Finanza, Andrea Mennillo: «Per i giovani non solo competenze tecniche, ma anche empatia e gestione dello stress»
Italian version only
Questo articolo è stato pubblicato da UpDay
Finanza, Andrea Mennillo: «Per i giovani non solo competenze tecniche, ma anche empatia e gestione dello stress»
Non più solo formazione tecnica per i giovani che vogliono una carriera nel settore finanziario. “Servono nuove competenze: di comunicazione inclusiva, di leadership empatica e di gestione dello stress”. Idee molto chiare per Andrea Mennillo, banchiere di investimento di prospettiva internazionale, per anni ai vertici di importanti istituzioni bancarie e finanziarie.
"Il contesto oggi è durissimo, più che in passato. La tecnologia allarga le possibilità, ma allo stesso tempo rende la competizione globale sempre più serrata. Oggi un giovane deve sapere che la propria crescita professionale va rafforzata ogni giorno, interrogandosi su quali saranno le competenze del futuro”, afferma Andrea Mennillo.
Quali competenze devono sviluppare i giovani
"La rapidità dei cambiamenti genera stress e ansia e impatta sulle decisioni, perché pregiudica la capacità di valutazione e la propensione ad agire consapevolmente e responsabilmente", spiega Mennillo che, da diversi anni ormai, si dedica alla crescita degli studenti di economia dell’Università americana di Fordham, in qualità di Chairman di Fordham University in London.
"Un leader deve saper promuovere e mantenere buoni rapporti all’interno del team e nelle relazioni all’esterno se vuole raggiungere obiettivi importanti. Questo perché relazioni positive riducono, anche di molto, gli effetti negativi dello stress che, nel tempo, possono causare un vero e proprio logoramento", continua il banchiere." È già ampiamente dimostrato come le abilità comunicative e relazionali abbiano ricadute importanti sul lavoro, perché la qualità delle relazioni è un fattore strategico, soprattutto per chi opera a livello internazionale”.
Ma a che punto siamo oggi? “Su questi aspetti ci si sta muovendo ancora troppo poco, soprattutto in ambito finanziario”, fa notare Mennillo, che per il futuro vede “percorsi ad hoc che dovrebbero essere introdotti nei piani formativi universitari. Tuttavia, le iniziative di qualità sul mercato sono ancora sporadiche. Da segnalare come ottimo compromesso fra utilità e impegno richiesto è il percorso di Proximity Supporting, proposto da una realtà di nicchia molto innovativa, Kindacom Scrittura Strategica. È interessante perché abbina l’aspetto manageriale a quello psicologico e neuroscientifico, adattandoli alla persona e al contesto in cui opera”, conclude Mennillo.
Leadership in an Evolving World
English version only
Opening Speech
15th November 2023 - Fordham University, London
Good evening. I extend to all of you a warm welcome to this important meeting organised by the Fordham London Community.
I am honoured to be the one to open this occasion for discussion, reflection, and shared knowledge. And I am also happy to add my contribution once more to the growth of the new generation of business leaders, via exchanges on highly topical issues, both in professional life and in the environment in which we live.
As we are in this modern and welcoming space, I think about the fact that we are out of harm’s way in this part of the world. No less than a year ago we were wondering about developments in the war in Ukraine, just a short way away from Europe. Today, new pain and uncertainties are caused by the shocks of the conflict in Israel and Palestine.
Every war is a threat, obviously not only to international security but in general also to development, because we live in an interconnected world.
RELATIONSHIPS BETWEEN COUNTRIES AND LEADERSHIP
Sometimes I need to ask myself how it is still possible that international misunderstandings and tensions transform themselves into armed conflicts – especially because of our awareness of how much has been lived through in the past century and in the light of the huge effort that States put into maintaining diplomatic relations aimed at keeping the peace and fostering prosperity.
Let us remember that the purpose of diplomacy is to court neighbourliness and construct positive relationships between countries, but also, today, to conquer the hearts and minds of citizens. This is the precondition for advancing fruitful commercial relations which bring about reciprocal benefits and wellbeing.
