Good decisions are made when everyone has a seat at the table.
Notes from the Council | Newsletter July 2021
Large-scale global challenges require us to work collaboratively and consider the perspectives of all stakeholders for solutions to be effective and lasting.
The Council for Inclusive Capitalism was founded in part to foster the collaboration needed among industry peers, experts, and civil society groups to accelerate ground-breaking innovation, refinement, and adoption of inclusive capitalism best practices.
Bold and swift action is required to scale the impact needed to address climate change. In taking action, we consider not only what generates our energy, but also who. Millions of people worldwide are employed in the generation, transportation, and provision of energy — and billions more daily depend on safe, reliable energy for life and work. The energy transition therefore must hold social as well as environmental goals: creating jobs, protecting natural resources, reducing inequality, and improving the quality of life for those affected by climate change. We call this a Just Energy Transition.
This month, the Council, in partnership with members bp and Boston Consulting Group, and with the involvement of the UN Special Envoy for Climate Action and Finance, the International Trade Union Confederation, State Street Corporation, CalPERS, and Inclusive Capital Partners, launched a groundbreaking initiative with CEOs of energy-intensive companies to develop unified principles and a framework for action for companies to manage their transition to clean energy in a way that is just for their workers, communities, and customers. This Just Energy Transition workstream is bringing together leading companies, investors, and non-profit entities along with partners such as the Sustainable Markets Initiative, Climate Action 100+, the Grantham Institute, and the World Benchmarking Alliance to provide clarity for companies on actions they can take to transition justly.
In addition to developing the framework, the Council is inviting companies to make new commitments and declare a bold set of actions for their own Just Energy Transition, which will be announced at a roundtable on the sidelines of COP26 in November. Through these commitments, companies will put forth their best ideas and actions for a Just Energy Transition and learn from the best practices of others.
We look forward to sharing this work with you and to learning of your ideas and actions to transition in a way that is just.
Meredith Sumpter, CEO
Council Opens WBCSD Meeting North America 2021 with Discussion of the Just Energy Transition
On July 15, 2021, Council Founder and Chair Lynn Forester de Rothschild joined World Business Council for Sustainable Development (WBCSD) President and CEO Peter Bakker for a discussion about the unique role business can play in addressing inequality as they decarbonize and reduce environmental impact.
Their discussion opened the first plenary session at WBCSD’s 2021 Meeting North America.
Meet the Council: Josu Jon Imaz, CEO Repsol
Multi-energy company Repsol delivers service and products throughout the energy value chain in more than 100 countries. See how they are taking bold action for a more inclusive capitalism.
What role do you feel the energy sector has regarding Environmental, Social, and Governance (ESG) and responsible investing movements?
Energy has been and will continue to be key to economic growth and to the well-being of societies. Our duty is to continue providing society with the products it needs, with the lowest carbon footprint, and in an affordable and secure way.
Industry has the means and know-how to drive the energy transition, both in reducing emissions in the fastest and most efficient way, and with its capacity to innovate and develop new solutions for decarbonization. It’s important to make decarbonization and industrialization compatible, so technological neutrality is necessary to allow us to find the most effective solution for every step of the way.
How has being a member of the Council for Inclusive Capitalism benefited you personally and Repsol as an organization?
Dialogue is an absolute necessity for any entity seeking excellence. In a time of change like this it is the key to success.
For Repsol, being a member of the Council gives us the opportunity to participate in a community of business leaders working to build a more inclusive and sustainable society. This community makes it possible to contribute ideas, share specific commitments aligned with the 2030 Agenda, and create an action plan to create an economic system that is more inclusive for all of society and more respectful of the planet.
Grantham Report: “From the Grand to the Granular: Translating Just Transition Ambitions into Investor Action”
As businesses and governments partner to forge a just energy transition, what role can and should investors play to support an equitable energy transition?
In a groundbreaking report, the Grantham Research Institute on Climate Change and the Environment draws from international standards and work by social partners and stakeholders to present expectations that investors can use in conducting due diligence and assessments of companies, engaging with portfolio holdings, and allocating capital.
Welcome New Council Members
Founder & Chairwoman, Bizzoly Transport & Logistics
Co-Founder & CEO, Crescite Innovation Corporation
President and CEO, The Conference Board
Program Director, Dubuque Harm Reduction
Co-Founder & CEO, Electo Analytics
Founding Partner, Emerald Peak Private Equity
Founder and CEO, Fanmire
President, Foundation for Good Politics
Founder and President, FreschBeer SAS
Founder and President, GENESIS ONG
CEO, James Fisher and Sons plc
Edzai Conilias Zvobwo
Co-Founder and Chairman, Model World Trade Organisation Edinburgh
René F. Jones
Chairman and CEO, M&T Bank
James Edward Paymar
President, Paymar Communications Group
President and CEO, Pro Mujer
Founder and CEO, Relife Finance and Planning
Founder, Women Entrepreneur Newtwork (RME)
CEO, SDG Global Group
Luis Antonio Semeghini de Souza
Founding Partner, Souza Mello e Torres
Executive Director, World Benchmarking Alliance
Co-Founder, World Peace Alliance Initiative