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In early May, Iceland’s Directorate of Health hosted the third international Wellbeing Economy Forum, where the first-ever Wellbeing Economy Award was presented. The award recognizes actions that place wellbeing at the core of economic policymaking. This year, Iceland’s President Halla Tomasdottir presented the award to the Wellbeing Economy Governments (WEGo) network, which Finland received alongside its fellow member countries.
Established by Scotland in 2018, the WEGo network promotes practical exchange of knowledge and policy innovations related to the wellbeing economy. The network includes Scotland, Finland, Iceland, New Zealand, Wales, and Canada.
Wellbeing-oriented practices—such as national wellbeing priorities or wellbeing budgeting—are becoming increasingly relevant in many countries. THL has conducted international comparisons with 10 countries, including the Netherlands, Ireland, Italy, Canada, Sweden, Scotland, New Zealand, Estonia, and Wales. Newcomers like Norway and Belgium are also developing their own approaches to wellbeing-based governance. In addition to WEGo, other platforms for knowledge exchange include the OECD’s WISE Centre, the WHO’s European Wellbeing Economy Initiative, the Wellbeing Economy Alliance (a civil society network), and the EU, which supports wellbeing economy initiatives through large Horizon projects and the prevention of non-communicable diseases (JANCD and PreventNCD).
This wide range of collaboration enables decision-makers across more countries to better consider the wellbeing of people and nature. Through collaboration, we can discover practical tools for integrating wellbeing objectives into governance and performance management, build incentives for a wellbeing economy, and strengthen democratic goal-setting.
At the same time, networks of cooperation encourage bold moves. Denmark, for example, became the first country in the world to introduce a tax on methane emissions from cattle and pigs. While such reform was long considered nearly impossible, it can now be referenced as the "Danish model." In Scotland, communities have been given the right of first refusal to buy land for the purpose of promoting sustainable development. These kinds of initiatives are meaningful for other countries seeking ways to support communities or reduce emissions.
Progress in international cooperation can also be driven by shared commitments and agreements. The first implementation period of the UN’s 2030 Agenda forSustainable Development has globally established a foundation for tracking sustainable development and incorporating it into policymaking. Based on this experience, the goals and global framework of Agenda 2030 can be further refined to better accelerate national implementation among UN member states.
International comparisons and examples of the wellbeing economy will be discussed at the symposium “Wellbeing Economy – The New Strategic Paradigm for Finland” organized by THL and Frontline Forum in Helsinki. On Tuesday, May 20th, the event will feature practical country-specific approaches to wellbeing economy from Estonia, Wales, Ireland, Canada, the Netherlands, and Italy.
Welcome to hear more about long-term strategies, future generations legislation, wellbeing budgeting, and how sustainability data is being developed through collaboration between sectoral research institutes!
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