WEBVTT 1 00:00:00.000 --> 00:00:00.520 ! 2 00:00:09.300 --> 00:00:09.800 Good. 3 00:00:12.220 --> 00:00:15.280 I've actually obtained my own clicker. 4 00:00:15.280 --> 00:00:15.720 Okay. 5 00:00:15.840 --> 00:00:16.780 It's just dropped my iPhone. 6 00:00:17.080 --> 00:00:17.500 Oh great. 7 00:00:17.780 --> 00:00:19.820 So we have that for the rest of the week. 8 00:00:19.920 --> 00:00:20.420 Great. 9 00:00:20.420 --> 00:00:21.920 And that's what Caroline's got. 10 00:00:22.160 --> 00:00:22.540 Yes. 11 00:00:22.560 --> 00:00:22.840 Great. 12 00:00:22.980 --> 00:00:24.480 Yes, I have the clicker. 13 00:00:24.480 --> 00:00:25.640 Thank you so much. 14 00:00:25.720 --> 00:00:26.440 You're so welcome. 15 00:00:26.720 --> 00:00:27.620 No worries. 16 00:00:31.160 --> 00:00:32.340 So I'll give you a- 17 00:00:32.340 --> 00:00:33.920 So we're doing Welcome to Country after every session? 18 00:00:34.160 --> 00:00:35.180 No, you don't have to. 19 00:00:35.360 --> 00:00:35.900 We've done that. 20 00:00:35.900 --> 00:00:36.440 We don't have enough today? 21 00:00:36.620 --> 00:00:36.960 Yeah. 22 00:00:37.000 --> 00:00:40.140 If you want to, it's just in case there's personal preference, something we like to 23 00:00:40.140 --> 00:00:40.680 do every time. 24 00:00:40.780 --> 00:00:40.980 Okay. 25 00:00:41.160 --> 00:00:43.500 So we'll let Caroline speak for 30 minutes. 26 00:00:43.520 --> 00:00:48.380 If we're like getting into 14, you know, I mean you've got your time on you. 27 00:00:48.500 --> 00:00:48.780 Yeah, yeah, yeah. 28 00:00:48.780 --> 00:00:51.280 But I'll give you a like, yeah, cool. 29 00:00:51.560 --> 00:00:54.940 And then I'll give you a wrap up and I'll just be hanging around there. 30 00:00:55.020 --> 00:00:55.160 Okay. 31 00:00:55.160 --> 00:00:56.600 So if we need to be trying to do that part. 32 00:00:56.720 --> 00:00:57.380 Yeah, 33 00:00:57.620 --> 00:01:00.480 So for that part you want a quarter to two hour and everyone has a clear. 34 00:01:00.580 --> 00:01:01.340 Yes, everybody. 35 00:01:01.580 --> 00:01:02.460 Thank you, amazing. 36 00:01:02.820 --> 00:01:03.180 No. 37 00:01:03.280 --> 00:01:03.660 Brocolite. 38 00:01:05.280 --> 00:01:06.360 Let's go. 39 00:01:06.580 --> 00:01:06.820 Yeah. 40 00:01:29.320 --> 00:01:30.460 It's the one on the screen. 41 00:01:30.540 --> 00:01:31.280 Oh, there we go. 42 00:01:31.560 --> 00:01:32.040 It's good. 43 00:01:32.220 --> 00:01:32.720 All spotted. 44 00:01:39.280 --> 00:01:43.400 If you'd like to take your seats, we will get going in just a minute. 45 00:02:04.280 --> 00:02:06.000 All right, I think we'll keep going. 46 00:02:06.820 --> 00:02:07.840 Good afternoon, everyone. 47 00:02:08.000 --> 00:02:09.180 My name is Brendan Patman. 48 00:02:10.220 --> 00:02:14.880 I will be your emcee for the next hour and a half, I think that's right, hour and a quarter. 49 00:02:15.500 --> 00:02:19.880 If you're here to hear Carolyn Seoh talk about business as a force of good, myth or reality, 50 00:02:20.100 --> 00:02:20.840 you're in the right spot. 51 00:02:22.160 --> 00:02:24.920 If not, you're in for a treat and a surprise. 52 00:02:25.780 --> 00:02:27.600 A little bit of housekeeping and a little bit of a little bit of a little bit of a little 53 00:02:27.620 --> 00:02:51.720 filter 54 00:02:51.720 --> 00:02:53.240 podcasts, so no heckling. 