In order to uncouple economic development from resource use, climate change and loss of biodiversity, innovative solutions need to be developed. Recent academic and practical efforts have demonstrated that a sustainability transition achieving this goal is technically and economically feasible. Nevertheless, corresponding investments remain niches. This is puzzling because the efficient market hypothesis assuming perfect information in financial markets predicts that investment opportunities and risks are evaluated properly. However, information about the prospects and risks associated with them diffuses very slowly across different financial market players that are financing them from commercialisation to large-scale market introduction. Building on an alternative, adaptive market hypothesis, that is the fact that investors and lenders’ perceptions are playing an important role in their decision making, this doctoral thesis will focus on three mechanisms aiming at scaling up sustainable finance solutions from niche- to mainstream actors.

• prof. dr. Kees Koedijk
• dr. Friedemann Polzin
• Catalina Papari

• Alessandro Diego Scopelliti
• Hans Degryse

Nature-Based Solutions have the potential to limit impacts of climate change, enhance biodiversity and improve environmental quality while contributing to economic activities and social well-being. Examples are green roofs and city parks that limit heat stress, city lagoons that store water and permeable surfaces, vegetation and rain gardens to intercept storm water. To unlock the potential of nature based solutions for sustainable urban development, NATURVATION takes a transdisciplinary, internationally comparative approach to capture the multiple impacts and values of these solutions. Based on a comparison of 1000 nature based solutions across 6 cities, it identifies the most promising governance, business, finance and participation models and how to overcome the systemic conditions that currently limit their use. The real-world impact of NATURVATION is realized through co-design, co-development and co-implementation of new partnerships, knowledge, processes and tools required to build capacity, enable replication and foster cultural change.

• prof. dr. ir. Rob Raven
• prof. dr. Wouter Botzen
• dr. Friedemann Polzin
• prof. dr. Hens Runhaar

• Durham University
• Central European University
• Ecologic Institute gGmbH
• ICLEI
• Institut Fur Landeskunde
• PBL Netherlands Environmental Assessment Agency
• Universitat Autonoma de Barcelona
• Lund University
• ENT Environment and Management
• The Centre for Economic and Regional Studies
• Malmo City
• Newcastle City Council
• Gemeente Utrecht