B4IG coalition members will tackle persistent inequalities of opportunity, reduce regional disparities and fight gender discrimination, writes the OECD.
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.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.”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.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.”.
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