Prelims

Half Title Page

Regenerative and Sustainable Futures for Latin America and the Caribbean

Title Page

Regenerative and Sustainable Futures for Latin America and the Caribbean: Collective Action for a Region with a Better Tomorrow

Edited by

Maria Alejandra Gonzalez-Perez

Universidad EAFIT, Colombia

United Kingdom – North America – Japan – India – Malaysia – China

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Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2022

Editorial matter and selection © 2022 Maria Alejandra Gonzalez-Perez. Published under exclusive licence by Emerald Publishing Limited.

Individual chapters © 2022 by Emerald Publishing Limited.

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ISBN: 978-1-80117-865-5 (Print)

ISBN: 978-1-80117-864-8 (Online)

ISBN: 978-1-80117-866-2 (Epub)

Dedication

We're completing the journey. Ten thousand years ago as hunter gatherers, we lived a sustainable life because that was the only option. All these years later it's once again the only option.

–David Attenborough

List of Figures and Tables

About the Contributors

Cyntia Vilasboas Calixto Casnici is a Lecturer at Fundaçao Getulio Vargas – FGV (Brazil) and a Teaching Fellow at the University of Leeds (United Kingdom). She is also the Programme Chair for AIB-LAC 2021, Events Co-vice Chair for AIB Teaching and Education Shared Interest Group (T & E SIG) and rest of the World Director for AIB-LAC (2021–2023). https://orcid.org/0000-0003-4538-5015.

Yanniré Cid is a graduate of the School of Business and Economics, Universidad de Chile. She holds a degree in Management Control and Information Systems Engineering. She has been working as a Research Assistant since 2018 in the areas of management control, SMEs and management, with great interest in social innovation and public policy. https://orcid.org/0000-0001-6909-0479.

Tameka Claudius holds a Master of Science in Disaster Risk Management from the University of the West Indies. She received the Caribbean Catastrophe Insurance Facility Scholarship in 2012. In 2018, she was a Research Assistant under the Enhancing Knowledge and Application of Comprehensive Disaster Management (ECKADM) project entitled, ‘Building Capacity for Developing and Promoting Business Continuity Planning (BCP) for Resilient SMEs in the Caribbean’. https://orcid.org/0000-0002-3142-9091.

Miguel Cordova is Associate Professor of Management at Pontificia Universidad Católica del Perú (PUCP). He is also the Leader of GNEO Research Group and Resources Vice Chair at Teaching & Education SIG in the Academy of International Business (AIB). Moreover, he serves as Perú Country Director for Latin America and the Caribbean (AIB-LAC) (2021–2024). He received six research funds, one teaching award and the European Foundation for Management Development (EFMD) teaching scholarship. https://orcid.org/0000-0002-1010-8803.

Freddy Coronado is Assistant Professor in the Department of Management Control and Information Systems at the School of Business and Economics, University of Chile. His research, consultancies and publications span the themes of management control, innovation management, firms' strategy and sustainability. He is the President of the Chilean Chapter of the Ibero-American Association of Management Control (AICOGestión). https://orcid.org/0000-0003-0624-1545.

Javiera García is a final-year undergraduate student at the School of Business and Economics, University of Chile, where she is pursuing a degree in Management Information Systems. She also works as a part-time Research Assistant. She has a deep interest and aspirations in management control and finances. She lives and resides in Santiago, Chile. https://orcid.org/0000-0001-8549-4959.

Manuela Gomez-Valencia is an ESG Data Analytics Project Manager at ConTREEbute, a Research Assistant of Management at Universidad EAFIT and a candidate for a master's degree in Urban and Environmental processes at Urban-EAFIT. Her research, consultancies and publications span the themes of corporate sustainability, sustainable economic growth, sustainability risks, climate change and sustainable rural–urban development. https://orcid.org/0000-0002-3935-7790.

Maria Alejandra Gonzalez-Perez is Full Professor of Management at Universidad EAFIT, Colombia. She was the Vice-President of Administration at the Academy of International Business (AIB) (2015–2018) and the Regional Chapter Chair for Latin America and the Caribbean (AIB-LAC) (2018–2021). She was also a Member of the Global Council of the SDG 1 ‘End Poverty’ of the World Government Summit (WGS) (2018–2020). https://orcid.org/0000-0001-6338-4281.

