שקיפות במדדי קיימות גלובליים והפרדוקס של ה

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1 שקיפות במדדי קיימות גלובליים והפרדוקס של ה Green Economy אורן פרז הפקולטה למשפטים, אוניברסיטת בר אילן 2 ספטמבר

2 ההרצאה מבוססת על המאמר: Perez, Oren, The Green Economy Paradox: A Critical Inquiry into Sustainability Indexes (September 1, 2015). Minnesota Journal of Law, Science & Technology, Forthcoming. Available at SSRN: 2

3 מה החזון שביסוד דיווחי קיימות? לאתגר את התפיסה השמרנית של פיתוח וצמיחה שמבוססת של מדדים כלכליים קלאסיים GDP( - מדינה, רווח חשבונאי חברה( על ידי יצירה של מדדים אלטרנטיביים שמשקפים תפיסות אחרות של רווחה חברתית.)welfare( תפיסות אלה נותנו ביטוי לערכים שאינם מקבלים ביטוי נאות במדדים הקלאסיים כגון שוויון, הגנה על משאבי טבע )מעבר לערך הכלכלי הצר שלהם(, שילוב של אנשים עם מוגבלויות, תרבות, קהילתיות ועוד. השאלה המרכזית: מה נדרש מדיווחי קיימות על מנת לקדם את החזון הזה? 3

4 מטרת ההרצאה: התבוננות על מודל הדיווח הקיים דרך ניתוח ביקורתי של החזון של כלכלה וצמיחה ירוקה ומדדי קיימות גלובליים. הערה: מדדי קיימות כסוג של דיווח )העברת מידע באמצעות דירוג( 4

5 Green Economy & Green Growth חזון אלטרנטיבי? Green growth is the process of making growth processes resource-efficient, cleaner and more resilient without necessarily slowing them [Stéphane Hallegatte et al, 2012] 5

6 Green Economy & Green Growth [2] 'The Future we Want': Rio We consider green economy in the context of sustainable development and poverty eradication as one of the important tools available for achieving sustainable development and that it could provide options for policymaking but should not be a rigid set of rules. We emphasize that it should contribute to eradicating poverty as well as sustained economic growth, enhancing social inclusion, improving human welfare and creating opportunities for employment and decent work for all, while maintaining the healthy functioning of the Earth s ecosystems 6

7 Green Economy and CSR Win-Win argument Porter & Kramer Creating Shared Value thesis (as an alternative to the externalities discourse); corporate social performance (CSP) and corporate financial performance (CFP) as synergetic. 7

8 The illusion of perfect complementarity The win-win thesis conceals the difficult trade-offs that must be addressed if the global society embarks on a genuinely sustainable growth path. What make these trade-offs difficult is both the extent of economic sacrifices that might be needed in order to achieve certain sustainability goals and the deep ideological divide that underlies them. Note about value choice 8

9 Making the illusion explicit (1) RIO+20 disregards the difficult tradeoffs involved in implementing green/sustainability growth policies. Pro-sustainability actions can reduce productivity by causing firms to use more expensive or less productive technologies. Examples: using renewable energy sources, hiring people with disabilities Pro-sustainability actions can result in the early retirement of physical capital, if it is based on polluting or non-sustainable technologies (e.g., a building that is not suited for people with disabilities). 9

10 Making the illusion explicit (2) Although some of these actions may produce benefits that outweigh the costs by increasing the effective quantity of production inputs (e.g., water or energy), other may not have such effects either because their positive effects occur outside the firm, because the costs outweigh the associated benefits, because the benefits will emerge only in the distant future. or because the benefits involve the protection of ecological assets that has no instrumental value for humans (Sasgon Valley?) 10

11 How Far can the CSR Movement Take Us CSR & the illusion of perfect complementarity The constraints of the CSR movement which reflect the logic of modern capitalism - are captured by the distinction between Strategic CSR vis-a-vis Altruistic CSR. 11

12 The Green Economy Paradox manifests itself in Sustainability Indexes DJSI FTSE4GOOD מדד מעלה The Green Economy Paradox manifests itself in the two key questions underlying the operation of sustainability indexes. their capacity to act as instruments of social steering; their strategies of legitimation. 12

13 The Limits of FTSE4Good and DJSI: The Sustainability-Pecuniary Paradox The Tension Generated by Intermixing Financial Tracking and Ordinal Sustainability Ranking The indexes present themselves as being driven by a logic of sustainability and constructed following an evaluation process based on sustainability criteria. But once their composition is determined they are marketed as financial instruments that track the value of the shares of listed firms. The indexes do not provide quantified data on the sustainability performance of listed firms after they join the club. 13

14 Sustainability-Pecuniary Paradox 5-year Performance (EUR) - Total Return (EUR) - FTSE4Good Environmental Leaders Europe 40 Index 14

15 Top 10 Constituents (31 July 2015) - FTSE4Good Environmental Leaders Europe 40 Index Nestle Food Producers Switzerland HSBC Hldgs Banks UK Royal Dutch Shell A Oil & Gas Producers UK Banco Santander Banks Spain GlaxoSmithKline Pharmaceuticals & Biotechnology UK Sanofi Pharmaceuticals & Biotechnology France Vodafone Group Mobile Telecommunications UK Roche Hldgs (GENUS) Pharmaceuticals & Biotechnology Switzerland Novartis (REGD) Pharmaceuticals & Biotechnology Switzerland Bayer AG Chemicals Germany 15

16 What is the problem with the intermixing Financial Tracking and Ordinal Sustainability Ranking Can facilitate greenwash behavior Conveys a problematic signal about value ordering Does not provide room for discussing trade-offs 16

17 What can be done to make sustainability indexes greener? The Intermixing Challenge: Developing New Sustainability Metrics to be published alongside financial metrics E.g., carbon emissions (see, e.g., carbon disclosure project) gender diversity of listed firms corporate boards (see, e.g., 2014 NAFE Top 50 Companies for Executive Women) 17

18 CPLI total carbon emissions per year CPLI - Climate Performance Leadership Index 2014 lists companies around the world that are doing the most to combat climate change Figure 4. CPLI total carbon emissions per year 18

19 2014 NAFE Top 50 Companies for Executive Women NAFE - The National Association for Female Executives: 19

20 More complex dashboard Questions, Issues: The potential trade-offs between profits and sustainability goals (environmental quality or potential improvements to the lives of people with disabilities) can only be appreciated if we establish a more symmetrical informational setting Creating a more balanced informational setting does not solve, however, the decision-making challenge created by conflicts between intrinsic values (the incommensurability dilemma). See: Commission on the Measurement of Economic Performance and Social Performance, Report by the Commission on the Measurement of Economic Performance and Social Performance. 20

21 תובנות לסיכום קיימת סינרגיה בין קיימות להצלחה עסקית אבל דיווחי קיימות צריכים לאפשר להעריך את הtrade-offs - ולאפשר לנו לבחון )לאורך זמן( עד כמה עסקים מחוייבים בפעולות שלהם למימוש תפיסה של קיימות. גם לסינרגיה יש גבולות. תודה... 21

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