A tribute to

Robert Rubinstein for a 20-year dedication to m a k e this world a better place.

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ever give up” is Robert lifetime slogan. And he never gave up. Not with Brooklyn Bridge and not with TBLI.

His work, his sons and his wife are his passions and he managed to care for them each in their right way. Robert has the talent to keep going and even to reinvent himself again when needed. He has a free spirit, not bonded by material gain and always ready to share what he has. I am lucky to be his wife, I made the journey with him. It was not an easy road to travel, sometimes in a comfortable Town car and sometimes on foot with only flip-flops at our feet. The path was always paved with hope, love and compassion. It was never boring. Robert deserves all the tributes and awards there are in the world! We give him these humble tributes as a token of appreciation for how he has touched each one of us with his spirit. He will continue to make big footprints for each one of us to fill. We thank Robert for his own special brand of impact on the rest of the world.

Rieki Rubinstein Crins

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o b e r t is t h e c h a n g e I w o u l d l i k e t o s e e i n t h e w o r l d . H e i n s p i r e s m e to f o l l o w m y p a s s i o n w i t h a h i g h e r p u r p o s e t h a n just p e r s o n a l gains . H e is m y h e r o a n d t h e p e r s o n I l o o k u p t o t h e m o s t i n m y life. H o w h e h as b o u n d l e s s e n e rg y for his pa ssi on a n d d r e a m o f actually c h a n g i n g the w o r l d for the better - despite m a n y obstacles h e h a d a n d has to o v e r c o m e in this u n d er t a ki ng - inspires a n d motivates m e profoundly t o the core of m y being.

Sam Rubinstein

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obert is a person that’s trying to m a k e the world a better place, not just b y s a y i n g it, b u t b y actually d o i n g it. H e d o e s this w i t h true pas s ion. What I really admire about Robert is his ability to never give up and always see n e w opportunities. H e really is an inspiration to m e , fighting for w h a t is right a n d always helping others along the w a y. O n a personal note, I ’ m extremely grateful to h a v e a d a d that s h o w e d m e the world, accepting m e for w h o I a m and always guiding m e through life. Dad, thank you for being you, I wish you the world and all the beautiful things in it. Big love your son,

Silas

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n d talking a b o u t R o b e r t , r e m i n i s c i n g h i s c h i l d h o o d a n d creating t h e (important) impressive m a n h e b e c a m e today to U S , his family a n d to society! E v e n as a child h e a l w a y s w a s c o n c e r n e d a b o u t helping others, before even thinking of himself! I r e me m be r h i m as a child of 14 already,h e w a s out after school to help t h e b u s y b u t c h e r o n F r i d a y s to d e l i v e r t h e m e a t ! H e d i d n ’t d o it f o r t h e money, he just did it to help out! H e w a s always looking around h o w to help the others! We never h a d to ask h i m to m a k e his h o m e w o r k w e ne ver h a d to scold h i m ! H e k n e w his duties a n d h e always w a s there to help! H e h a d t h e talent t o c h a r m e v e r y b o d y w i t h h i s g r e a t p e r s o n a l i t y a n d therefore of course always m a d e friends a n d w e r e surrounded b y them! I w a s n e v e r a p e r s o n t o s h o w m y feelin gs ! L i f e w a s v e r y different i n t h o s e f ar d a y s w h e n w e w e r e g r o w i n g u p , a n d w a r t i m e s h a p e d u s ! w e learned to hide our feelings! Throughout the years with every accomplishment, I felt that here, again, you worked hard and DID IT! A n d now, hearing w h a t you accomplished again, I feel I have to put it in words! Im so proud of you m y son!

Mrs. Rachelle Rubinstein

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OBERT RUBINSTEIN is an inspiring character and a true partner.

He is a man of integrity and strong moral and family values which often, is not congruent with social norms of the day. Yet, he soldiers on with the hope and belief in his fellow man (and woman). Robert, in his 20-year history of TBLI Group Holdings B.V., has amassed a tremendous personal and professional network of individuals who are dedicated and passionate about the necessity for a larger vision and mission for the planet and its people. And for this, he should be very proud. Often, I am in contact with an individual with whom Robert has touched with his passion and compassion. Whether its 15 or 20 years ago, or last week, Robert is often credited with inspiring persons to a higher calling into the world of impact, and for that he is a true leader among us. We who know him, offer thanks for this prescient focus so many years ago. He was and is a true pioneer in the IMPACT field. He carried many on his back.

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obert has worked tirelessly to support himself from an early age in life.

Like many, throughout his career, he has been in a place of penultimate exuberance or at the brink of disaster. Through these extremes, he has kept TBLI going and thriving and evolving. The ultimate measure of a man is not where he stands in moments of Comfort and convenience, but where he stands at times of challenge and controversy.

Martin Luther King Jr. Robert never waivers in his commitment to his own values. He is the ultimate measure of a man. Robert, Congratulations on 20 years and for the next 20 before us. With gratitude, Your partner,

Julie Muraco

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h e R o b e r t R u b i n s t e i n - s t o r y is a We s t e r n , a q u e s t o f a l o n e A m e r i c a n Wo l f in a vast desert full of sheep, a n d it needs m o r e admiration.

T h e s h e e p a r e the D u t c h A n d B e y o n d , t h o s e w h o sit o n piles o f gold, pretending t o invest it in the g o o d g r e e n cause, but yet k e e p it all in their pockets. H e told them that, as a consequence, this gold will vanish anyway, so w h y this theatrical bypass, the full drama of talks, meetings, encounters, conferences, analyses and, in the end, n o decisions? T B L I is a genius concept, and at the s a m e time an uphill battle. It started after deceptions with the magazines S O U R C E and FIETS. S O U R C E w a s a b e a u t y in c o n t e n t a n d l o o k s , b u t a l s o a n e a r l y bird, f l y i n g o v e r a p o l d e r w i t h o u t g r e e n g r a s s , w h e r e t h e t a rg e t g r o u p h a d n o t a r r i v e d t h e g r e e n economy of today still in its infancy. S O U R C E h a d it all, the best stories about sustainable development, but its s h a r e h o l d e r s p u l l e d t h e trigger, l e a v i n g t h e l o n e A m e r i c a n b e h i n d i n the e m p t y s a l o o n . Little respect h e h a d for the icon o f n e w e c o n o m i c s i n these years, the great Wintzen, w h o pretended to lead the green expedition, received praise and admiration, but refused to rescue SOURCE. Why? In my view, being a close witness, because Wintzen w a n t e d his o w n parade, a n d n o others o n the catwalk. RR, in all his innocence, could not handle the combination of Big M o n e y a n d r u d e behavior, a n d hence, possibly, h e therefore started T B L I , w h e r e the rich w o u l d o n e d a y m e e t green relatives, a n d b e grateful to conductor RR.

