Yunus urges shift to economy focused on social justice, sustainability

Chief Adviser Prof Muhammad Yunus has called for a fundamental transformation of the global economy—moving away from the narrow pursuit of wealth accumulation to a system centered on human well-being, social justice, and environmental stewardship.

Speaking at a United Nations high-level event on “Social Business, Youth and Technology” held at the UN Headquarters on Monday, Prof Yunus emphasized that social business offers a viable model for tackling pressing global challenges while remaining economically sustainable.

“Social business is not a niche concept; it is a fundamental principle that business must exist to make a difference, not just profit,” he said.

Prof Yunus traced the origins of social business to a humble one-dollar loan and highlighted its global growth across sectors including healthcare, renewable energy, education, and sports.

He warned that the current civilization’s path—marked by relentless extraction and consumption—endangers the planet. To address this, Prof Yunus called for a new civilization based on shared wealth, equitable power distribution, and business as a force for social good.

Highlighting the critical role of young people, he urged youth worldwide to channel their creativity into social business to address climate change, unemployment, poverty, and inequality.

Prof Yunus also underscored the transformative potential of emerging technologies such as artificial intelligence, big data, and blockchain, while cautioning about ethical risks like privacy breaches and algorithmic bias.

“Technology’s promise depends on the values we instill in tomorrow’s leaders,” he said, urging ethical innovation alongside technical progress.

Introducing his vision of the “three zeros”—zero net carbon emissions, zero wealth concentration to end poverty, and zero unemployment—Prof Yunus encouraged young people to form 3-Zero Clubs to promote sustainable living and social entrepreneurship.

Addressing global challenges, Prof Yunus highlighted the need for renewed multilateral diplomacy and international cooperation, especially to support vulnerable countries like Bangladesh, which is managing the Rohingya crisis and climate shocks amid economic turbulence.

“In these times, cutting UN budgets or development aid would be counterproductive. The world must increase support to ensure a just transition,” he said.

Concluding, Prof Yunus called for systemic change to achieve the Sustainable Development Goals and build a world grounded in justice, sustainability, and hope.