 I'm now very pleased to turn the mic over to my colleague Caroline Fox, who is the network manager of our national network of the STSN USA, and she will walk us through the next session on how businesses are addressing sustainability, happiness, and also COVID-19. Caroline, over to you. Good morning, good afternoon, good evening, good night to everyone joining from around the world. Thank you, Dorothea, for that introduction and hello, my name is Caroline Fox. As Dorothea mentioned, I lead the STSN USA Network at the Sustainable Development Solutions Network. As we begin, I'd like to say hello to continuing viewers and welcome our next panelists and those of you just joining for the first time during this 24 hour webinar event as STSN celebrates the Earth Day's 50th anniversary. I'm pleased to introduce the next session, which will explore world happiness and well-being in the business community. I'm pleased to introduce Sharon Pakalor, who will be moderating the session. Sharon is the manager of special projects for the director at the Center for Sustainable Development overseeing projects, including the World Happiness Report, the Global Happiness Council, Science and Ethics for Happiness, and ethics and action programs for New York City and the Vatican. Sharon, over to you. Good morning, everyone. Happy Earth Day, Sharon Pakalor. Thank you for the wonderful introduction, Caroline. I'm manager of the World Happiness Report, and so we are thanking everyone for joining us, WHR and STSN on this session on business sustainability and happiness. Today we will have Professor Jeffrey Sachs, co-editor of the World Happiness Report, Davide Volati of Davides International, Paul Pullman, chair of the International Chambers of Commerce of the UN and co-founder of Imagine. We have Eric Izikeli, I hope I pronounced that correctly, of a regenerative entrepreneur, and we also have Jan Iman Well, Deneve, who is also co-editor of the World Happiness Report, and also director of the Well-being Research Center at Oxford University. And without further ado, who will be leading in this conversation is Professor Jeffrey Sachs. So, Jeff, may you please take the reins. Eric, thank you very much. Thank you, Sharon, and thanks to all of the STSN chapters around the world. We just heard a wonderful session from Northern Europe. This world celebration of Earth Day began 12 hours ago in East Asia with Hong Kong. It has been circling the world as now we're waking up in New York and we're going to be having a transatlantic discussion this morning. I want to say hello to everybody and hope that everybody is well and safe in a very unusual and difficult time. We're certainly at the most extraordinary moment in world history of recent decades. In a situation essentially that was not imagined and was basically unimaginable just a few weeks ago, most of the world is in lockdown. We're here visiting with each other today on video conference, which has become our normal mode of life in recent weeks. And we're trying to hold together a world that is under phenomenal stress because of an economy that has been deliberately shut down in large measure in order to try to contain the pandemic. At the same time, we're trying to continue our lives and to manage our well-being and the well-being of our friends and colleagues and families. And we're also trying to discern in the midst of this confusing moment a way forward for the world. Not only are we under stress from the pandemic itself and from its economic fallout, but we're under stress politically as well. The world's seeing accusations thrown in one direction or another. The multilateral system itself is under strain. We have a lot to talk about this morning and we're very privileged to have some outstanding business leaders, people who have shown for many, many years, not only great business acumen and great skill in management, which is a talent that we really need. We need to manage, but have also combined that remarkable management skill with a great heart. We are joined today by some of the iconic figures of the Sustainable Development Movement and the Sustainable Business Movement, people who have led the formation of the B Corp movement. We're going to hear more about that shortly and who have become world leaders in promoting climate safety and the Sustainable Development Goals and the role of responsible business in helping to meet those global objectives. Without further ado, I would like to turn to our first panelist. I hope the panelists are on and hearing all right, and we'll do the best as we go through with the program. I'm absolutely delighted that Davide Balate, who is the president and owner of Davides International, is with us in Italy and Davide is a partner of SDSN in the World Happiness Agenda, the World Happiness Report and many of our activities related to it. He's also a great leader of business sustainable development responsibility and one of the world leaders of the B Corp movement. Davide, are you on and hearing me and can you join at this moment? Good morning. Good morning. All right, now we see you. Where are you? I'm at the Davides Village. We are working. We keep the Village, the production site open, but we are running at the end at minimum speed. So let's say half open. Can you tell us just geographically where the facilities are located and how the epidemic affected you? We are based in Parma, Italy, in the northern part of Italy, and we are a manufacturer of beauty products. So yes, COVID has affected us very much because the majority of all our clients around the world are closed at the moment. So of course, it has been affected. So now we are working on reopening and redefining what to do in the future in today's economy. Davide, was your workforce hit by the epidemic itself? Yeah, we have around 700 people in the