In the bustling world of sustainable development, the term "just transition" has become a buzzword. But what does it truly mean, and why should businesses care? The recent podcast episode featuring Savanna and Joachim from the World Benchmarking Alliance (WBA) sheds light on this intricate concept and provides practical support for business practitioners navigating the challenges of delivering their organisations through a just transition.

If we take no action to address climate change - estimates suggest that it will cost the world’s economy US$178 trillion by 2070. And yet if do manage to move our energy mix to renewables, for us to use electric vehicles and increase the energy efficiency in existing and future buildings – the ILO estimate that over 18 million new jobs could be created. This podcast examines the question - how can businesses ensure that these 18 million new jobs are open and available to everyone who wants one. And ensure whole communities aren’t disadvantaged by the move to a greener economy?

Savanna, part of the research team, highlights the methodology, co-developed with the International Labour Organization (ILO) and other experts, focuses on ensuring a just transition as companies move towards a more sustainable future. The methodology is extensive, touching on stakeholder engagement, planning, job creation, upskilling, social protection, and policy advocacy.

Joachim, the climate policy lead, delves deeper into the practicalities. He emphasizes the importance of companies not only creating green jobs but ensuring these jobs are decent and contribute to the net-zero economy transition.

But why the emphasis on just transition? As Savanna explains, the goal is to ensure that as we transition to a net-zero economy, those affected are not left behind. It's about a human-centered approach, ensuring that all stakeholders are part of the conversation and that the transition is equitable.

This podcast episode, brimming with insights and expertise, is a must-listen for anyone keen to grasp the intricacies of this vital concept. Dive in and discover the future of sustainable business practices.

If you like this, do try:

Building Climate Resilience: Sustainable Homes and Social Impact with Henning and Joyce: https://businessfightspoverty.org/building-climate-resilience-sustainable-homes-and-social-impact-with-henning-and-joyce/

Links:
WBA’s Just Transition Assessment methodology and 6 key indicators : https://www.worldbenchmarkingalliance.org/research/just-transition-launch-of-the-methodology/ 

Just Transition from ILO guidelines https://www.ilo.org/wcmsp5/groups/public/@ed_emp/@emp_ent/documents/publication/wcms_432859.pdf

WBA’s Oil and Gas Benchmark 2023,  https://www.worldbenchmarkingalliance.org/publication/oil-and-gas/Global

Global Deal WBA training Call for fellowships - ITCILO course on mediation and conciliation - OECD (theglobaldeal.com)

WBA Benchmark Scorecard, Climate and Energy: https://www.worldbenchmarkingalliance.org/climate-and-energy-benchmark/

Deloitte (2022), Deloitte research reveals inaction on climate change could cost the world’s economy US$178 trillion by 2070, https://www.deloitte.com/global/en/about/press-room/deloitte-research-reveals-inaction-on-climate-change-could-cost-the-world-economy-us-dollar-178-trillion-by-2070.html

ILO (2018), World Employment and Social Outlook 2018: Greening with jobs: https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/---publ/documents/publication/wcms_628654.pdf

McKinsey (2021), Why women are leaving the mining industry and what mining companies can do about it: https://www.mckinsey.com/industries/metals-and-mining/our-insights/why-women-are-leaving-the-mining-industry-and-what-mining-companies-can-do-about-it#

European Bank for Reconstruction and Development, Just transition, https://www.ebrd.com/what-we-do/just-transition

Business Fights Poverty

A Just Transition: A Deep Dive into Benchmarking Expectations with the WBA

Hello, and welcome to the Business Fights Poverty podcast, where we bring you engaging conversations with social impact trailblazers. Dive into a wealth of insights, diverse perspectives, and valuable advice, all designed to enlighten and inspire. Gain first-hand understanding of how businesses and thought leaders are addressing the world's most pressing social challenges, empowering you to make well-informed decisions and take meaningful action. So, sit back and join us as we explore the frontiers of business-driven social impact.