Month: November 2020

JOBS – As ESG considerations become more widely adopted, what’s the realistic impact on current jobs and future job opportunities?

Posted on by Sureita Hockley

You may not control

all the events that

happen to you

but you can decide

not to be reduced

by them

– Maya Angelou

Essentially the debate over how far and how fast we should move toward achieving global sustainability – taking the steps needed to slow down and perhaps even reverse climate change – hinges for many and most passionately on the perception of the impact on JOBS, both current and future.

Although the discussion has been framed as a zero sum or win/lose proposition – expedient to politicians – most experts agree that this is simply a false choice. Progress on green initiatives does not necessarily need to mean a mass loss of current JOBS. We thought it would be important to explore this topic with those closer to the work in this our 7th edition of the Socially Inspired Investor. We will continue the focus on JOBS as well in the upcoming 8th edition since the topic is rich with content and purpose.

As ESG considerations become more widely adopted, what is the realistic impact on current JOBS and future JOB opportunities? Responses from our contributing experts found in the SPOTLIGHT ON section to this question seem to agree that technology and artificial intelligence as well as post-pandemic realities have already begun the transition. 

In the accompanying PODCAST hosted by Pat O’Neill, Peter Lupoff, CEO of Net Impact tells us about how companies are already working to provide a soft landing for many of their workers while redefining the future of work. No doubt you will be surprised at some of the companies in the forefront of taking on this challenge.

Please enjoy this issue and please also pass it along to others who may have an interest in socially responsible investing.

As ESG considerations become more widely adopted what’s the realistic impact on current jobs and future job opportunities?

Posted on by Sureita Hockley

In exploring this question we reached out to leading experts in the ESG investing industry to find out their responses, and this is what we found…

QUESTIONAs ESG considerations become more widely adopted what’s the realistic impact on current jobs and future job opportunities?

ANSWERNimet Vural, Student at Aerospace and Machine Learning Field

ANSWEREnvironmental trends affect the world of work directly, just as the world of work affects the environment. The future of work cannot be conceived as independent of its effects on the natural world. Environmental degradation destroys work opportunities, worsens working conditions and negatively impacts the social fabric of society. So, any efforts to achieve sustainability will entail a structural economic and government policy transformation through global frameworks like the UNSDGs. Such a transformation can also result in millions of jobs through the establishment of sustainable national and regional public policy development.  

QUESTIONAs ESG considerations become more widely adopted what’s the realistic impact on current jobs and future job opportunities?

ANSWERJuan Adorno, MBA, Strategic Partnerships at Mascoma Bank 

ANSWERThroughout my time in the Investments industry from 2011-2019, there was a notable uptick in ESG jobs across mid and large firms, especially throughout the bull markets, as ESG retail capital flows increasingly gained momentum. Any assessment of job markets in 2020 is muddled by the pandemic, but I’ll share that more broadly speaking, the question of the connection between ESG trends and impact on job markets is relative to geography, industry, and other dimensions. As I see it, ESG is a long-term evolutionary trend, slowed by cultural pressures for preservation and conservation, at the expense of innovation: the SEC’s 2020 guidance on ESG in 401(k’s) as a case in point. 

ANSWER(These remarks are solely my own. Not representative on Mascoma Bank or any other affiliated institution or organization) 

QUESTIONAs ESG considerations become more widely adopted what’s the realistic impact on current jobs and future job opportunities?

ANSWERKhyati Thakkar, Senior FP&A Associate, Brookfield Renewable

ANSWERDue to persistent pressure from investors to integrate ESG considerations into an organization’s long-term strategy, firms are increasingly looking to expand the scope of current jobs and future opportunities. Those with passion and a skill set for sustainability will be valued and sought after. I can already see the difference on my current role where with my educational background in finance and sustainability, I have helped build my firm’s ESG policy and the Green Finance Framework in addition to my regular job of portfolio management. 

QUESTIONAs ESG considerations become more widely adopted what’s the realistic impact on current jobs and future job opportunities?

ANSWERCH Herbert Consulting, President

ANSWERThe loss of traditional jobs requires basic changes in economic and governing systems because for the first time in history the middle class must adapt to a technological job market that leaves too many with no work. Huge population sectors will be without work and there will be no cash flow to maintain infrastructure and govern as the civilized world progresses toward Developing country conditions. Corporate and political leadership is entrenched and will not and cannot plan, manage and implement the changes needed. Developing countries mirror the future for all unless the financial sector assumes leadership, describing the problem and what can be done about it.