The impact of the extensive development in The Greater Bay Area for Shared Value Practitioners as interpreted from the Outline Development Plan, recently released by the PRC government (with the support of the Hong Kong SAR government), is one of great opportunity.
There are increasing numbers of headlines putting sustainability into the frame for corporates to consider. This assumes that it hadn’t been a part of discussions prior to Davos’ and the launch of Green Finance. This is misleading. The current relevance is actually due to the change to its materiality and the rising risk in doing business.
The world economies are showing signs of slowing and financial markets are correcting on the back of earnings downgrades. If this is a time of retrenchment then it is the time for strategic reevaluation and business transformation.
The UN countries have focused on delivering aid to the third world to help bring economic development and prosperity. What they have also done is to bring financial inclusion so well that many of these countries, particularly Kenya and Vietnam, are now in a position to leapfrog the more traditional, cash-reliant economies. Tens of millions of Asians, Europeans and Americans remain unbanked or underbanked.
There is a common, grass root concern and why we at Shared Value Project Hong Kong (SVPHK) are advocating that big business engage and identify the opportunities. How can I get my company to adopt a shared value business strategy?
During the past month I have listened to the changes being driven in and by the financial markets: Where significant sums of money can be gained or lost. I was reminded that risk is quickly reflected in stock values when contracts are revoked due to a plantation not demonstrating sustainable practices and that the scarcity of natural resources –particularly clean water, has a direct economic impact.
The time is now. Trust of big business is low and social media is very effective at exposing unethical practice. Creating Shared Value may be a business strategy but the dividends are considerable and benefits shared.