In my opinion every armed conflict affects proper contemplation of the profound meaning of relationship and, thus, leadership. Yes, because leadership is a relationship and good relations build trust, which is earned over time when a leader acts with honesty, integrity, and consistency.
We all know that relationships are complex as between individuals as between States. For this reason, relationships require skill, energy, and sensitivity. And care, lots of care.
Moreover, we know that leadership takes on differing meanings in accordance with the era. Different schools of thought in the past had fixed reference points dictated mostly by force and authority.
For example the RealPolitik of the late 1800’s, where States were influenced by each one’s power and war was a tool for a political objective (which was epitomised by the ancient saying “Ubi maior, minor cessat” – “the weak capitulate before the strong”).
It is clear that such a model is now far from the present concept of relations built rather on collaboration.
LEADERSHIP TODAY ACCORDING TO ST.IGNATIUS’ TEACHINGS
Let us look at this in greater detail.
A leader has to take account of an infinite number of variables. Thus, amongst the essential qualities of today’s decision-makers, in politics and in business, there must be the capacity to assess objective elements and keep one’s nerve even in situations of extreme tension.
In other words, being clear-headed and capable of good judgment, or to choose with perception and to act with effectiveness and responsibility.
The thrust of St Ignatius’ teachings is that he who seeks to become leader must be ready to fortify his mind, temper his character and overcome uncertainties and fears.
But today, a leader must also know how to involve his team and the community implicated. That means encouraging cooperation towards a common goal and promoting a sense of unity.
Thus, it is no longer a question of making a decision but also communicating and sharing.
The quality of relationships actually leads to protection in times of uncertainty and stimulates collective efforts to overcome the problem.
CONCLUSION
Perceptiveness, devotion, and vision are the principal characteristics we see in today’s leadership.
I add to these sentiments another two: ethics and the future.
Ethics. A factor which cannot be ignored because values play a determining role in relationships. In a world exemplified by complexity and interconnectivity, ethics becomes the glue which can hold persons, communities, and States together. In the financial world, ethics assumes a significance associated with justice, solidarity, truth, and inclusivity. Values ensure progress that truly respects human dignity.
The Future. And here I would like to give a thought to the youth. It is to them that this university wishes to pass on the skills and principles which, we hope, will be applied during the course of their professional and personal lives.
You will be the new business leaders and must shoulder the burdens of important responsibilities. However, I repeat, you must be the first to see the future, with the possibility of changing things for the better. You must be the guardians of constructive relationships, adopting “a new way of speaking” which is more universal, which encourages unity between people rather than mistrust.
Create a culture of peace passed on from one to another.
So, what should we do? Anna Frank, while hidden in Amsterdam, wrote: “Mankind has an impulse towards destruction, towards slaughter, assassination and rage, and unless all mankind, without exception, undergoes a metamorphosis, war will engulf us all…”
So: we want you to be the metamorphosis. In fact, to reconstruct the fabric of human relations and become advocates for peace working towards change. And a choice intimately linked to ethics and the start of a dynamic process, aimed at building peace.
Dear young friends, I impart these thoughts to you, with the wish that they may fall on fertile ground. I now hand over to the other honourable guests who will further enrich the debate.
Thank you and I wish you all a fruitful evening building positive connections!
Mennillo: «Empatia e gestione dello stress, così aiuto i giovani a costruire una finanza più responsabile»
Italian version only
Questo articolo è stato pubblicato da Il Corriere - Economia
Mennillo: «Empatia e gestione dello stress, così aiuto i giovani a costruire una finanza più responsabile»
«La finanza sta cambiando velocemente. La tecnologia apre nuovi spazi e la competizione globale è sempre più serrata. Servono quindi nuove competenze per i giovani che si affacciano a questo mondo: essere capaci di comunicare in maniera inclusiva, avere una leadership empatica e saper gestire lo stress». Non occorre più solo una formazione specifica, dunque. Andrea Mennillo, classe 1962, è un banchiere di investimento di lungo corso: per molti anni ai vertici di importanti istituzioni finanziarie (gruppo Banca Popolare di Brescia, poi divenuto Bipop-Carire e de La Centrale Finanziaria Generale, la più antica holding finanziaria in Italia) , racconta la sua esperienza per sensibilizzare i giovani, sottolineando come sia «cruciale rafforzarsi continuamente nel corso della propria crescita professionale».
