Business News

The future of water should not start with water

Water as an enabler, not a competitor Driven by escalating competing demands, deteriorating quality (due to pollution), chronic under-investment, and exacerbated by the impacts of climate change, the world’s water resources constitute a system already pushed to the edge. Covid-19 only magnified its vulnerability, inequity, and insufficiency. As the world strives to bounce back from the social and economic toll of the pandemic, both the public and private sector will be forced to make tough decisions in prioritising and allocating resources across competing economic, social, and environmental commitments. Where in the growing line-up of priorities does water now stand? Before or after revitalising jobs, protecting the health of our citizens, promoting social justice, enhancing nature-positive economies, and achieving the Paris Climate Agreement in the “Race to Zero”? The key is not before or after, but “water stands together”. The question is not whether water is more or less important, but how can water be coupled together with other pressing issues to achieve multiple wins? Protecting against future pandemics Covid-19 will not be the last pandemic we face. The importance of water and hand hygiene are now well understood. Our ability to treat viruses however is also being compromised. Antimicrobial-resistance (AMR) – the human rejection of antibiotics – is a fast-growing threat, that diminishes the effectiveness of our healthcare system. Our growing use, direct and indirect consumption, and exposure to antibiotics is causing a rise in AMR. Across the main sources of discharge – hospital and community wastes, agricultural runoff, and by-products from pharmaceutical manufacturing – more and more active substances are finding their way into our aquatic environments without adequate wastewater treatment. Where access to water, sanitation and hygiene facilities is limited, these waterbodies often serve as sources of drinking water or sanitation, leading to a perpetuating cycle. A forthcoming […]

What a difference a year makes in international diplomacy

A year ago, then-US President Donald Trump was obliged to abandon his plans for a G7 summit at the presidential retreat of Camp David outside Washington. Various excuses were advanced by participants, including the inadvisability of travelling across the world in the midst of a pandemic. But in reality few, if any, G7 leaders wanted to associate themselves with Trump in what was hoped would be the last days of an ill-starred presidency. A year later, these same leaders gathered at an English coastal retreat – in the shadow of a persistent COVID-19 pandemic – to celebrate the end of a disruptive chapter in diplomatic history. Relief was palpable in the interactions of representatives of the United States, United Kingdom, France, Germany, Japan, Italy and Canada. America was back, not in its “America First” guise, but as the proclaimed leader of the free world, to use an old-fashioned description. However, in the four years of the Trump presidency, during which Washington effectively abandoned its global leadership role in favour of an inward-looking posture defined by its embrace of an America First doctrine, the world had changed, and shifted dramatically. In 2016, the final year of the Obama administration, the G7 summit in Japan focused on the issue of climate in the wake of the Paris Agreement signed in April of that year. Its other priorities were disputes in the South China Sea and, interestingly enough, the need to strengthen a global response to pandemics in light of experiences with the Ebola virus in Africa. That global response has been found to be inadequate. This prompts the question: what notice did global health authorities, principally the World Health Organization, take of the G7’s 2016 communique? Five years later, the challenges identified in the 2016 document have been vastly magnified. This has been brought about by a combination of lack of […]

Seismic climate wins show Big Oil, Gas and Coal are running out of places to hide

Three global fossil fuel giants have just suffered embarrassing rebukes over their inadequate action on climate change. Collectively, the developments show how courts, and frustrated investors, are increasingly willing to force companies to reduce their carbon dioxide pollution quickly. A Dutch court ordered Royal Dutch Shell to slash its greenhouse emissions, and 61% of Chevron shareholders backed a resolution to force that company to do the same. And in an upset at Exxon Mobil, an activist hedge fund won two seats on the company’s board. The string of wins was followed in Australia on Thursday by a court ruling that the federal environment minister, when deciding whether or not to approve a new coal mine, owes a duty of care to young people to avoid causing them personal injury from climate change. The court rulings are particularly significant. Courts have often been reluctant to interfere in what is viewed as an issue best left to policymakers. These recent judgements, and others, suggest courts are more prepared to scrutinise emissions reduction by businesses and – in the case of the Dutch court – order them to do more. Court warns of ‘irreversible consequences’ In a world-first ruling, a Hague court ordered oil and gas giant Shell to reduce CO₂ emissions by 45% by 2030, relative to 2019 levels. The court noted Shell had no emissions-reduction targets to 2030, and its policies to 2050 were “rather intangible, undefined and non-binding”. The case was brought by climate activist and human rights groups. The court found climate change due to CO₂ emissions “has serious and irreversible consequences” and threatened the human “right to life”. It also found Shell was responsible for so-called “Scope 3” emissions generated by its customers and suppliers. The Chevron upset involved an investor revolt. Some 61% of shareholders supported a resolution calling for Chevron to substantially reduce Scope 3 […]

