When it comes to making the transition to a more sustainable economy, investors should play a leading role, said state treasurer Erick Russell At the Dodd Center for Human Rights on February 27, as part of the opening event for a two -day conference organized by the Business and Human Rights initiative in Uconn.
The process of making zero carbon emissions will affect workers and communities the most, said Russell. While companies and investors strive to reduce emissions and stimulate the renewable sector of the economy, they must keep the well-being of employees at the forefront of the process.
“Although we focus on the goal of going to Net Zero, we must remember to go ahead in a way that also protects human rights. Our long -term sustainability objectives cannot leave some people in the process, “said Russell.
Everyone should be included and benefit from sustainable development efforts, he told the public. For example, companies can adopt work on work in a reskilling transition or by recycling their workers to acquire skills for green jobs. Supporting employees by changing a low carbon economy achieves the objective of a just transition – creating a green economy while protecting and respecting workers’ rights.
“As investors, we can play a role in the battle against climate change which can be both vital and transformer,” said Russell. “Capital can feed the transition to renewable energies, revolutionize agriculture and stimulate technological innovation – and each investment decision contributes to this.”
Investors must achieve the direct influence that they have to alleviate climate risks and support the growth of a green economy, said Russell.
“The transition is essential. This is an essential subject for investors and, although we have made progress on this subject, more transparency is certainly necessary, “said Russell.
Russell’s address was followed by a discussion led by the Associate Professor of Business Law Stephen Park and assistant business law professor Rachel roomsThe co -directors of the Business & Human Rights initiative.
“We believe that, as an investment company, companies that manage these long -term challenges will surpass,” said Panelist Mary Beth Gallagher, responsible for assets that invests in public enterprises as director of Domini Impact Investments. “We are fundamentally trying to generate sustainable and fair yields for our shareholders, but we also think that reflection on the management of human rights responsibilities is not really distinct from this, but fundamental and critical for a business that works well.”
Paul Rissman, co-founder of Rights Colab, addressed questions about the investment affair with regard to human rights and climate change.
“You cannot repair the climate without repairing inequalities and human rights. So, first correct inequalities and human rights, and you will then have much easier to repair the climate, “said Rissman.
All levels of government are crucial agents in the execution of a fair transition to a sustainable economy, the panelists said. This was particularly true at the state level, where political decision -makers were active and innovative in the development of laws, policies and practices that seek to solve the roots of the problem.
“I think that hope is that we see many more activities at the municipal level and the state in the process of reaching us at borders,” said Kindra Mohr, associate director at Financial Services and Human Rights at BSR.
After the round table, the moderators opened up to questions, promoting an active discussion between the members of the panel and the public. Students asked questions ranging from the way they could get involved in promoting the simple transition to the way it can be done while protecting workers’ means of subsistence.
“We must find a better way, and I think it is a struggle, but social dialogue or the discourse between the company and the community must be at the heart of this,” said Gallagher.
“”One of the premises of the commercial and human rights initiative is that ethical and socially responsible commercial practices should be informed by human rights, “said Park. “As part of our committed research mission, we have brought together an incredible group of financial professionals, human rights practitioners and university researchers to explore the implications of human rights in the climate transition. Uconn was the ideal place for this convention.
This event was made possible by the Human Affairs and Rights InitiativeA Partnership program between Gladstein Human Rights Institute and Uconn School of Business.