Top global firms commit to tackling inequality by joining Business for Inclusive Growth coalition

growth

(Samuel Zeller, Unsplash)

This article is brought to you in association with OECD.


A group of major international companies has pledged to tackle inequality and promote diversity in their workplaces and supply chains as part of an initiative sponsored by the French Presidency of the G7 and overseen by the OECD.

The Business for Inclusive Growth (B4IG) coalition will be launched at the G7 Leaders’ Summit in Biarritz, France, taking place from 24 to 26 August 2019. Spearheaded by Emmanuel Faber, Danone Chairman and CEO, the coalition brings together 34 leading multinationals with more than 3 million employees worldwide and global revenues topping $1 trillion. Members have agreed to sign a pledge to take concrete actions to ensure that the benefits of economic growth are more widely shared.

B4IG coalition members will tackle persistent inequalities of opportunity, reduce regional disparities and fight gender discrimination. Companies have identified an initial pool of more than 50 existing and planned projects, representing more than 1 billion euros in private funding, to be covered under the initiative. The projects range from training programmes to help employees adapt to the future of work to greater investment in childcare, to increasing women’s participation in the workforce; to financially supporting small businesses, to encouraging greater participation in supply chains; and to enhancing the integration of refugees through faster integration to the workforce. Coalition members will seek to accelerate, scale up and replicate already existing projects, while significantly expanding their social impact.

The platform, chaired by Danone, consists of a three-year, OECD-managed programme. It aims at increasing opportunities for disadvantaged and under-represented groups through retraining and upskilling, as well as promoting diversity on the companies’ boards and executive committees and tackling inequalities throughout their supply chains. They will also step up business action to advance human rights, build more inclusive workplaces and strengthen inclusion in their internal and external business ecosystems.

The B4IG initiative will be presented to French President Emmanuel Macron during a meeting with business and civil society leaders at the Elysées Palace on Friday 23 August.

OECD Secretary-General Angel Gurría said: “Growing inequality is one of the biggest social challenges in the world today, perpetuating poverty, undermining social cohesion and trust. Sustainable economic growth means inclusive economic growth. It means giving every individual the opportunity to fulfil her or his potential, the chance not only to contribute to a nation’s growth but to benefit from it, regardless of their background or origins.”

Mr Gurría added: “I welcome this initiative by France to involve some of the world’s most important companies to work hand-in-hand with governments and the OECD to tackle inequalities. The OECD, for its part, will contribute with its policy analysis, research and expertise.”

A Business for Inclusive Growth (B4IG) Incubator of public-private projects will be created at the OECD. The facility will offer companies access to the latest policy research, to help them launch and develop projects, undertake impact assessments and eventually bring about meaningful change. The B4IG Incubator will be funded by both G7 governments and private donors. It will service innovative inclusive business projects that require strong collaboration between the private and the public sector. The Incubator will catalyse and disseminate knowledge around the business models with higher social impact.

An evaluation of the projects will be published after three years, alongside OECD guidance for promoting inclusive growth through joint public-private action and for measuring business performance.

OECD Chief of Staff and Sherpa Gabriela Ramos, leader of the OECD Inclusive Growth Initiative, said: “The OECD has been documenting and raising the alarm bell regarding the increased inequalities of income and opportunities in OECD countries for decades. They do not only undermine social cohesion and trust, but they also hamper growth, by preventing our economies to take full advantage of the talent of its people and businesses. We are delighted to partner with leading companies that are committed to take action. Our experience, evidence and best practices are at the service of the Business for Inclusive Growth Initiative.”

Advertising

Advertising

Advertising

Advertising

Advertising

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

At the edge of humanity: refugee healthcare in Greece and the EU

European Development Days 2013

These are the world’s best countries to retire in, as of 2019

‘Carry our stories forward’: Holocaust survivors share powerful testimonies at UN

Nicaragua ‘crisis’ still cause for concern amid murder, torture allegations: Bachelet

Responsible Artificial Intelligence

Solidarity needed to overcome ‘isolated’ attacks on Venezuela refugees, migrants

Commission: New proposal for centrally managed bank resolution

Why the 33,000 staff European Commission did not have a real contingency plan for the refugee crisis?

Norway’s electric car market has overtaken traditional vehicle sales

How the inventor of the internet plans to make it safe and accessible for everyone

The Collapse of the Brazilian Health Care System

Remarks by President Juncker at the joint press conference with President Tusk ahead of the G20 Summit

One migrant child reported dead or missing every day, UN calls for more protection

UN chief urges top digital tech panel to come up with ‘bold, innovative ideas’ for an ‘inclusive’ future

State aid: Commission finds Luxembourg gave illegal tax benefits to Engie; has to recover around €120 million

This mobile laundry gives homeless people free showers and washes their clothes

How do we really feel about women leaders?

Colombia: New Congress marks rebel group’s transition ‘from weapons to politics’, says UN

Israel is joining forces with Arab states to save coral from climate change destruction

Syria: A bloody tracer of Trump – Putin rapprochement

This is how AI in video games will change the future of work

Brexit: European Council adopts decision to extend the period under Article 50

Inflation keeps falling in Eurozone

European Solidarity Corps: Commission opens new call for project proposals

Amid troop build-up in Rohingya’s home state, UN appeals to Myanmar for peaceful solution

We can build an inclusive workplace, and it starts with empathy

Children are forgetting the names for plants and animals

Stricter rules and tougher sanctions for market manipulation and financial fraud

Beware the fragility of the global economy

How start-ups will lead India through the Fourth Industrial Revolution

Ocean Conference has potential to be a ‘global game-changer’

Who is to profit from the quasi announced ECB rate cut?

Commission paralysed before the banking leviathan

Insecurity and violence turn Nigeria into a ‘pressure cooker’ that must be addressed, says UN rights expert

UN chief ‘deeply saddened’ by Ethiopia plane crash which killed 157, including at least 21 UN workers

Portugal: €4.66 million in aid for 1,460 dismissed workers and jobless young

EU Elections: new rules to prevent breaches of data used to influence elections

Our food system is pushing nature to the brink. Here’s what we need to do

EU Migrant Crisis: Italian Coast Guard Headquarters and Italian Navy to give host national opening addresses at Border Security 2016 in Rome

‘Digital divide’ will worsen inequalities, without better global cooperation

Support for EU remains at historically high level despite sceptics

Dignified and non-discriminatory heath care: does anyone even know what it means?

Palestinian Bedouin community faces demolition after Israeli court ruling, warns UN rights office

Women still struggle to find a job, let alone reach the top: new UN report calls for ‘quantum leap’

EU commits €9 million in humanitarian aid for the most vulnerable families in Myanmar

EU budget: Commission proposes €1.26 billion to reinforce the European Solidarity Corps

You will be eating replacement meats within 20 years. Here’s why

How can we build a workforce for our digital future?

Somalia has ‘once in a generation’ gender equality opportunity – UN Women chief

Antisemitism, intolerance, can be unlearned, Guterres tells New York commemoration

UK’s PM Theresa May asks for a two-year Brexit transition plan as negotiations round kicks off

How to push out of our comfort zones – an extract

How solar is powering the Middle East towards renewables

UN relief official in Yemen condemns ‘horrific’ attack on passenger buses

Greening the Belt and Road is essential to our climate’s future

The MWC14 Sting Special Edition

‘More time’ agreed for buffer zone, to spare three million Syrian civilians in Idlib

Artificial Intelligence raises ethical, policy challenges – UN expert

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s