55 00:02:53.620 --> 00:02:55.900 And it's being video recorded by daylight breaks, 56 00:02:56.060 --> 00:02:56.800 so no nudie runs. 57 00:02:57.260 --> 00:02:59.380 So, to our first speaker, 58 00:02:59.620 --> 00:03:01.520 Caroline Sear is Head of Sustainability 59 00:03:01.520 --> 00:03:03.340 for the Family Business Network 60 00:03:03.340 --> 00:03:05.820 International. And you have 61 00:03:05.820 --> 00:03:07.340 a full bio in the 62 00:03:07.340 --> 00:03:09.680 guide, so I'm going to get out of the way. 63 00:03:09.780 --> 00:03:11.460 We're going to hear from Caroline for half an hour, 64 00:03:11.560 --> 00:03:13.660 and then we're going to have a panel to extend 65 00:03:13.660 --> 00:03:15.380 on the topic. Caroline, all yours. 66 00:03:20.580 --> 00:03:22.100 Thank you so much. 67 00:03:23.280 --> 00:03:25.380 It's so awesome to be in Adelaide. 68 00:03:25.420 --> 00:03:27.760 This is my first time here. I'm loving it. 69 00:03:28.220 --> 00:03:29.740 And I just want to thank 70 00:03:29.740 --> 00:03:31.700 everybody for the privilege of being here. 71 00:03:32.700 --> 00:03:33.720 What I do at 72 00:03:33.720 --> 00:03:35.080 Family Business Network International, 73 00:03:35.360 --> 00:03:37.140 I'm a champion, I'm an advocate, 74 00:03:37.740 --> 00:03:38.500 I'm a 75 00:03:39.920 --> 00:03:41.460 connector for value-based 76 00:03:41.460 --> 00:03:42.060 businesses, 77 00:03:43.080 --> 00:03:45.080 for for-profit, non-profit, 78 00:03:45.780 --> 00:03:47.400 partnerships, and just 79 00:03:47.400 --> 00:03:49.460 for organisations who want to 80 00:03:49.460 --> 00:03:51.160 use the power of business to be a 81 00:03:51.160 --> 00:03:53.300 cause for good. And before I start the 82 00:03:53.300 --> 00:03:55.480 presentation, I just thought we could just do 83 00:03:55.480 --> 00:03:57.540 a little quiz, get you a bit 84 00:03:57.540 --> 00:03:59.440 warmed up, and I just want to show 85 00:03:59.440 --> 00:04:01.580 our hands here. What do you think is the country 86 00:04:01.580 --> 00:04:03.000 with the highest bean consumption 87 00:04:03.000 --> 00:04:05.420 per capita? How many of you think it's Argentina? 88 00:04:06.680 --> 00:04:07.320 Hong Kong? 89 00:04:08.960 --> 00:04:09.420 Australia? 90 00:04:11.460 --> 00:04:11.920 Uruguay? 91 00:04:13.180 --> 00:04:13.640 USA? 92 00:04:14.160 --> 00:04:14.620 Singapore? 93 00:04:15.380 --> 00:04:16.900 Some of you are dead, right? 94 00:04:17.100 --> 00:04:19.260 The USA consumes the 95 00:04:19.260 --> 00:04:21.040 most amount of beef, but on 96 00:04:21.040 --> 00:04:23.360 a per capita basis, it's Uruguay. 97 00:04:24.360 --> 00:04:25.000 Which 98 00:04:25.000 --> 00:04:27.020 sort of leapfrogged Australia 99 00:04:27.020 --> 00:04:29.180 and Hong Kong, and 100 00:04:29.180 --> 00:04:31.340 who were in number one in two spots. 101 00:04:31.480 --> 00:04:33.200 I mean, Argentina and Hong Kong were 102 00:04:33.200 --> 00:04:35.200 in number one in two spots 103 00:04:35.200 --> 00:04:37.280 the year before. The world produces 104 00:04:37.280 --> 00:04:39.360 enough beef for 105 00:04:39.360 --> 00:04:41.020 everyone to have about 106 00:04:41.020 --> 00:04:43.380 17.4 pounds, or 107 00:04:43.380 --> 00:04:44.800 8 kilograms, but 108 00:04:44.800 --> 00:04:47.000 in Uruguay, on average, 109 00:04:47.060 --> 00:04:48.940 they eat eight times that amount. 