שקיפות במדדי קיימות גלובליים Green Economyוהפרדוקס של ה

אורן פרזאילןבר אוניברסיטת , הפקולטה למשפטים

2015ספטמבר 2

Oren.perez@biu.ac.il

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: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, 2015-2016 Forthcoming. Available at SSRN:

http://ssrn.com/abstract=2653687

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? מה החזון שביסוד דיווחי קיימות

לאתגר את התפיסה השמרנית של פיתוח וצמיחה שמבוססת של מדדים •

על ידי יצירה ( חברה–רווח חשבונאי , מדינה-GDP)כלכליים קלאסיים

של מדדים אלטרנטיביים שמשקפים תפיסות אחרות של רווחה חברתית

(welfare .) תפיסות אלה נותנו ביטוי לערכים שאינם מקבלים ביטוי נאות

מעבר לערך הכלכלי )הגנה על משאבי טבע , במדדים הקלאסיים כגון שוויון

.קהילתיות ועוד, תרבות, שילוב של אנשים עם מוגבלויות, (הצר שלהם

?מה נדרש מדיווחי קיימות על מנת לקדם את החזון הזה: השאלה המרכזית•

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:מטרת ההרצאה

התבוננות על מודל הדיווח הקיים דרך ניתוח ביקורתי של החזון של כלכלה •

.וצמיחה ירוקה ומדדי קיימות גלובליים

(העברת מידע באמצעות דירוג)מדדי קיימות כסוג של דיווח : הערה•

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Green Economy & Green Growth –

?חזון אלטרנטיבי

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Green growth is the process of “making growth processes

resource-efficient, cleaner and more resilient without

necessarily slowing them” [Stéphane Hallegatte et al, 2012]

Green Economy & Green Growth [2]

• 'The Future we Want': Rio+20 2012

• 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

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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.

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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

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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).

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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?)

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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.

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• 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.

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The Green Economy Paradox manifests itself in

Sustainability Indexes

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.

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Sustainability-Pecuniary Paradox

• 5-year Performance (EUR) - Total Return (EUR) - FTSE4Good Environmental Leaders Europe 40 Index

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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

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

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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)

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CPLI total carbon emissions per year

Figure 4. CPLI total carbon emissions per year

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CPLI - Climate Performance

Leadership Index 2014 lists

companies around the world that

are doing the most to combat

climate change

2014 NAFE Top 50 Companies for Executive

Womenhttp://www.workingmother.com/content/data-2014-nafe-top-50-companies-executive-women

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NAFE - The National Association for Female

Executives: http://www.nafe.com

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 onlybe 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, 2009. Report by the Commission on the Measurement of Economic Performance and Social Performance. http://stiglitz-sen-fitoussi.fr/en/index.htm

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תובנות לסיכום

קיימת סינרגיה בין קיימות להצלחה עסקית אבל דיווחי קיימות צריכים עד ( לאורך זמן)ולאפשר לנו לבחון trade-offs-לאפשר להעריך את ה

.כמה עסקים מחוייבים בפעולות שלהם למימוש תפיסה של קיימות

.גם לסינרגיה יש גבולות

...תודה

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