As described in my blog entry February 3rd, I am referring, on a weekly basis, to each of the SDGs: facts, targets, and how could companies be engaged. This week is about SDG#10- Reduce inequality within and among countries.
As referred by the Global goals organisation, “too much of the world’s wealth is held by a very small group of people.This often leads to financial and social discrimination. In order for nations to flourish, equality and prosperity must be available to everyone - regardless of gender, race, religious beliefs or economic status. When every individual is self sufficient, the entire world prospers”.
Businesses can certainly help but this is clearly one SDG where the focus for action lies with Governments and local authorities.
Facts:
The richest 1% of the world’s population now control up to 40% of global assets, while the poorest half owns just one per cent.
Evidence from developing countries shows that children in the poorest 20% of the populations are still up to three times more likely to die before their fifth birthday than children in the richest quintiles.
Social protection has been significantly extended globally, yet persons with disabilities are up to five times more likely than average to incur catastrophic health expenditures.
Despite overall declines in maternal mortality in most developing countries, women in rural areas are still up to three times more likely to die while giving birth than women living in urban centers.
Up to 30% of income inequality is due to inequality within households, including between women and men. Women are also more likely than men to live below 50 per cent of the median income.
Targets: This SDG has 10 targets and they can be found here: https://www.un.org/sustainabledevelopment/inequality/
Companies’ engagement:
Develop products and services tailored for poor customers.
Recruit, train and employ local community members, including those living in poverty, and integrate them in your value chain (as producers, suppliers, distributors).
Invest in business-driven poverty eradication activities (e.g. develop living wage policy).
Companies should engage with governments in a transparent and accountable way, and disclose payments to governments.
Partner with civil society networks to provide education and entrepreneurial skills training.