company. Around 1% has been hit. A couple of my colleagues have been to hospital. One has been hospitalized after intensive care, but thank God everything is fine now. Everybody is recovered and so we are lucky because as you know, Italy has been hit pretty hard. Yeah, Italy and New York, we seem to have become the two centers of this, at least for that moment when the disease passed through. Is there a sense that Italy is now coming out from the other side of the crisis? Yes, we see that we are seeing the light after the tunnel, but there are still uncertainties when and especially how the reopening will be because there are uncertainties of different segments of the commerce and probably the reopening will affect the way we used to do business in the past. So many changes have to happen that will impact the productivity, efficiency, cost and so it has to be rethought. And you will lose in some areas and then probably you can also gain in others because in these days we have learned that maybe all this traveling is not necessary. All this physical interaction is not necessary even though physical interaction I believe is still very important for human beings and yes we will try to have more or less impactful ways of interacting with each other in terms of also environment, but can we substitute physicality totally? I don't think so. For sure that tragedy of COVID also opened us new ways of working that are maybe milder for the environment and that is something that it's a lesson that we should treasure. Have you been able to move part of the company's processes online at least you know the management and finance and other operations? Yes, of course. Now we are working on remote, on smart business and on different type of conferences. Yes, there has not been a loss of efficiency apparently. Very good. David I wanted to have you explain, you've explained to me personally and it's been fascinating, but I'd like you to explain to the people listening in and the thousands who will be watching the session about the B-Court movement, which you've been one of the pioneers and founders. We're going to have Eric Ezekieli as well, who is a colleague of yours and as I understand it, Nativa was the first of the B-Court in Italy. Can you explain this movement and how it relates to our two great themes sustainable development and to well-being and happiness? You're a champion of both of those ideas. Yes, Jeffrey. B-Corps are companies that have a higher purpose and they have a different objective than let's say classic corporate work. In classic corporate work, the end objective of an organization is to maximize the return of shareholders, is that shareholders supremacy. B-Corps are companies that acknowledge the principle of interdependence and because of that they incorporate externalities. They take into account externalities in the business model and they consider all the stakeholders at large as an objective of the business. Yes, of course the shareholders, but shareholders as long as the environment, as long as the human resources, the communities, the good citizenships, suppliers, so the whole supply chain is involved. This declaration of interdependence I think is also a declaration of resilience because we are going through crises that are social, that are environmental, that are economic. Sometimes now we're going through a health crisis and there are a lot of correlations between all these different crises that are for sure contributing causes to each one of them. So by acknowledging the stakeholders that are around the companies and recognizing their importance and their value, I think it's a good way to make your business more resistant, more resilient and also closer to what the consumer today are demanding to companies. There is an increasing consumer demand, consumer expectation. Generally speaking, that calls for companies that have more social responsibilities, companies that are going, that offer an overall output that goes up. That has a higher purpose. I think it's a very important and very wise for you to underscore resilience, not only of society, which we obviously need but of companies as well. Because these shareholder only perspectives can lead to a kind of brittleness. You know, everything is put in one direction, you don't care about anything else but the bottom line. And it ends up when the world changes, you end up completely in a state of collapse and I'm of course thinking about a lot of the oil companies right now. It's a little bit sad and pathetic to me actually to see America's big oil companies coming to the US government for bailouts. They have been among the most aggressive lobbyists against sustainability. Now that this crisis has hit in addition to the shift of demand away from oil because of climate, now they don't have resilience. Their business model was based on something that in the end of the day we don't really need. And now their only survival mode is actually running to government for survival rather than, as you said, meeting the real needs of society. So I think that this underscoring that multi stakeholder is not only to be nice, but it is to be resilient. It's to make a company that can really find its way through harder times also is extremely important. I think resilience is also applying the principle of precaution because right now, you know, especially in these days we are all becoming scientists. We are all becoming virologists and we are learning so much about this new pandemic. But until few months ago, when also we had other type of scientists that were advising us to be careful in dealing with ecosystems in dealing with climate change in dealing with global warming. And sometimes we tend not to forget about it and to postpone and not to listen. If we go back to resilience and resisting or to building more sustainable