Le qualità umane che deve avere un leader
«Il rischio è endemico nel settore della finanza. Sommato alla rapidità dei cambiamenti, non può che portare ansia e stress in coloro che ogni giorno devono prendere decisioni, pregiudicandone la capacità di valutazione e la propensione ad agire consapevolmente», spiega Mennillo che, oltre a occuparsi di finanza internazionale, si dedica come mentore alla crescita degli studenti di economia dell’università americana di Fordham, in qualità di Chairman di Fordham University London. «Una strategia che ritengo indispensabile per un leader è il saper promuovere e mantenere buoni rapporti all’interno del team di lavoro e nelle relazioni all’esterno. Questo perché relazioni interpersonali positive riducono, anche di molto, gli effetti negativi dello stress che, a lungo andare, possono causare un vero e proprio logoramento — precisa il banchiere —. Le ricadute sui risultati di queste abilità sono ampiamente dimostrate». I rapporti umani e quotidiani tra persone che condividono lo stesso ambiente o lo stesso lavoro non sono un aspetto secondario rispetto alla conoscenza del mercato azionario od obbligazionario: «La qualità delle relazioni è oggi una risorsa strategica, indispensabile per raggiungere obiettivi importanti».
«Dovrebbero essere introdotti percorsi formativi ad hoc»
Sullo stato dell’arte, però, osserva che «su questi aspetti ci si sta muovendo ancora poco, soprattutto in ambito finanziario». Sui passi futuri, Mennillo ha le idee molto chiare: «A mio parere, dovrebbero essere introdotti percorsi ad hoc nei piani formativi universitari. Sul mercato però le iniziative di qualità sono ancora sporadiche. L’ultima, a cui mi sono approcciato e che mi sembra un ottimo compromesso, è il percorso di Proximity Supporting, realizzato da una realtà di nicchia molto innovativa, Kindacom Scrittura Strategica. È interessante perché abbina l’aspetto manageriale a quello psicologico e neuroscientifico, adattandoli alla persona e al suo contesto quotidiano».
Artificial intelligence and human thought: competition or collaboration?
Artificial intelligence is an epochal change in the paradigm of human beings. Machines that “think” are a novelty that we will have to learn to become familiar with. They are also a great opportunity, with an extremely significant impact on the world of work: it is estimated that, in the USA, 80% of jobs will be modified considerably due to AI.
Of course, there is, however, an ongoing heated debate on this subject. A very wide audience of subjects is intrigued by the novelty, but operators rightly wonder about its benefits, risks and practical and philosophical implications.
Artificial intelligence offers the possibility of making an infinite number of processes more efficient, especially those that are easier to automate. The ability to process a large amount of data and information can speed up the process and reduce or eliminate the margin of error. It is clear that it can be used in a large number of areas. Amongst these, for example, is cyber security.
In fact, with AI, the number of cyberattacks has essentially doubled, from over 560 per second globally to around 1,290 per second (Source: RSA Conference 2023). However, artificial intelligence itself is also a defence weapon, given that strategies based on monitoring, detection and response are more advanced and, in particular, that the ability to anticipate events has increased, thus automating the identification of any suspicious behaviour.
As fascinating as the practical application is, a crucial aspect of the debate concerns the interaction between human intelligence and artificial intelligence. In fact, we must consider that, like all technologies, AI also evolves at a much faster rate than the human adaptation times and, therefore, the way in which we relate to this tool requires careful evaluation.
