‘No-one can do everything. But everyone can do something.’
We had the good fortune recently to attend virtually the #EthicalBusinessCorporation’s online conference, #ResponsibleBusinessWeek, backed by #ReutersEvents. It was time well spent, and we came away with a wealth of insights into what has been achieved already in transforming the way we do business, and what still needs to be done in the years ahead.
Setting the scene and describing the scale of the task were government and international agencies such as the World Business Council for Sustainable Development, the United Nations Development Programme, and the EU. #WBCSD, whose membership comprises 200 forward thinking companies committed to sustainability, are champions of the ‘Build Back Better’ movement, underpinned by a three-tier manifesto promoting Reinvention, Resilience, and Regeneration. Achim Steiner from #UNDP appealed for visionary leadership to help the world through troubled times, and highlighted the potential for ‘leapfrogging opportunities’ coming out of the shift to a more sustainable economy. The #EU is putting its money where its mouth is with their Next Generation Fund, with the modest aim of ‘changing how we live in the next 10 years’.
Keeping their feet to the fire were a series of academics and pressure groups, including: #ExtinctionRebellion; #EllenMacarthurFoundation; #ColumbiaUniversity; and the #WeMeanBusiness coalition. These groups highlighted the issues we still face across climate, environment, marine pollution, social exploitation and dodgy business practices. Most striking were the punishing predictions of #TheClimateGroup, if we fail to act on slowing climate change. They forecast economic collapse, followed by a move towards greater discipline, and then transformation – a pattern already being observed with the pandemic. They also offered potential solutions, appealing to business and governments to adopt new business models, design new forms of finance, invest in purpose, and commit to structural reform.
We were treated to some great case studies from corporations already making progress towards responsible business. #IKEA was a great benchmark, as they have been investing in sustainability for years. They are now aiming for total supply chain solutions, rather than isolated interventions, but also appealing for ‘everyone to do something’. Drinks business #ABInBev is supporting local communities during lockdown and has invited drinkers to pay for beer up-front, and they will match their money as soon as pubs re-open. Building products giant #LafargeHolcim forecasts that the world will need to build the equivalent of a city the size of Paris every week for the next 50 years to keep pace with expanding populations. To offset this, they are investing heavily in recycling used building materials to reduce environmental impact. #Unilever and #Patagonia, already well-known for their commitment to sustainability, completed an impressive line-up of responsible brands.
Also strongly represented was the finance community, through #AVIVA, #BlackRock, #Federated Hermes, and #Rothschild. They are already shifting their portfolios to back companies with ethical business practices, but appealed for greater transparency in ESG reporting and measurement.
To top this off, we signed up for #WWF and #UNDP workshops, and discovered that the ‘value of nature to business is a staggering $125trn, with $44trn currently at risk’ through environmental damage caused by humans. The UNDP appealed for governments and businesses to collaborate to find ‘value beyond value chains’ in re-engineering food and agriculture supply chains, which proved so fragile in the COVID 19 pandemic.
So much to learn and so much that needs changing, but this was a great place to find out about where the problems lie and how we can all do something to help.
Image:markus-spiske-5sh24a7m0BU-unsplash.jpg