business, precautionary, I think it is worthwhile as a humanity that inhabit this planet. That is that before was abundant that offer very abundant resources to all of us. But now because we are becoming so numerous now we are 7.5 billion dollars to 10 billion. If we go from abundance to scarcity, so let's be more precocious and let's be let's think about preventing the next one, the next epidemic. Thank you for the wise words. Please stay with us if you can. I'm going to ask Paul Holman to join us right now. Paul, if you could come with your camera. Thanks Paul. You're on mute still. Let me work about you Paul, because I want to embarrass you. You're the world's leading business voice for rationality, sanity, decency, sustainable development. You became really the iconic figure of the sustainable development movement in the business community over the last 10 years. And it's it's not an accident. I can say it. I want to say it to everybody. You're an extraordinary person and really an extraordinary leader. When we had the chat a few weeks ago about leadership on sustainable development, you taught me a lot about not only the concepts but how you put them into business operation. Davida does the same. Now, thank goodness you're also a chair of the International Chamber of Commerce. That's a really important venue for the world at this moment. And Paul, if I could ask you to start on COVID also. You know, the business community is facing, like all of society, an absolutely extraordinary crisis on the one hand. Business has to continue not not just for the economy, but for our survival, the supply chains globally have to continue to operate. We need food shipped internationally. We need the manufactured goods shipped internationally. We can't stock out of our daily necessities and yet people are at risk. Workers want to have a safe environment. Businesses don't have customers necessarily or can't be sure. I don't think any of us has seen anything, even we can make an analogy really to what we're facing right now. I certainly can't in 40 years of working on economic crises. I've never seen anything like this. I just wonder, given your wisdom and experience, tell us something about this crisis and in terms of what it means for world business. No, thanks, Jeffrey. And obviously, it was very interesting to listen to David as well, the 2800 B corporations now in the world. And I was very fortunate that many of them were associated with Unilever and went together with us because it made our business model so much better. And one of the good things coming out of this crisis might indeed be that more companies understand the importance of purpose and multi stakeholder models. They can get into that later. I'm also glad that you combine happiness and sustainable development goals because that is nearly the same. If we really would achieve the sustainable development goals and get a more inclusive and sustainable and equitable world, first of all, we would not have been in the current crisis. And secondly, we would have a global economy that frankly would function better for all of us, including the ones that currently think they get the benefits, but they're actually probably more part of the problems, if I may be honest. So this is definitely one of the biggest crises, if not the biggest in economic terms, Jeffrey, it is bigger than what we've seen in the Great Depression. It's certainly bigger than the financial crisis. And in both of them, you might argue we didn't do a very good job coming out of this in a way that we should have in the original Great Depression that we had. We ended up in Europe with World War II. Also there we learned our lessons from World War I. We took a while to get into camaraderie. We created the European Union and a long time of prosperity. The financial crisis, I've always said from a citizen's point of view, banks were too big to veil, but people too small to matter. And to some extent, not addressing fully the issues in the financial crisis from 2008, we're actually dealing now with a much bigger crisis than we've had before. The International Chamber of Commerce represents about 45 million companies across the world, and it's probably just the biggest business organization. We've drastically changed the agenda. Instead of just fighting for trade, the International Chamber of Commerce was established as merchants of peace. The idea was in 1919 after the First World War that if we could make countries more interdependent in trade, then there would be less chances of war, hence the title merchants of peace. But it was very much figured on opening up trade. So it was a good purpose to be honest. But then it got translated into just freeing the borders. And what we've seen with globalization is it clearly is a better thing than not having globalization. Let's take the vaccine that we now need. I'm glad that the whole world works together on that, and hopefully we can make that available to everybody. That's the benefit of globalization to some extent. But we haven't taken care too much of the people that had that suffered from this globalization that were left behind. So the International Chamber of Commerce had changed its agenda. We've now put very high on the agenda, make climate change everybody's business. We've put very high on the agenda, make global trade work for everybody, so that we get to a more sustainable and more equitable future, the biggest issues still being climate change and inequality. But we see in this crisis that unemployment could reach up to 150 to 200 million people. We're 22 million in the US right now. The numbers don't count the ones that are in the informal economy. In many industries like tourism and travel or restaurants or food and agriculture, you have an informal economy. Oxfam estimates that 500 million people