspective should be further clarified. Still, this model provides a good starting point for further research on this phenomenon. / Allteftersom företag har fått en större roll i hållbarhetsdebatten så har också förväntningarna på deras hållbarhetsarbete ökat. I stället för att enbart fokusera på en ad hoc-blandning av filantropiska åtgärder– såsom slumpmässigt utvalda donationer, marknadsföring och svag hållbarhetsrapportering – börjar forskare nu uppmana företag att erkänna sin roll i bredare samhällsutmaningar för hållbarhet. Denna uppsats syftar till att utforska de upplevda drivkrafterna och barriärerna när ett företag försöker ta ett samhällsperspektiv på deras bidrag till hållbar utveckling. En fallstudie har genomförts på ett konsultföretag för att undersöka detta, med empiriska data från intervjuer och ett frågeformulär. En systematisk litteraturgranskning genomfördes dessutom för att studera de drivkrafter och barriärer som identifierats i tidigare forskning vilket medförde att metodologisk triangulering kunde uppnås. Vidare så analyserades empirin med underlag från Transition Management (TM). På så sätt kunde klyftan mellan dessa forskningsområden börja överbryggas. Mer specifikt så diskuterades ett ramverk för Business Transition Management (BTM) i förhållande till resultaten från fallföretaget, för att därigenom bedöma om detta överensstämmer med de identifierade drivkrafterna och för att diskutera om strategierna inom det ramverket skulle kunna bekämpa de upplevda hindren. Vid analysen av empirin så uppvisas många likheter med de drivande faktorerna och barriärerna som kan identifieras i litteraturöversikten. Kundernas förväntningar, ledarskap, organisationskultur och kommunikation visade sig vara viktiga aspekter inom fallföretaget, vilket de också var i litteraturgranskningen. Således valideras mycket av resultaten i tidigare litteratur. En skillnad verkar emellertid vara komplexiteten i samband med dessa när man tar ett bredare samhällsperspektiv på hållbarhet. Att relatera detta perspektiv till de anställdas projekt upplevs som svårt, och affärsmöjligheten med detta är ännu inte helt erkänt. Aspekter från BTM-ramverket antyds kunna användas för att bekämpa de hinder som är förknippade med den ökande komplexiteten, såsom att framhäva visionärer inom företaget. Slutsatserna av denna forskningsinsats har sammanställts i en föreslagen modell, där övergången till ett bredare hållbarhetsperspektiv presenteras. Trots att modellen i sig inte är vetenskapligt beprövad ännu, så bidrar den ändock med en reflektion kring sammanlänkningarna mellan TM och tidigare forskning om hållbarhetsarbetens drivande faktorer och barriärer. Ytterligare drivkrafter och barriärer kan identifieras, och skillnaderna mellan traditionella hållbarhetsinitiativ och de som omfattar ett samhällsperspektiv bör klargöras ytterligare. Trots detta så ger denna modell en bra utgångspunkt för ytterligare forskning om det undersökta fenomenet.

