In 2000, world leaders set the Millennium Development Goals (MDGs) to tackle poverty, hunger, and other global challenges by 2015. While not all goals were achieved, considerable progress was made, including significant reductions in extreme poverty and undernourishment. Today, the United Nations' Sustainable Development Goals (SDGs) continue this work with its goal aimed at eradicating extreme poverty by 2030 and financial institutions like BNY Mellon are playing an essential role in promoting social impact and economic opportunity.
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| Source: United Nations (2023) |
Goal 1: No Poverty
Despite significant progress in reducing global poverty, COVID-19, rising inflation, and ongoing conflicts like the Ukraine War have resulted in new challenges. The World Bank predicts that up to 100 million people could fall into extreme poverty due to the pandemic, with low- and middle-income countries experiencing significant economic costs. In 2020, BNY Mellon contributed $5 million to the UN Capital Development Fund (UNCDF) to support its work in promoting financial inclusion and sustainable economic growth in the world's least developed countries. This contribution will help to empower low-income individuals and communities to access financial services and resources that can help lift them out of poverty. BNY Mellon is fighting poverty in many ways, including providing financial contributions and community support to refugees impacted by the Ukraine War.
Human Rights: Fighting Modern Slavery and Human Trafficking
Another vital aspect of SDG 1 is promoting human rights and fighting modern slavery and human trafficking. BNY Mellon is committed to this effort and is implementing due diligence and training practices to prevent these practices in their operations, supply chain, and communities. BNY Mellon directed approximately $1.4 million in grants championing justice, advocacy, reform, human rights, and equal protection under the law to support refugee protection and resettlement in Afghanistan in the year 2021. Additionally, BNY Mellon has continued its partnership with City Year, a non-profit organization by providing funding and employee volunteers that supports at-risk students across the United States, many of whom come from low-income backgrounds to support City Year's efforts to improve their educational outcomes.
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| Source: United Nations (2023) |
Employee Issues: Supporting Diversity, Equity, and Inclusion
BNY Mellon recognizes that employee issues like diversity and inclusion, talent attraction and retention, gender pay equity, and employee engagement can significantly impact the company's competitiveness. To support their workforce, BNY Mellon has introduced several programs, including a digitally powered employee engagement program, higher minimum hourly wages for US-based employees, a global Caregiver Leave Policy, and enhanced time off, including paid sick and safe-time of 13 days for both physical and mental health needs. The bank also BNY raised $1.4 million from their employees in 2021 through a week-long global Giving Tuesday campaign to advance racial and social justice.
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| Source: United Nations (2023) |
Corporate Giving: Making a Difference in Communities
BNY Mellon's Global Impact Citizenship office carries out the company's strategy and drives social impact in three areas: Corporate Giving, Community Impact, and Enterprise ESG. BNY Mellon has contributed millions of dollars to support economic opportunity and reduce inequity in access to capital, including a $3 million investment in South Carolina-based Optus Bank in 2021. They directed approximately $1.4 million in grants to support refugee protection and resettlement in Afghanistan, championing justice, advocacy, reform, human rights, and equal protection under the law. These actions demonstrate BNY Mellon's commitment to achieving SDG 1 and making a positive impact on the world. BNY Mellon has pledged $1 million and mobilized employee volunteers in Poland to provide humanitarian aid to Ukrainians following the Russian invasion and the company has, until the February of 2023, provided over $1.9 million in support of organizations and individuals providing humanitarian assistance and protection to Ukrainians and refugees.
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| Source: IMF (2023) |
The Future We Want
Fighting poverty and promoting human rights are critical aspects of SDG 1, and BNY Mellon commits to making a difference. From providing community support to refugees impacted by the Ukraine War to implementing programs that support diversity, equity, and inclusion for their workforce, BNY Mellon is leveraging their influence to address pressing global issues and create a better future for all. In conclusion, the actions taken by BNY Mellon in the light of the current economic conditions, including contributions to poverty reduction efforts, COVID-19 resiliency, social justice, and refugee protection, demonstrate a commitment to fulfilling SDG 1 and ending extreme poverty by 2030.
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