People, Planet, and Pathways to Progress
May 13, 2024
Newsletter from the Council for Inclusive Capitalism
PEOPLE, PLANET, AND PATHWAYS TO PROGRESS
As Earth Day passes, we are reminded that the transition towards environmental sustainability and inclusive economic prosperity remains a significant challenge of our time.
In Ottawa, complex international negotiations to finalize a binding plastics treaty demonstrate how challenging it is to drive global coordinated progress. Amidst this, I find inspiration in the work of Council members highlighted later in this newsletter.
On the climate front, we’ve witnessed progress and setbacks as we face critical developments and differing opinions along the investment chain to address climate change through corporate disclosures and investor engagement. The Securities and Exchange Commission has made strides in the United States by requiring public companies to disclose their carbon emissions. While less extensive than the EU’s Corporate Sustainability Reporting Directive, particularly in disclosing indirect emissions, these new rules represent important progress towards greater climate transparency.
We have also seen significant changes in engagement between institutional investors and asset managers on climate-related issues, as embodied in investment-led initiatives like ClimateAction100+. Despite the increasingly politicized landscape, many investors, asset managers, and corporations share in their commitment to sustainability and inclusion as long-term value drivers—positively impacting both people and the planet.
Finally, recognizing Second Chance Month, which was observed in April across the U.S., I am proud to spotlight Council members who understand that an inclusive workforce is essential for a sustainable future. With renewable energy jobs projected to surge to 139 million by 2030, per IRENA, facilitating diverse talent pipelines into these green economy opportunities is crucial for a just transition to a low-carbon future.
At the Council, we will continue collaborating with stewards, allies, and partners to uplift business strategies that create sustainable, trusted companies that deliver value for all stakeholders. The path remains winding, but we will persist, driven by moral courage, to elevate an ethical vision for inclusive capitalism.
I invite you to join us in championing real change. Our world, our children, and our future demand nothing less.
All my best,
Lynn Forester de Rothschild
Founder and CEO
CHAMPIONS OF SECOND CHANCE HIRING
In honor of Second Chance Month recognized in April, we explore the far-reaching benefits of “Second Chance” or increasingly, “Fair Chance” hiring—a movement that embraces social justice and economic inclusion. This terminology shift reflects a growing understanding that fair chance hiring is not just about giving individuals a second chance but ensuring everyone has a fair opportunity to contribute meaningfully to our workforce and communities.
As we examine the substantial impact of these practices, it is essential to hear directly from the leaders who are driving this transformative change. The champions featured in this newsletter are not just advocates; they are trailblazers creating environments where second chances are not only possible but thriving.
Press play to be inspired, informed, and encouraged.
Now, dive into the individual profiles of these organizations to learn more about their unique approaches. Discover how embracing fair chance hiring practices can serve as a strategic advantage for businesses, addressing talent shortages and boosting innovation, while also transforming lives and building safer, more equitable communities.
Truth & Reconciliation Conversations (TRC)
Under the leadership of Khalil Osiris, Truth & Reconciliation Conversations (TRC) exemplifies the profound impact of fair chance hiring on creating inclusive workplaces and supporting marginalized communities. TRC champions transformative initiatives that prepare individuals for successful reentry by focusing on education, support systems, and policy advocacy.
“Second chance hiring’s impact on marginalized communities, like in the U.S. and South Africa, is significant. We’ve seen benefits in individual lives and more inclusive workplaces,” says Khalil Osiris. “While challenges exist, our approach focuses on support systems, education, and policy advocacy to address them effectively.”
TRC’s enlightening eBook, “Second Chances: The Benefits of Hiring Returning Citizens,” presents empirical evidence on how stable employment can transform lives and also illustrates how it enriches communities and stimulates economic growth by integrating a diverse and skilled workforce previously sidelined.
Download the eBook and discover the advantages of hiring returning citizens.
https://www.inclusivecapitalism.com/organization/truth-reconciliation-conversations-trc/#second-chances-the-benefits-of-hiring-returning-citizens
Offploy
Founded by Jacob Hill, Offploy is pioneering systemic change by integrating individuals at risk of offending into meaningful employment. This forward-thinking social enterprise not only enhances public safety but also cultivates a workforce that is diverse, skilled, and highly motivated.
