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https://www.wsj.com/articles/capitalism-after-the-coronavirus-11593470102?mod=opinion_lead_pos5 Al Gore pimps for responsible capitalism regarding Covid 19. But notice that he entirely fails to even hint at the issues of habitat destruction and factory farming. So much for that idea. "We wrote an op-ed for these pages in 2006 titled “For People and Planet,” in which we argued for a long-term, sustainable, multistakeholder approach to business. We said America’s corporate leaders should put environmental, social and governance factors at the heart of their decision-making. Fourteen years later, the idea has become a proven model for business. The Business Roundtable and the British Academy have both strongly endorsed the multistakeholder approach in the past nine months. Why? Because sustainable capitalism is better suited than business as usual to the challenges we face. Voluminous research has shown conclusively that businesses properly integrating ESG factors into their plans are typically more successful and profitable. As the value of this paradigm becomes widely recognized, investors who fail to take it into account may be at risk of violating their fiduciary duty to their clients. As economies reopen around the country, it is essential that policy makers don’t default to pre-pandemic thinking. Covid-19 with all its unfolding tragedy presents a once-in-a-century obligation to rethink the relationships among business, markets, government and society. What is desperately needed, and what we must deliver, is a sustainable form of capitalism. Investors have a critical role to play. All investments made today must factor in long-term climate and societal implications. Indeed, the shift to a zero-carbon, inclusive business model is already well under way. Entire sectors are beginning to be transformed: energy, agriculture and food, fishing and ocean protection, forestry, architecture and construction, mobility and transport, and other carbon-intensive sectors such as chemicals and heavy manufacturing. We believe this transition will be the most significant change in economic history. The opportunities are ready now. We need to invest in them with the same sense of urgency that people have demanded in mitigating the pandemic. Already, the pandemic has revealed what companies are truly made of. Health-care firms have played vital and visible roles in sequencing the virus, testing, and delivering personal protective equipment. Companies in other sectors have also stepped up by helping restaurants pivot to digital ordering channels or directing small businesses to the financial support they need to get through the crisis. Some companies have responded by adopting a responsible, long-term perspective on this challenge—absorbing costs where necessary to protect their employees. Major food retailers are sharing data, logistics infrastructure and even staff in a huge effort to maintain food security. This unprecedented cooperation is made possible by regulators waiving normal rules on competition. CEOs must put the welfare of their employees first. People shouldn’t have to worry about getting hurt or getting sick when they come to work, and those who are working from home need support too. It goes without saying that those who do get sick will need time to recover and those who lose family members or friends will need space to grieve. African-Americans are suffering from Covid-19 more than any other race, in part because their much higher exposure to air pollution increases the mortality rate from the virus. The mental-health challenges and financial pressures related to the pandemic are also affecting some populations more than others. Companies making cuts in pay or staff numbers should lead from the top. The C-suites should be taking the largest cuts to total compensation, and we are pleased that many companies have adopted this approach. We also ask CEOs to focus on their companies’ long-term strengths. It is far wiser to prioritize capital allocation in ways that will produce results in 2021 or even several years hence, instead of chasing the next quarter’s numbers. For some companies, there may be opportunities to bring forward a long-term project or make a strategic acquisition. Finally, we want CEOs to accelerate their efforts on climate action. For perspective, it is worth recalling the shocking wildfires that have struck Australia, California and the Amazon in recent years. There is an obvious, if uncomfortable, parallel between our still inadequate responses to the tragic suffering of Covid-19 and to the fast-growing consequences of the climate crisis. We ignored the warnings of respected epidemiologists and virologists about the likelihood of a deadly pandemic such as the one we are now struggling to vanquish. Similarly, climate scientists have warned us with ever greater urgency about the consequences of the climate crisis. There is still time to keep temperatures from rising to truly catastrophic levels, but a huge effort is needed to halve global emissions this decade. CEOs should set emissions reduction targets that are aligned with the goals of the Paris Agreement and work closely with their suppliers, customers and peers to help move the dial. We believe the next decade will be the most important in our careers. Business and investors can and must do more. We must build back the economy better, together. That means a resilient, healthy, fair and zero-carbon economy. Our ability to meet the challenges of future pandemics, the climate crisis, and inequality depends on it. Mr. Gore, a former vice president of the United States, is chairman and Mr. Blood is senior partner of Generation Investment Management." -- *“Science and socialism go hand-in-hand.” *Felicity Dowling Check out:https:http://oaklandsocialist.com also on Facebook _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: https://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com