How will this balance out? I share the opinion of those who see artificial intelligence as a support to humans in order to supplement their work and increase their effectiveness, rather than as a substitute for human intelligence.
We will have to study it, ask ourselves the right questions and acquire the necessary skills in order to have an active approach to the use of this epochal novelty and not to be simple spectators and passive users who delegate thought to a machine. AI’s way of “thinking” is inevitably mechanistic and therefore limited, compared with our ability to understand the context and its nuances.
However, it is an opportunity for knowledge and a unique opportunity for reflection, firstly, on an individual level and, secondly, also more generally on the role of the human being in the contemporary era. We need to be aware that our action of direction and control will continue to be irreplaceable. Because, after all, artificial intelligence is not as “intelligent” as it seems at first glance and, in any case, it cannot exist without human thought and action.
Tourists arriving, transport slowing. Where are we at?
In 2023, tourism reached surprising peaks as early as during the first few months of the year. It then reached even higher levels during the summer months. Forecasts estimate that there will be around 442 million overnight stays in the whole of 2023, which would mean a return to pre-pandemic levels as soon as a year and a half early.
An undoubtedly positive surprise. But, also in light of the news that has often highlighted the lack of services to support tourists, one wonders to what extent our infrastructures and, above all, our transport system are really ready to cope to such major tourist flows.
Let’s look at some data: in Italy, in the first four months of 2023, there were 12.7 million foreign tourists, recording +42% compared with 2022 (ISTAT and Eurostat data), whilst in Spain and France, the growth had “stopped” at 25 and 23%. Furthermore, after a pandemic that has radically changed habits and approaches to life, there is every reason to think that this is a structural increase and not a simple temporary rebound. In fact, the social trends behind travel seem to speak clearly: young people try to quickly make up for lost time, whilst older people want to live the time to come more intensely. Everyone, on the whole, wants to enjoy the present, in the awareness that what we take for granted today may in reality no longer be the case tomorrow, as though we are living in uncertainty caused by a constant “latent pandemic”.
The data therefore drives us to reflect, specifically, on our transport network: are we ready to host so many tourists, many of whom come from abroad? Looking at some news events, it would seem that we are not: for example, in cities, not just in tourist cities alone, we read of inefficient and/or insufficient public services, as well as of roads blocked in many renowned seaside resorts, such as the Amalfi Coast. Shortcomings that are even more worrying if we consider that, in addition to tourist flows, our transport system must be able to absorb the traffic of those who travel for work.
The transport system comprises the following:
- vehicles, such as planes, trains, cars, and ships;
- infrastructure, such as roads, stations, ports, and airports;
- Transport and infrastructure services management companies.
An efficient system must be able to coordinate these three elements in an optimal architecture, in order to offer the best service to tourists and workers. Unfortunately, to date, our transport infrastructure has some flaws that ought to be remedied quickly.
How do we solve the problem? On the one hand, the PNRR (Italy’s National Recovery and Resilience Plan) has allocated funds which, at least in the medium term, can contribute to making a substantial change. This relates to the Connecting Europe Facility, the program that allocates €400 million to improving trans-European transport networks. A project that moves in the right direction but which, alone, cannot completely solve the problem. In fact, airports are not included in the plan and the infrastructure adaptation times which, by definition, are medium-long, are incompatible with a quick solution.
In situations like this, I see the enhancement of that part of the infrastructural heritage – which is currently underutilized, and which could instead be a precious support if fully exploited – as a way out that can be achieved within a short period of time and with limited effort. I am specifically referring to the dense network of minor airports present in the area – 62 – often in areas of the country that are poorly served by the main transport network. These are smaller structures in quantitative terms, but which are already operational and with a potential that is yet untapped.
Just consider, specifically, the logistical limits currently found in many regions of Italy: the poor connection between the north and the center, and the hubs which are still too busy, such as Bologna; the connections with France, conditioned by the traffic in Liguria and the limits of the tunnels; the poor coverage of the road and railway network in southern Italy, and the lack of some flight routes, even short flight routes, but which are potentially fundamental for alleviating land traffic. These objective elements demonstrate how real the problem is and, with it, the need for a solution.
