At the Clinton Global Initiative meeting yesterday, B Lab formally announced its first international partnership with Sistema B, who has been working to certify socially responsible businesses in Latin America. Together, they will build the B Corporation (B Corp) movement in South America with aims to certify 100 South American B Corps by the end of 2013.
“Impact requires scale and global reach; by extending the B Corp movement into emerging markets in South America, India, Asia, and Africa, the B Corp movement will have dramatic impact on the development of more inclusive and sustainable economies,” said Andrew Kassoy, B Lab Co-founder, in a release.
B Lab has created the B Corporation certification to identify companies who use the power of business to solve social and environmental problems. This type of certification has developed in the U.S. and although it does not have legal standing, it has been a model for benefit corporation legislation that has passed in several states, giving companies an appropriate legal framework to conduct socially responsible business.
B Lab also commits to expanding the B Corp community in other regions of the world, with a goal of 20 countries on six continents, reaching a total of 750 B Corps globally. To grow outside the U.S., B Lab will establish partnerships with organizations that have regional presence and expertise and leverage financial and technical support provided by the Inter American Development Bank, the Rockefeller Foundation, Halloran Philanthropies, Prudential Foundation, Linklaters, the Ford Foundation, the Avina Foundation, InnovaChile CORFO and Deloitte LLP.
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