📅 28 November 2023
The FAST annual stakeholder convening gathers the financial sector to share knowledge and practices that help progress the aim of eradicating modern slavery, including human trafficking. The event brings together public and private sector experts on regional and global contexts, civil society, research communities, and, most significantly, people with lived experience (survivors).
This year, the convening proposes to explore the theme of increasing opportunities to apply ESG (environmental, social, and governance) principles in financial sector actions to end modern slavery in value chains.
The goal of the convening is threefold:
- To spotlight opportunities for the financial sector to address modern slavery and human trafficking (MSHT) through ESG and human rights due diligence frameworks;
- To share global examples and best practices; and
- To develop a roadmap on potential partnerships, information networks, and/or resources with and for the diverse financial sector actors.
Applying effective governance and addressing the nexus of environmental and social risk to end modern slavery is one of the priority themes identified by FAST for its next phase of work (FAST 3). The environmental and social impacts of business are intimately linked. There are high risks of forced labor in extractive industries, fishing, construction, and other environmentally damaging activities such as deforestation. Further, environmental degradation and climate change increase community vulnerability to modern slavery through exposure to resource scarcity, conflict, and displacement.
This convening will create opportunities to connect social and environmental impacts for the financial sector and strengthen the implementation of ESG goals and human rights due diligence (HRDD) standards. Topics will include how investors can accelerate change, the potential of applying ESG goals to go beyond risk management and prevent harm to people and the planet, the role of public-private partnerships in achieving good governance, and the impact of financial sector regulation.
Original Source: FAST Annual Stakeholder Convening 2023