Jordens resurser används flitigt av människan och bidrar bland annat till samhällsutvecklingar. Men användandet bidrar också till utsläpp av växthusgaser, global uppvärmning och vattenanvändning. För att minska det ekologiska fotavtrycket och resursanvändningen har städer och aktörer börjat utveckla industriell symbios som är ett samarbete där en restprodukt från ett företag blir en resurs till ett annat företag. Den här samhällsutveckling påvisar en samhällsövergång för att utveckla och sammanföra ekonomin, miljön och samhället. Studien undersöker om transition management som styrningsstrategi kan appliceras i etableringen av industriell symbios i Malmö hamnområde. För att svara på frågan behövdes en delfrågeställning som löd: Hur har processen av projektet, delad energi är dubbel energi, gått till i Malmö stad hamnområde? Delad energi är dubbel energi är ett projekt som utvecklat industriell symbios i Malmö stad. Projektet påbörjades 2015 och avslutades under 2019 där 12 aktörer varit delaktiga. Fyra intervjuer genomfördes med personer delaktiga i projektet på ett eller annat sätt. I analysen sammanställdes information från informanterna och på delad energi är dubbel energis hemsida, utifrån transition management-modellen. Vi delade upp analysen i fyra komponenter från modellen som är ​transition-arena​, transition-agenda,​​transition-actiono​ch​transition-adaption​.Idethärarbetetbehandlarvi transition-​processensomövergångentillcirkulärekonomigenomindustriellsymbios. Transition management-modellens syfte är att genom en ​transition gå från ett jämviktsläge till ett annat. / The earth's resources contribute, among other things, to societal developments. But it also contributes to greenhouse gas emissions, global warming and water use. To reduce the ecological footprint and resource use, cities and actors have begun to develop industrial symbiosis, which is a collaboration where a residual product from one company becomes a resource for another company. This societal development demonstrates a societal transition to develop and bring together economy, the environment and society. The purpose of this study was to investigate whether transition management as a management strategy could have been applicable in the establishment process of industrial symbiosis in the Malmö port area. The main question was whether it would have been possible for the City of Malmö to use the transition management model during the establishment process of industrial symbiosis in the port area. To answer that question, a sub-question was needed: How did the process of the project, ​delad energi är dubbel energi, tok place in the port area of ​​Malmö? ​Delad energi är dubbel energi is the project that has developed industrial symbiosis in the city of Malmö, where we have, among other things, taken part in the project process. The project began in 2015 and ended in 2019 where 12 actors were involved at the beginning. To answer our questions, four interviews were conducted with people who have all been involved in the project in one way or another. The analysis compiled the information we received from the informants and what we found on shared energy is a dual energy website, based on the transition management model. We divided the analysis into four components from the model, which are transition arena, transition agenda, transition action and transition adaptation. In this work, we treat the transition process as the transition to a circular economy through industrial symbiosis. The purpose of the transition management model is to use the specified transition to go from one equilibrium position to another.

No description available.

The transition from one energy system to another has been analysed by many researchers especially in the context of developed countries. Community renewable energy transition in rural areas is largely under-researched, particularly in developing countries. This study developed a model based on indicators from transition theory and concepts to assess the transformative potential of the processes and governance approaches to community renewable energy in accelerating energy and sustainability transition in off-grid communities in Nigeria. The exploratory research adopted a case study approach and analysed renewable energy planning and decision-making processes as well as evaluated the development of a pilot community renewable energy project in Shape rural community in Nigeria. In addition to documentary evidence, the study gathered data primarily by interviewing 24 relevant actors in the Nigerian electricity industry as well as actors involved in the pilot community renewable energy project. The study reveals that the processes and governance approaches adopted are in line with transition theory and have the potential of contributing to the transformation of the rural electricity provision in Nigeria. However, there is still a long way to go for Nigeria to effectively implement an integrated governance approach capable of accelerating the transition processes. The study found that community renewable energy is motivated by several determinants including: the lack of energy accessibility; removing carbon emissions; meeting environmental obligations; achieving energy security; and, addressing cracks in the current system of rural electrification. The study further found a lack of local initiatives at the grassroots level that can add pressure to make the transition happen. The study found the establishment of an arena for the identification of the challenges facing rural communities and development of strategies. However, some prominent actors are not involved in both strategic decision-making and the implementation process. Of concern, the study revealed a lack of clearly defined responsibilities with most of the government agencies carrying out renewable energy activities independently. Similarly, the study found several barriers which are classified as: actor; interaction; institutional; infrastructural; and, socio-political that are challenging the successful transition to community renewable energy. This work contributes to current attempts to operationalise transition theory and concepts to assess on-going transition processes and governance. This is a significant contribution to the literature because it helps in linking theoretical development with sustainability in practice in a developing country context. The study may assist policy makers, communities and other relevant stakeholders in designing an integrated governance framework for renewable energy transition in rural areas.