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It worked and it did not. It is successful, but a struggle. It is a key roundabout, but moving capital in that cycle is slow, unwilling and stupid, yes, also that. With RR in a mood of unremitting efforts, always expecting more than they give him, and yet, they do come. It is the thrilling movie of the Rich Man. Wealth as an atoll of gold in the sea, the proprietor sitting in it, gazing at the horizon, where pirates might encroach, and rob him, not observing that global warming makes his gold melt, and sea level rise will drown his atoll. Invest NOW, he yells at them, and save your wealth and the planet at the same time. With seawater rising to the belly, the Rich Man still gazes at his screen, calculating risks, with investment bankers in wetsuits swimming around. At the same time, miracles do happen. In just a decade, green investments are skyrocketing, billions now in renewables and innovations. And it is certain that the sustaining courage of Robert R. has played a key role in this miracle. He may not observe it, but the sheep follow him, the Rich Man is seeing the light, and TBLI is getting not the money, but the credits. Justice at last.

Wouter van Dieren Director Springtide Forum Member, The Club of Rome

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most remember a conversation I had with Robert in the early days of B r oo k l yn Br i dg e a n d w e w e r e sharing o u r visions o f h o w to best reform capital markets a n d help investors appreciate their longer term social goals a n d values b e y o n d m o n e y a n d economics. We w e r e in the top floor of the old ho use in A m s t e r d a m that Robert w a s renovating. I w a s f ra nk l y a g h a s t at the a m o u n t o f w o r k this w a s g o i n g to involve. B u t s o m e h o w, it w a s all b e l i e v a b l e b e c a u s e R o b e r t ’s v i s i o n f o r a better collective f ut ure f or o u r h u m a n f a m i l y w a s s o clear a n d vivid. N e e d l e s s to say, R o b e rt ’s vision h a s n o w materialized in m a n y po w erful w a y s a n d h e is still a visionary I admire a n d w e are pr ou d that Robert serves o n our illustrious global A d v i s o r y B o a r d for Ethical M a r k e t s M e d i a Certified B . Corporation, which I founded in 2004.

Hazel Henderson President, Ethical Markets Media

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was fortunate to have been introduced to Robert by a fellow New Yorker who also happened to be living in Europe. I initially said that I was interested in connecting with people who are working on sustainability in Amsterdam. Of course it was only a matter of time before I crossed paths with Robert Rubinstein because after all are you really in the field if you don’t know him? I think the best way to describe him is the way he describes himself on LinkedIn: “authentic eccentric”, but I’d also add extraordinaire. He has a unique way of connecting with people, and he is sincere in all of his encounters. I think in a world where people often bite their tongues, Robert is as honest as it gets. He has worked tirelessly not only to establish himself, but even harder to help further the mission of value(s) based investing. For 20 years he’s been connecting people and creating opportunities for entrepreneurs and newbies to the impact investing world. TBLI is also about giving back and one of the ways in which Robert does this is by creating a safe space at his events for students who have an interest in sustainability and are looking for direction. Many have been able to meet their future mentors, employers and colleagues, and I’ve been fortunate enough to witness this first hand. TBLI is not a big organization, but its reach is endless, and that’s through the power of the people who have participated over the years. What all these people have in common is that they have a shared vision for a better world, and they’ve been fortunate enough to meet a guy who is trailblazing towards this goal. When I think of Robert, I think about this George Carlin quote: “Somewhere along the way, someone is going to tell you, ‘There is no “I” in team.’ But what you should remind them is: ‘Maybe not, but there is an “I” in independence, individuality and integrity.”

Jonelle Maltay

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obert Rubenstein is one of the earliest visionaries to see the coming impact investing movement and has worked tirelessly to wake up heart’s, minds and walkers to its necessity as a tool for positive change. He has my deep respect and admiration.

Ibrahim Al Huseini Ibrahim AlHusseini Managing Member The Husseini Group

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nce I had the pleasure sitting next to Robert in the Nieuwe Kerk sharing our impressions when the Dalai Lama was there and various Dutch speakers. My first impression of Robert was an accessible and independent person with strong views. Many years later we met again and cooperated on various cases. I appreciate very much Robert’s integrity and his sober view on the business world and can also imagine his disappointments. I am Robert’s fan, feel very happy to know Robert and to assist him, where I can.

Werner Uljee

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f you share a c o m m o n interest with Robert, it is easy to establish it. If you s h o w spirit in the c o m m o n cause, y o u receive it back in spades. H e profoundly encouraged m y impact investing activity.

Alexander Hoare Hoare Bank London

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reetings from sunny Arlington, Virginia!