The awareness that the Italian airport system does not only comprise large hubs may be the starting point. There are a number of benefits, not only for tourism, but for the economy as a whole, thanks to the rich network of relationships and businesses that communication routes have always created. There are solutions, and they look both at the short and medium-long term, but the urgency is, firstly, to make the best use of what we already have, as well as to recover investments made in the past and make the most of them, with a synergistic approach that gives immediate feedback
An ethical reflection on finance: between performance, justice and truth
All too often, finance has been portrayed, or even perceived, especially by non-experts, as an obscure speculative mechanism, which has long ago abandoned its role as an instrument at the service of the real economy.
In this sense, the sudden process of globalization and integration between financial and economic systems which, in recent decades, has conditioned and drastically changed, "for better or for worse", the living conditions of large sections of the population has not helped. The affirmation of large emerging economies, such as China, India and Brazil, has highlighted uneven development models, generators of important social inequalities.
Now more than ever - thanks to the achievement of the new frontiers of digital technology, including robotics, artificial intelligence, big data, and process automation, new spaces are opening up also for finance, part of which, however, acts protected by the "virtual" environment, still being non-transparent and inaccessible to information.
An emblematic example of this process is the proliferation of cryptocurrencies such as bitcoins, real digital monetary systems "sometimes guaranteed, sometimes not", used both as a means of exchange and as an investment, capable of defining a new reality at the service of finance. However, at this point, I wonder if it is possible to reconcile the opportunities offered by technology for the benefit of financial processes with the ethical and moral principles for safeguarding the person.
In other words, what are the advantages to be seized and the risks to be run, so that finance has a more constructive impact on life and society?
The Holy See partially answered this question a few years ago, expressing its opinion through the document "Oeconomicae et pecuniariae quaestiones", which explores the effects of economic and financial activities on human life and offers important considerations that promote ethical discernment.
“...in fact, human rationality seeks, in truth and justice, that solid foundation on which to base its work, in the presentiment that, without it its own guidance, would also fail.”
Cit. doc.
Fordham's Jesuit heritage fully marries the ideas shared in this document, from which emerges the essential need that the work of a true leader be characterized by a "heartfelt" enlightening discernment.
The mission is to convey to its students - future leaders - who will hold important positions in the financial field, values that guide the search for performance in a socially responsible manner, i.e., by turning attention towards ethical goals. This means abandoning a purely speculative approach in the pursuit of profit to identify good investment practices without ever disregarding a real assumption of responsibility. "Ethical finance" is not just a philosophical-theoretical concept that is difficult to achieve, but rather also a tangible goal towards which everyone should strive.
I agree with the message of the Social Doctrine of the Church which refers to the ethics of finance, where the term "ethics" is considered an intrinsic component of the financial paradigm and not an appendix that simply defines a specific feature.
“…that ethics belongs to finance as something of its own and that it arises from within it. It is not added later but emanates from an intimate need for finance itself to pursue one's goals, given that the latter is also a human activity.
Cit. doc.
Even though, with all the difficulties of the case, in Europe, the wind of awareness in favor of a more ethical finance has already been blowing for some time in the right direction in many ways, ranging from the exclusion of some sectors (such as weapons or pornography, energy sources non-renewable, non-sustainable companies), to the selection of investments based on the ESG sustainability rating of the individual issuers. An interesting novelty is the dissemination, on the market, of funds that invest specifically on the basis of Catholic principles, as defined by the episcopal bodies, which consider, among other things, political and civil rights, corruption, and political freedom in a given country.
Justice, solidarity, truth and inclusion should always reflect the work of finance; only in this way can progress truly be defined as such, namely, founded on a community that is ethically respectful of human dignity.
