In an era where businesses are increasingly called upon to address their environmental and social impacts, the concept of the polycrisis has emerged as a critical framework. To shed light on this urgent issue, we had a thought-provoking conversation with Business Declares, an organisation advocating for corporate responsibility in the face of these multiple crises.

To help us understand the importance of these issues, Business Declares explains the polycrisis, its far-reaching consequences, and the important role businesses must play. They explore why companies need to take action, the barriers preventing widespread corporate commitments, and the first steps businesses can take to embrace sustainability and social justice.

What is the polycrisis? How are the elements that make up the polycrisis connected?

The polycrisis can be defined across three different crises in the following:

• Climate – global warming of both atmosphere, land and sea.
• Nature/biodiversity – biodiversity loss and damage to the natural environment in its broadest form.
• Social/racial justice – including aspects such as human rights, gender equity, anti-racism, LGBTQ+, disability (visible and invisible), colonialism, peace and a global just transition, food/water/energy security, health and education, air pollution, citizenship, and political engagement.

Our current economic systems prioritise perpetual, broadly defined economic growth, without considering the vital need to protect social justice and the planet on which we all depend to secure a liveable future. The development of the major industrialised nations can now be seen to have been to the detriment of the global majority and our planet. This has resulted in e.g. colonialism, social and racial injustice, exploitative practices such as poor health and safety, rights and remuneration of workers, exploitation and degradation of the fragile, finite, natural ecosystems which are essential for all life of Earth, not just for businesses and economies.

Endless growth has exceeded planetary boundaries, as shown by the warming of the Earth’s atmosphere and rapid decline of vital natural ecosystems across the world. We are now, globally, consuming almost twice the biocapacity of the earth.

Source: Earth Day: The Official Site

Why is it important for organisations to be aware of and acknowledge the polycrisis?

The polycrisis will evolve and the impacts become more extreme, but is happening here and now, and poses both risks and opportunities for businesses. To ensure businesses are able to adapt and thrive amidst the polycrisis, a broad approach to resilience is needed to ensure they can adapt to challenges, get ahead of regulation and prosper. The most important consideration is the impact of their products and services: does the world need what they provide? If not, or not much, then we cannot afford it.

Different stakeholders such as workers, potential employees, clients and suppliers are calling for businesses to ensure it acts in a way that protects and does not harm climate, nature and social justice:

• Businesses need to maximise the social and planetary benefits of their product and/ or service and minimise pollution and resource depletion.
• Businesses should seek to improve the lives of workers and communities, including secure employment, quality education, opportunities for advancement, and a workplace and community in which people can thrive.
• Similarly, businesses should also aim to ensure their operations, stakeholders (including suppliers and clients, products, services, policies and advocacy) are all aligned with their plans to authentically tackle the polycrisis.

What do you think are the most prominent barriers that are preventing business leaders from making commitments in the face of the polycrisis?

• The current economic system rewards short-term financial performance – at best this is a major distraction, but at worst this is exacerbating the polycrisis. Business Declares have explored this issue, with our focus on degrowth/ post-growth and systems change in our work, and will continue to shine a light on how the system needs to change.
• Lack of regulatory change to ensure a level playing field and that businesses benefit from and are rewarded for acting to address the polycrisis within their organisations.

For businesses that are yet to introduce measures to address the polycrisis within their organisation, but want to take their first steps, how do you recommend they start?

• Understand, raise awareness of, and formally speak out about the climate, nature and social crises – emphasise the important dimensions of social/racial justice, nature and biodiversity, the need for resilience and adaptation and systemic change.
• Publish and make publicly available an honest narrative to articulate the worsening of things over recent years and recognise the huge challenges we will face between now and 2030. This narrative should cover both a view of the world and the implications for the business and be understood and accepted by the organisation’s governing board.
• Measure your business’s greenhouse gas emissions, ecological and social impacts.
• Articulate a plan and act to restore, or dramatically reduce impact on, climate, nature and biodiversity, and how your business will consider and positively improve its social impacts. In all these aspects, consider where your business can have the most material impact.
• Execute your transition plan to address the polycrisis in your organisation, and showcase your progress at least annually in the form of, for example, impact/sustainability reports, to illustrate achievements in the likes of emissions reductions, nature restored and projects that have generative positive social impacts.
• Once you are iteratively taking action to address the polycrisis within your organisation, formally advocate for regulatory change, and ensure your advocacy efforts, policies, engagement and any trade associations are positively aligned with tackling (and not worsening) the polycrisis.

Can you provide us with an example of progress made, which provides us with some hope for the future?

There are many examples of progress – most at an initiative level, fewer at an organisational level. Some of the better organisation level examples are found in organisations with ownership structures which remove some of the pressures of the financial system e.g. cooperatives, CICs and also in smaller companies. Large, publicly owned companies are inevitably going to be closer to the economic system in which they have thrived. 

The Wellbeing Farm is a sustainable wedding & events venue and a member of Business Declares in the Events & Hospitality sector. This organisation has viewed all their business activities through the lens of sustainability. From on-site wind-powered renewable energy to becoming one of the first hospitality venues in the UK to become B Corp Certified, The Wellbeing Farm have recognised that sustainability is essential for all aspects of a business.

Business Declares extends an open invitation to the isla community to discuss all and any of these points. They can be contacted via: sambaker@impactstrategy2030.com and vaishnavi@businessdeclares.com.