6. Private sector guidance

It is becoming increasingly apparent that current economic models, based on the idea of ‘take, make, consume, dispose’, and which emphasise profitability and shareholder (as opposed to broader societal) value, are enriching some but ultimately damaging the global commons. Policymakers have a role to play in:

• Cultivating new ways of thinking about the economy, moving towards models that integrate and align economic, environmental and social priorities, respect environmental boundaries and truly promote the physical and mental health and well-being of all.
• Helping to mainstream these new models.
• Considering shorter working weeks to promote ‘work-life’ balance and as a way to distribute societal resources.[2]

• Invest in, finance and subsidise industries, goods and services that protect and restore the environment and promote health and wellbeing, whilst taxing or sanctioning negative externalities. For example:
  • Foster a level playing field between companies, making sure that the externalities are included in the ultimate pricing and that the polluter pays.
  • Subsidise clean technologies, provide tax incentives for companies producing sustainable products/services that have yet to prove economically sustainable.
• Implement regulations that promote sustainability. For example.:
  • Amend anti-trust regulations to enable private companies to collaborate on developing sustainable solutions, for instance allowing for greater exchange on plastics.
  • Ensure public services (schools, hospital, workplace restaurants) include sustainability, health and social standards in their procurement policies.
  • Ban the practice of obsolescence and introduce the ‘right to repair’.

• Provide training and skills in emerging sectors improving health and the environment.
• Develop digital and literacy skills to stimulate equitable green jobs.
• Assist sustainable SMEs, social enterprises and co-operatives to remain financially viable and further promote sustainable practices (for instance by developing a European short food supply chain certification system to help small-scale rural producers earn a fair living).

For example by:

• Mainstreaming common accounting systems that take into account environmental footprint and social costs.
• Adopting more integrated guidelines and standards on sustainability issues, to facilitate consumer understanding and help companies operate across borders (for instance: standardised pan-EU labelling on food, highlighting both health and environmental sustainability aspects).