O n the 20th anniversary of TBLI, congratulations, thank y o u and please continue to carry on your excellent work! Congratulations o n your impressive accomplishment of holding the T B L I conference for 2 0 years! Sustainability is focused o n the long-term, and you have demonstrated a long-term commitment to bringing ideas and people together. Congratulations! T h a n k y o u for all of the enlightening concepts, thought-provoking conversations a n d inspiring m o m e n t at T B L I conferences. T h a n k y o u for w e l c o m i n g w i t h o p e n a r m s pa rt i c i pa nts a n d s p e a k e r s f r o m C e n t r a l a n d Eastern Europe, w h o broadened their understanding o f sustainable finance a n d joined the global n e t w o r k c o n v e n e d at T B L I conferences. T h a n k y o u for the m a n y colleagues m e t and friendships nurtured at TBLI. T h a n k you for inviting m e to contribute to your advisory council. Yo u r dedication has h ad a tremendous impact o n so m a n y people. T h a n k you! P l e a s e continue to carry f o r w a r d ! M u c h h a s transpired during t h e past 2 0 y e a r s , s o m e g o o d , s o m e b a d . Yo u h a v e n o t w a v e r e d . W e n e e d y o u r leadership! M a y w e meet again soon! Best Regards,

Geoffrey Mazullo

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hen the history of sustainable finance is written, mention must surely be made of TBLI and Robert Rubinstein, w h o s e personal vision and drive pl a ye d a large role in putting the issue of sustainability o n the radar of m a n y banks, investment house s a n d insurance companies. A s a forum, T B L I played a n early a n d m u c h ne e de d role in bringing together m a n y of t h e k e y a c t o r s i n t h e s u s t a i n a b l e f i n a n c e s p a c e t o better u n d e r s t a n d t h e issues, n e t w o r k a n d e x p l o r e t h e m a n y w a y s i n w h i c h t h e f i n a n c e s e c t o r m u s t p l a y its c r u c i a l r o l e i n a d v a n c i n g s o c i e t y t o w a r d s a m o r e just a n d s u s t a i n a b l e pl a ne t , w h i l e r e d u c i n g m a t e r i a l risks a n d i n c r e a s i n g r e t u r n s for investors at the s a m e time.”

Paul Hohnen Sustainability Strategies

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a n y y e a r s a g o I m e t w i t h R o b e r t f o r t h e first t i m e a s w e s e r v e d o n the scientific b o a rd of a big investment bank. A n O x f o r d professor of economics m a d e the introduction a n d told m e Robert w a s clearly n u m b e r 1 o n the international financial sustainability arena. R o b e r t has p r o v e n to be that and more. A n emphatic, knowledgeable, blunt, outspoken h u m a n of the kind the w o r l d ne e d s m o r e than anything else.

Karl-Henrik Robèrt Founder of The Natural Step

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first met Robert nearly twenty years ago and was astonished! First of all he was the first person I met who made finance funny! He can reduce an audience to tears of laughter faster than anyone else I know. And he is one of the wisest people I know. Through the laughter he makes you confront the ridiculous nature of most of what we do in the name of finance, investment or whatever other name we try to give to what he often points out is actually greed! Without him ARC could never have had the confidence to go into this strange world. With him it has been an adventure and a delight. All strength to your arm Robert for the next twenty years!

Martin Palmer Secretary General of the Alliance of Religions and Conservation (ARC).

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n a s e c t o r w h e r e o f t e n t h e r e a r e Wo l v e s d r e s s e d a s L a m b s a n d L a m b s often pretending to be Wolves, Robert stands out as a Lion for his integrity, lasting impact and vision at T B L I . T h e R o c k y Horror Picture s h o w that is development financing in the Ti m e Wa r p of the last twenty years - Robert is t h e D r F r a n k f u r t e r ( I w i l l let y o u g u e s s w h o a r e t h e b a n k e r s a n d t h e social sector...)

ArthurWood Founding Partner Total Impact Advisors

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obert Rubenstein.

I first m e t R o b e r t a b o u t 1 5 y e a r s a g o t h r o u g h m y w o r k i n t h e p u b l i c transport sector. A s C h a i r o f the S u s t a i n a b l e D e v e l o p m e n t C o m m i s s i o n of the International Association of Pubic Transport (U ITP ), I w a s looking for an insightful and clear voice that could talk about investment in public t r a n s p o r t . A t t h e U I T P ’s S e c o n d I n t e r n a t i o n a l M e e t i n g o n S u s t a i n a b l e Transport in Milan in 2005, Robert delivered a most impressive a n d comprehensive s p e e c h in support of public transport. H e held an audience of m o r e than 2 0 0 people transfixed throughout his keynote. I have been fortunate to hear Robert speak at a number of occasions since a n d h a v e a l w a y s f o u n d h i m straightforward, f o c u s e d a n d passionate. H e h a s a n a m a z i n g i m p a c t o n profe ssi ona l a n d n on -p ro fes s ional a u d i e n c e s . We are privileged to have him showing us the way. I feel m o s t b l e s s e d t o c o n s i d e r R o b e r t a friend, a n d w i s h h i m a n d h i s family g o o d health for the next m a n y years. ‘ W h a t a long strange trip it’s been”.

Dr. Glenn Frommer Mass Tranist Railway Corporation, Hong Kong

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ribute to Robert Rubenstein.

R o b e r t R u b e n s t e i n s h o u l d truly b e c o u n t e d a m o n g t h e “ f o u n d e r s ” o f the m o d e r n ESG/Sustainable a n d Responsible Inves tment m o v e m e n t . H i s pioneering w o r k in establishing the T B L I G r o u p , a n d particularly the Triple B o t t o m L i n e Conference for investment professionals, stand out as core initiatives in growing the field of E S G investing. W h e n I joined Calvert Investments as CE O in 1997, I was convinced that ESG factors were material to the financial p e r f o r m a n c e o f c o m p a n i e s . I f o u n d in Robert, a n d T B L I , k i n d r e d spirits i n w o r k i n g t o a d v a n c e this t h e o r y. R o b e r t ’s c o n f e r e n c e s w e r e “ g o to” events for responsible investing analysts a n d professionals, w h e n n o other similar v e nue s existed. Congratulations Robert o n a n e x c e p t i o n a l a n d i m p a c t f u l c a r e e r, f o r t h e b e n e f i t o f o u r p l a n e t , a n d t h e people of our planet.

Barbara Krumsiek Former CEO & Chair, Calvert Investments

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ear Robert,

I c a n h a r d l y b e l i e v e w h a t t h e s e p a s t 2 0 y e a r s h a v e m e a n t f o r Tr i p l e Bottom Line Investing, and I know that you were a lynchpin in making it so. Integrating w h a t is g o o d for pe opl e a n d the planet w i t h w h a t is profitable was a frontier concept with a few core advocates and you stepped in to bring these basic concepts into the mainstream. We could n ever h a v e i m a g i n e d t h e level o f a c c e p t a n c e g l o b a l l y o f o u r t h e o r y, yet, t o d a y nations , s t o c k e x c h a n g e s , t h e U n i t e d N a t i o n s itself, are o u r allies. T h a n k y o u for y o u r g o o d w o r k a n d all y o u h a v e d o n e to bring about a planet w h e r e universal h u m a n dignity a n d ecological sustainability are possible.