“Ego Vici Mundum”. From Easter the victory of the spirit and actions over adversity
“When all seems lost, a voice invites us to continue the journey, to take steps, to lift our gaze, to have faith”. Ego Vici Mundum literally “I have conquered the world” is a quotation from the Gospel carved on one of the vaults of the church of S. Ignazio di Loyola in Rome and an invitation to discern between good and evil.
It is from this exhortation that I want to start to reflect on the Easter period.
The literal meaning of the term Easter, whether it is translated from the Greek “pascha” or from the Aramaic “pasah”, unequivocally always indicates the same purpose: to go further Whether we commemorate the exodus of the people of Israel to freedom described in the second book of the Old Testament, or the resurrection of Christ defeating death treated in the Gospels, it is evident that both celebrate a particular moment of transition, from slavery, sin and suffering to complete redemption.
Never, as today, has this spiritual message coming from the past, through more than two thousand years of history, affirms its relevance with formidable vigor.
Living with faith, that is, with the awareness that the evils that afflict the human spirit can be overcome, already represents the first step in proceeding in the right direction.
This is precisely the message of Easter, an incitement to discover a renewed conviction in our creed, where trust and hope promote, like Christ's ultimate sacrifice on the cross, our “passing by”.
To the students of the Gabelli School of Business and of Fordham University, I would like to address a special exhortation so that their young and enthusiastic spirit, looking to the future, is oriented, in this period full of difficulties but also of opportunities, to the achievement of their goals with commitment and dedication. Despite the succession of critical phases that severely condition the current global trend, with conflicts, economic crises, environmental disasters and more, I encourage the new generations to make their choices with a positive attitude.
It is of fundamental importance that young people believe in the future, in the possibility of changing things for the better, by adopting a more universal “new language”, which favors relationships and not prevarication; that is able to create cohesion among men, without erecting walls.
In this regard, I want to recall that Ignatian discernment comes to meet us by proposing itself as an extraordinarily effective tool, capable of making us make more appropriate choices both in the personal and professional spheres.
Let us not be discouraged by adversity, leadership is also resilience, that innate “evolutionary” ability of man which allows him to adapt to the adversities he is often subjected to, without giving up and without weakening his pioneering spirit. The society in which we live, so challenging, so complex, sees us as witnesses of some dramatic events that inevitably involve the whole community.
On this Christian anniversary, the sense of the word “sacrifice” takes on a particular meaning for me: commitment. I am sure that the determination, motivation and sense of responsibility of future generations will be able to build a better balance, without compromises, that is, without lowering their heads in the face of life's evils, confident that the light of hope will always be on.
The value of food during Christian Easter
INTRO
- Thanks to Father Michael Holman SJ, (Fordham board member and formerly Provincial of Society of Jesus in the UK) for his spiritual contribution and reflection to prepare us to live the meaning of Easter, which is now upon us.
- Easter, from the Greek: pascha, in turn from the Aramaic pasah, "to pass over", is a rite that in pre-Christian traditions celebrated the spring solstice, the rebirth of nature and the resumption of rural activities. A rebirth that has always been celebrated through rituals and conviviality.
- It is a feast celebrated by Christians, Jews, and Muslims, each with its own meaning of renewal:
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- For the Jews it symbolizes the liberation from slavery in Egypt. When, at the end of the plagues that the Lord inflicted on the Egyptians, Moses led the people towards Israel. Towards the beginning of a new free life.
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- For Muslims it is called Eid al-Adha (feast of sacrifice), which represents the sacrifice of Isaac requested by God of Abraham. The moment in which Abraham demonstrates his total faithfulness to God.
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- For Christians, as Father Michael Holman has just recalled, it symbolizes Christ's passage from death to life, the defeat of death and the sacrifice he made for all humanity.
EASTER AS A FORM OF "LOVE" IN CONVIVIALITY
- With the advent of Christ, Easter also speaks of love. At the Last Supper, Jesus uses the term "agapao" which indicates total love, typically towards God, the highest form of love that we can experience in our lives.
- It is precisely food and eating together that are an important part of the Easter ritual. In fact, the Eucharist, the most important Christian sacrament, came to exist during the last supper.
