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October 8, 2020
Recently, there has been an enormous push to create more just economies that protect the wellbeing of all people, as well as the planet. In this newsletter, we take a look at what's motivating the call to "reset capitalism." Momentum for this economic shift can be found in what Americans look for in "just" corporations, the climate countdown to 2050, and how the pandemic and its unequal impacts are magnifying the need for change. This week, we highlight initiatives that pursue justice for all of the planet's stakeholders. Read on for more...
INSPIRATION | Foster a Listening Culture
In order to help solve the world's biggest problems, corporate leaders need to foster an organizational culture founded in communication and understanding. In Fortune, Walmart CEO Doug McMillon writes that he is inspired by those who come together to solve problems, despite their differences. The world is increasingly divided on many issues, from climate change to systemic racism to the state of the economy. But the path to understanding begins with "open ears and an open heart." Companies that invest in honest conversations across stakeholders benefit from a diverse exchange of ideas, which can feed a culture of collaboration that holds firm when stakes are high. Read more about the role of business in improving civil discourse and reducing polarization.
INSIGHTS | B Corps' Bottom Line(s)
The B Corp movement is a prime example of businesses seeking to address society's greatest challenges. To date, +3,500 companies in 70 countries have become Certified B Corporations, meaning they are legally required to consider the impact of their decisions on workers, customers, suppliers, communities, and the environment. Tune into our podcast episode featuring B Corp expert Chris Marquis to learn why focusing on the triple bottom line is a powerful way to build credibility and value. "This goes beyond social and environmental governance," said Marquis. "It creates better businesses." Last month, B Labs—the nonprofit behind B Corps—launched B Movement Builders, a multinational mentorship program led by Danone and Natura for global companies interested in pursuing B Corp status. Read more here.
INSIGHTS | Time to Reset Capitalism
What was once a fringe concept has gone mainstream, as a growing number of leaders around the world call for a reset to the global economic system. In September, a new business network called Imperative 21 launched RESET, an initiative to move towards a more equitable form of capitalism. The initiative represents +70k companies that are aligning around three imperatives for economic system change, which includes creating value for all stakeholders. Back in June, the World Economic Forum launched The Great Reset to help all stakeholders navigate the consequences of the pandemic, including economic decline and public debt. So far, +550 companies have joined that effort, which is tied to European and Canadian commitments to a green recovery. Read more on how an economic reset could create a healthier, flourishing, and more equitable future.
DATA | JUST Capital's 2020 Survey Results
JUST Capital released its annual survey results last week, capturing what +17k Americans believe makes a “just” corporation. Respondents believe that, in this moment of crisis, corporate America should focus on doing right by its workers. Even in the midst of other pressing issues, “Pays Workers a Fair, Livable Wage” remained the most important issue people want to see companies address. In fact, all five worker issues—pay, training, health, equity, and benefits—were among respondents' top seven priorities. See the full results here, and keep an eye out on Oct. 14 for JUST Capital's 2021 Rankings.
ENVIRONMENT | NYC's Climate Clock
For more than two decades, the Metronome—a 62-ft-wide digital clock in Manhattan—counted the hours, minutes, and seconds to and from midnight. Over the years, it has grown to be one of NYC's most prominent public art projects. But this year, from Sept. 14 to 27th, the clock measured two new numbers: the time remaining before global warming becomes irreversible and the growing percentage of the world's energy supplied from renewable sources. The clock resumed its original timekeeping at the end of Climate Week, but the installation's creators are arranging for the Climate Clock to return permanently. Meanwhile, similar climate clocks have cropped up in Berlin and Oslo, with another set to launch in Paris.