A crise de 2008 deflagrou uma onda de questionamentos em relação à contribuição social dos bancos dada às inovações financeiras que atendiam desejos gananciosos enquanto milhões de pessoas continuavam excluídas de crédito e de cidadania, tem-se aí um quadro de crise de legitimidade. O desafio da sustentabilidade se torna cada vez mais popular, fazendo com que a crescente preocupação com os impactos socioambientais das nossas ações seja incorporada ao conjunto de valores da sociedade com impacto, também, sobre a licença social para os bancos existirem, dado que por trás de muitos empreendimentos que devastam nossos capitais social e natural tem o financiamento bancário. O que fazer perante uma crise desta? Trabalhar para retornar ao estado anterior à eclosão do problema ou assumir a responsabilidade para a mudança? Esta tese visa a olhar como os bancos podem responder aos desafios deste cenário de convergências de crise (notadamente, uma econômica e outra ambiental). Mostramos que ao adotarem a transição para a sustentabilidade como negócio central implicando em práticas que não parecem economicamente atraentes (ou responsável), como o financiamento para atingir uma escala ótima de produção e consumo, o fomento ao decrescimento ou à estabilização para manter esta escala, o uso de moedas complementares junto a moedas convencionais e a organização de processos em rede, na verdade, estão desenvolvendo e explorando a nova fonte de vantagem competitiva e de manutenção dos bancos a longo prazo, trazendo diversos benefícios para a empresa e para a sociedade, numa verdadeira relação simbiótica. / The 2008 crisis triggered a wave of questions concerning the social contribution of banks given the financial innovations that met greedy desires while millions of people were still excluded from credit and citizenship, that brings us to a legitimacy crisis. The sustainability challenge becomes increasingly popular, that is, or growing concern about the social and environmental impacts of our actions becomes embedded in our societys set of values. That has a strong impact on the social license for banks to operate, given that many projects that devastate our social and natural capital are bank financed. What to do before such a crisis? Work hard to return to the state before the onset of the problem or take responsibility for change? This thesis aims to answer how banks can meet the challenges of this scenario of converging crises (notably, an economic and an environmental crisis). We show that by adopting the transition to sustainability as a core business resulting in practices that do not seem economically attractive (or responsible), as funding to achieve an optimal scale of production and consumption, and then promoting the decrease or stabilization to maintain this scale, the use of complementary currencies with conventional ones and creating network processes, in fact, are actually developing and exploring the new source of competitive advantage and maintenance of banks operations in the long term, bringing many benefits to companies and to society, in a true symbiotic relationship.

Submitted by JULIANA CRISTINA SCOTTON null (juscotton@yahoo.com.br) on 2016-06-14T12:53:13Z No. of bitstreams: 1 Dissertacao_unif_dep_final.pdf: 2716430 bytes, checksum: c73b508e17e160292350a5b3f77c3dd4 (MD5) / Approved for entry into archive by Ana Paula Grisoto (grisotoana@reitoria.unesp.br) on 2016-06-15T19:42:42Z (GMT) No. of bitstreams: 1 scotton_jc_me_rcla.pdf: 2716430 bytes, checksum: c73b508e17e160292350a5b3f77c3dd4 (MD5) / Made available in DSpace on 2016-06-15T19:42:42Z (GMT). No. of bitstreams: 1 scotton_jc_me_rcla.pdf: 2716430 bytes, checksum: c73b508e17e160292350a5b3f77c3dd4 (MD5) Previous issue date: 2016-04-26 / A transformação da produção agrícola atual de forma sustentável e produtiva se caracteriza como um dos maiores desafios da atualidade. A transição de manejos convencionais para aqueles mais sustentáveis é uma alternativa de transformação, na qual as plantas se tornam mais dependentes das interações microbianas, constituindo-se um fator chave no controle da produtividade e da qualidade nos ecossistemas agrícolas. O objetivo deste trabalho foi avaliar a influência do manejo de transição, da agricultura convencional para a agricultura orgânica, sobre a diversidade de fungos do solo, em cultivo de citros. O experimento foi realizado na área experimental de citros na Fazendo Santo Antonio do Lageado em Mogi Guaçu-SP. O delineamento utilizado foi em faixas contemplando dois