For business leaders, Offploy exemplifies how embracing fair chance hiring practices can serve as a strategic advantage, addressing talent shortages and boosting innovation. Its approach showcases the profound business and community benefits of inclusive employment.
Explore Offploy’s Comprehensive Guide to Employing with Conviction
https://www.offploy.org/guide
Register for Offploy’s Free Webinar on Employing Ex-Offenders
https://www.offploy.org/employ#webinar
RESHAPE
RESHAPE, led by Marco Ribeiro Henriques, is pioneering efforts to reduce recidivism through transformative reintegration practices in Portugal. This organization has significantly impacted over 210 lives, actively engaging 60 volunteers through initiatives that integrate personal development, mentoring, and job market preparation.
By championing a societal shift towards a more humane and effective justice system, RESHAPE exemplifies the profound benefits of fair chance hiring practices—not just for individuals but for entire communities. As we observe Second Chance Month, let’s acknowledge RESHAPE’s commitment to creating safer, more inclusive societies through impactful reintegration strategies.
Discover more about RESHAPE’s transformative work and how it is redefining second chance hiring in Portugal:
https://www.inclusivecapitalism.com/organization/reshape/
THE COUNCIL IN ACTION FOR PLASTIC SUSTAINABILITY
Earth Day 2024 served as a global call to action to reconsider our use of plastics. Featured below are Council members who are at the forefront of reshaping our approach to plastic consumption. These leaders are doing more than just fighting plastic pollution—they are revolutionizing its lifecycle through innovative recycling technologies and comprehensive waste management policies.
With over 8.3 billion metric tons of plastic already produced, a significant portion of which contaminates our landfills and natural environments, the need for effective solutions has never been more urgent. Without change, this figure is projected to reach 12 billion metric tons by 2050.
Explore how our members are leading the way in sustainable practices.
Gemini Corporation NV: Revolutionizing Recycling
At the heart of the circular economy movement, Gemini Corporation NV stands tall, championing the cause of recycling on a global scale. Founded by Mr. Surendra Patawari, Gemini has made monumental strides in giving plastics, rubber, metal, and paper a second life.
Its commitment to doubling its plastics recycling target to 400,000 tonnes by 2025 not only showcases its dedication but also sets a new benchmark for environmental stewardship. Through initiatives like Gemcorp Recycling in India, Gemini is enhancing the lives of waste-pickers, bridging the gap between sustainability and social responsibility.
Learn more: https://www.inclusivecapitalism.com/organization/gemini-corporation-nv/
Recidar: A New Lease on Life for Used Goods
In Peru, Recidar is pioneering a movement that breathes new life into used goods. By collecting free used goods from families and companies and putting them into reuse, Recidar is crafting a circular economy that benefits the planet and provides dignified access to goods for low-budget families.
Its model not only extends the useful life of objects but also creates employment opportunities for migrant and vulnerable populations, proving that sustainability and social equity can go hand in hand.
Learn more: https://www.inclusivecapitalism.com/organization/recidar/
Plastic Bank: Building Ethical Recycling Ecosystems
Plastic Bank is redefining the value of plastic waste, turning it into a resource that empowers coastal communities and stops ocean plastic. By building ethical recycling ecosystems in countries like Haiti, Brazil, and Indonesia, Plastic Bank enables collectors to exchange plastic waste for life-improving items, transforming the material into Social Plastic®.
This innovative approach not only tackles the environmental crisis but also addresses socio-economic challenges, illustrating the power of ethical business models in creating a regenerative society.
Learn more: https://www.inclusivecapitalism.com/organization/plastic-bank/
RESOURCE HIGHLIGHT
“Al-Mizan: A Covenant for the Earth” casts a light on the path to sustainability through the perspective of Islamic teachings. The work is rooted in the concept of “Al-Mizan”—meaning “Balance” in English—and underscores the importance of maintaining harmony within our planet. “Al-Mizan” emphasizes that caring for our planet is a universal principle, vital across all cultures and faiths. It reminds us that environmental stewardship is about preservation and sustaining the delicate balance that allows life to thrive.
