CONCLUSION: THE IMPERATIVE TO ACT

“Engaging young people will help you see where the future wants to go.”

– Zita Cobb, Canadian businessperson and social entrepreneur

Canadians are concerned about inequalities, climate change, and inequities.36 As a result, more and more Canadians, especially younger generations, are living their values in their choices of who to work for, who to purchase from, who to invest in, and who to vote for.

Consequently, it is in the self-interest of Canadian business leaders to join the conversation and act, so their organizations are linking profit with purpose by generating and sharing value with stakeholders as a means to address the challenges of the day.

Fortunately, if there is a piece of positive news to take from the views of the Survey Participants in this report, it is that the Canadian business community is not only aware of the challenges of climate change, inequalities, and inequities, but the majority of them are also actively trying to figure out how to adapt their respective businesses with an eye to playing a larger role in overcoming these challenges.

With that said, most of the interviews for this report were conducted pre-COVID-19 pandemic. Hopefully, the resolve of the business community in Canada to help address these challenges will not only remain post-pandemic but will be enhanced. With an increased economic focus as countries emerge from COVID-19, the temptation to revert to the old roles and responsibilities of the business community will be strong.

If there is a prolonged economic slowdown and/or recession post-pandemic, there will be pressure on businesses to concentrate on withstanding the ‘storm’ by focusing on the traditional role of business in society: creating jobs, providing investment, driving innovation, creating products and services, and paying taxes to governments. This has the potential to divert the business community’s attention away from the fight against climate change, the rampant inequalities and inequities that must be addressed, the strained social fabric in our societies, and Indigenous reconciliation. If businesses were to ignore the calls to step up on these societal challenges, they risk further straining the relationship between society and business as was experienced after the financial crisis of 2008.

Moreover, there will be a temptation for Canada to withdraw from supporting international efforts to address these challenges which will further erode Canada’s global influence.

To sum it up: there is an imperative to act. There will still be an imperative to act post-pandemic.