tratamentos, manejo convencional (MC) e manejo de transição (MT) com quatro anos de implantação, avaliados no período seco e úmido, sob os parâmetros de número de unidades formadoras de colônia (UFC), riqueza e diversidade dos principais grupos de fungos, parâmetros micorrízicos e físico-químicos do solo. Os dados individuais foram submetidos a análise de variância e as médias comparadas pelo teste t. A associação das variáveis microbiológicas e físico-químicas do solo foi avaliada por meio do coeficiente de correlação de Pearson, sendo ambos os testes a 5% de probabilidade. Além disso, foi utilizada a análise de componentes principais para interpretação geral dos dados. As contagens de UFC não apresentaram diferenças entre tratamentos nos períodos avaliados, no entanto o MT demonstrou maior riqueza e diversidade de grupos fúngicos no solo em ambos os períodos. Foram identificados 11 táxons distintos, dentre eles Aspergillus spp., Fusarium spp., Metarhizium spp., Paecilomyces spp., Penicillium spp., Phialophora spp., Neurospora spp., Trichoderma spp., Dematiáceos, Leveduras e Mucoromycotina. A frequência fúngica demonstrou predominância de Paecilomyces spp. para o MC, com 45% de isolados deste gênero, enquanto a distribuição do MT se mostrou mais equilibrada em termos de gêneros. Nos parâmetros micorrízicos, houve maior esporulação no MT para o período seco. As correlações de Pearson indicaram que enxofre (S), alumínio (Al), capacidade de troca de cátions (CTC), temperatura e textura foram os parâmetros que mais apresentaram associações com os fungos avaliados. A análise de componentes principais, revelou distinção entre os tratamentos e períodos. Perante os resultados obtidos sugere-se que a maior diversidade no MT expressa maior estabilidade e eficiência na utilização de recursos disponíveis, além de ser mais eficiente na propagação de fungos micorrízicos, por meio de esporos. / The productive and sustainable changing of the current agricultural production is one of the greatest challenges of our time. The transition from conventional agriculture to sustainable models is an alternative, which plants become more dependent for microbial interactions. That is a key factor for agricultural yield and quality in the ecosystems. The aim of this study was to evaluate the effects of transition management, from conventional agriculture to organic farming, on the soil fungal diversity in citrus cultivation. This experiment was performed in a citrus orchard settled at the Santo Antonio do Lageado farm, in Mogi Guaçu-SP. The design was in strip with two treatments, conventional management (CM) and transition management (TM). This assay has been conducted for four years and the present data refers to one year, assessed at the dry and wet season. The amount of colony forming units (CFU), richness and diversity of the major groups of fungi, mycorrhizal and physico-chemical parameters of the soil were applied. The individual data were submitted to analysis of variance and the means were compared by t test. The correlation of the soil microbiological and the physico-chemical attributes were tested by the Pearson correlation coefficient, all of them under probability of 5%. The principal component analysis (PCA) was applied in order to get a general overview of the data. The count UFC data showed no difference between treatments in the evaluated periods. However, the TM showed greater richness and diversity of the soil fungi groups at the both periods. We identified 11 distinct fungal taxa, including Aspergillus spp., Fusarium spp., Metarhizium spp., Paecilomyces spp., Penicillium spp., Phialophora spp., Neurospora spp., Trichoderma spp., Dematiaceous, Yeasts and Mucoromycotina. The fungal frequency showed predominance of the Paecilomyces spp. in the MC, with 45% among the all isolated genera. In the TM the Paecilomyces spp. showed more balanced amount in terms of genera. There was a higher mycorrhizal sporulation in the TM at the dry season. The Pearson's correlations indicated that the sulfur (S), aluminum (Al), capacity of cation exchange (CEC), temperature and texture, were those that most correlated with the fungi of this study. The principal component analysis revealed distinction between treatments and season. By these results we suggest that higher diversity of fungal groups in the TM point out higher stability and efficient use of the available resources. In addition, the TM showed more efficient propagation of mycorrhizal fungi, considering it higher amount of spores.