Amy Domini

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uten Morgen, rise and shine!

In my native German I’d say “Robert ist ein Original” and it would quite well capture the many layers in which I have come to know Robert as one of the most authentic people - in private and profession - I know. Authenticity in character, conduct and commitment. Commitment also to friendship which I have enjoyed since Hazel Henderson introduced us twenty years ago. Rare are individuals who speak up before anybody else, calmly continue to speak when the noise rises, and continue to speak out, when the crowds have left again. These are the leaders of human progress, people of stamina, of a deeper mission, of spirit. Robert is such a rare individual and I consider it a privilege to know him, learn from him, and celebrate with I wish you a day full of beans.

Philipp Kauffmann

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met Robert in October 2003 when we hosted the first Andromeda Fund Partners and Investors Forum. Robert was asked at the time to facilitate the forum and he did this in his usual professional and very relaxed style. The theme of the forum was Empowering a New World of Entrepreneurs and to my mind this was the mission was, and is, still on. Through his many years of engagement in the field of social/impact investment he encouraged me and many others to follow his lead in developing the industry which we now call Impact Investment. Robert taught me that without a strong network, involvement in the field of impact investing would be nearly impossible. To my mind, Robert has shown to be the world-class leader in networking, bringing people together, inspiring people to action and motivating organizations to engage in this industry. Next to all his hard work Robert remains positive and with a good sense of humor which makes people feel very comfortable. I congratulate Robert on his achievements as a pioneer who, through his work, made the world a better place.

Stephen Brenninckmeijer

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m e t Ro be r t in the very beginning o f the SR/Sustainability chapter of m y life. It all s t a r t e d b e c a u s e o f a s h a r e d f a m i l y n a m e ( m y m a i d e n n a m e w a s Rubinstein). A n d it developed into a deeper professional a n d personal relationship, w h i c h I cherish every day. R o b e r t w a s sensitive e n o u g h a n d w i s e e n o u g h t o validate m y feelings a b o u t t h e s t a t e o f S u s t a i n a b i l i t y i n g e n e r a l - a n d i n Is rael i n particular. His d ee p k no wl e dge a n d w i d e perspective p ro vid ed m e with an important reinforcement a n d source of information, a n d for that I a m very grateful! U n l i k e others, Ro b e rt d o e s n ot chase f a m e a n d compliments. H e relies o n his k n o w l e d g e a n d analytical abilities, a n d is a l w a y s w i l l i n g t o s h a r e t h e m w i t h a n o p e n a n d g e n e r o u s heart! It is s o u n i q u e in today’s s o c i e t y and I k n o w that I appreciate it very much. Hope for many more years of great work with TBLI and for a better future to all of u s a n d the next generations. Yours,

Tami (Rubinstein) Zilberg

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am often congratulated for my pioneering work in impact investing. Even though I humbly accept these compliments, I never describe myself as such because the truth of the matter is that I am just an actor in the sustainable investing world that only a few key people have made possible. And one of these is Robert Rubinstein. And as all real pioneers, he is not given the right amount of credit for the industry he is largely responsible for incubating. I need not say more on a professional basis. But I would like to add one more thing on a personal basis. As an entrepreneur, so many personal and emotional factors contribute to one’s professional success and Robert is one of the very few people in the finance world that really understands this. And it is through his very personal messages that he has given me the most inspiration and given me the energy to succeed. I will never forget the day a few years ago when I was feeling down, demoralized and devalued by the criticism of not achieving certain targets; out of the blue comes a message from Robert containing Theodore Roosevelt’s “The Man in the Arena”. Robert’s message has been on my desk ever since and few days goes by when I don’t think of the perfect timing of his outreach.

Guilliaume Taylor

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obert Rubinstein.

H e appeared as a blast out of nowhere in the early noughties, with a level of energy a n d determination rarely seen, intent o n m a k i n g triple-bottomline investing the norm. Nothing w a s too m u c h trouble and n o frontier insurmountable - Europe, A s i a , t h e U S - w h e r e v e r t h e r e n e e d e d to b e a c o n v e r s a t i o n h e w a s there m a k i n g it h a p p e n . A n d n o t just a n y conversation. R o b e r t d o e s not suffer fools and yet he embraces everyone. With his Brooklyn bluntness he brings t h e p u n k s , t h e r o m a n t i c s , t h e d o e r s a n d t h e d r e a m e r s t o g e t h e r a n d it’s never been a dull moment. I’ve a l w a y s l o v e d R o b e r t ’s ga l va ni z ing ability a n d f ran k e n g a g e m e n t , s o the conversation stays honest, a n d push es thinking forward. A n d m o s t of all I’ve loved the o n e - o n - o n e p h o n e calls w h e n w e ’ v e c h e w e d a topic, or brainstormed o n intractables. “ W h a t ’s the problem? N o - o n e ’s going to die” is a Robert line I love. H e introduced m e to inspirational writing, S p a l d i n g ’s M a s t e r s of t h e E a s t a n d D a n i e l Q u i n n ’s I s h m a e l . H e a l w a y s h a d a g o o d i d e a a b o u t rallying s u p p o r t , s o m e o n e to involve i n a project, f u n d i n g ideas. H e w a s the e m b o d i m e n t of social n e t w o r k i n g before there w a s technology d o i n g this, and e v e n n o w h e is better o n s o m e things than a n y of the technology which exists. T h a n k y o u Ro b e rt for everything y o u d o a n d for m a k i n g life lighter a s you do, alongside you’re beloved Rieki and your ‘similar to my own’ brilliant wayward family.