Red Zone

By Peter Hartcher, Political Editor, Sydney Morning Herald How Australia woke up to China’s challenge – and what comes next What does China want from Australia? In this incisive and original book, Peter Hartcher reveals how decades of economic dependence left Australia open to the strategic ambitions of the most successful authoritarian regime in modern history. He shows how ideology, paranoia and Xi Jinping’s personal story have reshaped China, and shines new light on Beijing’s overt and covert campaign for influence – over trade and defence, media and politics. Australia has now woken up to China’s challenge, from passing foreign interference laws to banning Huawei from our 5G network. But at what cost? Will we see a further slump in relations? How best to protect our security, economy and identity? Drawing on interviews with Scott Morrison, Malcolm Turnbull and other key policymakers, as well as leading Sinologists and a rare interview with Australia’s spy chief, Red Zone is a gripping look at China’s power and Australia’s future.

Battle For The Soul

Edward-Isaac Dovere’s, an award-winning political journalist for The Atlantic tells the story of an embattled Democratic party seeking a direction for its future during the Trump years, and how it successfully regained the White House. It is the inside story of how the embattled Democratic party, seeking a direction for its future during the Trump years, successfully regained the White House. The 2020 presidential campaign was a defining moment for America. As Donald Trump and his nativist populism cowed the Republican Party into submission, many Democrats—haunted by Hillary Clinton’s shocking loss in 2016, which led to a four-year-long identity crisis—were convinced he would be unbeatable. Their party and the country, it seemed, might never recover. How, then, did Democrats manage to win the presidency, especially after the longest primary race and the biggest field ever? How did they keep themselves united through an internal struggle between newly empowered progressives and establishment forces—playing out against a pandemic, an economic crisis, and a new racial reckoning? Edward-Isaac Dovere’s Battle for the Soul is the searing, fly-on-the-wall account of the Democrats’ journey through recalibration and rebirth. Dovere traces this process from the early days in the wilderness of the post-Obama era, though the jockeying of potential candidates, to the backroom battles and exhausting campaigns, to the unlikely triumph of the man few expected to win, and through the inauguration and insurrection at the Capitol. Dovere draws on years of on-the-ground reporting and contemporaneous conversations with the key players—whether in Pete Buttigieg’s hotel suite in Des Moines an hour before he won the Iowa caucuses or Joe Biden’s first-ever interview in the Oval Office—as well as aides, advisors, and voters. With unparalleled access and an insider’s command of the campaign, Battle for the Soul offers a compelling look at the policies, politics, people and the often absurd process of running […]

Ways to accelerate grassroots innovation and build a more inclusive future

If there is one thing clear from the past year, it is that consensus building and collective action is required to convert the ideas and innovations of knowledge-rich but economically poor individuals and communities, into viable means of raising income, addressing social needs and conserving the environment. Unless we build on the resources in which poor people are rich, the development process will not be dignified, and a mutually respectful and learning culture will not be reinforced in society and lead to an inclusive future for all. Even with access to the best pool of resources and networks, accelerating grassroots innovation is not a guaranteed smooth-sailing journey. The simple answer is: it is tough. A more objective answer is: it requires a coherent and holistic hand-holding ecosystem to be built around it for sustenance. 1. Crowdsource global innovative ideas to deliver on the SDGs The importance of sustainable solutions came to the forefront in 2020 as communities across the world faced the twin threats of climate change and the Covid-19 pandemic. In 2021, this urgency continues to grow. Innovation and sustainability are inextricably linked at the grassroots level, and we can only be sustainable by generating measurable long-term social and environmental development benefits applicable to local communities. 2. Encourage local governments to become an active stakeholder Around the world, local governments are increasingly tasked with regulating environmental concerns that do not conventionally lie within their purview. In local government policymaking, affected residents are the grassroots. Citizen participation in local government is an effective method to educate citizens about governmental activities and remove barriers to advancing the SDGs. 3. Foster a grassroots community to share research, know-how and talent A basic principle of grassroots innovations is to not depend on external systems and incentives for solving local problems. Whether innovation is […]