- The new covenant between Man and God is understood as a real moment of celebration, of celebration of a rediscovered freedom not only for man (as with the flight from Egypt), but, above all, for the soul of men.
- Typical Easter foods have a strong symbolic value, where:
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- the bread and wine represent "the Body and Blood" of Christ, who offers himself in redemption for sins. (Jesus' last supper takes place during the Jewish Passover, Pesach or "feast of unleavened bread", as leavened bread is not consumed but unleavened bread, the same that was consumed by the Jewish people fleeing Egypt).
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- The lamb represents redemption (the sacrifice of Jesus) and derives from the original Jewish tradition linked to the liberation from Egypt.
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- The egg represents resurrection, because life is born from the egg, which in turn is associated with the rebirth of Christ. The egg was also present in the religious traditions of Roman antiquity, in the cults in honor of Venus or in the pagan rites dedicated to the goddess of agriculture Ceres.
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- Even oil (which we use every day) actually has a meaning, it is a symbol of divine blessing. The blessed oil (Chrism) is in fact used in various rituals, such as the liturgy of Baptism and Confirmation.
- Even the renunciation of food has a value: Easter is preceded by Lent which for the purification of the soul provides for some forms of fasting, because even the renunciation of food is a gesture that unites, bringing attention back to God and to the belonging to a community in everyday life. Feeling hungry is also a reminder of the value of food as a gift.
- For the Jews, the celebrations last seven days and it is expected that at the table there is a specifically codified service, called Seder, used only during this moment of celebration, which includes bitter foods to remember the bitterness of Egyptian slavery and the amazement of freedom found.
- In Islamic rites, on the other hand, it is celebrated with the immolation of a head of cattle. This rite takes place simultaneously for all families, at the same time as it takes place in the Mina valley, in Mecca.
CONCLUSION
- But what does food and being together at the table represent today?
- Eating together means being family, it means being brothers. Just as happens in the last supper, in which Jesus taught us through food what it means to love. It is no coincidence that "agapao" was used by Jesus at the last supper: it means to love in its most complete, strongest, most sincere form. In fact, it is used to indicate love for God, for Christ, for justice.
- Easter teaches us to love in the deepest form, it teaches us to go beyond "phileo" (friendship) and finally understand agape, what we are called to by God.
- Although with different rites and foods, in different religions, there is a single common thread that unites: the conviviality of the moment of celebration. There is no conception of celebration without food, without sharing.
- Today, food is something we take for granted too often, instead food is a gift, therefore it is precious. Experiencing the meal also as a moment of reflection on its value helps to increase awareness of its being a symbol of unity, which belongs to our traditions and to our deepest cultural heritage, which begins well before Christ, but which Jesus reminds us of every day.
- A symbolism that takes us once again to the sense - and primordial need - of community, in a world that every day seems to take us in the opposite direction. That is, towards individualism, narcissism, and competition, phenomena that can only generate loneliness and conflict.
- My Easter message to young people is to look at food with different eyes, remembering that food is not only a source of energy for our body, but it is also a source of nourishment for our spirit. In awareness of this, I urge you to look to the future with a renewed vision by committing yourselves to work and life to build communities around you.
Waste To Energy. Is waste a new wealth?
Turning waste into opportunity: is it possible?
Waste is a resource for the present and for the future, despite what one might think at first glance. We produce increasingly more of it. Fortunately, we recycle increasingly more of it too, but it is still perceived as waste, even though things are changing. According to Eurostat, each European citizen produces an average of 505 kilograms of waste a year, a figure that has been growing steadily over the last 25 years. Of this, only 30% is recycled. This is still just a low amount, especially in an era of increasing talk of the circular economy.
Waste is a wealth, above all because resources, including for energy production, are increasingly scarce: just think that Earth Overshoot Day in 2022 was 28 July. This means that the resources generated by the planet in 12 months are consumed in almost half that time.
