What is the purpose of SDG 10 ?
The goal of SDG 10 is to reduce inequality within and among countries.
Reasons to work with SDG 10
As global income inequality continues to rise, there is no naturally occurring end in sight. The wealthiest 10 percent of the global population are earning up to 40 percent of total global income. The poorest 10 percent earn only between 2 percent and 7 percent of total global income.
Income inequality has been shown to be the root course of many societal issues. Obtaining global sustainability cannot happen without addressing income inequality. Even though, this goal has a primary focus on income inequality, it also encompasses inequalities based on other factors. For example age, sex, disability, race, ethnicity, origin, religion or economic or other, status within a country.
How are 2030 Builders addressing SDG 10?
In order to secure shrinkage of the financial gap, various initiatives must be implemented. Moreover, we need to sustain income growth of the bottom 40 percent of the population at a rate higher than the national average.
Developing countries must enhance their representation in decision-making in global international financial institutions. Additionally, the playing field of influence in global politics must be leveled.
Globally adopt policies which focus on financial protection along with wage and social protection policies, to achieve greater equality.
How are companies working with it:
YES BANK – Safe money transfer for migrants:The award-winning Yes Bank has built, multi-channel domestic transfer platform, which offers low cost, safe and highly accessible transfer services to India’s millions of migrant workers who need to transfer funds to their native villages and towns. The platform leverages existing cash transfer technologies in India, its vast spread of local family owned retail stores and the pan-India network of bank branches, to meet the remittance needs of India’s migrant, unbanked and under-banked population. In 2014-15, YES MONEY achieved a major milestone by crossing over $1.3billion in remittances since its launch in 2013, with over 1.3 million unique users.(Source: SDG industry matrix – Financial Services)
Ford – Supporting minorities and women: In 1978, Ford launched its supplier diversity development program with the goals of supporting minority and women-owned businesses, creating business opportunities for diverse suppliers to grow into profitable enterprises, and further strengthening the Ford supplier network to reflect the company’s workforce and customer base.(Source: SDG industry matrix – Transportation)
Cemex – Sustainable living wages and labor rights: Cemex provides all its employees around the world with a living wage, while protecting their labor rights in a safe and respectful work environment.(Source: SDG industry matrix – Industrial Manufacturing)