can slip back again below the poverty line, which is $1.95 a day. We cannot even imagine living on that. So we have a real social crisis, and it is clear that although people say this coronavirus affects everybody, it's actually not true. It affects the poor more. In your country, we see the Hispanic and the Afro-American population suffering. We see the poorer people that are already subject to more air pollution and less access to health, being a disproportionate victims. And now it is ravaging across the emerging markets where there are no healthcare systems and very difficult when people live in these crowded slumps, if I may say, and other areas. So this is not an equal virus. This affects again the ones that continue to pay the price of our irresponsibilities. So we want to address that. The Chamber of Commerce has focused first and foremost very briefly, working with the World Health Organization, Tedros and his team, an enormous network. So how do we organize for PPE material, this personal protective equipment? How do we get companies to produce where there are shortages? How do we get the products at the right places? It's not that easy. We've also advocated that the countries would be more responsible. 77 countries have put export barriers in place. Interestingly, they've eased import barriers, but they've put export barriers in place. If there's one learning, Jeff, from this crisis for me, is that the black swan is not the corona virus, corona virus, because the viruses are now happening every three, four, five years. This is a particularly difficult one, but the real black swan has been the inability of our leadership, our governments to work together. We have seen them fight for their own ship, being late in response, turning it into a political propaganda machine, and there are obviously exceptions. But in essence, we are dealing now with enormous consequences and your country are in some others because of the in-attitude or inexperience or inability of our politicians to behave like adults, to be honest. And I think the people are getting fed up of that. So the International Chamber of Commerce tries to fight for keeping the borders open, tries to ensure that we get more money towards the SMEs. The US just released another 500 million today. The SMEs are 85% to 90% of the global economy. About 30% are about to disappear, and that's not a good thing. So next to safeguarding our lives and working on the health crisis, we're also looking at the livelihoods and ensuring that these businesses can continue to exist. It is much better if we can keep people in employment than if we obviously have to have them unemployed when in many countries you don't have the social network or the social safety nets that are needed. And now increasingly, we're starting to think of redesigning where we go out. I would not talk about recovery or restarting our global economy. I would really talk about redesigning our economy. We've been able to put over $10 trillion in when all this is done. We might have to spend $20 trillion depending on how long this lasts, and we need to be sure that we spend it very wisely. And next to putting in better governance systems and making it more resilient to deal with these crises, we also see businesses really demanding different business models. It is very difficult to generalize business behavior. We've seen some behavior that is not acceptable, but increasingly that's being called out as being non-acceptable. By governments, by citizens of this world, and interestingly, increasingly by the financial world. But broadly, to stay positive, I see the bulk of the business community responding. They've taken salary cuts, they're protecting their employees, they've reconfigured their supply chains to help, and actually amazing partnerships are happening. Pharma companies that go together and make their patents open are combined research, hotels that go together, convert into hospitals. We see the fashion industry going together, making face masks and gowns. And so these alliances, especially on the social part of ESG, has definitely come to the foreground. I think also that because of this crisis, people are now starting to understand the link between biodiversity, health, and climate change. And that is a very important thing as well. There is no doubt that as we deal with this virus, people are starting to understand that the disrespect we've had for our biodiversity, the engrossment of the wildlife, 75% of the viruses actually come from wildlife, engrossing that into human life and that intermixing climate change, obviously making it significantly worse, that we need to address that. And we cannot solve it by only restarting an economy and not taking care of safeguarding biodiversity and our climate, because we'd be in worse situations at a significantly faster interval moving forward. So we're thinking of that redesign, which means redesigning our social system, our healthcare system. It's clearly not designed for what we're facing, redesigning our food system, moving to a greener economy, and then obviously redesigning our governance and resilience system and our to deal with stuff. I would want to end very briefly on the emerging markets because that lack of solidarity. And that's our main concern right now is especially shown in the emerging markets, where the pandemic is going to hit in a very serious way, partly because you have the Maduras or the Bolsonaro's or the Obrador's who continue to encourage their people to hug each other. But you also have many countries in Africa that desperately would want to find solutions but don't have resilience. So we do need to get the debt relief for these countries. Just postponement doesn't make any sense. If we just cancel the death and cancel the payments, then these countries actually have the