2022 ESG Impact Report
Environmental
Social
Governance
The Environmental, Social, and Governance (ESG) goals offer a framework for organizations to manage non-financial risks and opportunities related to climate change, equality, and business ethics. As a planet-positive business, Wallet Max centers ESG initiatives in all aspects of our business.
In addition, we measure our progress towards ESG goals through the lenses of specific programs and pledges, including:
Diversity, equity, and inclusion (DEI)
Sustainable Development Goals (SDG)
Earth Day Pledge for Financial and Climate Literacy
In this report, we will highlight how Wallet Max brings together a global community of planet-positive businesses and individuals to further climate education and financial literacy, and reduce inequalities.
Measuring Success with ESG and the Sustainable Development Goals
The United Nation’s Sustainable Development Goals (SDG) are almost ubiquitous worldwide, and yet 52% of Americans have never heard of them or don’t know the details of these initiatives. With the rapid pace of global warming, this must change for a safe, sustainable, and inclusive future.
For us, this translates into supporting People and Planet over Profit.
While we believe sustainable businesses can generate profit, we recognize there is more to the longevity of an organization than making money.
Wallet Max designed its business goals and operations around the ESG, SDG, and DEI goals. It uses the United Nation’s SDG measures to better gauge progress within and outside the organization. The Earth Day initiative for financial and climate literacy also informs our sustainability roadmap.
We act on multiple SDG goals; however, our current priorities include:
SDG 8 Decent work, equality, and sustained growth
SDG 13 Positive climate action
SDG 17 Partnerships for financial inclusion
In this report, we will review the state of the world today based on these goals, and how Wallet Max contributes to the solution.
SDG 8 Fostering Progress in an Uncertain Economy
Creating a sustainable and inclusive global economy that offers quality employment is strained under macroeconomic pressures. War in Ukraine, rising inflation, an unstable labor market, and sluggish supply chains continue to affect our world.
In particular, there are still discrepancies in diversity and inclusion in the workplace, including gender, age, and race equality.
According to the Center for American Progress, more women than ever are participating in the labor market in the United States. But women’s median usual earnings are up to 27% less than men’s, and their earnings plateau by their midcareer. Globally, progress towards gender equality still lags behind, with only 50% of women being part of the worldwide workforce (compared to the U.S.’s over 70%). Overall, women are still earning 30% less than men.
In addition, ageism continues to plague the global workforce. Eighty-four percent of Americans alone reported witnessing ageism firsthand. The World Health Organization’s 2021 Global Report on Ageism analyzed hundreds of studies and found that age discrimination impacts not only an individual’s well-being but the economy and the job market. For example, one study in Spain found that job candidates aged 28 were 77% more likely to receive a callback than candidates at age 38.
Meanwhile, women and people of color face similar hurdles in the startup space. While VC investment in women-led businesses has doubled over the past decade, from 6.8% to 13.5%, deal value has decreased over time. Women of color face almost abysmal prospects. In 2021, less than 0.50% VC funding went to Black women, 0.51% went to Latina women, 0.71% went to Asian women, and 0.004% went to Indigenous founders.
Wallet Max seeks to support women and diversity in the workplace while contributing to quality employment. A woman-led business, Wallet Max employs professionals across the spectrums of gender, race, nationality, disability, and sexual orientation. Our business model directly supports local, sustainable, and minority-owned businesses through quality financial and climate education, financial wellness coaching, and networking opportunities.
As we grow, we will continue to expand our initiatives and programs—including our biannual conference, Emerald Summit, our sustainable community hub, and additional events.
SDG 13 Committing to Climate Action
Unless businesses and governments alike take urgent climate action, the world can expect to see a temperature rise of 1.5°C or higher around 2040, according to the Intergovernmental Panel on Climate Change (IPCC). As a result, we are likely to experience dramatic increases in climate extremes, biodiversity loss, a collapse of marine ecosystems, increased food insecurity, and mass displacement. To limit the catastrophic results of climate change to a 1.5°C threshold, greenhouse gas emissions must decrease by 43%.
There are avenues for businesses and startups to take to support the effort. Innovations in renewable energy enable organizations and everyday consumers with the ability to reduce their carbon footprint. This sector also generates employment — with three times more jobs created than the fossil fuel industry for every dollar invested.
The team at Wallet Max is invested in serving local businesses and startups that are currently acting on climate initiatives. At the same time, we enable consumers to find and support sustainable businesses, thus fostering responsible consumption.
We also collaborate with education institutions to develop new solutions to support climate change initiatives. For example, we are working with university students to leverage AI to rapidly evaluate climate data, its potential impact on businesses and recommend actionable steps.
In addition, we have integrated the Earth Day Climate and Financial Literacy Pledge into our business model. We can promote quality education and foster innovation via free educational seminars, Emerald Summit, and our online, worldwide community.
SDG 17 Stronger Partnerships for a Sustainable World
In the face of multiple global crises, from increasing environmental disasters to stressed economies and geopolitical conflicts, cooperation is more important than ever.
As a society, we must address financial, digital, and social inclusion.
Reducing inequalities—whether that be access to resources, lack of education, poor investment, discrimination, or other potential challenges—can both be solved via international partnerships and contribute to greater progress.
For example, the percentage of individuals using the Internet worldwide increased from 54% to 63%. Not only does this further reduce inequality in terms of access to information, communication, or remote job opportunities, but it also enables more individuals to become part of the solution. People from all walks of life—business owners, students, and community leaders—can all use their access to the global community to make local change.
Partnership often comes in the form of financial support. According to the United Nations, foreign direct investments increased by 30%, and international investments in SDG sectors soared by 70% in 2021.
However, there is much to be done regarding reducing debt in low- and middle-income countries, improving data capture to ensure better decision-making, promoting technology, and developing global partnerships.
Wallet Max aims to promote collaboration between individuals and business leaders. In addition to the Wallet Max Hub, a community to foster stronger ties between climate-conscious individuals and organizations, we have committed to the Earth Day Pledge in Support of Financial and Climate Literacy.
Working together with global partners, investors, and entrepreneurs, Wallet Max is committed to developing a global network dedicated to reducing inequalities and building a sustainable society.
Roadmap for a Planet-Positive Future
Expanding the Hub
We plan to scale our community of climate-conscious individuals and entrepreneurs to include additional events, talks, and discussions.
Future Initiatives
Expand financial education resources
Jumpstart local and remote sustainability-based events
Promote local businesses and entrepreneurs through our app
Encourage responsible consumption via our application from the consumer side.
Emerald Summit
Wallet Max hosts a biannual virtual conference to support businesses and startups with networking opportunities and educational resources. We also present innovative startups with our ESG awards, containing both monetary support and additional resources.
Get the Full Story
Wallet Max is committed to putting People and Planet above Profit with these and the following five additional SDG objectives, including:
SDG 4 Quality Education
SDG 5 Gender Equality
SDG 7 Affordable and Clean Energy
SDG 10 Reduced Inequalities
SDG 12 Responsible Consumption and Production
To learn more about how we are addressing these pressing issues, read our full 2022 ESG report.