Tessa Tennant

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ear Robert,

I got to k n o w y o u and T B L I via the T B L I C lub meetings y o u organized in A m s t e r d a m . I liked t h e m v e r y m u c h a n d it w a s a nice w a y to b e c o m e m o r e f a mil i ar w i t h T B L I a n d to learn w h a t it s t a n d s for. F r o m m y point o f v i e w it s t a n d s f o r r e l e n t l e s s l y t r y t o e d u c a t e a n d m o t i v a t e p e o p l e t o l o o k u n d e r t h e s u r f a c e o f the (m e l t i ng) i c e b e rg f r o m different a n g l e s b y b r i n g i n g together a b r o a d a n d di ve rse g r o u p o f p eop le, w h i c h h o p e f u l l y leads to positive results. Robert, you are truly the driving force behind this all by constantly sharing your knowledge, ideas and network by connecting these people to drive T B L I and all it stands for forward. A t the s a m e time it is also a struggle t o o pe ra t e T B L I a s bu sines s a n d r e a p i n g s o m e o f the more tangible fruits yourself, especially as you take care of all others first. It is f or this s t r u g g l e that I h a v e g a i n e d t r e m e n d o u s r e s p e c t f o r y o u a n d would like to salute you with TBLI’s 20st anniversary and congratulate you with all the great efforts to m a k e our world a better place! Kind regards,

Thomas Dewith

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ear R o b e r t – R e c e i v e all m y gratitude for h a v i n g t a k e n o n the role o f guide and protector o n this exciting but challenging path of sustainable finance. F o r 2 0 y e a r s y o u h a v e b e e n p r o m o t i n g t h e principle o f “triple b o t t o m line”. Yo u d e f e n d e d a n d s u p p o r t e d t h e l o g i c o f a “ s m a r t a n d i n c l u s i v e finance” through responsible a n d impact investing. W h a t determination, w h a t courage! A s a pioneer y o u pursued this adventure w i t h strong conviction, w i t h great generosity a n d often without immediate reward. I admire y o u r p e rso n a n d your vision: y o u are bighearted, inspired a n d open - centered o n the connection between people rather than o n your p er s on al interest. M a n y s e e y o u a s a D o n Q u i x o t e w h o fig hts a g a i n s t w i n d m i l l s - w h o pursues the illusion of a better world. I see you as a guide, as an inspiring model … I chose the same path a s y o u r s a n d d e s p i t e s o m e di ffi c ul t m o m e n t s I c o n s i d e r this w a s t h e b e s t choice of my Life. Thank you for being w h o you are and please keep on! Sincerely,

Angela de Wolf

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e l d o m i n life d o e s o n e c o m e a c r o s s p e r s o n s w h o y o u k n o w w i l l b e friends for life. For me, Robert is such a person.

Even before I knew of his background in Kibbutz work, tailoring, writing, teaching a n d so m u c h more, I k n e w this w a s s o m e o n e I will cherish all m y life. R o b e r t h a s a passion, s o m e t i m e s w i t h frustration, that those w h o h a v e are not doing enough for those w h o need help. His vision of a better world m a t c h e s m i n e a n d that w a s the first point o f c o n f l u e n c e f o r m e . A n d w e w e n t f r o m there, agreeing o n s o m u c h a n d actively trying to c h a n g e w h a t w e can. F o r R o b e r t this is a n e v e r y d a y all d a y p a s s i o n . O n e that g e t s n o t h i n g b u t a d m i r a t i o n f r o m m e . H e d e m a n d s little a n d o ff e r s t h e w o r l d m u c h o p p o r t u n i t y t h r o u g h e n g a g e m e n t a n d e v e n ber ating . T h o s e in c h a rg e o f great p o w e r c o m e to h i m to listen. I a m living p ro of that at least s o m e of those w h o listened to Robert are engaged in making a difference. H o w m a n y in the world can claim such impact? Robert, I a m a fan.

Arvind Narulla

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obert, h o w I see him.

The bohemian N e w Yorker turned into the b on ho mme of Amsterdam. In this case, a real b o n h o m m e , a g o o d m a n . H o w can y o u s a y n o to h i m ? R e f u s i n g is n o t a n o p t i o n . It is t h e c o m b i n a t i o n o f d o g g y e y e s , a total absence of competitiveness, a thorough knowledge, a true belief and a z e r o interest i n m a c h i s m o ( e x c e p t w h e n h e talks a b o u t b a b e s , b u t t h e n , only meant for his friends, never for himself…). And last but not least, there is his voice, recognizable a m o n g hundreds. N o g o o d g u r u without a g o o d voice. I have never seen him in a melancholic mood, although he seems to have the necessary ingredients in his D N A . A l w a y s in good spirits, optimis m is his m i d d l e n a m e . L u c k y the o n e s w h o e n j o y h is daily s u n s h i n e . B u t : his softness is well balanced with an iron will. Don’t b e fooled. T h e clothes. T h e look. T h a t is a n issue. H a , h e r e c o m e s the b u s h m a n . W h o ’s that be hi nd the eyebrows? H e doesn’t care h o w h e looks, but does that m e a n h e m u s t d re ss like a journalist? T h e ques tion is: will s p o n s o r s give out of compassion, for h i m to b u y n e w shoes, or will they give out of conviction, for h im to do good works? The latter, of course. I don’t k n o w anyone w h o is so ambiguous about money: h e doesn’t care about it but cannot d o without. S o , there is always this complaining about the totally unfair division between the haves and have nots. H o w c o m e the smart turn out to be poorer than the D u m b o ’s ? O K , he wants to change the world, if necessary, on his bloody own. Most b o a r d s f ear h is p h o n e calls: n o t h i m a g a i n ? I n the e n d , m o s t b o s s e s t e n d to agree with him, eventually even cooperate. B u t after a while they return to their old habits and b e c o m e spoiling a n d spoiled once more. A n d T B L I will start all over: explaining, convincing, teaching, proving. H e deserves a m e d a l for stamina. O h , yes, a n d there is not a m o r e loyal perso n in the w h o l e of our s m a l l country. Wo u l d b e very nice if he stayed around.

