The new initiative aims to put reducing inequalities and creating shared prosperity for all at the heart of the corporate agenda for sustainable growth.
Geneva, July 15, 2021: The World Business Council for Sustainable Development (WBCSD) today announced the launch of a new Business Commission to Tackle Inequality (BCTI), an effort to mobilize the global business community to tackle inequalities and promote shared prosperity for all.
BCTI is supported and driven by forward-thinking global companies and their leaders who are committed to using their influence to mobilize large-scale business action to address global inequality.
Over the next two years, the Commission will convene business leaders and a range of experts and stakeholders to develop and advance a compelling shared story and agenda for business action on inequality. BCTI will also work to connect companies that are ready to take action with existing and emerging initiatives that provide practical operational support.
BCTI is embarking on a journey to mobilize business action to tackle inequality and create shared prosperity for all, and we are thrilled to be partnering with the following leaders to lead these efforts:
- Mercedes Alonso – Executive Vice President, Renewable Polymers and Chemicals, Neste
- Peter Bakker -WBCSD President and CEO
- Noppadol Deju Udom – Chief Sustainability Officer, CP Group
- Andreas Eggenberg – Chairman Masisa
- Lars Eric Fridolfsson – Head of People and Culture, Inter IKEA Group
- Alan Jope – CEO, Unilever
- Ilham Kadri – CEO of Solvay
- Jane Nelson – Director of the Corporate Responsibility Initiative, Harvard Kennedy School
- Peter Oosterweil – CEO of Arcadis
- Sanjiv Puri – Chairman and Managing Director, ITC
- Camille Putoy – CEO of B4IG
- Caroline Rees – President and Co-Founder, Shift
- Siddharth Sharma – Group Chief Sustainability Officer, Tata Sons
- Jorge Mario Velazquez – President and CEO of Argos Group
- Sunny Verghese – Chair of the WBCSD Board of Directors, Co-Founder and Group CEO, Olam International
At this time, WBCSD invites other business leaders to join BCTI to advance business actions that support more inclusive and equitable societies.
Business Action Needs
Rising inequality around the world is one of the most pressing challenges facing the world today. While business's role in addressing inequality is already being considered and promoted under various headings – diversity and inclusion, human rights due diligence, commitments to paying a minimum living wage – the COVID-19 pandemic has highlighted the urgent need to consolidate, strengthen and accelerate these various efforts. This is the need that BCTI seeks to fill, ultimately aiming to put inequality on par with climate change in terms of awareness, attention and investment.
Approval from BCTI committee
“We are pleased to be partnering with GE to bring renewable energy to the world,” said Mercedes Alonso, executive vice president, Renewable Polymers and Chemicals at Neste. “There is an urgent need to build inclusive economies that respect human dignity and ensure that the benefits of business success reach low-income and vulnerable groups who have historically been economically exploited and socially excluded. Together, we have the power to reduce inequalities and create shared prosperity that we can all enjoy.”
“We are pleased to welcome this significant milestone to the WBCSD,” said Peter Bakker, President and CEO of WBCSD. “Reducing inequalities and shared prosperity, as well as tackling climate change and nature loss, are the most pressing challenges facing the world and are essential to achieving a world in which more than nine billion people can live comfortably within planetary limits by the middle of the century. The Business Tackling Inequality Commission will bring together the global business community to shape, elevate and mainstream a shared narrative on the role of business and a large-scale agenda for action.”
Noppadol Deju Udom, CP Group's chief sustainability officer, said: “CP Group is pleased to join BCTI and with a strong commitment to benefit the countries and communities in which we operate, we will continue to work with smallholder farmers, SMEs and other actors across the supply chain to improve their capabilities and livelihoods.”
Andreas Eggenberg, Chairman of Masisa, said: “Tackling inequality and ensuring shared prosperity for all must be at the heart of the corporate agenda for sustainable growth. Masisa is pleased to be joining BCTI's efforts to make inequality high on the agenda for more businesses around the world.”
Lars Eric Fridolfsson HR and Culture Leader Inter IKEA Group said: “Equality is a fundamental human right and the foundation for building a better life. IKEA aims to promote and defend equality in line with our vision to create a better everyday life for the many. We are pleased to join this business coalition, together with other companies and organisations who recognise the urgency of tackling inequality in the context of global health and environmental challenges that exacerbate it. We look forward to taking an action-oriented approach with this coalition and scaling our impact together.
Unilever CEO Alan Jope said: “Capitalism is evolving and our market-based system is building on its historic strengths to drive better outcomes for people, planet and economies. Two of the greatest shared challenges we face — social inequality and climate change — are getting worse, not better. Inequality destroys trust in institutions, including businesses, divides societies and impedes economic progress. This Commission will play a key role in creating shared prosperity for all.”
Solvay CEO Ilham Kadri said: “Today, we see the consequences of inequality playing out across the world. But inequality is not a natural course of events, it is a product of our systems and practices, and we can change it. BCTI has a critical role to play in raising awareness, changing mindsets and designing a pathway towards a more inclusive and equal world, ultimately having a profound positive impact on the entire business community.”
“We are pleased to be partnering with Arcadis to bring our technology to market,” said Peter Oosterveer, CEO of Arcadis. “At Arcadis, our purpose is to improve the quality of life for everyone, not just the few. That's why we fully support the Business Commission to Tackle Inequality and am proud to serve on its committee. All businesses must be fully involved in this effort to create shared prosperity, which is the foundation for a sustainable future.”
Sanjiv Puri, Chairman, ITC Ltd., said: “Inequality has serious implications for social stability, economic development, and the ability of businesses to operate, innovate, and grow. Businesses have a unique opportunity to build innovative business models that enable systems change to address inequality. ITC is proud to support the work of BCTI and its efforts to advance business activism at scale.”
Caroline Rees President and Co-Founder Shift's Mr. “For decades, the world has bet on business practices and economic models that thrive by shifting costs and risks to the most vulnerable workers, communities and consumers. The result is that today we have unacceptable and unsustainable levels of inequality that we must urgently reverse. And we won't be able to do that unless we make respect for people's dignity integral to the way we do business.”
Siddhartha Sharma, Group Chief Sustainability Officer, Tata Sons said: “The Tata Group's mission is to improve the quality of life of the communities we serve around the world through long-term stakeholder value creation based on trust-based leadership. For over 150 years, we have always strived to work with communities to empower them, make them economically prosperous and resilient. We are pleased to join BCTI and believe that a collaborative partnership based on our shared commitment to tackling inequalities and shared learning is the best way forward on this journey.”
Sunny Verghese, CEO of Olam and Chair of the WBCSD, said: “Business has a major role to play in reducing inequalities and enabling everyone to live the life they want. At Olam, we see this through our work to improve the incomes and living standards of small farming communities. Collaboration across industry, with governments and other stakeholders is essential to provide more opportunities for more people and we are pleased to play our part in driving this agenda through BCTI.”
To find out more about BCTI and how you can get involved, visit their website or contact James Gomme, WBCSD’s People & Society Program Director.