We find ourselves having to complete, in the shortest possible time, an ambitious project such as energy transition, where ESG criteria play an increasingly important role in the investment choices of funds and in company planning.
In this context, technologies capable of transforming waste into energy are inserted. Specifically, the waste energy market is growing rapidly, with estimates that see an annual increase of 7.4% from 2020 to 2027 (Statista data), thus amounting to $54.8 billion globally. The sectors that can benefit from this innovation are, for example, aviation, hospital health care and also the naval sector.
In fact, we must bear in mind that renewable energies are still far from covering the world's energy needs: to date, only 13.47% of world energy production comes from renewable sources (Statista).
The transition takes time and resources, as with any industry that aims to create long-term utility and benefits. Furthermore, the application of these technologies will also indirectly bring “cascading” benefits, such as, for example, less space for storing waste: an element that can make the difference in naval transport.
The trend has now started and the mentality with which waste is conceived is changing rapidly: increasingly less as waste, increasingly more as wealth. It is certainly a matter of awareness, but also of knowledge and capital. For a sector with such a positive impact on the environment and on sustainability, the ability to attract investors will be crucial, not only for the emergence of new technologies suitable for the purpose, but also for making plants, tools and operational processes increasingly scalable and suitable for the most diverse uses.
We can say that the energy obtained from waste is one of those opportunities which, as sometimes happens, is found where one least expects it.
Real Estate between investment, innovation, performance
Real estate, as the name suggests, is typically a very low-speed industry, because designing, building, renovating a house or even just completing a simple purchase or sale takes time. A slowness that affects not only the purely operational aspect related to the implementation of a construction project, but also affects the entire world that revolves around real estate, primarily the financial aspect.
Making a real estate intervention, of any kind, usually requires significant capital, which must be financed. A prerequisite for any transaction in real estate is in fact the establishment of a financial plan structured according to different patterns and methods, having a necessarily multi-year duration. Whether self-financing on its own, use of private investment funds, and public/private partnership forms, the technical time required to start an operation and to have returns on investment are not insignificant.
A slowness that is certainly at odds with the speed of the global world and which, perhaps even just in terms of perception, also ill matches the pace of major investors, such as private equity funds may be, who are generally accustomed to thinking and moving through markets extremely quickly to seize opportunities where they arise. Also in real estate.
In recent times, however, I see that the real estate industry is also experiencing a lot of turmoil, trying to catch the innovation train in many ways. Indeed, not only new concepts of living and dwelling are taking hold, reflected in newly designed buildings and new business models, such as the growth of interest in the Build to Rent market, as opposed to the more traditional Build to Sell. We are also witnessing the green and zero-emissions renewal of construction, which will catalyze major investments in the coming years globally. And we are also seeing the entry of technology, both at the level of housing services and at the level of the market supply chain.
I am referring, in particular, to blockchain technology, which is poised to enter the real estate world and for the use of which active entities are already springing up in the so-called proptech sector. Since blockchain makes it possible to ensure the security of transactions, in the real estate sphere it could, for example, improve the tracking of financial processes, greatly speed up buying and selling and smart contracts, i.e., those contracts whose execution becomes automatic upon the occurrence of certain agreed conditions. On the long wave of blockchain, we are also witnessing the new phenomenon of real estate transactions taking place directly in cryptocurrencies, instantaneously and with total security.
All indications are that faster and faster ways of handling real estate transactions or simplifying complex processes through technology will find their way into our daily lives, making the industry faster, safer, more transparent and more scalable. And thus, more attractive to investors seeking opportunities in real estate and proptech. The same large-scale application of new digital tools will require a large capital commitment for dedicated infrastructure, security and expertise, opening up new strands of investment.
I wonder if in the future we will come to treat buildings as a commodity.
A decidedly acerbic reflection, but also very suggestive. The construction time for buildings and infrastructure, for obvious technical reasons, will not be able to be shortened much more, but for those who have dismissed the industry for its long lead times, it may be time to think again, because today Real Estate can certainly offer interesting prospects and opportunities for innovation.