Aaron Hoilett graduated in Management Studies and Marketing from the University of the West Indies in Jamaica. Aaron Hoilett worked as a research assistant to the sustainable futures for Latin America and the Caribbean project. He has deep interests and aspirations in leadership, organizational marketing, creative writing and policy creation. He lives and resides in Kingston, Jamaica. https://orcid.org/0000-0003-2625-7333.

Fatima Huaman is a Researcher affiliated with Pontificia Universidad Católica del Perú (GNEO Research Group member) and a Teaching Assistant of Academic Research. She is also a master's student in the Management and Policy of Innovation and Technology and graduated from the Management programme of Pontificia Universidad Católica del Perú. She also undertook specialised studies in Management and Control at Universidad de Chile (Santiago de Chile). https://orcid.org/0000-0003-1154-3396.

Latoya Lambert is a graduate of the Mona School of Business and Management. She holds an MBA with a focus on Management Information Systems and a BSc in Tourism Management. In 2016, she co-wrote ‘Towards Greater Citizen Engagement and Transparency through Open Budgeting in Jamaica’, one of the 27 papers accepted from 69 submissions at the Open Data Research Symposium 2016. https://orcid.org/0000-0002-6600-785X.

Pablo Leão is an Associate Researcher at FGVcei, Centre for Studies in International Competitiveness. He is a Doctoral Student in Business Administration at FGV-EAESP, Sao Paulo School of Business Administration. He holds a master's degree in Business Administration from the same institution. https://orcid.org/0000-0002-1860-7308.

Bruce Lezana is a graduate and currently a candidate for a master's degree in Finance at the University of Chile. He has a profound interest in entrepreneurship, public policies and applied statistics, having developed some research papers in those areas. He also works as a full-time Research Assistant at the School of Business and Economics, University of Chile. https://orcid.org/0000-0002-8160-2948.

Thais Liñan is an undergraduate student at the Management School in Pontificia Universidad Católica del Perú. She has preprofessional experience in project management and marketing. She is the Marketing Director and Founder of Ayni Educativo, a project that was born during the outbreak of the pandemic that aims to provide free and quality education to students of all levels. https://orcid.org/0000-0003-2949-9581.

Indianna Minto-Coy is Senior Research Fellow, Academic Director (MScs) and Co-head of the Marketing, International Business, Entrepreneurship and Strategy Unit, Mona School of Business and Management, University of the West Indies. She is the Caribbean countries director for AIB-LAC (2021–2024). Her research, consultancies and publications span the themes of entrepreneurship, diasporas, business continuity planning, disaster risk reduction and SMEs. https://orcid.org/0000-0002-4239-4197.

Mahmoud Mohieldin is the United Nations Special Envoy on Financing the 2030 Development Agenda since February 2030. He is an Executive Director at the International Monetary Fund (IMF). He served as the World Bank Vice President for the 2030 Development Agenda. Dr Mohieldin is Professor of Economics and Finance at Cairo University since 2006. https://orcid.org/0000-0001-5671-2371.

Fabiola Monje-Cueto is the Director of the Alumni network at UPB. She is also Researcher/Professor in circular, sustainable, resilient, inclusive economy and academic improvement issues at Universidad Privada Boliviana (UPB) as well as Former administrator of programs with international financing for sustainable development from the Swiss Cooperation, the World Bank, Water For People, and Gate’s Foundation. https://orcid.org/0000-0002-2996-7966.

Carlos Felipe Múnera-Alzate is an Economist from the Universidad EAFIT, Colombia. He is a Sustainable Consulting Analyst with experience in economic quantitative and qualitative research in the topics of economic growth and economic development at ConTREEbute. Furthermore, he is an Analyst at the Trade, Development and Investment Observatory and coordinated with the students' research group. https://orcid.org/0000-0002-2134-0165.

Karla Maria Nava-Aguirre is Full Professor of International Business at UDEM Business School and Director of the International Business Programme. She has participated in international projects for the Secretary of Education in Mexico, Global Partners in Education in the United States, the Inter-American Development Bank (IDB) and Puentes Consortium. She is also a member of the National System of Researchers (SNI) from CONACYT Mexico. https://orcid.org/0000-0001-7072-8943.

