Can business be for good? Must it be? With the imperatives of addressing climate change, inequality, sustainability, and the host of challenges we collectively face, and the increasing purchasing and decision-making power of younger generations, Canada’s impact economy is growing. What are the factors driving its expansion? What are the implications for companies? What role are consumers, investors and stakeholders playing? What are the opportunities for established businesses and our start-ups? This Spotlight explores these themes and more.
Key Takeaways & Calls to Action
- Large institutional investors must mobilize the private capital under their control and their capacity for innovation to achieve the SDGs.
- Large businesses and Canadian governments must use the power of procurement to encourage SMEs to adopt sustainable practices throughout their entire supply chain. The government must create sustainable procurement guidelines.
- The Canadian Government must support its social economy by introducing tax credits for impact-first companies and by providing them with early-stage investment.
- Companies are increasingly recognizing the growing importance of ESG factors to investors and the government is catching up. Leadership from the top is crucial for improvements in corporate performance on ESG disclosures and practices.