Here's who's on our latest Impact 20 list.
Good morning.
For seven years, Fortune has focused on companies working to address some of society’s thorniest problems in its annual Change the World list. And for five years, we have encouraged companies to maximize their social, as well as their financial, returns through our CEO Initiative. These are, for the most part, companies that have already achieved the scale to make a sizable difference.
This morning we unveil the second year of a newer initiative, the Impact 20, which showcases venture- and private-equity-backed startups eager to make a similar impact. Companies on the list have moved well beyond the idea stage—they all have real customers and real revenue. A few already have achieved, or are on their way to “unicorn” status; others are smaller, but we think they have big potential. All are devoted to combining purpose with profit, and doing good while doing well.
Included on this year’s list is a company working to build the circular economy by creating a marketplace for refurbished electronics; a company that aims to be the world’s first truly “green” battery maker for electric vehicles; and a company that aims to use A.I. to improve at-home health care for seniors. Dive into the list here. It’s a demonstration of the amazing ingenuity that entrepreneurs can bring to solving the world’s most difficult problems. With companies like these on the horizon, the future can only look bright.
Special thanks to TPG’s The Rise Fund, which is sponsoring this effort. TPG played no role in selecting winners, but one of their portfolio companies did make the list.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
Facebook flood
Expect a torrent of revelations about Facebook in the coming days. It starts in a few hours with the latest named whistleblower, Frances Haugen, set to testify before a U.K. parliamentary committee today—having started with Wall Street Journal exclusivity, she gave a trove of documents to a newly-assembled consortium of news outlets. Appetizers: Facebook staffers being outraged at the company's effects when Jan. 6 happened, and a piece on how Facebook's hate-speech and disinformation fightback is particularly weak in the Global South. Fortune
Pinterest interest
PayPal has ended rumors of a $45 billion Pinterest purchase, saying it is not pursuing the acquisition at this time. A report about the potential takeover goosed Pinterest's stock price last week, with PayPal's investors being less impressed. And lo, its latest announcement boosted its shares by over 5%, while Pinterest's fell by as much as 10% in pre-market trading. Reuters
Zero-carbon Saudi Arabia
Saudi Arabia has a plan to achieve zero-carbon emissions status…a leisurely four decades down the line. There's no detailed plan for short-term cuts and, for now, it seems OPEC's largest producer will keep happily investing in new fossil fuel projects. Meanwhile, Saudi Aramco is targeting net zero in 2050. Washington Post
Racial wealth gap
Citigroup has agreed to an audit of its business, to identify ways in which it might contribute to racial discrimination. The move—groundbreaking for a Wall Street bank—follows Citi's dedication of $1 billion to initiatives aiming to close the U.S.'s racial wealth gap. EVP Edward Skyler: "Measurement and transparency are important components of the work we are doing to advance diversity, equity and inclusion." Fortune
Purpose—A beacon of growth How are high-growth brands activating purpose more holistically? Deloitte’s 2022 Marketing Trends explores how businesses can follow the roadmap of high-growth brands by bringing the customer’s voice into the organization to help ensure the brand is taking an authentic purpose to market. Read the report
Chinese growth
Bank of America, Citigroup and others are warning that China's regulatory reforms and power shortages, plus the pandemic, will conspire to rein in the country's economic growth more than investors realize—consensus has this year's growth at 8.2%, but BoA is predicting 7.7%, with a mere 4% next year. (Bonus read: "The transition from open markets to state control won't be easy to manage, and there's much at stake—for all of us. If Beijing fails at its ambitious plan, it could set off shock waves that would crater the global financial system, slow trade, and devastate businesses worldwide." Fortune
Dorsey on inflation
Twitter and Square CEO Jack Dorsey reckons hyperinflation is "happening" and "going to change everything." U.S. consumer price inflation is nearing a three-decade high, though it still remains to be seen how long the trend will last—and either way, "hyperinflation" feels like quite a stretch at this point. CNBC
European chips
Some chip companies are skeptical about Europe's plan to boost domestic semiconductor manufacturing, due to the EU's competition rules. Specifically, they don't believe EU promises to match U.S. investments. Politico
Greener shipping
Fortune's Katherine Dunn has a fascinating piece on Maersk's efforts to decarbonize shipping, and the challenge presented by sheer girth: "Unlike vehicles, which are quickly being electrified—spurring what the International Energy Agency says will lead to declining oil demand after 2025—bulky planes and ships have sheer size working against them. As we’ve seen from the Ever Given debacle, the trend in the industry is for larger and larger ships not greener and greener ones." Fortune
This edition of CEO Daily was edited by David Meyer.
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