Larissa Marchiori Pacheco is a Postdoctoral Research Associate at the Global Resilience Institute, Northeastern University in Boston, USA. She holds a PhD in Business Strategy from Fundaçao Getulio Vargas, Brazil. Her doctoral research explored the interactions between institutions and corporate strategy, focusing on the CSR of multinational corporations and how this strategy shapes institutions in Latin America. https://orcid.org/0000-0001-5735-1248.

Diana Piedrahita-Carvajal holds an MSc in Finance and a BA degree. She is an Adjunct Lecturer of Finance at Universidad EAFIT and certified International Sustainable Finance ISF from IASE. She is also an Entrepreneur with experience as chief financial officer, investor representative in bonds and collective funds and member of boards of directors. https://orcid.org/0000-0001-6815-6640.

Arley Pino-Villegas holds a Bachelor of Business Administration (BBA) degree from Universidad EAFIT, Colombia. He was the Coordinator of the Research Incubator of Administration and Organisations (2020), and an Excellence Intern at Medellin Mayor’s Office (2021). At present, he is a Research Assistant at the Centro Imaginar Futuros, and an Analyst of the Trade, Investment and Development Observatory. https://orcid.org/0000-0003-3549-9537.

Ruth Powosino has a degree in Management and is a Research Assistant at PUCP. She works as a Social Project Assistant at Pax Christi International. He research is related to internationalisation, entrepreneurship and sustainability. She won international programmes such as the Nusantara Project (2018), Company Game Challenge (2020) and the fifth International Meeting of Cases (2020). https://orcid.org/0000-0003-2583-176X.

Jose Luis Rojas-Vazquez is a senior student of the Global Business Programme at UDEM Business School. He is a Coordinator of the Foreign Trade Committee at the Automotive Cluster in Nuevo León. He is also the President of the Canadian Chamber of Commerce in Mexico (student chapter) and Secretary of Cultural Dissemination at the Students Federation of UDEM. https://orcid.org/0000-0001-7977-7936.

Andrés Marcelo Romero-Soto is a Geology student at Universidad EAFIT, Colombia. He is a Co-coordinator and Researcher at the Trade, Investment and Development Observatory and at Tectono-stratigraphy seedbed investigation STENO. He is interested in the future world sustainability and the provenance analysis on sedimentary basins in Colombia. https://orcid.org/0000-0003-3649-9395.

Johnny Davy Ruiz-Ayala is a Business Administration student at Universidad Privada Boliviana (UPB). Helping in the area of relationship marketing. He is a Research Assistant of the research project “Multi-stakeholder post-covid-19 recovery: How to re-build business and society in Latin America and the Caribbean in order to avoid a climate crisis.” https://orcid.org/0000-0001-7308-4426.

Ana Júlia Dias Santiago holds a bachelor's degree in Public Administration and a minor degree in International Affairs from Getulio Vargas Foundation (FGV-EAESP). She is a Researcher at the Research Centre on International Competitiveness (FGV-CEI) and has practical experience as a public affair professional of introducing sustainability principles to Brazilian governments. https://orcid.org/0000-0003-4453-2829.

Camila Vargas is a researcher at EAFIT University and has worked in sustainability consulting, and as a social investment analyst. Maria Camila Vargas de la Hoz has academic and professional interests that include risk management, fair and sustainable supply chains, development and CSR. Camila is currently opting for a master's degree in Risk Management. https://orcid.org/0000-0002-5589-7033.

Juan Velez-Ocampo is Assistant Professor of Management and Academic Coordinator for the MBA programme at Universidad de Antioquia, Colombia. He also serves as Vice-President of Promotion at the Ibero-American Academy of Management and Country Director (Colombia) at the Academy of International Business LAC (AIB-LAC). His research and teaching interests include internationalisation, sustainability and corporate reputation of multinational enterprises from emerging markets. https://orcid.org/0000-0002-6119-2937.

Itzel Zarate-Solis holds a PhD in Administrative Sciences from EGADE Business School, Tecnológico de Monterrey. Dr Zárate works as Professor at Tec de Monterrey. She worked at the California Institute for Energy and the Environment for the University of California, Berkeley. Most of her research relates to renewable energy development for electricity markets in Mexico and the United States. https://orcid.org/0000-0001-5508-9813.

Foreword

It would be a lie to say that things were rosy before the pandemic. Some countries barely managed to overcome the disastrous impacts of the 2008 financial crisis. In Latin America and the Caribbean (LAC), we already had deep problems in terms of inequality, environmental degradation and dysfunctional political systems even before that.