Mark Blaisse

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ear Robert,

Congratulations to you for the 20 year mark of running TBLI all over the w o r l d . It is the w o r k o f true selflessness, a t great p ers onal sacrifice a s all your friends h a v e witnessed over the years. Through extreme financial hardship, lack of support, and great logistical challenges, y o u m a n a g e d to bring together year after y ear the visionaries w h o w e r e trying to s h a p e the financial industry towards m o r e ethical a n d r e s p o n s i b l e i n v e s t i n g , a n d o ft e n, n o t m a n y p e o p l e c o u l d b e b o t h e r e d t o s h o w u p . S o m e t i m e s t h o s e w h o di d, w e r e a s p e n n i l e s s a s y o u w e r e . S o maybe, n o t that m u c h capital w a s m o v e d . But what y o u did m o v e were the hearts and souls of those for w h o m y o u p r o v i d e d a s p a c e t o c o m e t o g e t h e r, t o b u i l d a c o m m u n i t y, t o c h e e r e a c h o th er o n that a better a n d m o r e inspiring w a y f o r w a r d w a s n o t o n l y possible, b u t m a d e financial sense a s well. I will forever b e grateful for the inspiring f e l l o w s o u l s that w e r e trying t o d o the right thing e v e n if it w a s a n uphill battle. Yo u k e p t f o c u s e d o n t h e h i g h e r p u r p o s e , c l i n g i n g t o y o u r c o n v i c t i o n that this w a s y o u r d h a r m a , y o u r h i g h e r p u r p o s e . T h e y s a y e v e r y t h i n g is connected, a n d the w i n g of a butterfly flapping c a n affect the w e a t h e r o n the other side of the planet. Yo u ha ve connected s o m a n y ethical warriors over the last 2 0 years of T B L I that G o d only k n o w s h o w m a n y large scale i m p a c t s y o u h a v e h a d that y o u d o n o t e v e n k n o w of, a n d that are still t o manifest. Thank you for being an inspiration to others, of leading a life of virtue, selfsacrifice, a n d selflessness, d u r i n g a t i m e i n his tory w h e n t h e s e qualities h a v e almost disappeared: m a y b e that is y o u r greatest a c h i e v e m e n t of all.

Diana Weis

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obert Rubinstein is a rare individual w h o combines his natural trait of inquisitive enquiry with his personal determination to make something o f h is ideas. T h e triple b o t t o m line i.e. p e o p l e , profits a n d e n v i r o n m e n t with vigor through conferences and seminars around the world and by creating financial instruments to s h o w its practical applications. T h e best testimony o f the s u c c e s s o f his concepts a n d their i m p l e m e n t a t i o n is that

Prof. Prakash Seti

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ear Robert,

T h a n k y o u so m u c h for being an inspiration o n not giving u p o n the good fight! Yo u have always impressed m e with your kindness and sincere interest in how I am doing. Yo u periodically check up on me, and although I may not have expressed this before. I’ve always appreciated it very much. It s e e m s authentic, honest people w h o w a n t to help change the world for the better is still a m u c h too rare thing these days. I w a n t y o u to k n o w I think y o u are a n a m a z i n g p e r s o n a n d I w a n t to t h a n k y o u s o m u c h for h e l p i n g m e k e e p m o v i n g f o r w a r d o n m y pa t h a n d also h elpin g m e w h e n e v e r y o u can. I hope you know I will return the favour whenever I can. Love always,

Bernice Thijm

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I h a v e k n o w n R o b e r t f o r m a n y ye ars . H e h a s b e e n o n e o f t h e d r i v i n g f o r c e s t o m a k e t h e fi na nc i a l w o r l d m o r e s u s t a i n a b l e a n d h o l d i n v e s t o r s accountable. I have never m e t a person s o skilled in networking, tirelessly c o n n e c t i n g p e o p l e a n d g e n e r o u s l y s h a r i n g his k n o w l e d g e . H e n e v e r lost s i g h t o f t h e b i g p i c t u r e a n d hi s p r e s e n c e h a s c h a n g e d t h e lives o f m a n y people for the better.

Joost Douma

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m e t R o b e r t R u b i n s t e i n in D e c e m b e r o f 2 0 1 2 a n d that m a n c h a n g e d m y life.

We were introduced in a way that I came to learn was typical of Robert. I had a friend, P.K. Holmes, in Vancouver, w h o m I had never met, and w h o m R o b e r t h a d n ’t m e t either. P K w a s w o r k i n g w i t h a f r i e n d o f R o b e r t ’s i n Brussels, w h o m I didn’t know. So Robert and I met, in the bar at the Bowery Hotel in N e w Yo r k , via the m o s t tenuous of connections, a n d trusting the s o u n d j u d g e m e n t o f near-strangers. R o be rt is a clear–eyed cynical optimist, a patient crusader. H e is a true believer in the capacity of humanity to change and grow. H e introduced m e to a new way of thinking, a new language; m y experience with sustainability till t h e n h a d b e e n i n c o m m u n i c a t i n g it, g r e e n w a s h i n g n o t w i t h s t a n d i n g . Wo r k i n g w i t h R o b e r t s h o w e d m e skills I didn’t k n o w I had. I learned s o much, I m e t so m a n y interesting people, m a d e so m a n y g o o d friends. The most important thing I learned from Robert, though, is about building relationships–that is Robert’s currency and his specialty. In every meeting, he asks, “ H o w can I help you?” rather than “ W h a t can I do for you?” This shifts t h e f o o t i n g f r o m a transactional e n g a g e m e n t t o a p e r s o n a l o n e . It establishes t h e relationship a s o n e of equals, of mutual respect, a n d a w a y f r o m a seller p u s h i n g a pro duc t o n a w a r y b u y e r or a supplicant a s k i n g a favor. R o b e r t is s u c c e s s f u l b e c a u s e o f his d e e p u n d e r s t a n d i n g o f p e o p l e , his genuine caring and kindness. H e styles himself an authentic eccentric –it’s the authenticity that shines through. H e ’s intuitive, e m p a t h i c , w a r m and generous– the nicest “curmudgeon” I know.