money to invest in dealing with this crisis, at least making it better and putting in more resilient systems. It is incomprehensible to me that we in Europe and the US can quickly put together the 10 trillion more or less that we've talked about at the end of the day, and not even have the courage to put 100 billion down 100 billion for a 10 trillion for a climate fund, or it takes 7 billion to give safety nets to the to the 30 poorest countries in this world. And we're not even willing to talk it. We have finance minister Naples gazing. We have the heads of state writing tweets to each other, as if they're little children. It is time that the citizens of this world speak up. It is time that we make this Earth Day movement. Let's not forget that's why we are here. A global movement of 365 days a year, and and hopefully translate that very soon and getting the right politicians in office. And we in the ICC as one organization, then obviously there are other organizations that should be complimented, but we're trying to continue to keep people focused on the most important things that count with this human lives right now. Paul, thank you for remarkable statement and remarkable leadership and thank you for reminding us this is essentially the 100th anniversary of the ICC with his history at the end of one and 25 years after that after one more World War came the UN so we have the 75th anniversary of the UN as well. When I was going to to school to grad school a long time ago, we read a book which was a pivotal book which needs to come back into Rachel Carlson understanding by Charles Kindleberger who was a great MIT economic historian the wonderful man, lots of wisdom and he wrote a book called the world and depression. And his thesis was that one of the reasons why the Great Depression was so devastating and and of course with such horrific consequences was that the international leadership failed, and it failed in his view because we were leaders in a way. The UK was no longer the global leader that it had been, maybe a generation earlier, the United States was not responsible and not looking after global leadership in the 1930s as it would come to do in the 1950s and 1960s. Michael Kindleberger said we were between leadership, and I taught that idea, called hegemonic stability theory for many years in the classroom, but I never thought I would live to see the drama of it because we are in exactly the situation now, where the question of global leadership is a central question in the United States not only doesn't lead it, it stops the payments to WHO it is a force of destruction right now. And if the best that can be done between the major powers is to be throwing insults and injury at each other, which is what's happening, frighteningly right now, we're in a devastation, we're not going to have a V shaped recovery we're not going to have a recovery. If there isn't cooperation between the US and China and Europe and the other regions, it's not going to happen. And so, I never thought I would see it so vividly as this it was always a theoretical risk for me not a present immediate reality, but your words are inspiring and and the work of the ICD can be a great ball work right now it was made for purpose. A great work for helping to hold the world together. Let me turn if I can to two great panelists that have been waiting in the wings and please stay on so we can have a discussion all together. Eric, as a Kiely, you founded the first B Corp in Italy, you've been a leader of the B Corp movement, you have two other great business leaders that have made remarks before. I'd like you to jump into the discussion that tell us what you're seeing what we should be doing. I see the declaration of interdependence behind you. So please come forward and help create an even bigger movement. And yeah, we need to unmute Eric, our managers. Okay, I think I'm muted now. Can you hear me. Perfect. Yeah. And yes, thank you for having me here and I have to correct I didn't find the first B Corp I co founded with Paolo di Cesare so everything we do is a collective effort and it's not me and Paolo is a global movement of thousands and thousands of business leaders. And I think they are leaders now more than ever because they recognize there are higher priorities. And I think this is the biggest opportunity in the history of business to show the very reason why business was invented originally was invented to maximize shareholders value was invented to satisfy human needs, because no one alone could do it. And so what is very interesting is that this concept is starting to to spread like wildfire around the planet and about 15 years ago there were was a group of entrepreneurs mostly in the United States but very soon also in Latin American Europe all over the planet that started to say we need to redesign the very purpose of business in society. So if we don't do it, what we are going to go through is a systematic depletion of social system of natural system a systematic degradation of the biosphere and society, because this is what happens when a business is acting based on the dominant paradigm which is extracting and concentrating value more and more. So this is the shift, which is happening right now. And I think now with COVID there is really the opportunity to accelerate this shift. So I see also in Italy businesses where so much faster and so much more effective than governments central local governments in responding to the urgency. So David and Paul mentioned it, you know, it was a no brainer I have to protect my people I have to protect my clients I have to protect my community. So now the environment is not the top priority, but the thinking about the environment is there more than ever because you realize that if you don't protect the environment if you don't have a healthy