Rewiring the Economy

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6 Rewiring the Economy The plan The question is – how do we put these ambitions into practice? Business thrives on a clear long-term plan. To this end we have developed a ten-year plan to empower our network to lay the foundations for a sustainable economy – one that is capable of achieving these ambitions. 5 The plan focuses on creating the enabling conditions for sustainable business: the conditions that, if present, would encourage capital to flow into sustainable business models 6 on the basis of their superior risk and return. The vision of the plan is to lift and ‘tilt’ the playing field for business such that, over time, the economy generates positive outcomes for people within safe environmental boundaries. This is an opportunity for business, government and finance leaders to work together on a common, jointly beneficial agenda. If we succeed, the next decade will lay the foundations for a bright future in which humankind thrives. The process of transformation will require greatly increased levels of ambition, new forms of collaboration and radical innovation to escape the thinking that is holding us back. There will be few instant wins, which is why this plan is set out over ten years, embracing short, medium and longer term actions of a fundamental nature. The plan is built on ten interdependent tasks, delivered by three key groups of leaders: business, government and finance. These tasks are not unique to the plan – work is underway across the world to address these enablers of change, though in many cases it is too fragmented and suboptimal in scale to achieve the desired impact. The plan shows how these tasks can be tackled co-operatively to encourage business practices that deliver the Sustainable Development Goals (see Figure 4). Building a sustainable economy requires the creativity and determination of business, finance and government leaders. Rewiring the Economy calls for a step up in this process. It is a catalyst for change, requiring extensive and diverse collaboration over the next decade to deliver its aims. Clearly these fundamental tasks will need to be sensitive to very different institutional and geographic contexts around the world. It is our ambition to work with leaders across our global network to explore and learn how to achieve this, through our focus areas of leadership development, natural resource security, financial system reform and a just transition to a low carbon economy. Read more about working with CISL on pages 15–16. Beyond our network, we would like the plan to become a strategic compass bearing for business, government and finance leaders, inspiring new collaborations and enabling a fundamental change in how the global economy is harnessed for social and environmental good. This is an opportunity for business, government and finance leaders to work together on a common, jointly beneficial agenda. Rewiring the Economy is a catalyst for change, requiring extensive and diverse collaboration over the next decade to deliver its aims.
Rewiring the Economy 7 Figure 4: Ten tasks for business, government and finance to lay the foundations for a sustainable economy T E N I N T E R C O N N E C T E D TASKS with fiscal policy Drive socially useful innovation Ensure capital acts for the long term Value the true costs of business activities Innovate financial structures Set a bold ambition and innovate 4 5 6 7 Broaden measurement and disclosure externalities 3 8 Correct Grow capability and incentives measures 2 targets and FINANCE 1 GOVERNMENT BUSINESS 9 10 Harness Set the right positive change communications for BASIC NEEDS SOCIAL OUTCOMES Food, water, ENVIRONMENTAL OUTCOMES CLIMATE STABILITY under 2°C shelter, sanitation, temperature rise security and basic to stabilise global freedoms for all HEALTH AND WELLBEING HEALTHY Limit GHG levels RESOURCE ECOSYSTEMS Health, education, justice and equality of opportunity WORK for all DECENT STEWARDSHIP and seas for nature Secure, socially inclusive jobs and working conditions for all Preserve stocks through efficient S I X O U T C O M E S O F A SU STAINABLE ECONOMY of natural resources and circular use Maintain ecologically sound landscapes and people 5 A sustainable economy does not guarantee a sustainable society – factors like basic freedoms and universal healthcare and education lie beyond the control of business. 6 Business models that produce positive social and environmental outcomes alongside financial returns.
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Rewiring the Economy

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