110 00:04:49.280 --> 00:04:50.140 Now, with 111 00:04:51.820 --> 00:04:52.500 affluence, 112 00:04:52.720 --> 00:04:54.020 rising incomes, 113 00:04:54.420 --> 00:04:56.580 beef production and 114 00:04:56.580 --> 00:04:58.280 consumption has risen 115 00:04:59.040 --> 00:05:00.780 stagnantly. And why is 116 00:05:00.780 --> 00:05:02.780 this an issue? Because there are a lot of 117 00:05:02.780 --> 00:05:04.300 environmental and social 118 00:05:04.300 --> 00:05:06.400 challenges that surround 119 00:05:06.400 --> 00:05:08.240 the production of beef. 120 00:05:08.480 --> 00:05:10.800 For example, meat 121 00:05:10.800 --> 00:05:13.140 production, or rather cattle grazing, 122 00:05:13.360 --> 00:05:14.780 is the single most 123 00:05:14.780 --> 00:05:16.400 significant cause 124 00:05:16.400 --> 00:05:18.380 of biodiversity lost. 125 00:05:18.760 --> 00:05:20.640 It uses a large 126 00:05:20.640 --> 00:05:22.620 amount of agricultural land, 127 00:05:22.820 --> 00:05:24.440 a lot of water, contributing 128 00:05:24.440 --> 00:05:26.680 to greenhouse gas emissions, and water 129 00:05:26.680 --> 00:05:28.500 pollution, as you know. So, 130 00:05:28.580 --> 00:05:30.000 say, for example, when 131 00:05:30.000 --> 00:05:32.680 a piece of land has been cleared in 132 00:05:32.680 --> 00:05:34.000 the Amazon for 133 00:05:34.780 --> 00:05:36.480 to produce crops, agricultural 134 00:05:36.480 --> 00:05:38.620 crops for us to consume, actually 135 00:05:38.620 --> 00:05:40.520 only 20% of that land 136 00:05:40.520 --> 00:05:42.460 is used to grow crops that 137 00:05:42.460 --> 00:05:44.760 we can eat. 70% 138 00:05:44.780 --> 00:05:46.480 is used for cattle grazing, 139 00:05:46.720 --> 00:05:48.340 and 10% to 140 00:05:48.340 --> 00:05:50.900 grow food to feed the cattle. 141 00:05:52.420 --> 00:05:53.640 Beef production, 142 00:05:53.940 --> 00:05:55.020 cattle grazing, 143 00:05:55.200 --> 00:05:56.120 takes about 144 00:05:56.780 --> 00:05:58.360 three-fifths of all agricultural 145 00:05:58.360 --> 00:06:00.760 land, but only produces 5% 146 00:06:00.760 --> 00:06:02.600 of the protein that the world needs. 147 00:06:03.400 --> 00:06:04.780 Another statistic 148 00:06:04.780 --> 00:06:06.120 that you might find interesting, 149 00:06:06.480 --> 00:06:08.760 water scarcity is now becoming 150 00:06:08.760 --> 00:06:10.660 a global issue, and 151 00:06:10.660 --> 00:06:12.600 meat production is 152 00:06:12.600 --> 00:06:14.700 particularly water-intensive. 153 00:06:14.780 --> 00:06:16.100 With beef production 154 00:06:16.780 --> 00:06:18.580 topping the list. Question 155 00:06:18.580 --> 00:06:20.360 number two. What do you think is 156 00:06:20.360 --> 00:06:22.020 in common with these two pictures? 157 00:06:22.280 --> 00:06:22.780 Anybody? 158 00:06:28.780 --> 00:06:30.540 Far from being pristine, 159 00:06:30.920 --> 00:06:32.400 the evergreen 160 00:06:32.400 --> 00:06:34.600 that you see here are algae 161 00:06:34.600 --> 00:06:36.200 blooms, which are detrimental 162 00:06:36.780 --> 00:06:38.020 to aquatic life. 163 00:06:39.280 --> 00:06:40.860 Nutrients such as 164 00:06:40.860 --> 00:06:42.800 phosphates and nitrates 165 00:06:42.800 --> 00:06:44.760 from fossil fuels 166 00:06:44.780 --> 00:06:46.980 fertilizers, detergents, 167 00:06:47.040 --> 00:06:48.760 and everyday innocuous 168 00:06:49.600 --> 00:06:50.380 objects, 169 00:06:50.740 --> 00:06:52.460 when they flow into our waters 170 00:06:52.460 --> 00:06:54.200 and streams, they cause this 171 00:06:54.780 --> 00:06:56.760 massive increase in phytoplankton. 