As our world is rapidly changing, under the coupled effects of global social injustice and incumbent climate change, the younger generations demand a more sustainable future for themselves and for the generations to come.
According to the Deloitte Global Millennial Survey 2020 which explores the views of more than 27.500 millennials and Gen Zs, “millennials will grow to 75% of the workforce by 2025, [and] 77% say their “company”s purpose was part of the reason they chose to work there.” The argument goes that as our current economic system is broken and it does more harm than good to the people and the planet, we need to reimagine a new form of economy and therefore a new way of doing business, using it as a force for good that prioritizes purpose over profit. And that is exactly what the non-profit B Lab has been reimagining and turning into action in the past 14 years.
B Lab is a non-profit founded in 2006 in Berwyn, Pennsylvania, United States on the idea of stakeholder capitalism – challenging American economist Milton Friedman’s definition of only-profit-driven capitalism – that serves a global movement of “people using business as a force for good”.
B Lab’s initiatives include B Corp Certification, for companies that “meet the highest standards of verified, overall social and environmental performance, public transparency and accountability”, administration of the B Impact Management programs and software, and advocacy for governance structures like the benefit corporation.
By building a community of Certified B Corporations – there are now over 3,000 in 71 countries and 150 industries and over 70,000 using the B Impact Assessment- and by raising awareness of stakeholder governance through the benefit corporation legal structure – available in 35 U.S. states as well as in Italy and with bills pending in more than a dozen jurisdictions around the world, B Lab’s vision is of an inclusive, equitable and regenerative economic system for all people and the planet.
Some Certified B Corporation includes Patagonia, Danone North America and Ben&Jerry’s and many large companies are joining the B Corp movement. Danone CEO Emmanuel Faber is a strong advocate for stakeholder capitalism – aiming to turn all of the Danone subsidiaries into B Corps in the next few years – and is showing multinationals the path to a less destructive form of capitalism.
B Lab has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2020, landing at #5 in the Not-for-Profit sector list. In early 2020, B Lab, in partnership with the United Nations Global Compact, developed the SDG Action Manager, a web-based impact management solution, on the same platform of the B Impact Assessment, to enable businesses to work towards the Sustainable Development Goals through 2030. It is informed by the work and feedback of a range of stakeholders, including experts in corporate sustainability, civil society, UN, and academia; and it is inspired by the Certified B Corp community and participating companies of the UN Global Compact. The SDG Action Manager is available in English, French, Italian, Portuguese, and Spanish.
As the network of sustainable businesses grows, B Lab keeps expanding its initiatives to take a more global and inclusive form. Just recently B Lab Global – which includes all the B Lab Global Partners, from Latin America, to Africa, to Asia – launched B Interdependent, “an initiative to support businesses around the world by offering relevant and essential resources, and sharing inspiration and leadership from the B Corp community.”
For information on how to become a B Corp inTurkey go to the site bcorpturkey.org.
Dafne Yeltekin | LinkedIn
Dafne Yeltekin works at B Lab New York City in the Strategic Growth and Partnerships Team and is enrolled at the Master of Science in Environmental Policy and Sustainability Management Program at the Milano School of Policy, Management and Environment, the New School.