Libby Parella

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obert, w e m e t i n 1 9 9 7 , y o u a r e a m e n t o r f or m e . Yo u c o a c h e d m e to set u p m y first business: F a i r ventures. M a t c h i n g investors w i t h entrepreneurs online w h e n websites h a d only been around for 2 years. I h a v e learnt 2 i n v a l u a b l e t h i n g s f r o m y o u . Firstly, w h e n y o u b e l i e v e in something to keep going at it w h e n everyone thinks you’re nuts. Secondly, to never compromise o n your values. K e e p it up B ro ! Yo u are a beacon for w h a t the world needs.

Thierry Sanders

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o u n t m y s e l f a s a f e l l o w eccentric t o R o b e r t - b o t h trying t o p u s h t h e i m p a c t a g e n d a b e f o r e a n y o n e h a d e v e r h e a r d o f it a n d still t r y i n g ! I d o r e m e m b e r m a n y years a g a i n at a large T B L I conference w h e n R o b e r t asked what should C E O s do to ensure they k no w what is happening in their organisation a n d I said “bring ba c k the tea lady” - I think he liked this off the wall suggestion. I will also always remember talking to Robert after m y daughter p a s s e d a w a y a n d the meaningful conversation w e had. Robert - w e can only get crazier as w e get older! K e e p at it!

Rob Wylie

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u m a n k i n d t h o u g h t o f u s i n g t h e planet a s if t h e y d i d n o t k n o w a b o u t giving b a c k a n d k e p t d o i n g it ove r the years. H u m a n kind dis covered that’s a viable m o d e l closing their e y e s u p o n their action undertaken that there handling will create a no future for next generations to come. Robert one of the pioneers w a s and is over 2 0 years trying to integrate the thought of give back to the planet and/or the thought implementation of integrative attitude w h i l e d o in g business respecting c o m m u n i t i e s a n d nature. H e w a s s e v e r a l t i m e s c o n f r o n t e d w i t h t h e H u m a n k i n d w h o treated h i m like t h e planet w a s treated o v e r the years. Yo u take a n d y o u go. It’s t i m e to g i v e b a c k b y looking b a c k a n d be i ng thankful to all pioneers that prepared the road of consciousness doing business for the future for future generations to come. Thank y ou Robert.

Daniela Herrmann

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obert is T H E unquestioned leader a n d a pioneering force in the impact investing m o v e m e n t . H e has inspired r e n e w e d c o m m i t m e n t w h i l e b u i l d i n g a truly i m p r e s s i v e e c o s y s t e m o f l i k e - m i n d e d i n v e s t o r s , p o l i c y m a k e r s a n d attitude shifters a n d d o n e so with a tenacity a n d ethic that r e m i n d s u s all w h y a l i g n i n g o u r v a l u e s , o u r r espons ibility t o t h e p l a n e t a n d t h o s e w i t h o u t a v o i c e to the de c i sions w e m a k e is s o important. W e all o w e Robert a debt of gratitude for his tireless w o r k and the subsequent

Noelle Claire LeCann

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BLI turning 20 just goes to show you how tenacious & resilient Robert is! After all he was15 years too early! Still like us project Sustainability Project D e v e l o p e r s our time h a s c o m e , the Capital M a r k e t s are n o w w i t h u s a n d I d o n ’t d o u b t that is d u e in n o s m a l l part t o the tireless w o r k that R o b e r t a n d his t e a m h a v e p u t in to p r o m o t i n g Sustainability t h r o u g h t h e Triple Bottom Line - People + Planet + Profit. O n behalf of myself and our fellow travellers o n Spaceship Earth I say a BIG Thank YOU!”

Nigel Grier

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ear Robert, Congratulations for your 20 years service to our world! Our Planet Earth is a much brighter, more beautiful place because of all of your work. I am honored to know a human being of your profound character. Respectfully, Sincerely & Salaam, Mujahid M. Abdullah” Robert is one of the most committed and authentic pioneers in the ESG sector to date. His tireless efforts to get asset owners to incorporate ESG into their decision making process and his education of multiple stakeholder groups globally over the past 2 decades has allowed ESG to go mainstream. Congratulations Robert on the tremendous achievements you have made that have sometimes gone unnoticed. Your contribution is far-reaching and so is your dedication to have mentored so many people in the sector. We owe you a tremendous debt of gratitude. Thank you for the years of mentorship and friendship. Warmest Regards,

Grace M. Kataoka

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t was love at first sight. How could I resist him? Was it his Kevin Kostner looks? His Brooklyn accent, the Bear hugs, the naughty jokes? No, it was his courage. Leading always with his enormous heart and a Pollyanna optimism that the financial world would drink his “people, planet, profit” Kool-Aid.

TBLI is Robert”s “Field of Dreams”. He built it and believed they would come. And they did.come .. and ate and drank and laughed at the jokes. Learnt about how business can change the world for the better. Felt good about themselves. Returned to their institutional jobs and did nothing. Then one bold person thought maybe I could feel that good again. Maybe I could try something new.(it was the dotcom era and anything was possible!) He met one of TBLI”s visionary entrepreneurs and invested in a project that would he profitable in three years. (or so the entrepreneur told him). He pitched it to the investment committee and they didn’t laugh or sack him. It felt good, the others felt good and he came to TBLI the next year and presented

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His friends thought: “ Wo w he looks great, and he still has a job. “I want w h a t h e’s g o t ” m a y b e I s h o u l d try. S o m e w e n t h o m e a n d forgot. O t h e r s followed in his footsteps a n d invested in projects that w o u l d save the planet a n d m a k e m o n e y in 5 years. - longer timelines to profitability n o w c o n s i d e r e d a c c e p t a b l e if y o u a r e d o i n g g o o d . A n d t h e y p r e s e n t e d their s u c c e s s e s at T B L I the fol l owi ng y e a r looking v e r y enlightened a n d fully e m p l o y e d . A n d s o it g r e w till t w e n t y y e a r s later T B L I h a s s u r v i v e d a n d thrived. A G o l d s t a n d a r d f or d o i n g g o o d . A n d t h e e n t r e p r e n e u r s w h o s e companies are n o w profitable, thriving a n d best practice m o d e l s for social innovation a n d conscious business are n o w inspiring the millennial generation w h o won’t do anything if it’s not cool and doing good. A n d n o w e v e r y b a n k , w e a l t h m a n a g e r a n d f u n d is o ff e r i n g a n i m p a c t i n v e s t m e n t option. T h e next gen is all jumping in to invest. A n d everyone claims they were there first. We all know however that Robert was there first. A pioneer. Impact investment”s Neil Armstrong. M a n y will follow but w e all know that Imitation is the best f o rm of flattery. With love to a dear friend.

