Financial Advisor Steph Speirs Offers a New Perspective on Wealth Management
Revised Podcast Transcript
Title: The Nature Of: Redefining Wealth for a Flourishing Planet
Podcast* Season 1,* Episode 6
In the latest episode of The Nature Of podcast, Willow Defebaugh chats with Steph Speirs, a clean energy entrepreneur and Board Member of the Sierra Club Foundation, about reimagining capital as a tool for supporting a thriving planet.
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Capital, in all its forms, can be stewarded to foster a more harmonious relationship with the environment. In this episode, Willow talks with Steph Speirs, founder of Solstice and recognized climate solutions expert, about shifting our view of wealth beyond mere accumulation to encompass sustainability, regeneration, and community empowerment. Together, they delve into topics such as the evolving concept of wealth, the role of community in the clean energy transition, and initiatives like the Sierra Club Foundation's Shifting Trillions project that aim to redirect financial flows from destructive practices to regenerative ones.
About the Guest
Steph Speirs is an enterprising clean energy strategist who has been empowering communities and driving innovation in the climate sector for over a decade. She has served as a member of the Yale School of Management faculty, a Resident Fellow at the Center for Business and the Environment, and sits on the Boards of the Sierra Club Foundation and Vote Solar, as well as the Credit Committee of the Community Investment Guarantee Pool. Most recently, Steph co-founded and led Solstice, a company focused on bringing community solar to historically underserved households across America (acquired by MyPower/Mitsui). Steph has been recognized for her contributions to the clean energy industry with awards such as EY New England's Entrepreneur of the Year, Stanford and DOE's C3E Entrepreneur Award, Inc Magazine's Female Founder 100, and Elle's US Woman Entrepreneur of the Year. Steph holds a B.A. from Yale, a Master in Public Affairs with distinction from Princeton, and an MBA from MIT with a Certificate in Entrepreneurship and Innovation.
Episode Transcript
Introduction
Willow: Before we dive in, I want to give a shout out to the Sierra Club Foundation, who has been instrumental in this conversation and making it possible. They've been working tirelessly to advance climate solutions and environmental justice.
Willow: When the idea came up for us to do an episode about wealth, I was hesitant. Discussing money can often be uncomfortable and, frankly, I'm not a finance person. But Steph's insights helped me view capital in a completely new light, focusing on the concept of wealth extending beyond just money to encompass ecological wealth, community wealth, and the wealth of knowledge.
Willow: My name is Willow Defebaugh and this is The Nature Of. Each week, we'll explore the natural world to gain insights into navigating the human experience, and this week we're delving into the nature of wealth.
Willow Defebaugh
Steph, as we dive into today's conversation, could you please share your thoughts on the word wealth? How would you like to see people redefine or shift their perception of wealth?
Steph Speirs
Wealth should embody the idea of abundance-a deep sense of awe, much like the abundant life that nature presents in the midst of a forest or an ocean. At its core, I believe wealth signifies the ability to enjoy time and spaciousness to appreciate this abundance. It encompasses clean air, clean water, good health, and access to community public goods such as education and a sense of belonging and inclusion.
Steph: Remember the tale of the vegetation that poisons and heals growing side by side on the banks of the Ganges River? It's a reminder that nature offers both the poison and the cure, living in harmony.
Willow
The coexistence of poison and healing…that is a beautiful metaphor for how we should approach wealth and the economy.
Steph
Yes, indeed.
Willow
I'd suggest that what we choose to value and invest in reveals a great deal about what we value as a society. As we delve into the concept of wealth beyond money, I'm wondering how we might create or modify our economic systems to recognize and prioritize these essential forms of wealth that are often overlooked in financial conversations?
Steph
The financial system we're operating in now emphasizes the fast monetization of natural and human resources, often at the expense of our collective wellbeing. To move forward, we need to shift our focus to redefining what we value, focusing on long-term prosperity and equity.
Steph: For instance, the Inflation Reduction Act recently passed in the US is pouring billions of dollars into clean energy and infrastructure, not just for the financial benefits, but for the broader benefits to people and planet.
Willow
While acknowledging the shortcomings of our current financial system, is it feasible to create change within the existing system, or would we need a completely new system altogether?
Steph
The existing system is broken, but acknowledging the problems is a crucial first step. We can start by reframing the conversation around our shared values and our collective purpose. Unfettered capitalism has brought us to where we are today, but we can learn from its principles and find ways to correct its course.
Steph: For example, markets were originally created as expressions of interdependence. We are, after all, co-dependent beings. The problem lies in the misalignment of values and the failure to acknowledge and measure the real costs of our actions.
Willow
So, how can we create a system that better articulates and aligns with our values?
Steph
We must start by measuring our financial health in a more holistic manner-one that accounting for not just financial capital, but also human capital, social capital, cultural capital, natural capital, and intellectual capital. These choices are societal decisions, not inherent limitations.