Without a doubt, the bets are for a better future. For a nature positive and climate positive economy. For this reason, it is necessary to clarify that it is not a process of recovery but a process of regeneration and adaptation and reprioritisation of what is truly important. We are behind in identifying the factors that inhibit progress, defining what progress is and searching for mechanisms to nurture hope, sustain perennial solidarity and become aware that we need global collective action today more than ever.

The third decade of the twenty-first century will be a decade in which managers, policymakers, rulers, citizens and consumers will have to make seemingly contradictory decisions and prepare to balance loads ‘on the fly’, accelerate demand and promote savings. We need to nurture hope and simultaneously control expectations with the principle of reality, expand our radar for risks and threats, focus on maximising the materialisation of potential opportunities and strengthen cooperation between nations and protect the national product.

We began the third decade of the twenty-first century faced with an assortment of sustainability challenges. As defined in 1987 in the Our Common Future report (also known as the Brundtland Report), sustainability relates to the concept of sustainable development, which is ‘development that meets the needs of the present generation without compromising the ability of future generations to meet their own needs’. Additionally, sustainability is understood as the contribution of people, organisations, communities and countries to the Sustainable Development Goals (SDGs), as the durability of corporate relevance and extracted/created value over time, or as sustainable development conditioned to environmental integrity, economic prosperity and social equity.

In 2021, the decade of action commences, which means we have less than 10 years to transform the world and achieve the goals we set for ourselves by 2030. We must act now!

This edited volume has contributions from researchers in seven different LAC countries, reflecting with primary data perspectives from government, business, academe and civil society leaders in each specific country.

This book offers reviews of past efforts to recover from global crises with post-COVID-19 recovery lessons. Furthermore, it provides an analysis of the sustainable development challenges of LAC. Moreover, the book summarises fields for future studies and introduces the methodology for the volume fieldwork. The book also answers how to build sustainable futures for LAC. It renders recommendations for policymakers and decision-makers to thrive sustainable futures for LAC. Finally, it reflects on the value of collective action for a region that deserves a better tomorrow.

Acknowledgements

Anything that we can't do forever is by definition, unsustainable.

–David Attenborough

At the beginning of 2020, the Center for Sustainable Development Goals for Latin America (Centro de los Objetivos de Desarrollo Sostenible) (CODS) at Universidad de los Andes opened the fourth call for tenders to research sustainable development. That specific tender focused on SDG 13: Climate Action. CODS received proposals from 15 countries; a total of 50 higher education institutions sent project proposals. Our project ‘Post-COVID-19 stakeholder recovery: How to rebuild society and business in Latin America to avoid the climate crisis’ won the tender. The project was led by Maria Alejandra Gonzalez-Perez (and her research team Manuela Gomez-Valencia and Camila Vargas) from Universidad EAFIT, with the participation of Freddy Coronado from the Universidad de Chile (and Bruce Lezana, Javiera García and Yanniré Cid), Fabiola Monje-Cueto from the Universidad Privada Boliviana (and Johnny Davy Ruiz-Ayala), Karla Maria Nava-Aguirre from the University of Monterrey (and Itzel Zarate-Solis and Jose Luis Rojas-Vazquez), Cyntia Calixto from Leeds University and the Fundação Getulio Vargas (and Larissa Marchioni, Pablo Leão and Ana Julia Santiago), Miguel Cordova from the Pontificia Universidad Católica de Perú (and Fátima Huamán, Thais Liñan and Ruth Powosino) and Indianna Minto-Coy from the University of the West Indies in Jamaica (and Aaron Hoilett, Tameka Claudious and Latoya Lambert).

Authors of this book want to thank the support received by administrative staff and the managerial team of their universities. Furthermore, authors want to express our appreciation with Carla Panyella, Felipe Castro Pachon and German Andrade from CODS at the Universidad de Los Andes. Also, the authors would like to acknowledge the support from Emerald staff (thank you, André Jun) and the copyeditors from ENAGO and thank them.

Finally, the authors want to deeply thank the 269 participants in this study representing governments, business, academia and civil society. Each of them provides very valuable contributions to this book.

This book results from the funding by the Center for Sustainable Development Goals for Latin America and the Caribbean of the University of the Andes (CODS). It also received in-kind funding from the universities to which the researchers are affiliated.