Prosperity with a purpose (exploring the ethics of affluence)

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Prosperity with a purpose (exploring the ethics of affluence)

Prosperity with a purpose (exploring the ethics of affluence)

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Secondly, the strategy is also invested in companies that are generally more carbon efficient than their peers within their sector. This is particularly true in the materials and utilities sectors with companies like DSM and Smurfit Kappa reporting significantly lower CO2e emissions than the materials sector average. 8

There is a social gradient in health: the lower an individual’s socioeconomic position, as defined by their job, qualifications, income, wealth, and where they live, the worse their health. It has been estimated that, between 1 January 2003 and 31 December 2018, over a third of deaths in England were attributable to socioeconomic inequality. Such avoidable inequalities are unjust, and there is both a moral and economic argument for acting at scale to reduce health inequalities. The inner red circle of the framework shows the 3 domains of an inclusive and sustainable economic approach, which requires action on the social, economic and environmental determinants of health.It has become increasingly clear that COVID-19 has had a disproportionate impact on many who already face disadvantage and discrimination. A review of the disparities in risk and outcomes from COVID-19 by Public Health England (PHE) found that its impact has replicated existing inequalities and, in some cases, has increased them. In an absolute sense, however, the WHEB strategy is a minute proportion of the global economy. In 2018, the WHEB strategy represented approximately just one millionth (0.0001%) of global capital markets. As illustrated above, the strategy’s positive contribution is disproportionate in the context of the broader economy. The Institute for Public Policy Research has predicted an increase in unemployment from 3.9% at the beginning of 2020 to 9.8% in 2021. The retail, tourism, entertainment and hospitality sectors have been the most hard-hit by the economic fall-out of COVID-19 – all of which disproportionately employ low-income workers, women, ethnic minority communities and young people. An inclusive and sustainable economy is one that works for everyone, with no one being left behind. It also protects the needs of future generations by ensuring that these can be met within the means of our planet.

Today, climate-related financial risks are firmly on many investors’ agendas. A significant proportion of the WHEB investment strategy is invested in companies, such as IPG Photonics, which manufacture and sell products and services that help to reduce greenhouse gas (GHG) emissions. Seek opportunities to achieve social value to generate the greatest possible social, environmental and economic value from public spending. It is worth noting that the companies in the WHEB portfolio do use energy and produce GHG emissions themselves. This includes the direct production of emissions from their own operations (Scope 1 emissions) as well as emissions related to their use of electricity that has been generated through the burning of fossil fuels (Scope 2 emissions). Focusing purely on these operational greenhouse gas emissions, the strategy still compares favourably against the benchmark (see graph below). The framework shown in Figure 1 has been developed to bring together the aims, domains and sub-domains of inclusive and sustainable economies in one diagram. Support access to fair and good quality employment to drive new business and good quality employment opportunities locally.

The Quality of Life

I believe that we are prosperous when we live beyond ourselves. Prosperity encapsulates all areas of life: from our finances to our marriage; our children; the ability to choose our path; and the freedom from spending our life as a workhorse for someone else's dream. When we live in a prosperous way, it attracts favor. Favor allows us to have a positive impact on our entire social network, which may include a city's poor or a nation's heads of state. As we launch our 5th annual Impact Report Prosperity with Purpose 1, it is clear that every pound counts. Our Impact Calculator 2 now shows the impact of an investment over a one-, two- or three-year horizon, across WHEB’s nine sustainable investment themes. Clearly, a progressive shift of economic activity towards the companies held in WHEB’s investment strategy would help limit greenhouse gas emissions to levels that are consistent with warming of no more than 1.5° Celsius.

Consider the 6-step inclusive and sustainable economies approach to support local whole system planning and action on this agenda. Capitalise on local assets to build community wealth and vice versa: to retain more of the local wealth that they generate and reinvest in community assets that matter to local people.While these numbers seem significant, a critical question is whether these levels of avoided carbon are sufficient to limit global warming to no more than 1.5° Celsius above pre-industrial levels – a level that most scientists consider to be manageable. Promote inclusive labour markets to support those who are typically excluded from the labour market into training, volunteering or employment opportunities. An inclusive and sustainable economic approach requires universal action that is proportionately targeted towards the most disadvantaged. Such efforts will help reduce the gap between and within regions, help those population groups that are furthest away from the job market into employment, and contribute to lifting 13.5 million people in the UK out of poverty, 7.4 million (55 percent) of which are in working families. Inclusive and sustainable economies can support COVID-19 recovery PHE has also developed a range of other useful resources to support action on health inequalities. Those resources that are relevant to this approach are described and signposted to in Appendix 3 of the main document. Recommendations for place-based action The indirect impacts of the mitigation measures put in place by the government to reduce the spread of COVID-19 have disproportionately affected those most vulnerable in society. For example, school closures led to a generation of children losing out on months of education, with children from more deprived households having been left at a greater disadvantage to continue their learning from home.



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