B20, Business at OECD, and IOE publish a joint paper

B20, Business at OECD, and IOE publish a joint paper: "To deliver the Sustainability Agenda, barriers to liquidity and productivity must be addressed.”

Paris, 6 October 2022— Today, the B20, Business at OECD (BIAC) and the International Organisation of Employers (IOE) are publishing a joint paper on the G20 Sustainability 2030 Agenda from the business perspective. The paper proposes an innovative and inclusive framework, “Sustainable Growth Propeller”, that would enable delivery of environmental projects and maximize social sustainability.

This publication focuses on economic growth, financial stability, and productivity within global and social boundaries. The joint paper calls on governments to support companies’ working capital by removing obstacles and cumulative burdens preventing them from accessing funds, which otherwise would impede the intended growth trajectory.

Commenting on the announcement M. Arsjad Rasjid P. M., Chairman of the Indonesian Chamber of Commerce and Industry (KADIN Indonesia), Host of B20 Indonesia stated that “the B20-Business at OECD and IOE joint paper poses a strategic role to promote inclusivity for both leading companies and MSMEs to contribute on the Sustainability agenda and how to address barriers to enhance businesses participation towards green economy” In addition, Shinta Kamdani, Chair of the B20 Indonesia emphasized “as B20 Indonesia promotes innovative collaborations toward inclusive growth which are feasible to perform and benefit countries regardless their existing level of development, this work is offer a simple, though powerful, enabling mechanism that can allow firms all size and across G20 countries to access and take full advantage of resources committed as part of the Sustainability Agenda while minimizing the burdensome and too often duplicative processes, therefore strengthening firms’ productivity”. Later, Chair of Business at OECD Rick Johnston added, “indeed, resources alone will be ineffective if firms face difficulties in accessing such funds due to high regulatory and transaction costs, long-dated inherent risks, and fragmented ecosystems. Challenges are most palpable for Small and Medium Enterprises who appear to have been left behind in the agenda despite being the largest employer globally.” Roberto Suarez Santos, IOE Secretary-General added, “Improving firms' productivity in delivering the Sustainability Agenda is a perfect case in point for concrete policy intervention to aid economic recovery while fostering progress towards the environmental targets: a win-win opportunity.”

Gianluca Riccio, Vice Chair of Business at OECD Finance Committee, said: “Environmentally-led investments are the ideal opportunity to test innovative ideas to facilitate payments and working capital, making them more efficient throughout value chains, across both borders and sectors, which in turn can act as an enduring flywheel that sparks employment and knowhow, aiding social sustainability: in short, an inclusive and enduring Growth Propeller”.