biosphere you cannot have a healthy society. If you don't have a healthy society you cannot run a business at all. So this is the, the very, very big shift that we are seeing happening. And also you mentioned there are 2,800 big corpse the good news is is 3,300 now so they are growing quite fast. And this is not just big corpse because big corpse are based on the robust measurement of everything a company does. I say it for those who are not familiar with the concept so there is this measurement system that allows to understand if a company is taking more value from society and than it creates, or is creating more value than it takes. So a company can be measured in its capacity to be really regenerative, because if a business is taking more value than it creates, maybe it's better if you didn't exist at all. So now we have the tools to measure and the big core community across the planet is spreading these tools. These tools have also been combined in a big partnership with the United Nations with the sustainable development goals. So now with the same platform of big corpse is possible to measure with the SDG action manager, how a company is progressing with respect to the 17 goals so as Lisa King says there are no more excuses and and now all businesses can really understand how they are, they're performing with respect to this. And the other component of the big corp movement is the legal form is the legal status as benefit corporation in the United States. And in the United States it had the beneficio and interest collective in Latin America and in Italy such a benefit. So is that distinctive legal status by which a company writes in its bylaws that the purpose of the companies to create the value for both shareholders and stakeholders. It's a different mandate that is assigned from the shareholders to the managers of the company this opens up a completely new terrain for innovation and for and for impact so the combination of measurement platforms and legal entity creates a very, very robust ground. And we see these as a probably a non negotiable is a must have for a post copy society because if we don't transform business from the roots, we are just going to perpetuate the same problems we've been creating over time. So, I think now is the time to move in this direction. And another good news is this one when we founded nativa as the first big corp and benefit corporation in Europe not just in Italy we we didn't know this was the case. And when we went to the Chamber of Commerce, the Italian Chamber of Commerce to register our company, our started was rejected four times, because it was illegal to write that the purpose was to serve shareholders and stakeholders, and was rejected also because we wrote that the purpose of the company was the happiness of the people working in the company. So, because the rejection and now we laugh at it because actually this kind of statute and our statute has been copied by dozens and dozens of other companies and now we have more than 100 big corpse and more than 500 benefit corporation or such a benefit in Italy. And what was outrageous just five or six years ago now is becoming just, you know, obvious is playing is playing a normality and and we think it must become the mainstream as as soon as possible. Thank you. There's wonderful report and wonderful leadership and very clear that we need to build this now. And like you say it's not an option. It's a necessity. And it's interesting. Of course, the mainstream companies in the US adopted the new business round table statement about multi stakeholder but that's what you have in the Charter, and putting it explicitly in the Charter also creates a legal framework and an organizational framework that is extremely important. You use the word happiness, one of our themes for the 24 hours and it's a great segue to our very distinguished fellow panelists Deanna Manuel de Neve, who is one of the world's leading researchers at Oxford University at the leader of the Wellbeing Research Center on business, happiness and sustainable development, kind of a triangle. Deanna Manuel's research every side of that sustainable development and happiness and sustainable development and business, happiness and business. Deanna Manuel, let me turn it over to you. You know these leaders would you add. Thank you Jeff and hi everyone. Good to see you all and everybody on the call. Well, I think our role as academics is to try and put some numbers and think a bit deeper behind the amazing and inspirational comments and concepts discussed by Paul and David and Eric and so Jeff. And one example of that is Paul mentioned it but David and Eric also indirectly of course is the role and the linkage between sustainable development and human wellbeing. They do go hand in hand as Paul mentioned, but you and I Jeff we wrote this chapter for the world happiness report this year that for the first time also tries to link empirically how achieving the SDGs according to the SDSN data correlates with doing well in terms of the world happiness report type measures of well being in societies, which are all self reported rankings by people themselves represent the samples in all of the world's countries to see how they are themselves experiencing life so it's a very subjective measure but one that's very democratic as it goes straight to people. It's not an index of any kind. What we found there in line with what Paul saying is it goes hand in hand but beyond what Paul was saying, we actually find increasing marginal returns to sustainable development so achieving the SDGs. More of that more doing of that is increasingly leading to or translating into human wellbeing. The reason why you find such a big difference between for example the Scandinavian countries, in terms of well being as compared to say the United States, the