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Business pledging against inequalities at the G7 summit 2019

A group of major international businesses has pledged to tackle inequality and promote diversity in their workplaces and supply chains as part of a G7 initiative led by French President Emmanuel Macron and overseen by the OECD.

Read the OECD press release

 

Read the business coalition press release (CEO quotes | examples of business initiatives)

Read the pledge

A call for action against inequalities

On 23rd August 2019 in the margins of G7 Leaders’ Summit, B4IG companies committed to play their part in advancing the G7 agenda to strengthen equality of opportunity; reduce territorial inequalities; promote diversity and inclusion; and reduce gender inequality by:

1. Advancing human rights in direct operations and supply chains;
2. Building inclusive workplaces; and
3. Strengthening inclusion in company value chains and business ecosystems.

B4IG companies commit to partnering with G7 governments to better link public policies and business practices for inclusive growth and to accelerating on-the-ground initiatives that bring concrete results for people and places left behind. They will drive on-the-ground transformation by building, piloting and scaling models for inclusive business including through the B4IG incubator, and by developing a measurement framework that can be used to assess impact.

Working together in thematic workstreams, and at CEO level, companies will aim to ensure B4IG is delivering impact engaging with policymakers and other key stakeholders. Drawing on OECD’s expertise and research, companies will use the B4IG platform as a multi-stakeholder forum to progress on policy, practice and innovation for inclusive growth.

Angel Gurría, OECD Secretary-General
“Growing inequality is one of the biggest social challenges in the world today. 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.”

Emmanuel Faber, Danone Chairman and CEO
“Middle-class is shrinking in most G7 countries, whereas it is the foundation of market economy around the world. And we know that beyond a certain threshold, inequalities are economically damaging. Smartphones used by gen Z make inequalities more visible than ever, and shift social consensus. The result is that market economy will not last without more inclusiveness. It’s not a matter of ideology, it is a hard realism that calls us to a collective and inclusive action, for both governments and companies. With B4IG, our aim is to build a constructive dialogue to advance social inclusion, pilot and scale innovative, inclusive micro-economic business models, and thereby contribute to inform macroeconomic policies.”

Gabriela Ramos, OECD Chief of Staff, G7 Sherpa and Leader of the OECD Inclusive Growth Initiative
“The OECD welcomes 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. For our part, we will continue to lead the way in its policy analysis, research and expertise.”

Why a business coalition for inclusive growth?

Economic growth should be inclusive, creating opportunities for all. Every individual should have a chance to contribute to growth, independent of background or origins. And each person should be entitled to receive their fair share of the benefits from growth.

Tackling inequalities has become everyone’s business. The private sector in particular has a key role to play, leveraging its ability to create value, jobs and purpose.

The Business for Inclusive Growth (B4IG) Platform, a global initiative managed by the OECD, aims to pool and strengthen efforts by private companies to reduce inequalities linked to opportunity, gender and territory, and to build greater synergies with government-led and philanthropic efforts. In doing so, it will work to bring about a step change in the way growth is pursued and measured.

This is not just good corporate citizenship; it is the future of successful business. Companies benefit from inclusive growth through a more educated and engaged workforce; a larger middle class of consumers with greater purchasing power; more stable operating environments; and a high level of trust from employees, customers and stakeholders.

The G7 Biarritz Summit gives impetus to this effort, catalysing robust action in the private sector, and underlining the importance of strong public-private collaboration to address major economic and societal challenges in G7 economies and beyond.

How to make it work ?

The B4IG Platform efforts will advance along 3 pillars through a three-year work programme to realise the ambitions on:

1) A pledge to fight inequalities.

2) A project incubator, which will promote on-the-ground collaboration between businesses and with governments and philanthropic actors, serving as a micro-economic lab that can help inform the macro-economic policies of G7 states and beyond.

3) An inclusive growth financing forum, to survey existing private, philanthropic and public financing mechanisms for inclusive growth, assess how to build greater synergies, deploy new financing models such as output-based financing and generate additional funding streams.

Who joined the coalition?

34 leading multinationals have signed a pledge to take concrete actions to ensure that the benefits of economic growth are shared far more widely. They will seek to tackle persistent inequalities of opportunity, reduce regional disadvantages and fight gender discrimination. Collectively, current B4IG members have a large social and economic footprint, with over 3 million employees and USD 1 trillion in annual turnover.

Make a difference with us

Read the pledge and share your views on #inclusivegrowth Small follow us Twitter icon


Contact:

Romina Boarini | Senior Advisor to the Secretary-General, OECD: [email protected]

Ziga Zarnic | Manager of Business for Inclusive Growth, OECD: [email protected]

* The Business for Inclusive Growth (B4IG) platform is chaired by Emmanuel Faber, CEO and Chairman of Danone, and led by the OECD Chief of Staff and Sherpa, Gabriela Ramos ([email protected]) who represents the OECD in the platform and leads the OECD Inclusive Growth Initiative.

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