172 00:06:57.200 --> 00:06:58.640 And this process 173 00:06:58.640 --> 00:07:00.380 is called eutrophication, 174 00:07:00.620 --> 00:07:02.640 and it results in 175 00:07:02.640 --> 00:07:04.660 water being low, or 176 00:07:04.660 --> 00:07:06.700 severely depleted in 177 00:07:06.700 --> 00:07:08.300 oxygen, causing 178 00:07:08.300 --> 00:07:10.360 many fish and aquatic life 179 00:07:10.360 --> 00:07:12.660 to die. Third question. 180 00:07:13.360 --> 00:07:14.620 In 1990, 181 00:07:14.780 --> 00:07:17.340 around 35% of the world's population 182 00:07:17.340 --> 00:07:18.480 lived on less than 183 00:07:18.480 --> 00:07:20.160 1.9 million per day. This is the 184 00:07:20.160 --> 00:07:21.600 poverty line that the 185 00:07:22.300 --> 00:07:24.680 UN has come up with. By 2010, 186 00:07:24.820 --> 00:07:26.780 this group had increased in size, 187 00:07:29.080 --> 00:07:30.080 halved in size, 188 00:07:32.700 --> 00:07:33.660 stayed the same. 189 00:07:34.480 --> 00:07:36.040 Am I right? Actually, 190 00:07:36.260 --> 00:07:38.520 there is good news here. This is a positive 191 00:07:38.520 --> 00:07:40.660 trend. Since 192 00:07:40.660 --> 00:07:41.460 1990, 193 00:07:41.460 --> 00:07:45.000 the number of people who have been 194 00:07:45.000 --> 00:07:46.580 lifted up in poverty 195 00:07:46.580 --> 00:07:49.180 has been quite significant. 196 00:07:49.420 --> 00:07:51.020 And the number of people in poverty 197 00:07:51.020 --> 00:07:53.240 was about 2 billion in 1990. 198 00:07:53.660 --> 00:07:55.200 It's come down to about 199 00:07:56.900 --> 00:07:58.460 702 million in 2015. 200 00:07:58.940 --> 00:08:00.240 These numbers are from 201 00:08:00.240 --> 00:08:01.020 the World Bank, 202 00:08:01.180 --> 00:08:03.380 but the Brookings Institute 203 00:08:03.380 --> 00:08:05.720 tells us that at November 2017, 204 00:08:06.240 --> 00:08:08.800 there were about 635 million 205 00:08:08.800 --> 00:08:10.160 people that were living in 206 00:08:10.160 --> 00:08:11.440 abject poverty. So, 207 00:08:11.440 --> 00:08:13.300 while there are still millions of 208 00:08:13.300 --> 00:08:15.500 people living in poverty, the good news 209 00:08:15.500 --> 00:08:17.480 is that, as a percentage, 210 00:08:17.740 --> 00:08:18.900 this has come down from about 211 00:08:18.900 --> 00:08:21.280 37% in 212 00:08:21.280 --> 00:08:23.220 1990 to about 213 00:08:23.220 --> 00:08:25.540 20 to about less than 10% 214 00:08:25.540 --> 00:08:26.260 in 2015. 215 00:08:27.840 --> 00:08:29.280 This promising 216 00:08:29.280 --> 00:08:31.280 statistic resulted 217 00:08:31.280 --> 00:08:32.840 in the United Nations 218 00:08:33.440 --> 00:08:35.160 declaring that Millennium Development 219 00:08:35.160 --> 00:08:37.260 Goal No. 1 to half 220 00:08:37.260 --> 00:08:39.420 poverty was achieved 221 00:08:39.420 --> 00:08:41.260 five years ahead 222 00:08:41.440 --> 00:08:42.080 of schedule. 223 00:08:42.520 --> 00:08:45.300 Yes, since the turn of the 224 00:08:45.300 --> 00:08:47.180 century, a billion people 225 00:08:47.180 --> 00:08:48.660 have been lifted out of poverty, 226 00:08:49.040 --> 00:08:50.880 malnutrition has halved, 227 00:08:51.020 --> 00:08:53.480 more girls than ever are going to school, 228 00:08:53.640 --> 00:08:55.020 and gender disparity 229 00:08:55.020 --> 00:08:56.660 in primary, secondary, 230 00:08:56.980 --> 00:08:59.060 and tertiary education 231 00:08:59.060 --> 00:09:01.300 in emerging markets has disappeared. 