FOR BUSINESS ARE CHANGING.
Why Buy For-Benefit?
To succeed in the next decade, global companies must become able to prioritize purpose and adopt practices that substantially mitigate the social, environmental, and economic risks and impacts in their value chains.
The rules for business are changing rapidly. Leading any organization today is more complex and uncertain than ever. Corporate managers are increasingly asked to do more than deliver financial results or quality goods and services; they are being tasked with tackling massive environmental and societal challenges, operationalizing purpose, and meeting the demands of multiple stakeholders, while navigating an environment of rapid change.
More and more, we are seeing individuals, businesses, and governments calling on each other to make commitments that deliver on real change to create the more just and equitable future that we all envision. We see these calls to action manifest in multiple frameworks and visions, like the UN’s Sustainable Development Goals, the Business Roundtable’s commitment to stakeholder capitalism, and most recently, the World Economic Forum’s Davos Manifesto 2020 on the universal purpose of a company.
One context in which all these demands converge in a monumental way is corporate value chains. From rising inequality to climate change, corporate value chains generate much of the negative social and environmental impacts we face, causing a growing systemic risk to people and the planet.
Global companies (as well as governments, NGOs, IOs and other entities) have a tremendous opportunity to harness their trillions of dollars in purchasing power to amplify the benefits and reduce unintended negative impacts generated throughout their value chains. By augmenting their procurement strategy to help transform the purpose, structure, and practices of the businesses they buy from, they can deliver on the growing imperative for stakeholder capitalism and the SDGs, while continuing to meet the demands of their shareholders.
A Way Forward - the Buy For-Benefit Coalition
A group of leading corporations, networks, NGOs, governments, and institutions are coming together to launch the Buy For-Benefit Coalition, a systemic intervention to support and scale the transition to purpose-driven value chains and unlock trillions in for-benefit procurement preference.
By joining the Buy For-Benefit Coalition, organizations can take a large step toward operationalizing purpose, cleaning up harmful supply chain practices, advancing the 2030 Agenda, and creating benefit for all stakeholders, while providing satisfying long-term profits and viability to shareholders. To help ensure success, Coalition members have access to a collaborative, cross-sector platform for sharing knowledge and best practices, a global community of practice to co-create solutions, access to tools and resources, and a testing ground to pilot efforts and join forces with leading organizations and stakeholders to drive results. Through their participation in the Buy For-Benefit Coalition, members will be empowered to deliver significant impacts on multiple levels.
The Fourth Sector Group and SYSTEMIQ, working in partnership with the World Economic Forum (WEF), International Chamber of Commerce (ICC), and CARE, and with support from the UK’s Department for International Development (DFID), are delighted to announce the launch of the Buy For-Benefit Coalition at the World Economic Forum 2020 Annual Meeting in Davos, Switzerland.