United States and they do have about a whole point different on a scale for one to 10 which is massive in our world is completely driven by doing what the Scandinavian countries doing much better than in terms of the SDGs achieving those and I'm thinking not just countries but organizations and companies within that. That would also be said for sustainable development and the link to happiness so it's so please so pleasing to see this to be the main link, or the main theme of Earth Day. Two other quick points that were raised that I want to like that would like to put some numbers behind it because we looked into those. What is the notion of unemployment heavily referred to by Paul and for good reason because the big drops that we see in this action or the increases in worry and stress and to give you an example in the United States since March we've seen daily experience of stress and worry risen from 40% already very high to 60% through the crisis. So that is huge that is that those are the increases in worry and anxiety the drops in life of this action that we're picking up we haven't seen any anytime before even the great recession didn't have that much impact on people's well being metrics. As Paul mentioned, most of this is probably running through job insecurity and a lot of people actually losing their jobs so if in the US. The unemployment applications for unemployment benefits have now risen to over 20 million people in the space of the last four or five weeks. And the reason why I think the job insecurity or actually being made redundant is the key to the path for why we're seeing these drops in well being is because being made redundant is more than just losing income. And it's also losing a part of your identity self esteem, losing a big chunk of your social networks and losing a daily routine, which we now find to be indeed very important for a lot of people even when they have a job. Yeah, if I could in the United States losing your job is often losing any kind of health care coverage as well. We don't have social in the United States. We have a very harsh social order and if you lose the job, you don't know how you're going to face an illness. Yeah, absolutely. I couldn't agree more. So that's even more relevant in the case of the US is luckily less relevant in the case of the UK where we have the National Health Service. So to just make this point in numbers. So when we when we look at people with a job versus without a job we find that there's a 20% difference in their lives in this action. And only half of that is explained through the difference in income. The other half is a non pecuniary aspects that we just outlined. And so I think when people think about okay so we're losing income GDP per capita, but really we're losing much more than just income we're losing much more if we just if we consider well being impact, which is a more holistic measure I think of the impact of the crisis, in addition to the life loss needless to say. I know what I find comforting, especially in the UK and it poses a nice contrast with the US again is that in the United Kingdom I think they've gotten this message so our Chancellor of this checker, our Minister of Finance if you will, has a massive job retention scheme, which will be costing billions and billions and billions, but its aim is to keep people in jobs and on the payroll, even if it is without doing much work. Whereas in the US the focus has much more been on replacing lost income. So for example, Trump signing his $1,200 checks, every family is helpful, but doesn't only replaces the income bit of the potential loss in people's jobs. And so that is something to consider and I find some countries have built co better some society some companies also because this can be put at a more micro level as well will co better with with the way that they deal with with the fallout of COVID-19. The other thing that Paul also mentioned and that I know Jeff you care much about as well as inequality. So while we're all meant to be equal that the COVID-19 is impacting everybody very very differently and there's a number of axes of inequality. I think one not mentioned yet is age, which is why I want to highlight it. So for example in the labor force. We've now have new service coming out from a colleague of mine here at Oxford economics department, showing that the 20 to 40 year olds are twice as likely to lose their jobs so they have. So they're much more at risk than the elderly, and then also elderly labor force. It's also in part because the sectors that are being targeted, say the retail sector food, food and the food restaurant the tourism as obviously has an over proportion of people that are younger rather than older. So you see a number of inequalities in addition to the inequality that Paul has already highlighted which is and then one thing just to also note is that what we now call the essential workers are precisely the workers that we've not done much justice in the past so if we look at the people like cashiers in the supermarkets, glory drivers, the frontline public health system staff, the nurses. I do think it's we're now also putting their own lives at risk because they're much more in contact with the virus. So the inequalities that are being laid there. And then one thing of course I think we're all quite lucky to have a nice home or access to some green space but not everybody does. So the socioeconomic status of differences that this has also revealed in the way that we're all experiencing the COVID-19 one of my colleagues was always emphasizes. Imagine not being in a house or a villa or that we are, but being in a council flat with a domestic with say an abusive father in a room where you school used to be your way of getting out of the situation. And now you're stuck for months potentially