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Inequality as a systemic risk: What can business do?
A new report by the Business Commission to Tackle Inequality, Tackling Inequality: The Urgent Need for Business Action, underlines mounting inequality as a critical systemic risk and makes a case for businesses to take urgent action to address it through six key areas.
Peter Bakker highlights in an Op-Ed that many businesses continue to have an essential blind spot when it comes to efforts to support genuinely sustainable development: a failure to address the systemic risk posed by mounting levels of inequality.
In this Op-ed, Caroline Rees, President and Co-Founder of Shift – the leading center of expertise on the UN Guiding Principles on Business and Human Rights – explains that there are four ways in which companies can apply a human rights lens to tackle inequality.
Partnership for Carbon Transparency (PACT) sets the foundations for standardized emissions data exchange PACT, hosted by WBCSD, released the first set of technical specifications for the standardized exchange of carbon emissions data. The specifications will, for the first time, allow different emissions and accounting tech solutions to connect to and understand each other—making it easier for businesses to access data.
PACT, hosted by WBCSD, released the first set of technical specifications for the standardized exchange of carbon emissions data. The specifications will, for the first time, allow different emissions and accounting tech solutions to connect to and understand each other—making it easier for businesses to access data.
What’s new?
Business brief on the impacts of the war in Ukraine
Contributing to our work with the Food and Energy Task Forces as part of the United Nations Global Crisis Response Group (GCRG), WBCSD released a business brief based on the GCRG’s “Global Impact of war in Ukraine on food, energy and finance systems – Brief No. 2” published in June. The business brief highlights the key findings of the new report and identifies six key actions the business community can take now, in response to the crisis.
This can also be found along with other resources on our dedicated web page on what businesses can do in response to the ongoing war in Ukraine.
WBCSD, together with the Stockholm Environment Institute and the Stockholm +50, led private sector engagement around Stockholm +50, which resulted in the launch of the Stockholm Action Agenda. It is an unprecedented multi-stakeholder initiative that identifies three practical Action Priorities to help businesses worldwide transform the sustainability of global value chains much faster and at a bigger scale than today.
Read a related article by WBCSD Director, Policy, Advocacy and Members, Clear Kaske-Kuck. The Stockholm Action Agenda also calls for enhanced collaboration to explore the potential for a new global corporate accountability and transparency mechanism.
We invite our members and partners to endorse the joint statement we released with PRI (Principles for Responsible Investment) and IFAC (International Federation of Accountants), representing 5,000 investors and 3 million accountants, alongside over 200 companies in WBCSD’s membership. The ask is a coordinated interoperable approach to provide the comprehensive global baseline of sustainability disclosures that capital markets need. Write to Juliet Taylor to join our campaign.
How to use external assurance for better investment decisions
Poor quality ESG data is, at best, bewildering and confusing. At worst, it can misallocate capital and cause significant surprises and losses. WBCSD and Assurance Mark are offering a free online course to provide investors with a toolkit they can use to navigate through that landscape and demand better quality information. Register your interest to sign up for the course.
How to approach climate scenario analysis
Climate scenario analysis is explicitly referenced in proposed disclosure rules issued by the US Securities and Exchange Commission (SEC), ISSB, and the European Financial Reporting Advisory Group. Wondering how to approach climate transition scenarios? Check out our resources that can help. The Climate Scenario Catalogue explores 18 scenarios with variables across investment, demand, emissions, capacity, cost and price.
Is your board struggling to know how to deliver on its ESG commitments?
In collaboration with IMD, we are offering Driving Sustainability from the Boardroom as a solution – an immersive, action-based exploration of ESG that will equip you to influence and steer the integration of sustainability into your company’s strategy. Register today – the program will start on 14 November 2022 and participants from WBCSD member companies are eligible for a special reduced launch fee.
ncentivizing supply chain decarbonization using procurement criteria
This working group hosted by WBCSD in collaboration with PwC considers different decarbonization levers that can be applied to supply chains. In a recent session, the group considered how to leverage procurement criteria and embed carbon as a decision criterion for supplier selection. Find out more.
Six of the world’s largest food and agribusiness companies and members of WBCSD’s Soft Commodities Forum (SCF) –Archer-Daniels-Midland Company, Bunge; Cargill Inc., COFCO International; Louis Dreyfus Company and Viterra – report progress on traceability of for soy purchases from Brazil’s biodiversity-rich Cerrado region.
Businesses report progress on pledges made to accelerate the deployment of clean hydrogen
Just over six months after the H2Zero – Hydrogen Pledges launch at COP26, most companies are already making progress toward their commitments through investments in hydrogen projects with a high potential for reducing emissions and mitigating the climate crisis.
