New partners join the largest public-private coalition to fight against social inequalities
The B4IG platform welcomed five new members: Caisse des Dépôts, Michelin, Panera Bread, Prêt-a-Manger and UniCredit, and a new philanthropic partner in the Rockefeller Foundation. The B4IG coalition is the first public-private initiative of its kind. It gathers 40 members investing a combined total of USD 1.4 billion in more than 70 inclusive growth initiatives, benefiting more than 100 million people to date. The OECD, the multilateral organization that developed the conceptual framework for B4IG based on its extensive work against inequalities, is providing the analytical arm and the measuring mechanism to ensure impact from the actions of B4IG, as well as the links to policies in member and partner countries.
B4IG's Inclusive Growth Financing Forum kicks off at the Paris Peace Forum
On the 12th of November, at the 2019 Paris Peace Forum, French President Emmanuel Macron welcomed the Inclusive Growth Financing Forum (IGFF), which will seek to leverage the fast-growing impact investing market estimated at USD 502 billion in 2019 by reviewing different mechanisms and funding sources for financing of inclusive growth projects.
Also at the Paris Peace Forum, two of the numerous active B4IG projects were presented to President Macron. The "Better life for refugees" initiative, led by IKEA along with UNHCR aims to prepare refugees for employment to enable them to build a new life and contribute fully to the community and local economy (90 IKEA stores in 11 countries participated by end of 2018). "L'Ascenseur Partnership", presented by BNP Paribas and Article 1 Association, has developed a physical space in Paris fostering equality of opportunity by hosting the services of 20 youth associations and social businesses to address employment barriers for underprivileged young people.
Emmanuel Faber, Danone Chairman and CEO, Chair of the B4IG Board, said: "This first board meeting was a foundation step for B4IG: the level of engagement and eagerness of over 40 business leaders, philanthropies and high-level stakeholders to join efforts and expertise with governments to tackle inequalities is very unique. We have now approved a common roadmap to work closely together to deliver our pledge. We are ready to take action to develop and accelerate micro-level business solutions to serve macro-economic models and policies for inclusive growth."
Gabriela Ramos, OECD Chief of Staff, G7/20 Sherpa and leader of the OECD Inclusive Growth Initiative, said: "Widespread inequalities hurt working families, communities, and entire economies. Businesses and international organisations have major roles to play in fighting back and joining in their efforts for a better life. This is the core of the B4IG and the OECD is proud to be at its origin. With sound policy advice and a commitment to deliver change, the B4IG can put solutions on the ground to improve lives all over the world."
Business for Inclusive Growth (B4IG) is a global coalition, powered by the OECD, which aims to pool and strengthen efforts by private companies to reduce inequalities linked to opportunity, gender and territories, and to build greater synergies with government-led efforts. Current members include: Accenture, AXA, BASF, BNP Paribas, Groupe BPCE, Caisse des Dépôts, CareCentrix, Cogeco, Crédit Agricole, Danone, Edelman, Engie, GINgroup, Goldman Sachs, Henkel, Ingka Group | IKEA Retail business, JPMorgan Chase, JAB, Keurig Dr Pepper, Panera Bread, Prêt à Manger, Johnson & Johnson, Kering, Legal & General, L'Oréal, Mars Incorporated, Michelin, Groupe Renault, Ricoh, Schneider Electric, Sodexo, Suez, TIAA, UniCredit, Unilever, Veolia, Virgin and Ylva.