232 00:09:02.980 --> 00:09:03.780 Capitalism 233 00:09:03.780 --> 00:09:04.940 has been 234 00:09:04.940 --> 00:09:07.140 a factor in advancing 235 00:09:07.140 --> 00:09:09.100 these Millennium Development Goals 236 00:09:09.100 --> 00:09:11.060 by promoting models of 237 00:09:11.440 --> 00:09:12.800 development rather than models of 238 00:09:12.800 --> 00:09:15.380 dependence, and the role of the private sector 239 00:09:15.380 --> 00:09:17.740 has been acknowledged and applauded. 240 00:09:17.900 --> 00:09:19.320 But even as we 241 00:09:19.320 --> 00:09:21.160 celebrate what is good about 242 00:09:21.160 --> 00:09:23.360 capitalism, we know it has come 243 00:09:23.360 --> 00:09:24.760 at significant cost 244 00:09:25.440 --> 00:09:26.660 to big-to-field organisations, 245 00:09:28.000 --> 00:09:29.320 unsustainable levels of 246 00:09:29.320 --> 00:09:31.100 debt, loss of biodiversity, 247 00:09:31.720 --> 00:09:33.000 and just too many people 248 00:09:33.000 --> 00:09:33.700 left behind. 249 00:09:34.520 --> 00:09:37.360 And we all know about the environmental 250 00:09:37.360 --> 00:09:39.100 impact. We currently 251 00:09:39.100 --> 00:09:41.000 consume the resources 252 00:09:41.440 --> 00:09:43.400 of 1.6 times 253 00:09:43.400 --> 00:09:44.640 planet Earth, 254 00:09:44.820 --> 00:09:47.200 and scientists tell us that last year 255 00:09:47.200 --> 00:09:48.980 was the hottest year on record. 256 00:09:50.020 --> 00:09:51.620 Earth Overshoot Day 257 00:09:51.620 --> 00:09:53.120 marks the date on the 258 00:09:53.120 --> 00:09:54.760 calendar year where 259 00:09:55.440 --> 00:09:57.000 we use up all 260 00:09:57.000 --> 00:09:58.920 our resources for the year. 261 00:09:59.100 --> 00:10:01.180 And we can measure that by 262 00:10:01.180 --> 00:10:02.920 comparing humanity's footprint 263 00:10:03.440 --> 00:10:05.100 in terms of overfishing, 264 00:10:05.340 --> 00:10:06.940 overharvesting the amount of 265 00:10:06.940 --> 00:10:08.660 greenhouse gases we emit, 266 00:10:10.160 --> 00:10:11.340 with the ability 267 00:10:11.440 --> 00:10:13.440 of Mother Earth to regenerate 268 00:10:13.440 --> 00:10:15.060 those resources and absorb 269 00:10:15.060 --> 00:10:16.400 the carbon that's being emitted. 270 00:10:16.760 --> 00:10:18.420 And we can see that by 271 00:10:18.420 --> 00:10:20.960 last year, we had used up 272 00:10:20.960 --> 00:10:23.260 our quota, we had fallen into 273 00:10:23.260 --> 00:10:25.660 ecological debt by August 2nd. 274 00:10:26.000 --> 00:10:27.200 We are borrowing 275 00:10:27.200 --> 00:10:29.100 from our children, we are borrowing 276 00:10:29.100 --> 00:10:30.420 from our children's children. 277 00:10:31.280 --> 00:10:32.920 There's an environmental cost, 278 00:10:33.120 --> 00:10:34.240 there's a social cost. 279 00:10:35.600 --> 00:10:37.360 In 2010, Oxfam 280 00:10:37.360 --> 00:10:39.560 told us that just 300 people 281 00:10:39.560 --> 00:10:41.160 had the same wealth as half 282 00:10:41.440 --> 00:10:43.660 the world. What an appalling 283 00:10:43.660 --> 00:10:45.480 statistic. And even 284 00:10:45.480 --> 00:10:47.180 as we looked at the numbers, that 285 00:10:47.180 --> 00:10:49.400 300 just became the number that 286 00:10:49.400 --> 00:10:51.220 fit on that board by 2040. 