Webinar: SDG 10
Goal 10 calls for reducing inequalities in income as well as those based on age, sex, disability, race, ethnicity, origin, religion or economic or other status within a country. The Goal also addresses inequalities among countries, including those related to representation, migration and development assistance.
The income inequality has been on the rise, with the richest 10 percent earning up to 40 percent of total global income. The poorest 10 percent earn only between 2 percent and 7 percent of total global income. In developing countries, inequality has increased by 11 percent if we take into account the growth of population.
Income inequality is a global problem that requires global solutions. This involves improving the regulation and monitoring of financial markets and institutions, encouraging development assistance and foreign direct investment to regions where the need is greatest. Facilitating the safe migration and mobility of people is also key to bridging the widening divide.
- Aris Vrettos, Director at Open and International Programmes at Cambridge Institute for Sustainability Leadership (CISL)introduced us to the topic of Income and Wealth inequality in western socities and the role of business and the changing relationship between the two. From the CISL survey among the CEOs and CFOs, the most important issues about sustainability is climate change and good governance. Eventhough we have a big media about inequalities, still inequalities are not something what people connect with sustainability. Statistic shows that 71% of global population income is less than 10$ what is low income, compared to 7% of global population which income is more than 50$, concluding that more than the 2/3 of global population are below 10$ per day. According the Credit Swiss Report 2017 (Global Wealth report), world's half population, or 3.5 billion poorest adults have assets of less than 10.000$, or 68,7% of world’s working age population account for just 2,7 of global wealth (mostly people living in developing world). However, because of urbanization, data shows that levels of inequality today have not been seen for 200 years, not limiting poverty only to developing world, but also to intracountry inequalities. Climate change and economic degradation with declining resources security at the lower end of the population are the trends which will continue to accelerate and create risks for local communities and entire regions with potential for conflict. Also, the impact of 4thindustrial revolution to employment which needs to be well planned from the governments and other actors on society.
- Ruby Sandhu from Human Rights Solicitor RS Collaboration presented and inspired for a topic of business and its impact on human rights. As globalization happens there will be difficult supply chains who are going into new markets and really taking jurisdictional nuances and not taking western legislative standards with them, what presents the key concern addressing sort of modern slavery social inequality, especially important in public procurement. Mrs. Sandhu suggested a solution for reduced inequality especially considering refuges: awareness-building through appropriate mechanisms and portals such as data technology by presenting a cross-border collaboration as important. This approach is important because our world is interlinked and there are no organizations who operate in bubbles or silos, so it is our common responsibility (especially companies) to better understand political and social situation and context.
- Emily Leonard from The Entrepreneurial Refugee Network (TERN) an organization which integrates refugees effectively into local communities, gave in insight of inequalities through social entrepreneurship. According to Compass report, Oxford 2018 there are around 150.000 refugees in the UK population which is increasing by 10.000 per year (which presents natural historical flow not a crisis), also 24% of refugees are unemployed compared to 5% of general population unemployment, 32% have previously owned a business or worked in the family business. Through TERN entrepreneurial support service, refugees get education and support for entrepreneurial and economic opportunities which has shown as successful model of regugee integration into new community.