Rooted in ethical and moral guidance, “Al-Mizan” inspires us to adopt an inclusive approach to environmental stewardship, blending ancient wisdom with modern challenges.
It’s a call to action for each of us to contribute to a sustainable future.
As the U.S. marks Arab American Heritage Month and Earth Day 2024 in April, we are proud to honor the convergence of cultural celebration and environmental advocacy by spotlighting this key resource from the UNEP Faith for Earth Initiative. Let’s rally around the principles of “Al-Mizan” to foster a more inclusive and sustainable world. By embracing the balance within and around us, we commit to a path that honors the interconnectedness of all creation.
UPCOMING EVENTS
Moral Money Summit Europe
May 22-23, 2024 | The Biltmore Mayfair, London, UK & Digital
A new wave of new disclosure regulations presents fresh challenges to companies and investors whose sustainability credentials are already under fierce scrutiny.
Join government officials, investors, leading NGOs, and corporates in London 22-23 May for an in-depth exploration and discussion of the crucial themes defining the current sustainability agenda. Speakers include friends and members of the Council, Emmanuel Faber (Chair of the International Sustainability Standards Board), Sean Kidney (CEO of Climate Bonds Initiative), Aidan Davy (Co-COO of International Council on Mining and Metals), Annette Nazareth (Chair of the Board, Integrity Council for the Voluntary Carbon Market), plus many more.
As part of our community, you can save 20% on your in-person and digital pass with discount code INCLUSIVECAPITALISM. Click here to register.
________________________________________
GreenFin24
June 17-19, 2024 | Javits Center, New York, NY, USA
The Council for Inclusive Capitalism is proud to partner with GreenFin24, the premier sustainable finance event. Join the growing community of leading finance, investment, and sustainability professionals harnessing the power of capital markets to realize a net zero economy at this year’s GreenFin24.
Learn more, and register with our 10% off discount code GF24CIC. Click here to register.
📰 INCLUSIVE CAPITALISM IN THE NEWS
Vale reaches 100% renewable energy consumption target in Brazil two years ahead of schedule << Read More
ACEN, Rockefeller Foundation eye first coal-to-clean energy initiative << Read More
Ayala’s ACEN to Spend $150 Billion to Quadruple Power Capacity << Read More
Estée Lauder Companies Advances Sustainable Packaging Initiatives << Read More
TIAA President and CEO Thasunda Brown Duckett included on TIME’s list of 100 Most Influential People of 2024 << Read More
ITUC Just Transition Centre wins leading sustainability award << Read More
Bank of America and Johnson & Johnson included on JUST Capital’s list of America’s Top 10 Companies for Environmental Performance in 2024 << Read More
Global Executives, UN Agencies & NGOs unite through a two year Extension of the Business Commission to Tackle Inequality << Read More
Deeper Reading: Explore Issues within Inclusive Capitalism
How CEOs Can Navigate a Polarized World
BCG
In this article, BCG explores how business leaders are adjusting their strategies in a polarized environment. Emphasizing the value of authenticity and consistency in corporate communications on sensitive social or political issues, BCG experts analyze the benefits of aligning public stances with core business values, as a means of articulating how these positions enhance shareholder value and consumer benefit, while also earning public trust.
The Current and Future State of Corporate Citizenship
The Conference Board
The Conference Board report on report on corporate citizenship emphasizes the integration of social responsibility into corporate governance, stressing that effective corporate citizenship not only aligns with a company’s strategic objectives, but also bolsters its governance framework. By enhancing transparency, accountability and stakeholder engagement, increased corporate citizenship initiatives shape business resilience and reputation, while also helping define what makes a company desirable to work for, buy from, and invest in.
Buying trends in sustainability reporting tools suggest big changes in next three years
Thomson Reuters
Thomson Reuters research into sustainability reporting tools points to a significant shift in how sustainability reporting professionals are adapting to new technologies to meet demand. The report reveals a growing preference for new data management and analysis, driven by the increasing complexity of sustainability reporting requirements and the need for clear, robust data management and analysis capabilities. AI is also expected to become increasingly prevalent in the materiality assessments of regulations like EU European Union’s Corporate Sustainability Reporting Directive.
