World Day of Social Justice 20 February

World Day of Social Justice is an international day recognising the need to promote social justice, which includes efforts to tackle issues such as poverty, exclusion, gender inequality, unemployment, and human rights. Social justice makes societies and economies function better and reduces poverty, inequalities, and social tensions. It plays an important role in attaining more inclusive and sustainable socio-economic development paths and is key for reaching the Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development (World Day of Social Justice | United Nations).

The World Economic Forum

The World Economic Forum (WEF) is the International Organisation for Public-Private Cooperation and engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.

The 54th Annual Meeting of the World Economic Forum took place from the 15 – 19 January 2024 and the official theme of Davos this year is “Rebuilding Trust” and foster global solidarity. From artificial intelligence, to climate change and global growth, the forum discussed how cooperation can help make progress on the challenges we face today and into the future.

Global risk analysis by WEF identifies disinformation, extreme weather events and climate change as major threats, further complicated by mounting geopolitical crises.

Four key talking points included:

1. Global cooperation and security – requiring leaders to pull together and tackle climate change, confront disinformation and collaborate on AI governance as well as build pathways to peace amidst existing global conflicts.
2. A new model for growth - consumption, trade patterns, debt were all discussed, with a recent World Economic Forum report calling for a new model of growth that balances productivity with equity and sustainability. Investments in jobs, skills and people were also a key talking point.
3. AI: opportunities and challenges - there were consistent calls, from both the public and private sectors, for governance and regulation. There is an essential need to ensure workforces of the future are prepared and able to take advantage of all that AI offers.
4. Tackling climate change and building new energy systems - The Forum's Global Risks Report 2024 finds that environmental risks make up half of the top 10 risks over the next 10 years (see chart below). Leaders discussed developing a long-term systemic approach to achieve the objectives of a carbon-neutral and nature-positive world by 2050 while providing affordable, secure and inclusive access to energy, food and water. The Forum's community of UpLink innovators is helping to meet global environmental targets - and play a critical role in reviving momentum in the UN Sustainable Development Goals.

Social Justice and Diversity, Equity & Inclusion in the workplace

Diversity, Equity & Inclusion (DEI) has become intrinsic to organisational health in the contemporary business world. This is, in part, driven by wider social forces, which encourage organisations to listen to and empathise with a broader group of stakeholders whose interests they affect, including customers, employees, suppliers, vendors, investors, communities and governments (Five ways to drive social justice in the workplace | World Economic Forum (weforum.org).

Corporate Social Justice imagines a healthier and mutually beneficial relationship between companies and the communities they interact with. Customers, employees, and other stakeholders want companies that see social good as a core mission, not just a marketing strategy (We’re Entering the Age of Corporate Social Justice - hbr.org). Unilever offers a powerful example of this principle in action. One of the organization’s key business imperatives is to help build a fairer and more socially inclusive world. The CEO and leadership team stepped in to craft a plan which will see the organization spend €2 billion annually to boost the representation of suppliers from underrepresented groups and which equips 10 million young people with essential skills to prepare them for jobs by 2030 (Five ways to drive social justice in the workplace | World Economic Forum - weforum.org).

Making Corporate Social Justice a core value of your business:

• Begin with a goal or vision for a more just society.
• Thoughtfully situate your company within the broader ecosystem surrounding that goal.
• Build robust and representative working groups that connect the company with its stakeholders.
• Commit to taking a stance (even if it alienates certain populations of consumers, employees, and corporate partners).
• Regularly evaluate progress.

Social justice is essential in creating a fair and just world for everyone.

Lizzy Turek

Client Research Associate