As we move into level 3 of the lockdown I have seen the iteration and reiteration of a troubling narrative. This argues that in the pursuit of unfettered capitalism, business wants to reopen the economy despite the concerns of workers and the poor, who would rather remain under lockdown to protect their health. The flaw in this narrative is that it suggests economic wellbeing and our health are two competing goals, where success in one comes at the cost of the other.
This false dichotomy either deliberately ignores the relationship between economic wellbeing and physical wellbeing, or insists that resources must be made available to the millions of needy recipients compliments of a shattered economy.
Of course, the truth is that a well-functioning economy not only supports access to improved nutrition and health care, but also has a direct effect on a range of other key development indicators that are crucial for our collective wellbeing. These are best represented by the 17 sustainable development goals (SDGs) that aim to reduce poverty, decrease inequality, improve quality of life, protect our environment and promote sustainable growth. Right now, these indicators are taking a hammering.
Two weeks ago, the secretary-general of the UN released the 2020 report on progress towards achieving the SDGs. This states that “what began as a health crisis has quickly become the worst human and economic crisis of our lifetimes”.
It explains that progress continued to be made on global poverty, maternal and child mortality, access to electricity and the development of national policies to support sustainable development up until the end of 2019. However, since the start of the pandemic many of these positive gains have been eroded, with the UN estimating that the various national crises could force an additional 130-million people into poverty over the next decade. This year alone will see about 35-million people fall below the extreme poverty line, 56% of whom will be Africans.
Throughout the world, the pandemic is exposing the weaknesses in our health-care systems, economies, governance institutions, supply chains and businesses. Neither the economy nor society can thrive without these things in place. We need healthy, empowered people participating in vibrant sustainable systems if we are to not just recover from the virus, but build back better. We face global challenges in food, health, biodiversity, climate change, poverty and inequality that require innovative private sector solutions to resolve.
For this reason, 2020’s UN Global Compact virtual conference on June 15-16 is going to be of vital importance. This publicly accessible conference is the world’s largest corporate sustainability initiative and is a platform for corporate leaders to evaluate the progress of the private sector towards realising the SDGs.
Businesses that are looking for opportunities to improve their resilience and create new areas of growth would do well to assess the SA implications of the global developments that will come out of the conference. Increasing the scope of value creation by expanding business models to deliver on outcomes that benefit the whole of society will be a key feature of companies that not only survive, but thrive going forward.
At a country level, supporting research for such expanded value creation already exists. GreenCape’s market intelligence reports, published in May, deliver a range of insights that facilitate the development of just such a multifaceted approach. The reports include updated investment opportunities and highlight relevant legislation, potential market barriers and risks in energy services, utility-scale renewable energy, electric vehicles, waste, water and sustainable agriculture across SA.
Smart business leaders are being presented with an opportunity to improve efficiency, drive innovation, increase shared value and improve organisational resilience. The path out of our present malaise will be long and arduous. Let us make sure it leads us in a direction we truly wish to go.
• Maguire holds a master’s degree in global change studies from Wits and has developed green economy solutions for the private sector, NGOs and the state for more than a decade.
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