Prosperity with a purpose (exploring the ethics of affluence)

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There is a social gradient in health: the lower an individual’s socioeconomic position, as defined by their job, qualifications, income, wealth, and where they live, the worse their health. It has been estimated that, between 1 January 2003 and 31 December 2018, over a third of deaths in England were attributable to socioeconomic inequality. Such avoidable inequalities are unjust, and there is both a moral and economic argument for acting at scale to reduce health inequalities. Consult with citizens and communities – adopt a participatory approach through capturing local citizen and community insights. More commonly referred to as impact investing, the idea is that investments can be made into companies to generate a measurable social or environmental benefit, alongside a financial return. Impact investing is gaining traction but monitoring and measuring impact remains a challenge. An inclusive and sustainable economic approach requires universal action that is proportionately targeted towards the most disadvantaged. Such efforts will help reduce the gap between and within regions, help those population groups that are furthest away from the job market into employment, and contribute to lifting 13.5 million people in the UK out of poverty, 7.4 million (55 percent) of which are in working families. Inclusive and sustainable economies can support COVID-19 recovery

propose an inclusive and sustainable economies framework and data catalogue to support local areas to get started on, or continue to take action on this agenda As the year unfolded, the world saw an estimated 1.4 million children striking globally in March, and in April Mark Carney, Governor of the Bank of England, wrote an open letter on climate related-financial risks. Most recently, The Guardian has replaced ‘climate change’ with ‘climate emergency, crisis or breakdown’ and ‘global heating’ in place of ‘global warming’. The inner red circle of the framework shows the 3 domains of an inclusive and sustainable economic approach, which requires action on the social, economic and environmental determinants of health.

"Prosperity With A Purpose"

It has become increasingly clear that COVID-19 has had a disproportionate impact on many who already face disadvantage and discrimination. A review of the disparities in risk and outcomes from COVID-19 by Public Health England (PHE) found that its impact has replicated existing inequalities and, in some cases, has increased them. Figure 1. Framework to support planning and action on inclusive and sustainable economies. Taking a 6-step approach to using the inclusive and sustainable economies framework and data catalogue The indirect impacts of the mitigation measures put in place by the government to reduce the spread of COVID-19 have disproportionately affected those most vulnerable in society. For example, school closures led to a generation of children losing out on months of education, with children from more deprived households having been left at a greater disadvantage to continue their learning from home. The world is listening, but on an individual level understanding what one can do is often overwhelming, particularly in the sphere of investing. Money can be invested so that it makes a difference, but navigating the jargon is confusing. Having a community around you during times of tragedy is an absolute essential ingredient to getting well.

Building inclusive and sustainable economies requires collaboration between a wide range of place-based organisations including local and combined authorities, local enterprise partnerships, sustainability and transformation partnerships and integrated care systems, schools, colleges and academic institutions, voluntary and community sector organisations, social enterprises and local businesses. This report focuses on action at the local and regional level, supporting place-based approaches to establishing inclusive and sustainable economic development. A framework for an inclusive and sustainable economies approach It is worth noting that the companies in the WHEB portfolio do use energy and produce GHG emissions themselves. This includes the direct production of emissions from their own operations (Scope 1 emissions) as well as emissions related to their use of electricity that has been generated through the burning of fossil fuels (Scope 2 emissions). Focusing purely on these operational greenhouse gas emissions, the strategy still compares favourably against the benchmark (see graph below). Prioritise areas for action – prioritise areas for action based on the above considerations ensuring that effort is targeted towards the areas of greatest need.Secondly, the strategy is also invested in companies that are generally more carbon efficient than their peers within their sector. This is particularly true in the materials and utilities sectors with companies like DSM and Smurfit Kappa reporting significantly lower CO2e emissions than the materials sector average. 8 Leverage local policy and financial levers to better involve health and care organisations in the development and delivery of local industrial strategies.