287 00:10:51.540 --> 00:10:53.460 Just 85 people had the same 288 00:10:53.460 --> 00:10:54.720 wealth as half the world. 289 00:10:54.920 --> 00:10:57.160 In 2016, the 85 290 00:10:57.160 --> 00:10:58.320 became 62. 291 00:10:58.800 --> 00:11:00.960 So few they could fit on that plane 292 00:11:00.960 --> 00:11:03.300 with room to spare. And last 293 00:11:03.300 --> 00:11:05.140 year at Davos, Oxfam 294 00:11:05.140 --> 00:11:07.400 told us that just 8 billionaires 295 00:11:07.400 --> 00:11:08.720 now own the same wealth. 296 00:11:08.920 --> 00:11:10.820 Of course these numbers are controversial. 297 00:11:11.440 --> 00:11:12.720 But what is not controversial, 298 00:11:13.120 --> 00:11:14.940 what is clear, is that there's 299 00:11:14.940 --> 00:11:16.240 widening income inequality. 300 00:11:17.300 --> 00:11:19.360 And that is perhaps one of 301 00:11:19.360 --> 00:11:21.060 our biggest threats to social 302 00:11:21.060 --> 00:11:23.460 stability. Because any system 303 00:11:23.460 --> 00:11:25.360 that excludes large numbers 304 00:11:25.360 --> 00:11:26.960 of people from participating 305 00:11:26.960 --> 00:11:29.480 or excludes 306 00:11:29.480 --> 00:11:30.200 them altogether, 307 00:11:30.620 --> 00:11:32.520 is not going to be acceptable. 308 00:11:32.820 --> 00:11:35.200 And the rise of populism is but one 309 00:11:35.200 --> 00:11:37.500 example. Prosperity 310 00:11:37.500 --> 00:11:39.020 for the few founded 311 00:11:39.020 --> 00:11:41.140 on widespread 312 00:11:41.440 --> 00:11:42.880 ecological disasters, 313 00:11:43.540 --> 00:11:44.540 social injustice, 314 00:11:44.860 --> 00:11:47.200 is no foundation for a civilised 315 00:11:47.200 --> 00:11:49.440 society. The sustainable 316 00:11:49.440 --> 00:11:50.980 development world has been 317 00:11:50.980 --> 00:11:53.120 warning about this for 318 00:11:53.120 --> 00:11:55.580 years. And if there's 319 00:11:55.580 --> 00:11:57.220 any silver lining 320 00:11:57.220 --> 00:11:59.360 to Brexit and the 321 00:11:59.360 --> 00:12:01.360 outcome of that 2016 American 322 00:12:01.360 --> 00:12:03.140 election, is that more people 323 00:12:03.140 --> 00:12:05.280 are now sounding the alarm. It's not 324 00:12:05.280 --> 00:12:07.460 just your environmentalists, 325 00:12:07.560 --> 00:12:09.220 it's not just your human rights activists, 326 00:12:09.560 --> 00:12:11.040 it's not just your idealistic 327 00:12:11.440 --> 00:12:13.360 people, it's also people like 328 00:12:13.360 --> 00:12:14.840 Hungarian-born 329 00:12:15.440 --> 00:12:16.620 financier George Soros, 330 00:12:16.660 --> 00:12:19.220 who are telling us that people 331 00:12:19.220 --> 00:12:20.780 are beginning to feel 332 00:12:21.660 --> 00:12:23.160 disenchanted, they are losing 333 00:12:23.160 --> 00:12:25.240 hope, as they feel that the elites 334 00:12:25.240 --> 00:12:26.720 are stealing their democracy. 335 00:12:27.280 --> 00:12:29.160 And so here civil society 336 00:12:29.160 --> 00:12:31.300 goes urging governments to 337 00:12:31.300 --> 00:12:33.640 do more, to redistribute 338 00:12:33.640 --> 00:12:35.620 resources, to regenerate 339 00:12:35.620 --> 00:12:37.480 careers, so that no one 340 00:12:37.480 --> 00:12:39.320 is left behind. But we 341 00:12:39.320 --> 00:12:40.900 know that it's not sufficient, 342 00:12:41.440 --> 00:12:43.460 for civil society to cry out 343 00:12:43.460 --> 00:12:45.420 and for governments to act. 344 00:12:45.560 --> 00:12:47.420 You must act the voice 345 00:12:47.420 --> 00:12:48.020 of business. 