Time has come for stakeholder capitalism, WBCSD head says

Initiatives

Following last year's regional consultation, the General Assembly of the Business Council for Sustainable Development in Hungary (BCSDH) hosted Peter Bakker, president-CEO of WBCSD, as a guest speaker, who gave a presentation on “Making stakeholder capitalism real and rewarding” to nearly 100 CEOs, according to a press release sent to the Budapest Business Journal.

BCSDH, which now has 102 leading member companies, has defined the goals for 2021 of supporting its members and the business sector to achieve climate-neutral operations, to meet biodiversity restoration objectives, promote inclusion, equality and diversity, and create a corporate culture and way of operating that maximizes respect for business human rights and involves the highest levels of transparency.

“2020 was marked by the dynamic development of BCSDH, and the membership of important financial players continued to increase the strength of the organization. In 2021, we need to find ways to create more resilient, inclusive, and sustainable economic growth. We must step up the fight for climate protection and adaptation, we must achieve carbon neutrality, and we must give priority to creating a net zero-emission economy and a net zero-emission Hungary” - explained Attila Chikán Jr., president of BCSDH.

In light of this, the focus of BCSDH's professional program in 2021 will be the Race to Zero program, the primary goal of which is to facilitate and accelerate the process by which the Hungarian economy can become carbon-neutral by 2050. To facilitate this, BCSDH has established the Net Zero Advisory Board. The aim of the board is to enable wide-ranging cooperation, help coordinate programs, scale up impact, and accelerate the related processes. This can be achieved because the program also includes scientific, regulatory, and economic actors.

“The members of the board are renowned professionals who, through their expertise and recognition in their respective fields, can make a real impact together. This special cross-sectoral partnership aims to give greater impetus to the transition to a carbon-neutral economy by exploiting synergies” - said Irén Márta, director of BCSDH.

“We have less than ten years to get the pathways of transformation on track for a net-zero and nature-positive economy. Moreover, the pandemic and growing social unrest around the world have made it clear that this vision can only be realized if we put people and communities at the center of our thinking and actions. Leaders will be the key differentiators for success or failure” - highlighted Peter Bakker.

To support fundamental system-level transformation, WBCSD will present an updated version of Vision 2050 on March 25 that defines a roadmap for priorities for the next critical decade. In 2020, at the initiation of BCSDH, Hungary was able to host the WBCSD Central and Eastern European Regional Consultation, at which business leaders, regional leaders, and leaders of professional organizations discussed the role of companies in the implementation of Vision 2050. In line with the results of this work, Peter Bakker, president-CEO of the WBCSD, gave a presentation at the organization’s general meeting.

 “Sustainability is no longer an ancillary factor, but it is placed squarely at the heart of meetings with stakeholders. We need to act faster, together, to lead the critical transformations in the coming decade. Business plays a central role in driving and delivering the actions, innovations, products and services that are required to transform our economic systems”- highlighted Peter Bakker.

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