Joanne Sawicki

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ear Robert,

In the last couple of years, y o u ha ve been not only a mentor but also a n inspiring role m o d e l and of course - a friend. Yo u r honesty, g o o d will a n d guidance have le m e through m y first steps in this field and helped find m y place in our eco-system. Thank you so much. I wish you years of impact, influence and fulfillment. With a lot of love and respect,

Ronny Faivelovitz

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t’s n o t o f t e n that B r o o k l y n b r o u g h t s o m e t h i n g g o o d to t h e w o r l d let a l o n e s o m e t h i n g e x t r e m e l y he l pfu l o n a global level. It takes a lot to keep smiling after s w i m m i n g with sharks for 20years”

Tobias Prestel Founder Prestel & Partner family office conferences.




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ear Robert,

Congratulations for your 20 years service to our world! Our Planet Earth is a m u c h brighter, m o r e beautiful place because of all of your w o r k . I a m honored to k n o w a h u m a n being of your profound character. Respectfully, Sincerely & Salaam,

Mujahid M. Abdullah




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obert is an example of authenticity and long-term dedication to promoting sustainable development values. His worldwide TBLI network is a great platform for knowledge sharing and thought leadership, and as an investment professional focusing on impact, I have greatly benefited from Robert's generosity in offering me encouragement and practical guidance in implementing these values in my business. Vitaly Lazorin, CEO and Founder of Future matters Venture Capital




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f my calculations are correct, Robert and I met almost 30 years ago. Robert had organised a ’triple bottom line' conference in San Francisco that I attended, along with an investment banker friend. I found Robert’s message to be very much on target and timely. The investment banker viewed Robert as being somewhat “ahead of his time” (and couldn’t figure out how to ‘monetise’ what he had heard). This was early confirmation that Robert was indeed a 'thought leader’ (who by definition must be 'ahead of their time’!). In the subsequent years, Robert has always sought out authentic individuals who share his concern for the planet and the human condition (not just making money). It hasn’t been an easy road, but Robert has stayed the course and is indeed a pioneer in impact investment. I am honoured to know you and Robert and wish you both continuing success and fulfillment in the coming years. In these turbulent times, we need you more than ever! All best,

David Hodgekinson




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have mostly been on the road since mid-July, so I have been unable to turn my attention to this. I think Robert's contributions can be best grouped under two topics: sustainability and vision. As someone who teaches sustainability and whose accomplishments in the area go back nearly 40 years, I often testify to the way the concept has been trivialized, reduced to a check list of good things to do for the environment, conserve energy, don't waste resources, save habitats, etc. . All this is good, but it misses what makes sustainability the fundamental challenge of the 21st century. Since 1765, and the invention of James Watt's reciprocating steam engine, we have industrialized the world, creating unimaginable wealth and prosperity but we did so by ignoring the environmental costs of industrializing, costs that have wasted an incredible amount of wealth. Now, those costs have risen to the point where they are threatening to overwhelm and undermine the prosperity that is the foundation of much global life and the aspiration of the rest. If we are to avoid the crash that the crossing of benefit and costs curves our current economy is now going through, we have to change the rules of the game. That is what sustainability is all about, creating a new basis for global prosperity by recapturing the environmental wealth our current economy wastes. Robert is one of the few people I have worked with who understands this, who recognizes that what sustainability is about is recapturing the wealth we have been content to waste in the past and putting back to work in the service of humanity. Whatever he chooses to call it, ESG, or some variant of the same, what matters is he has had the wisdom to see the problem correctly and translate that understanding into a vision that has shaped the values of many other global economic players. The environment is indebted to him for that.




This of course is what is normally meant by vision. But I have a different point to make here. In setting out to engage with these concepts, we enter on a playing field that is shaped by hundreds of years of human understanding of how humanity relates to the earth. Changing ideas much less entrenched would be an enormous undertaking. One of the flaws I have often found in environmental advocates is they are not very good messengers for their visions. They fail to recognize that the first, the second or even the third time they challenge such deeply entrenched concepts they are going to run into resistance. To change such ideas requires patient consistency in presentation, an ear for the language of the opposition and a willingness to recognize that, even if right, others must be given the opportunity to also come to that conclusion. I have always been impressed by Robert's understanding of the size of the task he has undertaken and the constancy of purpose it requires of its advocates. Changing historical patterns is, as they say about growing old, not a task for sissies, not a task for those expecting easy victories, not a task for those so in love with their own sincerity and wisdom that they are unwilling to stay with their concepts or presentation until they sink in. Robert's multi-dimensional approach, both thought and action, to the message he has chosen to deliver is, in my experience, a model of how to pursue transformational change. It makes him an architect of the new ecenomy of the future that we must create. With best wishes and congratulations.

Al Appletons




Rieki-Rubinstein Crins Sam Rubinstein Silas Mars Mrs. Rachelle Rubinstein Julie Muraco Wouter van Dieren Hazel Henderson Jonelle Maltay Ibrahim Al Huseini Werner Uljee Alexander Hoare Geoffrey Mazullo Paul Hohnen Karl-Henrik Robèrt Martin Palmer Arthur Wood Dr. Glenn Frommer Barbara Krumsiek Amy Domini Philipp Kauffmann Stephen Brenninckmeijer T ami (Rubinstein) Zilberg Guilliaume Taylor Tessa Tennant Thomas Dewith Angela de Wolf Arvind Narulla Mark Blaisse Diana Weis Prof. Prakash Seti Bernice Thijm Joost Douma Libby Parella Thierry Sanders Rob Wylie Danielle Hermann Noelle Claire LeCann Nigel Grier Grace M. Kataoka Joanne Sawicki Ronny Faivelovitz Tobias Prestel Mujahid M. Abdullah Vitaly Lazorin David Hodgkinson Albert Appleton