Newsletter | The strongest force in the world is the private market. We need to make it work.
September 15, 2023
Newsletter from the Council for Inclusive Capitalism
THE STRONGEST FORCE IN THE WORLD IS THE PRIVATE MARKET. WE NEED TO MAKE IT WORK.
That was my message to my fellow attendees of the B20 forum in New Delhi, India where I had the opportunity to join a few leading members of the Council for Inclusive Capitalism to discuss the role of the business community in delivering concrete, actionable solutions to the world’s biggest economic challenges. Inclusive capitalism was a central part of the forum, which facilitates engagement between the global business community and the world’s leaders that make up the Group of 20. Watch below for my full remarks on our obligation and the opportunity of our current moment.
As a successful G20 summit wrapped last weekend, that message was heard loud and clear. Business and investment, when aligned with sustainability and development priorities, extend the benefits of our economic system to all. This is inclusive capitalism.
In countless conversations, I heard good news: we have the resources we need to solve the world’s social and environmental problems. We are mobilizing more capital to finance the energy transition. We are getting closer to finding ways to measure company impact on nature, the climate, and workers. We are making progress, but more can and must be done. Mark Carney deftly highlighted the challenge when he said, “We’re not going to solve this problem anywhere unless we solve it everywhere…This goes back to the work [the Council] is leading on a just transition. The biggest challenges are in the existing energy sector and the workers and the communities that are affected.”
Actions will speak louder than words. We must not be distracted by rhetorical debates, but focus on concretely delivering what ESG intended. Taking care of the planet, workers, and communities is not political. It’s good business, and a necessary investment in the ecosystem that supports our economy. As I told Bloomberg, we need to be talking about what the great companies in history did to become great — anything that takes away from that, we can throw in the dustbin.
Lynn Forester de Rothschild
Founder and Co-Chair
WATCH INCLUSIVE CAPITALISM AT B20
Plenary 7: Financing the Climate Transition
Plenary 12: sustainability & Development Imperatives and the Role of Standards
NEW REPORT: THE ROLE OF STANDARDS
The Council for Inclusive Capitalism is pleased to present in partnership with the B20 Secretariat a background paper to the formal B20 plenary discussion on sustainability standards. This report explores the imperatives of sustainable development as it relates to global standards, the need to simplify and harmonize standards, and to ensure that Global South economies are represented in their development. Click below to download and read the report.
View more than 80 actions to build resilient infrastructure and promote inclusive and sustainable innovation.
SAVE THE DATE: LIVING WAGE WEBINAR
The next online event in the Council’s Inclusive Capitalism Learning Series will focus on strategies for living wage. Members, mark your calendar for Wednesday, October 19 and watch your inbox for speaker details and registration information coming soon.
REDEFINING ACCESS: THE MOVII MOVEMENT FOR FINANCIAL INCLUSION
Digitization is the first step to greater prosperity for cash-based emerging markets says Council steward Hernando Rubio, CEO of Movii. His company has helped more than 4 million people access essential financial service for free through a mobile app. Rubio sits down with the Council to talk about how they did it and why financial inclusion matters for businesses.
Climate Finance Action Taps Public Power to Address Climate Change
CFA helps community stakeholders leverage their constituent power to ensure that managers of invested public funds – such as pensions – engage companies to address climate change.
TradeBRICS brings diverse businesses into international trade
In cash-based emerging markets, TradeBRICS is digitizing business-to-business (B2B) procurement transactions to build Africa’s largest network of verified suppliers and connect them to overseas markets.
Addressing ESG Backlash
The Conference Board shares how companies can harness the headwinds of ESG opposition as an opportunity to clarify their ESG strategies, priorities, commitments, and communications in a new guide.
👋Welcoming new members
A special welcome to our newest Steering Committee leader:
Ira Coleman, Chairman of McDermott Will & Emery
Cesar Aliardi
CEO, Agro Cibus Industria e Comercio de Fertilizantes Ltda.
Jason Mackey
General Partner, Athenian Capital
Presley Tan
Executive Director, ESG Business Institute
Joni Roberts
Chief Evolution Officer, Evolution University
Ruby Taylor
CEO, Financial Joy School
Suraj Singh
Founder, GRINista
Daniel Barker
Managing Director, Halcyon
Nando Knodel
Co-Founder and Managing Director, HempConnect GmbH
Daan Wensing
CEO, IDH
Michelle Murray
CEO, Living Wage for US
Clement Hochart
Founder and Partner, SCOBY Collective
Kahlil Byrd
CEO, Shur
Geoff Davis
CEO, Sorenson Impact Center
Alex Gerard
Executive Director, Tiyeni
Salvador Perez
Founder, Totem Wealth Management
Ali Hassan
Executive Director, Village Development Organization (VDO) Ghotki
Wendy Ekua Da’Cruz
Co-Founder, Virtual Global Consultant Group, LLC
📰 INCLUSIVE CAPITALISM IN THE NEWS
Bloomberg | Business Leaders Want G-20 to Adopt India’s Philanthropy Rule
CNBC TV18 | E.L. Rothschild CEO Lynn Forester De Rothschild Exclusive On Climate Finance
Bloomberg TV | Video: Lynn Forester de Rothschild says its time to “dustbin” ESG
The Sunday Guardian | Mark Carney, Bernard Looney, Lynn Forester de Rothschild: B20 Summit addresses climate transition financing challenges
Board Agenda | Call to scrap ‘ESG’ as a term
Harvard Business Review | The changing role of chief sustainability officers
CNBC’s Squawk Box | Rich Lesser, BCG: There is a focus on resilience and productivity right now for companies
Energy Digital Magazine | Bernard Looney: bp’s integrated energy strategy sees green & oil investments
Merck | Robert Davis: Merck publishes impact report 2022/2023
Quartz | How ESG will change your job: The green agenda will impact jobs and create new ones
Sustainability Magazine | Research firm Verdantix names EY, Deloitte, and IBM among top ESG and climate leaders in software and consulting services