Steph: Consider the estimated cost of addressing the climate crisis: $550 trillion by 2050. Spending currently totals $1.3 trillion, but it's estimated that we need to allocate $4 to $8 trillion annually to solve the problem. We're only spending 1% of global GDP on climate solutions. There's a massive gap between investment and the actual costs of inaction.
Willow
Indeed, the climate crisis demands immediate action. Speaking of values and their implications, I'm interested in hearing your thoughts on how market systems can better reflect and support ecological principles and ecological trade.
Steph
Nature has its own guardrails and economies. Animals don't hoard resources, and ecosystems balance themselves. We can learn from this, as hoarding resources and unregulated capitalism is leading us astray. We need stronger regulations to ensure that our market systems function in harmony with nature and ecology.
Willow
This brings me to an important question: How can we shift the focus towards regulation in these conversations?
Steph
Regulations ensure that markets function transparently and balance the needs of all participants. It's important to remember that regulations are usually the result of societal choices and can be redesigned to better align with our values. For example, subsidies are regularly provided to the fossil fuel industry, which is not sustainable in the long run. We need to shift these subsidies to support clean energy and regenerative practices.
Steph: Another example is the Shifting Trillions initiative from the Sierra Club Foundation, which aims to redirect trillions of dollars from destructive industries to regenerative ones. By investing in clean energy and conservation projects, we can create a more just and sustainable future while stimulating economic growth.
Willow
By shifting capital away from extractive industries and towards regenerative ones, can we create a economic system that is more aligned with our values and preserves the natural world?
Steph
Certainly, we can. By investing in clean energy, conservation, and regenerative agriculture, we can boost the economy, create jobs, and protect our planet at the same time. We need to prioritize the interconnectedness of our financial system, our natural environment, and our socio-cultural structures.
Willow
As we work towards a more just and regenerative economy, what is the single biggest barrier preventing capital from flowing towards this vision? How can we overcome it?
Steph
In these transitional periods, we often experience morbid symptoms as the old system dies and the new one is yet to be born. Passionate souls, like myself and those working to advance clean energy solutions, are met with fierce resistance from entrenched interests. We need to forge alliances, build coalitions, and trust in the power of community.
Steph: Community is the antidote to the power grab by the dying industries. By uniting our voices, we can create a groundswell of support for clean energy and sustainable practices. The road will be challenging, but our collective effort is what will carry us forward.
Willow
Community is our greatest weapon in the struggle against oppressive systems. Let's delve into this further, focusing on the power of community in the clean energy transition.
Willow and Steph's Conversation
The rest of the podcast transcript features a thoughtful conversation between Willow and Steph about the power of community in the clean energy transition, sharing examples of grassroots organizing, and the importance of community-based projects in accelerating clean energy adoption.
Reflections
At the end of each episode, Willow offers three questions for self-reflection:
- What does it reveal about my values when I look at what I choose to invest my money in?
- In what forms of wealth do I want to invest more?
- How can I leverage the trust I've built with the people around me to impact the planet positively?
The Nature Of is an Atmos Podcast produced by Jesse Baker and Eric Nuzum of Magnificent Noise. Our production staff includes Julie Natt, Eleanor Kagan, and Daniel Hartman. Our sound designer is Kristin Mueller. The executive producers of The Nature Of are me-Willow Defebaugh-Theresa Perez, Jake Sargent, and Eric Nuzum. Atmos is a nonprofit media organization focused on the intertwining of climate and culture. In addition to our podcast, we deliver award-winning journalism and creative storytelling through our biannual print magazine, daily digital features, original newsletters, and more. To support our work or this podcast, see our show notes or visit our website/biome. That's A-T-M-O-S.Earth/B-I-O-M-E. I'm your host, Willow Defebaugh, and this is The Nature Of.
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- Discussing wealth can often be uncomfortable, but shifting our view of wealth beyond mere accumulation to encompass sustainability, regeneration, and community empowerment is essential for a thriving planet.
- Capital, in all its forms, can be stewarded to foster a more harmonious relationship with the environment.
- In this podcast, Willow talks with Steph Speirs, founder of Solstice and recognized climate solutions expert, about the evolving concept of wealth.
- Together, they delve into topics such as the role of community in the clean energy transition, ecological wealth, and the Sierra Club Foundation's Shifting Trillions project.
- Steph Speirs is an enterprising clean energy strategist who has been driving innovation in the climate sector for over a decade.
- In the discussion, they highlight the need to shift our focus from short-term financial gains to long-term prosperity and equity.
- To encourage this change, they suggest measuring financial health in a more holistic manner, including human, social, cultural, natural, and intellectual capital.
- By investing in clean energy, conservation, and regenerative agriculture, we can boost the economy, create jobs, and protect our planet at the same time.