Big Little Innovators: How Small, Everyday Innovations Drive Oversized Results

-by Josh Linkner. A surprisingly simple approach to help everyday people become everyday innovators. The pressure to generate big ideas can feel overwhelming. We know that bold innovations are critical in these disruptive and competitive times, but when it comes to breakthrough thinking, we often freeze up. Instead of shooting for a $10-billion payday or a Nobel Prize, the most prolific innovators focus on Big Little Breakthroughs—small creative acts that unlock massive rewards over time. By cultivating daily micro-innovations, individuals and organizations are better equipped to tackle tough challenges and seize transformational opportunities. How did a convicted drug dealer launch and scale a massively successful fitness company? What core mindset drove LEGO to become the largest toy company in the world? How did a Pakistani couple challenge the global athletic shoe industry? What simple habits led Lady Gaga, Banksy, and Lin-Manuel Miranda to their remarkable success? Big Little Breakthroughs isn’t just for propeller-head inventors, fancy-pants CEOs, or hoodie-donning tech billionaires. Rather, it’s a surpassingly simple system to help everyday people become everyday innovators.

The Firm

The Story of McKinsey and Its Secret Influence on American Business by Duff McDonald The story of McKinsey & Co., America’s most influential and controversial business consulting firm, “an up-to-date, full-blown history, told with wit and clarity” (The Wall Street Journal). If you want to be taken seriously, you hire McKinsey & Company. Founded in 1926, McKinsey can lay claim to the following partial list of accomplishments: its consultants have ushered in waves of structural, financial, and technological change to the nation’s best organizations; they remapped the power structure within the White House; they even revolutionised business schools. In The New York Times bestseller The Firm, financial journalist Duff McDonald shows just how, in becoming an indispensable part of decision making at the highest levels, McKinsey has done nothing less than set the course of American capitalism. But he also answers the question that’s on the mind of anyone who has ever heard the word McKinsey: Are they worth it? After all, just as McKinsey can be shown to have helped invent most of the tools of modern management, the company was also involved with a number of striking failures. Its consultants were on the scene when General Motors drove itself into the ground, and they were K-Mart’s advisers when the retailer tumbled into disarray. They played a critical role in building the bomb known as Enron. McDonald is one of the few journalists to have not only parsed the record but also penetrated the culture of McKinsey itself. His access puts him in a unique position to demonstrate when it is worth hiring these gurus—and when they’re full of smoke.

Technologies-of-control-figure The Mirror website

Break up big tech, make it fairer

With billions of people now members of social media networks such as Facebook and the all-pervasiveness of big tech throughout many aspects of our lives, conversations about digital citizenship have never been more important. Seeta Peña Gangadharan writes that despite efforts by the Obama administration in the late 2000s to improve digital citizenship, the US information economy has now become one characterised by surveillance, targeting, nudging, and manipulation so that digital technologies represent a control rather than an opportunity. For people to be able to exercise a right to refuse these technologies, she argues, we need to reinvent what it means to practice civil disobedience in the digital era. Watch Professor Gangadharan’s recent TEDxLondon talk. It’s about time that we renewed a conversation about what it means an active digital citizen in the 21stcentury. The current conditions of our data-driven economy demand that we explore ways to deny technologies the possibility to control us. Unfortunately, Broadband Technology Opportunities Program, which was the Obama Administration’s signature digital inclusion policy effort, marks the last time the US government paid close attention to digital citizenship. Funded by the American Recovery and Reinvestment Act (2009), the program channeled $4.7 billion aimed to drive economic prosperity, drive educational attainment, and create a more inclusive digital citizenry. But the history of the program reveals a cruel irony. While many—myself included—celebrated this policy as a means to meaningful participation in digital society (see here and here for examples), the toxic subprime loan industry and the historic financial crisis—which led to the Recovery Act and subsequent establishment of the Broadband Technology Opportunities Program—provided a clue of what was to come in the country’s next chapter of the information economy: surveillance, targeting, nudging, and manipulation. As I’ve written elsewhere, the toxic subprime financial crisis relied on a thriving network of actors who helped enable demand for an inherently […]

The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy

The leading thinker and most visible public advocate of modern monetary theory — the freshest and most important idea about economics in decades — delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton’s brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximise our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

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