The application of an economic model in which companies massively incorporate the criteria of sustainability and social responsibility over the next ten years, would imply adding up to 1.2 billion euros to the Spanish Gross Domestic Product (GDP), which means doubling the current .
This is clear from the latest study by Advice Strategic Consultants, based on the regression models of the International Monetary Fund (IMF), World Bank and the World Economic Forum (WEF), and with interviews with Ibex executives, public managers, SMEs, self-employed and other opinion leaders.
Specifically, after applying these criteria for a decade, those of Corporate Social Responsibility (CSR) would contribute up to 300,000 million euros per year; those of Sustainable and Responsible Trade another 300,000 million and Digitization another 180,000 million each year.
The CSR criteria include, for example, actions aimed at helping the most vulnerable people through care for the elderly or rental housing programs, among others; those of sustainable trade, actions to protect the environment; and digitization, aimed, above all, at large companies collaborating in administrations and SMEs digitizing their processes.
Likewise, the environmental, social and corporate governance (ESG) criteria would contribute 100,000 million annually; those of sustainable banking another 100,000 million; while the reduction of polluting emissions itself would also add 100,000 million each year to Spanish GDP.
Of the 400 large Spanish companies analyzed, the five that stand out the most for their application of some or all of these criteria are the Fundacion Bancaria ‘La Caixa, El Corte Ingles, CaixaBank, Cellnex and Telefonica.
The model of application of these responsible criteria responds to an evolution from the moment in which a company not only takes its shareholders into account to carry out its activities and investments, but also includes other stakeholders, among which there are suppliers, employees and, as a whole, society.