In this joint letter, leading businesses welcome the ambitions of the European Commission to propose legally binding targets for nature restoration and urge the publication of these in June 2022 with no further delay.
Insights
China’s path to Inclusive, Green and Low-Carbon Development: 30 years of CCICED
Read insights from WBCSD’s President & CEO, Peter Bakker, on aligning ESG developments globally, as he attended the 30 years celebration of the China Council for International Cooperation on Environment and Development (CCICED).
Financial Times Interview: Everyday actions can have a meaningful environmental impact at a scale
Has your Company identified where your GHG emissions come from across? In this interview by the Financial Times, Peter Bakker, President and CEO of the WBCSD, and Sundar Raman, CEO of Fabric and Home Care at Procter & Gamble, discuss the need for a holistic, evidence-led approach to identify emissions and act on reducing them.
Recipe for a global crisis
The war in Ukraine is the latest in a string of shocks to global food production. With increasing climate-related disasters, the geopolitical turmoil and supply-chain disruptions have exposed devastating cracks within the world’s food system – raising the specter of food emergencies, humanitarian disasters, social unrest and human displacement. At WBCSD, Amy Senter works to accelerate the industry transformation of the global food and agriculture system.
Road to COP 15: Aligning business action with the Post-2020 Global Biodiversity Framework and 2030 Action Targets
Growing awareness and collaboration for a nature-positive world has contributed to building business confidence to halt and reverse nature loss, delivering tools and guidance to help with implementation and action within operations and across value chains. Read this insight by WBCSD’s Maria Ana Campos, a Senior Associate with the Nature Action team.
Member spotlights
Check out our spotlight on members’ activities and announcements:
- Arcadis: the Arcadis Sustainable Cities Index 2022
- Guidehouse: Corporations unite to mobilize supply chains
If your company wants to highlight recent sustainable solutions, please get in touch with natasha.ferrari@wbcsd.org
Global Network news
- France: EpE and member companies present lifestyle representations and the ecological transition
- Ireland: Ireland’s largest businesses are making steady progress on meeting net-zero targets for greenhouse gas emissions despite global upheaval and uncertainties
- Spain: Forética analyzes the challenges of green jobs and fair transition in the future of work
Upcoming events
High-level Political Forum: Chief Sustainability Officers for SDGs 2022, 13 July 2022, Online
WBCSD will bring the business voice to the annual meeting of the High-level Political Forum on Sustainable Development (HLPF) which will be held on 5-15 July 2022. Join us for a special event convened by WBCSD and the United Nations Department of Economic and Social Affairs (UN DESA) during the 2022 HLPF. To register, click here.
The IIA’s 2022 International Conference, 18-20 July 2022, Chicago, USA
The Institute of Internal Auditors’ (IIA’s) International Conference is a world-class program that delivers timely, forward-thinking material for today’s internal auditors to gain the most relevant insights and resources. Register for WBCSD’s pre-conference workshop on embedding sustainability into risk management, internal audit and governance practices for the latest insights and research in this area.
WBCSD Meeting in North America, 19 September 2022, New York City, USA
The UN General Assembly and Climate week will take place in September 2022. This will be the occasion to amplify the voice of sustainable business through collaborative engagement to accelerate systems transformation. This meeting will offer opportunities for our members to connect, network and align on our collective global and regional priorities. To register, click here. Read about WBCSD at UNGA.
Building Bridges Week, 4-6 October 2022, Geneva, Switzerland
The 2022 edition of Building Bridges will feature more than 65 events co-hosted by 100 private companies, international organizations and NGOs. As a founding partner of Building Bridges, WBCSD is proud to support this collaborative effort that mobilizes capital to build sustainable societies. Building Bridges sets the agenda on sustainable finance and paves the way for innovative impactful solutions to achieve the SDGs. Check out the full program.
CTI Online Training, 13 & 15 September 2022
Do you want to learn how to accelerate your company’s transition to a circular economy? Join us for our next online training! We’ll dive into the new features of the latest version of the Circular Transition Indicators (CTI) and equip you with the proper knowledge and skills to start your company’s circularity assessment.
European Business Nature Summit, 18-19 October 2022, Brussels, Belgium
After two years of online editions, the European Business & Nature Summit will convene in person in Brussels, Belgium. The 2022 Summit will host keynote speakers in high-level political round tables and practical thematic workshops focusing on ‘managing risks and boosting business resilience,’ ‘setting your goals for nature’ and ‘taking action to protect and regenerate.’