abstract: Transformational sustainability science demands that stakeholders and researchers consider the needs and values of future generations in pursuit of solutions to sustainability problems. This dissertation research focuses on the real-world problem of unsustainable water governance in the Phoenix region of Central Arizona. A sustainability transition is the local water system is necessary to overcome sustainability challenges and scenarios can be used to explore plausible and desirable futures to inform a transition, but this requires some methodological refinements. This dissertation refines scenario methodology to generate water governance scenarios for metropolitan Phoenix that: (i) feature enhanced stakeholder participation; (ii) incorporate normative values and preferences; (iii) focus on governance actors and their activities; and (iv) meet an expanded set of quality criteria. The first study in the dissertation analyzes and evaluates participatory climate change scenarios to provide recommendations for the construction and use of scenarios that advance climate adaptation and mitigation efforts. The second study proposes and tests a set of plausibility indications to substantiate or evaluate claims that scenarios and future projections could become reality, helping to establish the legitimacy of radically different or transformative scenarios among an extended peer community. The case study of water governance begins with the third study, which includes a current state analysis and sustainability appraisal of the Phoenix-area water system. This is followed by a fourth study which surveys Phoenix-area water decision-makers to better understand water-related preferences for use in scenario construction. The fifth and final study applies a multi-method approach to construct future scenarios of water governance in metropolitan Phoenix in 2030 using stakeholder preferences, among other normative frames, and testing systemic impacts with WaterSim 5.0, a dynamic simulation model of water in the region. The scenarios are boundary objects around which stakeholders can weigh tradeoffs, set priorities and reflect on impacts of water-related activities, broadening policy dialogues around water governance in central Arizona. Together the five studies advance transformational sustainability research by refining methods to engage stakeholders in crafting futures that define how individuals and institutions should operate in transformed and sustainable systems. / Dissertation/Thesis / Ph.D. Sustainability 2014

A crise de 2008 deflagrou uma onda de questionamentos em relação à contribuição social dos bancos dada às inovações financeiras que atendiam desejos gananciosos enquanto milhões de pessoas continuavam excluídas de crédito e de cidadania, tem-se aí um quadro de crise de legitimidade. O desafio da sustentabilidade se torna cada vez mais popular, fazendo com que a crescente preocupação com os impactos socioambientais das nossas ações seja incorporada ao conjunto de valores da sociedade com impacto, também, sobre a licença social para os bancos existirem, dado que por trás de muitos empreendimentos que devastam nossos capitais social e natural tem o financiamento bancário. O que fazer perante uma crise desta? Trabalhar para retornar ao estado anterior à eclosão do problema ou assumir a responsabilidade para a mudança? Esta tese visa a olhar como os bancos podem responder aos desafios deste cenário de convergências de crise (notadamente, uma econômica e outra ambiental). Mostramos que ao adotarem a transição para a sustentabilidade como negócio central implicando em práticas que não parecem economicamente atraentes (ou responsável), como o financiamento para atingir uma escala ótima de produção e consumo, o fomento ao decrescimento ou à estabilização para manter esta escala, o uso de moedas complementares junto a moedas convencionais e a organização de processos em rede, na verdade, estão desenvolvendo e explorando a nova fonte de vantagem competitiva e de manutenção dos bancos a longo prazo, trazendo diversos benefícios para a empresa e para a sociedade, numa verdadeira relação simbiótica. / The 2008 crisis triggered a wave of questions concerning the social contribution of banks given the financial innovations that met greedy desires while millions of people were still excluded from credit and citizenship, that brings us to a legitimacy crisis. The sustainability challenge becomes increasingly popular, that is, or growing concern about the social and environmental impacts of our actions becomes embedded in our societys set of values. That has a strong impact on the social license for banks to operate, given that many projects that devastate our social and natural capital are bank financed. What to do before such a crisis? Work hard to return to the state before the onset of the problem or take responsibility for change? This thesis aims to answer how banks can meet the challenges of this scenario of converging crises (notably, an economic and an environmental crisis). We show that by adopting the transition to sustainability as a core business resulting in practices that do not seem economically attractive (or responsible), as funding to achieve an optimal scale of production and consumption, and then promoting the decrease or stabilization to maintain this scale, the use of complementary currencies with conventional ones and creating network processes, in fact, are actually developing and exploring the new source of competitive advantage and maintenance of banks operations in the long term, bringing many benefits to companies and to society, in a true symbiotic relationship.