Kick-Off Meeting of the UNIDO Working Group on Shared Value Creation & Social Innovation
On June 18, 2024, the United Nations Industrial Development Organization (UNIDO) held the first meeting of the Working Group on Shared Value Creation & Social Innovation in Vienna. This initiative aims to redefine business roles in tackling social inequalities and enhancing prosperity, particularly in developing countries.
The Steering Committee includes Prof. Dr. Josef Wieland, Director of the Leadership Excellence Institute Zeppelin at Zeppelin University, Dr. Ramona Kordesch from the Development and Climate Alliance in Austria, Prof. Dr. Marc Hübscher of Deloitte GmbH in Hamburg, and Mr. Günther Beger, Managing Director at UNIDO. Prof. Dr. Florentina Paraschiv, chair of Finance at ZU joined the inaugural session as an invited expert.
Aligned with the UN Agenda 2030, this Working Group focuses on creating standards for Shared Value Creation, essential for measuring businesses' contributions to social equality and prosperity. Current impact reporting lacks effectiveness without standardization through shared norms. There is a need to advance existing standards like ESG (Environmental, Social, and Governance) and the EU taxonomy, which should also include processes, governance, and indicators of value creation.
The UNIDO Working Group aims to develop an accounting system based on value-creation logic, surpassing traditional impact-driven standards.
This represents a shift in professionalizing and evaluating corporate social responsibility, benefiting all stakeholders in development cooperation. The Vienna meeting marks the beginning of innovative research and practice in shared value creation and social innovation. The Working Group's outcomes are expected to influence global discussions on sustainable development and corporate responsibility.
The UNIDO Working Group on Shared Value Creation & Social Innovation, guided by experts like Prof. Dr. Josef Wieland, aims to make significant contributions. It will set new benchmarks for how businesses contribute to societal well-being and sustainable development.