346 00:12:49.940 --> 00:12:51.360 Last night at 347 00:12:51.360 --> 00:12:53.100 the keynote, 348 00:12:53.320 --> 00:12:55.160 some of us were very privileged to listen 349 00:12:55.160 --> 00:12:57.120 to Robin Archer, and she talked 350 00:12:57.120 --> 00:12:59.140 and she urged us to rethink 351 00:12:59.840 --> 00:13:01.020 concepts like 352 00:13:01.020 --> 00:13:03.260 democracy and freedom, jobs 353 00:13:03.260 --> 00:13:05.180 and growth. And we need to 354 00:13:05.180 --> 00:13:07.360 ask ourselves, why are 355 00:13:07.360 --> 00:13:08.820 we all so excited 356 00:13:08.820 --> 00:13:11.340 on GDP, on 357 00:13:11.440 --> 00:13:12.360 growth? 358 00:13:12.800 --> 00:13:14.940 After all, what does it really measure? 359 00:13:15.180 --> 00:13:17.440 As Bobby Kennedy famously 360 00:13:17.440 --> 00:13:19.260 once said, GDP 361 00:13:19.260 --> 00:13:20.920 measures, and it counts, 362 00:13:20.940 --> 00:13:23.100 the special locks for our dogs, 363 00:13:23.280 --> 00:13:25.380 and the jails for people who break them. 364 00:13:25.580 --> 00:13:27.080 It counts the destruction 365 00:13:27.080 --> 00:13:29.200 of our forests, and the loss of our 366 00:13:29.200 --> 00:13:31.020 natural wonders. It counts 367 00:13:31.020 --> 00:13:33.360 nuclear warheads and armoured 368 00:13:33.360 --> 00:13:35.380 cars who quell riots 369 00:13:35.380 --> 00:13:37.000 in our streets. It counts 370 00:13:37.000 --> 00:13:39.480 television programmes that glorify 371 00:13:39.480 --> 00:13:41.300 violence, so that we can sell 372 00:13:41.440 --> 00:13:43.300 guns to our children. But it 373 00:13:43.300 --> 00:13:45.440 does not count the health of our children, 374 00:13:45.600 --> 00:13:47.200 the joy of their play, 375 00:13:47.260 --> 00:13:49.280 the quality of their education. It does 376 00:13:49.280 --> 00:13:51.220 not measure beauty and poetry, 377 00:13:51.420 --> 00:13:53.200 the strength of our marriages, the 378 00:13:53.200 --> 00:13:54.980 intelligence of our public discourse. 379 00:13:55.500 --> 00:13:57.380 GDP measures neither 380 00:13:57.380 --> 00:13:59.420 wit nor courage, wisdom 381 00:13:59.420 --> 00:14:01.340 nor learning, devotion 382 00:14:01.340 --> 00:14:02.980 or compassion. In short, 383 00:14:03.140 --> 00:14:04.760 GDP measures everything 384 00:14:04.760 --> 00:14:06.820 but what makes life worthwhile. 385 00:14:12.680 --> 00:14:14.580 And we need to also ask, 386 00:14:14.760 --> 00:14:17.200 is infinite growth even possible? 387 00:14:21.580 --> 00:14:23.340 From birth to puberty, 388 00:14:23.600 --> 00:14:25.540 a hamster doubles its weight 389 00:14:25.540 --> 00:14:26.500 each week. 390 00:14:28.620 --> 00:14:30.100 If it didn't stop 391 00:14:30.100 --> 00:14:30.880 when mature, 392 00:14:31.160 --> 00:14:32.460 as animals do, 393 00:14:32.660 --> 00:14:34.360 and continue to double 394 00:14:34.360 --> 00:14:36.140 on its first birthday, 395 00:14:36.260 --> 00:14:37.440 we would be staring 396 00:14:37.440 --> 00:14:39.520 at a nine billion 397 00:14:39.520 --> 00:14:41.120 tonne hamster. 398 00:14:41.200 --> 00:14:41.420 The world is a 399 00:14:41.440 --> 00:14:42.740 hamster. 400 00:14:42.740 --> 00:14:44.180 This hamster could eat 401 00:14:44.180 --> 00:14:46.600