What is the 2050 Vision presented by the World Business Council for Sustainable Development (WBCSD)?
The World Business Council for Sustainable Development (WBCSD) has presented a new Vision 2050. This is a programme of change for a sustainable future. It responds to three key challenges: the climate crisis, biodiversity loss and rising inequalities.
In vision 2050: Time to Transform, the World Business Council for Sustainable Development sets out a common vision for a world in which we can provide decent yet sustainable living conditions for 9 billion people by 2050. To achieve this goal, we need large-scale transformation, and business needs to focus on action in areas where it can best lead systemic change. The COVID-19 pandemic has shown that the world’s most important challenges are interlinked and that our systems are ill-prepared for shocks.
At the heart of the changes, WBCSD places nine transformation paths where business engagement is key.
- energy;
- transport and mobility;
- housing;
- products and materials;
- financial services;
- connectivity;
- health and well-being;
- water and sewerage;
- Food.
Each of them covers ten areas of activity over the coming decade to help companies make transformative changes to their strategies, their day-to-day business, and to increase their positive impact on social issues. The vision and transition pathways are in line with the Sustainable Development Goals (SDGs) and the Paris Agreement.
To move beyond what is known as business as usual and move on to the necessary accelerated transitions, business leaders need to take into account three important aspects. The first concerns reinventing capitalism, i.e. implementing models based on value creation for a wide range of stakeholders. The second is related to building the long-term resilience of economies. Thirdly, leaders need to adopt a regenerative approach, i.e. focus not only on minimising negative impact, but on maximising the positive impact of business. In order for companies to be effective, cooperation with academia, financial institutions, investors, innovators and consumers is also necessary.
The 42 CEOs of the largest global companies that are members of the WBCSD signed up to the proposals in the document. The fore word stresses that it is in the interest of business to contribution to the tasks indicated in „Vision 2050”. The long-term benefits of companies depend on whether companies operate within a thriving and sustainable economy.
The announcement of the new „Vision 2050” is related to the growing demands of the WBCSD on member companies. In October, the Peter Bakker-led organisation announced a set of new criteria that focus on these three key sustainability challenges: the climate crisis, biodiversity loss and growing social inequalities. Furthermore, the WBCSD expects member companies to strive for the highest standards of corporate governance and transparency in order to increase the comparability of ESG data for investors and other stakeholders.
The Responsible Business Forum has been working with the World Business Council for Sustainable Development since May 2009 as part of WBCSD’s Global Network, an alliance of more than 60 leading business organizations. The network, which has about 5,000 companies, combines a shared commitment to sustainability business leadership in their countries and regions.