on end. So the, so the, yeah, there's a number of inequalities I think that will that will come through and that we're starting to get an empirical grip on and the surveys that we're running. But generally speaking, again, I mean, amazing points being made by David, you Jeff, Paul, Eric, and it's our job to put numbers behind this and to back them up, which we are. Yeah, I mean, well, thank you for that great work and I know that you're looking around the clock at the data information and help guide. And tonight, as in conclusion, as we come to an end, how do we move to be government, like B Corp. You know, we have not had the government in in the United States during this crisis in many other countries. Government seem to have lost the way of resilience preparedness, fair response. Government, you know, became very self serving, very neglectful. In some cases, utterly abusive of its population. It's not clear who the shareholders are for Bolsonaro or for Trump or for others. How do we move to be government? What could we take from your movement to say what we really need as Paul said is new governance. Can we put a charter of the government together from the B Corp movement. Paul. No, it's a good idea where you see is when when we don't take care of these issues that we talked about like inequality. And then we later to playing around with our planetary boundaries. We actually create more populism and nationalism and tend to bifurcate and get more extreme in the political parties. So as a precondition addressing these issues that we talk today, it's very important. The second thing I wanted to point out was the happiness report. If you look at the top countries I'm in Switzerland myself now I'm from the Netherlands. We are in the top 10. But in the top 10 countries I think five or six from memory are led by female leaders Denmark, Norway Finland, Iceland, New Zealand, Taiwan. So there's a message there. We need to bring back humanity. Just like the B Corp movement brought humanity back to business. We see this crisis bringing humanity back to business. We need humanity back in government. And that's that's a very important thing. So that's point number two. And then point number three is obviously the enormous opportunity that we now have. We need to demand from our leaders that the money that we spend is spent behind the right things. It is clear now, for example, that as we want to restart the economy again, it is better to restart it with green jobs. It creates more jobs. It creates better jobs. It also creates an environment where poorer people are more inclusive and suffer less from it. It now makes economic sense. We started this broadcast with a price of oil that is zero or negative in my thinking, but simple as it may be, if the price is zero or negative it's better to leave it in the ground. It doesn't make any sense to pay money to take it out. So we are at this point now I think that the whole world is saying move forward and move forward faster. Even bigger companies like Shell are now making commitments in line with the Paris Agreement. So a challenge, but at least they're making it. So we're at this point now that we as citizens of this world need to demand that transition. And the best way we can do that is to support companies like the B Corp. That actually are showing this more holistic multi stakeholder approach and are actually to service for society and not making it worse. And the best thing we can do is to put in the right politicians for which may I end on a hopeful note. The upcoming November elections will undoubtedly be very crucial for the world, not only for the country in question. Let's hope that that's a hopeful note indeed. And thank you for mentioning the women leaders in Asia, Jacinda Ardern in New Zealand is considered to be the exemplar of the COVID epidemic leadership early action, decisive, fair, huge approval ratings and more proof of your proposition. I think how much better this panel could have been Jeffrey. Let me thank all of you for, you know, really fantastic discussion but so many rich ideas. Can Eric, would you like to make a word, yeah, please, before we close, we have a couple minutes left. Can you give Eric the microphone please. Yeah, I wanted to mention that with the very strong request from the Italian before community but the same is happening all over the planet because are convening their energies to have an impact on policy making so to become political actors in the best possible way you can imagine. And also, this should have happened in October, a global gathering called the regeneration 2030. And now we are seeing what ways it could happen but he's really a call for action for regeneration happiness and climate action and calling together all business leaders, policymakers, academia and also spiritual leaders, so that we convene in this direction and promote more advanced form of government so there are so many things happening and I hope I'm sure we can join forces to to accelerate this necessary shift. Final words. Thank you, everybody. Thanks for the leadership stay safe, be well continue to promote the common benefit of humanity which all of you are doing your all really wonderful and inspiring leaders. Sharon, let me turn it back over to you we've reached the end of our hour but the day continues around the world. We're going to Colombia to the Andes to the Amazon. Sharon back to you. Hi, everyone. I'm sure we weren't able to get to everyone's questions, but you can tweet us at the world happiness report on Twitter. But now I send it back to Caroline Fox who will continue with the Earth Day celebrations again. Happy Earth Day, everyone. Thank you to Jeff and the wonderful panelists for sharing this conversation with us. This concludes the third session and the first 12 hours of SDSN's global webinar.