ENVIRONMENT | Planting 100M Thriving Trees
As part of the Trillion Trees Challenge, not-for-profit Restore the Earth Foundation* has pledged to plant 100M trees in the Mississippi River Basin by 2030... but not just any trees. Restore the Earth is planting 100M EKOgrown trees, which are designed to have a higher survivability rate and enhanced growth. These trees will go on to sequester 200M MT of CO2e and generate $12B in economic value. To tally these metrics, Restore the Earth created a unique reporting and assessment methodology called EcoMetrics that captures the full value of a project's environmental, social, and economic impact. Excitingly, this tool is now available to companies. *Restore the Earth is a CCOP client
INNOVATION | World's First Memorial to People Lost to Covid-19
With 1.04M deaths from Covid-19, it's difficult to visualize the vast impact this pandemic has had across the globe. But a new planned monument on the coastline of Uruguay will provide visitors with a space to contemplate the impact of Covid-19, and other pandemics throughout history. The World Memorial to the Pandemic consists of a circular steel platform with an opening at the center that looks down at the ocean. The hope is that, when visitors peer into the middle, they will be confronted with their relationship with nature, and remember that nature is at the center of human existence. It's a fitting message, as Covid-19 likely emerged — like many other diseases — due to human destruction of the natural world. The monument is expected to be completed by mid-2021.
Carol Cone, co-host of PURPOSE 360, was recently featured in The Impact Report. Listen to her speak about purpose during the pandemic and the push to end systemic racism. In PURPOSE 360's latest episode, we spoke with Levi Strauss & Co's Kelly McGinnis, SVP and Chief Communications Officer, about the iconic brand's pioneering approach to purpose and sustainability. Listen for Kelly’s insights on:
How and why Levi's developed breakthrough sustainability initiatives to transform its value chain, from the materials it uses to how products are reused or recycled.
How Levi's leveraged its loyal following and engaged employees to advance key social issues, such as voter’s rights.
Why Levi’s takes a stand on contentious social issues, and how it backs up its position with initiatives that enact grassroots change.
Other Recent Episodes: Episode 71: Igniting the B Corp Movement with Chris Marquis Episode 70: Uniting Impact and Creativity with Elliot Kotek Episode 69: 3M Applies Science and Purpose to Life Episode 68: Humanity at its Best: Adventures in Kindness
SAVE THE DATE | The Purpose Calendar
We remain inspired by the organizations finding creative ways to connect digitally and continue the important work of collaborative, purpose-driven change. Please check each event's website for the most up-to-date information on Covid19 related changes.
Advertising Week, October 8 at 10:30 ET, Carol moderates a panel on the role of Purpose in Company Culture. Learn how culture does eat strategy for breakfast as we move into the new normal for business and employee commitment to work.
Digital Empowers Summit, Oct. 7-8, virtual event, a program led by the U.S. Chamber of Commerce Foundation and Tata Consultancy Services to channel the changemaker spirit to accelerate collective action and social innovation. Carol moderates a panel on the Power of Partnerships on October 8 at 11 am.
PRDecoded: Purpose In Action, Oct. 13-15, virtual event, three-day conference filled with presentations, roundtables, and networking. On October 14, Carol will moderate a panel on Best Practices in Authentic Purpose Activation.
Purpose Awards Celebration, Oct. 14, virtual, celebrate the authentic practice that makes a real difference
The Conference Board Change & Transformation Conference, Oct. 15-16, New York, NY, empower human-centered data-driven change
(Re)Define B:CIVIC Summit, Oct. 22, virtual, a conference to support CSR professionals as they redefine corporate social responsibility for the next decade
Fortune Global Forum, Oct. 26-27, virtual, CEOs from the world’s biggest companies and economic leaders explore the key issues shaping global business
Accelerating the Purpose Economy, Nov. 4-5, virtual and in-person, New York, NY
Integrate 2020, Nov. 9-11, virtual, address the shift to a balanced stakeholder approach from the shareholder practices of the past 50 years
Bloomberg Sustainable Business Summit, Nov. 30-Dec. 2, New York, NY, brings together business leaders and investors who aim to scale best practices in sustainable business and finance
SB Long Beach: We Are Regeneration, Nov. 30-Dec. 3, Long Beach, CA, a global community of change-makers share the latest developments in purpose-led brands and sustainable business
Sustainatopia, Dec. 15-16, virtual and in-person, Los Angeles, CA