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The Pope is serious.
Capitalism met Catholicism on Tuesday, when some of the world’s greatest business leaders announced a new partnership with Pope Francis.
The alliance, known as the Council for Inclusive Capitalism with the Vatican, aims to create a more inclusive, fair and sustainable economic landscape by making commitments towards sustainable development goals focused on areas such as climate action, peace and justice, quality education and gender equality. .
“An economic system that is fair, trustworthy and capable of addressing the deepest challenges facing humanity and our planet is urgently needed,” Pope Francis said in a statement.
The Council is comprised of 27 core members known as the Guardians of Inclusive Capitalism, representing companies with more than $ 2.1 trillion in market capitalization and 200 million workers.
Members include Bank of America CEO Brian Moynihan, Johnson & Johnson CEO Alex Gorsky, Salesforce CEO and founder Marc Benioff, and Mastercard CEO Ajay Banga. The Guardians will meet annually with Pope Francis and Cardinal Peter Turkson, leader of the Dicastery for the Promotion of Integral Human Development at the Vatican, to pursue their vision and values.
“The fact that different religions need to come together in all matters is just the imperative of the times in our world,” Banga said in the council’s introductory video. “Faith cannot be used to separate us. Faith is destined to unite us. “
The Council’s founding, headed by Inclusive Capital Partners managing partner Lynn Forester de Rothschild, illustrates a collaborative effort of environmental, social and governance-focused practices already occurring in the economic landscape.
Earlier this year, JPMorgan Chase announced that it would commit $ 30 billion to promote racial equality over the next five years, while Apple and Microsoft revealed plans to become carbon neutral and carbon negative, respectively, over the next 10 years.
