Closing the financial gap for promoting systemic socio-economic transformations to achieve sustainability requires both a substantial increase in investment levels and a qualitative change in investment strategies. In this Perspective, we elaborate on this claim and discuss why existing investment approaches that aim to make positive contributions to sustainability are unlikely to foster the systemic transformations needed for sustainability. Qualitative change means changing the current rules that guide investment practices and we outline a new set of rules that should guide transformative investment. These rules are based on the well-established socio-technical sustainability transition theory and the recent development of a theory of deep transitions. We explain why these transformative investment rules offer a promising alternative base for assessing investment opportunities and monitoring progress toward the multi-system changes required to achieve a socially just deep transition to sustainability.@en

Transformative Innovation Policy (TIP) contributes to the new challenge-led frame for science, technology and innovation policy, by emphasizing both the technological and the social aspect of transformative change. TIP presents five key features: (1) challenge-oriented, with explicit consideration for the direction of change embedded in innovations; (2) understanding of systemic innovation as a multi-level process; (3) participatory coordination and governance processes; (4) second-order learning (reflexivity) and experimentation; and (5) continuous monitoring and formative evaluation. An actionable framework has been developed to support and seize the transformative potential of projects, programs and organisations addressing societal challenges, which uses a set of twelve ‘transformative outcomes' (TOs) to implement and evaluate transformative change. One avenue for future development is the elaboration of the concept of transformative mission-oriented innovation policies, which would merge transformative innovation policy with the notion of innovation missions.@en